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Exhibit 10.15    
  

LEASE BETWEEN  

 CREDIT SUISSE FIRST BOSTON (USA), INC.  

 AND  

 STANDARD CHARTERED BANK

AS OF MARCH 14, 2002  

	 	 	CREDIT SUISSE FIRST BOSTON (USA), INC.	 	 
	

 	
 	

Landlord        	
 	

 
	

 	
 	

TO	
 	

 
	

 	
 	

STANDARD CHARTERED BANK	
 	

 
	

 	
 	

Tenant        	
 	

 
	

Lease

	

 	
 	

Dated as of March 14, 2002	
 	

 

  

 
 

Table of Contents    
  

	 
	 	Page

	ARTICLE 1

DEFINITIONS
	
ARTICLE 2

PREMISES; TERM; USE
	 	

Section 2.01. Demise	
 	

1
	 	Section 2.02. Term	 	2
	 	Section 2.03. Possession Date	 	2
	 	Section 2.04. Intentionally Omitted	 	3
	 	Section 2.06. Use	 	6
	
ARTICLE 3

RENT
	 	

Section 3.01. Rent	
 	

6
	 	Section 3.02. Fixed Rent	 	6
	 	Section 3.03. Additional Charges	 	7
	 	Section 3.04. Tax Payments	 	7
	 	Section 3.05. Tenant Tax Incentives	 	9
	 	Section 3.06. Tax Provisions	 	9
	 	Section 3.07. Electric Charges	 	10
	 	Section 3.08. Manner of Payment	 	12
	 	Section 3.09. Operating Expenses	 	13
	
ARTICLE 4

LANDLORD SERVICES
	 	

Section 4.01. Landlord Services	
 	

18
	 	Section 4.02. Auditorium and Cafeteria	 	21
	 	Section 4.03. Cable Television Connection	 	22
	 	Section 4.04. Security	 	22
	
ARTICLE 5

LEASEHOLD IMPROVEMENTS; TENANT CONVENANTS
	 	

Section 5.01. Initial Improvements	
 	

22
	 	Section 5.02. Alterations Generally	 	25
	 	Section 5.03. Landlord's and Tenant's Property	 	28
	 	Section 5.04. Access and Changes to Building	 	28
	 	Section 5.05. Repairs	 	29
	 	Section 5.06. Compliance with Laws/Compliance Language	 	30
	 	Section 5.07. Tenant Advertising	 	31
	 	Section 5.08. Right to Perform Tenant Convenants	 	31
	
ARTICLE 6

ASSIGNMENTS AND SUBLETTING
	 	

Section 6.01. Assignment; Etc	
 	

32
	 	Section 6.02. Landlord's Option Right	 	33
	 	Section 6.03. Assignment and Subletting Procedures	 	35
	 	Section 6.04. General Provisions	 	37

i

 

	 	Section 6.05. Assignment and Sublease Profits	 	38
	 	Section 6.06. Assignor Cure Rights	 	38
	 	Section 6.07. Landlord Non-Disturbance	 	39
	
ARTICLE 7

SUBORDINATION; DEFAULT; INDEMNITY
	 	

Section 7.01. Subordination	
 	

39
	 	Section 7.02. Estoppel Certificate	 	41
	 	Section 7.03. Default	 	41
	 	Section 7.04. Re-entry by Landlord	 	41
	 	Section 7.05. Damages	 	42
	 	Section 7.06. Other Remedies	 	42
	 	Section 7.07. Right to Injunction	 	42
	 	Section 7.08. Certain Waivers; Waiver of Trial by Jury	 	43
	 	Section 7.09. No Waiver	 	43
	 	Section 7.10. Holding Over	 	43
	 	Section 7.11. Attorneys' Fees	 	43
	 	Section 7.12. Nonliability and Indemnification	 	44
	 	Section 7.13. Protest of Landlord Charges	 	44
	
ARTICLE 8

INSURANCE; CASUALTY; CONDEMNATION
	 	

Section 8.01. Compliance with Insurance Standards	
 	

45
	 	Section 8.02. Tenant's Insurance	 	45
	 	Section 8.03. Subrogation Waiver	 	46
	 	Section 8.04. Condemnation	 	47
	 	Section 8.05. Casualty	 	48
	
ARTICLE 9

MISCELLANEOUS PROVISIONS
	 	

Section 9.01. Notice	
 	

50
	 	Section 9.02. Building Rules	 	50
	 	Section 9.03. Severability	 	50
	 	Section 9.04. Certain Definitions	 	50
	 	Section 9.05. Quiet Enjoyment	 	51
	 	Section 9.06. Limitation of Liability	 	51
	 	Section 9.07. Counterclaims	 	51
	 	Section 9.08. Survival	 	51
	 	Section 9.09. Certain Remedies	 	51
	 	Section 9.10. No Offer	 	51
	 	Section 9.11. Captions; Construction	 	52
	 	Section 9.12. Amendments	 	52
	 	Section 9.13. Broker	 	52
	 	Section 9.14. Merger	 	52
	 	Section 9.15. Successors	 	52
	 	Section 9.16. Applicable Law; Consent to Jurisdiction	 	52
	 	Section 9.17. No Development Rights	 	52
	 	Section 9.18. Surrender	 	53
	 	Section 9.19. Arbitration	 	53
	 	Section 9.20. Tenant Roster Identification	 	53

ii

 

	 	Section 9.21. Attorneys' Fees	 	54
	 	Section 9.22. Counterparts	 	54
	 	Section 9.23. Invoices	 	54
	
ARTICLE 10

SUBLEASE PROVISIONS
	 	

Section 10.01. Sublease Provisions	
 	

54
	
ARTICLE 11

REPRESENTATIONS AND WARRANTIES
	 	

Section 11.01. Landlord's Representations and Warranties	
 	

57
	 	Section 11.02. Tenant's Representations and Warranties	 	57
	
ARTICLE 12

ROOF SPACE AND BASEMENT SPACE
	 	

Section 12.01. Roof Space; Nature and Location of Equipment	
 	

58
	 	Section 12.02. Roof Space General Provisions	 	59
	 	Section 12.03. Relocation of Supplemental Equipment	 	60
	 	Section 12.04. Basement Space	 	61

	
EXHIBITS
	 	

A	
 	

Description of Land
	 	B	 	Premises Floor Space Plan
	 	C	 	Rules and Regulations
	 	D	 	Overlease
	 	E	 	HVAC Specifications
	 	F	 	Form of Non-Disturbance Agreement
	 	G	 	Overlandlord Consent
	 	H	 	Cleaning Specifications
	 	I	 	Delivery Condition
	 	J	 	JB&B Report
	 	K	 	Approved Contractors
	 	L	 	Certificate of Occupancy
	 	M	 	Basement Space
	 	N	 	Roof Space

iii

 
 
 

INDEX OF DEFINED TERMS    
  

	Definition
 
	 	Where Defined

	5% Fee	 	Section 3.07
	AAA Rules	 	Section 9.19
	Action	 	Section 7.11
	Additional Charges	 	Section 3.03
	Additional Rent for Electricity	 	Section 3.07
	Affiliate	 	Section 6.01
	Alteration Plans	 	Section 5.02
	Arbitrator	 	Section 9.19
	Auditorium	 	Section 1
	Assignment Consideration	 	Section 6.05
	Base Operating Year	 	Section 3.09
	Base Rate	 	Section 3.08
	Base Tax Amount	 	Section 3.04
	Bid Taxes	 	Section 3.04
	Broker	 	Section 9.13
	Building	 	Recitals
	Building Rate	 	Section 4.01
	Business Days	 	Section 4.01
	Business Hours	 	Section 4.01
	Cafeteria	 	Section 1
	Casualty	 	Section 8.05
	Commencement Date	 	Section 2.02
	Contactor(s)	 	Section 5.01
	Control	 	Section 6.01
	Cost Savings	 	Section 3.09
	Curing Party	 	Section 5.08
	Cut-Off Date	 	Section 3.09
	Delivery Condition	 	Section 1
	Electing Party	 	Section 9.19
	Electric Capacity	 	Section 3.07
	Expiration Date	 	Section 2.02
	Fixed Rent	 	Section 3.02
	Fixtures	 	Section 5.03
	Force Majeure	 	Section 4.01
	Hazardous Materials	 	Section 5.06
	HLW Report	 	Section 1
	HVAC	 	Section 4.01
	Improvements and Betterments	 	Section 5.03
	Indemnified Party	 	Section 7.12
	Interest Rate	 	Section 5.08
	Land	 	Recitals
	Landlord	 	Introduction
	Landlord Lease Termination Date	 	Section 2.04
	Landlord Lease Termination Notice	 	Section 2.04
	Landlord Services	 	Section 4.01
	Laws	 	Section 5.06
	Lease	 	Introduction
	Lease Procurement Costs	 	Section 2.04

iv

 

	Material Alteration	 	Section 5.02
	Minor Alterations	 	Section 5.02
	New Tenant	 	Section 7.10
	Non-Retail Space	 	Section 2.05
	Operating Expenses	 	Section 3.09
	Operating Payment	 	Section 3.09
	Operating Statement	 	Section 3.09
	Operating Year	 	Section 3.09
	Optional Location	 	Section 2.01
	Other Sublease Consideration	 	Section 6.05
	Overlandlord	 	Section 1
	Overlease	 	Section 1
	Overtime Periods	 	Section 4.01
	PASNY	 	Section 3.07
	Possession Date	 	Section 2.03
	Premises	 	Section 2.01
	Project	 	Recitals
	Recapture Space	 	Section 6.02
	Rent	 	Section 3.01
	Repair Estimate Notice	 	Section 8.05
	Required Substantial Completion Date	 	Section 8.05
	Rules and Regulations	 	Section 4.01
	South Building	 	Section 1
	Standard	 	Section 5.05
	Subsequent Landlord Lease Termination Date	 	Section 2.04
	Subsequent Notice	 	Section 2.04
	Successor Entity	 	Section 6.01
	Successor Landlord	 	Section 7.01
	Superior Lease	 	Section 7.01
	Superior Lessor	 	Section 7.01
	Superior Mortgage	 	Section 7.01
	Superior Mortgagee	 	Section 7.01
	Tax Payment	 	Section 3.04
	Tax Year	 	Section 3.04
	Taxes	 	Section 3.04
	Tenant	 	Introduction
	Tenant Assignor	 	Section 6.06
	Tenant Assignee	 	Section 6.06
	Tenant Casualty Repair Obligations	 	Section 8.05
	Tenant Lease Termination Date	 	Section 2.04
	Tenant Termination Notice	 	Section 2.04
	Tenant's Basic Cost	 	Section 6.05
	Tenant's Initial Improvements	 	Section 5.01
	Tenant's Offer Notice	 	Section 6.02
	Tenant's Plans	 	Section 5.01
	Tenant's Property	 	Section 5.03
	Tenant's Share	 	Section 3.04
	Term	 	Section 2.02
	Tower	 	Section 1
	Transfer Notice	 	Section 6.03

v

        LEASE (this "Lease"), dated as of March 14, 2002, between CREDIT SUISSE FIRST BOSTON (USA), INC.,
("Landlord"), a New York corporation whose address is Eleven Madison Avenue, New York, New York 10010-3629 and STANDARD CHARTERED BANK
("Tenant"), a banking corporation organized under the laws of the United Kingdom, whose address is 1 Evertrust Plaza, Jersey City, New Jersey 07302. 

W I T N E S S E T H 

        WHEREAS,
Landlord is willing to lease to Tenant and Tenant is willing to hire from Landlord, on the terms hereinafter set forth, certain space in the office building commonly known as
One Madison Avenue, New York, New York (the "Building") on the land more particularly described in  Exhibit A (the "Land"; the Land and the Building and all plazas, sidewalks and curbs adjacent
thereto are collectively called the "Project"). 

        NOW,
THEREFORE, Landlord and Tenant agree as follows: 

 
 

ARTICLE 1    
    
    Definitions    
  

        As used in this Lease, the following terms shall have the following respective meanings: 

        (a)  "Auditorium" means the auditorium located in the South Building Lobby. 

        (b)  "Cafeteria" means the cafeteria located on the B-2 floor of the Building. 

        (c)  "Delivery Condition" means that the Premises shall be delivered with the work specified in paragraphs 1, 3, 6, 9 and 11
on Exhibit I having been substantially completed as described on Exhibit I. 

        (d)  "Final Delivery Condition" means that the work, other than the work described in the definition of Delivery Condition,
described on Exhibit I has been substantially completed as described on Exhibit I. 

        (d)  "HLW Report" means the certain report, dated December 6, 2000 and prepared by HLW and designated as Area
Calculations, Project 3785, a true and complete copy of which has been previously delivered to Tenant. 

        (e)  "JB&B Report" means that the certain report, a true and complete copy of which is attached hereto as Exhibit J. 

        (e)  "Overlandlord" means the Metropolitan Life Insurance Company, a New York corporation, or any successor or assign of its
interest under the Overlease. 

        (f)    "Overlease" means the certain Lease by and between Landlord and Overlandlord, dated as of February 22, 2001, as
amended by that certain First Amendment dated as of January 3, 2002, as amended, modified or supplemented from time to time. A true and correct copy of the Overlease (with financial terms
redacted) as in effect on the date hereof is attached hereto as Exhibit D.

        (g)  "South Building" means the portions of the Building shown on the floor plans included in the HLW Report as "Area
Calculations-South Building." 

        (h)  "Tower" means the portions of the Building shown on the floor plans included in the HLW Report as "Area
Calculations—Tower." 

 
 

ARTICLE 2    
    
    Premises; Term; Use    
  

        Section 2.01.    Demise.    (a) Landlord hereby leases to Tenant and Tenant hereby hires from Landlord,
subject
to the terms and conditions of this Lease, the entire 3rd floor of the South Building 

 

substantially as shown on the plan annexed as Exhibit B, the Roof Space (as hereinafter defined) and the Basement Space (as hereinafter defined)
(collectively, the "Premises") together with the non-exclusive right to use and to permit its permitted subtenants, assignees and invitees
to use, in common with other tenants and occupants of the Project, the lobbies, escalators, passenger elevators in the South Building serving the Premises (other than those certain two executive
elevators reserved for use by Overlandlord), loading dock and other public portions and common facilities of the Project subject to, and in accordance with the terms of this Lease, including without
limitation the Rules and Regulations. Landlord and Tenant acknowledge that no part of the Premises is located within the Tower. Landlord represents and warrants that no part of the South Building has
been designated as a historical "landmark" within the meaning of any applicable governmental law, rule, regulation or enactment pertaining thereto. Landlord and Tenant agree that the Premises
(exclusive of the Roof Space and the Basement Space) is conclusively deemed to contain 91,396 rentable square feet. Subject to the terms and conditions of this Lease, Tenant shall have access to the
Premises twenty-four (24) hours per day, seven (7) days per week. 

        Section 2.02.    Term.    The term of this Lease (the "Term")
shall commence on the date (the "Commencement Date") that is the latest to occur of (a) delivery of the Premises to Tenant in Delivery Condition
and (b) the date that Overlandlord's Consent to this Lease has been obtained by Landlord in the form attached hereto as Exhibit G and
Overlandlord shall have executed a Subordination and Non-Disturbance Agreement substantially in the form attached hereto as Exhibit F
and original counterparts of each have been delivered to Tenant and shall end, unless sooner terminated as herein provided, or renewed pursuant to  Section 2.05, on the last day of the calendar
month in which occurs the tenth (10th) anniversary of the Rent Commencement Date (as
hereinafter defined) (the "Expiration Date"). 

        Section 2.03.    Delivery of Possession.    (a) Landlord shall give Tenant two (2) Business Days prior
written notice of the date that it shall deliver the Premises to Tenant. Subject to Force Majeure and delays caused by Tenant, in the event that the Premises are not delivered to Tenant in Delivery
Condition on or prior to May 1, 2002, or in the event that the work necessary to render the Premises in Final Delivery Condition has not been completed by Landlord by June 1, 2002, the
Rent Commencement Date shall, in either of such cases and without duplication, be deemed to be extended by one additional day for each day subsequent to May 1, 2002 that the Premises are not so
delivered in Delivery Condition to Tenant and each day subsequent to June 1, 2002 that the work necessary to render the Premises in Final Delivery Condition has not been completed, respectively
(e.g., if there are two days of delay, the Rent Commencement Date will occur 185 days after the Commencement Date). Landlord and Tenant acknowledge that Landlord will be performing work to
render the Premises in Final Delivery Condition at the same time as Tenant is conducting work in the Premises to prepare the same for its occupancy. Landlord and Tenant shall schedule such work in an
orderly and coordinated fashion between Landlord's contractors and Tenant's contractors so as to reasonably minimize delays in the completion of such work. Landlord and Tenant shall conduct regular
meetings as required for the coordination and completion of such work. Notwithstanding the foregoing, from and after the date
hereof, Tenant shall have access to the Premises at reasonable times and reasonable prior notice for purposes of inspection, taking measurements and similar activities related to Tenant's design
process for the Premises, provided that Tenant shall perform such activities in a manner that will not interfere with or cause any delay to Landlord in the conduct of Landlord's work in the Premises
except to a de minimis extent and Tenant shall indemnify, defend and hold Landlord harmless from and against any loss, cost or damage incurred by
Landlord arising out of Tenant's presence or activities in the Premises in connection with such activity. 

        (b)  Subject
to Landlord's obligation to deliver the Premises in Delivery Condition and thereafter in Final Delivery Condition, Landlord shall deliver the Premises to Tenant
in the condition Overlandlord delivers the Premises to Landlord and Tenant shall accept the Premises "as is". By 

2

 

accepting the Premises "as-is", Tenant shall in no way be deemed to have relieved Landlord from any obligation expressly set forth elsewhere hereunder, including, without limitation, the
obligation to maintain the Major Building Equipment servicing the Premises in accordance with the terms of the Lease. Tenant waives any right to rescind this Lease under
Section 223-a of the New York Real Property Law or any successor statute of similar nature and purpose then in force and further waives the right to recover any damages which may
result from Landlord's failure for any reason to deliver possession of the Premises for the commencement of the Team. The provisions of this Article are intended to constitute an "express provision to
the contrary" within the meaning of Section 223-a of the New York Real Property Law. 

        Section 2.04.    Intentionally Omitted    

        Section 2.05    Option to Renew.    (a) Provided that (i) Tenant is not in default hereunder beyond
any
applicable notice and cure period on the date of the Notice to Renew (as hereinafter defined) or on the Expiration Date and on each such date shall have sublet no more than twenty five (25%) of the
Premises (it being agreed that space sublet to Affiliates shall be deemed not to have been sublet for these purposes) and (ii) Tenant shall not have received written notice from Landlord (a
"Landlord Occupancy Notice") indicating that Landlord intends to occupy the Premises for its own use or intends to make the Premises available for the
use of its Affiliates subsequent to the Expiration Date, Tenant shall have the right to extend the Term of the Lease for a renewal term ("Renewal Term")
commencing on the day immediately succeeding the Expiration Date and ending on December 30, 2020. Landlord shall have the right to deliver to Tenant a Landlord Occupancy Notice provided that
(x) Landlord intends in good faith to occupy the Premises for its own use or to make the Premises available for the use of Affiliates of Landlord and (y) Landlord shall have delivered
the Landlord Occupancy Notice to Tenant no later than the date which is twenty four (24) months prior to the Expiration Date. In the event that Landlord subsequently determines that it shall
not occupy the Premises or make it available for occupancy by its Affiliates, Landlord shall promptly deliver a notice (the "Reinstatement Notice") to
Tenant indicating such determination and upon receipt thereof, Tenant's right to renew the Term shall be reinstated on the same terms and conditions as hereinafter provided, except that
(x) Landlord shall not thereafter have the right to send to Tenant a Landlord Occupancy Notice and (y) Tenant shall have the greater of (A) thirty (30) days from the date
Tenant receives the Reinstatement Notice and (B) the number of days remaining prior to the date that is eighteen (18) months prior to the Expiration Date to deliver to Landlord the
Notice to Renew (as defined below). The Renewal Team shall be upon the same terms and conditions as are herein provided, except that (i) Fixed Rent during the Renewal Term
shall equal Fair Market Rent (as hereinafter defined), (ii) Tenant shall have no option to renew this Lease beyond the expiration of the final Renewal Term, (iii) the Premises shall be
delivered in their existing condition (on an "as is" basis) at the time the Renewal Term commences and (iv) no tenant improvement allowance or rent free period shall be granted. Except as
otherwise provided herein, such right shall be exercised by Tenant by giving written notice (the "Notice to Renew") to Landlord at least eighteen
(18) months prior to the Expiration Date of the Term. Time shall be of the essence for the exercise of such option. Tenant shall also use reasonable efforts to send a courtesy copy of the
Notice to Renew to Insignia/ESG, Inc., 200 Part Avenue, New York, York attention: Michael Laginestra, but Tenant shall have not obligation to do so and failure by Tenant to send such notice
shall have no effect on any Notice to Renew and shall have no impact on any parties' rights or obligations hereunder. Tenant shall have no further right to extent or renew this Lease. The renewal
option set forth in this Section 2.05 is personal to Standard Chartered Bank and its affiliated companies (which shall include any of the
"Successor Entities" described in Section 6.01 hereof) and shall not inure to the benefit of any third party. 

        (b)  For
the purposes of this Article, "Fair Market Rent" shall mean the Fixed Rent, on a so-called "net" basis,
that is the rental rate then being charged by landlords (including Landlord) in Manhattan on new leases for space of similar quality and size as the Premises, taking into account all relevant 

3

 

factors, including without limitation, age, extent and quality of tenant improvements, length of term, amenities, location and/or floor height and allowances or concessions that have been granted
such as abatements, lease assumptions and leasehold improvement and moving allowances and taking into consideration the terms of this Lease, but assuming (x) a renewal term equal to ten
(10) years and (y) Landlord has had sufficient time to locate a suitable, unaffiliated third-party tenant in the market place. In addition, for the purposes of the determination of Fair
Market Rent, such determination shall take into account the costs which Landlord would not incur if Tenant renews, such as, without limitation, build-out and brokerage costs. Landlord and
Tenant shall meet and shall cooperate in good faith to reach a mutually acceptable determination of Fair Market Rent. In the event that Landlord and Tenant shall be unable to agree on the
determination of Fair Market Rent by the date that is four (4) months prior to the commencement of the Renewal Term, either party shall have the right at any time thereafter to submit the
determination of Fair Market Rent to arbitration in accordance with the procedures set forth in Section 2.05(d) below. 

        (c)  If
the parties have submitted the determination of Fair Market Rent to arbitration in accordance with the provisions hereof and such arbitration shall not be concluded
prior to the commencement of the Renewal Term, Tenant shall nevertheless pay all Fixed Rent and Additional Charges to Landlord with respect thereto from and after the commencement of the applicable
Renewal Term, which shall include Fixed Rent as specified in Landlord's Determination (defined below) or, if no such Determination has been rendered, the Fixed Rent and the Additional Charges payable
with respect to the initial Term (such payment amounts, as applicable, being referred to herein as the "Provisional Rent"). If the applicable Fair
Market Rent as determined by arbitration is greater than or less than the Provisional Rent, then such adjustment as shall be needed to correct the amount previously paid by Tenant on such overpaid or
underpaid amount, as the case may be, computed from the date of such overpayment or underpayment, as the case may be, to the date of refund or payment, as appropriate shall be made in a payment by the
appropriate party within thirty (30) days after the arbitration determination. 

        (d)  (i)
If either party hereto desires to invoke the arbitration procedure referenced above, the party invoking the arbitration procedure shall give a notice (the
"Arbitration Notice") to the other party stating that the party sending the Arbitration Notice desires to meet within 10 days to attempt to agree on a single arbitrator (the "Arbitrator") to
determine the Fair Market Rent. The Arbitrator appointed shall be competent, qualified by training and experience in New York, disinterested and independent, shall hold an MAI designation and have a
minimum of 10 years' experience in appraising first class office buildings (and rentals thereof) located in Manhattan. If the parties hereto have not agreed on the Arbitrator within
10 days after the giving of the Arbitration Notice, then either party hereto, on behalf of both, may apply to the New York City office of the American Arbitration Association or any
organization which is the successor thereof (the "AAA") for appointment of the Arbitrator, or, if the AAA shall not then exist or shall fail, refuse or be unable to act such that the Arbitrator is not
appointed by the AAA within 30 days after application therefore, then either party may apply to the presiding Justice of the Appellate Division of the Supreme Court of the State of New York,
First Department (the "Court") for the appointment of the Arbitrator and the other party shall not raise any question as to the Court's full power and jurisdiction to entertain the application and
make the appointment. The date on which the Arbitrator is appointed by the agreement of the parties, by appointment by the AAA or by appointment by such court, is referred to herein as the
"Appointment Date". If any Arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or continue to serve, a replacement Arbitrator shall be appointed in the same manner
as the original Arbitrator. 

4

 

        (ii)  The
arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: 

        (1)  To
the extent that the New York State Civil Practice and Law Rules (the "CPLR"), or any successor statute, imposes requirements different from those of the AAA in order
for the decision of the Arbitrator to be enforceable in the courts of the State of New York, such requirements shall be complied with in the arbitration. 

        (2)  Before
hearing any testimony or receiving any evidence, the Arbitrator shall be sworn by an officer authorized to administer an oath to hear and decide the controversy
faithfully and fairly and a written copy thereof shall be delivered to Landlord and Tenant. 

        (3)  Within
20 days after the Appointment Date, the parties hereto shall deliver to the Arbitrator two copies of their respective written determinations of the Fair
Market Rent (each, a "Determination"), together with such affidavits, appraisals, reports and other written evidence relating thereto as the submitting party deems appropriate. After the submission of
any Determination, the submitting party may not make any additions to or deletions from, or otherwise change, such Determination or the affidavits, appraisals, reports and other written evidence
delivered therewith. If either party fails to so deliver its Determination within such time period, such party shall be deemed to have irrevocably waived its right to deliver a Determination and the
Arbitrator, without holding a hearing, shall accept
the Determination of the submitting party as the Fair Market Rent. If each party submits a Determination with respect to the Fair Market Rent, within the 20-day period described above, the
Arbitrator shall, promptly after its receipt of the second Determination, deliver a copy of each party's Determination to the other party. 

        (4)  Not
less than 15 days nor more than 30 days after the earlier to occur of (A) the expiration of the 20-day period provided for in
clause 3 of this subsection or (B) the Arbitrator's receipt of both of the Determinations from the parties (such earlier date is referred to herein as the "Submission Date"), and upon
not less than 10 days' notice to the parties, the Arbitrator shall hold one or more hearings with respect to the determination of the Fair Market Rent. The hearings shall be held in the Borough
of Manhattan at such location and time as shall be specified by the Arbitrator. Each of the parties shall be entitled to present all relevant evidence and to cross-examine witnesses at the hearings.
The Arbitrator shall have the authority to adjourn any hearing to such later date as the Arbitrator shall specify, provided that in all events all hearings with respect to the determination of the
Fair Market Rent shall be concluded not later than 60 days after the Submission Date. 

        (5)  The
Arbitrator shall be instructed, and shall be empowered only, to select as the Fair Market Rent one of the Determinations which the Arbitrator believes is the more
accurate determination of such Fair Market Rent. Without limiting the generality of the foregoing, in rendering his or her decision, the arbitrator shall not add to, subtract from or otherwise modify
the provisions of this Lease or either of the Determinations. 

        (6)  The
Arbitrator shall render his or her determination as to the selection of a Determination in a signed and acknowledged written instrument, original counterparts of
which shall be sent simultaneously to the parties hereto, within 10 days after the earlier to occur of (A) his or her determination of the Fair Market Rent pursuant to clause (3)
of this subsection or (B) the conclusion of the hearing(s) required by clause (4) of this subsection. 

        (iii)  This
Section 2.05(d) shall constitute a written agreement to submit any dispute regarding the determination of the Fair Market Rent to arbitration. 

        (iv)  The
arbitration decision, determined as provided in this Section, shall be conclusive and binding on the parties, shall constitute an "award" by the Arbitrator within
the meaning of the 

5

 

AAA rules and applicable law and judgment may be entered thereon in any court of competent jurisdiction. 

        (v)  Each
party shall pay its own fees and expenses relating to the arbitration (including, without limitation, the fees and expenses of its counsel and of experts and
witnesses retained or called by it). Each party shall pay one-half of the fees and expenses of the AAA and of the Arbitrator. 

        Section 2.06    Use.    Tenant shall use the Premises only for such uses as are permitted pursuant to
 Section 6.1 and 6.2 of the Overlease, the terms and provisions of which are incorporated herein
by reference as if fully set forth herein, except that the term "Non-Retail Space" therein shall be deemed to refer to the term "Premises"
herein and Section 6.1(b) shall not be so incorporated. 

 
 

ARTICLE 3    
    
    Rent    
  

        Section 3.01.    Rent.    "Rent" shall consist of Fixed Rent
and Additional Charges. 

        Section 3.02.    Fixed Rent.    (a) The fixed rent ("Fixed
Rent") for the Premises shall be, for the period commencing on the date which is, subject to Section 2.03(a), 183 days after the Commencement Date (the
"Rent Commencement Date") and ending on the Expiration Date of the initial Term, with respect to the Premises (other than the Roof Space and the
Basement Space), Four Million One Hundred Forty Thousand Two Hundred Thirty Eight Dollars and Eighty Cents ($4,140,238.80), payable in equal monthly installments of Three Hundred Forty Five Thousand
Nineteen Dollars and Ninety Cents ($345,019.90), with respect to the Roof Space, Thirty One Thousand Four Hundred Dollars ($31,400.00), payable in equal monthly installments of $2,616.67 (which amount
will be appropriately adjusted in the event that it is subsequently determined that the space allocable to the Generator is greater or less than
38 feet by 12 feet and assuming, solely for the purposes of this Section 3.02 that the square footage of Roof Space allocable to the Dry
Cooler is equal 800 square feet), and with respect to the Basement Space, Five Thousand Dollars ($5,000.00), payable in equal
monthly installments of $416.67. The aggregate amount of Fixed Rent payable from and after the Rent Commencement Date with respect to the entirety of the Premises, including the Roof Space and the
Basement Space, shall be $4,176,638.80, payable in equal monthly installments of $348,053.23. 

        (b)  Fixed
Rent shall be payable by Tenant in equal monthly installments in advance and on the first day of each calendar month thereafter, provided, that, if the Rent
Commencement Date is not the first day of the month, the Fixed Rent shall be appropriately prorated. 

6

           Section 3.03.    Additional Charges.    "Additional Charges"
means Tax Payments, Operating Payments and all other sums of money, other than Fixed Rent, at any time payable by Tenant under this Lease, all of which Additional Charges shall be deemed to be rent. 

        Section 3.04.    Tax Payments.    (a) "Base Tax Amount"
means
the Taxes (excluding any amounts described in Section 3.04(b)(iii)) for the period commencing on July 1, 2002 and ending on June 30, 2003. Landlord represents and warrants that
the Base Tax Amount will not include, and shall not be reduced by, any As-of-Right Benefits (defined below). 

        (b)  "Taxes" means (i) the real estate taxes, vault taxes, assessments and special assessments levied, assessed or
imposed upon or with respect to the Land and the Building by any federal, state, municipal or other government or governmental body or authority (including, without limitation, any taxes, assessments
or charges imposed upon or against Project, Landlord or the owner of the Project with respect to any business improvement district (collectively, "Bid
Taxes")) but only if and to the extent that the same shall be reflected in any tax bill with respect to the Project and after giving effect to any and all abatements, refunds,
reductions and credits which are not made expressly for the benefit of another tenant by the Building, but expressly excluding any benefit accruing to Landlord under any discretionary municipal
incentive program (as opposed to benefits granted by the applicable governmental entity on a Building-wide basis "as of right" ("As-of-Right
Benefits"), including any Building-wide benefits which may be granted pursuant to the Industrial and Commercial Incentive Program) and (ii) all taxes
assessed or imposed with respect to the rentals payable under this Lease other than general income, franchise and gross receipts taxes; provided, that
any such Taxes shall exclude Commercial Rent or Occupancy Taxes imposed pursuant to Title 11, Chapter 7 of the New York City Administrative Code so long as such tax is required to be paid by Tenants
directly to the taxing authority. If at any time the method of taxation shall be altered so that in lieu of or as an addition to or as a substitute for, the whole or any part of such real estate
taxes, assessments and special assessments now imposed on real estate, there shall be levied, assessed or imposed (x) a tax, assessment, levy, imposition, fee or charge wholly or partially as a
capital levy or otherwise on the rents received there from, or (y) any other additional or substitute tax, assessment, levy, imposition, fee or charge, including, without limitation business
improvement district and transportation taxes, fees and assessments, then all such taxes, assessments, levies, impositions, fees or charges or the part thereof so measured or based shall be included
in "Taxes," computed as if Landlord's sole asset were the Project. If the owner, or lessee under a Superior Lease, of all or any part of the Project is
an entity exempt from the payment of taxes described in clauses (i) and (ii), there shall be included in
"Taxes" the taxes described in clauses (i) and (ii) which would be so levied, assessed or imposed if such owner or lessee were not so
exempt and such taxes shall be deemed to have been paid by Landlord on the dates on which such taxes otherwise would have been payable if such owner or lessee were not so exempt. Except as permitted
in the second preceding sentence of this Section 3.04(b), "Taxes" shall not include
(x) any municipal, state or federal taxes on Landlord's income, franchise taxes, taxes on gross receipts or revenue, estate or inheritance taxes value added, transfer, transfer gains,
succession, capital stock
excise, excess profits, gift, foreign ownership or control, corporate franchise, corporate, unincorporated association, payroll or stamp tax, or any similar taxes or charges imposed or assessed
against Landlord, including any other tax, assessment, charge or levy on the rent reserved under leases, including this Lease or (y) unless due to default in Tenant timely paying Tenant's Tax
Share hereunder, any penalties, late charges or fines imposed against Landlord with respect to real estate taxes, assessments and the like that are otherwise includable within the term "Taxes." If the
Bid Taxes are eliminated after the date hereof, then, as of the date of such elimination, the Base Tax Amount shall be recalculated to take into account the elimination of the Bid Taxes. 

        (c)  "Tax Year" means each period of 12 months, commencing on the first day of July of each such period, in which
occurs any part of the Term, or such other period of 12 months occurring during the 

7

 

Term as hereafter may be adopted as the fiscal year for real estate tax purposes of the City of New York. 

        (d)  "Tenant's Share" means 6.48%, as the same may be increased or decreased in accordance with the terms of this Lease. The
parties hereto agree that the rentable square foot area of the Premises shall be deemed to be, as of the date hereof, 91,396 rentable square feet and the rentable square foot area of the Building
shall be deemed to be 1,410,765 rentable square feet. Tenant's Share has been determined and/or redetermined by dividing the rentable square foot area of the Premises by the rentable square foot area
of the Building. The rentable square feet of the Basement Space and the Roof Space shall not be included in the determination of Tenant's Share. 

        (e)  If
Taxes for any Tax Year, shall exceed the Base Tax Amount, Tenant shall pay to Landlord (each, a "Tax Payment")
Tenant's Share of the amount by which Taxes for such Tax Year are greater than the Base Tax Amount. Landlord shall give Tenant a statement showing the computation of Tenant's Share of Taxes, which
statement shall cover only those Taxes which Landlord is then required to pay pursuant to the Overlease and such statement shall be accompanied by copies of the applicable tax bills or other evidence
showing the Taxes or tax assessments. The Tax Payment for each Tax Year shall be due and payable in installments in the same manner that Taxes for such Tax Year are due and payable to the City of New
York, except that Tenant shall pay each such installment to Landlord on or before the later of (A) twenty (20) days after the rendering by Landlord to Tenant of the above-referenced
statement or (B) thirty (30) days prior to the date such installment first becomes due and payable to the City of New York; provided,  however,
that if Landlord shall at any time be required pursuant to the terms of any Superior Mortgage to make any escrow payments in respect of Taxes
on a more frequent basis than such installments are due and payable to the City of New York, then Tenant shall pay to Landlord on the first day of each period for which Landlord is required make such
escrow payments during such Tax Year an amount equal to the Tax Payment for such Tax Year divided by the number of such escrow payments that Landlord is required to make is respect of Taxes for such
Tax Year. If there shall be any increase or decrease in the Taxes for any Tax Year, the Tax Payment for such Tax Year shall be appropriately adjusted and paid or refunded, as the case may be, in
accordance herewith. In no event, however, shall Tenant be entitled to a refund or credit against any sums payable under this Lease if Taxes are reduced below the Base Tax amount. Except as heretofore
provided, Tenant shall receive an equitable share of any and all real estate tax incentives, abatements and credits granted to the Building and Land during the Term of this Lease,  provided that such
real estate tax incentives, abatements and credits may be directly attributed, at least in part, to Tenant's use and occupancy of the
Premises (or any portion thereof located in the Building). Similarly, if any such incentives, abatements or credits are directly attributed to space in the Building not leased to Tenant in no event
shall Tenant be entitled to share in any such benefits. Landlord, at Tenant's sole cost and expense, shall reasonably cooperate with Tenant in Tenant's efforts to obtain municipal tax rebates, credits
or other incentives with respect to the Premises; it being acknowledged that any such incentives shall be the sole property of Tenant. 

        (f)    If
Landlord shall receive a refund of Taxes for any Tax Year, Landlord shall pay to Tenant Tenant's Share of the net refund (after deducting from such refund the costs
and expenses of obtaining the same, including, without limitation, all actual, out-of-pocket appraisal, accounting and legal fees;  provided, that (i) Tenant shall not be eligible to receive such
payment if, at the time such payment is required to be refunded to Tenant, Tenant
is in default under the Lease beyond any notice and grace period, if applicable, until such time as such default is cured, at which time such payment shall be made to Tenant,  provided, that Landlord
shall be entitled to deduct any costs and expenses arising from such default (including any payments made to cure such default
to the extent not paid by Tenant) from any such payment to be made to Tenant and (ii) such payment to Tenant shall in no event exceed Tenant's Tax Payment paid for such Tax Year. Such refund
shall be made to Tenant within sixty (60) days of Landlord's receipt thereof. Tenant shall also be entitled to its pro rata share of interest 

8

 

paid to Landlord under Section 5.3 or 5.7 of the Overlease, to the extent such interest is allocable to sums provided by Tenant. 

        (g)  If
the Taxes comprising the Base Tax Amount are reduced as a result of an appropriate proceeding or otherwise, the Taxes as so reduced shall for all purposes be deemed
to be the Base Tax Amount and Landlord shall notify Tenant of the amount by which the Tax Payments previously made were less than the Tax Payments required to be made under this  Section 3.04, and
Tenant shall pay the deficiency within twenty (20) days after demand therefor.
 

        Section 3.05.    Tenant Tax Incentives.    Subject to the terms of the Overlease, in the event that Tenant
becomes eligible for any tax incentives or governmental awards from the City of New York or the State of New York or otherwise arising out of or related to Tenant's agreement to remain in New York
City or any similar incentive or credit program available to companies affected by the World Trade Center events, Landlord shall, at Tenant's sole cost and expense and without liability to Landlord,
reasonably cooperate to the extent necessary or appropriate to secure the maximum benefits available to Tenant. Landlord shall, upon Tenant's reasonable request, request that Overlandlord reasonably
cooperate with Tenant in securing such benefits and, if Overlandlord shall fail to so cooperate, Tenant shall have the right to take whatever action may available at law or under the Overlease to
obtain such cooperation in its own name, and for that purpose and only to such extent, all of the rights of Landlord under Section 14.15 of the Overlease are hereby conferred upon and assigned
to Tenant and Tenant is subrogated hereby to such rights to the extent that the same shall apply to the matter for which cooperation is sought. If any such action against Overlandlord in Tenant's name
shall be barred by reason of lack of privity, nonassignability or otherwise, Tenant may take such action in Landlord's name provided Tenant has obtained the prior written consent of Landlord, which
consent shall not be unreasonably withheld, provided, and Tenant hereby agrees, that Tenant shall indemnify and hold Landlord harmless from and against all liability, loss, damage or expense,
including, without being
limited to, reasonable attorneys' fees and expenses, which Landlord shall suffer or incur by reason of such action. 

        Section 3.06.    Tax Provisions.    (a) Except as otherwise provided herein, Landlord's failure to render
or
delay in rendering any statement with respect to any Tax Payment or installment thereof shall not prejudice Landlord's right to thereafter render such a statement, nor shall the rendering of an
incorrect statement for any Tax Payment or installment thereof prejudice Landlord's right to thereafter render a corrected statement therefor. If Landlord fails to render a statement with respect to
any particular Tax Payment or installment thereof within two (2) years after the Expiration Date of this Lease, Landlord shall be deemed to have waived its right to claim any deficiency. 

        (b)  Landlord
and Tenant confirm that the computations under this Article 3 are intended to constitute a formula for
agreed rental escalation and may or may not constitute an actual reimbursement to Landlord for the Taxes. If the Building has been or shall be condominiumized, then Tenant's Tax Payments shall, if
necessary, be equitably adjusted such that Tenant shall thereafter continue to pay the same share of the Taxes of the condominiumized Building as Tenant would pay in the absence of such
condominimization. 

        (c)  Each
Tax Payment in respect of a Tax Year, which begins prior to the commencement of the Term or ends after the expiration or earlier termination of this Lease, and any
tax refund pursuant to Section 3.04(f), shall be prorated to correspond to that portion of such Tax Year occurring within the Term. 

        (d)  Landlord
shall have no obligation to bring any application or proceeding seeking a reduction in Taxes or the assessed valuation of the Building. Tenant hereby waives to
the fullest extent permitted by law any right Tenant may now or in the future have to protest or contest any Taxes or to bring any application or proceeding seeking a reduction in Taxes or the
assessed valuation of the Building or otherwise challenging the determination thereof. 

9

 

        Section 3.07.    Electric Charges.    (a) Except as otherwise provided herein, Landlord shall supply the
Premises with a base electrical service equal to 6.4 watts, demand load, exclusive of the HVAC System serving the Premises, per usable square foot contained in the Premises (the
"Base Electric Capacity"), and shall cause Tenant's electric energy usage, including usage for Supplemental Electric Capacity (defined below), to be
measured on a submetering basis. If the electric service supplied to the Premises is supplied by more than one (1) submeter, then the readings will be aggregated through a totalizing meter and
billed on a coincident demand basis as if billed through a single meter. Landlord shall, at Landlord's expense, purchase, install and maintain the submeter(s). Tenant shall pay Landlord, as Additional
Charges within thirty (30) days of receipt of its next rent bill, for the kw hours and kw demand used by Tenant in respect of the Base Electric Capacity and the Supplemental Electric Capacity
at Landlord's average cost per kw and per kilowatt hour for the Building, plus five (5%)
percent thereof for providing, reading and billing the submetering service (the "5% Fee"). Landlord shall have the sole right to select the provider of
electricity for the Building; provided, however, that Landlord shall not select a provider of electricity for the Buildings in which Landlord has an
economic interest other than the ownership of publicly-traded common stock or with which Landlord has an agreement to share profits. Tenant, from time to time, shall have the right to review the
readings of Tenant's submeter(s) and Landlord's calculation of the Additional Charges for electricity, at reasonable times and on reasonable prior notice, on or prior to the ninetieth (90th) day after
the date on which Tenant receives the rent bill or statement which includes such Additional Charges. Tenant has been advised that the electrical service currently serving the Premises is unable to
provide more than 6.4 watts per usable square foot, demand load. Tenant has advised Landlord that Tenant requires additional electrical capacity for the proper conduct of its business. Accordingly,
Tenant has requested and Landlord has agreed that Landlord shall provide to Tenant throughout the Term such supplemental electric capacity as may be generated therefrom (the
"Supplemental Electric Capacity") by granting to Tenant the exclusive right to connect to and use, at Tenant's sole cost and expense and in compliance
with Article 5 hereof, the 600 amp switch identified as #27, Switchboard 6, Service C on the B-2 Level of the Building, together with the right of access to vertical and horizontal
shaft space for the installation and use of electrical conduits and risers adequate for such purpose in locations reasonably designated by Landlord. Exclusive of any amounts that will be due and owing
on an on-going basis as Additional Charges for the provision of such Supplemental Electric Capacity, Tenant shall make a one time payment (the "Supplemental
Electric Capital Cost Reimbursement") to Landlord for making such Supplemental Electric Capacity available to Tenant equal to $95,000.00. The Supplemental Electric Capital Cost
Reimbursement shall be paid by Tenant as an Additional Charge on or prior to the Commencement Date. 

        (b)  From
and after the Commencement Date, but prior to the date that Landlord shall install submeter(s) at the Premises, Tenant shall pay in monthly installments in advance,
as additional rent for its consumption of electricity at the Premises, a per annum sum equal to the product of (A) $2.50 and (B) the rentable square feet of the Premises (exclusive of
the Roof Space and the Basement Space), provided, however, that until the earlier of (x) 183 days after the Commencement Date or
(y) Tenant's occupancy of the Premises for the conduct of Tenant's business, Tenant shall pay for its consumption of electricity a per annum sum equal to the product of (A) $1.50 and
(B) the rentable square feet of the Premises (exclusive of the Roof Space and the Basement Space). Landlord shall install submeter(s) at the Premises no later than one year from the Possession
Date. The foregoing payment shall be prorated for partial months and, upon the installation of the submeter(s) by Landlord, Tenant shall receive a credit against the next installment of Rent of any
excess payment then held by Landlord for the remaining partial month. 

10

 

        (c)  If
it shall become unlawful for Landlord to submeter Tenant's electric energy usage, such usage shall thereafter be paid for and measured as follows: 

          (i)  Tenant
agrees to pay for its electric usage as Additional Charges (hereinafter referred to as the "Additional Rent for
Electricity"). The Additional Rent for Electricity shall be determined initially by a survey of the Premises made by an electrical consultant or electrical engineer chosen by
Landlord. The survey so made will determine the number of kw hours and kw demand based on the electrical
equipment and fixtures in the Premises and the period of use thereof, and based thereon will determine the value, expressed in dollars per year, of Tenant's electric energy usage. The rate Tenant
shall pay will be the service classification under which the public utility bills Landlord commensurate with the rate of usage as shown by the survey, plus five (5%) percent of such amount for
Landlord's administrative costs. The Additional Rent for Electricity so determined, as adjusted from time to time pursuant to subparagraphs (ii), (iii) and (iv), shall be paid by Tenant in
equal monthly installments in advance on the first day of each month during the Term, without any set off or deduction of any kind. 

        (ii)  If
the public utility rate schedule for the supply of electric current to the Building shall be increased or decreased subsequent to the date of the survey referred to
above, or if there shall be an increase or decrease in the fuel adjustment or taxes, or if additional taxes, surcharges, or charges of any kind shall be imposed upon the sale or furnishing of such
electric current, the Additional Rent for Electricity shall be increased or decreased by applying the changed rate, fuel adjustment and taxes to the kw hours and kw demand shown on the electric survey
then in effect. 

        (iii)  If
there shall be a change subsequent to the initial survey, or any future survey, in the Premises, or in the number of hours during which the Premises is used, or if
Tenant's failure to maintain its installations in good order and repair causes greater consumption of electric current, or if Tenant uses electricity for purposes other than the use permitted
hereunder, or if Tenant adds any fixtures, machinery or equipment which significantly increases its electricity usage, the Additional Rent for Electricity, theretofore adjusted, shall be increased by
applying to the additional kw hours and kw demand furnished by Landlord the Service Classification Rate under which the public utility bills Landlord commensurate with the rate for the usage as shown
by the survey, plus five (5%) percent of such amount for Landlord's administrative costs. If Tenant's electricity usage shall decrease due to the use of its electric fixtures or equipment for lesser
periods of time, or due to less or more efficient fixtures or equipment, the Additional Rent for Electricity, theretofore adjusted, shall be decreased by applying the Service Classification Rate
aforesaid to the lesser kw hours and kw demand. 

        (iv)  Landlord
and Tenant shall each have the right from time to time during the Term to have an electric rate consultant or electrical engineer survey the electric current
consumed by Tenant in the Premises. If such consultant determines that the value of the electric current furnished Tenant is more or less than the Additional Rent for Electricity, as most recently
adjusted, such annual amount shall be further adjusted to equal the amount determined by said consultant. The cost of the survey shall be borne by the party ordering the same. 

        (v)  Landlord
shall deliver a copy of the initial survey, and a copy of any future survey made pursuant to this Section 3.07(c) to Tenant, and Tenant shall have ninety
(90) days within which it may protest the findings contained therein. If Tenant fails to protest within the ninety (90) day period, the findings contained in the survey shall be final.
If Tenant protests within the ninety (90) day period (by sending Landlord a notice in the manner herein provided for the giving of notices), Tenant shall have a second survey made by an
electric engineer or electric rate consultant of its choice, and deliver a copy thereof to Landlord within ninety (90) days of the date of the protest. If Landlord's and Tenant's surveyors are
unable to agree upon the amount of electric energy consumed by Tenant, or the amount of any increase or decrease, or any other matter 

11

 

contained in the surveys, the determination of the same shall be submitted to arbitration under the rules of the American Arbitration Association then obtaining. The determination of the electric
rate consultant or engineer, or the American Arbitration Association if there is disagreement and the determination is submitted to arbitration made pursuant to this subparagraph, shall be binding on
Landlord and Tenant. The parties hereto shall, within ten (10) days from the date of any such determination, execute, acknowledge and deliver to each other an agreement setting forth the
adjusted Additional Rent for Electricity, but such increase or decrease shall be effective from the date of the increase or decrease (subparagraph (ii)), or change (subparagraph (iii)),
or new survey (subparagraph (iv)), whether or not such agreement is executed, and notwithstanding the date of execution thereof. 

        (d)  Landlord
shall not in any way be liable or responsible to Tenant, except where due to Landlord's gross negligence or willful misconduct, for any loss, damage or expense
which Tenant may sustain or incur if, during the Term, by reason of the act or inaction of the public utility servicing the Project, either the quantity or character of electrical energy is changed or
is no longer available or suitable for Tenant's requirements. Landlord shall not be obligated to increase the existing electrical capacity of any portion of the Building's systems, nor to provide any
additional wiring or capacity to meet Tenant's requirements, other than as set forth in Section 3.07(a). Tenant shall make no substantial
alteration or addition to the electrical equipment in the Premises as of the date that Tenant occupies the Premises for the conduct of its business, nor increase the use of electricity in the Premises
(except to a de minimis extent) without the prior written consent of the Landlord in each instance, which consent Landlord agrees not to unreasonably
withhold or delay. Subject to Tenant's Base and Supplemental Electric Capacity rights under Subsection 3.07(a) herein, Tenant covenants and agrees that
at all times its use of electric current shall never exceed the capacity of the then existing feeders of the Building or the risers or wiring installations, and further agrees, subject to its Base and
Supplemental Electric Capacity rights under Subsection 3.07(a) herein, that Tenant may not use any electrical equipment which, in Landlord's opinion,
reasonably exercised, will overload such installations or interfere with the use thereof by any other tenants of the Buildings. 

        Section 3.08.    Manner of Payment.    Tenant shall pay all Rent as the same shall become due and payable
under
this Lease (a) in the case of Fixed Rent and recurring Additional Charges, by wire transfer of immediately available federal funds as directed by Landlord, and (b) in the case of all
other sums, either by wire transfer as aforesaid or by check (subject to collection) drawn on a New York Clearing House Association member bank, in each case at the times provided herein without
notice or demand and without setoff or counterclaim except as herein expressly provided to the contrary. If Landlord shall direct Tenant to pay Fixed Rent by wire transfer, then Tenant shall not be in
default of Tenant's obligation to pay any such Fixed Rent if and for so long as Tenant shall timely comply with Landlord's wire instructions in connection with such payments. All Rent shall be paid in
lawful money of the United States to Landlord at its office or such other place in the United States as Landlord may from time to time designate. If Tenant fails timely to pay any Rent, Tenant shall
pay interest thereon from the date when such Rent became due to the date of Landlord's receipt thereof at the lesser of (i) the base rate from time to time announced by Citibank, N.A. (or if
Citibank, N.A. shall not exist, such other major bank in New York, New York as shall be designated by Landlord in a notice to Tenant) to be in effect at its principal office in New York, New York (the
"Base Rate") plus 3% per annum or (ii) the maximum rate permitted by law. Any Additional Charges for which no due date is specified in this Lease
shall be due and payable on the 30th day after the date of Landlord's invoice therefor. All bills, invoices and statements rendered to Tenant with respect to this Lease shall be binding
and conclusive on Tenant subject to Section 7.13 hereof. Notwithstanding anything to the contrary contained
in this Lease, Fixed Rent shall be due and payable on the first day of the month and failure to pay such Rent on or prior to the first day of any month shall be considered a default under this Lease
and interest shall accrue as provided in this Section 3.08 from and after the first day the Rent becomes due and payable. Notwithstanding the
foregoing, no interest shall be due and 

12

 

payable for failure to pay Fixed Rent on the first day of a calendar month on the first of such failures to occur in any twelve month period, provided that such Fixed Rent is paid within five days
after the first day of such month. 

        Section 3.09.    Operating Expenses.    (a) The term "Operating
Expenses" shall mean all expenses of each and every type and nature, foreseen and unforeseen, ordinary and extraordinary paid or incurred (without duplication of an included
item) by Landlord in respect of the operation, repair, safety, management, security and maintenance (including deferred maintenance) of the Premises which are necessary or appropriate for the
operation of the Building as a First-Class Office Building (as defined in the Overlease), but specifically excluding (or deducting as appropriate) expenses incurred in connection with or arising from: 

          (i)  Taxes; 

        (ii)  Fees
paid or payable for managing and/or operating the Building in excess of the amount customarily charged by highly reputable managing and/or operating firms
providing such services in First-Class Office Buildings; 

        (iii)  Any
capital expenditure made by Landlord unless such capital expenditure results in a savings of, or reduction in, Operating Expenses ("Cost
Savings"); provided, however, (i) the costs of such capital expenditure shall only be included in Operating Expenses in any Operating Year to the extent of the annual
amortization thereon calculated on a straight-line basis over the useful life of such capital improvement (as reasonably determined in accordance with generally accepted accounting
principles), together with interest thereon at the Interest Rate and (ii) in no event shall there be included in Operating Expenses for any Operating Year an amount greater than the amount by
which Operating Expenses are reduced in such Operating Year due to such capital expenditure; 

        (iv)  Any
other capital improvement or replacement not described in clause (iii) above made by Landlord unless such capital improvement is required by Law enacted
after the Commencement Date other than a Law which affects only leaseable space other than the Premises; provided, however, the costs of such capital improvement shall only be included in Operating
Expenses in any Operating Year to the extent of the annual amortization thereon calculated on a straight-line basis over the useful life of such capital improvement (as reasonably
determined in accordance with generally accepted accounting principles), together with interest thereon at the Interest Rate; 

        (v)  Any
repairs (whether or not pursuant to Laws) made solely for the benefit of leaseable space other than the Premises; 

        (vi)  Any
machinery, equipment or tools used (A) solely within, or solely for the benefit of leaseable areas (other than the Premises) or (B) in connection with
any alteration or other capital improvement or replacement which is excluded from Operating Expenses; 

      (vii)  Premiums
for any insurance carried by Landlord other than (A) the insurance specified in Sections 7.1(a), (b), (c), (d), (e), (f), (g) and (i) of
the Overlease and (B) the insurance specified in Section 7.1(h) of the Overlease to the extent that such insurance relates to a capital expenditure which is not excluded from Operating
Expenses pursuant hereto; 

      (viii)  Professional
and consulting fees, including legal and accounting fees, not directly related to the operation of the Premises: 

        (ix)  Computer
time, telephone, bookkeeping and other expenses not directly related to the operation of the Premises; 

        (x)  Security
within any leasable space; 

13

 

        (xi)  Leasing
or procuring subtenants for the Building, including leasing commissions and advertising expenses, and all legal, accounting and consultants, fees, disbursements
and expenses incurred in disputes with Overlandlord and subtenants or enforcement of subleases or entering into subleases or preparing space for any subtenant; 

      (xii)  Any
items which are reimbursable to Landlord by insurance, warranties or otherwise other than pursuant to operating expense clauses similar to chose in this
Article 3; 

      (xiii)  Charges
for which Landlord is entitled to reimbursement from any subtenant, including services rendered or performed directly for the account of subtenants at such
subtenants' cost or for which a separate charge is made (other than pursuant to operating expense clauses similar to those in this Article 3) and corresponding charges with respect to leaseable
space in the Building occupied by Landlord; 

      (xiv)  Depreciation
(provided, however, that such exclusion of depreciation shall not affect the inclusion in Operating Expenses of the amortized items required to be
amortized pursuant to the provisions of clauses (iii) and (iv) of this Section 3.09(a)); 

      (xv)  Any
debt incurred by Landlord, including, without limitation, installments of principal and interest and any other sum due and payable under any mortgage (provided that
the foregoing shall not exclude the costs of performing any obligations under such mortgage if such costs are not otherwise excluded under this Section 3.09), and any expenses incurred in
connection therewith; 

      (xvi)  Rent
and other charges due and payable under the Overlease (provided that the foregoing shall not exclude the costs of performing any obligations under the Overlease
if such costs are not otherwise excluded under this Section 3.09); 

    (xvii)  The
cost of installing, operating and maintaining any specialty service or facility, such as the Auditorium, the Bridge (as defined in the Overlease), the Tunnel (as
defined in the Overlease), an observatory, broadcasting facilities, athletic or recreational club, other than the net costs of operating the Cafeteria during any period in which the Cafeteria is in
operation; 

    (xviii)  The
portion of any costs paid to a party related to Landlord and included in Operating Expenses which is in excess of the amount which would have been paid in the
absence of such relationship; 

      (xix)  The
costs of acquiring, maintaining, displaying and insuring all sculptures, paintings and other works of art in the Building (other than the costs of maintaining and
insuring the Works of Art (as defined in the Overlease); 

      (xx)  Lease
payments for rented equipment, the cost of which equipment if purchased would not be includable in Operating Expenses; 

      (xxi)  Income,
franchise, capital stock, transfer, inheritance, estate or gift taxes of Landlord; 

    (xxii)  Investigation,
removal, enclosure, encapsulation or other operational and maintenance expenses relating to asbestos or other Hazardous Materials; 

    (xxiii)  All
employee wages, salaries and other labor costs for personnel above the grade of building manager and the portion of employee wages, salaries and other labor
costs attributable to time not spent in connection with the Building or for items excludable from Operating Expenses (it being agreed that items such as vacation time, sick days and such other time
off included in other labor costs shall not be deemed to be "time not spent in connection with the Building" but shall be apportioned in the same manner as wages and salaries); 

14

  

    (xxiv)  The
gross negligence, willful misconduct or other tortuous conduct of Landlord or any of Landlord's subtenants (other than Tenant and any person (other than Landlord)
rightfully claiming by, through or under Tenant in its capacity as subtenant under this Lease); 

    (xxv)  Fines
or penalties, interest or late fees imposed upon Landlord; 

    (xxvi)  Advertising
and other promotional expenditures or any signage installed by Landlord in or on the Building; 

  (xxvii)  Landlord's
Roof Installments (as defined in the Overlease); 

  (xxviii)  The
contest of any Law if such Law applies solely to leasable space other than the Premises; 

    (xxix)  Any
special events (e.g., receptions, concerts); 

      (xxx)  Any
violation by Landlord or any of Landlord's subtenants (other than Tenant and any person (other than Landlord) rightfully claiming by, through or under Tenant in
its capacity as subtenant under this Lease) of any other sublease of space in the Building (provided that the foregoing shall not exclude the costs incurred by Landlord in performing any of Landlord's
obligations (such as repairs) under such sublease if such costs are not otherwise excluded under this Section 3.09); 

    (xxxi)  Landlord's
general corporate overhead and general and administrative expenses; 

  (xxxii)  All
charitable or political contributions (other than any reasonable fees, dues and other contributions paid by or on behalf of Landlord to real estate organizations
such as the Real Estate Board of New York and BOMA (and their successors) to the extent generally that landlords of First-Class Office Buildings are members thereof or make contributions thereto); 

  (xxxiii)  The
incremental additional cost of providing services to another occupant of the Building in excess of the services which Landlord is obligated to provide to Tenant
under this Lease at Landlord's expense; and 

  (xxxiv)  Any
takeover lease obligations or lease or sublease obligations assumed by Landlord. 

    (xxxv)  The
costs associated with any material increase in the level of a service provided at the Building or the addition of any new service, except to the extent that such
increase in service or additional service is generally consistent with the practice of other owners of buildings of similar quality in New York City. 

  (xxxvi)  The
costs associated with obtaining any state, federal or municipal tax abatement, credit or incentive, to the extent Tenant does not receive a pro rata share of
such abatement, credit or incentive. 

        (b)  The
term "Operating Year" shall mean the Base Operating Year and each succeeding calendar year thereafter. 

        (c)  The
term "Operating Statement" shall mean a written statement prepared by Landlord or its agent, setting forth Landlord's
computation of the sum payable by tenant under this Section 3.09 for a specified Operating Year. 

        (d)  In
determining the amount of Operating Expenses for any Operating Year (including the Base Operating Year), if less than all of the Building leasable area shall have
been occupied by Landlord and/or subtenant(s) (including Tenant) at any time during any such Operating Year, Operating Expenses shall be determined for such Operating Year to be an amount equal to the
like expenses which would normally be expected to be incurred had all such areas (to the extent of ninety-five percent (95%) of the leasable area of the Building, excluding all Mechanical
Space (as defined in the Overlease) and areas used to provide services to which Tenant is not granted access) been occupied throughout such Operating Year. 

15

 

        (e)  For
each Operating Year, Tenant shall pay to Landlord as Additional Charges, an amount (herein called the "Operating
Payment") equal to Tenant's Share of the Operating Expenses for such Operating Year to the extent such Operating Expenses are in excess of the Operating Expenses for the
calendar year 2002 (the "Base Operating Year"). If Tenant's Share for an applicable Operating Year is
redetermined in a particular Operating Year, Tenant's Operating Payment for that Operating Year shall be adjusted accordingly to reflect the applicable redetrmination of Tenant's Share. Landlord
represents that the Triple Net Commencement Date (as defined in the Overlease) occurred on January 1, 2002 and that the Operating Payment for the Base Operating Year shall reflect an actual
365 day period. 

        (f)    Landlord
shall furnish to Tenant, prior to the commencement of each Operating Year after the Base Operating Year, a written statement setting forth in reasonable detail
Landlord's reasonable estimate of the Operating Payment for such Operating Year, based upon the method set forth in the preceding sections for computing the Operating Payment. Tenant shall pay to
Landlord on the first day of each month during such Operating Year an amount equal to one-twelfth (1/12th) of Landlord's reasonable estimate of the Operating Payment for such Operating
Year (or the amount necessary to pay the estimate in full in equal monthly installments prior to the expiration of the then Operating Year). If, however, Landlord shall furnish any such estimate for
an Operating Year subsequent to the thirtieth (30th) day prior to the commencement thereof, then (a) until the first day of the month following the month in which such estimate is furnished to
Tenant, Tenant shall pay to Landlord on the first day of each month an amount equal to the monthly sum payable by Tenant to Landlord under this Section 3.09 in respect of the last month of the
preceding Operating Year; (b) promptly after such estimate is furnished to Tenant, Landlord shall give notice to Tenant stating whether the installments of the Operating Payment previously made
for the Operating Year were greater or less than the installments of the Operating Payment to be made for such Operating Year in accordance with such estimate, and (i) if there shall be a
deficiency, Tenant shall pay the amount thereof within thirty (30) days after demand therefor, and (ii) if there shall have been an overpayment, Landlord shall, within thirty
(30) days of providing Tenant with such estimate, at Tenant's election either refund to Tenant the amount thereof or permit Tenant to credit the amount thereof against the Rent payable
hereunder; and (c) on the first day of the month commencing at least thirty (30) days subsequent to date on which such estimate is furnished to Tenant, and monthly thereafter throughout
the remainder of such Operating Year, Tenant shall pay to Landlord an amount equal to one-twelfth (1/12th) of the Operating Payment shown on such estimate. Landlord may, not more than
twice during each Operating Year, furnish to Tenant a revised statement of Landlord's estimate of the Operating Payment for such Operating Year, based upon the method set forth in the preceding
sections for computing the Operating Payment; and in such case, the Operating Payment for such Operating Year shall be adjusted and paid or refunded, as the case may be, substantially in the same
manner as provided in the preceding sentence. 

        (g)  Within
one hundred twenty (120) days after the end of the Base Operating Year and each Operating Year occurring after the Base Operating Year, Landlord shall
furnish to Tenant an Operating Statement for such Operating Year, based on the method set forth in the preceding sections for computing the Operating Payment and certified by a reputable independent
certified public accountant selected by Landlord setting forth in reasonable detail the actual Operating Expenses incurred by Landlord during such Operating Year. If the Operating Statement shall show
that the sums paid by Tenant exceeded the Operating Payment to be paid by Tenant for such Operating Year, Landlord shall promptly at Tenant's election either refund to Tenant the amount of such excess
or permit Tenant to credit the amount of such excess against subsequent payments of Rent payable under this Lease; and if the Operating Statement for such Operating Year shall show that the sums so
paid by Tenant were less than the Operating Payment to be paid by Tenant for such Operating Year, Tenant shall pay the amount of such deficiency within thirty (30) days after demand therefore.
If the Operating Statements shall show that the estimated sums therefore estimated by Landlord and paid by Tenant for such operating Year exceeded the Operating Payment for such Operating Year by more
than ten (10%) 

16

 

percent, Landlord shall pay to Tenant interest on the excess over ten (10%) percent at the Interest Rate from the end of the applicable Operating Year to which the overpayment relates to the date
such overpayment is refunded or credited. 

        (h)  Each
Operating Statement, including the Operating Statement for the Base Operating Year, given by Landlord shall be conclusive and binding upon Tenant (i) unless
within three (3) months after the receipt of the Operating Statement for the succeeding Operating Year, Tenant shall notify Landlord that it disputes the correctness of the Operating Statement
specifying the particular respects in which the Operating Statement is claimed to be incorrect, and (ii) if such disputes shall not have been settled by agreement within three (3) months
after such notice of dispute, either party may submit the dispute to arbitration in accordance with the provisions of Section 9.19 hereof. Pending the determination of such dispute by agreement
or arbitration as aforesaid, Tenant shall within thirty (30) days after the receipt of such Operating Statement pay the Operating Payment in accordance with Landlord's statement, without
prejudice to Tenant's position. If the dispute shall be determined in Tenant's favor, Landlord shall forthwith pay to Tenant the amount of Tenant's overpayment resulting from compliance with
Landlord's Operating Statement and interest, if applicable, in accordance with Section 3.09(g) hereof. 

        (i)    If
an Operating Year ends after the expiration or termination of this Lease, the Operating Payment in respect thereof shall be appropriately prorated. 

        (j)    The
failure of Landlord to render an Operating Statement for any Operating Year shall not prejudice Landlord's right, or relieve Landlord of the obligation, to
thereafter renter such Operating Statement or relieve or release Tenant from any obligation to pay Tenant's Share of Operating Expenses for any Operating Year, but if Landlord shall fail to render an
Operating Statement for any year by June 30 of the succeeding calendar year, Tenant may cease to pay, until such Operating Statement is rendered, estimated installments of Tenant's Operating
Payment. Further, Landlord shall be precluded from adjusting any Operating Statement to increase the costs included within Tenant's Share of Operating Expenses subsequent to the date (the
"Cut-Off Date") that is thirty-six (36) months subsequent to the expiration of the Operating Year to which the
applicable, Operating Statement relates, but nothing shall preclude or prevent Landlord from furnishing Tenant with corrections or adjustments to any Operating Statement for any applicable Operating
Year prior to the applicable Cut-Off Date. 

        (k)  Tenant,
upon reasonable notice, may (but only with its authorized employees or with a firm of reputable independent certified public accountants selected by Tenant)
elect to examine such of Landlord's books and records with respect to the applicable Operating Statement, including in respect of the Base Operating Year (collectively, "Records") as are directly
relevant to any disputed amount included in the Operating Statement in question. In making such examination, Tenant shall, and shall cause its officers, employees and accountants to, keep confidential
any and all information contained in the Records. 

        (l)    Subject
to the foregoing clause (j) of this Section, the provisions of this Article 3 shall survive the expiration or earlier termination of this Lease as
to all Additional Charges due Landlord or credit
owed Tenant accruing on or before the date of such expiration or termination, including all disputed items as well as the Additional Charges due for the last Operating Year, or portion thereof,
falling within the Term. Within one hundred fifty (150) days following such expiration or earlier termination, Landlord shall render to Tenant a preliminary uncertified Operating Statement, and
Landlord and Tenant shall, subject to year-end adjustments, preliminarily adjust the amount due Landlord or Tenant, as the case may be, for such last year or portion thereof, subject to
year-end adjustments, and the party owing any portion of the same to the other shall promptly pay the same. Landlord shall issue a final Operating Statement for such last year or portion
thereof on or before April 30 of the succeeding calendar year, and all amounts due Landlord or Tenant based thereon shall be adjusted between the parties. 

17

 
 
 

ARTICLE 4    
    
    Landlord Services    
  

        Section 4.01.    Landlord Services.    (a) From and after the date that Tenant first occupies any
portion of the Premises for the conduct of Tenant's business (it being understood that from and after the Commencement Date while Tenant is preparing the Premises for its occupancy, Landlord shall
provide such services as are customarily provided in First-Class Office Buildings with respect to the building-out of tenant office space), Landlord shall continue to operate the Building
in the same manner as it is being operated as of the date hereof and Landlord shall furnish Tenant with the following services (collectively, "Landlord
Services"): 

          (i)  Landlord
shall furnish air conditioning, ventilation and heat ("HVAC") (i) to the common areas of the Building,
including, without limitation, the Building lobby to the extent such areas would customarily be provided with such services and (ii) to the Premises, during the hours between 8:00 A.M. and
6:00 P.M. on Business Days throughout the year, subject to all Laws and in accordance with the Specifications for HVAC, which are attached hereto as  Exhibit E, Landlord, throughout the Term,
shall have free access at any time in the event of any emergency and at all other times upon reasonable
prior notice to any and all mechanical installations of Landlord, including, but not limited to, air-cooling, fan, ventilating and machine rooms and electrical closets; Tenant shall not
construct partitions or other obstructions which may unreasonably interfere with Landlord's free access thereto, or unreasonably interfere with the moving of Landlord's equipment to and from the
enclosures containing said installations. Neither Tenant, nor its agents, employees or contractors shall at any time enter the said enclosures or tamper with, adjust or touch or otherwise in any
manner affect said mechanical installations. 

        (ii)  Tenant
acknowledges that, during hours other than Business Hours ("Overtime Periods"), the Premises will likely require
overtime or alternative HVAC for comfortable occupancy. Tenant further acknowledges that the normal operation of the HVAC System is not designed to provide sufficient cooling of portions of the
Premises which shall have an electrical load in excess of 4 watts per usable square foot of area for all purposes (including lighting and power and exclusive of the capacity of Tenant's supplemental
HVAC equipment load) or which shall have a human occupancy factor in excess of one person per 150 square feet of usable area. Tenant shall be responsible for the proper distribution of HVAC throughout
each floor of the Premises based upon its design criteria, occupancy, equipment and lighting and other factors which affect the effective cooling or heating of each floor. 

        (iii)  The
Fixed Rent does not reflect or include any charge to Tenant for the furnishing of any HVAC to the Premises during Overtime Periods. Accordingly, if Landlord
furnishes HVAC to the Premises at the request of Tenant during Overtime Periods, then Tenant shall pay Landlord as Additional Charges for such services at the Building Rate. As used herein, the term
"Building Rate" shall mean Landlord's cost (exclusive of depreciation and amortization of equipment) of providing HVAC services, as reasonably
determined by Landlord (without additional charge), computed on the basis of (a) the cost of labor and (b) charges for electricity and other utilities, which Building Rate shall in no
event exceed the market rate charged by other owners of First Class Office Buildings in Manhattan. Landlord shall not be required to furnish any such services during any Overtime Periods unless
Landlord has received advance written notice delivered to Landlord's designated building manager from Tenant requesting such services prior to 3:00 P.M. of the day upon which such services are
requested or by 3:00 P.M. of the last preceding Business Day if such Overtime Periods are to occur on a day other than a Business Day. If Tenant fails to give Landlord such advance notice, then
failure by Landlord to furnish or distribute any such services during such Overtime Periods shall not constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any
abatement or diminution of Rent, or relieve Tenant from any of its obligations under this Lease, or impose any liability upon Landlord or its agents by reason of 

18

 

inconvenience or annoyance to Tenant, or injury to or interruption of Tenant's business or otherwise. If more than one tenant (including Landlord) utilizing the same system as Tenant requests the
same Overtime Periods for the same services as Tenant, the charge to Tenant shall be adjusted pro rata. 

        (iv)  Intentionally
Omitted. 

        (v)  Landlord
shall provide non-exclusive passenger elevator service to each floor of the Premises twenty-four (24) hours per day, seven
(7) days per week, it being agreed that Landlord may reasonably reduce the number of elevator cars in operation at times other than Business Hours. 

        (vi)  Landlord
will, through vertical plumbing risers in the Building, supply Tenant with (i) an adequate quantity of warm and cool water for (a) lavatory,
cleaning and drinking purposes, and (b) standard pantry purposes for normal office use in keeping with a First-Class Office Building and (ii) a quantity of water for Tenant's sprinklers
in the Premises which complies with Laws. 

      (vii)  Landlord
shall provide electrical capacity as described in Section 3.07 hereof; such electrical capacity shall be available at the electrical closet on each
floor of the Building on which the Premises is located (it being understood that Tenant shall be responsible for distributing such electrical capacity from the electrical closet to the Premises). In
no event shall Tenant's consumption of electricity exceed the capacity of existing feeders to the Building or the risers or wiring serving the Premises (which shall not be less than as described in
Section 3.07 hereof), nor shall Tenant be entitled to any unallocated power available in the Building unless, in Landlord's judgment (taking into account the then existing and future reasonably
anticipated needs of other then existing and future tenants, including Landlord, and other needs of the Building), the same is available and reasonably necessary for Tenant's use. If such additional
capacity is not available, Landlord shall, if reasonably feasible, extend or install, at Tenant's sole cost and expense (which expense shall equal Landlord's actual
out-of-pocket costs), additional risers. 

      (viii)  From
and after the date that Tenant first occupies any portion of the Premises for the conduct of Tenant's business, cleaning services shall be provided in accordance
with the standards set forth on Exhibit H attached hereto. Landlord shall not be required to perform any (A) extra cleaning work in the Premises required because of
(w) carelessness, indifference, misuse or neglect on the part of Tenant, its subtenants or their respective employees or visitors, (x) interior glass partitions or an unusual quantity of
interior glass surfaces, (y) materials or finishes installed in the Premises requiring cleaning in excess of that ordinarily required in tenant office space in a First Class Office Building
and/or (z) the use of the Premises other than during Business Hours on Business Days and/or (B) removal from the Premises and the Building of any refuse of Tenant (x) in excess of
that ordinarily accumulated in business office occupancy, including, without limitation, kitchen refuse and/or (y) at times other than Landlord's standard cleaning times, which times shall be
consistent with the times during which offices are customarily cleaned. Tenant may designate certain areas of the Premises as secure and may condition the entry of cleaning personnel on such security
conditions and practices as Tenant may designate, but any incremental costs incurred by Landlord as a result thereof shall be borne by Tenant. Notwithstanding the foregoing, Landlord shall not be
required to clean any portions of the Premises used for preparation, serving or consumption of food or beverages, training rooms, data processing or reproducing operations, private lavatories or
toilets or other special purposes requiring greater or more difficult cleaning work than office areas, and Tenant shall retain Landlord's cleaning staff or Landlord's cleaning contractor, as
applicable, to perform such cleaning at Tenant's expense. Landlord agrees that the rate charged to Tenant for any additional cleaning services shall be at Landlord's standard cleaning rates.
Landlord's cleaning staff or Landlord's cleaning contractor, as applicable, shall have access to the Premises after 5:00 p.m. and before 8:00 a.m. and shall have 

19

 

the right to use, without charge therefore, all light, power and water in the Premises reasonably required to clean the Premises. 

        (ix)  Freight
elevator service and the use of the loading dock shall be provided to the Premises on an equitable basis from 8:00 a.m. to 5:00 p.m. Monday through
Friday, free of charge, and on a reserved basis at all other times upon the payment of Landlord's actual cost (excluding depreciation and amortization of equipment) for the use of the freight elevator
and loading dock, including, without limitation, the cost of an operator for the elevator, which costs will not in any event exceed market rates for such service charged by other owners of First Class
Office Buildings in Manhattan. Tenant shall have the right to reserve the loading dock and freight elevator during weekend hours in connection with its original move into the Premises, subject to
reasonable coordination with the needs of other tenants during the same period provided that Landlord shall use all commercially reasonable efforts to secure for Tenant first priority access to the
loading dock and freight elevator during such
period. Tenant shall give to Landlord such advance notice of its initial move in needs as may be practicable. Tenant shall be provided with twenty five (25) hours of free overtime freight
elevator service during its move-in. 

        (x)  Landlord
shall not discriminate against Tenant with respect to the use of the Building escalators or other common areas. 

        (b)  Landlord
may stop or interrupt any Landlord Services, electricity, or other service and may stop or interrupt the use of any Building facilities and systems at such
times as may be necessary and for as long as may reasonably be required by reason of accidents, strikes, or the making of repairs, alterations or improvements, or inability to secure a proper supply
of fuel, gas, steam, water, electricity, labor or supplies, or by reason of any other cause (other than lack of funds) beyond the reasonable control of Landlord ("Force
Majeure"). Landlord shall have no liability to Tenant by reason of any stoppage or interruption of any Landlord Service, electricity or other service or the use of any Building
facilities and systems for any reason. Landlord shall use reasonable diligence (which shall not include incurring overtime charges unless (x) the stoppage or interruption is the result of
Landlord's negligence or (y) Tenant requests the same in which event Landlord shall employ contractors or labor at so-called overtime or other premium pay rates and incur any other
overtime costs or expenses in making any repairs, and Tenant, if Tenant has requested such service shall pay to Landlord, as additional rent, within thirty (30) days after demand, an amount
equal to the difference between the overtime or other premium pay rates and the regular pay rates for such labor together with any other overtime costs or expenses so incurred) to make such repairs as
may be required to machinery or equipment within the Project to provide restoration of any Landlord Services and, where the cessation or interruption of such Landlord Services has occurred due to
circumstances or conditions beyond the Project boundaries, to cause the same to be restored'by diligent application or request to the provider. Notwithstanding anything herein to the contrary, in the
event that any stoppage or interruption of services arises solely from Landlord's negligence and as a result thereof Tenant is not able to occupy all or any portion of its Premises for the conduct of
its business therein for a period in excess of ten (10) days, Fixed Rent and Additional Charges for the portion of the Premises so affected shall be abated on a
day-for-day basis for each day following such 10-day period until such time as Tenant is able to re-occupy the Premises (or portion thereof) for the
conduct of its business. 

        (c)  Without
limiting any of Landlord's other rights and remedies, if Tenant shall be in material monetary default beyond any applicable notice and/or grace period (other
than with respect to matters that have been submitted to arbitration pursuant to Section 9.19 and not yet resolved), Landlord shall not be obligated to furnish to the Premises any service
outside of Business Hours on Business Days, and Landlord shall have no liability to Tenant by reason of. any failure to provide, or discontinuance of, any such service during the continuance of any
such default. For purposes hereof, material monetary default shall mean default in the payment of Fixed Rent, recurring Additional Charges and non-recurring Additional Charges in an amount
in excess of $50,000. 

20

 

        (d)  "Business Hours" means 8:00 a.m. to 6:00 p.m., Monday through Friday. "Business
Days" means all days except Saturdays, Sundays and holidays, which shall include (but shall not be limited to) days which arc either (i) observed by both the federal and
the state governments as legal holidays or (ii) designated as a holiday by the applicable building service union employee service contract or operating engineers contract; provided, that the
holidays covered under subsections (i) and (ii) above shall not be duplicative and provided, further, that Lincoln's Birthday shall be deemed to be a Business Day. 

        (e)  "Rules and Regulations" means the rules and regulations attached hereto as  Exhibit C, as the same may be modified or amended from time to time in Landlord's
reasonable discretion, provided that Tenant shall have been
given reasonable notice of such modifications or amendments. If there is any conflict between the provisions of the Rules and Regulations and the provisions of this Lease, the provisions of this Lease
will control. Landlord shall not discriminate against Tenant in the promulgation and enforcement of the Rules and Regulations. 

        Section 4.02.    Auditorium and Cafeteria.    (a) Tenant shall have the right to utilize the
Auditorium
up to four (4) times per year on a scheduled basis, subject to the provisions of this Section 4.02.

        (b)  If
Tenant desires to use the Auditorium, Tenant shall give notice to Landlord prior to November 1st of each calendar year of the dates on which Tenant desires to
use the Auditorium during the subsequent calendar year. Landlord shall grant to Tenant the use of the Auditorium on such requested dates provided the same have not been previously reserved. In
addition, Tenant shall have the right to request the use of the Auditorium on other dates upon such prior notice as may be practicable. Landlord shall reasonably consider such requests in light of the
anticipated use of the Auditorium for other purposes. Landlord has reserved the Auditorium for Tenant's use on March 28, 2002 and Tenant shall pay the applicable charges therefor. 

        (c)  Landlord
shall charge Tenant for use of the Auditorium $5,000 per day. The Auditorium may be reserved in full day or half day increments (and the charges therefor
adjusted accordingly). Additionally, if Tenant utilizes a portion of the Auditorium at the same time another tenant utilizes another portion of the Auditorium, the charges therefor will be
appropriately apportioned. Tenant shall have the right to use the Auditorium without paying the foregoing charge for the first two (2) times Tenant uses the Auditorium each calendar year. The
foregoing charge shall be "all-inclusive" and shall cover the costs of Landlord's supplying a customary number of employees to operate the media equipment, cleaning, air conditioning and
all other services within the customary scope of operation of the Auditorium. To the extent Tenant may request supplemental services outside of such scope, Tenant shall billed at Landlord's actual
cost therefore, without regard to whether Tenant is obligated to pay the $5000 charge. 

        (d)  All
media equipment in the Auditorium shall be operated by Landlord's employees or agents, provided that Tenant's employees shall have the right to be present during the
operation of the media equipment to ensure the confidentiality of all of Tenant's presentations and confidential information, and Landlord's employees or agents shall reasonably cooperate with
Landlord's employees to ensure such confidentiality. 

        (e)  The
Cafeteria shall be operated only by Landlord and Landlord's agents. For so long as Landlord maintains the Cafeteria in the Building, Tenant, its employees based at
the Building and their business guests will have the right to use the Cafeteria on the same basis as Landlord and Landlord agrees not to discriminate against Tenant in the use and enjoyment of, or
access to, the Cafeteria. In the event Landlord does not charge its employees for use of the Cafeteria, Landlord shall charge Tenant's employees the standard menu prices for Cafeteria food and
products. Landlord agrees to make available for purchase by Tenant's business visitors and employees "charge up" cards on the same basis as Landlord makes such cards available to Landlord's employees
and visitors by installing one or more "cash to card" machines outside the Cafeteria, Notwithstanding anything to the contrary in this 

21

 

Section 4.02(e), in no event shall the Cafeteria be made available to any construction workers performing work at the Building on behalf of Tenant or employees of Tenant not occupying portions
of the Premises. Landlord may establish from time to time reasonable rules and regulations for the operation of the Cafeteria. 

        (f)    If
Landlord utilizes the Concourse Space (as defined in the Over lease) as a conference center and makes this space available to other tenants in the Building for such
use, Tenant shall have the right, on a similar basis with other tenants, to such use of the Concourse Space. 

        Section 4.03.    Cable Television Connection.    Landlord shall reasonably cooperate with Tenant in
enabling
Tenant's cable television provider to tap-in to the existing cable television risers at the Building for the purpose of bringing cable television service to the Premises, provided, that
(i) the identity of Tenant's service provider shall be reasonably acceptable to Landlord, (ii) the consent of the Building's existing cable service provider shall, to the extent
contractually or legally required, be obtained, (iii) Tenant shall be responsible for all costs incurred in connection therewith, (iv) Tenant's use of such risers shall not have an
adverse effect on any Building system and (v) the same does not cause any disruption in service to Landlord or other tenants at the Building. 

        Section 4.04.    Security.    Landlord will furnish security for the common areas of the Building, the
procedures for which and type of security systems and personnel involved shall be determined by Landlord, it being understood and agreed that Landlord shall have no obligation to provide any security
services or systems to the Premises or to any area or system that is exclusively used by, or is exclusively available to, Tenant other than existing tap-in points to the Building's main
vertical sprinkler riser and existing class "E" life-safety system on each floor of the Premises, at Tenant's expense. Tenant, at Tenant's expense, shall be allowed to interface its
electronic security and life safety systems with the Building's systems so that Tenant will be able to trigger the Building's (i) security alarms through its security system (if the existing
security system, as modified, is capable of handling the same), and (ii) life safety system alarms through its life safety system (if the existing life safety system, as modified, is capable of
handling the same) provided that Tenant's systems (and the interfacing of the same with the Building's systems) are compatible with, and do not materially adversely affect, the Building's systems.
Landlord shall provide to Tenant employee access cards for the employees of Tenant located at the Building, the number of which Tenant estimates to be 500, it being understood that no employee shall
be permitted access to the Building without a valid and proper access card. The cost of up to the first 500 access cards issued prior to December 31, 2002 shall be borne by Landlord. Tenant
shall reimburse Landlord
for its actual cost of supplying any future access cards or any replacement cards. Subject to the alteration requirements set forth herein, Tenant shall have the right to install its own security
system within the Premises, including security cameras and an access system. Tenant shall provide Landlord with the means of entering the Premises and any areas within the Premises with restricted
access such that at all times throughout the term hereof, Landlord shall, at reasonable times and upon reasonable prior notice (except in the event of an emergency), be able to enter the Premises for
the purposes permitted hereby. 

 
 

ARTICLE 5    
    
    Leasehold Improvements; Tenant Covenants    
  

        Section 5.01.    Initial Improvements.    (a) Except to the extent expressly provided for herein including
all
work necessary to satisfy the Delivery Condition, the costs of which shall be borne by Landlord, all improvements, alterations and betterments (an
"Alteration") shall be performed by Tenant at Tenant's expense in accordance with the terms of this Article 5. 

        (b)  Tenant
may improve the Premises for Tenant's initial occupancy in accordance with detailed specifications and working drawings to be prepared by Tenant's engineers and
architects. The detailed specifications and working drawings are hereinafter referred to as "Tenant's Plans", and the work shown by the Tenant's Plans
is hereinafter referred to as "Tenant's Initial Improvements". 

22

 

        (c)  Tenant
shall proceed forthwith to cause Tenant's Plans to be prepared by an architect licensed as such in the State of New York. Tenant's Plans, including structural and
mechanical drawings and specifications, shall be prepared at Tenant's sole cost and expense. Tenant shall submit five (5) sets of Tenant's Plans and two (2) CAD discs which shall contain
such Tenant's Plans in CAD format to Landlord for Landlord's approval. Landlord agrees to review Tenant's Plans and to approve the same or make written exceptions thereto within ten
(10) Business Days from the date of the submission of the plans. Landlord agrees not to unreasonably withhold or delay its approval of Tenant's Plans, and failure by Landlord to provide the
written exceptions within the ten (10) Business Day period aforesaid shall be deemed approval of Tenant's Plans. If Landlord disapproves Tenant's Plans, Tenant shall revise them and
re-submit them to Landlord for approval. Any disapproval given by Landlord shall be accompanied by a statement in reasonable detail of the reasons for such disapproval, itemizing those
portions of the plans so disapproved. Landlord shall advise Tenant within ten (10) Business Days following receipt of Tenant's revised plans of Landlord's approval or disapproval of the revised
plans or portions thereof, and shall set forth its reasons for any such further disapproval in writing and in reasonable detail. If Landlord fails to approve or disapprove such revised plans within
such ten (10) Business Day period,
Landlord shall be deemed to have approved such revised plans or such portions thereof; provided, that five (5) Business Days prior to the
expiration of such ten (10) Business Day period, Tenant shall send a second notice to Landlord with the phrase "FAILURE TO APPROVE OR DISAPPROVE TENANT'S PLANS, AS
REVISED, WITHIN FIVE (5) DAYS AFTER THE DATE HEREOF SHALL RESULT IN THE DEEMED APPROVAL OF TENANT'S PLANS, AS REVISED" in bold lettering at the top of such notice. Any
dispute regarding the reasonableness of Landlord's withholding of its consent to Tenant's Plans shall be submitted to expedited arbitration pursuant to  Section 9.19 hereof. Upon approval by
Landlord of Tenant's Plans, Tenant shall submit the same to the New York City Department of Buildings for
approval and for issuance of a building permit to perform the Improvements. Landlord agrees, at Tenant's cost and expense, to cooperate with Tenant and Tenant's architect and engineer in providing
information needed for the preparation of Tenant's Plans, the application for a building permit and all other permits required for the Improvements, and to promptly execute all documents required to
be signed by Landlord. In addition, Landlord agrees to request that Overlandlord cooperate in the application for a building permit and other required permits to the extent required, and to request
that Overlandlord otherwise cooperate with the approval of, and installation of, Tenant's Initial Improvements to the extent required under the Overlease. 

        (d)  Tenant
agrees to hire a reputable general contractor, construction manager or subcontractors and materialmen (hereinafter
"Contractor(s)") to be approved by Landlord such approval not to be unreasonably withheld or delayed, (other than with respect to Contractors performing
connections to any Building systems which Contractors shall be those designated by Landlord provided such Contractors shall perform such work at market prices) to perform Tenant's Initial Improvements
in a good and workmanlike manner in accordance with (x) the approved Tenant's Plans and any material amendments or additions thereto approved by Tenant and Landlord and all municipal
authorities having jurisdiction; provided that Landlord shall not unreasonably withhold or delay its approval of any such material amendments or
additions (it being agreed that Landlord's approval shall not be required for any amendments, additions, change orders or modifications to Tenant's Plans costing less than $100,000 unless the same
(i) affects the usage or the proper functioning of any of the Building systems or (ii) materially changes the scope of Tenant's Initial Improvements) and further provided, that, with
respect to any subsequent amendments, additions, change orders or modifications after Landlord's approval of Tenant's Plans, Landlord shall approve or disapprove of such changes within ten
(10) Business Days of the receipt of such changes (to the extent such approval of Landlord is required pursuant to this Section 5.01(d))
from Tenant and (y) all provisions of Laws and any and all permits and other requirements specified by any ordinance, law or public regulation. Tenant shall cause the Contractor(s) to obtain
and maintain throughout the work, Workers' Compensation Insurance and New York State Disability Insurance in the amounts required under any applicable Laws and comprehensive general liability
insurance, including contractual liability coverage, in an amount of not less than 

23

 

$2 million combined single limit for bodily injury or death for any one occurrence, and for property damage, plus a $10 million umbrella policy;  provided, however, that any subcontractor or
materialman shall only be required to carry such liability insurance as is being carried by prudent
subcontractors or materialmen within such trade at the time such subcontractor or materialman is being employed by Tenant or its Contractors. The liability coverage shall name Landlord and
Overlandlord as additional insured parties, and Tenant shall deliver to Landlord proper certificates of insurance confirming the coverages described above prior to commencement of Tenant's Initial
Improvements. If Tenant acts as its own General Contractor or Construction Manager, Tenant shall obtain and maintain such insurance. All Contractor(s) shall be members of a union affiliated with the
building trades in the City of New York that has jurisdiction over the Building and Tenant's Initial Improvements. Tenant shall pay Landlord, within thirty (30) days after being billed
therefor, the actual out of pocket fees and disbursements paid by Landlord to architects, engineers and other technical advisors, other than the
regular staff of Landlord for reviewing Tenant's Plans, provided such fees are commercially reasonable. Landlord has pre-approved those contractors, subcontractors and materialmen listed
on Exhibit K attached hereto, which such approval shall be effective for all purposes of both this Section 5.01 and Section 5.02 hereof. Landlord shall have the right, from time
to time, to withdraw a contractor, subcontractor or materialman from the pre-approved list for cause upon written notice to Tenant. 

        (e)  Landlord
shall pay to Tenant pursuant to Section 5(f) hereof Construction Costs (as hereinafter defined) for the Premises in an amount (the "Construction
Allowance") which shall not exceed $913,960.00. Tenant shall pay from its own funds, and Landlord shall have no obligation with respect to, (y) any and all costs which are not Construction
Costs and/or (z) any and all Construction Costs in excess of the Construction Allowance. As used in this Lease, the term "Construction Costs" means amounts actually incurred and paid by Tenant
and Tenant's contractors, subcontractors and vendors in connection with Tenant's Initial Improvements solely for the documented, bona fide cost of
(i) construction supplies and materials which are physically installed in and made a part of the Premises, including, without limitation, the documented, bona
fide costs of carpeting, wall coverings, partitions, any electric meter or submeter, architectural and engineering fees and permit fees, and (ii) labor actually
performed within the Premises. 

        (f)    Provided
that no Event of Default shall have occurred and be continuing under this Lease, Landlord shall pay to Tenant the Construction Allowance upon written request
from Tenant and submission to Landlord of reasonably satisfactory evidence that Tenant has expended not less than the Construction Allowance in Construction Costs of Tenant's Initial Improvements, and
has provided to Landlord in form and substance reasonably satisfactory to Landlord a requisition therefor accompanied by a notarized certificate signed by Tenant's New York-licensed
architect certifying that all of Tenant's Initial Improvements which have been installed to date have been constructed and installed, in each instance substantially in accordance with the plans and
specifications therefor approved by Landlord. Within twenty (20) days after the making of the payment by Landlord, Tenant shall submit to Landlord, in form and substance reasonably satisfactory
to Landlord, written documentation (an "Advice") which shall: 

          (i)  include,
as attachments, copies of paid invoices for those Construction Costs which Tenant has incurred prior to such Advice; 

        (ii)  include,
as an attachment, a notarized certificate signed jointly by Tenant's New York-licensed architect and by a duly authorized officer of Tenant
certifying that (a) such invoices have been paid in full and (b) the work, supplies and materials described in such invoices have in fact been duly, properly and completely constructed
and installed in the Premises or in the demising walls and common area corridors substantially in accordance with plans and specifications theretofore approved by Landlord; and 

        (iii)  In
the event that Landlord does not pay the full amount of the Construction Allowance to Tenant within twenty days receipt of Tenant's request and the requisite
documentation, Tenant 

24

 

shall thereafter have the right to send Landlord written notice that such Construction Allowance is due and payable in accordance with the terms hereof. In the event that Landlord does not dispute
such notice within thirty (30) days from receipt thereof, Tenant shall have the right to offset all unpaid portions of the Construction Allowance against the next payments of Fixed Rent and
Additional Charges becoming due under the Lease. Any dispute as to whether such Construction Allowance is due and payable shall be submitted to arbitration in accordance with Section 9.19
hereof. 

        Section 5.02.    Alterations Generally.    (a) Tenant shall make no Material Alterations without Landlord's
and, to the extent required pursuant to the terms of the Overlease, Overlandlord's prior written approval. Landlord shall have the right, from time to time, to promulgate reasonable Construction Rules
and Regulations governing the construction of improvements at the Building. Tenant shall comply with such Construction Rules and Regulations, provided, however, that in the event of any conflict
between the terms of such Construction Rules and Regulations and the terms of this Lease, the terms of this Lease shall govern. "Material Alteration"
means an Alteration that (i) is not limited to the interior of the Premises or which affects the exterior (including the appearance) of the Building, (ii) is structural and which in
Landlord's sole judgment adversely affects the structural integrity or the strength of the Building either during construction or upon completion, (iii) affects the usage or the proper
functioning of any of the base building systems provided by Landlord, (iv) requires the consent of any Superior Mortgagee or Superior Lessor, or (v) requires any governmental permits. In
no event shall Tenant have any right to install interior stairwells or a kitchen or other food preparation facility (other than pantries). Alterations shall not include (and Landlord's approval shall
not be required for) decorations, painting, wall papering, carpeting or the installation or removal of Tenant's Property or any other movable equipment, furniture, furnishings and other personal
property that is not affixed to the Premises. Tenant's Initial Improvements shall constitute Alterations for all purposes hereof, provided, however, that in the event of any conflict between this
Section 5.02 and Section 5.01 with respect to the Initial Improvements, the terms of Section 5.01 shall govern. Tenant shall be permitted to make improvements, changes or
alterations ("Minor Alterations") in or to the Premises which are not Material Alterations provided that prior to commencing performance of such Minor
Alterations Tenant shall submit to Landlord Alteration Plans therefor for Landlord's review. If Landlord notifies Tenant that Landlord objects to such Alteration Plans within five (5) Business
Days of receipt of such plans, Tenant shall discontinue the performance of such Minor Alterations until such plans are revised to satisfy Landlord's reasonable objections. Upon completion of any Minor
Alterations, Tenant shall submit to Landlord a set of completed as-built drawings reflecting such Minor Alterations. Tenant, in connection with any Alteration, shall comply with the Rules
and Regulations applicable thereto. Tenant shall not proceed with any Alteration unless and until Landlord approves Tenant's plans and specifications ("Alteration
Plans") therefor in writing. Landlord shall not unreasonably withhold its consent to any of Tenant's Alterations, provided, however, that Landlord may withhold its consent to
any Alteration described in clause (ii) of the definition of Material Alteration. 

25

  

        (b)  Landlord shall have twenty (20) Business Days from the submission of Tenant's Alteration Plans with respect to Alterations other than the Initial Improvements to
approve or disapprove of such plans. If Landlord fails to approve or disapprove Tenant's Alteration Plans during such period, the same shall be deemed approved. If Landlord disapproves of Tenant's
Alteration Plans, such disapproval shall be accompanied by a statement in reasonable detail of the reasons for such disapproval, itemizing those portions of the plans so disapproved. Landlord shall
advise Tenant within thirty (30) days following the receipt of Tenant's revised plans of Landlord's approval or disapproval of the revised Alteration Plans or portions thereof and shall set
forth its reasons for any such further disapproval in writing. If Landlord fails to approve or disapprove such revised Alteration Plans within thirty (30) days following the receipt thereof,
Landlord shall be deemed to have approved such revised Alteration Plans; provided, that ten (10) days prior to the expiration of such thirty
(30) day period, Tenant shall send a second notice to Landlord with the phrase "FAILURE TO APPROVE OR DISAPPROVE ALTERATION PLANS, AS REVISED, WITHIN TEN
(10) DAYS AFTER THE DATE HEREOF SHALL RESULT IN THE DEEMED APPROVAL OF ALTERATION PLANS, AS REVISED" in bold lettering at the top of such notice. Any dispute regarding
the reasonableness of Landlord's withholding of its approval to Tenant's Alteration Plans may be submitted to expedited arbitration by either party pursuant to  Section 9.19 of this Lease. Any
review or approval by Landlord of Tenant's Alteration Plans is solely for Landlord's benefit, and without any
representation or warranty to Tenant with respect to the adequacy, correctness or efficiency thereof, its compliance with Laws or otherwise. Any dispute regarding the reasonableness of Landlord's
withholding of its consent to Tenant's Plans shall be submitted to expedited arbitration pursuant to Section 9.19 hereof. Upon approval by
Landlord of Tenant's Plans, Tenant shall submit the same to the New York City Department of Buildings for approval and for issuance of a building permit to perform the Improvements. Landlord agrees,
at Tenant's cost and expense, to cooperate with Tenant and Tenant's architect and engineer in providing information needed for the preparation of Tenant's Plans, the application for a building permit
and all other permits required for the Improvements, and to promptly execute all documents required to be signed by Landlord. 

        (c)  Tenant
shall pay to Landlord within thirty (30) days of receipt of Landlord's invoice therefor Landlord's reasonable, actual out-of-pocket
costs and expenses paid to architects, engineers and other technical advisors by Landlord or any Superior Lessor or Superior Mortgagee for reviewing Tenant's Alteration Plans and inspecting
Alterations. 

        (d)  Within
a reasonable time after the completion of any Alteration in accordance with the terms of Section 5.01 or  Section 5.02 Tenant shall submit to
Landlord (x) proof evidencing the payment in full for said Alteration, (y) written
unconditional lien waivers of mechanics' liens and other liens on the Project from all contractors performing said Alteration and (z) all submissions required pursuant to Laws. 

        (e)  Tenant
shall obtain (and furnish copies to Landlord of) all necessary governmental permits and certificates for the commencement and prosecution of Alterations and for
final approval thereof upon completion, and shall cause Alterations to be performed in compliance therewith, and in compliance with all Laws and with the Alteration Plans approved (or deemed approved)
by Landlord. Alterations shall be diligently performed in a good and workmanlike manner, using new materials and equipment at least equal in quality and class to the then standards for the Building
reasonably established by Landlord. Alterations shall be performed by contractors first approved by Landlord (which approval shall not be unreasonably withheld or delayed);  provided, that any
Alterations which involve performing connections to any Building system shall be performed only by the contractor(s) designated by
Landlord, which contractors shall perform such work at market prices. The performance of any Alteration shall not be done in a manner which would violate Landlord's union contracts affecting the
Project, or create any work stoppage, picketing, labor disruption, disharmony or dispute or any interference with the business of Landlord or any tenant or occupant of the Building. Tenant shall 

26

 

immediately stop the performance of any Alteration if Landlord notifies Tenant that continuing such Alteration would violate Landlord's union contracts affecting the Project, or create any work
stoppage, picketing, labor disruption, disharmony or dispute or any interference with the business of Landlord or any tenant or occupant of the Building. 

        (f)    Throughout
the performance of Alterations other than Alterations constituting Tenant's Initial Improvements, as to which the terms of Section 5.01 shall govern,
Tenant shall carry, or shall cause its contractors to carry, worker's compensation insurance in statutory limits, "all risk" Builders Risk coverage and general liability insurance, with completed
operation endorsement, for any occurrence in or about the Project, under which Landlord and its agent and any Superior Lessor and Superior Mortgagee whose name and address have been furnished to
Tenant shall be named as parties insured, in such limits as Landlord may reasonably require, with insurers reasonably satisfactory to Landlord. Tenant shall furnish Landlord with evidence that such
insurance is in effect at or before the commencement of Alterations and, on request, at reasonable intervals thereafter during the continuance of Alterations. 

        (g)  Should
any mechanics' or other liens be filed against any portion of the Project by reason of the acts or omissions of, or because of a claim against, Tenant or anyone
claiming under or through Tenant, Tenant shall cause the same to be canceled or discharged of record by bond or otherwise within twenty (20) days after notice from Landlord. If Tenant shall
fail to cancel or discharge said lien or liens within said twenty (20) day period, Landlord may cancel or discharge the same and, upon Landlord's demand, Tenant shall reimburse Landlord for all
costs incurred in canceling or discharging such liens, together with interest thereon at the Interest Rate from the date incurred by Landlord to the date of payment by Tenant, such reimbursement to be
made within twenty (20) days after receipt by Tenant of a written statement from Landlord as to the amount of such costs. Tenant shall indemnify and hold Landlord harmless from and against all
costs (including, without limitation, reasonable attorneys' fees and disbursements and costs of suit), losses, liabilities or causes of action arising out of or relating to any Alteration, including,
without limitation, any mechanics' or other liens asserted in connection with such Alteration. 

        (h)  Tenant
shall deliver to Landlord, within 60 days after the completion of an Alteration, five (5) sets of "as-built" drawings thereof and two
(2) CAD discs which shall contain such "as-built" drawings in CAD
format. During the Term, Tenant shall keep records of Material Alterations including plans and specifications, copies of contracts, invoices, evidence of payment and all other records customarily
maintained in the real estate business relating to Alterations and the cost thereof and shall, within 30 days after demand by Landlord, furnish to Landlord copies of such records. 

        (i)    All
Alterations to and Fixtures installed by Tenant in the Premises shall be fully paid for by Tenant in cash and shall not be subject to conditional bills of sale,
chattel mortgages, or other title retention agreements. 

        (j)    Tenant,
at its sole cost and expense, shall have the right to have an uninterruptible power system ("UPS") installed
within the Premises provided that (i) Tenant shall use experienced and qualified contractors (each subject to Landlord's reasonable approval) to install, maintain, replace or remove the UPS,
(ii) any such installation, replacement, removal or use shall be reasonably approved by Landlord, (iii) Tenant shall be responsible for all costs incurred in connection therewith,
(iv) Tenant's installation of UPS shall not have an adverse effect on the Building or be in violation of applicable Laws, and (v) Tenant shall be responsible for reinforcing the floor,
if required, and for restoring the Premises to their original condition upon expiration or termination of the Lease. 

        (k)  Tenant
shall have the right to install louvered windows on the 24th Street side of the Building in a location reasonably designated by Landlord after
consultation with Tenant for the purpose of fresh air intake, provided Tenant has otherwise complied with all terms of this Lease applicable to such 

27

 

Alteration and provided that such louvered windows shall not constitute, in the aggregate, more than thirty (30) square feet of window space. 

        Section 5.03.    Landlord's and Tenant's Property.    (a) All fixtures, equipment, improvements and
appurtenances attached to or built into the Premises, whether or not at the expense of Tenant (collectively, "Fixtures"), shall be and remain a part of
the Premises and shall not be removed by Tenant, unless such Fixtures are replaced. All Fixtures constituting Improvements and Betterments shall be the property of Tenant during the Term and, upon
expiration or earlier termination of this Lease, shall become the property of Landlord. All Fixtures other than Improvements and Betterments shall, upon installation, be the property of Landlord.
"Improvements and Betterments" means (i) all Fixtures, if any, installed at the expense of Tenant, whether installed by Tenant or by Landlord
(i.e., excluding any Fixtures paid for by Landlord directly or by way of an allowance) and (ii) all carpeting in the Premises. 

        (b)  All
movable partitions, business and trade fixtures, machinery and equipment, and all furniture, furnishings and other articles of movable personal property owned by
Tenant and located in the Premises (collectively, "Tenant's Property") shall be and shall remain the property of Tenant and may be removed by Tenant at
any time during the Term; provided, that if any Tenant's Property is removed, Tenant shall repair any damage to the Premises or to the Building
resulting from the installation and/or removal thereof. 

        (c)  At
or before the Expiration Date or any earlier termination of this Lease, Tenant, at Tenant's expense, shall remove Tenant's Property from the Premises (except such
items thereof as Landlord shall have expressly permitted to remain, which shall become the property of Landlord), and Tenant shall repair any damage to the Premises or the Building resulting from any
installation and/or removal of Tenant's Property. Any items of Tenant's Property which remain in the Premises after the Expiration Date or any earlier termination of this Lease, may, at the option of
Landlord, be deemed to have been abandoned, and may be retained by Landlord as its property or disposed of by Landlord, without accountability, in such manner as Landlord shall determine, at Tenant's
expense. 

        (d)  Landlord
shall advise Tenant at the time it approves Tenant's plans therefore whether Landlord will require Tenant, notwithstanding  Section 5.03(a), to remove all or any Fixtures, Improvements and
Betterments, including without being limited to, kitchens, vaults, safes and
interior stairwells, but expressly excluding raised flooring; provided, however, that Tenant shall not be required to remove any improvements that are
solely decorative work or constitute a standard office installation. If Landlord shall have so advised Tenant, then Tenant, at Tenant's expense, prior to the Expiration Date or, in the case of an
earlier termination of this Lease, within 15 days after the giving of such notice by Landlord shall remove the same from the Premises, shall repair and restore the Premises to the condition
existing prior to installation thereof and shall repair any damage to the Premises or to the Building due to such removal. 

        Section 5.04.    Access and Changes to Building.    (a) Subject to the terms of subsection (d) below,
Landlord
reserves the right, at any time, to make changes in or to the Project as Landlord may deem necessary or desirable, and Landlord shall have no liability to Tenant therefor, provided that after such
change access to the Premises is reasonably equivalent to that which existed prior to such change, it being agreed that the "reasonably equivalent" standard shall not apply if such changes are made in
order to comply with Laws, does not affect the nature of the Project and does not eliminate any of the specific benefits granted to Tenant under this Lease. Landlord may install and maintain pipes,
fans, ducts, wires and conduits within or through the walls, floors or ceilings of the Premises; provided, that if there are no dropped ceilings in any
of the floors of the Premises, such pipes, fans, ducts, wires and conduits shall be installed in a manner consistent with any other exposed elements. Any restoration or repair to the Premises
necessitated by such work by Landlord shall be promptly performed by Landlord at Landlord's cost and in a good and workmanlike manner. In exercising its rights under this 

28

 

 Section 5.04, Landlord shall use reasonable efforts to (1) minimize any interference with Tenant's use of the Premises for the ordinary conduct of Tenant's
business and (2) to not reduce the size of the Premises except to a de minimis extent. In the event that the floor space in any floor in the Premises is reduced by more than 300 square feet and
the change which caused such reduction did not benefit Tenant, the Fixed Rent and Additional Charges for such floor shall be proportionately reduced. Tenant shall not have any easement or other right
in or to the use of any door or any passage or any concourse or any plaza connecting the Building with any subway or any other building or to any public conveniences, and the use of such doors,
passages, concourses, plazas and conveniences may, without notice to Tenant, be regulated or discontinued at any time by Landlord, but Landlord shall not discriminate against Tenant in regulating or
discontinuing such use. 

        (b)  Except
for the space within the inside surfaces of all walls, hung ceilings, floors, windows and doors bounding the Premises, all of the Building, including, without
limitation, exterior Building walls, core corridor walls and doors and any core corridor entrance, any terraces or roofs adjacent to the Premises, and any space in or adjacent to the Premises used for
shafts, stacks, pipes, conduits, fan rooms, ducts, electric or other utilities, sinks or other Building facilities, and the use thereof, as well as access thereto through the Premises, are reserved to
Landlord and are not part of the Premises. Landlord reserves the right to name the Building to change the name or address of the Building at anytime and from time to time. 

        (c)  Landlord
shall have no liability to Tenant if at any time any windows of the Premises are either temporarily darkened or obstructed by reason of any repairs,
improvements, maintenance and/or cleaning in or about the Building (or permanently darkened or obstructed if required by Law) or covered by any translucent material for the purpose of energy
conservation, or if any part of the Building, other than the Premises, is temporarily or permanently closed or inoperable; provided, that if the same
adversely affects Tenant's use and occupancy of the Premises, Landlord shall only have the right to do so if required by Law. If at any time the windows of the Premises are temporarily closed,
darkened or bricked-up, Landlord shall perform such repairs, maintenance, alterations or improvements with reasonable diligence as are reasonably required to restore the same and, unless
such condition has been imposed pursuant to Law, Landlord shall use reasonable efforts to minimize the period of time during which such windows are temporarily closed, darkened or bricked up. 

        (d)  Landlord
and persons authorized by Landlord shall have the right, at reasonable times and upon reasonable advance notice to Tenant (except in an emergency), to enter the
Premises (together with any necessary materials and/or equipment), to inspect or perform such work as Landlord may reasonably deem necessary or to allow Overlandlord to exhibit the Premises to
prospective purchasers or others and, during the last 24 months of the Term, to exhibit to prospective tenants, or for any other purpose as Landlord may deem necessary or desirable. Landlord
shall use reasonable efforts not to interfere with Tenant's use and occupancy of the Premises in connection with the exercise of Landlord's rights under this  Section 5.04(d). To the extent that
Tenant has designated portions of the Premises as "secured areas," except in cases of emergency, Landlord
shall not enter into such areas unless accompanied by an employee of Tenant. Subject to the foregoing, Landlord shall have no liability to Tenant by reason of any such entry. Landlord shall not be
required to make any improvements or repairs of any kind or character to the Premises during the Term, except as otherwise set forth in this Lease. Any work performed or installations made pursuant to
this Section shall be made with reasonable diligence, and Landlord shall use due diligence to repair any damage to the Premises or Tenant's Property as a result of such work or installations. 

        Section 5.05.    Repairs.    (a) Tenant shall keep the Premises (including, without limitation, all
Fixtures)
in good condition and, upon expiration or earlier termination of the Term, shall, subject to the terms and conditions of Section 5.03(d) herein,
surrender the same to Landlord in the same condition as when first occupied, reasonable wear and tear and damage by fire or other casualty excepted. Tenant's obligation shall include, without
limitation, the obligation to repair all damage 

29

 

caused by Tenant, its agents, employees, invitees and licensees to the equipment and other installations in the Premises or anywhere in the Building, subject to Section 8.03. Any maintenance,
repair or replacement to the windows (including, without limitation, any solar film attached thereto), the
Building systems, the Building's structural components or any areas outside the Premises and which is Tenant's obligation to perform shall be performed by Landlord at Tenant's expense (which expense
shall be equal to Landlord's actual out-of-pocket costs, which shall be commercially reasonable). Tenant shall not commit or allow to be committed any waste or damage to any
portion of the Premises or the Building, 

        (b)  Landlord
shall at all times operate and maintain the Building, including all Major Building Equipment servicing the Premises, in accordance with the standards that are
customarily followed in the operation and maintenance of First-Class Office Buildings (as defined in the Overlease) (the "Standard"). 

        (c)  Landlord
shall use reasonable efforts to minimize interference with Tenant's use and occupancy of the Premises in making any repairs, alterations, additions or
improvements to the Building or in the cleaning and maintenance thereof; provided, however, that
Landlord shall have no obligation to employ contractors or labor at so-called overtime or other premium pay rates or to incur any other overtime costs or expenses whatsoever, except that
Landlord, at its expense shall employ contractors or labor at so-called overtime or other premium pay rates if necessary to make any repair required to be made by it hereunder to remedy
any condition that either (i) results in a denial of access to the Premises and/or (ii) except in the case of a fire or other casualty, precludes Tenant from conducting its business from
more than thirty percent (30%) of the Premises. In all other cases, at Tenant's request, Landlord shall employ contractors or labor at so-called overtime or other premium pay rates and
incur any other overtime costs or expenses in making any repairs, alterations, additions or improvements to the extent it is practicable to do so, and Tenant shall pay to Landlord, as additional rent,
within twenty (20) days after demand, an amount equal to the difference between the overtime or other premium pay and straight time pay. 

        Section 5.06.    Compliance with Laws/Compliance Language.    (a) Tenant shall comply with all laws,
ordinances, rules, orders and regulations (present, future, ordinary, extraordinary, foreseen or unforeseen) of any governmental, public or quasi-public authority and of the New York Board of
Underwriters, the New York Fire Insurance Rating Organization and any other entity performing similar functions, at any time duly in force (collectively
"Laws"), attributable to any work, installation, occupancy, particular use or particular manner of use (as opposed to mere "office" use) by Tenant of
the Premises or any part thereof. Nothing contained in this Section 5.06 shall require Tenant to make any structural changes unless the same are
necessitated by reason of Tenant's particular manner of use of the Premises or the particular use by Tenant of the Premises for purposes other than normal and customary ordinary office purposes. A
copy of the Certificate of Occupancy for the Building is attached hereto as Exhibit L. Landlord represents that such Certificate of Occupancy is in full force and effect. Except for the
Certificate of Occupancy, Tenant shall procure and maintain all licenses and permits required for its business. Nothing contained herein shall be deemed or be construed as a submission by Tenant to
the application to itself of any such Laws. 

        (b)  Except
to the extent the same is Tenant's responsibility pursuant to Section 5.06(a) above or elsewhere in this
Lease, Landlord shall comply with all Laws in effect as of the Possession Date applicable to the common areas of the Building generally made available to tenants of the Building, but only if Tenant's
use of the Premises shall be materially and adversely affected by non-compliance therewith, subject to Landlord's right to contest the applicability or legality of such Laws. 

        (c)  Tenant,
at its sole cost and expense and after reasonable, written notice to Landlord, may contest by appropriate proceedings prosecuted diligently and in good faith,
the legality or applicability of any Laws affecting the Premises and with which it is obligated to comply pursuant to Subsection (a)

30

 

above, provided that (a) Landlord shall not be subject to imprisonment or to prosecution for a crime, nor shall the Project or any part there of be subject to being condemned or vacated, nor
shall the certificate of occupancy for the Premises or the Building be suspended or threatened to be suspended by reason of non-compliance or by reason of such contest; (b) such
non-compliance or contest shall not constitute or result in a violation (either with the giving of notice or the passage of time or both) of the terms of any Superior Mortgage or Superior
Lease; (c) Tenant shall indemnify Landlord against the cost of such compliance and liability resulting from or incurred in connection with such contest or non-compliance, and
(d) Tenant shall keep Landlord regularly advised as to the status of such proceedings. Landlord agrees that it shall reasonably cooperate with Tenant's efforts to contest the validity or
applicability to the Premises of any Laws; provided that (i) the provisions of clauses (a) through (d) of this Section shall be
complied with and (ii) Landlord shall not incur any expense or liability in connection therewith. 

        (d)  Tenant
shall not use or dispose of any Hazardous Materials in the Premises. "Hazardous Materials" as used herein, shall
mean any flammables, explosives, radioactive materials, hazardous wastes, hazardous and toxic substances or related materials, as defined by any Federal, state or local environmental law, ordinance,
rule or regulation, including, without limitation, the Comprehensive Environmental Response Liability Act, as amended, the Resource Conservation and Recovery Act, as amended, and in the regulations
adopted and publications promulgated pursuant to each of the foregoing, except that the term "Hazardous Materials" shall not include any such materials in amounts typically found in office buildings
of a similar age and character as the Buildings, including asbestos and asbestos containing materials. Landlord shall also deliver to Tenant an ACP-5 certificate covering the Premises.
Landlord represents and warrants to Tenant that, to its knowledge, on the date hereof the Premises are not in violation of the Comprehensive Environmental Response Compensation and Liability Act of
1980 with respect to Hazardous Materials. Landlord shall enforce the obligations of Overlandlord with respect to asbestos removal in the Premises pursuant to Section 28.10 of the Overlease and
Tenant shall be entitled to the benefits thereof to the extent they affect the Premises. 

        (e)  Landlord
represents and warrants the Premises, including restrooms, currently comply with Title III of the Americans With Disabilities Act (42 U.S.C. § 12101
et seq.—hereinafter the "ADA"). If any Alterations made to the Premises after the Commencement Date of the Lease by Tenant or Tenant's
representatives or Tenant's use of the Premises necessitate Alterations to the Premises to make the Premises ADA compliant, all costs and expenses associated with such ADA compliance shall be borne by
Tenant. 

        Section 5.07.    Tenant Advertising.    Tenant shall not use, and shall cause each of its Affiliates not to
use, the name or likeness of the Building or the Project in any advertising (by whatever medium) without Landlord's consent, but shall be permitted to use the address of the Building for such
purposes. 

        Section 5.08.    Right to Perform Tenant Covenants.    If Tenant fails to perform any of its obligations
under
this Lease, Landlord, any Superior Lessor or any Superior Mortgagee (each, a "Curing Party") may perform the same at the expense of Tenant
(a) immediately and without notice in the case of emergency or in case such failure unreasonably interferes with the use of space by any other tenant in the Building or adversely affects the
efficient operation of the Building or may result in a violation of any Law or in a cancellation of any insurance policy maintained by Landlord and (b) in any other case if such failure
continues beyond any applicable grace period. If a Curing Party performs any of Tenant's obligations under this Lease, Tenant shall pay to Landlord (as Additional Charges) the costs thereof, together
with interest at the Interest Rate from the date incurred by the Curing Party until paid by Tenant, within twenty (20) days after receipt by Tenant of a statement as to the amounts of such
costs. If the Curing Party effects such cure by bonding any lien which Tenant is required to bond or otherwise discharge, Tenant shall obtain and substitute a bond for the Curing Party's bond and
shall reimburse 

31

 

the Curing Party for the cost of the Curing Party's bond. "Interest Rate" means the lesser of (i) the Base Rate plus 2% per annum or
(ii) the maximum rate permitted by law. 

 
 

ARTICLE 6    
    
    Assignment and Subletting    
  

        Section 6.01.    Assignment; Etc.    (a) Subject to  Section 6.02, and except as otherwise provided in this Article, neither this Lease nor the term and estate hereby granted, nor any part hereof or
thereof, shall be assigned, mortgaged, pledged, encumbered or otherwise transferred voluntarily, involuntarily, by operation of law or otherwise, and neither the Premises, nor any part thereof, shall
be subleased, be licensed, be used or occupied by any person or entity other than Tenant or be encumbered in any manner by reason of any act or omission on the part of Tenant, and no rents or other
sums receivable by Tenant under any sublease of all or any part of the Premises shall be assigned or otherwise encumbered, without the prior consent of Landlord. The dissolution or direct or indirect
transfer of control of Tenant (however accomplished including, by way of example, the admission of new partners or members or withdrawal of existing partners or members, or transfers of interests in
distributions of profits or losses of Tenant, issuance of additional stock, redemption of stock, stock voting agreement, or change in classes of stock) shall be deemed an assignment of this Lease
regardless of whether the transfer is made by one or more transactions occurring over a twenty-four (24) month period (provided that if any such transactions made subsequent to such
twenty-four (24) month period are made pursuant to a plan designed to effect such transfer over an extended period of time, the same shall be deemed to have been made during the
twenty-four (24) month period), or whether one or more persons or entities hold the controlling interest prior to the transfer or afterwards. An agreement under which another person
or entity becomes responsible for all or a portion of Tenant's obligations under this Lease shall be deemed an assignment of this Lease or a sublease, as the case may be. Except as provided in  Section, 6.02(d) herein, no assignment or other transfer of this Lease and the term and estate hereby granted, and no subletting of all or any portion
of the Premises shall relieve Tenant of its liability under this Lease or of the obligation to obtain Landlord's prior consent to any further
assignment, other transfer or subletting. Any attempt to assign this Lease or sublet all or any portion of the Premises in violation of this  Article 6 shall be null and void. If Tenant shall become
a publicly held entity, the sale or transfer of shares or issuance of new shares of
Tenant shall not require the consent of Landlord, shall be permitted under this Lease and shall not be deemed a transfer or an assignment hereunder if such transfer or sale is effected through the
"over-the-counter market" or through any recognized stock exchange. 

        (A)  Notwithstanding
Section 6.01(a), without the consent of Landlord and without being subject to  Sections 6.02, 6.03 or
6.05 of this Lease but subject to
the requirements of the Overlease, this Lease may be assigned to (i) an entity with which Tenant is merged or with which Tenant is consolidated, (ii) an entity which succeeds to Tenant,
or (iii) a purchaser, or other transferee, directly or indirectly, of (x) all or substantially all of Tenant's assets or (y) stock or interests in Tenant constituting Control of
Tenant whether accomplished in a single transaction or a series of transactions (such entity, purchaser or other transferee being referred to herein as a "Successor
Entity"); provided that (A) Landlord shall have received a notice of such assignment from Tenant, (B) the assignee
assumes by written instrument reasonably satisfactory to Landlord all of Tenant's obligations under this Lease, except with respect to a deemed assignment described in clause (B)(ii)(y) above,
(C) such assignment is for a valid business purpose and not to avoid any obligations under this Lease, and (D) the assignee shall have, or the guarantor of the Lease pursuant to a
guaranty in form and substance reasonably acceptable to Landlord shall have, an aggregate net worth reasonably acceptable to Landlord (it being agreed that a net worth equal to 90% of the net worth of
Tenant on the date hereof shall be deemed to be reasonably satisfactory, other than with respect to a Successor Entity, whose net worth shall be deemed to be reasonably satisfactory if such Successor
Entity has a net worth equal to or greater than 

32

 

$500,000,000.00), except with respect to a deemed assignment described in clause (B)(ii)(y) above, in which such event the net worth tests described above shall have to be met by Tenant, which
shall continue to remain the legal holder of the tenant's interest in this Lease. 

        (b)  Notwithstanding  Section 6.01(a), without the consent of Landlord and without Tenant being subject to the
requirements of Section 6.02, 6.03 or 6.05 of
this Lease, Tenant may, subject to the requirements of the Overlease, assign this Lease or sublet all or any part of the Premises to an Affiliate of Tenant;  provided, that (x) Landlord shall have
received a notice of such assignment or sublease from Tenant; and (y) in the case of any such
assignment, (A) the assignment is for a valid business purpose and not to avoid any obligations under this Lease, and (B) the assignee assumes by written instrument reasonably
satisfactory to Landlord all of Tenant's obligations under this Lease. "Affiliate" means, as to any designated person or entity, any other person or
entity which controls or is controlled by, such designated person or entity. "Control" (and with correlative meaning, "controlled by" and "under common
control with") means ownership and control by Tenant, directly or indirectly, of 51% or more of the stock, partnership interests or other beneficial ownership interests of the entity in question and
the power to direct the management and affairs of such entity. If at any time this Lease is assigned or sublet to an Affiliate of Tenant and such Affiliate ceases thereafter to be controlled by
Tenant, the same shall constitute an assignment of this Lease and be subject to the terms hereof. 

        Section 6.02.    Landlord's Option Right.    (a) If Tenant desires to assign this Lease or sublet all or a
portion of the Premises (other than in accordance with Sections 6.0 (b) or 6.01(c)), Tenant shall give to Landlord notice
("Tenant's Offer Notice") thereof, specifying (i) in the case of a proposed subletting, the location
of the space to be sublet and the proposed terms of the subletting of such space, (ii) (A) in the case of a proposed assignment, Tenant's good faith offer of the consideration Tenant
desires to receive or pay for such assignment or (B) in the case of a proposed subletting, Tenant's good faith offer of the fixed annual rent which Tenant desires to receive for such proposed
subletting (assuming that a subtenant will pay for Taxes, expense escalations and electricity as described in Article 3 herein in the same
manner, and utilizing the same base year or base amount, as Tenant pays for such amounts under this Lease) and (iii) the proposed assignment or sublease commencement date. 

        (b)  Tenant's
Offer Notice shall be deemed an offer from Tenant to Landlord whereby Landlord (or Landlord's designee) may, at Landlord's option, (i) sublease such
space from Tenant or (ii) have this Lease assigned to it or terminate this Lease, provided that if the proposed transaction is (x) an assignment or (y) a sublease of all or
substantially all of the Premises for all or substantially all of the remainder of the Term or (z) a sublease of a portion of the Premises which, when aggregated with other subleases then in
effect, covers all or substantially all of the Premises for all or substantially all of the remainder of the Term, Landlord's option shall be limited to having this Lease assigned to it or to
terminating this Lease (any such space being referred to as the "Recapture Space"). Said option may be exercised by Landlord by notice to Tenant within
60 days after a Tenant's Offer Notice, together with all information required pursuant to Section 6.02(a), has been given by Tenant to
Landlord. 

        (c)  If
Landlord exercises its option under Section 6.02(b)(ii) to terminate this Lease, then this Lease shall
terminate on the proposed assignment or sublease commencement date specified in the applicable Tenant's Offer Notice, all Rent shall be paid and apportioned to such date and the date of such
termination shall be deemed the Expiration Date for all purposes of this Lease. 

33

  

        (d)  If Landlord exercises its option under Section 6.02(b)(ii) to have this Lease assigned to it (or its designee),
then Tenant shall assign this Lease to Landlord (or Landlord's designee) by an assignment in form and substance reasonably satisfactory to Landlord, effective on the proposed assignment or sublease
commencement date specified in the applicable Tenant's Offer Notice. If Landlord exercises its option to take an assignment of this Lease as it relates to the Recapture Space, Tenant shall be released
from Tenant's obligations under this Lease arising from and after the date of such assignment. Tenant shall not be entitled to consideration or payment from Landlord (or Landlord's designee) in
connection with any such assignment. If the Tenant's Offer Notice provides that Tenant will pay any consideration or grant any concessions in connection with the proposed assignment, then Tenant shall
pay such consideration and/or grant any such concessions to Landlord (or Landlord's designee) on the date Tenant assigns this Lease to Landlord (or Landlord's designee). 

        (e)  [INTENTIONALLY
OMITTED] 

        (f)    If
Landlord exercises its option under Section 6.02(b)(i) to sublet the Premises, such sublease to Landlord
or its designee (as subtenant) shall be in form and substance reasonably satisfactory to Landlord at the lower of (i) the rental rate per rentable square foot of Fixed Rent and Additional
Charges then payable pursuant to this Lease or (ii) the rental set forth in the applicable Tenant's Offer Notice with respect to such sublet space, and shall be for the term set forth in the
applicable Tenant's Offer Notice, and: 

        (B)  shall
be subject to all of the terms and conditions of this Lease except such as are irrelevant or inapplicable, and except as otherwise expressly set forth to the
contrary in this Section 6.02(f); 

        (C)  shall
be upon the same terms and conditions as those contained in the applicable Tenant's Offer Notice and otherwise on the terms and conditions of this Lease, except
such as are irrelevant or inapplicable and except as otherwise expressly set forth to the contrary in this Section 6.02(f). and shall provide
that any default or event of default by the subtenant shall not be a default under this Lease; 

        (D)  shall
permit the sublessee, without Tenant's consent, freely to assign such sublease or any interest therein or to sublet all or any part of the space covered by such
sublease and to make any and all alterations and improvements in the space covered by such sublease, provided that Tenant shall not be responsible for removing such alterations or improvements at the
expiration of the Term, unless the Offer Notice reasonably restricts the making of any such alterations or improvements in which event
Landlord or its designee (as subtenant) shall also be reasonably restricted in the making of any such alterations or improvements; 

        (E)  shall
provide that any assignee or further subtenant of Landlord or its designee may, at the election of Landlord, make alterations, decorations and installations in
such space or any part thereof, any or all of which may be removed, in whole or in part, by such assignee or subtenant, at its option, prior to or upon the expiration or other termination of such
sublease, provided that such assignee or subtenant, at its expense, shall repair any damage caused by such removal, unless the Offer Notice reasonably restricts the making of any such alterations or
improvements in which event Landlord shall impose the same restrictions on any assignee or further subtenant of Landlord or its designee; and 

        (F)  shall
provide that (1) the parties to such sublease expressly negate any intention that any estate created under such sublease be merged with any other estate
held by either of said parties, (2) any assignment or subletting by Landlord or its designee (as the subtenant) may be for any purpose or purposes that Landlord shall deem appropriate,
(3) Landlord, at Tenant's expense, may make such alterations as may be required or deemed necessary by Landlord to demise separately the subleased space and to comply with any Laws relating to
such demise, unless the Offer Notice 

34

 

reasonably restricts the making of any alterations or improvements in which event Landlord shall only make alterations or improvements to demise separately such subleased space if Landlord shall
restore, or shall cause to be restored, the subleased space to the same condition in which such subleased space was delivered from Tenant to Landlord, and (4) at the expiration of the term of
such sublease, Tenant shall accept the space covered by such sublease in its then existing condition, subject to the obligations of the sublessee to make such repairs thereto as may be necessary to
preserve such space in good order and condition. 

        (g)  In
the case of any proposed sublease requiring Landlord's consent under this Article 6, Tenant shall not sublet any space to a third party at a rental which is
less (on a per rentable square foot basis) than 92.5% of the rental (on a per rentable square foot basis) specified in Tenant's Offer Notice with respect to such space, without complying once again
with all of the provisions of this Section 6.02 and re-offering such space to Landlord at such lower rental. In the case of a
proposed assignment, Tenant shall not assign this Lease to a third party where Tenant pays consideration greater than 7.5% more or grants a greater concession to such third party for such assignment
than the consideration offered to be paid or concession offered to be granted to Landlord in Tenant's Offer Notice without complying once again with all of the provisions of this  Section 6.02 and
re-offering to assign this Lease to Landlord and paying such consideration or grant such concession to Landlord. 

        (h)  If
Landlord fails to respond to Tenant's Offer Notice within 60 days after the receipt of such Tenant's Offer Notice, together with all information required
pursuant to Section 6.02(a) has been given by Tenant to Landlord, Landlord shall be deemed to have declined Tenant's offer;  provided, that
15 days prior to the expiration of such 60-day period, Tenant shall send a second notice to Landlord with the phrase
"FAILURE TO RESPOND ON OR BEFORE THE 15TH DAY AFTER THE GIVING OF THIS NOTICE SHALL BE DEEMED TO BE A WAIVER OF LANDLORD'S OPTION RIGHT UNDER SECTION 5.02 OF THE
LEASE" in bold lettering at the top of such notice. 

        Section 6.03.    Assignment and Subletting Procedures.    (a) If Tenant delivers to Landlord a Tenant's
Offer
Notice with respect to any proposed assignment of this Lease or subletting of all of the Premises and Landlord does not timely exercise any of its options under  Section 6.02, and Tenant thereafter
desires to assign this Lease or sublet the Premises as specified in Tenant's Offer Notice, Tenant shall
notify Landlord (a "Transfer Notice") of such desire, which notice shall be accompanied by (i) a statement of the material terms and conditions
of the proposed subletting or assignment, as the case may be, the effective date of which shall be at least 30 days after the giving of the Transfer Notice, (ii) a statement setting
forth in reasonable detail the identity of the proposed assignee or subtenant, the nature of its business and its proposed use of the Premises, (iii) current financial information with respect
to the proposed assignee or subtenant, including, without limitation, its most recent financial statement or other evidence of proposed entity's creditworthiness and (iv) such other information
as Landlord may reasonably request (provided such request is made within fifteen (15) days of Landlord's receipt of the Transfer Notice), and Landlord's consent to the proposed assignment or
sublease shall not be unreasonably withheld, provided that: 

        (A)  Such
Transfer Notice shall be delivered to Landlord within six months after the delivery to Landlord of the applicable Tenant's Offer Notice. 

        (B)  In
Landlord's reasonable judgment the proposed assignee or subtenant will use the Premises in a manner that (x) is in keeping with the Standard and (y) is
limited to the use expressly permitted under this Lease. 

        (C)  The
proposed assignee or subtenant is, in Landlord's judgment, a reputable person or entity of good character and, in Landlord's reasonable judgment, has sufficient
financial worth considering the responsibility involved. 

35

 

        (D)  Neither
the proposed assignee or sublessee, nor any Affiliate of such assignee or sublessee, is then an occupant of any part of the Building. 

        (E)  The
proposed assignee or sublessee is not a person with whom Landlord is then negotiating (it being understood that the mere showing of space by Landlord shall not
constitute negotiation) or has within the prior 3 months negotiated to lease space in the Building (so long as there is space currently available or space that may become available at such time
as such person intends to occupy the space). 

        (F)  The
form of the proposed sublease shall be reasonably satisfactory to Landlord and shall comply with the applicable provisions of this  Article 6. 

        (G)  There
shall be no more than 4 subtenants (excluding Affiliates) in the Premises at any one time and no subtenant shall sublet less than 10,000 rentable square feet. 

        (H)  Tenant
shall reimburse Landlord within twenty (20) days of demand for any reasonable out-of-pocket costs that may be incurred by Landlord
in connection with said assignment or sublease, including, without limitation, the costs of making investigations as to the acceptability of the proposed assignee or subtenant, and reasonable legal
costs incurred in connection with the granting of any requested consent. 

        (I)  The
subletting or assignment complies with all of the terms and provisions of the Overlease. 

        (b)  If
Landlord's consent to a proposed assignment or sublease is required under this Article 6 and Landlord so
consents (or is deemed to have consented) and Tenant thereafter fails to execute and deliver the assignment or sublease to which Landlord consented within 75 days (or if such request is made
pursuant to subsection (d) below, within 90 days) after the giving of such consent, then Tenant shall again comply with this  Article 6 before assigning this Lease or subletting all or
part of the Premises. 

        (c)  If
Landlord fails to respond to a Transfer Notice within 15 Business Days (or if such request is made pursuant to subsection (d) below, within 60 days)
after such Transfer Notice, together with all information required pursuant to Section 6.03(a) has been given by Tenant to Landlord, Landlord
shall be deemed to have consented to such proposed assignment or subletting; provided, that 5 Business Days prior to the expiration of such 15 Business
Day period (or if such request is made pursuant to subsection (d) below, within 60 days), Tenant shall send a second notice to Landlord with the phrase "FAILURE
TO RESPOND WITHIN TEN (10) DAYS AFTER THE DATE HEREOF SHALL BE DEEMED CONSENT TO THE ASSIGNMENT OR SUBLETTING PROPOSED IN TENANT'S TRANSFER NOTICE" in bold lettering at
the top of such notice. 

        (d)  If
Tenant delivers to Landlord a Transfer Notice, together with all information required under Section 6.03(a)
above, at the same time that Tenant delivers Tenant's Offer Notice, together with all information required under Section 6.02(a) above, then
Landlord shall either (i) exercise its options under Section 6.02 or (ii) approve or deny Tenant's request to assign this Lease or
sublet the Premises under the provisions of Section 6.03 within 60 days after Tenant's Offer Notice, together with all information
required pursuant to Section 6.02(a) and the Transfer Notice, together with all information required pursuant to  Section 6.03(a), have been given
by Tenant to Landlord. If Landlord fails to respond within 60 days after receiving Tenant's Offer Notice,
together with all information required pursuant to Section 6.02(a) and the Transfer Notice, together with all information required pursuant to  Section 6.03(b),
Landlord shall be deemed to have consented to such proposed assignment or subletting;
provided, that 15 days prior to the expiration of such 60-day period, Tenant shall send a second notice to Landlord with the phrase
"FAILURE TO RESPOND SHALL BE DEEMED TO BE A WAIVER OF LANDLORD'S OPTION RIGHT UNDER SECTION 6.02 OF THE LEASE AND CONSENT TO THE ASSIGNMENT OR SUBLETTING PROPOSED IN TENANT'S
TRANSFER  

36

 

 NOTICE (SUCH TENANT'S OFFER NOTICE AND TRANSFER NOTICE HAVING BEEN DELIVERED SIMULTANEOUSLY)" in bold lettering at the top of such notice. 

        Section 6.04.    General Provisions.    (a) If this Lease is assigned, whether or not in violation of this
Lease, Landlord may collect rent from the assignee. If the Premises or any part thereof are sublet or occupied by anybody other than Tenant, whether or not in violation of this Lease, Landlord may,
after default by Tenant, and expiration of Tenant's time to cure such default, collect rent from the subtenant or occupant. In either event, Landlord may apply the net amount collected against Rent,
but no such assignment, subletting, occupancy or collection shall be deemed a waiver of any of the provisions of Section 6.01(a), or the
acceptance of the assignee, subtenant or occupant as tenant, or a release of Tenant from the performance of Tenant's obligations under this Lease. 

        (b)  No
assignment or transfer shall be effective until the assignee delivers to Landlord (i) evidence that the assignee, as Tenant hereunder, has complied with the
requirements of Sections 8.02 and 8.03 and (ii) an agreement in form and substance reasonably
satisfactory to Landlord whereby the assignee assumes Tenant's obligations under this Lease. 

        (c)  Notwithstanding
any assignment or transfer, whether or not in violation of this Lease, and notwithstanding the acceptance of any Rent by Landlord from an assignee,
transferee, or any other party, other than with respect to any assignment or sublease to Landlord or its designee pursuant to Section 6.02 the
original named Tenant and each successor Tenant shall remain fully liable for the payment of the Rent and the performance of all of Tenant's other obligations under this Lease. The joint and several
liability of Tenant and any immediate or remote successor in interest of Tenant shall not be discharged, released or impaired in any respect by any agreement made by Landlord extending the time to
perform, or otherwise modifying, any of the obligations of Tenant under this Lease, or by any waiver or failure of Landlord to enforce any of the obligations of Tenant under this Lease. 

        (d)  Each
subletting by Tenant shall be subject to the following: 

          (i)  No
subletting shall be for a term (including any renewal or extension options contained in the sublease) ending later than one day prior to the Expiration Date. 

        (ii)  No
sublease shall be valid, and no subtenant shall take possession of the Premises or any part thereof, until there has been delivered to Landlord, both (A) an
executed counterpart of such sublease, and (B) a certificate of insurance evidencing that (x) Landlord and Overlandlord are additional insureds under the insurance policies required to
be maintained by occupants of the Premises pursuant to Section 8.02. and (y) there is in full force and effect, the insurance otherwise
required by Section 8.02. 

        (iii)  Each
sublease shall provide that it is subject and subordinate to this Lease, and that in the event of termination, reentry or dispossess by Landlord under this Lease,
Landlord may, at its option, take over all of the right, title and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord's option, attorn to Landlord pursuant to
the then executory provisions of such sublease, except that Landlord shall not be liable for, subject to or bound by any item of the type that a Successor Landlord is not so liable for, subject to or
bound by in the case of an attornment by Tenant to a Successor Landlord under Section 7.01(a).

        (e)  Each
sublease shall provide that the subtenant may not assign its rights thereunder or further sublet the space demised under the sublease, in whole or in part, without
Landlord's consent, which shall not be unreasonably withheld and shall be granted or denied in accordance with the standards applicable to an assignment or subletting by Tenant which requires
Landlord's consent provided that any sublease requiring Landlord's consent hereunder may only be further sublet one time without complying with all of the terms and conditions of this  Article 6
including, without limitation, Section 6.02 and  Section 6.05 which for purposes of this Section 6.04(e)
 shall be deemed to be
 

37

 

appropriately modified to take into account that the transaction in question is an assignment of the sublease or a further subletting of the space demised under the sublease, as the case may be. 

        (f)    Tenant
shall not publicly advertise the availability of the Premises or any portion thereof as sublet space or by way of an assignment of this Lease, without first
obtaining Landlord's consent, which consent shall not be unreasonably withheld or delayed provided that Tenant shall in no event advertise the rental rate or any description thereof. 

        Section 6.05.    Assignment and Sublease Profits.    (a) If the aggregate of the amounts payable as Fixed
Rent
and as Additional Charges on account of Taxes and electricity by a subtenant under a sublease of the Premises and the amount of any Other Sublease Consideration payable to Tenant by such subtenant,
whether received in a lump-sum payment or otherwise, shall be in excess of Tenant's Basic Cost therefor at that time then, promptly after the collection thereof, Tenant shall pay to
Landlord in monthly installments as and when collected, as Additional Charges, 50% of such excess. Tenant shall deliver to Landlord within 60 days after the end of each calendar year and within
60 days after the expiration or earlier termination of this Lease a statement specifying each sublease in effect during such calendar year or partial calendar year, the rentable area demised
thereby, the term thereof and a computation in reasonable detail showing the calculation of the amounts paid and payable by the subtenant to Tenant, and by Tenant to Landlord, with respect to such
sublease for the period covered by such statement. "Tenant's Basic Cost" for sublet space at any time means the sum of (i) the portion of the
Fixed Rent and Additional Charges which is attributable to the sublet space, plus (ii) the amount payable by Tenant on account of electricity in respect of the sublet space, plus
(iii) the amount of any tenant allowance payable to the subtenant and any costs reasonably incurred by Tenant in making changes in the layout and finish of the sublet space for the subtenant
and the then net unamortized or undepreciated cost of Tenant's fixtures, leasehold improvements, equipment, furniture or other personal property included in the subleased premises, plus
(iv) the amount of any reasonable brokerage commissions and reasonable legal fees (including those of Tenant's in-house counsel) and other reasonable and customary
out-of-pocket expenses paid by Tenant in connection with the sublease. "Other Sublease Consideration" means all sums paid for
the furnishing of services by Tenant and the sale or rental of Tenant's fixtures,
leasehold improvements, equipment, furniture or other personal property less, in the case of the sale thereof, the then net unamortized or undepreciated cost thereof determined on the basis of
Tenant's federal income tax returns. 

        (b)  Upon
any assignment of this Lease, Tenant shall pay to Landlord 50% of the Assignment Consideration received by Tenant for such assignment, after deducting therefrom
customary and reasonable closing expenses which shall include commissions and legal fees (including those of Tenant's in-house counsel). "Assignment
Consideration" means an amount equal to all sums and other considerations paid to Tenant by the assignee for or by reason of such assignment (including, without limitation,
sums paid for the furnishing of services by Tenant and the sale or rental of Tenant's fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property conveyed or
otherwise made available to such assignee, less the then net unamortized or undepreciated cost thereof determined on the basis of Tenant's federal income tax returns). 

        Section 6.06.    Assignor Cure Rights.    

        If
this Lease shall have been assigned by Tenant (other than to an Affiliate of Tenant), Landlord shall give the initially named Tenant (the "Tenant
Assignor"), a copy of each notice of default given by Landlord to the then current tenant (the "Tenant Assignee") under this
Lease. Landlord shall not have any right to terminate this Lease, or otherwise to exercise any of Landlord's rights and remedies hereunder, after a default by such Tenant Assignee, unless and until
(A) Landlord shall have made a demand on the Tenant Assignee to cure the default in question, (B) the Tenant Assignor receives a copy of the default notice in question, and
(C) the Tenant Assignor has an opportunity to remedy such default within the time periods set forth in this Lease (such time periods, with respect to the Tenant 

38

 

Assignor, being deemed to run from the date that Landlord gives such Tenant Assignor a copy of the default notice in question); provided, that this sentence shall not be applicable if the Tenant
Assignee under this Lease is an Affiliate of the Tenant Assignor. Landlord shall accept timely performance by the Tenant Assignor of any term, covenant, provision or agreement contained in this Lease
on the Tenant Assignee's part to be observed and performed with the same force and effect as if performed by the Tenant Assignee (but only if such Tenant Assignee is not an Affiliate of the Tenant
Assignor). If the Tenant Assignor shall cure the default by such Tenant Assignee, or if the default shall be incurable (such as bankruptcy), and Landlord or the Tenant Assignee seeks to terminate this
Lease, then the Tenant Assignor shall have the right to enter into a new lease with Landlord upon all of the then executory terms of this Lease and to resume actual possession of the Premises for the
unexpired balance of the Term; provided, that this sentence shall not be applicable if the Tenant Assignee under this Lease is an Affiliate of the Tenant Assignor. 

        Section 6.07.    Landlord Non-Disturbance.    If Tenant shall so request at the same time it
requests Landlord's approval of a sublease, Landlord agrees that it shall enter into a non-disturbance and attornment agreement with permitted sublessees of no less than fifty percent
(50%) of the Premises provided that (x) such sublease shall be for the balance of the term of this Lease and (y) if the rent such subtenant is paying at the time of attornment is less
than that required pursuant to the terms of this Lease, such subtenant shall agree to pay Fixed Rent and Additional Charges in accordance with the terms of this
Lease and provided, further, that in determining whether or not Landlord shall consent to such a sublease, it shall be reasonable for Landlord to take into account that under certain circumstances
Landlord may have to have such subtenant as its direct tenant. 

 
 

ARTICLE 7    
    
    Subordination; Default; Indemnity    
  

        Section 7.01.    Subordination.    (a) Subject to the provisions of this  Article 7, this Lease is subject and subordinate to each mortgage (a "Superior Mortgage") and
each underlying lease including, without limitation, the Overlease (a "Superior Lease") which may now or hereafter affect all or any portion of the
Project or any interest therein; provided that the Superior Mortgagee under such Superior Mortgage or Superior Lessor under such Superior Lease shall have executed and delivered a
non-disturbance and attornment agreement substantially to the effect that so long as Tenant is not in default hereunder beyond any applicable notice and grace periods, (i) this
Lease will not be terminated or cut off nor shall Tenant's possession hereunder be disturbed by enforcement of any rights given to such Superior Mortgagee or Superior Lessor pursuant to such Superior
Mortgage or Superior Lease, and (ii) such Superior Mortgagee or Superior Lessor shall recognize Tenant as the tenant under this Lease. The lessor under a Superior Lease is called a
"Superior Lessor" and the mortgagee under a Superior Mortgage is called a "Superior Mortgagee". Tenant
shall execute, acknowledge and deliver any instrument reasonably requested by Landlord, a Superior Lessor or Superior Mortgagee to evidence such subordination, but no such instrument shall be
necessary to make such subordination effective if a non-disturbance and attornment agreement shall have been delivered. Notwithstanding anything contained in this  Section 7.01 to the contrary, if
any Superior Mortgagee or Superior Lessee executes and delivers a non-disturbance and attornment
agreement either (i) in the form attached hereto as Exhibit F or (ii) in a form which is not in any material respect less favorable
to Tenant as the non-disturbance and attornment agreement executed and delivered contemporaneously herewith by Tenant and the existing Superior Mortgagee or Superior Lessor, as applicable,
and Tenant either fails or refuses to execute and deliver such agreement within 30 days after delivery of such agreement to Tenant, then this Lease shall automatically and without further act
be deemed to be subject and subordinate to such Superior Mortgage or Superior Lease and such non-disturbance and attornment agreement shall then be deemed to be in effect with respect to
such Superior Mortgage or Superior Lease. Tenant acknowledges and agrees that simultaneously herewith Tenant and the existing Superior 

39

 

Lessor have executed and exchanged a non-disturbance and attornment agreement which satisfy the requirements of this Section 7.01.
Landlord represents and warrants that Overlandlord is the only Superior Lessor with respect to the Project as of the date hereof and that no Superior Mortgages exist with respect to the Project as of
the date hereof. Tenant shall execute any amendment of this Lease requested by a Superior Mortgagee or a Superior Lessor; provided such amendment shall
not (i) result in a material increase in Tenant's obligations under this Lease or a material reduction in the benefits available to Tenant or (ii) diminish the rights, privileges,
interest or estate or Tenant or alter the Term, the Premises or the services to be provided to Tenant by Landlord hereunder (except, in either case, to a de
minimis extent). In the event of the enforcement by a Superior Mortgagee of the remedies
provided for by law or by such Superior Mortgage, or in the event of the termination or expiration of a Superior Lease, Tenant, upon request of such Superior Mortgagee, Superior Lessor or any person
succeeding to the interest of such mortgagee or lessor (each, a "Successor Landlord"), shall, subject to the terms of this  Article 7 and the delivery
of a subordination, non-disturbance and attornment agreement in accordance with this Section automatically
become the tenant of such Successor Landlord without change in the terms or provisions of this Lease (it being understood that Tenant shall, if requested, enter into a new lease on terms identical to
those in this Lease); provided, that any Successor Landlord shall not be (i) liable for any act, omission or default of any prior landlord (including, without limitation, Landlord);
(ii) liable for the return of any monies paid to or on deposit with any prior landlord (including, without limitation, Landlord), except to the extent such monies or deposits are delivered to
such Successor Landlord; (iii) subject to any offset, claims or defense that Tenant might have against any prior landlord (including, without limitation, Landlord); (iv) bound by any
Rent which Tenant might have paid for more than thirty (30) days in advance of the date upon which such payment was due to any prior landlord (including, without limitation, Landlord) unless
actually received by such Successor Landlord or expressly approved in writing by it or received by it; (v) bound by any covenant to perform or complete any construction in connection with the
Project or the Premises or to pay any sums to Tenant in connection therewith; or (vi) bound by any waiver or forbearance under, or any amendment, modification, abridgement, cancellation or
surrender of, this Lease made without the consent of such Successor Landlord, except to exercise any cancellation right specifically set forth in the Lease. Nothing contained herein shall be deemed to
relieve any Successor Landlord of any liability arising by reason of its acts or omissions from or after the date that such Successor Landlord shall become the landlord under this Lease, and such
Successor Landlord shall be obligated to perform Landlord's obligations under this Lease arising from and after becoming landlord, in accordance with the provisions of this Lease. Upon request by such
Successor Landlord, Tenant shall, subject to the terms of this Article 7 and the delivery of a subordination, non-disturbance and
attornment agreement in accordance with this Section execute and deliver an instrument or instruments, reasonably requested by such Successor Landlord, confirming the attornment provided for herein,
but no such instrument shall be necessary to make such attornment effective. It is hereby acknowledged and agreed that the foregoing provisions are not intended to relieve any Successor Landlord from
its obligations under this Lease from and after the date it becomes Landlord under this Lease. 

        (b)  Tenant
shall give each Superior Mortgagee and each Superior Lessor a copy of any notice of default served upon Landlord, provided that Tenant has been notified of the
address of such mortgagee or lessor. If Landlord fails to cure any default as to which Tenant is obligated to give notice pursuant to the preceding sentence within the time provided for in this Lease,
then each such mortgagee or lessor shall have an additional 30 days after receipt of such notice within which to cure such default or if such default cannot be cured within that time, then such
additional time as may be necessary if, within such 30 days, any such mortgagee or lessor has commenced and is diligently pursuing the remedies necessary to cure such default (including,
without limitation, commencement of foreclosure proceedings or eviction proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated and Tenant shall not exercise
any other rights or remedies under this Lease or otherwise seek a 

40

 

termination of this Lease while such remedies are being so diligently pursued. Nothing herein shall be deemed to imply that Tenant has any right to terminate this Lease or any other right or remedy,
except as may be otherwise expressly provided for in this Lease. 

        Section 7.02.    Estoppel Certificate.    Each party shall, at any time and from time to time, but in any
event
no more than two (2) times in any twelve month period, within 10 days after request by the other party, execute and deliver to the requesting party (or to such person or entity as the
requesting party may designate) a statement 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
modified and stating the modifications), certifying the Premises Possession Date, Expiration Date and the dates to which the Fixed Rent and Additional Charges have been paid and stating whether or
not, to the best knowledge of such party, the other party is in default in performance of any of its obligations under this Lease, and, if so, specifying each such default of which such party has
knowledge and other matters reasonably requested, it being intended that any such statement shall be deemed a representation and warranty to be relied upon by the party to whom such statement is
addressed. Tenant also shall include or confirm in any such statement such other information concerning this Lease as Landlord may reasonably request. Any statement delivered pursuant to this  Section 7.02 shall reflect the state of facts existing only as of the date it is given by such party. 

        Section 7.03.    Default.    (a) This Lease and the term and estate hereby granted are subject to the
limitation that: 

          (i)  if
Tenant defaults in the payment of any Fixed Rent, and such default continues for 5 days after Landlord gives to Tenant a notice specifying such default, or if
Tenant defaults in the payment of any Additional Charges, and such default continues for 10 days after Landlord gives to Tenant a notice specifying such default, or 

        (ii)  if
Tenant defaults in the keeping, observance or performance of any covenant or agreement (other than a default of the character referred to in  Section 7.03(a)(i), (iii), (iv) or (v), and if such
default continues and is not cured within 30 days after Landlord gives to
Tenant a notice specifying the same, or, in the case of a default which for causes beyond Tenant's reasonable control cannot with due diligence be cured within such period of 30 days, if Tenant
shall not immediately upon the receipt of such notice, (x) advise Landlord of Tenant's intention duly to institute all steps necessary to cure such default and (y) institute and
thereafter diligently prosecute to completion all steps necessary to cure the same, 

        (iii)  if
this Lease or the estate hereby granted would, by operation of law or otherwise, devolve upon or pass to any person or entity other than Tenant, except as expressly
permitted by Article 6 or 

        (iv)  if
Tenant shall abandon the entire Premises, has removed a substantial portion of its personal property and left the Premises unattended for a period in excess of sixty
(60) days, or 

        (v)  if
there shall be a failure of Tenant to comply with any of the material terms and provisions of that certain Overlandlord Consent entered into by and among Landlord,
Overlandlord and Tenant in connection with this Lease beyond applicable notice and cure periods relating thereto, if any. 

        Section 7.04.    Re-entry by Landlord.    If this Lease shall terminate as in  Section 7.03 provided, Landlord or Landlord's agents and servants may immediately or at any time thereafter re-enter into or upon the
Premises, or any part thereof, either by summary dispossess proceedings or by any suitable action or proceeding at law, without being liable to indictment, prosecution or damages therefor, and may
repossess the same, and may remove any persons therefrom, to the end that Landlord may have, hold and enjoy the Premises. The words "re-enter" and "re-entering" as used in this
Lease are not 

41

 

restricted to their technical legal meanings. Upon such termination or re-entry, Tenant shall pay, to Landlord any Rent then due and owing (in addition to any damages payable under  Section 7.05).

        Section 7.05.    Damages.    (a) If this Lease is terminated under  Section 7.03 Tenant shall pay to Landlord as damages, at the election of Landlord, either: 

        (b)  a
sum which, at the time of such termination, represents the value (discounted to present value using Base Rate) of the excess, if any, of (1) the aggregate of
the Rent which, had this Lease not terminated, would have been payable hereunder by Tenant for the period commencing on the day following the date of such termination to and including the Expiration
Date over (2) the aggregate fair rental value of the Premises for the same period (for the purposes of this clause (a) the amount of
Additional Charges which would have been payable by Tenant under Sections 3.04 and 3.05 shall, for each
calendar year ending after such termination, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in
which such termination shall occur), or 

        (c)  sums
equal to the Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not terminated, payable upon the due dates
therefor specified in this Lease; provided, that if Landlord shall relet all or any part of the Premises for all or any part of the period commencing on
the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents received by Landlord from such rcletting,
such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such reletting the expenses incurred or paid by Landlord in terminating this Lease and of
re-entering the Premises and of securing possession thereof, as well as the expenses of reletting, including, without limitation, altering and preparing the Premises for new tenants,
brokers' commissions, legal fees and all other expenses properly chargeable against the Premises and the rental therefrom in connection with such reletting, it being understood that any such reletting
may be for a period equal to or shorter or longer than said period; provided, further, that (i) in no event shall Tenant be entitled to receive
any excess of such net rents over the sums payable by Tenant to Landlord under this Lease, (ii) in no event shall Tenant be entitled, in any suit for the collection of damages pursuant to this  Section 7.05(b),
 to a credit in respect of any net rents from a reletting except to the extent that such net rents are actually received by
Landlord prior to the commencement of such suit, (iii) if the Premises or any part thereof should be relet in combination with other space, then proper apportionment on a square foot rentable
area basis shall be made of the rent received from such reletting and of the expenses of reletting and (iv) Landlord shall have no obligation to so relet the Premises and Tenant hereby waives
any right Tenant may have, at law or in equity, to require Landlord to so relet the Premises. 

        Suit
or suits for the recovery of any damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing
contained herein shall require Landlord to postpone suit until the date when the Term would have expired but for such termination or re-entry. 

        Section 7.06.    Other Remedies.    Nothing contained in this Lease shall be construed as limiting or
precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default
hereunder on the part of Tenant. Anything in this Lease to the contrary notwithstanding, during the continuation of any default by Tenant, Tenant shall not be entitled to exercise any rights or
options, or to receive any funds or proceeds being held, under or pursuant to this Lease. 

        Section 7.07.    Right to Injunction.    In the event of a breach or threatened breach by either party of
any
of its obligations under this Lease, including, but not limited to, holding over after the Expiration Date or the date of any earlier termination of this Lease, the other party subject to applicable
law shall also have the right of injunction and, in the case of a threatened holdover, Landlord shall have the right to bring a summary proceeding for possession of the Premises on the Expiration Date
or the date of any earlier termination of this Lease. The specified remedies to which Landlord may resort hereunder are cumulative and are not intended to be exclusive of any other remedies or means
of redress to which Landlord may lawfully be entitled, and Landlord may invoke any remedy allowed at law or in equity as if specific remedies were not herein provided for. 

42

  

        Section 7.08.    Certain Waivers; Waiver of Trial by Jury.    (a) Tenant waives and surrenders all right
and
privilege that Tenant might have under or by reason of any present or future law to redeem the Premises or to have a continuance of this Lease after Tenant is dispossessed or ejected therefrom by
Landlord, by process of law or under the terms of this Lease or after any termination of this Lease. Tenant also waives the provisions of any law relating to notice and/or delay in levy of execution
in case of any eviction or dispossession for nonpayment of rent, and the provisions of any successor or other law of like import. 

        (b)  Landlord
and Tenant each waive trial by jury in any action in connection with this Lease. 

        Section 7.09.    No Waiver.    Failure by either party to declare any default immediately upon its
occurrence
or delay in taking any action in connection with such default shall not waive such default but such party shall have the right to declare any such default at any time thereafter. Any amounts paid by
Tenant to Landlord may be applied by Landlord, in Landlord's discretion, to any items then owing by Tenant to Landlord under this Lease, Receipt by either party of a partial payment shall not be
deemed to be an accord and satisfaction (notwithstanding any endorsement or statement on any check or any letter accompanying any check or payment) nor shall such receipt constitute a waiver by such
party of the other party's obligation to make full payment. No act or thing done by Landlord or its agents shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept such
surrender shall be valid unless in writing and signed by Landlord and by each Superior Lessor and Superior Mortgagee whose lease or mortgage provides that any such surrender may not be accepted
without its consent. 

        Section 7.10.    Holding Over.    If Tenant holds over without the consent of Landlord after expiration or
termination of this Lease, Tenant shall (a) pay as holdover rental for each month of the holdover tenancy an amount equal to (w) 125% for the first month of the holdover tenancy,
(x) 150% for the second month of the holdover tenancy, (y) 175% for the third month of the holdover tenancy and (z) 200% for the fourth month and any additional month(s) of the
holdover tenancy of the greater of (i) the fair market rental value of the Premises for such month (as reasonably determined by Landlord) or (ii) the Rent which Tenant was obligated to
pay for the month immediately preceding the end of the Term; and (b) be liable to Landlord for and indemnify Landlord against (i) any payment or rent concession which Landlord may be
required to make to any tenant obtained by Landlord for all or any part of the Premises (a "New Tenant") by reason of the late delivery of space to the
New Tenant as a result. of Tenant's holding over or in order to induce such New Tenant not to terminate its lease by reason of the holding over by Tenant, (ii) the loss of the benefit of the
bargain if any New Tenant shall terminate its lease by reason of the holding over by Tenant, and (iii) any claim for damages by any New Tenant, No holding over by Tenant after the Term shall
operate to extend the Term. Notwithstanding the foregoing, the acceptance of any rent paid by Tenant pursuant to this Section 7.10 shall not
preclude Landlord from commencing and prosecuting a holdover or summary eviction proceeding. In the event
that Tenant elects to renew the Term of this Lease and holds over beyond the expiration of the Renewal Term, Tenant shall indemnify, defend and hold harmless Landlord from any and all damages Landlord
incurs under the Overlease as a result thereof. 

        Section 7.11.    Attorneys' Fees.    If Landlord places the enforcement of this Lease or any part thereof
upon
the default of Tenant, or the collection of any Rent due or to become due hereunder, or recovery of the possession of the Premises, in the hands of an attorney, or files suit upon the same, or in the
event any bankruptcy, insolvency or other similar proceeding is commenced involving Tenant (an "Action"), Tenant shall, within twenty (20) days
of demand, reimburse Landlord for Landlord's reasonable attorneys' fees and disbursements and court costs, provided, however, that if a court of competent jurisdiction renders a final unappealable
verdict there was no basis for the Action, Landlord shall not be entitled to recover such fees and costs. 

43

 

        Section 7.12.    Nonliability and Indemnification.    (a) Neither Landlord, any Superior Lessor or any
Superior
Mortgagee, nor any partner, director, officer, shareholder, principal, agent, servant or employee of Landlord, any Superior Lessor or any Superior Mortgagee (whether disclosed or undisclosed), shall
be liable to Tenant for (i) any loss, injury or damage to Tenant or to any other person, or to its or their property, irrespective of the cause of such injury, damage or loss, nor shall the
aforesaid parties be liable for any loss of or damage to property of Tenant or of others entrusted to employees of Landlord; provided, that, except to
the extent of the release of liability and waiver of subrogation provided in Section 8.03 hereof, the foregoing shall not be deemed to relieve
Landlord of any liability to the extent resulting from the willful misconduct or negligence of Landlord, its agents, servants or employees in the operation or maintenance of the Premises or the
Building, (ii) any loss, injury or damage described in clause (i) above caused by other tenants or persons in, upon or about the Building,
or caused by operations in construction of any private, public or quasi-public work, or (iii) even if negligent, consequential damages arising out of any loss of use of the Premises or any
equipment, facilities or other Tenant's Property therein. 

        (b)  Tenant
shall indemnify and hold harmless Landlord, all Superior Lessors and all Superior Mortgagees and each of their respective members, partners, directors, officers,
shareholders, principals, agents and employees (each, an "Indemnified Party"), from and against any and all claims arising from or in connection with
(i) the conduct or management of the Premises or of any business therein, or any work or thing done, or any condition created, in or about the Premises, (ii) any negligence or wrong
doing of Tenant or any person claiming through or under Tenant or any of their respective members, partners, directors, officers, agents, employees or contractors, (iii) any accident, injury or
damage occurring in, at or upon the Premises, (iv) any default by Tenant in the performance of Tenant's obligations under this Lease and (v) any brokerage commission or similar
compensation claimed to be due by reason of any proposed subletting or assignment by Tenant; together with all costs, expenses and liabilities incurred in connection with each such claim or action or
proceeding brought thereon, including, without limitation, all reasonable attorneys' fees and disbursements; provided, that the foregoing indemnity
shall not apply to the extent such claim results from the negligence (other than negligence to which the release of liability and waiver of subrogation provided in  Section 8.03 below applies) or
willful misconduct of the Indemnified Party. If any action or proceeding is brought against any Indemnified Party
by reason of any such claim, Tenant, upon notice from such Indemnified Party
shall resist and defend such action or proceeding (by counsel, including Tenant's in-house counsel, reasonably satisfactory to such Indemnified Party). 

        (c)  In
the event of any claim, action or proceeding which may give rise to liability under the indemnity contained in this  Section 7.12 or other provisions of this Lease, (a) the indemnified party
shall give the indemnifying party prompt notice of such claim or
action, (b) the indemnifying party may defend against such claim or action with counsel selected by it, subject to the reasonable approval of indemnified party, which approval shall not be
unreasonably withheld or delayed, (c) the indemnified party shall reasonably cooperate with the indemnifying party and its counsel in the defense of such claim or action and, (d) the
indemnified party shall not settle such claim or action without jndemnifying party's prior written consent, which consent shall not be unreasonably withheld or delayed. 

        Section 7.13.    Protest of Landlord Charges.    Except as otherwise set forth, Tenant shall have ninety
(90) days from receipt (i) of a bill or other request from Landlord for payment of any charge, other than the Fixed Rent, payable by Tenant under this Lease or (ii) a refund or
credit under the terms of this Lease within which to protest the correctness of such charge or credit, provided, however, if, in connection with a disputed payment, Tenant shall pay such disputed
amount to Landlord under protest prior to the expiration of such 90 day period, such 90 day period shall be extended to 120 days. If Tenant fails to make such protest, which shall
be made in the manner herein set forth for the giving of notices, within the ninety (90) day or one hundred twenty (120) day period, as applicable, the charge 

44

 

set forth in such bill or other request or the applicable refund or credit shall be deemed to have been accepted by Tenant and shall no longer be contestable by Tenant, time being of the essence. 

 
 

ARTICLE 8    
    
    Insurance; Casualty; Condemnation    
  

        Section 8.01.    Compliance with Insurance Standards.    (a) Tenant shall not violate, or permit the
violation
of, any condition imposed by any insurance policy then issued in respect of the Project and shall not do, or permit anything to be done, or keep or permit anything to be kept in the Premises, which
would subject Landlord, any Superior Lessor or any Superior Mortgagee to any liability or responsibility for personal injury or death or property damage, or which would increase any insurance rate in
respect of the Project over the rate which would otherwise then be in effect or which would result in insurance companies of good standing refusing to insure the Project in amounts reasonably
satisfactory to Landlord, or which would result in the cancellation of, or the assertion of any defense by the insurer in whole or in part to claims under, any policy of insurance in respect of the
Project. Landlord hereby agrees that the uses permitted under Section 2.05 do not violate its insurance policies. 

        (b)  If,
by reason of any failure of Tenant to comply with this Lease, the premiums on Landlord's insurance on the Project shall be higher than they otherwise would be,
Tenant shall reimburse Landlord, within twenty (20) days of demand, for that part of such premiums attributable to such failure on the part of Tenant. A schedule or "make up" of rates for the
Project or the Premises, as the case may be, issued by the New York Fire Insurance Rating Organization or other similar body making rates for insurance for the Project or the Premises, as the case may
be, shall be conclusive evidence of the facts therein stated and of the several items and charges in the insurance rate then applicable to the Project or the Premises, as the case may be. 

        Section 8.02.    Tenant's Insurance.    (a) Tenant shall maintain at all times during the Term
(i) "all
risk" property insurance covering all present and future Tenant's Property, Fixtures and Tenant's Improvements and Betterments to a limit of not less than the full replacement cost thereof, and
(ii) commercial general liability insurance, including a contractual liability endorsement, and personal injury liability coverage, in respect of the Premises and the conduct or operation of
business therein, with Landlord and each Superior Lessor and Superior Mortgagee whose name and address shall have been furnished to Tenant, as additional insureds, with limits of not less than
$10,000,000 combined single limit for bodily injury and property damage liability in any one occurrence and (iii) boiler and machinery insurance, if there is a boiler, supplementary air
conditioner or pressure object or similar equipment in the Premises, with Landlord and each Superior Lessor and Superior Mortgagee whose name and address shall have been furnished to Tenant, as
additional insureds, with limits of not less than $10,000,000 and (iv) when Alterations are in process, the insurance specified in  Section 5.02(f) hereof. The limits of such insurance shall
not limit the liability of Tenant. Tenant shall deliver to Landlord and any other
additional insureds, at least 10 days prior to the Commencement Date, such fully paid-for policies or certificates of insurance, in form reasonably satisfactory to Landlord issued
by the insurance company or its authorized agent. Tenant shall procure and pay for renewals of such insurance from time to time before the expiration thereof, and Tenant shall deliver to Landlord and
any other additional insureds such renewal policy or a certificate thereof at least 30 days before the expiration of any existing policy. All such policies shall be issued by companies of
recognized responsibility approved to do business in New York State and rated by Best's Insurance Reports or any successor publication of comparable standing as A-/VIII or better or the
then equivalent of such rating, and all such policies shall contain a provision whereby the same cannot be canceled, allowed to lapse or modified unless Landlord and any additional insureds are given
at least 30 days' prior written notice of such cancellation, lapse or modification. The proceeds of policies providing "all risk" property insurance of Fixtures and Improvements and Betterments
shall be payable to Tenant and Tenant shall have the right to receive the proceeds paid with respect to Tenant's Property of any policy maintained 

45

 

by Tenant to provide insurance of Tenant's Property, Tenant shall cooperate with Landlord in connection with the collection of any insurance monies that may be due in the event of loss and Tenant
shall execute and deliver to Landlord such proofs of loss and other instruments which may be required to recover any such insurance monies. Landlord may from time to time require that the amount of
the insurance to be maintained by Tenant under this Section 8.02 be increased, so that the amount thereof adequately protects Landlord's interest
but such increase shall not be in excess of to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by prudent landlords of non-institutional
first class office buildings in New York City. Any insurance policy with respect to the insurance required to be maintained by Tenant hereunder may be carried under a blanket policy covering the
Premises and other locations of Tenant, if any, provided that (x) the coverages and limits applicable to the Premises are separately stated in amounts not less than the amounts required
hereunder and (y) the coverage afforded under such blanket policy allocable to the
Premises shall not be less than the coverage which would have been afforded had such insurance not been covered under a blanket policy. 

        (b)  To
the extent not maintained by Overlandlord, Landlord agrees that Landlord shall maintain at all times during the Term such (i) "all risk" property insurance,
(ii) commercial general liability insurance and (iii) any other form of insurance, and in such amounts, as is carried by prudent owners of similar properties. Landlord shall be deemed to
have satisfied the foregoing obligation of this Section 8.02(b) if Landlord maintains the insurance required by the Overlease. 

        Section 8.03.    Subrogation Waiver.    (a) The parties hereto shall procure an appropriate clause in, or
endorsement on, any fire or extended coverage insurance covering the Premises and the Building and personal property, fixtures and equipment located thereon or therein, pursuant to which the insurance
companies waive subrogation or consent to a waiver of right of recovery and, having obtained such clauses or endorsements of waiver of subrogation or consent to a waiver of right of recovery, will not
make any claim against or seek to recover from the other for any loss or damage to its property or the property of others resulting from fire or other hazards covered by such fire and extended
coverage insurance; provided, however, that the release, discharge, exoneration and covenant not to sue herein contained shall be limited by and be coextensive with the terms and provisions of the
waiver of subrogation clause or endorsements or clauses or endorsements consenting to a waiver of right of recovery. If the payment of an additional premium is required for the inclusion of such
waiver of subrogation provision, each party shall advise the other of the amount of any such additional premiums and the other party at its own election may, but shall not be obligated to, pay the
same. If such other party shall not elect to pay such additional premium, the first party shall not be required to obtain such waiver of subrogation provision. If either party shall be unable to
obtain the inclusion of such clause even with the payment of an additional premium, then such party shall attempt to name the other party as an additional insured (but not a loss payee) under the
policy. If the payment of an additional premium is required for naming the other party as an additional insured (but not a loss payee), each party shall advise the other of the amount of any such
additional premium and the other party at its own election may, but shall not be obligated to, pay the same, If such other party shall not elect to pay such additional premium or if it shall not be
possible to have the other party named as an additional insured (but not a loss payee), even with the payment of an additional premium, then (in either event) such party shall so notify the first
party and the first party shall not have the obligation to name the other party as an additional insured. 

        (b)  Landlord
hereby waives any and all right of recovery, claims, actions or causes of action which it might otherwise have against Tenant, its servants, agents, employees,
permitted occupants and invitees for loss or damage occurring to the Building and the fixtures, appurtenances and equipment therein, to the extent the same is covered by Landlord's insurance (or would
have been covered but for the failure of Landlord to maintain the insurance required to be maintained by Landlord pursuant to the terms of the Overlease), notwithstanding that such loss or damage may
result from the negligence 

46

 

or fault of Tenant, its servants, agents, employees, permitted occupants or invitees consistent with the release, discharge and exoneration contained herein. Tenant hereby waives any and all right of
recovery, claims, actions or causes of action which it might otherwise have against Landlord, its servants, agents, employees, permitted occupants and invitees for loss or damage occurring to the
Building and the fixtures, appurtenances and equipment therein, to the extent the same is covered by Tenant's insurance
(or would have been covered but for the failure of Tenant to maintain the insurance required to be maintained by Tenant pursuant to the terms of this Lease), notwithstanding that such loss or damage
may result from the negligence or fault of Landlord, its servants, agents, employees, permitted occupants or invitees consistent with the release, discharge and exoneration contained herein. 

        Section 8.04.    Condemnation.    (a) If there shall be a total taking of the Land and/or the Building in
condemnation proceedings or by any right of eminent domain, this Lease and the term and estate hereby granted with respect to the Premises shall terminate as of the date of taking of possession by the
condemning authority and all Rent shall be prorated and paid as of such termination date. If there shall be a taking of any material (in Landlord's reasonable judgment) portion of the Land and/or
Building (whether or not the Premises or any portion thereof are affected by such taking), then Landlord may terminate this Lease and the term and estate granted hereby by giving notice to Tenant
within 60 days after the date of taking of possession by the condemning authority, If there shall be a taking of the Premises of such scope (but in no event less than 25% thereof) that the
untaken part of the Premises would in Tenant's reasonable judgment be no longer suited for the purposes set forth in Article 2 of this Lease, or Tenant no longer has reasonable means of access
to such Premises then Tenant may terminate this Lease and the term and estate granted hereby by giving notice to Landlord within 60 days after the date of taking of possession by the condemning
authority. If either Landlord or Tenant shall give a termination notice as aforesaid, then this Lease and the term and estate granted hereby shall terminate as of the date of such notice and all Rent
shall be prorated and paid as of such termination date. In the event of a taking of the Premises which does not result in the termination of this Lease (i) the term and estate hereby granted
with respect to the taken part of the Premises shall terminate as of the date of taking of possession by the condemning authority and all Rent shall be appropriately abated for the period from such
date to the Expiration Date and (ii) Landlord shall with reasonable diligence restore the remaining portion of the Premises (exclusive of Tenant's Property) as nearly as practicable to its
condition prior to such taking. 

        (b)  In
the event of any taking of all or a part of the Building, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including, without
limitation, any award made for the value of the estate vested by this Lease in Tenant or any value attributable to the unexpired portion of the Term, and Tenant hereby assigns to Landlord any and all
right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, and Tenant shall be entitled to receive no part of such award;  provided, that nothing shall
preclude Tenant from intervening in any such condemnation proceeding to claim or receive from the condemning authority any
compensation to which Tenant may otherwise lawfully be entitled in such case in respect of Tenant's Property, Tenant's Alterations, Betterments or Improvements (except to the extent such Alterations
constitute property which is, or at the expiration of the Term, becomes Landlord's property) or moving expenses, provided the same does not include any value of the estate vested by this Lease in
Tenant or of the unexpired portion of the Term and does not reduce the award available to Landlord or materially delay the payment thereof. 

        (c)  If
all or any part of the Premises shall be taken for a limited period, Tenant shall be entitled, except as hereinafter set forth, to that portion of the award for such
taking which represents compensation for the use and occupancy of the Premises, for the taking of Tenant's Property, Tenant's Alterations (except to the extent such Alterations constitute property
which is, or at the expiration of the Term, becomes Landlord's property) or for moving expenses, and Landlord shall be entitled to that portion which represents reimbursement for the cost of
restoration of the Premises. This Lease shall 

47

 

remain unaffected by such taking and Tenant shall continue responsible for all of its obligations under this Lease to the extent such obligations are not affected by such taking and shall continue to
pay in full all Rent when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award which represents compensation for the use and occupancy of
the Premises shall be apportioned between Landlord and Tenant as of the Expiration Date. Any award for temporary use and occupancy for a period beyond the date to which the Rent has been paid shall be
paid to, held and applied by Landlord as a trust fund for payment of the Rent thereafter becoming due. 

        (d)  In
the event of any taking which does not result in termination of this Lease, (i) Landlord, whether or not any award shall be sufficient therefor, shall proceed
with reasonable diligence to repair the remaining parts of the Building and the Premises (other than those parts of the Premises which constitute Tenant's Property) to substantially their former
condition to the extent that the same may be feasible (subject to reasonable changes which Landlord deems desirable) and so as to constitute a complete and rentable Building and Premises and
(ii) Tenant, whether or not any award shall be sufficient therefor, shall proceed with reasonable diligence to repair the remaining parts of the Premises which constitute Tenant's Property, to
substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall be deemed Alterations. 

        Section 8.05.    Casualty.    (a) If the Building or the Premises shall be partially or totally damaged or
destroyed by fire or other casualty (each, a "Casualty") and if this Lease is not terminated as provided below, then (i) Landlord shall repair
and restore the Building, including the exterior and public portions thereof (including, without limitation, the Building lobbies, exterior walls, elevator shafts), Building systems servicing the
Premises, and the Premises (excluding Tenant's Improvements and Betterments, Fixtures and Tenant's Property) with reasonable dispatch to substantially the condition as existed prior to the damage to
the extent permitted by applicable Law (but Landlord shall not be required to perform the same on an overtime or premium pay basis) after notice to Landlord of the Casualty and the collection of the
insurance proceeds attributable to such Casualty provided, however, in the event that Landlord fails to maintain the insurance customarily carried by prudent Landlords of similar type buildings, the
collection of insurance proceeds shall not be a condition to Landlord performing such restoration and (ii) Tenant shall repair and restore in accordance with  Section 5.02 all Tenant's Property,
 Fixtures and Improvements and Betterments with reasonable dispatch after the Casualty, including any tenant
build-out existing in the Premises on the date of delivery thereof by Landlord (collectively, "Tenant Casualty Repair Obligations").
Landlord agrees that, if and to the extent, Landlord, any Superior Mortgagee or any Superior Lessor receives insurance proceeds in respect of Tenant Casualty Repair Obligations Landlord shall notify
Tenant thereof and upon request of Tenant, make such proceeds available to Tenant so that Tenant may perform its Tenant Casualty Repair Obligations. In the event Landlord has received proceeds in
respect of Tenant Casualty Repair Obligations and Landlord does not make such proceeds available to Tenant, Landlord shall be obligated, at Landlord's cost and expense, to perform the Tenant Casualty
Repair Obligations with reasonable dispatch after the Casualty. In the event any Superior Mortgagee or any Superior Lessor has received proceeds in respect of Tenant Casualty Repair Obligations and
such Superior Mortgagee or Superior Lessor shall refuse to release such proceeds to Tenant, Landlord shall be obligated, at Landlord's cost and expense, to perform or cause to be performed the Tenant
Casualty Repair Obligations. 

        (b)  If
all or part of the Premises shall be rendered untenantable by reason of a Casualty, the Fixed Rent and the Additional Charges under  Sections 3.04 and 3.05 shall be abated in the proportion that the untenantable area of the
Premises bears to the total area of the Premises, for the period from the date of the Casualty to the earlier of (i) the date the Premises is made tenantable
(provided, that if the Premises would have been tenantable at an earlier date but for Tenant having failed to cooperate with Landlord in effecting
repairs or restoration or collecting insurance proceeds or (ii) the date Tenant 

48

 

or any subtenant reoccupies a portion of the Premises (in which case the Fixed Rent and the Additional Charges allocable to such reoccupied portion shall be payable by Tenant from the date of such
occupancy). Landlord's determination of substantial completion of the restoration of the Premises (excluding Tenant's Improvement, Betterments, Fixtures and Tenant's Property the repair of which shall
be Tenant's obligation), shall be controlling unless Tenant disputes same by notice to Landlord within 30 days after such determination by Landlord, and pending resolution of such dispute,
Tenant shall pay Rent in accordance with Landlord's determination. Notwithstanding the foregoing, if by reason of any act or omission by Tenant, any subtenant or any of their respective partners,
directors, officers, servants, employees, agents or contractors, Landlord, any Superior Lessor or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including, without
limitation, rent insurance proceeds) applicable to the Casualty, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Rent. Nothing
contained in this Section 9.05 shall relieve Tenant from any liability that may exist as a result of any Casualty. Prior to the substantial
completion of Landlord's repair obligations set forth in this Section, Landlord shall provide Tenant and Tenant's contractors, subcontractors and materialmen access to the Premises to perform such
repairs that Tenant is required or desire to make hereunder as a result of the Casualty (but not to occupy the same for the conduct of business);  provided that any such access shall be subject to all of
the applicable provisions of the Lease, and, shall not interfere with the conduct of Landlord's
work and in the Premises or in any other damaged portion of the Building. 

        (c)  If
by reason of a Casualty (i) the Building shall be totally damaged or destroyed, (ii) the Building shall be so damaged or destroyed (whether or not the
Premises are damaged or destroyed) that repair or restoration shall require more than 365 days or the expenditure of more than 25% percent of the full insurable value of the Building (which,
for purposes of this Section 8.05(c), shall mean replacement cost less the cost of footings, foundations and other structures below the street
and first floors of the Building) immediately prior to the Casualty or (iii) more than 50% of the Premises shall be damaged or destroyed (as estimated in any such case by a reputable
contractor, architect or engineer designated by Landlord), then in any such case Landlord may terminate this Lease by notice given to Tenant within 180 days after the Casualty. 

        (d)  Within
one hundred and thirty (130) days after notice to Landlord of any Casualty, Landlord shall deliver to Tenant a statement prepared by a reputable contractor
selected by Landlord setting forth such contractor's estimate as to the time required for Landlord to substantially complete the repairs required to be performed by it hereunder (the
"Repair Estimate Notice"). If the estimated time period exceeds eighteen (18) months from the date of such statement, Tenant may elect to
terminate this Lease by notice to Landlord not later than thirty (30) days following receipt of such statement. If Tenant makes such election, the Term shall expire upon the 30th
day after notice of such election is given by Tenant. 

        (e)  If
Landlord shall have delivered a notice to Tenant pursuant to Section 8.05(d) and no right to terminate this
Lease shall have accrued to Tenant by reason thereof, but Landlord shall have failed to substantially complete the repairs by the date which is six (6) months after the date set forth in the
Repair Estimate Notice (the "Required Substantial Completion Date"), as the same may be extended by reason of Unavoidable Delays (but not in excess of
one hundred twenty (120) days), Tenant may elect to terminate this Lease by notice to Landlord given not later than thirty (30) days after the Required Substantial Completion Date and if
Tenant makes such election, the Term shall expire on the thirtieth (30th) day after notice of such election is given by Tenant. 

        (f)    Notwithstanding
anything to the contrary contained in this Section 8.05, if more than twenty-five
percent (25%) of the Premises shall be damaged during the last eighteen (18) months of the Term (as the same may be renewed or extended), Landlord or Tenant may elect by notice, given within
sixty (60) days after the occurrence of such damage, to terminate this Lease and, if either party makes such election, the Term shall expire upon the sixtieth (60th) day after
notice of such election is given by such party. 

49

  

        (g)  Landlord shall not carry any insurance on Tenant's Property, Fixtures or on Tenant's Improvements and Betterments and shall not be obligated to repair or replace
Tenant's Property, Fixtures or Improvements and Betterments. Tenant shall look solely to its insurance for recovery of any damage to or loss of Tenant's Property, Fixtures or Tenant's Improvements and
Betterments. Tenant shall notify Landlord promptly of any Casualty in the Premises. 

        (h)  This
Section 8.05 shall be deemed an express agreement governing any damage or destruction of the Premises by fire
or other casualty, and Section 227 of the New York Real Property Law providing for such a contingency in the absence of an express agreement, and any other law of like import now or hereafter
in force, shall have no application. 

 
 

ARTICLE 9    
    
    Miscellaneous Provisions    
  

        Section 9.01.    Notice.    All notices, demands, consents, approvals, advices, waivers or other
communications
which may or are required to be given by either party to the other under this Lease shall be in writing and shall be deemed to have been given one Business Day after deposit in the United States mail,
certified or registered, postage prepaid, (return receipt requested) or, rendered if delivered by hand (against a signed receipt) or nationally recognized, overnight courier service (against a signed
receipt), and addressed to the party to be notified at the address for such party specified in the first paragraph of this Lease or to such other place as the party to be notified may from time to
time designate by at least 5 days' notice to the notifying party. In the case of each notice to Landlord, such notice shall be sent to the attention of: Managing Director, Corporate Services,
with a copy to Shearman & Sterling, 599 Lexington Avenue, New York, New York 10022, Attention: Chris M, Smith, Esq. and, in the case of each notice to Tenant at the address set forth on the
Preamble to this Lease, attention: Ralph Schulz and from and after the date Tenant opens for business at the Premises, the Premises, attention: Ralph Schulz, with a copy in each case to Andrew J.
Wiener, Esq., Morrison & Foerster LLP, 1290 Avenue of the Americas, New York, New York 10104. Any such bill, statement, consent, notice, demand, request or other communication shall be deemed
to have been rendered or given on the date when it shall have been delivered (or upon refusal to accept delivery). Notices from Tenant may be given by Tenant's attorney. Notices from Landlord may be
given by Landlord's managing agent, if any, or by Landlord's attorney. 

        Section 9.02.    Building Rules.    Tenant shall comply with, and Tenant shall cause its licensees,
employees,
contractors, agents and invitees to comply with, the rules of the Building set forth in the Rules and Regulations, as the same may be reasonably modified or supplemented by Landlord from time to time
for the safety, care and cleanliness of the Premises and the Building and for preservation of good order therein. Landlord shall not be obligated to enforce the rules of the Building against Tenant or
any other tenant of the Building or any other party, and Landlord shall have no liability to Tenant by reason of the violation by any tenant or other party of the rules of the Building;  provided, that
Landlord shall not enforce the rules of the Building in a manner which discriminates against Tenant. If any rule of the Building shall
conflict with any provision of this Lease, such provision of this Lease shall govern. 

        Section 9.03.    Severability.    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 remainder of this Lease, or the application of such provision to persons or circumstances other than those as to which it
is invalid or unenforceable, shall not be affected, and each provision of this Lease shall be valid and shall be enforceable to the extent permitted by law. 

        Section 9.04.    Certain Definitions.    "Landlord shall have no liability to Tenant" or words of similar
import mean that Tenant is not entitled to terminate this Lease, or to claim actual or constructive eviction, partial, or total, or to receive any abatement or diminution of Rent, or to be relieved in
any 

50

 

manner or any of its other obligations under this Lease, or to be compensated for loss or injury suffered or to enforce any other right or kind of liability whatsoever against Landlord under or with
respect to this Lease or with respect to Tenant's use or occupancy of the Premises. The words "include" or "including" and similar terms shall be construed to mean "including without limitation." 

        Section 9.05.    Quiet Enjoyment.    Tenant shall and may peaceably and quietly have, hold and enjoy the
Premises, subject to the other terms of this Lease and to Superior Leases and Superior Mortgages, provided that Tenant is not in default of its obligations hereunder beyond any applicable notice and
cure periods. 

        Section 9.06.    Limitation of Liability.    (a) Tenant shall look solely to Landlord's interest in the
Project, the proceeds of any sale thereof (provided a claim shall have been made within three (3) months of such sale), casualty proceeds and any condemnation award for the recovery of any
judgment against Landlord, and no other property or assets of Landlord or Landlord's members, partners, officers, directors, shareholders or principals, direct or indirect, disclosed or undisclosed,
shall be subject to levy, execution attachment or other enforcement procedure for the satisfaction of any judgment or Tenant's remedies under or with respect to this Lease, the relationship of
Landlord and Tenant hereunder, or Tenant's use and occupancy of the Premises, or any other liability of Landlord to Tenant. 

        (b)  In
the event of a transfer of title to the land and Building of which the Premises is a part, or in the event of a lease of the Building of which the Premises is a part,
or of the land and Building, upon notification to Tenant of such transfer or lease, the said transferor landlord named herein shall be and hereby is entirely freed and relieved of all future
covenants, obligations and liabilities of Landlord hereunder except for the obligation to pay the Construction Allowance, and it shall be deemed and construed without further agreement between the
parties or their successors in interest, or between the parties and the transferee of title to or lessee of said land and Building, that the transferee or lessee has assumed and agreed to carry out
all of the covenants and obligations of Landlord thereunder. 

        Section 9.07.    Counterclaims.    If Landlord commences any summary proceeding or action for nonpayment of
Rent or to recover possession of the Premises, Tenant shall not interpose any counterclaim of any nature or description in any such proceeding or action, unless Tenant's failure to interpose such
counterclaim in such proceeding or action would result in the waiver of Tenant's right to bring such claim in a separate proceeding under applicable law. 

        Section 9.08.    Survival.    All obligations and liabilities of Landlord or Tenant to the other which
accrued
before the expiration or other termination of this Lease and all such obligations and liabilities which by their nature or under the circumstances can only be, or by the provisions of this Lease may
be, performed after such expiration or other termination, shall survive the expiration or other termination of this Lease, Without limiting the generality of the foregoing, the rights and obligations
of the parties with respect to any indemnity under this Lease, and with respect to Tax Payments and any other amounts payable under this Lease, shall survive the expiration or other termination of
this Lease. 

        Section 9.09.    Certain Remedies.    If Tenant requests Landlord's consent and Landlord fails or refuses
to
give such consent, Tenant shall not be entitled to any damages for any withholding by Landlord of its consent, it being intended that Tenant's sole remedy shall be an action for specific performance
or injunction or for arbitration as provided for in Section 9.19 herein, and that such remedy shall be available only in those cases where this
Lease provides that Landlord shall not unreasonably withhold its consent. No dispute relating to this Lease or the relationship of Landlord and Tenant under this Lease shall be resolved by arbitration
unless this Lease expressly provides for such dispute to be resolved by arbitration. 

        Section 9.10.    No Offer.    The submission by Landlord of this Lease in draft form shall be solely for
Tenant's consideration and not for acceptance and execution. Such submission shall have no binding 

51

 

force or effect and shall confer no rights nor impose any obligations, including brokerage obligations, on either party unless and until both Landlord and Tenant shall have executed a lease and
duplicate originals thereof shall have been delivered to the respective parties. 

        Section 9.11.    Captions: Construction.    The table of contents, captions, headings and titles in this
Lease
are solely for convenience of reference and shall not affect its interpretation. This Lease shall be construed without regard to any presumption or other rule requiring construction against the party
causing this
Lease to be drafted. Each covenant, agreement, obligation or other provision of this Lease on Tenant's part to be performed, shall be deemed and construed as a separate and independent covenant of
Tenant, not dependent on any other provision of this Lease. 

        Section 9.12.    Amendments.    This Lease may not be altered, changed or amended, nor any of its
provisions
waived, except by an instrument in writing signed by the party to be charged. 

        Section 9.13.    Broker.    Each party represents to the other that such party has dealt with no broker
other
than Insignia/ESG, Inc. (the "Broker") in connection with this Lease or the Building, and each party shall indemnify and hold the other harmless
from and against all loss, cost, liability and expense (including, without limitation, reasonable attorneys' fees and disbursements) arising out of any claim for a commission or other compensation by
any broker other than Broker who alleges that it has dealt with the indemnifying party in connection with this Lease or the Building. Landlord shall pay Broker a commission in accordance with the
terms and conditions of a separate agreement between Landlord and Broker. 

        Section 9.14.    Merger.    Tenant acknowledges 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. This Lease
embodies the entire understanding between the parties with respect to the subject matter hereof, and all prior agreements, understanding and statements, oral or written, with respect thereto are
merged in this Lease. 

        Section 9.15.    Successors.    This Lease shall be binding upon and inure to the benefit of Landlord, its
successors and assigns, and shall be binding upon and inure to the benefit of Tenant, its successors, and Tenant's permitted assigns. 

        Section 9.16.    Applicable Law; Consent to Jurisdiction.    This Lease shall be governed by, and construed
in
accordance with, the laws of the State of New York, without giving effect to any principles of conflicts of laws. Tenant hereby (a) irrevocably consents and submits to the jurisdiction of any
Federal, state, county or municipal court sitting in the State of New York in respect to any action or proceeding brought therein by Landlord against Tenant concerning any matters arising out of or in
any way relating to this Lease; (b) irrevocably waives personal service of any summons and complaint and consents to the service upon it of process in any such action or proceeding by mailing
of such process to Tenant at the address set forth herein and agrees that such service shall be deemed sufficient; (c) irrevocably waives all objections as to venue and any and all rights it
may have to seek a change of venue with respect to any such action or proceedings; (d) agrees that the laws of the State of New York shall govern in any such action or proceeding and waives any
defense to any action or proceeding granted by the laws of any other country or jurisdiction unless such defense is also allowed by the laws of the State of New York; and (e) agrees that any
final judgment rendered against it in any such action or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law.
Tenant further agrees that any action or proceeding by Tenant against Landlord in respect to any matters arising out of or in any way relating to this Lease shall be brought only in the State of New
York, County of New York. 

        Section 9.17.    No Development Rights.    Tenant acknowledges that it has no rights to any development
rights,
air rights or comparable rights appurtenant to the Project, and Tenant consents, 

52

 

without further consideration, to any utilization of such rights by Landlord. Tenant shall promptly execute and deliver any instruments which may be requested by Landlord, including instruments
merging zoning lots, evidencing such acknowledgment and consent, The provisions of this Section 9.17 shall be construed as an express waiver by
Tenant of any interest Tenant may have as a "party in interest" (as such term is defined in Section 12-10 Zoning Lot of the Zoning Resolution of the City of New York) in the
Project. 

        Section 9.18.    Surrender.    Upon the expiration or earlier termination of this Lease, Tenant shall quit
and
surrender to Landlord the Premises, vacant, broom clean, in good order and condition, ordinary wear and tear, casualty, condemnation and damage for which Tenant is not responsible under the terms of
this Lease excepted, provided, however, that the foregoing shall not obligate Tenant to restore the Premises to any greater condition than was delivered to Tenant by Landlord. Tenant expressly waives,
for itself and for any person claiming through or under Tenant, any rights which Tenant or any such person may have under the provisions of Section 2201 of the New York Civil Practice Law and
Rules and of any successor law of like import then in force in connection with any holdover summary proceedings which Landlord may institute to enforce the foregoing provisions of this  Section 9.18. Tenant acknowledges that possession of the Premises must be surrendered to Landlord on the Expiration Date. 

        Section 9.19.    Arbitration.    If expressly permitted under this Lease, Landlord or Tenant (the
"Electing Party") may elect to resolve a dispute by arbitration pursuant to the provisions of this Section. Such Electing Party shall deliver to the
other party a written notice specifying the nature of the dispute, the reasons therefor and such Electing Party's determination of the item in dispute. If the other party shall not agree with the
Electing Party's determination of the item in dispute, then cither party shall have the right to submit such dispute to arbitration pursuant to this  Section 9.19 by notice to the other party. The
parties hereby agree that all such disputes submitted to arbitration shall be resolved by an
arbitrator mutually agreed to by the parties, and if the parties cannot agree on an arbitrator, either party may apply to the American Arbitration Association for the appointment of an arbitrator (the
"Arbitrator"). The Arbitrator shall, as promptly as possible, determine the matter which is the subject of the arbitration and the decision of the
Arbitrator shall be conclusive and binding on all parties and judgment upon the award may be entered in any court having jurisdiction. The arbitration shall be conducted in the City and County of New
York and, to the extent applicable and consistent with this Section 9.19, shall be in accordance with the Commercial Arbitration Rules then
obtaining of the American Arbitration Association or any successor body of similar function. The expenses of arbitration shall be shared equally by the parties but each party shall be responsible for
the fees and disbursements of its own attorneys and the expenses of its own proof. The Arbitrator shall be a licensed professional appropriate to the dispute, having at least ten (10) years'
continuous experience in the real estate industry including the management of multi-tenant, commercial office buildings in Manhattan similar in type to the Project. At the option of either party, any
arbitration under this Lease shall be governed by the Expedited Procedures provisions of the Commercial Arbitration Rules of the American Arbitration Association (the "AAA
Rules") (presently Sections 53 through 57 of the AAA Rules and, to the extent applicable, Section 19 thereof). 

        Section 9.20.    Tenant Roster Identification; Elevator Lobby Signage.    Tenant shall be permitted to
install,
at its sole cost and expense, signs identifying Tenant in the elevator lobby of the Premises, subject to Landlord's reasonable approval as to design and materials. Landlord has advised Tenant that
Landlord is in the process of establishing a roster or listing of Building occupants so as to provide an adequate means, consistent with the standards of a First-Class Office Building, of indicating
to parties entering the Building which companies are located at the Building. In connection therewith, Landlord, at Landlord's option, shall either (i) install in the Building lobby tenant
roster identification of appropriate size and suitable design identifying Tenant as an occupant of the Building, (ii) maintain a Building directory in which Tenant shall be allocated an
appropriate number of listings, or (iii) provide 

53

 

some other reasonable and appropriate means of indicating in the lobby of the Building that Tenant is an occupant of the Building and Tenant's location therein. Landlord shall not discriminate
against Tenant with respect to installing or maintaining the tenant roster identification, including with respect to the size of such roster identification or quality of materials, and should any
tenant, as part of such roster identification, be entitled to display a company logo or colors, Tenant shall be granted commensurate rights with such other tenant or tenants. 

        Section 9.21.    Attorneys' Fees.    Each party shall reimburse the other party, within twenty
(20) days
following written demand, for all reasonable costs and expenses (including reasonable attorneys' fees, disbursements and court costs) incurred by such other party in connection with enforcing such
other party's obligations hereunder or in protecting such other party's rights hereunder, whether incurred in connection with an action or proceeding commenced by Landlord, by Tenant, by a third party
or otherwise, if such other party is successful in such proceeding. 

        Section 9.22.    Counterparts.    This Lease may be executed in any number of counterparts, each of which
where
so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Lease to produce or account for more
than one such counterpart. 

        Section 9.23.    Invoices.    Wherever in the Lease it is provided that either party shall render a bill or
invoice to the other, the party giving such bill or invoice shall include evidence of the amounts set forth in the bill or invoice. 

 
 

ARTICLE 10    
    
    Sublease Provisions    
  

        Section 10.01.    Sublease Provisions.    (a) Notwithstanding the title of this document as a "Lease", the
parties acknowledge that this Lease is a sublease. This Lease is subject to, and Tenant accepts this Lease subject to, all of the terms, covenants, provisions, conditions and agreements contained in
the Overlease and the matters to which the Overlease is subject and subordinate. This Lease shall also be subject to, and Tenant accepts this Lease also subject to, any future amendments or
supplements to the Overlease hereafter made between Overlandlord and Landlord, provided that Tenant receives prior notice of the same and any such future amendment or supplement to the Overlease,
except as herein expressly recognized, contemplated or agreed, does not in any material respect increase Tenant's obligations or decrease Tenant's rights from, out of or under this Lease or prohibit
Landlord from meeting its obligations under hereunder. Except to the extent provided in the Subordination and Non-Disturbance Agreement between Tenant and Overlandlord, in the event of
termination, re-entry or dispossess by Overlandlord under the Overlease, Overlandlord may, at its option, take over all of the right, title and interest of Landlord, as sublessor, under
this Lease, and Tenant shall, at Overlandlord's option, attom to Overlandlord pursuant to the then executory provisions of this Lease, except that Overlandlord shall not (i) be liable for any
previous act or omission of Landlord under this Lease, (ii) be subject to any offset, not expressly provided in this Lease, which theretofore accrued to Tenant against Landlord, or (iii)be
bound by any previous modification of this Lease made without Overlandlord's consent or by any previous prepayment of more than one month's rent. In the event of any conflict between the terms of any
Subordination and Non-Disturbance Agreement entered into between Tenant and Overlandlord and the provisions of this Lease, including the foregoing sentence, the terms and provisions of the
Subordination and Non-Disturbance Agreement shall govern. 

        (b)  The
term "Landlord", as used in this Lease, shall mean only the owner from time to time of the interest of the tenant under the Overlease. In the event of any transfer
or assignment of such interest, the transferor or assignor shall be relieved and freed of all covenants, obligations and liability of Landlord under this Lease accruing after such transfer or
assignment, and it shall be deemed, without further agreement, that the transferee or assignee has assumed and agreed to perform and 

54

 

observe all obligations of Landlord under this Lease subsequent to the effective date of the transfer or assignment. 

        (c)  Whenever
Landlord has agreed that a required consent or approval shall not be withheld or delayed or unreasonably withheld or delayed. Landlord may withhold its consent
or approval and/or it shall be deemed reasonable for Landlord to withhold or delay its consent or approval if Overlandlord, to the extent its consent is required pursuant to the terms of the
Overlease, shall have delayed or refused to give any consent or approval which may be requested of it. Landlord shall promptly forward to Overlandlord such requests as Tenant may submit for approval
or consent from Overlandlord, In the event a matter hereunder requires the consent of Overlandlord pursuant to the terms hereof or the Overlease and the time period for obtaining Overlandlord's
consent to a particular matter under the Overlease exceeds the time period set forth in the Lease with respect to such matter, such time period in the Lease shall be extended to the date set forth in
the Overlease, plus an additional three (3) Business Days. If Landlord is willing to grant its consent to Tenant to a particular matter and Overlandlord is not willing to grant such consent,
Landlord shall use good faith efforts to intermediate with Overlandlord to obtain such consent (without the obligation to spend sums of money, grant any concessions to Overlandlord under the Overlease
or undertake any other significant monetary or non-monetary measures) and Tenant shall have the right to take whatever action may available at law or under the Overlease to obtain such
consent in its own name, and for that purpose and only to such
extent, all of the rights of Landlord under the Overlease hereby are conferred upon and assigned to Tenant and Tenant is subrogated hereby to such rights to the extent that the same shall apply to the
matter for which consent is sought. If any such action against Overlandlord in Tenant's name shall be barred by reason of lack of privity, nonassignability or otherwise, Tenant may take such action in
Landlord's name provided Tenant has obtained the prior written consent of Landlord, which consent shall not be unreasonably withheld, provided, and Tenant hereby agrees, that Tenant shall indemnify
and hold Landlord harmless from and against all liability, loss, damage or expense, including, without being limited to, reasonable attorneys' fees and expenses, which Landlord shall suffer or incur
by reason of such action. Landlord agrees to cooperate with Tenant in any reasonable manner requested by Tenant in connection with an action or proceeding by Tenant against Overlandlord to enforce
Landlord's rights under the Overlease in respect of such consent; provided, however, that Tenant shall
have agreed in writing to reimburse Landlord for any out-of-pocket expenses incurred by Landlord in connection with such cooperation 

        (d)  Tenant
covenants and agrees to perform (including to refrain from any action not permitted on the part of Landlord under the Overlease) and to observe all of the
covenants, agreements, terms, provisions and conditions of the Overlease on the part of the Landlord to be performed and observed, to the extent that they apply to the Premises or the use and
occupancy by Tenant of the Premises and the services and facilities of the Building. Tenant also covenants and agrees not to do or cause to be done or suffer or permit any act or thing to be done or
suffered which would or might (i) constitute or cause a default under the Overlease, (ii) cause the Overlease or the rights of Landlord as tenant thereunder to be cancelled, terminated
or forfeited, (iii) cause Landlord to become liable for any damages, costs, claims or penalties, or (iv) adversely affect or reduce any of Landlord's rights or benefits under the
Overlease. Without limiting the generality of foregoing, Tenant acknowledges that Landlord is obligated pursuant to the terms of the Overlease, including, without limitation, Section 27.26
thereof, to reasonably cooperate with Overlandlord in connection with the conversion of the Building ownership to a synthetic condominium in connection with a transaction with the New York City
Industrial Development Agency. Tenant agrees that it shall reasonably cooperate with Landlord to the extent necessary for Landlord to fulfill its obligations under the Overlease in connection with the
foregoing condominium conversion, provided that Tenant's rights and obligations under the Lease shall not be adversely affected thereby, except to a de
minimis extent. Tenant agrees to indemnify, defend and hold Landlord harmless of, from and against any and all liabilities, losses, damages, suits, penalties, claims and
demands of every kind or nature, including, without being limited to, reasonable attorneys' 

55

 

fees and expenses of defense and of enforcing this indemnity, by reason of Tenant's failure to comply with the foregoing provisions of this clause (d) or arising from the use, occupancy or
manner of use and/or occupancy of the Premises or of any business conducted therein, or from any work or thing whatsoever done or any condition created by or any other act or omission of Tenant, its
assignees or subtenants, or their respective employees, agents, servants, contractors, invitees, visitors or licensees, in or about the Premises or any other part of the Building. 

        (e)  Landlord
covenants and agrees to perform and observe all of the terms, covenants, provisions, conditions and agreements of the Overlease (including any and all rules and
regulations which shall be in effect from time to time during the term of this Lease) in such manner so as to prevent the Overlease from being terminated and so as to not adversely affect or reduce
the rights and benefits of Tenant under the Lease, it being understood that the foregoing relates solely to Landlord's compliance with the Overlease in accordance with its terms and shall not be
deemed or construed to obligate Landlord to seek to amend or contest, or otherwise act in any manner in contradiction to the express
terms of the Overlease, or to commence any action against Overlandlord. Landlord represents that the Overlease is in full force and effect and that, to the best of Landlord's knowledge, Landlord is
not in default with respect to any material obligation of Landlord under the Overlease. Provided that Tenant is not then in default under the terms of this Lease beyond applicable notice and grace
periods, Landlord agrees that it will not agree to a termination of the Overlease unless in connection therewith Overlandlord accepts this Lease as a direct lease between Overlandlord and Tenant.
Unless the parties have otherwise entered into a Subordination and Non-Disturbance Agreement, the terms of which will govern, if Landlord desires to terminate the Overlease, Tenant agrees
to attorn to Overlandlord in connection with any such termination and to execute an attainment agreement in such form as may reasonably be requested by Landlord or Overlandlord. Landlord further
covenants and agrees that if and so long as Tenant pays the Fixed Rent and Additional Charges and performs and observes all of the agreements, terms, conditions, covenants and provisions hereof,
(i) Tenant shall quietly hold and enjoy the Premises, subject, however, to the terms of this Lease and the Overlease and to the matters to which the Overlease is subject and subordinate, and
(ii) Landlord shall not do or suffer or permit anything to be done or suffered which would cause the Overlease to be cancelled, terminated or forfeited, except as provided in the casualty and
condemnation sections contained therein. 

        (f)    Tenant
acknowledges and agrees that certain services, repairs, restorations, and access to and from the Premises may be provided by Overlandlord and Landlord shall have
no obligation during the term of this Lease to provide any such services, repairs, restorations, equipment and access to the extent the same is an obligation of Overlandlord under the Overlease.
Tenant agrees to look solely to Overlandlord for the furnishing of such services, repairs, restorations, equipment and access. Landlord shall in no event be liable to Tenant nor shall the obligations
of Tenant hereunder be impaired or the performance thereof excused because of any failure or delay on Overlandlord's part in furnishing such services, repairs, restorations, equipment and access;  provided, however, that if Landlord's rent is actually abated pursuant to the Overlease in respect of
the Premises with respect to a service or condition that Overlandlord is required to provide or maintain, then Fixed Rent payable hereunder by Tenant shall also be abated during the same period that
Landlord's rent is so abated. If Overlandlord shall default in any of its obligations to Landlord with respect to the Premises, Tenant shall be entitled to participate with Landlord in the enforcement
of Landlord's rights against Overlandlord, but Landlord shall have no obligation to bring any action or proceeding or to take any steps to enforce Landlord's rights against Overlandlord. If, after
written request from Tenant, Landlord shall fail or refuse to take appropriate action for the enforcement of Landlord's rights against Overlandlord in respect of the Premises within a reasonable
period of time considering the nature of Overlandlord's default, Tenant shall have the right to take such action in its own name, and for that purpose and only to such extent, all of the rights of
Landlord under the Overlease hereby are conferred upon and assigned to Tenant and Tenant is subrogated hereby to such rights to the extent that the same shall apply to the Premises. If any such action
against Overlandlord in Tenant's name shall be barred by 

56

 

reason of lack of privity, nonassignability or otherwise, Tenant may take such action in Landlord's name provided Tenant has obtained the prior written consent of Landlord, which consent shall not be
unreasonably withheld, provided, and Tenant hereby agrees, that Tenant shall indemnify and hold Landlord harmless from and against all liability, loss, damage or expense, including, without being
limited to, reasonable attorneys' fees and expenses, which Landlord shall suffer or incur by reason of such action. Landlord agrees to cooperate with Tenant in any reasonable manner requested by
Tenant in connection with an action or proceeding by Tenant against Overlandlord to enforce Landlord's rights under the Overlease in respect of the Premises;  provided, however, that Tenant shall have agreed in writing to reimburse Landlord for any
out-of-pocket expenses incurred by Landlord in connection with such cooperation. 

 
 

ARTICLE 11    
    
    Representations and Warranties    
  

        Section 11.01.    Landlord's Representations and Warranties.    (a) Landlord hereby represents and warrants
to
Tenant that, as of the date hereof: 

        (b)  This
Lease has been duly authorized by all necessary action on the part of Landlord. 

        (c)  The
person executing this Lease on behalf of Landlord, has full power and authority to execute and deliver this Lease on behalf of Landlord and perform any action in
connection therewith. 

        (d)  The
execution, delivery and performance of this Lease by Landlord, and the consummation of the transaction contemplated hereby, will not result in any violation of, or
be in conflict with or constitute a default under any term or provision of the operating agreement or governing corporate documents of Landlord. 

        (e)  Except
for the consent of Overlandlord, no consent, approval or authorization is required in connection with the execution, delivery and performance hereof by Landlord
from any governmental entity or agency, or any party pursuant to any contract, mortgage, credit agreement, lease or other agreement or instrument to which Landlord is a party or by which it is bound. 

        (f)    Landlord
knows of no outstanding claims, actions, suits, or proceedings affecting Landlord that, if adversely determined, would have a material adverse effect upon the
operation of the Project. 

        (g)  The
execution, delivery and performance of this Lease by Landlord, and the consummation of the transaction contemplated hereby, (i) will not result in any
violation of, or be in conflict with or constitute a default under: any term or provision of the articles or certificate of incorporation, by-laws and/or any other similar document of
Landlord, (ii) any term or condition of any contract, mortgage, loan agreement, lease, or other agreement or instrument to which Landlord is a party or by which it is bound or (iii) or
any term or condition of any judgment, decree, order, law, statute, rule, regulation, ordinance, franchise, certificate, permit or the like applicable to Landlord or by which Landlord or its
properties or assets are bound or affected. 

        Section 11.02.    Tenant's Representations and Warranties.    (a) Tenant hereby represents and warrants to
Landlord that, as of the date hereof: 

        (b)  This
Lease has been duly authorized by appropriate action of its Officers. 

        (c)  The
officer executing this Lease on behalf of Tenant has all necessary licenses, authorization, permits and approvals, and full power and authority, to execute and
deliver this Lease on behalf of Tenant and perform any action in connection therewith. 

57

  

        (d)  The
execution, delivery and performance of this Lease by Tenant, and the consummation of the transaction contemplated hereby, will not result in any violation of, or be
in conflict with or constitute a default under: 

        (i)    any
term or provision of the articles or certificate of incorporation, by-laws and/or any other similar document of Tenant; 

        (ii)  any
term or condition of any contract, mortgage, loan agreement, lease, or other agreement or instrument to which Tenant is a party or by which it is bound; or 

        (iii)  any
term or condition of any judgment, decree, order, law, statute, rule, regulation, ordinance, franchise, certificate, permit or the like applicable to Tenant or by
which Tenant or its properties or assets are bound or affected. 

        (e)  No
consent, approval or authorization is required in connection with the execution, delivery and performance hereof by Tenant from any governmental entity or agency, or
any party pursuant to any contract, mortgage, credit agreement, lease or other agreement or instrument to which Tenant is a party or by which it is bound. 

        (f)    Tenant
knows of no outstanding claims, actions, suits, or proceedings affecting Tenant that, if adversely determined, would have a material adverse effect upon the
financial condition of Tenant or upon the operation of the Premises. 

 
 

ARTICLE 12    
    
    Roof Space and Basement Space    
  

        Section 12.01.    Roof Space; Nature and Location of Equipment.    Throughout the Term, Tenant shall have
as
appurtenant to the Premises the right to use certain of the Building's set-back and roof areas (the "Roof Space") as hereinafter specified
for the purpose of erection and maintenance of (i) microwave, radio or other antennae, transmitters and other telecommunications equipment (the "Communications
Equipment"), (ii) a 500 k.w. diesel powered emergency generator (the "Generator"), and (iii) a
"quiet-line" dry cooler supplemental environmental conditioning system with a capacity not to exceed 100 tons (the "Dry Cooler")
(collectively, the "Supplemental Equipment") for use in connection with Tenant's business at the Premises. Landlord has designated the location on the
South Building roof for installation of the Communications Equipment as set forth on Exhibit N and identified thereon as "20 SQ.FT. ALLOCATED FOR ANTENNA". The Communications Equipment shall
not exceed 4 feet in diameter. Landlord has designated the area (which area is equal to 3S feet by 12 feet) on the South Building Roof shown on Exhibit N and identified thereon as "TENANT #1
GENERATOR" for the installation of the Generator. Tenant shall enclose the Generator with a weather-proof, vibration isolating, sound attenuating enclosure reasonably approved by Landlord. The Dry
Cooler will be located on the third floor set-back as shown on Exhibit N, The Roof Area provided for the Dry Cooler shall be equal to 1200 square feet. The Dry Cooler, together with
supports, shall not exceed 5 feet in height. Tenant shall paint the Dry Cooler and the enclosure for the Generator such colors as Landlord may specify for aesthetic conformance to the Building.
Landlord will use reasonable efforts to segregate the area or areas to be utilized by Tenant from all other users of the Building roof, but Landlord will not be required to erect or maintain any
fencing, barriers or other enclosures for Tenant's area or areas on the roof, although Tenant may elect to do so at its own expense; provided, that Landlord has access to the Roof Space at all times.
The installation of any Supplemental Equipment shall be subject to the consent of Overlandlord, to the extent required pursuant to the terms of the Overlease, Notwithstanding anything to the contrary
set forth in this Article 12, Tenant acknowledges and agrees that the locations specified in this Article 12 for the Supplemental Equipment are those locations proposed by Landlord and
such locations remain subject to Overlandlord's consent. Landlord has requested that Overlandlord consent to such locations. In the 

58

 

event that Overlandlord does not consent to such locations, Landlord and Tenant shall reasonably cooperate with each other to find suitable alternate locations for the Supplemental Equipment
reasonably satisfactory to both parties. 

        Section 12.02.    Roof Space General Provisions.    (a) Tenant may install, and once installed modify, the
Supplemental Equipment on the Roof Space for use in connection with Tenant's business in the Premises. The installation and modification of the Supplemental Equipment shall constitute Alterations and
shall be subject to the provisions of Article 5 hereof. In granting or withholding any consent required by Article 5, Landlord shall be entitled to rely on the advice of its engineers
and technical advisors. In conjunction with the installation of the Supplemental Equipment, Tenant shall be granted access to space in locations designated by Landlord adequate to accommodate
(i) six (6) 4 inch conduit risers for power and one (1) 1.5 inch conduit riser for controls running from the Premises to the roof of the South Building for the operation of the
Generator, and (ii) one (1) 1 inch conduit riser for power and one (1) 1.5 inch conduit riser for controls for the operation of the Generator running from the Basement Space to
the roof of the South Building. Landlord shall make available adequate shaft space to accommodate six (6) 4 inch conduit risers for copper and fiber and one (1) 1.5 inch conduit riser
for controls running from the M1 Level of the Building to the Premises. If necessary, Landlord shall designate and make available to Tenant a vertical path to run two (2) 8 inch glycol pipe
risers and one (1) 2 inch power and one 1.5 inch controls conduit riser from the Dry Cooler to the Premises. To the extent that the Roof Space is damaged by the installation, maintenance,
operation, repair or removal of the Supplemental Equipment, Tenant shall promptly repair such damage. Tenant shall have access to
the Roof Space and Tenant's equipment relating to the Supplemental Equipment, at all times throughout the Term. Tenant shall comply with all applicable roof warranties in respect to Tenant's
activities on any Roof Space. If any installations referred to in this Article should revoke, negate or in any manner impair or limit any roof warranty or guaranty obtained by Landlord, then Tenant
shall reimburse Landlord for any actual loss or actual and reasonable damage sustained or costs or expenses incurred by Landlord as a result thereof within thirty (30) days of request therefor
by Landlord accompanied by data to support such charge. 

        (b)  Tenant's
Supplemental Equipment shall not constitute a nuisance or unreasonably interfere with the normal use of any portion of the Building, the use of the balance of
the roof or the use of the areas surrounding the Building. 

        (c)  Notwithstanding
anything to the contrary contained herein, all Supplemental Equipment installed on the Roof Space pursuant to this Section shall, upon written notice
given by Landlord no later than thirty (30) days prior to the expiration of the Term, be removed and all Roof Space and other portions of the Building adversely affected by such removal of the
Supplemental Equipment shall be repaired and restored by Tenant to the condition existing prior to Tenant's use prior to the termination of this Lease. 

        (d)  No
Supplemental Equipment shall be installed on the roof which, in Landlord's reasonable judgment, exceeds the weight capacity of the roof, unless Tenant, at Tenant's
sole cost and expense, reinforces the roof in compliance with the provisions of Article 5 hereof. All heavy and bulky equipment and materials shall be brought to and moved from the roof only by
persons holding a Master Rigger's License. 

        (e)  Landlord
acknowledges that Tenant may test the Generator approximately one (1) hour per calendar month and that Tenant shall schedule any such testing so as to
minimize any interference and disruption of Landlord's operation of the Building and the use and occupancy of the Building by the other tenants and occupants of the Building. 

        (f)    The
installation and position of the Supplemental Equipment shall comply with all Laws. 

59

 

        (g)  The
installation of any electrical or communications lines ("Wiring") and related equipment in connection with the
installation and operation of the Supplemental Equipment, as well as the manner and location (i.e., routing) of all Wiring and related equipment in connection therewith shall be subject to Landlord's
prior reasonable approval and shall comply with all Laws. The installation of any Wiring, fuel lines and related equipment in connection with the installation and operation of the Generator, as
well as the manner and location thereof, shall be subject to Landlord's prior reasonable approval and shall comply with all Laws. 

        (h)  The
Supplemental Equipment, including, without limitation, all Wiring and fuel lines, shall be maintained and kept in good repair by Tenant. 

        (i)    Landlord
may permit the use of any other portion of the roof other than the Roof Space by any other person, firm or corporation for any use, including, without
limitation, the installation of other antenna, satellite dish and support equipment, provided the same shall not interfere with Tenant's Supplemental Equipment. 

        (j)    For
the purpose of installing, servicing or repairing the Supplemental Equipment, Wiring and related equipment, Tenant shall have access to Roof Space upon prior
reasonable notice to Landlord. All access by Tenant to the Roof Space and other areas of the Building shall be subject to Landlord's reasonable safeguards for the security and protection of the
Building, the building equipment and installations and equipment of other tenants of the Building as may be located on the roof of the Building. Landlord shall have the right to assign a Building
representative to be present during the duration of Tenant's access to the Roof Space at Landlord's actual, out-of-pocket cost. 

        (k)  Tenant,
at Tenant's expense, shall comply with all Laws relating to Tenant's repair, maintenance and operation of the Supplemental Equipment and Wiring erected or
installed by Tenant pursuant to the provisions of this Section. Tenant, at Tenant's expense, shall secure and thereafter maintain all permits and licenses required for the installation and operation
of the Supplemental Equipment and all Wiring erected or installed by Tenant pursuant to the provisions of this Section, including, without limitation, any approval, license or permit required from the
Federal Communications Commission and the New York City Fire Department and Department of Buildings. Landlord shall cooperate with Tenant to obtain any such permits and licenses at Landlord's actual,
out-of-pocket cost. 

        (l)    All
electric service shall feed off the supply of electrical energy furnished to the Premises, as provided in Article 3 hereof. 

        (m)  Notwithstanding
anything to the contrary contained herein, Tenant agrees that Landlord shall not be required to provide any services whatsoever to the Roof Space. 

        (n)  Tenant
shall obtain any additional insurance coverage for the benefit of Landlord in such amount and of such type as Landlord may reasonably require as is customarily
obtained for owners of First-Class Office Buildings. 

        Section 12.03.    Relocation of Supplemental Equipment.    If Landlord shall reasonably require all or any
portion of the Roof Space to operate the Building efficiently as reasonably determined by Landlord, Landlord shall have the right, at any time and from time to time, during the term of this Lease,
upon reasonable prior written notice to Tenant, to relocate Tenant's Supplemental Equipment and any Wiring to other areas of the roof, provided, however, that (i) such relocations shall be done
at Landlord's expense, (ii) such relocation shall not interfere with Tenant's use of the Supplemental Equipment and Wiring or materially limit the functionality thereof, (iii) Landlord
shall indemnify, defend and hold harmless Tenant from any and against any and all claims, reasonable counsel fees, demands, damages expenses or losses by reason of the exercise of its relocation right
or any accidents, damage, injury or loss to any and all persons and property, or either, whomever or whatsoever resulting from or arising in connection with exercise by Landlord of its relocation
right, (iv) Landlord shall not 

60

 

relocate the Dry Cooler unless Landlord provides during such relocation an adequate means of cooling Tenant's data center, such as through the provision of "spot coolers" and (v) Landlord
shall comply with all Laws and obtain any necessary permits and licenses with respect to the exercise of its relocation right and the Supplemental Equipment and any Wiring, as relocated. Such
relocation shall, to the extent practicable, be performed during hours other than Tenant's regular business hours so as to minimize any disruption of Tenant's normal business activities, and except
for reasonable downtime during such location, such relocation shall not prevent Tenant from using its Supplemental Equipment for its original intended purpose. Tenant shall reasonably cooperate with
Landlord to effectuate the relocation of Tenant's Supplemental Equipment and any Wiring, as shall be required by Landlord. 

        Section 12.04.    Basement Space.    (a) Tenant shall have the right to use the space identified on
Exhibit M attached hereto as "200 SQ. FT. FOR TENANT #1 OIL TANK" (the "Basement Space") located on the B-2 level of the Building for
the purpose of installing and operating a fuel tank servicing the Generator not to exceed 900 gallons in capacity. Landlord shall make available to Tenant adequate shaft space to accommodate a fuel
oil riser running from the Basement Space to the Generator. The installation of the fuel tank shall constitute an Alteration and shall be done in compliance with Article 5 hereof. Landlord
shall designate a suitable location for the terminus of the fill and vent lines to connect the fuel tank to the outside of the Building, which fill and vent lines shall be installed at Tenant's sole
cost and expense. Notwithstanding anything to the contrary contained herein, Landlord shall not be required to provide any services whatsoever to the Basement Space. Tenant shall be entitled to tap in
to the existing lighting circuit for convenience lighting purposes. Tenant shall install and maintain a fire wall between the fuel tank and adjacent equipment in the B-2 level of the
Building, a fire-rated ceiling in the Basement Space, and ventilation in accordance with Laws, in each case subject to Landlord's reasonable approval. All electric service shall feed off
the supply of electrical energy furnished to the Premises, as provided in Article 3 hereof. Tenant shall maintain the fuel tank in good working order. The installation of the fuel tank shall be
subject to the consent of Overlandlord, to the extent required pursuant to the terms of the Overlease. 

        (b)  Tenant,
at Tenant's expense, shall comply with all Laws relating to Tenant's repair, maintenance and operation of the fuel tank installed by Tenant pursuant to the
provisions of this Section. Tenant, at Tenant's expense, shall secure and thereafter maintain all permits and licenses required for the installation and operation of the fuel tank, including, without
limitation, any approval, license or permit required from the New York City Fire Department and Department of Buildings. Landlord shall cooperate with Tenant to obtain any such permits licenses at
Landlord's actual, out-of-pocket cost. 

        (c)  Tenant
shall obtain any additional insurance coverage in respect of the fuel tank for the benefit of Landlord in such amount and of such type as Landlord may reasonably
require as is customarily obtained for owners of First-Class Office Buildings. 

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

	Landlord:	 	CREDIT SUISSE FIRST BOSTON (USA), INC.
	

 	
 	

By:	
 	

/s/  ANDREW B. FEDERBUSCH      

	 	 	 	 	Name: Andrew B. Federbusch
	 	 	 	 	Title: Managing Director
	

Tenant:	
 	

STANDARD CHARTERED BANK
	

 	
 	

By:	
 	

/s/  JAMES MCCABE      
 James McCabe

Chief Executive Officer the Americas
	

Tenant's Federal Tax I.D. No.:	
 	

941595409

62

QuickLinks

Exhibit 10.15

Table of Contents

INDEX OF DEFINED TERMS

ARTICLE 1 Definitions

ARTICLE 2 Premises; Term; Use

ARTICLE 3 Rent

ARTICLE 4 Landlord Services

ARTICLE 5 Leasehold Improvements; Tenant Covenants

ARTICLE 6 Assignment and Subletting

ARTICLE 7 Subordination; Default; Indemnity

ARTICLE 8 Insurance; Casualty; Condemnation

ARTICLE 9 Miscellaneous Provisions

ARTICLE 10 Sublease Provisions

ARTICLE 11 Representations and Warranties

ARTICLE 12 Roof Space and Basement SpaceQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.16    
  

	 	 	CREDIT SUISSE FIRST BOSTON (USA), INC.	 	 
	

 	
 	

Landlord        	
 	

 
	

 	
 	

TO	
 	

 
	

 	
 	

MARSH INC.	
 	

 
	

 	
 	

Tenant        	
 	

 
	

Lease

	

 	
 	

Dated as of April 26, 2002	
 	

 

  

 
 

Table of Contents    
  

	 
	 	 
	 	Page

	ARTICLE 1

DEFINITIONS
	

Section 1.01.	
 	

 	
 	

1
	
ARTICLE 2

PREMISES; TERM; USE
	

Section 2.01.	
 	

Demise	
 	

1
	Section 2.02.	 	Term	 	2
	Section 2.03.	 	Possession Date	 	2
	Section 2.04.	 	Intentionally Omitted	 	2
	Section 2.06.	 	Use	 	5
	
ARTICLE 3

RENT
	

Section 3.01.	
 	

Rent	
 	

5
	Section 3.02.	 	Fixed Rent	 	5
	Section 3.03.	 	Additional Charges	 	6
	Section 3.04.	 	Tax Payments	 	6
	Section 3.05.	 	Tenant Tax Incentives	 	8
	Section 3.06.	 	Tax Provisions	 	8
	Section 3.07.	 	Electric Charges	 	9
	Section 3.08.	 	Manner of Payment	 	11
	Section 3.09.	 	Operating Expenses	 	11
	
ARTICLE 4

LANDLORD SERVICES
	

Section 4.01.	
 	

Landlord Services	
 	

17
	Section 4.02.	 	Auditorium and Cafeteria	 	21
	Section 4.03.	 	Telecommunications	 	22
	Section 4.04.	 	Security	 	22
	
ARTICLE 5

LEASEHOLD IMPROVEMENTS; TENANT COVENANTS
	

Section 5.01.	
 	

Initial Improvements	
 	

22
	Section 5.02.	 	Alterations Generally	 	25
	Section 5.03.	 	Landlord's and Tenant's Property	 	27
	Section 5.04.	 	Access and Changes to Building	 	28
	Section 5.05.	 	Repairs	 	29
	Section 5.06.	 	Compliance with Laws/Compliance Language	 	30
	Section 5.07.	 	Tenant Advertising	 	31
	Section 5.08.	 	Right to Perform Tenant Covenants	 	31
	
ARTICLE 6

ASSIGNMENT AND SUBLETTING
	

Section 6.01.	
 	

Assignment; Etc	
 	

31
	Section 6.02.	 	Landlord's Option Right	 	33
	Section 6.03.	 	Assignment and Subletting Procedures	 	35

i

 

	Section 6.04.	 	General Provisions	 	37
	Section 6.05.	 	Assignment and Sublease Profits	 	38
	Section 6.06.	 	Assignor Cure Rights	 	38
	Section 6.07.	 	Landlord Non-Disturbance	 	39
	Section 6.08.	 	Subletting by Tenant within the Building	 	39
	
ARTICLE 7

SUBORDINATION; DEFAULT; INDEMNITY
	

Section 7.01.	
 	

Subordination	
 	

39
	Section 7.02.	 	Estoppel Certificate	 	41
	Section 7.03.	 	Default	 	41
	Section 7.04.	 	Re-entry by Landlord	 	42
	Section 7.05.	 	Damages	 	42
	Section 7.06.	 	Other Remedies	 	43
	Section 7.07.	 	Right to Injunction	 	43
	Section 7.08.	 	Certain Waivers; Waiver of Trial by Jury	 	43
	Section 7.09.	 	No Waiver	 	43
	Section 7.10.	 	Holding Over	 	43
	Section 7.11.	 	Intentionally Omitted	 	44
	Section 7.12.	 	Nonliability and Indemnification	 	44
	Section 7.13.	 	Protest of Landlord Charges	 	45
	
ARTICLE 8

INSURANCE; CASUALTY; CONDEMNATION
	

Section 8.01.	
 	

Compliance with Insurance Standards	
 	

45
	Section 8.02.	 	Tenant's Insurance	 	45
	Section 8.03.	 	Subrogation Waiver	 	47
	Section 8.04.	 	Condemnation	 	47
	Section 8.05.	 	Casualty	 	49
	
ARTICLE 9

MISCELLANEOUS PROVISIONS
	

Section 9.01.	
 	

Notice	
 	

51
	Section 9.02.	 	Building Rules	 	51
	Section 9.03.	 	Severability	 	51
	Section 9.04.	 	Certain Definitions	 	51
	Section 9.05.	 	Quiet Enjoyment	 	51
	Section 9.06.	 	Limitation of Liability	 	52
	Section 9.07.	 	Counterclaims	 	52
	Section 9.08.	 	Survival	 	52
	Section 9.09.	 	Certain Remedies	 	52
	Section 9.10.	 	No Offer	 	52
	Section 9.11.	 	Captions; Construction	 	53
	Section 9.12.	 	Amendments	 	53
	Section 9.13.	 	Broker	 	53
	Section 9.14.	 	Merger	 	53
	Section 9.15.	 	Successors	 	53
	Section 9.16.	 	Applicable Law	 	53
	Section 9.17.	 	No Development Rights	 	53
	Section 9.18.	 	Surrender	 	53

ii

 

	Section 9.19.	 	Arbitration	 	54
	Section 9.20.	 	Signage	 	54
	Section 9.21.	 	Attorneys' Fees	 	54
	Section 9.22.	 	Counterparts	 	54
	Section 9.23.	 	Invoices	 	55
	Section 9.24.	 	Other Agreements	 	55
	
ARTICLE 10

SUBLEASE PROVISIONS
	

Section 10.01.	
 	

Sublease Provisions	
 	

55
	
ARTICLE 11

REPRESENTATIONS AND WARRANTIES
	

Section 11.01.	
 	

Landlord's Representations and Warranties	
 	

58
	Section 11.02.	 	Tenant's Representations, Warranties and Acknowledgements	 	58
	
ARTICLE 12

FIRST OFFER SPACE
	

Section 12.01.	
 	

Definitions	
 	

59
	Section 12.02.	 	First Offer Space	 	59
	Section 12.03.	 	Fair Market Rent	 	59
	Section 12.04.	 	Miscellaneous	 	62
	Section 12.05.	 	Article 12 is Part of Lease	 	62

EXHIBITS  

	 	 	A	 	Description of Land
	 	 	B	 	Premises Floor Space Plan
	 	 	C	 	Rules and Regulations
	 	 	D	 	HVAC Specifications
	 	 	E	 	Form of Non-Disturbance Agreement
	 	 	F	 	Overlandlord Consent
	 	 	G	 	Cleaning Specifications
	 	 	H	 	Delivery Condition

iii

 
 
 

INDEX OF DEFINED TERMS    
  

	Definition
 
	 	Where Defined

	5% Fee	 	Section 3.07
	AAA Rules	 	Section 9.19
	Additional Charges	 	Section 3.03
	Additional Rent for Electricity	 	Section 3.07
	Affiliate	 	Section 6.01
	Alteration Plans	 	Section 5.02
	Arbitrator	 	Section 9.19
	Auditorium	 	Section 1
	Assignment Consideration	 	Section 6.05
	Base Operating Years	 	Section 3.09
	Base Rate	 	Section 3.08
	Base Tax Amount	 	Section 3.04
	Bid Taxes	 	Section 3.04
	Broker	 	Section 9.13
	Building	 	Recitals
	Building Rate	 	Section 4.01
	Business Days	 	Section 4.01
	Business Hours	 	Section 4.01
	Cafeteria	 	Section 1
	Casualty	 	Section 8.05
	Commencement Date	 	Section 2.02
	Contractor(s)	 	Section 5.01
	Control	 	Section 6.01
	Cost Savings	 	Section 3.09
	Curing Party	 	Section 5.08
	Cut-Off Date	 	Section 3.09
	Delivery Condition	 	Section 1
	Electing Party	 	Section 9.19
	Electric Capacity	 	Section 3.07
	Expiration Date	 	Section 2.02
	Fixed Rent	 	Section 3.02
	Fixtures	 	Section 5.03
	Force Majeure	 	Section 4.01(b)
	Hazardous Materials	 	Section 5.06
	HLW Report	 	Section 1
	HVAC	 	Section 4.01
	Improvements and Betterments	 	Section 5.03
	Indemnified Party	 	Section 7.12
	Interest Rate	 	Section 5.08
	Land	 	Recitals
	Landlord	 	Introduction
	Landlord Lease Termination Date	 	Section 2.04
	Landlord Lease Termination Notice	 	Section 2.04
	Landlord Services	 	Section 4.01
	Laws	 	Section 5.06
	Lease	 	Introduction
	Lease Procurement Costs	 	Section 2.04
	Material Alteration	 	Section 5.02

iv

 

	Minor Alterations	 	Section 5.02
	New Tenant	 	Section 7.10
	Non-Retail Space	 	Section 2.05
	Operating Expenses	 	Section 3.09
	Operating Payment	 	Section 3.09
	Operating Statement	 	Section 3.09
	Operating Year	 	Section 3.09
	Optional Location	 	Section 2.01
	Other Sublease Consideration	 	Section 6.05
	Overlandlord	 	Section 1
	Overlease	 	Section 1
	Overtime Periods	 	Section 4.01
	PASNY	 	Section 3.07
	Possession Date	 	Section 2.03
	Premises	 	Section 2.01
	Project	 	Recitals
	Recapture Space	 	Section 6.02
	Rent	 	Section 3.01
	Repair Estimate Notice	 	Section 8.05
	Required Substantial Completion Date	 	Section 8.05
	Rules and Regulations	 	Section 4.01(e)
	South Building	 	Section 1
	Standard	 	Section 5.05
	Subsequent Landlord Lease Termination Date	 	Section 2.04
	Subsequent Notice	 	Section 2.04
	Successor Entity	 	Section 6.01
	Successor Landlord	 	Section 7.01
	Superior Lease	 	Section 7.01
	Superior Lessor	 	Section 7.01
	Superior Mortgage	 	Section 7.01
	Superior Mortgagee	 	Section 7.01
	Tax Payment	 	Section 3.04
	Tax Year	 	Section 3.04
	Taxes	 	Section 3.04
	Tenant	 	Introduction
	Tenant Assignor	 	Section 6.06
	Tenant Assignee	 	Section 6.06
	Tenant Casualty Repair Obligations	 	Section 8.05
	Tenant Lease Termination Date	 	Section 2.04
	Tenant Termination Notice	 	Section 2.04
	Tenant's Basic Cost	 	Section 6.05
	Tenant's Initial Improvements	 	Section 5.01
	Tenant's Offer Notice	 	Section 6.02
	Tenant's Plans	 	Section 5.01
	Tenant's Property	 	Section 5.03
	Tenant's Share	 	Section 3.04
	Term	 	Section 2.02
	Tower	 	Section 1
	Transfer Notice	 	Section 6.03

v

        LEASE (this "Lease"), dated as of April 26, 2002, between CREDIT SUISSE FIRST BOSTON (USA), INC.
("Landlord"), a New York corporation whose address is Eleven Madison Avenue, New York, New York 10010-3629 and MARSH INC.
("Tenant"), a Delaware corporation, whose address is 1166 Avenue of the Americas, New York, New York 10036. 

 
 

W I T N E S S E T H    
  

        WHEREAS, Landlord is willing to lease to Tenant and Tenant is willing to hire from Landlord, on the terms hereinafter set forth, certain space in the office
building commonly known as One Madison Avenue, New York, New York (the "Building") on the land more particularly described in  Exhibit A (the
"Land"; the Land and the Building and all plazas, sidewalks and curbs adjacent
thereto are collectively called the "Project"). 

        NOW,
THEREFORE, Landlord and Tenant agree as follows: 

 
 

ARTICLE 1    
    
    Definitions    
  

        As used in this Lease, the following terms shall have the following respective meanings: 

        (a)  "Auditorium" means the auditorium located in the South Building Lobby. 

        (b)  "Cafeteria" means the cafeteria located on the B-2 floor of the Building. 

        (c)  "Delivery Condition" means that the premises shall be delivered with the work specified on  Exhibit H having been substantially completed. 

        (d)  "HLW Report" means that certain report, dated December 6, 2000 and prepared by HLW and designated as Area
Calculations, Project 3785. 

        (e)  "Overlandlord" means the Metropolitan Life Insurance Company, a New York corporation, or any successor or assign of its
interest under the Overlease. 

        (f)    "Overlease" means that certain Lease by and between Landlord and Overlandlord, dated as of February 22, 2001, as
amended by that certain First Amendment to Lease dated as of January 3, 2002, as the same may be further amended, modified or supplemented from time to time. 

        (g)  "South Building" means the portions of the Building shown on the floor plans included in the HLW Report as "Area
Calculations—South Building." 

        (h)  "Tower" means the portions of the Building shown on the floor plans included in the HLW Report as "Area
Calculations—Tower." 

 
 

ARTICLE 2    
    
    Premises; Term; Use    
  

        Section 2.01.    Demise.    (a) Landlord
hereby leases to
Tenant and Tenant hereby hires from Landlord, subject to the terms and conditions of this Lease, the entire 4th floor of the South Building and 3rd and 4th
floors of the Tower (collectively, the "Premises") substantially as shown on the plans annexed as  Exhibit B, together with the non-exclusive right to
use and to permit its permitted subtenants, assignees and invitees to use, in
common with other tenants and occupants of the Project, the lobbies, loading dock and other public portions and common facilities of the Project including, without limitation, any fire stairwells
located between adjacent floors of the Premises for customary convenience stairs purposes between such floors only, subject to, and in accordance with the terms of this Lease, including without
limitation the Rules and Regulations and, with respect to such fire stairwells, Section 4.01(f) below. Landlord and Tenant agree for the purposes
of this Lease only that the Premises is conclusively deemed to contain 105,255 rentable square feet. Subject to the terms and 

 

conditions of this Lease, Tenant shall have access to the Premises twenty-four (24) hours per day, seven (7) days per week. 

        Section 2.02.    Term.    Subject to the
rights of Landlord and
Tenant set forth in Section 10.01(g) to terminate this Lease in the event of Overlandlord's failure to deliver the documents described in
clause (b) below, the term of this Lease (the "Term") shall commence on the date (the "Commencement
Date") that is the later to occur of (a) delivery of the Premises to 7/8/02 Tenant in Delivery Condition and, (b) the date that Overlandlord's Consent to this
Lease has 4/26/02 been obtained by Landlord in the form attached hereto as Exhibit F and Overlandlord shall have executed a Subordination and
Non-Disturbance Agreement substantially in the form attached hereto as Exhibit E and shall end, unless sooner terminated as herein
provided, or renewed pursuant to Section 2.05, on the last day of the calendar month in which occurs the tenth (10th)
anniversary of the Rent Commencement Date (as hereinafter defined) (the "Expiration Date"). 

        Section 2.03.    Possession Date.    (a)
"Possession Date" shall mean the date possession of the Premises is delivered to Landlord by Overlandlord pursuant to the Overlease. Landlord
anticipates that the Premises shall be delivered by Overlandlord to Landlord on or about June 1, 2002 and has been advised that it should not expect to receive the Premises any later than
July 31, 2002. Landlord shall keep Tenant reasonably apprised of the delivery schedule of the Premises as Landlord receives such information from Overlandlord. Landlord shall deliver possession
of the Premises to Tenant in Delivery Condition within four (4) weeks of the Possession Date, provided that (i) Landlord has received
Overlandlord's consent to this Lease, (ii) Tenant shall not be required to accept the Premises prior to July 1, 2002 and (iii) if Landlord is unable to deliver the Premises to
Tenant within such 4-week period on account of Force Majeure, then such period shall be extended by one day for each such day of Force Majeure. Landlord shall provide two
(2) Business Days prior written notice of the date the Premises will be so delivered. In the event that Landlord is unable to deliver possession of the Premises to Tenant in Delivery Condition
on or before August 1, 2002 for any reason other than Force Majeure, the Rent Commencement Date shall be deemed extended for one (1) additional day for each day after August 1,
2002 the Premises are not so delivered (e.g, if there are two days of delay, the Rent Commencement Date will occur 182 days after the Commencement Date). In the event the Premises are not
delivered to Tenant in Delivery Condition on or prior to February 28, 2003 for any reason including Force Majeure, Tenant shall have the right to terminate this Lease by written notice to
Landlord made during the first five (5) days in March, June, September or December, 2003, but on all other days Tenant shall not have the right to terminate this Lease and Landlord shall have
the right to deliver the space to Tenant in accordance with this Lease. Upon Landlord's receipt of any notice of termination provided by Tenant in accordance with the foregoing sentence, this Lease
shall be deemed terminated and of no further force and effect. 

        (b)  Subject
to Landlord's obligation to deliver the Premises in Delivery Condition, Landlord shall deliver the Premises to Tenant in the condition Overlandlord delivers the
Premises to Landlord and Tenant shall accept the Premises "as is". Tenant waives any right to rescind this Lease under Section 223-a of the New York Real Property Law or any
successor statute of similar nature and purpose then in force and further waives the right to recover any damages which may result from Landlord's failure for any reason to deliver possession of the
Premises for the commencement of the Term. The provisions of this Article are intended to constitute an "express provision to the contrary" within the meaning of Section 223-a of
the New York Real Property Law. 

        Section 2.04.    Intentionally Omitted    

        Section 2.05.    Option to Renew.    (a) Provided that Tenant is not in default hereunder beyond any
applicable
notice and cure period on the date of the Notice to Renew (as hereinafter defined) or on the Expiration Date and on such date of the Notice to Renew Tenant shall have sublet no more than
thirty-five (35%) of the portion of the Premises located in the South Building (it being agreed that space sublet to Affiliates shall be deemed not to have been sublet for these purposes),
Tenant shall 

2

 

have the right to extend the Term of the Lease for a renewal term ("Renewal Term") commencing on the day immediately succeeding the Expiration Date and
ending on December 30, 2020, upon the same terms and conditions as are herein provided, except that (i) Rent during the Renewal Term shall equal the greater of (x) the sum of the
Fixed Rent and Additional Charges payable by Tenant on the last day of the initial Term and (y) the Fair Market Rent (as hereinafter defined), (ii) Tenant shall have no option to renew
this Lease beyond the expiration of the Renewal Term, (iii) the Premises shall be delivered in their existing condition (on an "as is" basis) at the time the Renewal Term commences and
(iv) no tenant improvement allowance or rent free period shall be granted. Such right shall be exercised by Tenant by giving written notice (the "Notice to
Renew") to Landlord at least eighteen (18) months prior to the Expiration Date of the Term. Time shall be of the essence for the exercise of such option. Tenant shall
have no further right to extend or renew this Lease. The renewal option set forth in this Section 2.05 is personal to Marsh Inc. and its
Affiliates and shall not inure to the benefit of any third party. For the avoidance of doubt and without limiting any other provision of this Lease, the Premises subject to renewal pursuant to this  Section 2.05
shall include any space added to the Premises in accordance with Article 12  hereof. 

        (b)  For
the purposes of this Article, "Fair Market Rent" shall mean the rental rate then being charged by landlords
(including Landlord) in Manhattan on new leases for a ten (10) year term of space of similar quality and size as the Premises, assuming the Landlord has had sufficient time to locate a
suitable, unaffiliated third-party tenant in the market place, and adjusting upward or downward for all relevant factors, including without limitation, age, extent and quality of tenant improvements,
length of term, amenities, location and/or floor height, the time value of money, Tenant's credit rating, the costs that Landlord would not incur if Tenant renews, such as, without limitation, the
fact that Landlord is not obligated to contribute to any build out or renovation of the Premises, and allowances or concessions that have been granted such as leasehold improvements, moving
allowances, rent abatements and lease assumptions. Landlord and Tenant shall meet and shall cooperate in good faith to reach a mutually acceptable determination of Fair Market Rent. In the event that
Landlord and Tenant shall be unable to agree on the determination of Fair Market Rent by the date that is sex (6) months prior to the commencement of the Renewal Term, either party shall have
the right at any time thereafter to submit
the determination of Fair Market Rent to arbitration in accordance with the procedures set forth in Section 2.05(d) below. 

        (c)  If
the parties have submitted the determination of Fair Market Rent to arbitration in accordance with the provisions hereof and such arbitration shall not be concluded
prior to the commencement of the Renewal Term, Tenant shall nevertheless pay all Fixed Rent and Additional Charges to Landlord with respect thereto from and after the commencement of the applicable
Renewal Term, which shall include Fixed Rent as specified in Landlord's Determination (defined in Section 2.05(d)(ii)(3) below) or, if no such
Determination has been rendered, the Fixed Rent and the Additional Charges payable with respect to the last day of the initial Term (such payment amounts, as applicable, being referred to herein as
the "Provisional Rent"). If the applicable Fair Market Rent as determined by arbitration is greater than the Provisional Rent, then such adjustment as
shall be needed to correct the amount previously paid by Tenant on such underpaid amount, computed from the date of such underpayment to the date of payment, shall be made in a payment by Tenant to
Landlord within thirty (30) days after the arbitration determination. If the applicable Fair Market Rent is less than the Provisional Rent, then Tenant shall be entitled to a rent credit
against the next installment of Fixed Rent sufficient to correct any amounts previously overpaid by Tenant, computed from the date of such overpayment to the date of the rent credit. 

        (d)  (i) If
either party hereto desires to invoke the arbitration procedure referenced above, the party invoking the arbitration procedure shall give a notice (the
"Arbitration Notice") to the other party stating that the party sending the Arbitration Notice desires to meet within 10 days to attempt to agree
on a single arbitrator (the "Arbitrator") to determine the Fair Market Rent. The Arbitrator appointed 

3

 

shall be competent, qualified by training and experience in New York, disinterested and independent, shall hold an MAI designation and have a minimum of 10 years' experience in appraising
first class office buildings (and rentals thereof) located in Manhattan. If the parties hereto have not agreed on the Arbitrator within 10 days after the giving of the Arbitration Notice, then
either party hereto, on behalf of both, may apply to the New York City office of the American Arbitration Association or any organization which is the successor thereof (the
"AAA") for appointment of the Arbitrator or, if the AAA shall not then exist or shall fail, refuse or be unable to act such that the Arbitrator is not
appointed by the AAA within 30 days after application therefore, then either party may apply to the presiding Justice of the Appellate Division of the Supreme Court of the State of New York,
First Department (the "Court") for the appointment of the Arbitrator and the other party shall not raise any question as to the Court's full power and
jurisdiction to entertain the application and make the appointment. The date on which the Arbitrator is appointed by the agreement of the parties, by appointment by the AAA or by appointment by such
court, is referred to herein as the "Appointment Date". If any Arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or
continue to serve, a replacement Arbitrator shall be appointed in the same manner as the original Arbitrator. 

        (ii)  The
arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: 

        (1)  To
the extent that the New York State Civil Practice and Law Rules (the "CPLR"), or any successor statute, imposes
requirements different from those of the AAA in order for the decision of the Arbitrator to be enforceable in the courts of the State of New York, such requirements shall be complied with in the
arbitration. 

        (2)  Before
hearing any testimony or receiving any evidence, the Arbitrator shall be sworn by an officer authorized to administer an oath to hear and decide the controversy
faithfully and fairly and a written copy thereof shall be delivered to Landlord and Tenant. 

        (3)  Within
20 days after the Appointment Date, the parties hereto shall deliver to the Arbitrator two copies of their respective written determinations of the Fair
Market Rent (each, a "Determination"), together with such affidavits, appraisals, reports and other written evidence relating thereto as the submitting
party deems appropriate. After the submission of any Determination, the submitting party may not make any additions to or deletions from, or otherwise change, such Determination or the affidavits,
appraisals, reports and other written evidence delivered therewith. If either party fails to so deliver its Determination within such time period, such party shall be deemed to have irrevocably waived
its right to deliver a Determination and the Arbitrator, without holding a hearing, shall accept the Determination of the submitting party as the Fair Market Rent. If each party submits a
Determination with respect to the Fair Market Rent, within the 20-day period described above, the Arbitrator shall, promptly after its receipt of the second Determination, deliver a copy
of each party's Determination to the other party. 

        (4)  Not
less than 15 days nor more than 30 days after the earlier to occur of (A) the expiration of the 20-day period provided for in
clause 3 of this subsection or (B) the Arbitrator's receipt of both of the Determinations from the parties (such earlier date is referred to here as the
"Submission Date"), and upon not less than 10 days' notice to the parties, the Arbitrator shall hold one or more hearings with respect to the
determination of the Fair Market Rent. The hearings shall be held in the Borough of Manhattan at such location and time as shall be specified by the Arbitrator. Each of the parties shall be entitled
to present all relevant evidence and to cross-examine witnesses at the hearings. The Arbitrator shall have the authority to adjourn any hearing to such later date as the Arbitrator shall 

4

 

specify, provided that in all events all hearings with respect to the determination of the Fair Market Rent shall be concluded not later than 60 days after the Submission Date. 

        (5)  The
Arbitrator shall be instructed, and shall be empowered only, to select as the Fair Market Rent one of the Determinations which the Arbitrator believes is the more
accurate determination of such Fair Market Rent. Without limiting the generality of the foregoing, in rendering his or her decision, the Arbitrator shall not add to, subtract from or otherwise modify
the provisions of this Lease or either of the Determinations. 

        (6)  The
Arbitrator shall render his or her determination as to the selection of a Determination in a signed and acknowledged written instrument, original counterparts of
which shall be sent
simultaneously to the parties hereto, within 10 days after the earlier to occur of (A) his or her determination of the Fair Market Rent pursuant to clause (3) of this subsection
or (B) the conclusion of the hearing(s) required by clause (4) of this subsection. 

        (iii)  This
Section 2.05(d) shall constitute a written agreement to submit any dispute regarding the determination of
the Fair Market Rent to arbitration. 

        (iv)  The
arbitration decision, determined as provided in this Section, shall be conclusive and binding on the parties, shall constitute an "award" by the Arbitrator within
the meaning of the AAA rules and applicable law and judgment may be entered thereon in any court of competent jurisdiction. 

        (v)  Each
party shall pay its own fees and expenses relating to the arbitration (including, without limitation, the fees and expenses of its counsel and of experts and
witnesses retained or called by it). Each party shall pay one-half of the fees and expenses of the AAA and of the Arbitrator. 

        Section 2.06    Use.    Tenant shall use the
Premises only for
such uses as are permitted pursuant to Section 6.1 and 6.2 of the Overlease, the terms and
provisions of which are incorporated herein by reference as if fully set forth herein, except that the term "Non-Retail Space" therein shall
be deemed to refer to the term "Premises" herein and Section 6.1(b) shall not be so incorporated. 

 
 

ARTICLE 3    
    
    Rent    
  

        Section 3.01.    Rent.    "Rent" shall consist
of Fixed Rent
and Additional Charges. 

        Section 3.02.    Fixed Rent.    (a) The fixed
rent ("Fixed
Rent") for the Premises shall be: (i) for the period commencing on the date which is 180 days after the Commencement Date (the "Rent Commencement
Date") and ending on the day before the 5th anniversary of the Rent Commencement Date, Four Million Eight Hundred Forty-One Thousand Seven Hundred
Thirty Dollars and 00/100 ($4,841,730.00), payable in equal monthly installments of Four Hundred Three Thousand Four Hundred Seventy-Seven Dollars and 50/100 ($403,477.50); and (ii) for the
period commencing on the 5th anniversary of the Rent Commencement Date and ending on the Expiration Date of the initial Term, Five Million Three Hundred Sixty-Eight Thousand and Five
Dollars and 00/100 ($5,368,005.00) payable in equal monthly
installments of Four Hundred Forty-Seven Thousand Three Hundred Thirty-Three Dollars and 75/100 ($447,333.75). 

        Fixed
Rent shall be payable by Tenant in equal monthly installments in advance on the first day of each calendar month during the Term and the Renewal Term, provided, that, if the Rent
Commencement Date is not the first day of the month, the amount of Fixed Rent due Landlord for the period commencing on such Rent Commencement Date and ending on the last day of such month shall be
equal to the amount of Fixed Rent due on a daily basis multiplied by the number of days in such period and shall be paid on the Rent Commencement Date. 

5

 

        Section 3.03.    Additional
Charges.    "Additional Charges" means Tax Payments, Operating Payments and all other sums of money, other than Fixed
Rent, at any time payable by Tenant under this Lease, all of which Additional Charges shall be deemed to be rent. 

        Section 3.04.    Tax Payments.    (a)
"Base Tax Amount" means the Taxes (excluding any amounts described in Section 3.04(b)(iii)) for
the period commencing on July 1, 2002 and ending on June 30, 2003. Landlord represents and warrants that the Base Tax Amount will not include, and shall not be reduced by, any
As-of-Right Benefits (defined below). 

        (b)  "Taxes" means (i) the real estate taxes, vault taxes, assessments and special assessments levied, assessed or
imposed upon or with respect to the Land and the Building by any federal, state, municipal or other government or governmental body or authority (including, without limitation, any taxes, assessments
or charges imposed upon or against Project, Landlord or the owner of the Project with respect to any business improvement district (collectively, "Bid
Taxes")) but only if and to the extent that the same shall be reflected in any tax bill with respect to the Project and after giving effect to any and all abatements, refunds,
reductions and credits which are not made expressly for the benefit of another tenant by the Building, but expressly excluding any benefit accruing to Landlord under any discretionary municipal
incentive program (as opposed to benefits granted by the applicable governmental entity on a Building-wide basis "as of right" ("As-of-Right
Benefits"), including any Building-wide benefits which may be granted pursuant to the Industrial and Commercial Incentive Program), (ii) all taxes assessed
or imposed with respect to the rentals payable under this Lease other than general income and gross receipts taxes; provided, that any such tax shall
exclude Commercial Rent or Occupancy Taxes imposed pursuant to Title 11, Chapter 7 of the New York City Administrative Code so long as such tax is required to be paid by tenants directly
to the taxing authority and (iii) any expenses incurred by Landlord in contesting such taxes or assessments and/or the assessed value of the Project, which expenses shall be allocated to the
Tax Year to which such expenses relate. If at any time the method of taxation shall be altered so that in lieu of or as an addition to (but only to the extent imposed on the ownership or operation of
interests in real property and not on commercial interests generally) or as a substitute for, the whole or any part of such real estate taxes, assessments and special assessments now imposed on real
estate, there shall be levied, assessed or imposed (x) a tax, assessment, levy, imposition, fee or charge wholly or partially as a capital levy or otherwise on the rents received therefrom, or
(y) any other additional or substitute tax, assessment, levy, imposition, fee or charge,
including, without limitation, business improvement district and transportation taxes, fees and assessments, then all such taxes assessments, levies, impositions, fees or charges or the part thereof
so measured or based shall be included in "Taxes," computed as if Landlord's sole asset were the Project. If the owner, or lessee under a Superior
Lease, of all or any part of the Project is an entity exempt from the payment of taxes described in clauses (i) and  (ii), there shall be included in
"Taxes" the taxes described in clauses (i) and (ii) which
would be so levied, assessed or imposed if such owner or lessee were not so exempt and such taxes shall be deemed to have been paid by Landlord on the dates on which such taxes otherwise would have
been payable if such owner or lessee were not so exempt. Except as permitted in this Section 3.04(b),
"Taxes" shall not include (x) any municipal, state or federal taxes on Landlord's income, franchise taxes, taxes on gross receipts or revenue,
estate or inheritance taxes value added, transfer, transfer gains, succession, capital stock excise, excess profits, gift, foreign ownership or control, corporate franchise, corporate, unincorporated
association, payroll or stamp tax, or any similar taxes or charges imposed or assessed against Landlord, including any other tax, assessment, charge or levy on the rent reserved under leases,
including this Lease or (y) unless due to default in Tenant timely paying Tenant's Tax Share hereunder, any penalties, late charges or fines imposed against Landlord with respect to real estate
taxes, assessments and the like that are otherwise includable within the term "Taxes." If the Bid Taxes are eliminated or reduced after the date hereof, then, as of the date of such elimination or
reduction, the Base Tax Amount shall be recalculated to take into account the elimination or reduction of the Bid Taxes. 

6

 

        (c)  "Tax Year" means each period of 12 months, commencing on the first day of July of each such period, in which
occurs any part of the Term, or such other period of 12 months occurring during the Term as hereafter may be adopted as the fiscal year for real estate tax purposes of the City of New York. 

        (d)  "Tenant's Share" means 7.461%, as the same may be increased or decreased in accordance with the terms of this Lease. The
parties hereto agree that the rentable square foot area, as of the date hereof, of (i) the Premises shall be deemed to be 105,255 rentable square feet, and (ii) the rentable square foot
area of the Building shall be deemed to be 1,410,765 rentable square feet. Tenant's Share has been determined and/or redetermined by dividing the rentable square foot area of the Premises by the
rentable square foot area of the Building. 

        (e)  If
Taxes for any Tax Year, shall exceed the Base Tax Amount, Tenant shall pay to Landlord (each, a "Tax Payment")
Tenant's Share of the amount by which Taxes for such Tax Year are greater than the Base Tax Amount. Landlord shall give Tenant a statement showing the computation of Tenant's Share of Taxes, which
statement shall cover only those Taxes which Landlord is then required to pay pursuant to the Overlease and such statement shall be accompanied by copies of the applicable tax bills or other evidence
showing the Taxes or tax assessments. The Tax Payment for each Tax Year shall be due and payable in installments in the same manner that Taxes for such Tax Year are due and payable to the City of New
York, except that Tenant shall pay each such installment to Landlord on or before the later of (A) twenty (20) days after the rendering by Landlord to Tenant of the above-referenced
statement or (B) thirty (30) days prior to the date such installment first becomes due and payable to the City of New York. If there shall be any increase or decrease in the Taxes for
any Tax Year, the Tax Payment for such Tax Year shall be appropriately adjusted and paid or refunded, as the case may be, in accordance herewith. In no event, however, shall Tenant be entitled to a
refund or credit against any
sums payable under this Lease if Taxes are reduced below the Base Tax Amount. Except as heretofore provided, Tenant shall receive an equitable share of any and all real estate tax incentives,
abatements and credits granted to the Building and Land during the Term of this Lease, provided that such real estate tax incentives, abatements and
credits may be attributed, at least in part, to Tenant's use and occupancy of the Premises (or any portion thereof located in the Building). Similarly, if any such incentives, abatements or credits
are directly attributed to space in the Building not leased to Tenant in no event shall Tenant be entitled to share in any such benefits. Landlord, at Tenant's sole cost and expense, shall reasonably
cooperate with Tenant in Tenant's efforts to obtain municipal tax rebates, credits or other incentives with respect to the Premises; it being acknowledged that any such incentives shall be the sole
property of Tenant. 

        (f)    If
Landlord shall receive a refund of Taxes for any Tax Year, Landlord shall pay to Tenant Tenant's Share of the net refund (after deducting from such refund the costs
and expenses of obtaining the same, including, without limitation, appraisal, accounting and legal fees, to the extent that such costs and expenses were not included in the Taxes for such Tax Year);  provided, that (i) Tenant shall not be eligible to receive such payment if, at the time such payment is required to be refunded to Tenant, Tenant
is in default under the Lease beyond any notice and grace period, if applicable, until such time as such default is cured, at which time such payment shall be made to Tenant,  provided, that Landlord
shall be entitled to deduct any costs and expenses arising from such default (including, without limitation, any payments made
to cure such default) from any such payment to be made to Tenant and (ii) such payment to Tenant shall in no event exceed Tenant's Tax Payment paid for such Tax Year. Such refund shall be made
to Tenant within sixty (60) days of Landlord's receipt thereof. 

        (g)  If
the Taxes comprising the Base Tax Amount are reduced as a result of an appropriate proceeding or otherwise, the Taxes as so reduced shall for all purposes be deemed
to be the Base Tax Amount and Landlord shall notify Tenant of the amount by which the Tax Payments previously made were less than the Tax Payments required to be made under this  Section 3.04; and
Tenant shall pay the deficiency within twenty (20) days after demand therefor. 

7

 

        Section 3.05.    Tenant Tax Incentives.    Subject to the terms
of the Overlease, in the event that Tenant becomes eligible for any tax incentives or governmental awards from the City of New York or the State of New York or otherwise arising out of or related to
Tenant's agreement to remain in New York City or any similar incentive or credit program available to companies affected by the World Trade Center events, Landlord shall, at Tenant's sole cost and
expense and without liability to Landlord, reasonably cooperate to the extent necessary or appropriate to secure the maximum benefits available to Tenant. Landlord shall, upon Tenant's reasonable
request, request that Overlandlord reasonably cooperate with Tenant in securing such benefits and, if Overlandlord shall fail to so cooperate, Tenant shall have the right to take whatever action may
available at law or under the Overlease to obtain such cooperation in its own name, and for that purpose and only to such extent, all of the rights of Landlord under Section 14.15 of the
Overlease are hereby conferred upon and assigned to Tenant and Tenant is subrogated hereby to such rights to the extent that the same shall apply to the matter for which cooperation is sought. If any
such action against Overlandlord in Tenant's name shall be barred by reason of lack of privity, nonassignability or otherwise, Tenant may take such action in Landlord's name provided Tenant has
obtained the prior written consent of Landlord, which consent shall not be
unreasonably withheld, provided, and Tenant hereby agrees, that Tenant shall indemnify and hold Landlord harmless from and against all liability, loss, damage or expense, including, without being
limited to, reasonable attorneys' fees and expenses, which Landlord shall suffer or incur by reason of such action. 

        Section 3.06.    Tax Provisions.    (a)
Landlord's failure to
render or delay in rendering any statement with respect to any Tax Payment or installment thereof shall not prejudice Landlord's right to thereafter render such a statement, nor shall the rendering of
an incorrect statement for any Tax Payment or installment thereof prejudice Landlord's right to thereafter render a corrected statement therefor. If Landlord fails to render a statement with respect
to any particular Tax Payment or installment thereof within two (2) years after the Expiration of this Lease, Landlord shall be deemed to have waived its right to claim any deficiency. 

        (b)  Landlord
and Tenant confirm that the computations under this Article 3 are intended to constitute a formula for agreed rental escalation and may or may not
constitute an actual reimbursement to Landlord for the Taxes. If the Building has been or shall be condominiumized, then Tenant's Tax Payments shall, if necessary, be equitably adjusted such that
Tenant shall thereafter continue to pay the same share of the Taxes of the condominiumized Building as Tenant would pay in the absence of such condominimization. 

        (c)  Each
Tax Payment in respect of a Tax Year, which ends after the expiration or earlier termination of this Lease, and any tax refund pursuant to  Section 3.04(f), shall be prorated to correspond to that
portion of such Tax Year occurring within the Term. 

        (d)  Landlord
shall have no obligation to bring any application or proceeding seeking a reduction in Taxes or the assessed valuation of the Building. Tenant hereby waives to
the fullest extent permitted by law any right Tenant may now or in the future have to protest or contest any Taxes or to bring any application or proceeding seeking a reduction in Taxes or the
assessed valuation of the Building or otherwise challenging the determination thereof. 

8

           Section 3.07.    Electric Charges.    (a) Landlord shall supply
the Premises with electrical service equal to six (6) watts, demand load, exclusive of the HVAC System serving the Premises, per usable square foot contained in the Premises
("Electric Capacity"), and shall cause Tenant's electric energy usage to be measured on a submetering basis. If the electric service supplied to the
Premises is supplied by more than one (1) submeter, then the readings will be aggregated through a totalizing meter and billed on a coincident demand basis as if billed through a single meter.
Landlord shall, as soon as practicable and at Landlord's expense, purchase and install the submeter(s). Tenant shall pay Landlord, as additional rent within thirty (30) days of receipt of its
next rent bill, for the kw hours and kw demand used by Tenant at Landlord's average cost per kilowatt hour for the Building, plus five (5%) percent thereof for providing, maintaining, repairing,
reading and billing the submetering service (the "5% Fee"). Landlord shall have the sole right to select the provider of electricity for the Building;  provided, however, that Landlord shall not select a provider of electricity for the Buildings in which Landlord has an economic interest other than the
ownership of publicly-traded common stock Tenant, from time to time, shall have the right to review the readings of Tenant's submeter(s) and Landlord's calculation of the Additional Charges for
electricity, at reasonable times and on reasonable prior notice, on or prior to the one hundred twentieth (120th) day after the date on which Tenant receives the rent bill or statement
which includes such Additional Charges. Tenant shall be entitled in its discretion to allocate within the Premises the 6 watts of electrical service delivered by Landlord to the Premises, but no such
allocation by Tenant within the Premises shall obligate Landlord to increase the electrical service provided to the Premises or change the manner in which such electrical service is delivered to the
Premises. 

        (b)  Prior
to the date that Landlord shall install submeter(s) at the Premises, Tenant shall pay in monthly installments in advance, as additional rent for its consumption of
electricity at the Premises, at a rate per annum equal to the product of (A) $2.50 and (B) the rentable square feet of the Premises,  provided, however, that until the earlier of
(x) 180 days after the Commencement Date or (y) Tenant's occupancy of the Premises for
the conduct of Tenant's business, Tenant shall pay for its consumption of electricity at a rate per annum equal to the product of (A) $1.50 and (B) the rentable square feet of the
Premises. Landlord shall install submeter(s) at the Premises no later than six months from the Possession Date. 

        (c)  If
it shall become unlawful for Landlord to submeter Tenant's electric energy usage, such usage shall thereafter be paid for and measured as follows: 

        (i)    Tenant
agrees to pay for its electric usage as Additional Charges (hereinafter referred to as the "Additional Rent for
Electricity"). The Additional Rent for Electricity for the period commencing on the date Landlord no longer submeters Tenant's electric usage shall equal the average Additional
Charges paid by Tenant in respect of Tenant's kw hours and kw demand during the prior 12-month period, plus the 5% Fee. Landlord shall have the right to have an electric rate consultant or
electrical engineer chosen by Landlord survey the Premises if Landlord believes that the Additional Rent for Electricity
determined in accordance with the foregoing sentence is less than the actual cost of Tenant's electric usage in the Premises, plus the 5% Fee. The survey so made will determine the number of kw hours
and kw demand based on the electrical equipment and fixtures in the Premises and the period of use thereof, and based thereon will determine the value, expressed in dollars per year, of Tenant's
electric energy usage. The rate Tenant shall pay will be the service classification under which the public utility bills Landlord commensurate with the rate of usage as shown by the survey, plus five
(5%) percent of such amount for Landlord's administrative costs. The Additional Rent for Electricity so determined, as adjusted from time to time pursuant to subparagraphs (ii), (iii) and (iv),
shall be paid by Tenant in equal monthly installments in advance on the first day of each month during the Term, without any set off or deduction of any kind. 

9

 

        (ii)  If
the public utility rate schedule for the supply of electric current to the Building shall be increased or decreased subsequent to the determination of the Additional
Rent for Electricity as described above, or if there shall be an increase or decrease in the fuel adjustment or taxes, or if additional taxes, surcharges, or charges of any kind shall be imposed upon
the sale or furnishing of such electric current, the Additional Rent for Electricity shall be increased or decreased by applying the changed rate, fuel adjustment and taxes to the kw hours and kw
demand applicable to the Premises whether pursuant to an electric survey or otherwise. 

        (iii)  If
there shall be a change subsequent to any survey in the Premises made under this Section 3.07(c), or in the
number of hours during which the Premises is used, or if Tenant's failure to maintain its installations in good order and repair causes greater consumption of electric current, or if Tenant uses
electricity for purposes other than the use permitted hereunder, or if Tenant adds any fixtures, machinery or equipment which significantly increases its electricity usage, the Additional Rent for
Electricity, theretofore adjusted, shall be increased by applying to the additional kw hours and kw demand furnished by Landlord the Service Classification Rate under which the public utility bills
Landlord commensurate with the rate for the usage as shown by the survey, plus five (5%) percent of such amount for Landlord's administrative costs. If Tenant's electricity usage shall decrease due to
the use of its electric fixtures or equipment for lesser periods of time, or due to less or more efficient fixtures or equipment, the Additional Rent for Electricity, theretofore adjusted, shall be
decreased by applying the Service Classification Rate aforesaid to the lesser kw hours and kw demand. 

        (iv)  Landlord
and Tenant shall each have the right from time to time during the Term to have an electric rate consultant or electrical engineer survey the electric current
consumed by Tenant in the Premises. If such consultant determines that the value of the electric current furnished Tenant is more or less than the Additional Rent for Electricity, as most recently
adjusted, such annual amount shall be further adjusted to equal the amount determined by said consultant. The cost of the survey shall be borne by the party ordering the same. 

        (v)  Landlord
and Tenant shall each deliver a copy of any surveys made pursuant to this Section 3.07(c) to the other
party, and the party receiving any such survey shall have ninety (90) days within which it may protest the findings contained therein. If such party fails to protest within the ninety
(90) day period,
the findings contained in the survey shall be final. If such party protests within the ninety (90) day period (by sending the party delivering such survey a notice in the manner herein provided
for the giving of notices), such party shall have a second survey made by an electric engineer or electric rate consultant of its choice, and deliver a copy thereof to the other party within ninety
(90) days of the date of the protest. If the parties' surveyors are unable to agree upon the amount of electric energy consumed by Tenant, or the amount of any increase or decrease, or an any
other matter contained in the surveys, the determination of the same shall be submitted to arbitration under the rules of the American Arbitration Association then obtaining. The determination of the
electric rate consultant or engineer, or the American Arbitration Association if there is disagreement and the determination is submitted to arbitration made pursuant to this subparagraph, shall be
binding on Landlord and Tenant. The parties hereto shall, within ten (10) days from the date of any such determination, execute, acknowledge and deliver to each other an agreement setting forth
the adjusted Additional Rent for Electricity, but such increase or decrease shall be effective from the date of the increase or decrease (subparagraph (ii)), or change (subparagraph (iii)), or new
survey (subparagraph (iv)), whether or not such agreement is executed, and notwithstanding the date of execution thereof. 

        (d)  Landlord
shall not in any way be liable or responsible to Tenant, except where due to Landlord's gross negligence or willful misconduct, for any loss, damage or expense
which Tenant may sustain or incur if, during the Term, by reason of the act or inaction of the public utility servicing the Project, either the quantity or character of electrical energy is changed or
is no longer available or 

10

 

suitable for Tenant's requirements. Landlord shall not be obligated to increase the existing electrical capacity of any portion of the Buildings' systems, nor to provide any additional wiring or
capacity to meet Tenant's requirements, other than as set forth in Section 3.07 (a). Tenant shall make no substantial alteration or addition to
the electrical equipment in the Premises as of the commencement of the Term, nor increase the use of electricity in the Premises (except to a de minimis
extent) without the prior written consent of the Landlord in each instance, which consent Landlord agrees not to unreasonably withhold or delay. Subject to Tenant's Electric Capacity right under  Subsection 3.07 (a)
 herein, Tenant covenants and agrees that at all times its use of electric current shall never exceed the capacity of the then
existing feeders of the Building or the risers or wiring installations, and further agrees, subject to its Electric Capacity right under Subsection
3.07(a) herein, that Tenant may not use any electrical equipment which, in Landlord's opinion, reasonably exercised, will overload such installations or interfere with the use
thereof by any other tenants of the Building. 

        Section 3.08.    Manner of Payment.    Tenant
shall pay all
Rent as the same shall become due and payable under this Lease (a) in the case of Fixed Rent and recurring Additional Charges, by wire transfer of immediately available federal funds as
directed by Landlord, and (b) in the case of all other sums, either by wire transfer as aforesaid or by check (subject to collection) drawn on a New York Clearing House Association member bank,
in each case at the times provided herein without notice or demand and without setoff or counterclaim. If Landlord shall direct Tenant to pay Fixed Rent by wire transfer, then Tenant shall not be in
default of Tenant's obligation to pay any such Fixed Rent if and for so long as Tenant shall timely comply with Landlord's wire instructions in connection with such payments. If Tenant shall have
timely complied with Landlord's instructions pertaining to a wire transfer, but the funds shall thereafter have been misdirected or not accounted for properly by the recipient bank designated by
Landlord, then the same shall not relieve Tenant's obligation to make the payment so wired, but shall toll the due date for such payment until the wired funds shall have been located. All Rent shall
be paid in lawful money of the United States to Landlord at its office or such other place as Landlord may from time to time designate. If Tenant fails timely to pay any Rent, Tenant shall pay
interest thereon from the date when such Rent became due to the date of Landlord's receipt thereof at the lesser of (i) the base rate from time to time announced by Citibank, N.A. (or if
Citibank, N.A. shall not exist, such other major bank in New York, New York as shall be designated by Landlord in a notice to Tenant) to be in effect at its principal office in New York, New York (the
"Base Rate") plus 2% per annum or (ii) the maximum rate permitted by law. Any Additional Charges for which no due date is specified in this Lease
shall be due and payable on the 30th day after the date of Landlord's invoice therefor. All bills, invoices and statements rendered to Tenant with respect to this Lease shall be binding
and conclusive on Tenant subject to Section 7.13 hereof. Notwithstanding anything to the contrary contained in this Lease, Fixed Rent shall be
due and payable on the first day of the month and failure to pay such Rent on or prior to the first day of any month shall be considered a default under this Lease and interest shall accrue as
provided in the Section 3.08 from and after the first day the Rent becomes due and payable. Notwithstanding the foregoing, no interest shall be
due and payable for failure to pay Fixed Rent on the first day of a calender month on the first of such failures to occur in any twelve month period, provided that such Fixed Rent is paid within five
days after the first day of such month. 

        Section 3.09.    Operating Expenses.    (a)
Subject to  Section 3.09(e) below, the term "Operating Expenses" shall mean all expenses of each and every
type and nature, foreseen and unforeseen, ordinary and extraordinary paid or incurred (without duplication of an included item) by Landlord in respect of the operation, repair, safety, management,
security and maintenance (including deferred maintenance) of the Premises which are necessary or appropriate for the operation of the Building as a First-Class Office Building (as defined in the
Overlease), but specifically excluding (or deducting as appropriate) expenses incurred in connection with or arising from: 

        (i)    Taxes;

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        (ii)    Fees
paid or payable for managing and/or operating the Building in excess of the amount customarily charged by highly reputable managing and/or operating firms that
provide such services in First-Class Office Buildings and are separately compensated for leasing activities; 

        (iii)    Any
capital expenditure made by Landlord unless such capital expenditure results in a savings of, or reduction in, operating Expenses ("Cost
Savings"); provided, however, (i) the costs of such capital expenditure shall only be included in Operating Expenses in any Operating Year to the extent of the annual
amortization thereon calculated on a straight-line basis over the useful life of such capital improvement (as reasonably determined in accordance with generally accepted accounting
principles), together with interest thereon at the Interest Rate and (ii) in no event shall there be included in Operating Expenses for any Operating Year an amount greater than the amount by
which Operating Expenses are reduced in such Operating Year due to such capital expenditure; 

        (iv)    Any
other capital improvement or replacement not described in clause (iii) above made by Landlord unless such capital improvement is required by a Law enacted
after the Commencement Date other than a Law which affects only leaseable space other than the Premises; provided, however, the costs of such capital improvement shall only be included in Operating
Expenses in any Operating Year to the extent of the annual amortization thereon calculated on a straight-line basis over the useful life of such capital improvement (as reasonably
determined in accordance with generally accepted accounting principles), together with interest thereon at the Interest Rate; 

        (v)    Any
repairs (whether or not pursuant to Laws) made solely for the benefit of leaseable space other than the Premises; 

        (vi)    Any
machinery, equipment or tools used (A) solely within, or solely for the benefit of leaseable areas (other than the Premises) or (B) in connection with
any alteration or other capital improvement or replacement which is excluded from Operating Expenses; 

        (vii)    Premiums
for any insurance carried by Landlord other than (A) the insurance specified in Section 7.1(a), (b), (c), (d), (e), (f),
(g) and (i) of the Overlease and (B) the insurance specified in Section 7.1(h) of the Overlease to the extent that such insurance relates to a
capital expenditure which is not excluded from Operating Expenses pursuant hereto; 

        (viii)    Professional
and consulting fees, including legal and accounting fees, not directly related to the operation of the Premises; 

        (ix)    [intentionally
omitted]; 

        (x)    Security
within any leaseable space; 

        (xi)    Leasing
or procuring subtenants for the Building, including leasing commissions and advertising expenses, and all legal, accounting and consultants, fees, disbursements
and expenses incurred in disputes with subtenants or enforcement of subleases or entering into subleases or preparing space for any subtenant; 

        (xii)    Any
items which are reimbursable to Landlord by insurance, warranties or otherwise other than pursuant to operating expense clauses similar to those in this  Article 3; 

        (xiii)    Charges
for which Landlord is entitled to reimbursement from any subtenant, including services rendered or performed directly for the account of subtenants at such
subtenants' cost or for which a separate charge is made (other than pursuant to operating expense clauses similar to those in this Article 3); 

12

 

        (xiv)    Depreciation
(provided, however, that such exclusion of depreciation shall not affect the inclusion in Operating Expenses of the amortized items required to be
amortized pursuant to the provisions of clauses (iii) and (iv) of this Section 3.09(a));

        (xv)    Any
debt incurred by Landlord, including, without limitation, installments of principal and interest and any other sum due and payable under any mortgage (provided that
the foregoing shall not exclude the costs of performing any obligations under such mortgage if such costs are not otherwise excluded under this Section 3.09), and any expenses incurred in connection
therewith; 

        (xvi)    Rent
and other charges due and payable under the Overlease (provided that the foregoing shall not exclude the costs of performing any obligations under the Overlease
if such costs are not otherwise excluded under this Section 3.09);

        (xvii)    The
cost of installing, operating and maintaining any specialty service or facility, such as the Auditorium, an observatory, broadcasting facilities, athletic or
recreational club, other than the net costs of operating the Cafeteria during any period in which the Cafeteria is in operation; 

        (xviii)    The
portion of any costs paid to a party related to Landlord and included in Operating Expenses which is in excess of the amount which would have been paid in the
absence of such relationship; 

        (xix)    The
costs of acquiring, maintaining, displaying and insuring all sculptures, paintings and other works of art in the Building (other than the costs of maintaining and
insuring the Works of Art (as defined in the Overlease); 

        (xx)    Lease
payments for rented equipment, the cost of which equipment if purchased would not be includable in Operating Expenses; 

        (xxi)    Income,
franchise, capital stock, transfer, inheritance, estate or gift taxes of Landlord; 

        (xxii)    Investigation,
removal, enclosure or encapsulation of asbestos or other Hazardous Materials; 

        (xxiii)    All
employee wages, salaries and other labor costs for personnel above the grade of building manager and the portion of employee wages, salaries and other labor
costs attributable to time not spent in connection with the Building or for items excludable from Operating Expenses (it being agreed that items such as vacation time, sick days and such other time
off included in other labor costs shall not be deemed to be "time not spent in connection with the Building" but shall be apportioned in the same manner as wages and salaries); 

        (xxiv)    The
gross negligence, willful misconduct or other tortious conduct of Landlord or any of Landlord's subtenants (other than Tenant and any person (other than Landlord)
rightfully claiming by, through or under Tenant in its capacity as subtenant under this Lease); 

        (xxv)    Fines
or penalties, interest or late fees imposed upon Landlord; 

        (xxvi)    Advertising
and other promotional expenditures or any signage installed by Landlord in or on the Building; 

13

  

        (xxvii)    Landlord's
Roof Installations (as defined in the Overlease); 

        (xxviii)    The
contest of any Law in respect of an Operating Expense excludable under this Section 3.09(a); 

        (xxix)    Any
special events (e.g., receptions, concerts); 

        (xxx)    Any
violation by Landlord or any of Landlord's subtenants (other than Tenant and any person (other than Landlord) rightfully claiming by, through or under Tenant in
its capacity as subtenant under this Lease) of any other sublease of space in the Building (provided that the foregoing shall not exclude the costs incurred by Landlord in performing any of Landlord's
obligations (such as repairs) under such sublease if such costs are not otherwise excluded under this Section 3.09); 

        (xxxi)    Landlord's
general corporate overhead and general and administrative expenses; 

        (xxxii)    All
charitable or political contributions (other than any reasonable fees, dues and other contributions paid by or on behalf of Landlord to real estate organizations
such as the Real Estate Board of New York and BOMA (and their successors) to the extent generally that landlords of First-Class Office Buildings are members thereof or make contributions thereto); 

        (xxxiii)    The
incremental additional cost of providing services to another occupant of the Building in excess of the services which Landlord is obligated to provide to Tenant
under this Lease at Landlord's expense; 

        (xxxiv)    Any
takeover lease obligations or lease or sublease obligations assumed by Landlord; and 

        (xxxv)    The
costs associated with any material increase in the level of a service provided at the Building or the addition of any new service, except to the extent that such
increase in service or additional service is generally consistent with the practice of other owners of First Class Office Buildings. 

        (b)  The
term "Operating Year" shall mean each of the Base Operating Years (as defined below), as applicable, and each
calendar year after the 2002 calendar year. 

        (c)  The
term "Operating Statement" shall mean a written statement prepared by Landlord or its agent, setting forth Landlord's
computation of the sum payable by Tenant under this Section 3.09 for a specified Operating Year. 

        (d)  In
determining the amount of Operating Expenses for any Operating Year (including either of the Base Operating Years), if less than all of the Building leasable area
shall have been occupied by Landlord and/or subtenant(s) (including Tenant) at any time during any such Operating Year, Operating Expenses shall be determined for such Operating Year to be an amount
equal to the like expenses which would normally be expected to be incurred had all such areas (to the extent of ninety-five percent (95%) of the leasable area of the Building, excluding
all Mechanical Space (as defined in the Overlease) and areas used to provide services to which Tenant is not granted access) been occupied throughout such Operating Year. 

        (e)  For
each Operating Year, Tenant shall pay to Landlord as Additional Charges, an amount (herein called the "Operating
Payment") equal to Tenant's Share of the Operating Expenses for such Operating Year to the extent such Operating Expenses are in excess of the average of Operating Expenses for
the calendar years 2002 and 2003 (the "Base Operating Years"); provided that "Operating Expenses" for the purposes of determining Operating Expenses for
the Base Operating Years shall include the cost (as reasonably determined by Landlord) of all maintenance work normally includable within Operating Expenses that (i) is performed at the
Building by third parties without charge to Landlord pursuant to a warranty agreement during the first year thereof, or (ii) should have been 

14

 

completed within any Base Operating Year in order to comply with the Standard (as defined in Section 5.05(b)), and was completed and charged to
Tenant as an Operating Expense in an Operating Year other than a Base Operating Year. If Tenant's Share for an applicable Operating Year is redetermined in a particular Operating Year, Tenant's
Operating Payment for that Operating Year shall be adjusted accordingly to reflect the applicable redetermination of Tenant's Share. 

        (f)    Landlord
shall furnish to Tenant, prior to the commencement of each Operating Year after the calendar year 2002, a written statement setting forth in reasonable detail
Landlord's reasonable estimate of the Operating Payment for such Operating Year, based upon the method set forth in the preceding sections for computing the Operating Payment. Tenant shall pay to
Landlord on the first day of each month during such Operating Year an amount equal to one-twelfth (1/12th) of Landlord's reasonable estimate of the Operating Payment for such
Operating Year (or the amount necessary to pay the estimate in full in equal monthly installments prior to the expiration of the then Operating Year). If, however, Landlord shall furnish any such
estimate for an Operating Year subsequent to the thirtieth (30th) day prior to the commencement thereof, then (a) until the first day of the month following the month in which
such estimate is furnished to Tenant, Tenant shall pay to Landlord on the first day of each month an amount equal to the monthly sum payable by Tenant to Landlord under this  Section 3.09 in respect
of the last month of the preceding Operating Year; (b) promptly after such estimate is furnished to Tenant,
Landlord shall give notice to Tenant stating whether the installments of the Operating Payment previously made for such Operating Year were greater or less than the installments of the Operating
Payment to be made for such Operating Year in accordance with such estimate, and (i) if there shall be a deficiency, Tenant shall pay the amount thereof within thirty (30) days after
demand therefor, and (ii) if there shall have been an overpayment, Landlord shall, within thirty (30) days of providing Tenant with such estimate, at Tenant's election either refund to
Tenant the amount thereof or permit Tenant to credit the amount thereof against the Rent payable hereunder; and (c) on the first day of the month commencing at least thirty (30) days
subsequent to date on which such estimate is furnished to Tenant, and monthly thereafter throughout the remainder of such Operating Year, Tenant shall pay to Landlord an amount equal to
one-twelfth (1/12th) of the Operating Payment shown on such estimate. Landlord may, not more than twice during each Operating Year, furnish to Tenant a revised statement of
Landlord's estimate of the Operating Payment for such Operating Year, based upon the method set forth in the preceding sections for computing the Operating Payment; and in such case, the Operating
Payment for such Operating Year shall be adjusted and paid or refunded, as the case may be, substantially in the same manner as provided in the preceding sentence. 

        (g)  Within
one hundred twenty (120) days after the end of each Operating Year occurring after calendar year 2002, Landlord shall furnish to Tenant an Operating
Statement for such Operating Year, based on the method set forth in the preceding sections for computing the Operating Payment setting forth in reasonable detail the actual Operating Expenses incurred
by Landlord during such Operating Year. If the Operating Statement shall show that the sums paid by Tenant exceeded the Operating Payment to be paid by Tenant for such Operating Year, Landlord shall
promptly at Tenant's election either refund to Tenant the amount of such excess or permit Tenant to credit the amount of such excess against subsequent payments of Rent payable under this Lease; and
if the Operating Statement for such Operating Year shall show that the sums so paid by Tenant were less than the Operating Payment to be paid by Tenant for such Operating Year, Tenant shall pay the
amount of such deficiency within thirty (30) days after demand therefor. If the Operating Statements shall show that the estimated sums theretofore estimated by Landlord and paid by Tenant for
such Operating Year exceeded the Operating Payment for such Operating Year by more than ten (10%) percent, Landlord shall pay to Tenant interest on the excess over ten (10%) percent at the Interest
Rate from the end of the applicable Operating Year to which the overpayment relates to the date such overpayment is refunded or credited. 

15

 

        (h)  Each
Operating Statement for any Operating Year (including any Base Operating Year) given by Landlord shall be conclusive and binding upon Tenant (i) unless
within one hundred twenty (120) days after the receipt of the Operating Statement for the succeeding Operating Year, Tenant shall notify Landlord that it disputes the correctness of the
Operating Statement specifying the particular respects in which the Operating Statement is claimed to be incorrect, and (ii) if such disputes shall not have been settled by agreement within
three (3) months after such notice of dispute, either party may submit the dispute to arbitration in accordance with the provisions of Section 9.19  hereof. Pending the determination of such
dispute by agreement or arbitration as aforesaid, Tenant shall within thirty (30) days after the receipt of such Operating
Statement pay the Operating Payment in accordance with Landlord's statement, without prejudice to Tenant's position. If the dispute shall be determined in Tenant's favor, Landlord shall forthwith pay
to Tenant the amount of Tenant's overpayment resulting from compliance with Landlord's Operating Statement and interest, if applicable, in accordance with  Section 3.09(g) hereof. 

        (i)    If
an Operating Year ends after the expiration or termination of this Lease, the Operating Payment in respect thereof shall be appropriately prorated. 

        (j)    The
failure of Landlord to render an Operating Statement for any Operating Year shall not prejudice Landlord's right, or relieve Landlord of the obligation, to
thereafter render such Operating Statement or relieve or release Tenant from any obligation to pay Tenant's Share of Operating Expenses for any Operating Year, but, if Landlord shall fail to render an
Operating Statement for any year by June 30 of the succeeding calendar year, Tenant may cease to pay, until such Operating Statement is rendered, estimated installments of Tenant's Operating
Payment. Further, Landlord shall be precluded from adjusting any Operating Statement to increase the costs included within Tenant's Share of Operating Expenses subsequent to the date (the
"Cut-Off Date") that is thirty-six (36) months subsequent to the expiration of the Operating Year to which the applicable
Operating Statement relates, but nothing shall preclude or prevent Landlord from furnishing Tenant with corrections or adjustments to any Operating Statement for any applicable Operating Year prior to
the applicable Cut-Off Date. 

        (k)  Tenant,
upon reasonable notice, may (but only with its authorized employees, a firm of reputable attorneys or independent certified public accountants selected by Tenant
and not paid on a contingency basis) elect to examine such of Landlord's books and records with respect to an Operating Statement for any Operating Year (including any Base Operating Year)
(collectively, "Records") as are directly relevant to any disputed amount included in the Operating Statement in question. In making such examination,
Tenant shall, and shall cause its officers, employees and accountants to, keep confidential any and all information contained in the Records. 

        (l)    Subject
to the foregoing clause (j) of this Section, the provisions of this Article 3 shall survive the
expiration or earlier termination of this Lease as to all Additional Charges due Landlord or credit owed Tenant accruing on or before the date of such expiration or termination, including all disputed
items as well as the Additional Charges due for the last Operating Year, or portion thereof, falling within the Term. Within one hundred fifty (150) days following such expiration or earlier
termination, Landlord shall render to Tenant a preliminary uncertified Operating Statement, and Landlord and Tenant shall, subject to year-end adjustments, preliminarily adjust the amount
due Landlord or Tenant, as the case may be, for such last year or portion thereof, subject to year-end adjustments, and the party owing any portion of the same to the other shall promptly
pay the same. Landlord shall issue a final Operating Statement for such last year or portion thereof on or before April 30 of the succeeding calendar year, and all amounts due Landlord or
Tenant based thereon shall be adjusted between the parties. 

16

 

 
 

ARTICLE 4    
    
    Landlord Services    
  

        Section 4.01.    Landlord Services.    (a)
From and after the
date that Tenant first occupies any portion of the Premises for the conduct of Tenant's business, Landlord shall continue to operate the Building in the same manner as it is being operated as of the
date hereof and Landlord shall furnish Tenant with the following services (collectively, "Landlord Services"): 

        (i)    Landlord
shall furnish air conditioning, ventilation and heat ("HVAC") (i) to the common areas of the Building,
including, without limitation, the Building lobby to the extent such areas would customarily be provided with such services and (ii) to the Premises, during the hours between 8:00 A.M.
and 6:00 P.M. on Business Days throughout the year, subject to all Laws and in accordance with the Specifications for HVAC, which are attached hereto as  Exhibit D. Landlord, throughout the
Term, shall have free access to any and all mechanical installations of Landlord, including, but not limited
to, air-cooling, fan, ventilating and machine rooms and electrical closets; Tenant shall not construct partitions or other obstructions which may unreasonably interfere with Landlord's
free access thereto, or unreasonably interfere with the moving of Landlord's equipment to and from the enclosures containing said installations. Neither Tenant, nor its agents, employees or
contractors shall at any time enter the said enclosures or tamper with, adjust or touch or otherwise in any manner affect said mechanical installations. 

        (ii)  Tenant
acknowledges that, during hours other than Business Hours ("Overtime Periods"), the Premises will likely require
overtime or alternative HVAC for comfortable occupancy. Tenant further acknowledges that the normal operation of the HVAC System is not designed to provide sufficient cooling of portions of the
Premises which shall have an electrical load in excess of 4 watts per square foot of area for all purposes (including lighting and power) or which shall have a human occupancy factor in excess of one
person per 150 square feet of usable area. Tenant shall be responsible for the proper distribution of HVAC throughout each floor of the Premises based upon its design criteria, occupancy, equipment
and lighting and other factors which affect the effective cooling or heating of each floor. 

        (iii)  The
Fixed Rent does not reflect or include any charge to Tenant for the furnishing of any HVAC to the Premises during Overtime Periods. Accordingly, if Landlord
furnishes HVAC to the Premises at the request of Tenant during Overtime Periods, then Tenant shall pay Landlord additional rent for such services at the Building Rate as determined from time to time,
which Building Rate is currently $242.50 per hour. As used herein, the term "Building Rate" shall mean Landlord's cost (not to include any amounts
attributable to the depreciation or amortization of HVAC equipment) of providing HVAC services, as reasonably determined by Landlord (without additional charge), computed on the basis of
(a) the cost of labor and (b) charges for electricity and other utilities. If any HVAC system providing
service to the Demised Premises is at any time providing service simultaneously to other tenants in the Building outside of the Demised Premises (including Landlord), Landlord agrees to charge Tenant
for its overtime HVAC service on a pro rata basis. Landlord shall not be required to furnish any such services during any Overtime Periods unless Landlord has received advance written notice delivered
to Landlord's designated building manager from Tenant requesting such services prior to 3:00 P.M. of the day upon which such services are requested or by 3:00 PM. of the last preceding Business
Day if such Overtime Periods are to occur on a day other than a Business Day. If Tenant fails to give Landlord such advance notice, then failure by Landlord to furnish or distribute any such services
during such Overtime Periods shall not constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of Rent, or relieve Tenant from any of its
obligations under this Lease, or impose any liability upon Landlord or its agents by reason of inconvenience or annoyance to Tenant, or injury to or interruption of Tenant's business or otherwise. If
more than 

17

 

one tenant utilizing the same system as Tenant requests the same Overtime Periods for the same services as Tenant, the charge to Tenant shall be adjusted pro rata. 

        (iv)  Tenant
shall be entitled to up to 55 tons of condenser water in the Building and Landlord agrees to reserve such amount for the operation of Tenant's supplemental air
conditioning units servicing the Premises on a 24-hour/365-day basis. Landlord shall provide such condenser water to Tenant at a flow rate of 2 gallons per minute per ton and,
so long as the outdoor wet bulb temperature does not exceed 78 degrees Fahrenheit, at a temperature not to exceed 87 degrees Fahrenheit. Landlord shall provide a valved outlet to Tenant for access to
Tenant's condenser water to the extent such outlet has not already been installed in the Premises. Tenant shall advise Landlord by no later than September 1, 2002 of the amount of condenser
water Tenant shall thereafter need for its supplemental condenser water requirements. Prior to the date that Tenant advises Landlord of the amount of air conditioning required, Landlord shall reserve
Tenant's Share of the condenser water. If Tenant fails to advise Landlord of the amount of condenser water to reserve for Tenant by the dates set forth in the preceding sentence, Tenant shall be
deemed to reserve the Tenant's Share thereof. Tenant shall pay Landlord's actual cost (not to include depreciation or amortization of equipment) from time to time for the amount of condenser water
reserved, whether or not actually used by Tenant, which cost is currently $254.00 per ton per year. Landlord agrees to reasonably substantiate such costs to Tenant with bills, invoices and other
pertinent documentation. Landlord, upon request of Tenant, will consider in good faith increasing Tenant's Share with respect to the 500 tons of condenser water in the Building based on the current
and anticipated needs of Landlord and other tenants at the Building. Should Landlord, after good faith consideration, advise Tenant that it is unable to increase Tenant's Share with respect to such
condenser water, Landlord shall, at Tenant's request, consider in good faith after consideration of the amount of current and future riser space and roof space and other relevant factors, allowing
Tenant to install, at Tenant's sole cost and expense, a cooling tower on the roof of the Building for Tenant's additional air conditioning needs, subject to such reasonable requirements and
reimbursement and indemnity obligations as Landlord may impose with respect thereto. 

        (v)  Landlord
shall provide non-exclusive passenger elevator service to each floor of the Premises twenty-four (24) hours per day, seven
(7) days per week, it being agreed that Landlord may reasonably reduce the number of elevator cars in operation at times other than Business Hours. 

        (vi)  Landlord
will, through vertical plumbing risers in the Building, supply Tenant with (i) an adequate quantity of warm and cool water for (a) lavatory,
cleaning and drinking purposes, and (b) pantry purposes, provided that there is no more than (4) pantries per floor of the Premises consuming not more than (3) gallons per minute
per pantry, and such pantry consists of no more than a sink, a unit for brewing and dispensing coffee, an icemaker, a dishwasher, a microwave, vending machines and a refrigerator, and that the same
are used by Tenant for standard pantry purposes in keeping with a First-Class Office Building, and (ii) a quantity of water for Tenant's sprinklers in the Premises which complies with Laws.
Landlord will also supply Tenant with make-up water for Tenant's supplemental HVAC, and, if Tenant's use of such make-up water exceeds the amount typically used by tenants
leasing similar amounts of space in other First Class Office Buildings, Landlord shall have the right to install a meter at Tenant's expense to measure Tenant's use of make-up water and
charge Tenant Landlord's cost for providing such water. 

        (vii) Landlord
shall provide electrical capacity equal to 6 watts, demand load, exclusive of the HVAC system serving the Premises, per usable square foot contained in the
Premises; such electrical capacity shall be available at the electrical closet on each floor of the Building on which the Premises is located (it being understood that Tenant shall be responsible for
distributing such electrical capacity from the electrical closet to the Premises). In no event shall Tenant's 

18

 

consumption of electricity exceed the capacity of existing feeders to the Building or the risers or wiring serving the Premises (which shall not be less than 6 watts, demand load, exclusive of the
HVAC system serving the Premises, per usable square foot), nor shall Tenant be entitled to any unallocated power available in the Building unless, in Landlord's judgment (taking into account the then
existing and future reasonably anticipated needs of other then existing and future tenants, including Landlord, and other needs of the Building), the same is available and reasonably necessary for
Tenant's use. If such additional capacity is not available, Landlord shall, if reasonably feasible, extend or install, at Tenant's sole cost and expense (which expense shall equal Landlord's actual
out-of-pocket costs), additional risers. 

        (viii) From
and after the date that Tenant first occupies any portion of the Premises for the conduct of Tenant's business, cleaning services shall be provided in
accordance with the standards set forth on Exhibit G attached hereto. Landlord shall not be required to perform any (A) extra cleaning
work in the Premises required because of (w) carelessness, indifference, misuse or neglect on the part of Tenant, its subtenants or their respective employees or visitors, (x) interior
glass partitions or an unusual quantity of interior glass surfaces, (y) non-building standard materials or finishes installed in the Premises and/or (z) the use of the
Premises other than during Business Hours on Business Days and/or (B) removal from the Premises and the Building of any refuse of Tenant (x) in excess of that ordinarily accumulated in
business office occupancy, including, without limitation, kitchen refuse and/or (y) at times other than Landlord's standard cleaning times, which times shall be consistent with the times during
which offices are customarily cleaned. Notwithstanding the foregoing, Landlord shall not be required to clean any portions of the Premises used for preparation, serving or consumption of food or
beverages, training rooms, data processing or reproducing operations, private lavatories or toilets or other special purposes requiring greater or more difficult cleaning work than office areas, and
Tenant shall retain Landlord's cleaning staff or Landlord's cleaning contractor, as applicable, to perform such cleaning at Tenant's expense. Landlord agrees that the rate charged to Tenant for any
additional cleaning services shall be at Landlord's standard cleaning rates. Landlord's cleaning staff or Landlord's cleaning contractor, as applicable, shall have access to the Premises after
5:00 p.m. and before 8:00 a.m. and shall have the right to use, without charge therefor, all light, power and water in the Premises reasonably required to clean the Premises. Subject to
the terms and conditions of the Overlease, Tenant shall have the right to
provide cleaning services to the Premises so long as (A) the vendors of such cleaning services do not present any labor or union concerns to Landlord as determined by Landlord in its sole
discretion, (B) Tenant contracts directly with such vendors and agrees to be responsible for all costs associated therewith, and (C) the cleaning services include at a minimum the items
shown on Exhibit G attached hereto. The amounts payable by Tenant in respect of Operating Expenses shall be reduced by any amounts actually saved
by Landlord as a result of Tenant's provision of cleaning services. 

        (ix)  Freight
elevator service and the use of the loading dock shall be provided to the Premises on an equitable basis from 8:00 a.m. to 5:00 p.m. Monday
through Friday, free of charge, and on a reserved basis at all other times upon the payment of Landlord's actual cost for the use of the freight elevator and loading dock, including, without
limitation, the cost of an operator for the elevator. Notwithstanding the foregoing, Tenant shall be entitled to twenty five (25) hours of free overtime freight elevator service during its
initial move-in. 

        (x)  Landlord
shall not discriminate against Tenant with respect to the use of the Building escalators. 

        (b)  Landlord
may stop or interrupt any Landlord Services, electricity, or other service and may stop or interrupt the use of any Building facilities and systems at such
times as may be necessary and for as long as may reasonably be required by reason of accidents, strikes, or the making of repairs, alterations or improvements, or inability to secure a proper supply
of fuel, gas, 

19

 

steam, water, electricity, labor or supplies, or by reason of any other cause (other than lack of funds) beyond the reasonable control of Landlord ("Force
Majeure"). Landlord shall use reasonable diligence (which shall not include incurring overtime charges unless (x) the stoppage or interruption is the result of
Landlord's negligence or (y) the stoppage or interruption is for non-emergency repairs, causes a material disruption to Tenant's business and did not occur as a result of work that
benefited the Premises or (z) Tenant requests the same in which event Landlord shall employ contractors or labor at so-called overtime or other premium pay rates and incur any other
overtime costs or expenses in making any repairs, and Tenant, if Tenant has requested such service shall pay to Landlord, as additional rent, within thirty (30) days after demand, an amount
equal to the difference between the overtime or other premium pay rates and the regular pay rates for such labor together with any other overtime costs or expenses so incurred) to make such repairs as
may be required to machinery or equipment within the Project to provide restoration of any Landlord Services and, where the cessation or interruption of such Landlord Services has occurred due to
circumstances or conditions beyond the Project boundaries, to cause the same to be restored by diligent application or request to the provider. Landlord shall have no liability to Tenant by reason of
any stoppage or interruption of any Landlord Service, electricity or other service or the use of any Building facilities and systems for any reason unless any such stoppage or interruption was caused
by Landlord's own gross negligence or continues as a result of Landlord's failure to use reasonable diligence to repair as required in the foregoing sentence. 

        (c)  Without
limiting any of Landlord's other rights and remedies, if Tenant shall be in material monetary default beyond any applicable notice and/or grace period, Landlord
shall not be obligated to furnish to the Premises any service outside of Business Hours on Business Days, and Landlord shall
have no liability to Tenant by reason of any failure to provide, or discontinuance of, any such service during the continuance of any such default. For purposes hereof, material monetary default shall
mean default in the payment of Fixed Rent, recurring Additional Charges and non-recurring Additional Charges in an amount in excess of $50,000, unless such amounts are in good faith
dispute or have been submitted to arbitration in accordance with the terms hereof. 

        (d)  "Business Hours" means 8:00 a.m. to 6:00 p.m., Monday through Friday. "Business
Days" means all days except Saturdays, Sundays and holidays, which shall include (but shall not be limited to) days which are either (i) observed by both the federal and
the state governments as legal holidays or (ii) designated as a holiday by the applicable building service union employee service contract or operating engineers contract; provided, that the
holidays covered under subsections (i) and (ii) above shall not be duplicative and provided, further, that Lincoln's Birthday shall be deemed to be a Business Day. Notwithstanding the
foregoing, and subject to the terms and conditions of this Lease, Tenant shall have access to the Premises twenty-four (24) hours per day, seven (7) days per week. 

        (e)  "Rules and Regulations" means the rules and regulations attached hereto as  Exhibit C, as the same may be modified or amended from time to time in Landlord's
reasonable discretion, provided that Tenant shall have been
given reasonable notice of such modifications or amendments. If there is any conflict between the provisions of the Rules and Regulations and the provisions of this Lease, the provisions of this Lease
will control. Landlord shall not discriminate against Tenant in the promulgation and enforcement of the Rules and Regulations. 

        (f)    Tenant's
right to use the fire stairwells for convenience stairs purposes under Section 2.01 above shall be
subject to such restrictions and guidelines as Landlord may reasonably require, including without limitation: (i) Tenant shall use such fire stairwells for the purposes of ingress and egress
between adjacent floors of the Premises by Tenant and its employees, agents and invitees, and for no other use; (ii) Landlord shall have the right to make at Tenant's sole cost and expense such
alterations of and accommodations to security or other alarm systems in the Building as may 

20

 

be necessary to prevent any employees, agents and invitees of Tenant from activating such alarm systems solely as a result of their use of such fire stairwells for the use permitted hereunder or to
address the security concerns of other subtenants of Landlord; (iii) Tenant shall not be permitted to alter any portion of such fire stairwells except such decorative alterations as may be
permitted under Applicable Law; and (iv) Tenant shall make, or shall permit Landlord to make, each at Tenant's sole cost and expense, such alterations of and accommodations to any doors leading
to the Premises from such fire stairwells as may be necessary to prevent the Premises from being accessible to unauthorized persons, and Tenant shall indemnify Landlord from any claims based on any
unauthorized persons accessing the Premises from such fire stairwells, or any other claim based on access to the fire stairwells by an employee, agent or invitee of Tenant. 

        Section 4.02.    Auditorium and Cafeteria.    
(a) Tenant shall
have the right to utilize the Auditorium up to four (4) times per year on a scheduled basis, subject to the provisions of this  Section 4.02. 

        (b)  If
Tenant desires to use the Auditorium, Tenant shall give notice to Landlord prior to November 1st of each calendar year of the dates on which
Tenant desires to use the Auditorium during the subsequent calendar year. Landlord shall grant to Tenant the use of the Auditorium on such requested dates provided the same have not been previously
reserved. In addition, Tenant shall have the right to request the use of the Auditorium on other dates upon such prior notice as may be practicable. Landlord shall reasonably consider such requests in
light of the anticipated use of the Auditorium for other purposes. 

        (c)  Landlord
shall charge Tenant for use of the Auditorium $5,000 per day. The Auditorium may be reserved in full day or half day increments (and the charges therefor
adjusted accordingly). Additionally, if Tenant utilizes a portion of the Auditorium at the same time another tenant utilizes another portion of the Auditorium, the charges therefor will be
appropriately apportioned. The foregoing charge shall be "all-inclusive" and shall cover the costs of Landlord's supplying a customary number of employees to operate the media equipment,
cleaning, air conditioning and all other services within the customary scope of operation of the Auditorium. To the extent Tenant may request supplemental services outside of such scope, Tenant shall
billed at Landlord's actual cost therefor, without regard to whether Tenant is obligated to pay the $5000 charge. 

        (d)  All
media equipment in the Auditorium shall be operated by Landlord's employees or agents, provided that Tenant's employees shall have the right to be present during the
operation of the media equipment to ensure the confidentiality of all of Tenant's presentations and confidential information, and Landlord's employees or agents shall reasonably cooperate with
Landlord's employees to ensure such confidentiality. 

        (e)  The
Cafeteria shall be operated only by Landlord and Landlord's agents. For so long as Landlord maintains the Cafeteria in the Building, Tenant, its employees based at
the Building and their business guests will have the right to use the Cafeteria on the same basis as Landlord, and Landlord agrees not to discriminate against Tenant in the use and enjoyment of, or
access to, the Cafeteria. In the event Landlord does not charge its employees for use of the Cafeteria, Landlord shall charge Tenant's employees the standard menu prices for Cafeteria food and
products. Landlord agrees to make available for purchase by Tenant's business visitors and employees "charge up" cards on the same basis as Landlord makes such cards available to Landlord's employees
and visitors by installing one or more "cash to card" machines outside the Cafeteria. Notwithstanding anything to the contrary in this  Section 4.02(e), in no event shall the Cafeteria be made
available to any construction workers performing work at the Building on behalf of
Tenant or employees of Tenant not occupying portions of the Premises. Landlord may establish from time to time reasonable rules and regulations for the operation of the Cafeteria. 

21

  

        (f)    If Landlord utilizes the Concourse Space (as defined in the Overlease) as a conference center and makes this space available to other tenants in the Building for such
use, Tenant shall have the right, on a similar basis with other tenants, to such use of the Concourse Space. 

        Section 4.03.    Telecommunications.    Subject to Landlord's
reasonable prior approval and, to the extent required by the Overlease, the written approval of Overlandlord, Tenant shall have the right to install, maintain and operate, at Tenant's sole cost and
expense, communications equipment (e.g., a satellite dish) in a location on the roof of the Building, which location shall be mutually agreed upon by Landlord and Tenant but shall not comprise more
than twenty (20) square feet of roof space. Such communications equipment shall weigh no more than twenty (20) pounds. There shall be no charge for such roof space. Landlord shall
provide Tenant with sufficient asbestos free shaft space within the Building which is reasonably required to satisfy Tenant's telecommunication needs (including (a) shaft space for one
2-inch conduit from the telecom "point of entry" room in the Building to the Premises and from the Premises to the roof for its telecommunications requirements and (b) space in a
single shaft for four 4-inch conduits from such "point of entry room" to the Premises), but only to the extent such needs are not based on telecommunications use in excess of that which is
customary for commercial tenants of First-Class Office Buildings (as defined in the Overlease) using their premises for general administrative office use. 

        Section 4.04.    Security.    Landlord will
furnish security
for the common areas of the Building, the procedures for which and type of security systems and personnel involved shall be determined by Landlord, it being understood and agreed that Landlord shall
have no obligation to provide any security services or systems to the Premises or to any area or system that is exclusively used by, or is exclusively available to, Tenant other than the 12 existing
tap-in points to the Building's main vertical sprinkler riser and existing class "E" life-safety system on each floor of the Premises, to which 12 tap-in points
Tenant shall be entitled at Tenant's expense to connect its sprinkler systems and life-safety systems in accordance with the terms of this Lease. Tenant, at Tenant's expense, shall be
allowed to interface its electronic security and life safety systems with the Building's systems so that Tenant will be able to trigger the Building's (i) security alarms through its security
system (if the existing security system, as modified, is capable of handling the same), and (ii) life safety system alarms through its life safety system (if the existing life safety system, as
modified, is capable of handling the same) provided that Tenant's system (and the interfacing of the same with the Building's systems) are compatible with, and do not materially adversely affect, the
Building's system. Landlord shall provide to Tenant employee access cards for the employees of Tenant located at the Building, the number of which Tenant estimates to be 500, it being understood that
no employee shall be permitted access to the Building without a valid and proper access card. The cost of up to the first 500 access cards issued prior to the later of December 31, 2002 and the
Possession Date shall be borne by Landlord. Tenant shall reimburse Landlord for its actual cost of supplying any future access cards or any replacement cards. 

 
 

ARTICLE 5    
    
    Leasehold Improvements; Tenant Covenants    
  

        Section 5.01.    Initial Improvements.    (a)
Except to the
extent expressly provided for herein, including all work necessary to satisfy the Delivery Condition, the costs of which shall be borne by Landlord, all improvements, alterations and betterments (an
"Alteration") shall be performed by Tenant at Tenant's expense in accordance with the terms of this  Article 5. 

        (b)  Tenant
may improve the Premises for Tenant's initial occupancy in accordance with detailed specifications and working drawings to be prepared by Tenant's engineer and
architect. The detailed specifications and working drawings are herein after referred to as "Tenant's Plans", and the work shown by the Tenant's Plans
is hereinafter referred to as "Tenant's Initial Improvements". 

22

 

        (c)  Tenant
shall proceed forthwith to cause Tenant's Plans to be prepared by an architect licensed as such in the State of New York. Tenant's Plans, including structural and
mechanical drawings and specifications, shall be prepared at Tenant's sole cost and expense. Tenant shall submit five (5) sets of Tenant's Plans, and two (2) CAD discs which shall
contain such Tenant's Plans in CAD format to Landlord for Landlord for Landlord's approval. Landlord agrees to review Tenant's Plans and to approve the same or make written exceptions thereto within
fifteen (15) Business Days from the date of the submission of the plans, provided that Landlord shall have twenty (20) Business Days to approve or disapprove any structural alterations
proposed by Tenant. Landlord agrees not to unreasonably withhold or delay its approval of Tenant's Plans, and failure by Landlord to provide the written exceptions within the applicable period
aforesaid shall be deemed approval of Tenant's Plans. If Landlord disapproves Tenant's Plans, Tenant shall revise them and re-submit them to Landlord for approval. Any disapproval given by
Landlord shall be accompanied by a statement in reasonable detail of the reasons for such disapproval, itemizing those portions of the plans so disapproved. Landlord shall advise Tenant within ten
(10) Business Days following receipt of Tenant's revised plans of Landlord's approval or disapproval of the revised plans or portions thereof, and shall set forth its reasons for any such
further disapproval in writing and in reasonable detail. If Landlord fails to approve or disapprove such revised plans within such ten (10) Business Day period, Landlord shall be deemed to have
approved such revised plans or such portions thereof; provided, that no earlier than five (5) Business Days prior to the expiration of such ten
(10) Business Day period, Tenant shall send a second notice to Landlord with the phrase "FAILURE TO APPROVE OR DISAPPROVE TENANT'S PLANS, AS REVISED, SHALL RESULT IN THE
DEEMED APPROVAL OF TENANT'S PLANS, AS REVISED" in bold lettering at the top of such notice. Any dispute regarding the reasonableness of Landlord's withholding of its consent to
Tenant's Plans shall be submitted to expedited arbitration pursuant to Section 9.19 hereof. Upon approval by Landlord of Tenant's Plans, Tenant
shall submit the same to the New York City Department of
Buildings for approval and for issuance of a building permit to perform the Improvements. Landlord agrees, at Tenant's cost and expense, to cooperate with Tenant and Tenant's architect and engineer in
providing information needed for the preparation of Tenant's Plans, the application for a building permit and all other permits required for the Improvements and to promptly execute all documents
required to be signed by Landlord. 

        (d)  Tenant
agrees to hire a reputable general contractor, construction manager or subcontractors, materialmen engineers and architects (hereinafter
"Contractor(s)") to be approved by Landlord such approval not to be unreasonably withheld or delayed (other than with respect to Contractors performing
connections to any Building systems which Contractors shall be those designated by Landlord provided such Contractors shall perform such work at market prices), to perform Tenant's Initial
Improvements in a good and workmanlike manner in accordance with (x) the approved Tenant's Plans and any material amendments or additions thereto approved by Tenant and Landlord and all
municipal authorities having jurisdiction; provided that Landlord shall not unreasonably withhold or delay its approval of any such material amendments
or additions (it being agreed that Landlord's approval shall not be required for any amendments, additions, change orders or modifications to Tenant's Plans costing less than $100,000 each (or
$300,000 in the aggregate for all changes made to Tenant's Plans) or that consist solely of cosmetic or decorative changes not visible from the outside of the Building unless the same
(i) affects the usage or the proper functioning of any of the Building systems or (ii) materially changes the scope of Tenant's Initial Improvements) and further provided, that, with
respect to any subsequent amendments, additions, change orders or modifications after Landlord's approval of Tenant's Plans, Landlord shall approve or disapprove of such changes within ten
(10) business days of the receipt of such changes (to the extent such approval of Landlord is required pursuant to this Section 5.01(d))
from Tenant and (y) all provisions of Laws and any and all permits and other requirements specified by any ordinance, law or public regulation. Tenant shall cause the Contractor(s) to obtain
and maintain throughout the work, Workers' Compensation Insurance and New York State Disability Insurance in the amounts required under any applicable Laws and comprehensive 

23

 

general liability insurance, including contractual liability coverage, in an amount of not less than $2 million combined single limit for bodily injury or death for any one occurrence, and for
property damage, plus a $10 million umbrella policy; provided, however, that any subcontractor or materialman shall only be required to carry
such liability insurance as is being carried by prudent subcontractors or materialmen within such trade at the time such subcontractor or materialman is being employed by Tenant or its Contractors.
The liability coverage shall name Landlord and Overlandlord as additional insured parties, and Tenant shall deliver to Landlord proper certificates of insurance confirming the coverages described
above prior to commencement of Tenant's Initial Improvements. If Tenant acts as its own General Contractor or Construction Manager, Tenant shall obtain and maintain such insurance. All Contractor(s)
shall be members of a union affiliated with the building trades in the City of New York that has jurisdiction over the Building and Tenant's Initial Improvements. Tenant shall pay Landlord, within
thirty (30) days after being billed therefor, the actual out of pocket fees and disbursements paid by Landlord to architects, engineers and other technical advisors, other than the regular
staff of Landlord for reviewing Tenant's Plans, provided such fees are commercially reasonable. 

        (e)  Landlord
shall pay to Tenant pursuant to Section 5.01(f) hereof Construction Costs and Soft Costs (as hereinafter
defined) for the Premises in an amount (the "Construction Allowance") which shall not exceed $3,683,925 provided  that payments in respect of Soft Costs
shall not in the aggregate exceed twenty percent (20.0%) of the Construction Allowance. Tenant shall pay from its own funds, and Landlord
shall have no obligation with respect to, (y) any and all costs which are not Construction Costs
or Soft Costs and/or (z) any and all Construction Costs in excess of the Construction Allowance or Soft Costs in excess of the limitation described in the foregoing sentence. As used in this
Lease, the term "Construction Costs" means amounts actually incurred and paid by Tenant and Tenant's contractors, subcontractors and vendors in connection with Tenant's Initial Improvements solely for
the documented, bona fide cost of (i) construction supplies and materials which are physically installed in and made a part of the Premises,
including, without limitation, the documented, bona fide costs of carpeting, wall coverings, partitions, any electric meter or submeter, and permit
fees, and (ii) labor actually performed within the Premises. The term "Soft Costs" means amounts actually incurred and paid by Tenant in connection with Tenant's Initial Improvements solely for
the documented, bona fide cost of accounting, legal, architectural, engineering and other professional or consulting services. In addition to the
foregoing, and subject to this Section 5.01 (other than Section 5.01(f) relating to the
Construction Allowance), if Tenant installs a system of variable air volume fan-powered boxes in the Premises in connection with the installation of Tenant's Initial Improvements then
Landlord shall pay to Tenant an amount equal to $50,000. 

        (f)    Upon
written request from Tenant (a "Tenant Request") made no more frequently than monthly and provided that no Event of
Default shall have occurred and be continuing under this Lease on the date of such Tenant Request, Landlord shall pay to Tenant and amount (the "Draw
Amount") equal to the lesser of (i) the amount requested in such Tenant Request as has been incurred by Tenant in respect of Construction Costs and Soft Costs, subject
to the limitations on reimbursement set forth in Section 5.01(e) above, and (ii) the Construction Allowance less the aggregate amount paid
by Landlord to Tenant pursuant to all prior Tenant Requests, any such Draw Amount to be paid upon Landlord's receipt of the following written documentation reasonably satisfactory to Landlord (the
"Advice"): 

        (i)    a
written Tenant Request identifying the Draw Amount requested; 

        (ii)  copies
of paid invoices and bills incurred by Tenant in connection with Tenant's Initial Improvements totaling the Draw Amount payable pursuant to the applicable Tenant
Request; 

        (iii)  a
copy of each AIA Form G702 ("Application and Certificate for Payment") delivered to Tenant by Tenant's architect in connection with the applicable Tenant Request,
each completed in 

24

 

full and signed by Tenant's contractor and architect (in each case with a complete copy of the related AIA Form G703 attached, if any); 

        (iv)  notarized
lien waivers in proper form for recording and otherwise in form and substance reasonably satisfactory to Landlord, signed by an officer of the general
contractor, certifying that such contractor waives all liens and rights of lien against all work, services and materials the cost of which was included in the Draw Amount paid by Landlord pursuant to
the prior Tenant Request; and 

        (v)  with
respect to the Tenant Request that requests payment of the last dollar of the Construction Allowance, (i) a notarized certificate signed by a duly authorized
officer of Tenant having responsibility for real estate matters certifying that Tenant's Initial Improvements are substantially complete and all invoices therefor have been paid in full. 

        Section 5.02.    Alterations Generally.    (a)
Tenant shall
make no Material Alterations without Landlord's and, to the extent required pursuant to the terms of the Overlease, Overlandlord's prior written approval. "Material
Alteration" means an Alteration that (i) is not limited to the interior of the Premises or which affects the exterior (including the appearance) of the Building,
(ii) is structural and which in Landlord's sole judgment adversely affects the structural integrity or the strength of the Building either during construction or upon completion,
(iii) affects the usage or the proper functioning of any of the base building systems provided by Landlord, (iv) requires the consent of any Superior Mortgagee or Superior Lessor, or
(v) requires any governmental permits. In no event shall Tenant have any right to install interior stairwells or a kitchen or other food preparation facility (other than pantries). Alterations
shall not include (and Landlord's approval shall not be required for) decorations, painting, wall papering, carpeting or the installation or removal of Tenant's Property or any other movable
equipment, furniture, furnishings and other personal property that is not affixed to the Premises. Tenant shall be permitted to make improvements, changes or alterations
("Minor Alterations") in or to the Premises which are not Material Alterations provided that prior to commencing performance of such Minor Alterations
Tenant shall submit to Landlord Alteration Plans therefor for Landlord's review and approval, provided, however, that Landlord's approval shall not be required for Minor Alterations which
(x) do not constitute a part of Tenant's Initial Alterations, (y) cost less than $200,000 in the aggregate within a single twelve (12) month period and (z) do not require
the consent of Overlandlord or have been consented to by Overlandlord. The performance of any Alteration shall not be done in a manner which would violate Landlord's union contracts affecting the
Project, or create any work stoppage, picketing, labor disruption, disharmony or dispute or any interference with the business of Landlord or any tenant or occupant of the Building. Tenant shall
immediately stop the performance of any Alteration if Landlord notifies Tenant that continuing such Alteration would violate Landlord's union contracts affecting the Project, or create any work
stoppage, picketing, labor disruption, disharmony or dispute or any interference with the business of Landlord or any tenant or occupant of the Building. Tenant shall have the right to perform
Alterations 24 hours per day, 7 days a week so long as any activity that creates a disturbance, such as core drilling, shall be performed before or after Business Hours. No fee for
supervision shall be charged by Landlord with respect to any Alteration or Tenant's Initial Improvements. 

        (b)  Landlord
and Tenant agree that the following provisions of this Section 5.02(b) shall apply only to Alterations
which do not constitute a part of Tenant's Initial Alterations ("Subsequent Alterations"), as to which Section 5.01  hereof shall govern. Tenant, in
connection with any Alteration, shall comply with the Rules and Regulations applicable thereto Except as otherwise provided herein, Tenant shall
not proceed with any Alteration unless and until Landlord approves Tenant's plans and specifications ("Alteration Plans") therefor in writing.
Landlord's approval for non-structural alterations or alterations that do not adversely impact the proper functioning of Building systems shall not be unreasonably withheld or delayed.
Landlord shall have thirty (30) days from the submission of Tenant's Alteration Plans to approve or disapprove of such plans. If Landlord fails to approve or disapprove 

25

 

Tenant's Alteration Plans during such period, the same shall be deemed approved. If Landlord disapproves of Tenant's Alteration Plans, such disapproval shall be accompanied by a statement in
reasonable detail of the reasons for such disapproval, itemizing those portions of the plans so
disapproved. Landlord shall advise Tenant within thirty (30) days following the receipt of Tenant's revised plans of Landlord's approval or disapproval of the revised Alteration Plans or
portions thereof and shall set forth its reasons for any such further disapproval in writing. If Landlord fails to approve or disapprove such revised Alteration Plans within thirty (30) days
following the receipt thereof, Landlord shall be deemed to have approved such revised Alteration Plans; provided, that no earlier than ten
(10) days prior to the expiration of such thirty (30) day period, Tenant shall send a second notice to Landlord with the phrase "FAILURE TO APPROVE OR DISAPPROVE
ALTERATION PLANS, AS REVISED, WITHIN TEN (10) DAYS AFTER THE DATE HEREOF SHALL RESULT IN THE DEEMED APPROVAL OF ALTERATION PLANS, AS REVISED" in bold lettering at the
top of such notice. Any dispute regarding the reasonableness of Landlord's withholding of its approval to Tenant's Alteration Plans may be submitted to expedited arbitration by either party pursuant
to Section 9.19 of this Lease. Any review or approval by Landlord of Tenant's Alteration Plans is solely for Landlord's benefit, and without any
representation or warranty to Tenant with respect to the adequacy, correctness or efficiency thereof, its compliance with Laws or otherwise. Landlord agrees that it shall reasonably cooperate with
Tenant's efforts to obtain any required approvals from the City of New York Landmarks Preservation Commission in connection with any Alteration so long as (x) such Alteration shall have been
approved by Landlord to the extent required under the terms of this Lease and (y) Landlord shall not incur any expense or liability in connection with such cooperation. 

        (c)  Tenant
shall pay to Landlord within thirty (30) days of receipt of Landlord's invoice therefor Landlord's reasonable, actual out-of-pocket
costs and expenses paid to architects, engineers and other technical advisors by Landlord or any Superior Lessor or Superior Mortgagee for reviewing Tenant's Alteration Plans and inspecting
Alterations. Landlord shall not be entitled to charge Tenant any supervisory fee in connection with its review or consent of the proposed Alteration. 

        (d)  Upon
the completion of any Alteration in accordance with the terms of this Section 5.02 Tenant shall submit to
Landlord (x) proof evidencing the payment in full for said Alteration, (y) written unconditional lien waivers of mechanics' liens and other liens on the Project from all contractors
performing said Alteration and (z) all submissions required pursuant to Laws. 

        (e)  Tenant
shall obtain (and furnish copies to Landlord of) all necessary governmental permits and certificates for the commencement and prosecution of Alterations and for
final approval thereof upon completion, and shall cause Alterations to be performed in compliance therewith, and in compliance with all Laws and with the Alteration Plans approved (or deemed approved)
by Landlord. Alterations shall be diligently performed in a good and workmanlike manner, using new materials and equipment at least equal in quality and class to the then standards for the Building
reasonably established by Landlord. Alterations shall be performed by contractors first approved by Landlord (which approval shall not be unreasonably withheld or delayed);  provided, that any
Alterations which involve performing connections to any Building system shall be performed only by the contractor(s) designated by
Landlord, which contractors shall perform such work at market prices. 

        (f)    Throughout
the performance of Subsequent Alterations, Tenant shall carry, or shall cause its contractors to carry, worker's compensation insurance in statutory limits,
"all risk" Builders Risk coverage and general liability insurance, with completed operation endorsement, for any occurrence in or about the Project, under which Landlord and its agent and any Superior
Lessor and Superior Mortgagee whose name and address have been furnished to Tenant shall be named as parties insured,
in such limits as Landlord may reasonably require, with insurers reasonably satisfactory to Landlord. Tenant shall furnish Landlord with evidence that such insurance is in effect at or before the
commencement of the Subsequent Alterations and, on request, at reasonable intervals thereafter during the continuance of the Subsequent Alterations. 

26

 

        (g)  Should
any mechanics' or other liens be filed against any portion of the Project by reason of the acts or omissions of, or because of a claim against, Tenant or anyone
claiming under or through Tenant, Tenant shall cause the same to be canceled or discharged of record by bond or otherwise within twenty (20) days after notice from Landlord. If Tenant shall
fail to cancel or discharge said lien or liens within said twenty (20) day period, Landlord may cancel or discharge the same and, upon Landlord's demand, Tenant shall reimburse Landlord for all
costs incurred in canceling or discharging such liens, together with interest thereon at the Interest Rate from the date incurred by Landlord to the date of payment by Tenant, such reimbursement to be
made within twenty (20) days after receipt by Tenant of a written statement from Landlord as to the amount of such costs. Tenant shall indemnify and hold Landlord harmless from and against all
costs (including, without limitation, reasonable attorneys' fees and disbursements and costs of suit), losses, liabilities or causes of action arising out of or relating to any Alteration, including,
without limitation, any mechanics' or other liens asserted in connection with such Alteration. 

        (h)  Tenant
shall deliver to Landlord, within 60 days after the completion of an Alteration, five (5) sets of "as-built" drawings thereof and two
(2) CAD discs which shall contain such "as-built" drawings in CAD format, both of which shall have been prepared by Tenant's architect. During the Term, Tenant shall keep records of
Material Alterations including plans and specifications, copies of contracts, invoices, evidence of payment and all other records customarily maintained in the real estate business relating to
Alterations and the cost thereof and shall, within 30 days after demand by Landlord, furnish to Landlord copies of such records. 

        (i)    All
Alterations to and Fixtures installed by Tenant in the Premises shall be fully paid for by Tenant in cash and shall not be subject to conditional bills of sale,
chattel mortgages, or other title retention agreements. 

        (j)    Tenant,
at its sole cost and expense, shall have the right to have an uninterruptible power system ("UPS") installed within the Premises provided that (i) Tenant
shall use experienced and qualified contractors (each subject to Landlord's reasonable approval) to install, maintain, replace or remove the UPS, (ii) any such installation, maintenance,
replacement, removal or use shall be reasonably approved by Landlord, (iii) Tenant shall be responsible for all costs incurred in connection therewith, (iv) Tenant's installation of UPS
shall not have an adverse effect on the Building or be in violation of applicable Laws, and (v) Tenant shall be responsible for reinforcing the floor, if required, and for restoring the
Premises to their original condition upon expiration or termination of the Lease. 

        (k)  Tenant
shall have the right to install no more than twenty (20) square feet of louvered windows on the 24th Street side of the Building in a
location reasonably designated by Landlord after consultation with Tenant, which location shall already accommodate window installation without demolition to the outer wall of the Building, for the
purpose of providing Tenant with fresh air intake, provided Tenant has otherwise complied with all terms of this Lease applicable to such Alteration. 

        Section 5.03.    Landlord's and Tenant's Property.    (a) All
fixtures, equipment, improvements and appurtenances attached to or built into the Premises, whether or not at the expense of Tenant (collectively,
"Fixtures"), shall be and remain a part of the Premises and shall not be removed by Tenant except at Tenant's expense in connection with a renovation of
the Premises for continued occupancy by Tenant. All Fixtures constituting Improvements and Betterments shall be the property of Tenant during the Term and, upon expiration or earlier termination of
this Lease, shall become the property of Landlord. All Fixtures other than Improvements and Betterments shall, upon installation, be the property of Landlord "Improvements and
Betterments" means (i) all Fixtures, if any, installed at the expense of Tenant, whether installed by Tenant or by Landlord
(i.e., excluding any Fixtures paid for by Landlord directly or by way of an allowance) and (ii) all carpeting in the Premises. 

        (b)  All
movable partitions, business and trade fixtures, machinery and equipment, and all furniture, furnishings and other articles of movable personal property owned by
Tenant and located in 

27

 

the Premises (collectively, "Tenant's Property") shall be and shall remain the property of Tenant and may be removed by Tenant at any time during the
Term; provided, that if any Tenant's Property is removed, Tenant shall repair any damage to the Premises or to the Building resulting from the
installation and/or removal thereof. 

        (c)  At
or before the Expiration Date or any earlier termination of this Lease, Tenant, at Tenant's expense, shall remove Tenant's Property from the Premises (except such
items thereof as Landlord shall have expressly permitted to remain, which shall become the property of Landlord), and Tenant shall repair any damage to the Premises or the Building resulting from any
installation and/or removal of Tenant's Property. Any items of Tenant's Property which remain in the Premises after the Expiration Date or any earlier termination of this Lease, may, at the option of
Landlord, be deemed to have been abandoned, and may be retained by Landlord as its property or disposed of by Landlord, without accountability, in such manner as Landlord shall determine, at Tenant's
expense. 

        (d)  Landlord
shall advise Tenant at the time it approves any Tenant's Alteration Plans whether Landlord will require Tenant, notwithstanding  Section 5.03(a), to remove all or any Fixtures, Improvements and
Betterments, including without being limited to, kitchens, vaults, safes, raised
flooring and interior stairwells; provided, however, that Tenant shall not be required to remove any improvements that are solely decorative work or
constitute a standard office installation. If Landlord shall have so advised Tenant, then Tenant, at Tenant's expense, prior to the Expiration Date or, in the case of an earlier termination of this
Lease, within 30 days after the giving of such notice by Landlord, shall remove the same from the Premises and shall repair and restore and Premises to a condition sufficient to receive the
installation of new improvements without any additional demolition or preparation by Landlord. 

        Section 5.04.    Access and Changes to Building.    (a) Subject
to the terms of Sections 5.04(d) and 5.05(c) below, Landlord reserves the right, at any time, to make
changes in or to the Project as Landlord may deem necessary or desirable, and Landlord shall have no liability to Tenant therefor, provided that after such change access to the Premises is reasonably
equivalent to that which existed prior to such change, it being agreed that the "reasonably equivalent" standard shall not apply if such changes are made in order to comply with Laws and cannot be
completed in a reasonably equivalent manner at a reasonably equivalent cost, does not affect the nature of the Project and does not eliminate any of the specific benefits granted to Tenant under this
Lease. Landlord may install and maintain pipes, fans, ducts, wires and conduits within or through the walls, floors or ceilings of the Premises;  provided, that if there are no dropped ceilings in any of
the floors of the Premises, such pipes, fans ducts, wires and conduits shall be installed in a
manner consistent with any other exposed elements. In exercising its rights under this Section 5.04, Landlord shall use reasonable efforts to
(1) minimize any interference with Tenant's use of the Premises for the ordinary conduct of Tenant's business and (2) to not reduce the size of the Premises except to a  de minimis extent. In
the event that the floor space in any floor in the Premises is reduced and the change which caused such reduction did not benefit
Tenant, the Fixed Rent and Additional Charges for such floor shall be proportionately reduced. Tenant shall not have any easement or other right in or to the use of any door or any passage or any
concourse or any plaza connecting the Building with any subway or any other building or to any public conveniences, and the use of such doors, passages, concourses, plazas and conveniences may,
without notice to Tenant, be regulated or discontinued at any time by Landlord. 

        (b)  Except
for the space within the inside surfaces of all walls, hung ceilings, floors, windows and doors bounding the Premises, all of the Building, including, without
limitation, exterior Building walls, core corridor walls and doors and any core corridor entrance, any terraces or roofs adjacent to the Premises, and any space in or adjacent to the Premises used for
shafts, stacks, pipes, conduits, fan rooms, ducts, electric or other utilities, sinks or other Building facilities, and the use or occupancy thereof, as well as access thereto through the Premises,
are reserved to Landlord and are not part of 

28

 

the Premises. Landlord reserves the right to name the Building to change the name or address of the Building at any time and from time to time. 

        (c)  Landlord
shall have no liability to Tenant if at any time any windows of the Premises are either temporarily darkened or obstructed by reason of any repairs,
improvements, maintenance and/or cleaning in or about the Building (or permanently darkened or obstructed if required by Law) or covered by any translucent material for the purposes of energy
conservation, or if any part of the Building, other than the Premises, is temporarily or permanently closed or inoperable; provided, that if the same
adversely affects Tenant's use and occupancy of the Premises, Landlord shall only have the right to do so if required by Law. If at any time the windows of the Premises are temporarily closed,
darkened or bricked-up, Landlord shall perform such repairs, maintenance, alterations or improvements with reasonable diligence as are reasonably required to restore the same and, unless
such condition has been imposed pursuant to Law, Landlord shall use reasonable efforts to minimize the period of time during which such windows are temporarily closed, darkened or bricked up. 

        (d)  Landlord
and persons authorized by Landlord shall have the right, at reasonable times and upon reasonable advance notice to Tenant (except in an emergency), to enter the
Premises (together with any necessary materials and/or equipment), to inspect or perform such work as Landlord may reasonably deem necessary or to allow Overlandlord to exhibit the Premises to
prospective purchasers or others and, during the last 20 months of the Term, to exhibit to prospective tenants, or for any other purpose as Landlord may deem necessary or desirable. Landlord
shall use reasonable efforts not to interfere with Tenant's use and occupancy of the Premises in connection with the exercise of Landlord's rights under this  Section 5.04(d). To the extent that
Tenant has designated portions of the Premises as "secured areas," except in case of emergency, Landlord
shall not enter into such areas unless accompanied by an employee of Tenant. Landlord shall have no liability to Tenant by reason of any such entry. Landlord shall not be required to make any
improvements or repairs of any kind or character to the Premises during the Term, except as otherwise set forth in this Lease. Any work performed or installations made pursuant to this Section shall
be made with reasonable diligence, and Landlord shall use due diligence to repair any damage to the Premises or Tenant's property as a result of such work or installations. 

        Section 5.05.    Repairs.    (a) Tenant shall
keep the Premises
(including, without limitation, all Fixtures) in good condition and, upon expiration or earlier termination of the Term, shall, subject to the terms and conditions of  Section 5.03(d) herein,
surrender the same to Landlord in the same condition as when first occupied, reasonable wear and tear expected. Tenant's
obligation shall include, without limitation, the obligation to repair all damage caused by Tenant, its agents, employees, invitees and licensees to the equipment and other installations in the
Premises or anywhere in the Building. Any maintenance, repair or replacement to the windows (including, without limitation, any solar film attached thereto), the Building systems, the Building's
structural components or any areas outside the Premises and which is Tenant's obligation to perform shall be performed by Landlord at Tenant's expense (which expense shall be equal to Landlord's
actual out-of-pocket costs, which shall be commercially reasonable). Tenant shall not commit or allow to be committed any waste or damage to any portion of the Premises or the
Building. 

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        (b)  Landlord shall at all times operate and maintain the Building in accordance with the standards that are customarily followed in the operation and maintenance of
First-Class Office Buildings (as defined in the Overlease) (the "Standard"). 

        (c)  Landlord
shall use reasonable efforts to minimize interference with Tenant's use and occupancy of the Premises in making any repairs, alterations, additions or
improvements to the Building or in the cleaning and maintenance thereof; provided, however, that Landlord shall have no obligation to employ contractors
or labor at so-called overtime or other premium pay rates or to incur any other overtime costs or expenses whatsoever, expect that Landlord, at its expense, shall employ contractors or
labor at so-called overtime or other premium pay rates if necessary to (i) meet the Standard or (ii) make any repair required to be made by Landlord hereunder to remedy any
condition that either (x) results in a denial of access to the Premises and/or (y) except in the case of a fire or other casualty, precludes Tenant from conducting its business from more
than thirty percent (30%) of the Premises. In all other cases, at Tenant's request, Landlord shall employ contractors or labor at so-called overtime or other premium pay rates and incur
any other overtime costs or expenses in making any repairs, alterations, additions or improvements to the extent it is practicable to do so, and Tenant shall pay to Landlord, as additional rent,
within twenty (20) days after demand, an amount equal to the difference between the overtime or other premium pay and straight time pay. 

        Section 5.06.    Compliance with Laws/Compliance
Language.    (a) Tenant shall comply with all laws, ordinances, rules, orders and regulations (present, future, ordinary, extraordinary, foreseen or unforeseen) of
any governmental, public or quasi-public authority and of the New York Board of Underwriters, the New York Fire Insurance Rating Organization and any other entity performing similar functions, at any
time duly in force (collectively "Laws"), attributable to any work, installation, occupancy, particular use or particular manner of use (as opposed to
mere "office" use) by Tenant of the Premises or any part thereof. Nothing contained in the Section 5.06 shall require Tenant to make any
structural changes unless the same are necessitated by reason of Tenant's particular manner of use of the Premises or the particular use by Tenant of the Premises for purposes other than normal and
customary ordinary office purposes. Tenant shall procure and maintain all licenses and permits required for its business. Nothing contained herein shall be deemed or be construed as a submission by
Tenant to the application to itself of any such Laws. 

        (b)  Except
to the extent the same is Tenant's responsibility pursuant to Section 5.06(a) above or elsewhere in this
Lease, Landlord shall comply with all Laws applicable to the common areas of the Building generally made available to tenants of the Building, but only with respect to Laws the violation of which has
created or is likely to create conditions in such common areas that reasonable people would agree are imminent threats to human life, health and safety, and, with respect to all other laws, only to
the extent Landlord's non-compliance therewith shall materially and adversely affect
Tenant's use of the Premises, in all cases subject to Landlord's right to contest the applicability or legality of such Laws. 

        (c)  Tenant,
at its sole cost and expense and after reasonable, written notice to Landlord, may contest by appropriate proceedings prosecuted diligently and in good faith,
the legality or applicability of any Laws affecting the Premises and with which it is obligated to comply pursuant to Subsection (a) above,
provided that (a) Landlord shall not be subject to imprisonment or to prosecution for a crime, nor shall the Project or any part there of be subject to being condemned or vacated, nor shall the
certificate of occupancy for the Premises or the Building be suspended or threatened to be suspended by reason of non-compliance or by reason of such contest; (b) such
non-compliance or contest shall not constitute or result in a violation (either with the giving of notice or the passage of time or both) of the terms of any Superior Mortgage or Superior
Lease; (c) Tenant shall indemnify Landlord against the cost of such compliance and liability resulting from or incurred in connection with such contest or non-compliance, and
(d) Tenant shall keep Landlord regularly advised as to the status of such proceedings. Landlord agrees that it shall reasonably cooperate with Tenant's efforts to contest 

30

 

the validity or applicability to the Premises of any Laws; provided that (i) the provisions of clauses (a) through (d) of this
Section shall be complied with and (ii) Landlord shall not incur any expense or liability in connection therewith. 

        (d)  Tenant
shall not use or dispose of any Hazardous Materials in the Premises. "Hazardous Materials," as used herein, shall
mean any flammables, explosives, radioactive materials, hazardous wastes, hazardous and toxic substances or related materials, as defined by any Federal, state or local environmental law, ordinance,
rule or regulation, including, without limitation, the Comprehensive Environmental Response Liability Act, as amended, the Resource Conservation and Recovery Act, as amended, and in the regulations
adopted and publications promulgated pursuant to each of the foregoing, except that the term "Hazardous Materials" shall not include any such materials in amounts typically found in office buildings
of a similar age and character as the Buildings, including asbestos and asbestos containing materials. Landlord shall also deliver to Tenant an ACP-5 certificate covering the Premises.
Landlord represents and warrants to Tenant that, to its knowledge after due investigation, on the date hereof the Premises are not in violation of the Comprehensive Environmental Response Compensation
and Liability Act of 1980 ("CERCLA"). Landlord shall maintain the lobby area of the Building and all publicly accessible elevators serving the Premises
in conformance with CERCLA with respect to Hazardous Material. Landlord shall enforce the obligations of Overlandlord with respect to asbestos removal in the Premises pursuant to Section 28.10
of the Overlease. 

        (e)  Landlord
represents and warrants the Premises currently comply with Title III of the Americans With Disabilities Act (42 U.S.C. § 12101 et
seq.—hereinafter the "ADA"). If any Alterations made to the Premises after the Commencement Date of the Lease by Tenant or Tenant's
representatives or Tenant's use of the Premises necessitate Alterations to the Premises to make the Premises ADA compliant, all costs and expenses associated with such ADA compliance shall be borne by
Tenant. 

        Section 5.07.    Tenant Advertising.    Tenant
shall not use,
and shall cause each of its Affiliates not to use, the name or likeness of the Building or the Project in any advertising (by whatever medium) without Landlord's consent, but shall be permitted to use
the address of the Building for such purposes. 

        Section 5.08.    Right to Perform Tenant Covenants.    If
Tenant fails to perform any of its obligations under this Lease, Landlord, any Superior Lessor or any Superior Mortgagee (each, a "Curing Party") may
perform the same at the expense of Tenant (a) immediately and without notice in the case of emergency or in case such failure unreasonably interferes with the use of space by any other tenant
in the Building or adversely affects the efficient operation of the Building or may result in a violation of any Law or in a cancellation of any insurance policy maintained by Landlord and
(b) in any other case if such failure continues beyond any applicable grace period. If a Curing Party performs any of Tenant's obligations under this Lease, Tenant shall pay to Landlord (as
Additional Charges) the costs thereof, together with interest at the Interest Rate from the date incurred by the Curing Party until paid by Tenant, within twenty (20) days after receipt by
Tenant of a statement as to the amounts of such costs. If the Curing Party effects such cure by bonding any lien which Tenant is required to bond or otherwise discharge, Tenant shall obtain and
substitute a bond for the Curing Party's bond and shall reimburse the Curing Party for the cost of the Curing Party's bond. "Interest Rate" means the
lesser of (i) the Base Rate plus 2% per annum or (ii) the maximum rate permitted by law. 

 
 

ARTICLE 6    
    
    Assignment and Subletting    
  

        Section 6.01.    Assignment; Etc.    (a)
Subject to  Section 6.02, and except as otherwise provided in this Article, neither this Lease not the term and estate hereby granted, nor any part hereof or
thereof, shall be assigned, mortgaged, pledged, encumbered or otherwise transferred voluntarily, involuntarily, 

31

 

by operation of law or otherwise, and neither the Premises, nor any part thereof, shall be subleased, be licensed, be used or occupied by any person or entity other than Tenant or be encumbered in
any manner by reason of any act or omission on the part of Tenant, and no rents or other sums receivable by Tenant under any sublease of all or any part of the Premises shall be assigned or otherwise
encumbered, without the prior consent of Landlord. The dissolution or direct or indirect transfer of control (as defined in Section 6.01(c)  below) of Tenant or any subtenant of Tenant, including
any Affiliate subtenants of Tenant permitted under Section 6.01(c)  below (however accomplished including, by way of example, the admission of new partners or members or withdrawal of existing
partners or members, or transfers of interests in
distributions of profits or losses of Tenant, issuance of additional stock, redemption of stock, stock voting agreement, or changes in classes of stock), shall be deemed an assignment of this Lease
regardless of whether the transfer is made by one or more transactions occurring over a twenty-four (24) month period (provided that if any such transactions made subsequent to such
twenty-four (24) month period are made pursuant to a plan designed to effect such transfer over an extended period of time, the same shall be deemed to have been made during the
twenty-four
(24) month period), or whether one or more persons or entities hold the controlling interest prior to the transfer or afterwards. Except as provided in  Section 6.02(d) herein, no assignment or
other transfer of this Lease and the term and estate hereby granted, and no subletting of all or any
portion of the Premises shall relieve Tenant of its liability under this Lease or of the obligation to obtain Landlord's prior consent to any further assignment, other transfer or subletting. Any
attempt to assign this Lease or sublet all or any portion of the Premises in violation of this Article 6 shall be null and void. If Tenant shall
become a publicly held entity, the sale or transfer of shares of Tenant shall not require the consent of Landlord, shall be permitted under this Lease and shall not be deemed a transfer or an
assignment hereunder if such transfer or sale is effected through the "over-the-counter market" or through any recognized stock exchange. 

        (b)  Notwithstanding
Section 6.01(a), without the consent of Landlord and without being subject to  Sections 6.02, 6.03 or
6.05 of this Lease but subject to
the requirements of the Overlease, this Lease may be assigned to (i) an entity with which Tenant is merged, (ii) an entity which succeeds to Tenant, or (iii) a purchaser of all or
substantially all of Tenant's assets, stock or interests (such entity or purchaser being referred to herein as a "Successor Entity");  provided that
(A) Landlord shall have received a notice of such assignment from Tenant, (B) the assignee assumes by written instrument
satisfactory to Landlord all of Tenant's obligations under this Lease, (C) such assignment is for a valid business purpose and not to avoid any obligations under this Lease, and (D) the
assignee is a reputable entity of good character and shall have, immediately after giving effect to such assignment, an aggregate net worth reasonably acceptable to Landlord. 

        (c)  Notwithstanding
Section 6.01(a), without the consent of Landlord and without Tenant being subject to the
requirements of Section 6.02, 6.03 or 6.05 of
this Lease, Tenant may, subject to the requirements of the Overlease, assign this Lease or sublet all or any part of the Premises to an Affiliate of Tenant;  provided, that (x) Tenant remains an
Affiliate of such Affiliate during the term of the sublease or assignment, as applicable, and, if Tenant
ceases to be affiliated with such Affiliate at any time, then such Affiliate's leasing or subleasing of the Premises shall be subject to Landlord's consent as provided in  Section 6.01(a),
(y) Landlord shall have received a notice of such assignment or sublease from Tenant; and (z) in the case of any
such assignment, (A) the assignment is for a valid business purpose and not to avoid any obligations under this Lease, and (B) the assignee assumes by written instrument satisfactory to
Landlord all of Tenant's obligations under this Lease. "Affiliate" means, as to any designated person or entity, any other person or entity which
controls or is controlled by, such designated person or entity. "Control" (and with correlative meaning, "controlled by" and "under common control
with") means ownership and control by Tenant, directly or indirectly, of 51% or more of the stock, partnership interests or other beneficial ownership interests of the entity in question and the power
to direct the management and affairs of such entity. In addition to the foregoing, service providers with whom Tenant has an ongoing business relationship and personnel employed by joint 

32

 

ventures to which Tenant is a party shall have the right to use and occupy the Premises without notice to or consent by Landlord, provided that at no
time during the Term or the Renewal Term shall (i) more than 5% of the Premises in the aggregate be so occupied or (ii) any demising walls be built in the Premises to accommodate any
such occupancy. 

        Section 6.02.    Landlord's Option Right.    
(a) If Tenant
desires to assign this Lease or sublet all or a portion of the Premises (other than in accordance with Sections 6.01(b) or 6.01(c)), Tenant shall give
to
Landlord notice ("Tenant's Offer Notice") thereof, specifying (i) in the case of a proposed subletting, the location of the space to be sublet
and the proposed terms of the subletting of such space, (ii) (A) in the case of a proposed assignment, Tenant's good faith offer of the consideration Tenant desires to receive or pay for
such assignment or (B) in the case of a proposed subletting, Tenant's good faith offer of the fixed annual rent which Tenant desires to receive for such proposed subletting (assuming that a
subtenant will pay for Taxes, expense escalations and electricity as described in Article 3 herein in the same manner, and utilizing the same
base year or base amount, as Tenant pays for such amounts under this Lease) and (iii) the proposed assignment or sublease commencement date. 

        (b)  Tenant's
Offer Notice shall be deemed an offer from Tenant to Landlord whereby Landlord or any Affiliate of Landlord may, at Landlord's option, (i) sublease such
space from Tenant or (ii) have this Lease assigned to it or terminate this Lease, provided that if the proposed transaction is (x) an
assignment or (y) a sublease of all or substantially all of the Premises for all or substantially all of the remainder of the Term or (z) a sublease of a portion of the Premises which,
when aggregated with other subleases then in effect, covers all or substantially all of the Premises for all or substantially all of the remainder of the Term, Landlord's option shall be limited to
having this Lease assigned to it or to terminating this Lease (any such space being referred to as the "Recapture Space");  provided further that at any
time Landlord exercises its option to recapture hereunder, Landlord intends in good faith to occupy such Recapture Space or
make such Recapture Space available to an Affiliate of Landlord for its use and occupancy. Landlord may exercise its rights under this Section 6.02(b)  by notice to Tenant within 45 days after
a Tenant's Offer Notice, together with all information required pursuant to  Section 6.02(a), has been given by Tenant to Landlord. 

        (c)  If
Landlord exercises its option under Section 6.02(b)(ii) to terminate this Lease, then this Lease shall
terminate on the proposed assignment or sublease commencement date specified in the applicable Tenant's Offer Notice, all Rent shall be paid and apportioned to such date and the date of such
termination shall be deemed the Expiration Date for all purposes of this Lease. Landlord shall agree in connection with any such termination of this Lease not to disturb any subtenant of Tenant and to
recognize such subtenant as a tenant of Landlord so long as such subtenant agrees to enter into a nondisturbance agreement with Landlord substantially in the form attached hereto as Exhibit E
(other than Section 2(b) thereof). 

        (d)  If
Landlord exercises its option under Section 6.02(b)(ii) to have this Lease assigned to it (or its
designee), then Tenant shall assign this Lease to Landlord (or Landlord's designee) by an assignment in form and substance reasonably satisfactory to Landlord, effective on the proposed assignment or
sublease commencement date specified in the applicable Tenant's Offer Notice. If Landlord exercises its option to take an assignment of this Lease as it relates to the Recapture Space, Tenant shall be
released from Tenant's obligations under this Lease arising from and after the date of such assignment. Tenant shall not be entitled to consideration or payment from Landlord (or Landlord's designee)
in connection with any such assignment. If the Tenant's Offer Notice provides that Tenant will pay any consideration or grant any concessions in connection with the proposed assignment, then Tenant
shall pay such consideration and/or grant any such concessions to Landlord (or Landlord's designee) on the date Tenant assigns this Lease to Landlord (or Landlord's designee). 

        (e)  [INTENTIONALLY
OMITTED] 

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        (f)    If
Landlord exercises its option under Section 6.02(b)(i) to sublet the Premises, such sublease to Landlord
or its designee (as subtenant) shall be in form and substance reasonably satisfactory to Landlord at the lower of (i) the rental rate per rentable square foot of Fixed Rent and Additional
Charges then payable pursuant to this Lease or (ii) the rental set forth in the applicable Tenant's Offer Notice with respect to such sublet space, and shall be for the term set forth in the
applicable Tenant's Offer Notice, and: 

        (A)  shall
be subject to all of the terms and conditions of this Lease except such as are irrelevant or inapplicable, and except as otherwise expressly set forth to the
contrary in this Section 6.02(f); 

        (B)  shall
be upon the same terms and conditions as those contained in the applicable Tenant's Offer Notice and otherwise on the terms and conditions of this Lease, except
such as are irrelevant or inapplicable and except as otherwise expressly set forth to the contrary in this Section 6.02(f); 

        (C)  shall
permit the sublessee, without Tenant's consent, freely to assign such sublease or any interest therein or to sublet all or any part of the space covered by such
sublease and to make any and all alterations and improvements in the space covered by such sublease, provided that Tenant shall not be responsible for removing such alterations or improvements at the
expiration of the Term, unless the Offer Notice reasonably restricts the making of any such alterations or improvements in which event Landlord or its designee (as subtenant) shall also be reasonably
restricted in the making of any such alterations or improvements; 

        (D)  shall
provide that any assignee or further subtenant of Landlord or its designee may, at the election of Landlord, make alterations, decorations and installations in
such space or any part thereof, any or all of which may be removed, in whole or in part, by such assignee or subtenant, at its option, prior to or upon the expiration or other termination of such
sublease, provided that such assignee or subtenant, at its expense, shall repair any damage caused by such removal, unless the Offer Notice reasonably restricts the making of any such alterations or
improvements in which event Landlord shall impose the same restrictions on any assignee or further subtenant of Landlord or its designee; and 

        (E)  shall
provide that (1) the parties to such sublease expressly negate any intention that any estate created under such sublease be merged with any other estate by
held by either of said parties, (2) any assignment or subletting by Landlord or its designee (as the subtenant) may be for any purpose or purposes that Landlord shall deem appropriate,
(3) Landlord, at Tenant's expense, may make such alterations as may be required or deemed necessary by Landlord to demise separately the subleased space and to comply with any Laws relating to
such demise, unless the Offer Notice reasonably restricts the making of any alterations or improvements in which event Landlord shall only make alterations or
improvements to demise separately such subleased space if Landlord shall restore, or shall cause to be restored, the subleased space to the same condition in which such subleased space was delivered
from Tenant to Landlord, and (4) at the expiration of the term of such sublease, Tenant shall accept the space covered by such sublease in its then existing condition, subject to the
obligations of the sublessee to make such repairs thereto as may be necessary to preserve such space in good order and condition. In the event the term of the sublease is less than 2 years and
there is more than 1 year remaining on the Term or Renewal Term under this Lease, Landlord at the termination of such sublease shall restore the subleased premises to Tenant's configuration as
of the commencement date of such sublease. 

        (g)  In
the case of any proposed sublease requiring Landlord's consent under this Article 6, Tenant shall not sublet
any space to a third party at a rental which is less (on a per rentable square foot basis) than 90% of the rental (on a per rentable square foot basis) specified in Tenant's Offer Notice with respect
to such space, without complying once again with all of the provisions of this Section 6.02 (as affected by the last sentence of this Section)
and re-offering such space to Landlord at such lower 

34

 

rental. In the case of a proposed assignment, Tenant shall not assign this Lease to a third party where Tenant pays consideration greater than 10% more or grants a greater concession to such third
party for such assignment than the consideration offered to be paid or concession offered to be granted to Landlord in Tenant's Offer Notice without complying once again with all of the provisions of
this Section 6.02 and re-offering to assign this Lease to Landlord and paying such consideration or grant such concession to
Landlord. Subject to the following sentence, Landlord shall be required to exercise its option to recapture any space re-offered by Tenant pursuant to this  Section 6.02(g) within 10 days after
the date of any such re-offer, and Tenant shall not be required to provide Landlord with
the reminder notice described below in Section 6.02(h) in connection with Landlord's review of such re-offer. If any
re-offer space has not been subleased or assigned by Tenant before the one (1) year anniversary of the first Tenant's Offer Notice for such space and Tenant wishes to continue to
market such space, Landlord shall be entitled, without regard to the amount of sublease rental or assignment consideration sought by Tenant, to the full 45-day option period described
above in Section 6.02(b), and Tenant shall be obligated to deliver the reminder notice described in  Section 6.02(h), in each case in connection
with the first re-offer made by Tenant to Landlord of such space in each year such space
has been on the market after the first year (each such re-offer, an "Annual Re-Offer"), provided  that no re-offer shall reduce Landlord's 45-day review
period (or waive the right of Landlord to receive a reminder notice) in respect of any Annual
Re-Offer or the original Tenant's Offer Notice for the related space. 

        (h)  If
Landlord fails to respond to Tenant's Offer Notice within 45 days after the receipt of such Tenant's Offer Notice, together with all information required
pursuant to Section 6.02(a), has been given by Tenant to Landlord, Landlord shall be deemed to have declined Tenant's offer;  provided, that no earlier
than 15 days prior to the expiration of such 45-day period, Tenant shall send a second notice to Landlord
with the phrase "FAILURE TO RESPOND ON OR BEFORE THE 15TH DAY AFTER THE GIVING OF THIS NOTICE SHALL BE DEEMED TO BE A WAIVER OF LANDLORD'S OPTION RIGHT UNDER SECTION 6.02 OF
THE LEASE" in bold lettering at the top of such notice. 

        Section 6.03.    Assignment and Subletting Procedures.    (a)
If Tenant delivers to Landlord a Tenant's Offer Notice with respect to any proposed assignment of this Lease or subletting of all of the Premises and Landlord does not timely exercise any of its
options under Section 6.02, and Tenant thereafter desires to assign this Lease or sublet the Premises as specified in Tenant's Offer Notice,
Tenant shall notify
Landlord (a "Transfer Notice") of such desire, which notice shall be accompanied by (i) a statement of the material terms and conditions of the
proposed subletting or assignment, as the case may be, the effective date of which shall be at least 30 days after the giving of the Transfer Notice, (ii) a statement setting forth in
reasonable detail the identity of the proposed assignee or subtenant, the nature of its business and its proposed use of the Premises, (iii) current financial information with respect to the
proposed assignee or subtenant, including, without limitation, its most recent financial statement or other evidence of proposed entity's creditworthiness and (iv) such other information as
Landlord may reasonably request (provided such request is made within fifteen (15) days of Landlord's receipt of the Transfer Notice), and Landlord's consent to the proposed assignment or
sublease shall not be unreasonably withheld, provided that: 

        (A)  Such
Transfer Notice shall be delivered to Landlord within six months after the delivery to Landlord of the applicable Tenant's Offer Notice. 

        (B)  In
Landlord's reasonable judgment the proposed assignee or subtenant will use the Premises in a manner that (x) is in keeping with the Standard and (y) is
limited to the use expressly permitted under this Lease. 

        (C)  The
proposed assignee or subtenant is, in Landlord's judgment, a reputable person or entity of good character and, in Landlord's reasonable judgment, has sufficient
financial capability considering the responsibility involved. 

35

 

        (D)  Neither
the proposed assignee or sublessee, nor any Affiliate of such assignee or sublessee, is then an occupant of any part of the Building; provided that Landlord has
comparable space in the Building that is available for rent or that will become available for rent before or within three (3) months after the proposed commencement date for such proposed
assignment or sublease. 

        (E)  The
proposed assignee or sublessee is not a person with whom Landlord is then negotiating or has within the prior 3 months negotiated to lease space in the
Building; provided that Landlord has comparable space in the Building that is available for rent or that will become available for rent before or within three (3) months after the proposed
commencement date for such proposed assignment or sublease. 

        (F)  The
form of the proposed sublease shall be reasonably satisfactory to Landlord and shall comply with the applicable provisions of this  Article 6. 

        (G)  There
shall at no time be more than 4 subtenants (excluding Affiliates) in the portion of the Premises located in the South Building or more than 1 subtenant (excluding
Affiliates) in each floor of the Premises located in the Tower. 

        (H)  Tenant
shall reimburse Landlord within twenty (20) days of demand for any reasonable out-of-pocket costs that may be incurred by Landlord
in connection with said assignment or sublease, including, without limitation, the costs of making investigations as to the acceptability of the proposed assignee or subtenant, and reasonable legal
costs incurred in connection with the granting of any requested consent. 

        (I)  The
subletting or assignment complies with all of the terms and provisions of the Overlease. 

        (b)  If
Landlord's consent to a proposed assignment or sublease is required under this Article 6 and Landlord so
consents (or is deemed to have consented) and Tenant thereafter fails to execute and deliver the assignment or sublease to which Landlord consented within 30 days (or if such request is made
pursuant to subsection (d) below, within 45 days) after the giving of such consent, then Tenant shall again comply with this Article 6 before assigning this Lease or subletting
all or part of the Premises. 

        (c)  If
Landlord fails to respond to a Transfer Notice within 15 days (or if such request is made pursuant to subsection (d) below, within 45 days) after
such Transfer Notice, together with all information required pursuant to Section 6.03(a) has been given by Tenant to Landlord, Landlord shall be
deemed to have consented to such proposed assignment or subletting; provided, that no earlier than 5 Business Days prior to the expiration of such
15 day period (or if such request is made pursuant to subsection (d) below, within 45 days), Tenant shall send a second notice to Landlord with the phrase  "FAILURE TO RESPOND WITHIN FIVE (5) DAYS AFTER THE
DATE HEREOF SHALL BE DEEMED CONSENT TO THE ASSIGNMENT OR SUBLETTING PROPOSED IN TENANT'S TRANSFER
NOTICE" in bold lettering at the top of such notice. 

        (d)  If
Tenant delivers to Landlord a Transfer Notice, together with all information required under Section 6.03(a)  above, at the same time that Tenant delivers Tenant's Offer Notice, together with all
information required under  Section 6.02(a) above, then Landlord shall either (i) exercise its options under Section 6.02  or (ii)
 approve or deny Tenant's request to assign this Lease or sublet the Premises under the provisions of Section 6.03
within 45 days after Tenant's Offer Notice, together with all information required pursuant to Section 6.02(a),
and the Transfer Notice, together with all information required pursuant to Section 6.03(a), have been given by Tenant to Landlord. If Landlord
fails to respond within 45 days after receiving Tenant's Offer Notice, together with all information required pursuant to Section 6.02(a)  and the Transfer Notice, together with all information
required pursuant to Section 6.03(b), Landlord shall be deemed to
have consented to such proposed assignment or 

36

 

subletting; provided, that no earlier than 15 days prior to the expiration of such 45-day period, Tenant shall send a second notice
to Landlord with the phrase "FAILURE TO RESPOND WITHIN 15 DAYS
AFTER THE DATE OF THIS NOTICE SHALL BE DEEMED TO BE A WAIVER OF LANDLORD'S OPTION RIGHT UNDER SECTION 6.02 OF THE LEASE AND CONSENT TO THE ASSIGNMENT OR SUBLETTING PROPOSED IN TENANT'S TRANSFER
NOTICE (SUCH TENANT'S OFFER NOTICE AND TRANSFER NOTICE HAVING BEEN DELIVERED SIMULTANEOUSLY)" in bold lettering at the top of such notice. 

        Section 6.04.    General Provisions.    (a)
 If this
Lease is assigned, whether or not in violation of this Lease, Landlord may collect rent from the assignee. If the Premises or any part thereof are sublet or occupied by anybody other than Tenant,
whether or not in violation of this Lease, Landlord may, after default by Tenant, and expiration of Tenant's time to cure such default, collect rent from the subtenant or occupant. In either event,
Landlord may apply the net amount collected against Rent, but no such assignment, subletting, occupancy or collection shall be deemed a waiver of any of the provisions of  Section 6.01(a), or the
acceptance of the assignee, subtenant or occupant as tenant, or a release of Tenant from the performance of Tenant's
obligations under this Lease. 

        (b)  No
assignment or transfer shall be effective until the assignee delivers to Landlord (i) evidence that the assignee, as Tenant hereunder, has complied with the
requirements of Section 8.02 and 8.03, and (ii) an agreement in form and substance
reasonably satisfactory to Landlord whereby the assignee assumes Tenant's obligations under this Lease. 

        (c)  Notwithstanding
any assignment or transfer, whether or not in violation of this Lease, and notwithstanding the acceptance of any Rent by Landlord from an assignee,
transferee, or any other party, other than with respect to any assignment or sublease to Landlord or its designee pursuant to Section 6.02, the
original named Tenant and each successor Tenant shall remain fully liable for the payment of the Rent and the performance of all of Tenant's other obligations under this Lease. The joint and several
liability of Tenant and any immediate or remote successor in interest of Tenant shall not be discharged, released or impaired in any respect by any agreement made by Landlord extending the time to
perform, or otherwise modifying, any of the obligations of Tenant under this Lease, or by any waiver or failure of Landlord to enforce any of the obligations of Tenant under this Lease. 

        (d)  Each
subletting by tenant shall be subject to the following: 

        (i)    No
subletting shall be for a term (including any renewal or extension options contained in the sublease) ending later than one day prior to the Expiration Date. 

        (ii)  No
sublease shall be valid, and no subtenant shall take possession of the Premises or any part thereof, until there has been delivered to Landlord, both (A) an
executed counterpart of such sublease, and (B) a valid certificate of insurance on Acord Form 27 evidencing that (x) Landlord and Overlandlord are additional insureds under the
insurance policies required to be maintained by occupants of the Premises pursuant to Section 8.02, and (y) there is in full force and
effect, the insurance otherwise required by Section 8.02. 

        (iii)  Each
sublease shall provide that it is subject and subordinate to this Lease, and that in the event of termination, reentry or dispossess by Landlord under this Lease,
Landlord may, at its option, take over all of the right, title and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord's option, attorn to Landlord pursuant to
the then executory provisions of such sublease, except that Landlord shall not be liable for, subject to or bound by any item of the type that a Successor Landlord is not so liable for, subject to or
bound by in the case of an attornment by Tenant to a Successor Landlord under Section 7.01(a). 

37

  

        (e)  Each sublease shall provide that the subtenant may not assign its rights thereunder or further sublet the space demised under the sublease, in whole or in part, without
Landlord's consent, which shall not be unreasonably withheld and shall be granted or denied in accordance with the standards applicable to an assignment or subletting by Tenant which requires
Landlord's consent provided that any sublease requiring Landlord's consent hereunder may only be further sublet one time without complying with all of the terms and conditions of this  Article 6,
including, without limitation, Section 6.02 and  Section 6.05, which for purposes of this Section 6.04(e)
shall be deemed to the
appropriately modified to take into account that the transaction in question is an assignment of the sublease or a further subletting of the space demised under the sublease, as the case may be. 

        (f)    Tenant
shall not publicly advertise the availability of the Premises or any portion thereof as sublet space or by way of an assignment of this Lease with the rental rate
or any description thereof. 

        Section 6.05.    Assignment and Sublease Profits.    (a). If
the aggregate of the amounts payable as Fixed Rent and as Additional Charges on account of Taxes and electricity by a subtenant under a sublease of the Premises and the amount of any Other Sublease
Consideration payable to Tenant by such subtenant, whether received in a lump-sum payment or otherwise, shall be in excess of Tenant's Basic Cost therefor at that time then, promptly after
the collection thereof, Tenant shall pay to Landlord in monthly installments as and when collected, as Additional Charges, 50% of such excess. Tenant shall deliver to Landlord within 60 days
after the end of each calendar year and within 60 days after the expiration or earlier termination of this Lease a statement specifying each sublease in effect during such calendar year or
partial calendar year, the rentable area demised thereby, the term thereof and a computation in reasonable detail showing the calculation of the amounts paid and payable by the subtenant to Tenant,
and by Tenant to Landlord, with respect to such sublease for the period covered by such statement. "Tenant's Basic Cost" for sublet space at any time
means the sum of (i) the portion of the Fixed Rent and Tax Payments which is attributable to the sublet space, plus (ii) the amount payable by Tenant on account of electricity in respect
of the sublet space, plus (iii) the amount of any costs reasonably incurred by Tenant in making changes in the layout and finish of the sublet space for the subtenant, plus (iv) the
unamortized cost of Tenant's leasehold improvements remaining in the subleased premises determined on the basis of Tenant's federal income tax returns, plus (v) the amount of any reasonable
brokerage commissions and reasonable legal fees (including those of Tenant's in-house counsel) paid by Tenant in connection with the sublease. "Other Sublease
Consideration" means all sums paid for the furnishing of services by Tenant and the sale or rental of Tenant's fixtures, leasehold improvements, equipment, furniture or other
personal property. 

        (b)  Upon
any assignment of this Lease, Tenant shall pay to Landlord 50% of the Assignment Consideration received by Tenant for such assignment, after deducting therefrom
customary and reasonable closing expenses which shall include commissions and legal fees (including those of Tenant's in-house counsel). "Assignment
Consideration" means an amount equal to all sums and other considerations paid to Tenant by the assignee for or by reason of such assignment (including, without limitation,
sums paid for the furnishing of services in or with respect to the Premises by Tenant and the sale or rental of Tenant's fixtures, leasehold improvements, equipment, furniture, furnishings or other
personal property, less, in the case of a sale thereof, the then net unamortized or undepreciated cost thereof determined on the basis of Tenant's federal income tax returns). 

        Section 6.06.    Assignor Cure Rights.    If
this Lease shall
have been assigned by Tenant (other than to an Affiliate of Tenant), Landlord shall give the initially named Tenant (the "Tenant Assignor"), a copy of
each notice of default given by Landlord to the then current tenant (the "Tenant Assignee") under this Lease. Landlord shall not have any right to
terminate this Lease, or otherwise to exercise any of Landlord's rights and remedies hereunder, after a default by such Tenant Assignee, unless and until (A) Landlord shall have made a demand
on the Tenant Assignee to cure the default in question, (B) the Tenant Assignor receives a copy of the default notice in question, and (C) the Tenant Assignor has an opportunity to
remedy such default within the time periods set forth in this Lease (such time 

38

 

periods, with respect to the Tenant Assignor; being deemed to run from the date that Landlord gives such Tenant Assignor a copy of the default notice in question); provided, that this sentence shall
not be applicable if the Tenant Assignee under this Lease is an Affiliate of the Tenant Assignor. Landlord shall accept timely performance by the Tenant Assignor of any term, covenant, provision or
agreement contained in this Lease on the Tenant Assignee's part to be observed and performed with the same force and effect as if performed by the Tenant Assignee (but only if such Tenant Assignee is
not an Affiliate of the Tenant Assignor). If the Tenant Assignor shall cure the default by such Tenant Assignee, or if the default shall be incurable (such as bankruptcy), and Landlord or the Tenant
Assignee seeks to terminate this Lease, then the Tenant Assignor shall have the right to enter into a new lease with Landlord upon all of the then executory terms of this Lease and to resume actual
possession of the Premises for the unexpired balance of the Term; provided, that this sentence shall not be applicable if the Tenant Assignee under this Lease is an Affiliate of the Tenant Assignor.
If Tenant cures the default of any Tenant Assignee, Landlord will allow Tenant to exercise Landlord's possessory and any other remedies against the Tenant Assignee in Landlord's name provided Tenant
indemnifies Landlord against all loss, cost and expense in connection therewith. 

        Section 6.07.    Landlord Non-Disturbance.    If
Tenant shall so request at the same time it requests Landlord's approval of a sublease, Landlord agrees that it shall enter into a non-disturbance and attornment agreement with permitted
sublessees of at least on entire floor in the Building provided that (x) such sublease shall be for the balance of the term of this Lease and
(y) if the rent such subtenant is paying at the time of attornment is less than that required pursuant to the terms of this Lease, such subtenant shall agree to pay Fixed Rent and Additional
Charges in accordance with the terms of this Lease and provided, further, that in determining whether or not Landlord shall consent to such a sublease, it shall be reasonable for Landlord to take into
account that under certain circumstances Landlord may have to have such subtenant as its direct tenant. 

        Section 6.08.    Subletting by Tenant within the
Building.    Tenant shall have the right to sub-sublease space in the Building from other subtenants of Landlord notwithstanding any terms and provisions
to the contrary contained in any such tenant's sublease so long as (a) Tenant notifies Landlord in writing of its space requirements (including the term and the necessary amount of space) prior
to contacting any subtenants of Landlord and (b) Landlord cannot offer Tenant reasonably comparable space in the Building. Any sub-subleasing by Tenant from other subtenants of
Landlord in the Building shall be subject to the terms of the Overlease and the other terms of such subtenant's sublease. 

 
 

ARTICLE 7    
    
    Subordination; Default; Indemnity    
  

        Section 7.01.    Subordination.    (a) Subject
to the
provisions of this Article 7, this Lease is subject and subordinate to each mortgage (a "Superior
Mortgage") and each underlying lease including, without limitation, the Overlease (a "Superior Lease") which may now or
hereafter affect all or any portion of the Project or any interest therein; provided that the Superior Mortgagee, under such Superior Mortgage or Superior Lessor under such Superior Lease shall have
executed and delivered a non-disturbance and attornment agreement substantially to the effect that so long as Tenant is not in default hereunder beyond any applicable notice and grace
periods, (i) this Lease will not be terminated or cut off nor shall Tenant's possession hereunder be disturbed by enforcement of any rights given to such Superior Mortgagee or Superior Lessor
pursuant to such Superior Mortgage or Superior Lease, and (ii) such Superior Mortgagee or Superior Lessor shall recognize Tenant as the tenant under this Lease. The lessor under a Superior
Lease is called a "Superior Lessor" and the mortgagee under a Superior Mortgage is called a "Superior
Mortgagee". Tenant shall execute, acknowledge and deliver any instrument reasonably requested by Landlord, a Superior Lessor or Superior Mortgagee to evidence such
subordination, but no such instrument shall be necessary to make such subordination effective if a non-disturbance and attornment agreement shall have been delivered. Notwithstanding
anything 

39

 

contained in this Section 7.01 to the contrary, if any Superior Mortgagee or Superior Lessee executes and delivers a non-disturbance
and attornment agreement either (i) in the form attached hereto as Exhibit E or (ii) in a form which is not in any material respect
less favorable to Tenant as the non-disturbance and attornment agreement executed and delivered contemporaneously herewith by Tenant and the existing Superior Mortgagee or Superior Lessor,
as applicable, and Tenant either fails or refuses to execute and deliver such agreement within 30 days after delivery of such agreement to Tenant, then this Lease shall automatically and
without further act be deemed to be subject and subordinate to such Superior Mortgage or Superior Lease and such non-disturbance and attornment agreement shall then be deemed to be in
effect with respect to such Superior Mortgage or Superior Lease. Tenant acknowledges and agrees that simultaneously herewith Tenant and the existing Superior Mortgagee and the existing Superior Lessor
have executed and exchanged non-disturbance and attornment agreements which satisfy the requirements of this Section 7.01. Tenant
shall execute any amendment of this Lease requested by a Superior Mortgagee or a Superior Lessor; provided (i) such amendment shall not result in
a material increase in Tenant's obligations under this Lease or a material reduction in the benefits available to Tenant, (ii) such amendment shall not diminish the rights,
privileges, interest or estate or Tenant or alter the Term, the Premises or the services to be provided to Tenant by Landlord hereunder (except, in either case, to a de
minimis extent) and (iii) Landlord shall be liable for Tenant's reasonable legal fees incurred in connection therewith. In the event of the enforcement by a Superior
Mortgagee of the remedies provided for by law or by such Superior Mortgage, or in the event of the termination or expiration of a Superior Lease, Tenant, upon request of such Superior Mortgagee,
Superior Lessor or any person succeeding to the interest of such mortgagee or lessor (each, a "Successor Landlord"), shall, subject to the terms of this  Article 7
and the delivery of a subordination, non-disturbance and attornment agreement in accordance with this Section automatically
become the tenant of such Successor Landlord without change in the terms or provisions of this Lease (it being understood that Tenant shall, if requested, enter into a new lease on terms identical to
those in this Lease); provided, that any Successor Landlord shall not be (i) liable for any act, omission or default of any prior landlord (including, without limitation, Landlord) other than
to cure defaults of a continuing nature as though such defaults had first occurred on the date such Successor Landlord became landlord under this Lease; (ii) liable for the return of any monies
paid to or on deposit with any prior landlord (including, without limitation, Landlord), except to the extent such monies or deposits are delivered to such Successor Landlord; (iii) subject to
any offset, claims or defense that Tenant might have against any prior landlord (including, without limitation; Landlord); (iv) bound by any Rent which Tenant might have paid for more than
thirty (30) days in advance of the date upon which such payment was due to any prior landlord (including, without limitation Landlord) unless actually received by such Successor Landlord or
expressly approved in writing by it or received by it; (v) bound by any covenant to perform or complete any construction in connection with the Project or the Premises or to pay any sums to
Tenant in connection therewith; or (vi) bound by any waiver or forbearance under, or any amendment, modification, abridgement, cancellation or surrender of, this Lease made without the consent
of the Superior Landlord at the time in question. Nothing contained herein shall be deemed to relieve any Successor Landlord of any liability arising by reason of its acts or omissions from or after
the date that such Successor Landlord shall become the landlord under this Lease, and such Successor Landlord shall be obligated to perform Landlord's obligations under this Lease arising from and
after becoming landlord, in accordance with the provisions of this Lease. Upon request by such Successor Landlord, Tenant shall, subject to the terms of this Article 7  and the delivery of a
subordination, non-disturbance and attornment agreement in accordance with this Section execute and deliver an instrument or instruments,
reasonably requested by such Successor Landlord, confirming the attornment provided for herein, but no such instrument shall be necessary to make such attornment effective. It is hereby acknowledged
and agreed that the foregoing provisions are not intended to relieve any Successor Landlord from its obligations under this Lease from and after the date it becomes Landlord under this Lease. 

40

 

        (b)  Tenant
shall give each Superior Mortgagee and each Superior Lessor a copy of any notice of default served upon Landlord, provided that Tenant has been notified of the
address of such mortgagee or lessor. If Landlord fails to cure any default as to which Tenant is obligated to give notice pursuant to the preceding sentence within the time provided for in this Lease,
then each such mortgagee or lessor shall have an additional 30 days after receipt of such notice within which to cure such default or if such default cannot be cured within that time, then such
additional time as may be necessary if, within such 30 days, any such mortgagee or lessor has commenced and is diligently pursuing the remedies necessary to cure such default (including,
without limitation, commencement of foreclosure proceedings or eviction proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated and Tenant shall not exercise
any other rights or remedies under this Lease or otherwise seek a termination of this Lease while such remedies are being so diligently pursued; provided that this provision shall not prohibit Tenant
from enforcing its rights against Landlord and, if Landlord's default
is such that Tenant must terminate this Lease or be deemed to have waived its right to terminate (e.g., constructive eviction), then Tenant may terminate this Lease provided, however, that it enters
into a new lease with Superior Mortgagee or Superior Lessor, as the case may be, on all of the then executory terms of this Lease. Nothing herein shall be deemed to imply that Tenant has any right to
terminate this Lease or any other right or remedy, except as may be otherwise expressly provided for in this Lease. 

        Section 7.02.    Estoppel Certificate.    Each
party shall, at
any time and from time to time, but in any event no more than two (2) times in any twelve month period, within 10 days after request by the other party, execute and deliver to the
requesting party (or to such person or entity as the requesting party may designate) a statement certifying that (a) 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 modified and stating the modifications), (b) the Premises Possession Date, Expiration Date and the dates to which the Fixed Rent and
Additional Charges have been paid and stating whether or not, to the best knowledge of such party, the other party is in default in performance of any of its obligations under this Lease, and, if so,
specifying each such default of which such party has knowledge, (c) it being intended that all such statements shall be deemed a representation and warranty to be relied upon by the party to
whom such statement is addressed. Tenant also shall include or confirm in any such statement such other information concerning this Lease as Landlord may reasonably request. Any statement delivered
pursuant to this Section 7.02 shall reflect the state of facts existing only as of the date it is given by such party. 

        Section 7.03.    Default.    (a) This Lease
and the term and
estate hereby granted are subject to the limitation that: 

        (i)    if
Tenant defaults in the payment of any Fixed Rent, and such default continues for 5 days after Landlord gives to Tenant a notice specifying such default, or if
Tenant defaults in the payment of any Additional Charges, and such default continues for 10 days after Landlord gives to Tenant a notice specifying such default, or 

        (ii)  if
Tenant defaults in the keeping, observance or performance of any covenant or agreement (other than a default of the character referred to in  Section 7.03 (a)(i), (iii), (iv) or (v)), and if
such default continues and is not cured within 30 days after Landlord gives to
Tenant a notice specifying the same, or, in the case of a default which for causes beyond Tenant's reasonable control cannot with due diligence be cured within such period of 30 days, if Tenant
shall not immediately upon the receipt of such notice, (x) advise Landlord of Tenant's intention duly to institute all steps necessary to cure such default and (y) institute and
thereafter diligently prosecute to completion all steps necessary to cure the same, 

41

 

        (iii)  if
this Lease or the estate hereby granted would, by operation of law or otherwise, devolve upon or pass to any person or entity other than Tenant, except as expressly
permitted by Article 6, or 

        (iv)  if
there shall be a failure of Tenant to comply with any of the material terms and provisions of that certain Overlandlord Consent entered into by and among Landlord,
Overlandlord and Tenant in connection with this Lease beyond applicable notice and cure periods relating thereto, if any. 

        Section 7.04.    Re-entry by Landlord.    If
this
Lease shall terminate as in Section 7.03 provided, Landlord or Landlord's agents and servants may immediately or at any time thereafter
re-enter into or upon the Premises, or any part thereof, either by summary dispossess proceedings or by any suitable action or proceeding at law, without being liable to indictment,
prosecution or damages therefor, and may repossess the same, and may remove any persons therefrom, to the end that Landlord may have, hold and enjoy the Premises. The words "re-enter" and
"re-entering" as used in this Lease are not restricted to their technical legal meanings. Upon such termination or re-entry, Tenant shall pay to Landlord any Rent then due and
owing (in addition to any damages payable under Section 7.05). 

        Section 7.05.    Damages.    (a) If this Lease
is terminated
under Section 7.03 Tenant shall pay to Landlord as damages, at the election of Landlord, either: 

        (b)  a
sum which, at the time of such termination, represents the value (discounted to present value using Base Rate) of the excess, if any, of (1) the aggregate of
the Rent which, had this Lease not terminated, would have been payable hereunder by Tenant for the period commencing on the day following the date of such termination to and including the Expiration
Date over (2) the aggregate fair rental value of the Premises for the same period (for the purposes of this clause (a) the amount of
Additional Charges which would have been payable by Tenant under Sections 3.04 and 3.05 shall,
for each calendar year ending after such termination, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the
calendar year in which such termination shall occur), or 

        (c)  sums
equal to the Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not terminated, payable upon the due dates
therefor specified in this Lease; provided, that if Landlord shall relet all or any part of the Premises for all or any part of the period commencing on
the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents received by Landlord from such reletting,
such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such reletting the expenses incurred or paid by Landlord in terminating this Lease and of
re-entering the Premises and of securing possession thereof, as well as the expenses of reletting, including, without limitation, altering and preparing the Premises for new tenants,
brokers' commissions, legal fees and all other expenses properly chargeable against the Premises and the rental therefrom in connection with such reletting, it being understood that any such reletting
may be for a period equal to or shorter or longer than said period; provided, further, that (i) in no event shall Tenant be entitled to receive
any excess of such net rents over the sums payable by Tenant to Landlord under this Lease, (ii) in no event shall Tenant be entitled, in any suit for the collection of damages pursuant to this  Section 7.05(b)
, to a credit in respect of any net rents from a reletting except to the extent that such
net rents are actually received by Landlord prior to the commencement of such suit, (iii) if the Premises or any part thereof should be relet in combination with other space, then proper
apportionment on a square foot rentable area basis shall be made of the rent received from such reletting and of the expenses of reletting and (iv) Landlord shall have no obligation to so relet
the Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the Premises. 

42

  

        Suit or suits for the recovery of any damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing
contained herein shall require Landlord to postpone suit until the date when the Term would have expired but for such termination or re-entry. 

        Section 7.06.    Other Remedies.    Nothing
contained in this
Lease shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may
lawfully be entitled by reason of any default hereunder on the part of Tenant. Anything in this Lease to the contrary notwithstanding, during the continuation of any monetary or other materials
default by Tenant, Tenant shall not be entitled to exercise any rights or options, or to receive any funds or proceeds being held, under or pursuant to this Lease. 

        Section 7.07.    Right to Injunction.    In
the event of a
breach or threatened breach by Tenant of any of its obligations under this Lease, including, but not limited to, holding over after the Expiration Date or the date of any earlier termination of this
Lease, Landlord subject to applicable law shall also have the right of injunction and, in the case of a threatened holdover, the right to bring a summary proceeding for possession of the Premises on
the Expiration Date or the date of any earlier termination of this Lease. The specified remedies to which Landlord may resort hereunder are cumulative and are not intended to be exclusive of any other
remedies or means of redress to which Landlord may lawfully be entitled, and Landlord may invoke any remedy allowed at law or in equity as if specific remedies were not herein provided for. 

        Section 7.08.    Certain Waivers; Waiver of Trial by
Jury.    (a) Tenant waives and surrenders all right and privilege that Tenant might have under or by reason of any present or future law to redeem the Premises or to
have a continuance of this Lease after Tenant is dispossessed or ejected therefrom by Landlord, by process of law or under the terms of this Lease or after any termination of this Lease. Tenant also
waives the provisions of any law relating to notice and/or delay in levy of execution in case of any eviction or dispossession for non-payment of rent, and the provisions of any successor
or other law of like import. 

        (b)  Landlord
and Tenant each waive trial by jury in any action in connection with the Lease. 

        Section 7.09.    No Waiver.    Failure by
either party to
declare any default immediately upon its occurrence or delay in taking any action in connection with such default shall not waive such default but such party
shall have the right to declare any such default at any time thereafter. Any amounts paid by Tenant to Landlord may be applied by Landlord, in Landlord's discretion, to any items then owing by Tenant
to Landlord under this Lease. Receipt by either party of a partial payment shall not be deemed to be an accord and satisfaction (notwithstanding any endorsement or statement on any check or any letter
accompanying any check or payment) not shall such receipt constitute a waiver by such party of the other party's obligation to make full payment. No act or thing done by Landlord or its agents shall
be deemed an acceptance of a surrender of the Premises, and no agreement to accept such surrender shall be valid unless in writing and signed by Landlord and by each Superior Lessor and Superior
Mortgagee whose lease or mortgage provides that any such surrender may not be accepted without its consent. 

        Section 7.10.    Holding Over.    If Tenant
holds over without
the consent of Landlord after expiration or termination of this Lease, Tenant shall (a) pay as holdover rental for each month of the holdover tenancy an amount equal to the greater of
(x) 150% of the Rent which Tenant was obligated to pay for the month immediately preceding the end of the Term, and (y) the fair market value rental value of the Premises, and
(b) be liable to Landlord for and indemnify Landlord against (i) any payment or rent concession which Landlord may be required to make to any tenant obtained by Landlord for all or any
part of the Premises (a "New Tenant") by reason of the late delivery of space to the New Tenant as a result of Tenant's holding over or in order to
induce such New Tenant not to terminate its lease by 

43

 

reason of the holding over by Tenant, (ii) the loss of the benefit of the bargain if any New Tenant shall terminate its lease by reason of the holding over by Tenant, (iii) any claim
for damages by any New Tenant and (iv) all of Landlord's costs, liabilities and losses under the Overlease arising from Tenant's holdover after the expiration of the Renewal Term. No holding
over by Tenant after the Term shall operate to extend the Term. Notwithstanding the foregoing, the acceptance of any rent paid by Tenant pursuant to this Section 7.10  shall not preclude Landlord
from commencing and prosecuting a holdover or summary eviction proceeding. 

        Section 7.11.    Intentionally Omitted.    

        Section 7.12.    Nonliability and Indemnification.    (a)
Neither Landlord, any Superior Lessor or any Superior Mortgagee, nor any partner, director, officer, shareholder, principal, agent, servant or employee of Landlord, any Superior Lessor or any Superior
Mortgagee (whether disclosed or undisclosed), shall be liable to Tenant for (i) any loss, injury or damage to Tenant or to any other person, or to its or their property, irrespective of the
cause of such injury, damage or loss, nor shall the aforesaid parties be liable for any loss of or damage to property of Tenant or of others entrusted to employees of Landlord;  provided, that, except to
the extent of the release of liability and waiver of subrogation provided in Section 8.03  hereof, the foregoing shall not be deemed to relieve Landlord of any liability to the extent resulting from
the willful misconduct or negligence of Landlord, its agents,
servants or employees in the operation or maintenance of the Premises or the Building, (ii) any loss, injury or damage described in clause (i) above caused by other tenants or persons
in, upon or about the Building, or caused by operations in construction of any private, public or quasi-public work, or (iii) even if negligent, consequential damages arising out of any loss of
use of the Premises or any equipment, facilities or other Tenant's Property therein; provided, that, this clause (iii)  shall not operate as a waiver
by Tenant to its right to join Landlord in any action based on Landlord's negligence. 

        (b)  Tenant
shall indemnify and hold harmless Landlord, all Superior Lessors and all Superior Mortgagees and each of their respective members, partners, directors, officers,
shareholders, principals, agents and employees (each, an "Indemnified Party"), from and against any and all claims to the extent arising from or in
connection with (i) and conduct, management, use, occupancy or manner of use and/or occupancy of the Premises or of any business therein, or any work or thing done, or any condition created, or
any other act or omission of Tenant or any person claiming through or under Tenant or any of their respective members, partners, directors, officers, agents, employees or contractors, in or about the
Premises or any other part of the Building and (ii) any brokerage commission or similar compensation claimed to be due by reason of any proposed subletting or assignment by Tenant; together
with all costs, expenses, liabilities, losses, damages, penalties and demands of every kind or nature incurred in connection with each such claim or action or proceeding brought thereon, including,
without limitation, all reasonable attorney's fees and the expenses of defense and of enforcing this indemnity; provided, that the foregoing indemnity
shall not apply to the extent such claim results from the negligence (other than negligence to which the release of liability and waiver of subrogation provided in  Section 8.03 below applies) or
willful misconduct of the Indemnified Party. If any action or proceeding is brought against any Indemnified Party
by reason of any such claim, Tenant, upon notice from such Indemnified Party shall resist and defend such action or proceeding (by counsel, including Tenant's in-house counsel, reasonably
satisfactory to such Indemnified Party). 

        (c)  In
the event of any claim, action or proceeding which may give rise to liability under the indemnity contained in this Section 7.12  or other provisions of this Lease, (a) the indemnified party
shall give the indemnifying party prompt notice of such claim or action, (b) the indemnifying party
may defend against such claim or action with counsel selected by it, subject to the reasonable approval of indemnified party, which approval shall not be unreasonably withheld or delayed,
(c) the indemnified party shall reasonably cooperate with the indemnifying party and its counsel in the defense of such 

44

 

claim or action and, (d) the indemnified party shall not settle such claim or action without indemnifying party's prior written consent, which consent shall not be unreasonably withheld or
delayed. 

        Section 7.13.    Protest of Landlord Charges.    Except as
otherwise set forth herein, Tenant shall have one hundred eighty (180) days from receipt (i) of a bill or other request from Landlord for payment of any charge, other than the Fixed
Rent, payable by Tenant under this Lease or (ii) a refund or credit under the terms of this Lease within which to protest the correctness of such charge or credit, provided, however, if, in
connection with a disputed payment, Tenant shall pay such disputed amount to Landlord under protest prior to the expiration of such 180 day period, such 180 day period shall be extended
to 210 days. If Tenant fails to make such protest, which shall be made in the manner herein set forth for the giving of notices, within the 180 days or 210 day period, as
applicable, the charge set forth in such bill or other request or the applicable refund or credit shall be deemed to have been accepted by Tenant and shall no longer be contestable by Tenant, time
being of the essence. 

 
 

ARTICLE 8    
    
    Insurance; Casualty; Condemnation    
  

        Section 8.01.    Compliance with Insurance Standards.    (a)
Tenant shall not violate, or permit the violation of, any condition imposed by any insurance policy that would customarily cover a First Class Office Building and shall not do, or permit anything to
be done, or keep or permit anything to be kept in the Premises, which would subject Landlord, any Superior Lessor or any Superior Mortgagee to any liability or responsibility for personal injury or
death or property damage, or which would increase any insurance rate in respect of the Project over the rate which would otherwise then be in effect or which would result in insurance companies of
good standing refusing to insure the Project in amounts reasonably satisfactory to Landlord, or which would result in the cancellation of, or the assertion of any defense by the insurer in whole or in
part to claims under, any policy of insurance in respect of the Project. Landlord hereby agrees that the uses permitted under Section 2.05 do not
violate its insurance policies. 

        (b)  If,
by reason of any failure of Tenant to comply with this Lease, the premiums on Landlord's insurance on the Project shall be higher than they otherwise would be,
Tenant shall reimburse Landlord, within twenty (20) days of demand, for that part of such premiums attributable to such failure on the part of Tenant. A schedule or "make up" of rates for the
Project or the Premises, as the case may be, issued by the New York Fire Insurance Rating Organization or other similar body making rates for insurance for the Project or the Premises, as the case may
be, shall be conclusive evidence of the facts therein stated and of the several items and charges in the insurance rate then applicable to the Project or the Premises, as the case may be. 

        Section 8.02.    Tenant's Insurance.    (a)
Tenant shall
maintain at all times during the Term (i) "all risk" property insurance covering all present and future Tenant's Property, Fixtures and Tenant's Improvements and Betterments to a limit of not
less than the full replacement cost thereof, and (ii) commercial general liability insurance, including a contractual liability endorsement, and personal injury liability coverage, in respect
of the Premises and the conduct or operation of business therein, with Landlord and each Superior Lessor and Superior Mortgagee whose name and address shall have been furnished to Tenant, as
additional insureds for claims arising from Tenant's alleged acts or omissions, with limits of $10,000,000 combined single limit for bodily injury and property damage liability in any one occurrence
and (iii) boiler and machinery insurance, if there is a boiler, supplementary air conditioner or pressure object or similar equipment in the Premises, with limits of not less than the full
replacement cost thereof, and (iv) when Alterations are in process, the insurance specified in Section 5.02(f) hereof. Subject to  Section 8.03 hereof, the limits of such insurance shall not limit the liability of Tenant. Tenant shall deliver to Landlord and any other
additional insureds, at least 10 days prior to the Commencement Date, valid certificates of insurance in form reasonably acceptable 

45

 

to Landlord issued by the insurance company or its authorized representative that evidence Tenant's compliance with this Lease to Landlord's reasonable satisfaction (the "Certificates"). Tenant shall
delivery to Landlord within five (5) days of Landlord's request therefore copies of all of the Declaration pages of the insurance policies required under this Lease. Tenant shall procure and
pay for renewals of such insurance (as evidenced by valid Certificates or copies of Declaration pages, as applicable) from time to time before the expiration thereof, and, subject to the last sentence
of this Section 8.02(a), Tenant shall deliver to Landlord and any other additional insureds a Certificate thereof at least 15 days before
the expiration of any existing policy. All such policies shall be issued by companies of recognized responsibility and rated by Best's Insurance Reports or any successor publication of comparable
standing as A-/VIII or better or the then equivalent of such rating, and, subject to the last sentence of this Section 8.02(a), all
Certificates evidencing such policies shall contain a provision whereby the same cannot be canceled, allowed to lapse or materially modified unless Landlord and any additional insureds are given at
least 10 days' prior written notice of such cancellation, lapse or modification. Landlord may from time to time require that the amount of the insurance to be maintained by Tenant under this  Section 8.02
be increased, so that the amount thereof adequately protects Landlord's interest but such increase shall not be in excess of to that
amount of insurance which in Landlord's reasonable judgment is then being customarily required by prudent landlords of non-institutional first class office buildings in New York City. Any
insurance policy with respect to the insurance required to be maintained by Tenant hereunder may be carried under a blanket policy covering the Premises and other locations of Tenant, if any, provided
that the coverage afforded under such blanket policy allocable to the Premises shall not be less than the coverage which would have been afforded had such insurance not been covered under a blanket
policy. So long as Tenant provides evidence reasonably satisfactory to Landlord, including Certificates and copies the Declaration pages of insurance policies if requested by Landlord, that Tenant is
insured as required in this Lease under blanket insurance policies issued in favor of Marsh & McLennan Companies, Inc. at the time in question, Tenant shall only be required to use best
efforts to (x) comply with the covenants contained in this Section 8.02(a) to provide Landlord with evidence of the renewal of insurance policies prior to the cancellation thereof, and,
if Tenant fails to so comply despite its best efforts, Tenant shall in any event comply with such covenant within fifteen (15) days after the date such policies were to expire and
(y) obtain Certificates containing provisions requiring the applicable insurance company to provide prior notice of cancellation, lapse or material modification of the related insurance policy,
and, if Tenant fails to obtain such Certificates containing such provisions despite its best efforts, Tenant shall in any event provide Landlord with copies of any cancellation notices immediately
upon Tenant's receipt thereof and shall not modify any insurance policy required hereunder in a manner materially adverse to Landlord without prior notice to Landlord. 

        (b)  To
the extent not maintained by Overlandlord, Landlord agrees that Landlord shall maintain at all times during the Term such (i) "all-risk" property
insurance, including boiler and machinery, protecting against (x) "all risk" of physical loss or damage to the Building and the fixtures, appurtenances and equipment therein, including but not
limited to, fire, windstorm, sprinkler leakage, drains and seepage, flood, earthquake, lightening, vandalism, malicious mischief and other perils customarily covered by "all risk" property insurance,
in amounts not less than the full replacement value thereof, as appraised from time to time by appraisers and/or engineers approved by Overlandlord and by the issuer of such property insurance policy
(but not more frequently than once in every twenty-four (24) months) and (y) rental value or business interruption coverage written on a "rented or vacant" basis against "all
risk" of physical loss or damage to the Building and the fixtures, appurtenances and equipment therein including but not limited to, fire, windstorm, sprinkler leakage, drains and seepage, flood,
earthquake, lightening, vandalism, malicious mischief and other perils customarily covered by "all risk" property insurance. Such property insurance shall be written on a loss sustained basis.
(ii) commercial general liability insurance and (iii) any other form of insurance, and in such amounts, as is carried by prudent owners of similar properties. 

46

 

        Section 8.03.    Subrogation Waiver.    (a)
The parties hereto
shall procure an appropriate clause in, or endorsement on, any "all risk" property insurance covering the Premises and the Building and personal property, fixtures and equipment located thereon or
therein, and any boiler and machinery insurance, pursuant to which the insurance companies waive subrogation or consent to a waiver of right of recovery and, having obtained such clauses or
endorsements of waiver of subrogation or consent to a waiver of right of recovery, will not make any claim against or seek to recover from the other for any loss or damage to its property or the
property of others; provided, however, that the release, discharge, exoneration and covenant not to sue herein contained shall be limited by and be coextensive with the terms and provisions of the
waiver of subrogation clause or endorsements or clauses or endorsements consenting to a waiver of right of recovery. If the payment of an additional premium is required for the inclusion of such
additional premiums and the other party at its own election may, but shall not be obligated to, pay the same. If such other party shall not elect to pay such additional premium, the first party shall
not be required to obtain such waiver of subrogation provision. If either party shall be unable to obtain the inclusion of such clause even with the payment of an additional premium, then such party
shall attempt to name the other party as an additional insured (but not a loss payee) under the policy. If the payment of an additional premium is required for naming the other party as an additional
insured (but not a loss payee), each party shall advise the other of the amount of any such additional premium and the other party at its own election may, but shall not be obligated to, pay the same.
If such other party shall not elect to pay such additional premium or if it shall not be possible to have the other party named as an additional insured (but not a loss payee), even with the payment
of an additional premium, then (in either event) such party shall so notify the first party and the first party shall not have the obligation to name the other party as an additional insured. 

        (b)  Landlord
hereby waives any and all right of recovery, claims, actions or causes of action which it might otherwise have against Tenant, its servants, agents, and
employees, for loss or damage occurring to the Building and the fixtures, appurtenances and equipment therein, to the extent the same is covered by either of Landlord's insurance (or would have been
covered but for the failure of Landlord to maintain the insurance required to be maintained by Landlord pursuant to the terms of this Lease) or Overlandlord's insurance, as applicable, notwithstanding
that such loss or damage may result from the negligence or fault of Tenant, its servants, agents or employees consistent with the release, discharge and exoneration contained herein. Tenant hereby
waives any and all right of recovery, claims, actions or causes of action which it might otherwise have against Landlord, its servants, agents, employees, permitted occupants and invitees for loss or
damage occurring to the Building and the fixtures appurtenances and equipment therein, to the extent the same is covered by Tenant's insurance (or would have been covered but for the failure of Tenant
to maintain the insurance required to be maintained by Tenant pursuant to the terms of this Lease) notwithstanding that such loss or damage may result from the negligence or fault of Landlord, its
servants, agents or employees consistent with the release, discharge and exoneration contained herein. 

        Section 8.04.    Condemnation.    (a) If there
shall be a total
taking of the Land and/or the Building in condemnation proceedings or by any right of eminent domain, this Lease and the term and estate hereby granted with respect to the Premises shall terminate as
of the date of taking of possession by the countermining authority and all Rent shall be prorated and paid as of such termination date. If
there shall be a taking of any material (in Landlord's reasonable judgment) portion of the Land and/or Building (whether or not the Premises or any portion thereof are affected by such taking), then
Landlord may terminate this Lease and the term and estate granted hereby by giving notice to Tenant within 60 days after notice of the proposed taking of possession by the condemning authority,  provided that
no such notice of termination shall take effect until such time as Landlord and Tenant shall have been dispossessed from the Premises by
the condemning authority. If there shall be a taking of the Premises of such scope (but in no event less than 25% thereof) that the untaken part of the Premises would in Tenant's reasonable judgment
be no longer suited for the purposes set forth in Article 2 of this Lease, or Tenant no longer has reasonable means of access to such Premises
then Tenant may 

47

 

terminate this Lease and the term and estate granted hereby by giving notice to Landlord within 60 days after notice of the proposed taking of possession by the condemning authority provided
that no such notice of termination shall take effect until such time as Landlord and Tenant shall have been dispossessed from the Premises by the condemning authority. If either Landlord or Tenant
shall give a termination notice as aforesaid, then this Lease and the term and estate granted hereby shall terminate as of the date of such notice and all Rent shall be prorated and paid as of such
termination date. In the event of a taking of the Premises which does not result in the termination of this Lease (i) the term and estate hereby granted with respect to the taken part of the
Premises shall terminate as of the date of taking of possession by the condemning authority and all Rent shall be appropriately abated for the period from such date to the Expiration Data and
(ii) Landlord shall with reasonable diligence restore the remaining portion of the Premises (exclusive of Tenant's Property) as nearly as practicable to its condition prior to such taking. 

        (b)  In
the event of any taking of all or a part of the Building, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including, without
limitation, any award made for the value of the estate vested by this Lease in Tenant or any value attributable to the unexpired portion of the Term, and Tenant hereby assigns to Landlord any and all
right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, and Tenant shall be entitled to receive no part of such award;  provided, that nothing shall
preclude Tenant from intervening in any such condemnation proceeding to claim or receive from the condemning authority any
compensation to which Tenant may otherwise lawfully be entitled in such case in respect of Tenant's Property, Tenant's Alterations, Betterments or Improvements or moving expenses, provided the same
does not include any value of the estate vested by this Lease in Tenant or of the unexpired portion of the Term and does not reduce the award available to Landlord or materially delay the payment
thereof. 

        (c)  If
all or any part of the Premises shall be taken for a limited period, Tenant shall be entitled, except as hereinafter set forth, to that portion of the award for such
taking which represents compensation for the use and occupancy of the Premises, for the taking of Tenant's Property, Tenant's Alterations (except to the extent such Alterations constitute property
which is, or at the expiration of the Term, becomes Landlord's property) or for moving expenses, and Landlord shall be entitled to that portion which represents reimbursement for the cost of
restoration of the Premises. This Lease shall remain unaffected by such taking and Tenant shall continue responsible for all of its obligations under this Lease to the extent such obligations are not
affected by such taking and shall continue to pay in full all Rent when due. If the period of temporary use of occupancy shall extend beyond the Expiration Date, that part of the award which
represents compensation for the use and occupancy of the Premises shall be apportioned between Landlord and Tenant as of the Expiration Date. Any award for temporary use and occupancy for a period
beyond the date to which the Rent has been paid shall be paid to, held and applied by Landlord as a trust fund for payment of the Rent thereafter becoming due. 

        (d)  In
the event of any taking which does not result in termination of this Lease, (i) Landlord, whether or not any award shall be sufficient therefor, shall proceed
with reasonable diligence to repair the remaining parts of the Building and the Premises (other than those parts of the Premises which constitute Tenant's Property) to substantially their former
condition to the extent that the same may be feasible (subject to reasonable changes which Landlord deems desirable) and so as to constitute a complete and rentable Building and Premises and
(ii) Tenant, whether or not any award shall be sufficient therefor, shall proceed with reasonable diligence to repair the remaining parts of the Premises which constitute Tenant's Property, to
substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall be deemed Alternations. 

48

  

        Section 8.05.    Casualty.    (a) If the
Building or the
Premises shall be partially or totally damaged or destroyed by fire or other casualty (each, a "Casualty") and if this Lease is not terminated as
provided below, then (i) Landlord shall repair and restore the Building, including the exterior and public portions thereof (including, without limitation, the Building lobbies, exterior walls,
elevator shafts), Building systems servicing the Premises, and the Premises (excluding Tenant's Improvements and Betterments, Fixtures and Tenant's Property) with reasonable dispatch to substantially
the condition as existed prior to the damage to the extent permitted by applicable Law (but Landlord shall not be required to perform the same on an overtime or premium pay basis) after notice to
Landlord of the Casualty and the collection of the insurance proceeds attributable to such Casualty provided, however, in the event that Landlord fails to maintain the insurance customarily carried by
prudent Landlords of similar type buildings, the collection of insurance proceeds shall not be a condition to Landlord performing such restoration and (ii) Tenant shall repair and restore in
accordance with Section 5.02 all Tenant's Property, Fixtures and Improvements and Betterments with reasonable dispatch after the Casualty,
including any tenant build-out existing in the Premises on the date of delivery thereof by Landlord (collectively, "Tenant Casualty Repair
Obligations"). Landlord agrees that, if and to the extent, Landlord, any Superior Mortgagee or any Superior Lessor receives insurance proceeds in respect of Tenant Casualty
Repair Obligations Landlord shall notify Tenant thereof and upon request of Tenant, make such proceeds available to Tenant so that Tenant may perform its Tenant Casualty Repair Obligations. In the
event Landlord has received proceeds in respect of Tenant Casualty Repair Obligations and Landlord does not make such proceeds available to Tenant, Landlord shall be obligated, at Landlord's cost and
expense, to perform the Tenant Casualty Repair Obligations with reasonable dispatch after the Casualty. In the event any Superior Mortgagee or any Superior Lessor has received proceeds in respect of
Tenant Casualty Repair Obligations and such Superior Mortgagee or Superior Lessor shall refuse to release such proceeds to Tenant, Landlord shall be obligated, at Landlord's cost and expense, to
perform or cause to be performed the Tenant Casualty Repair Obligations. 

        (b)  If
all or part of the Premises shall be rendered untenantable by reason of a Casualty, the Fixed Rent and the Additional Charges under Sections
3.04 and 3.05 shall be abated in the proportion that the untenantable area of the Premises bears to the total area of the
Premises, for the period from the date of the Casualty to the earlier of (i) the date the Premises is made tenantable (provided, that if the
Premises would have been tenantable at an earlier date but for Tenant having failed to cooperate with Landlord in effecting repairs or restoration or collecting insurance proceeds or (ii) the
date Tenant or any subtenant reoccupies a portion of the Premises (in which case the Fixed Rent and the Additional Charges allocable to such reoccupied portion shall be payable by Tenant from the date
of such occupancy). Landlord's determination of substantial completion of the restoration of the Premises (excluding Tenant's Improvement, Betterments, Fixtures and Tenant's Property the repair of
which shall be Tenant's obligation), shall be controlling unless Tenant disputes same by notice to Landlord within 30 days after such determination by Landlord, and pending resolution of such
dispute, Tenant shall pay Rent in accordance with Landlord's determination. Notwithstanding the foregoing, if by reason of any failure by Tenant to cooperate, any subtenant or any of their respective
partners, directors, officers, servants, employees, agents or contractors, Landlord, any Superior Lessor or any Superior Mortgage shall be unable to collect all of the insurance proceeds (including,
without limitation, rent insurance
proceeds) applicable to the Casualty, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Rent. Nothing contained in this  Section 8.05 shall relieve Tenant from any liability that may exist as a result of any Casualty. Prior to the substantial completion of
Landlord's repair obligations act forth in this Section, Landlord shall provide Tenant and Tenant's contractors, subcontractors and materialmen access to the Premises to perform such repairs that
Tenant is required or desire to make hereunder as a result of the Casualty (but not to occupy the same for the conduct of business); provided that any
such access shall be subject to all of the applicable 

49

 

provisions of the Lease, and, shall not interfere with the conduct of Landlord's work and in the Premises or in any other damaged portion of the
Building. 

        (c)  If
any reason of a Casualty (i) the Building shall be totally damaged or destroyed, (ii) the Building shall be so damaged or destroyed (whether or not the
Premises are damaged or destroyed) that repair or restoration shall require more than 270 days or the expenditure of more than 25% percent of the full insurable value of the Building (which,
for purposes of this Section 8.05(c), shall mean replacement cost less the cost of footings, foundations and other structures below the street
and first floors of the Building) immediately prior to the Casualty or (iii) more than 50% of the Premises shall be damaged or destroyed (as estimated in any such case by a reputable
contractor, architect or engineer designated by Landlord), then in any such case Landlord may terminate this Lease by notice given to Tenant within 180 days after the Casualty. 

        (d)  Within
ninety (90) days after notice to Landlord of any Casualty, Landlord shall deliver to Tenant a statement prepared by a reputable contractor selected by
Landlord setting forth such contractor's estimate as to the time required for Landlord to substantially complete the repairs required to be performed by it hereunder (the
"Repair Estimate Notice"). If the estimated time period exceeds eighteen (18) months from the date of such Casualty, Tenant may elect to
terminate this Lease by notice to Landlord not later than thirty (30) days following receipt of such statement. If Landlord fails to deliver a Repair Estimate Notice to Tenant within eighty
(80) days after the notice described in the first sentence of this Section 8.05(d), Tenant shall deliver a second notice to Landlord with
the phrase "FAILURE TO RESPOND WITHIN TEN (10) DAYS AFTER THE DATE HEREOF SHALL BE DEEMED A REPAIR ESTIMATE NOTICE PURSUANT TO WHICH TENANT MAY ELECT TO TERMINATE THE
LEASE" in bold lettering at the top of such notice. If Landlord fails to deliver a Repair Estimate Notice to Tenant within ten (10) days after such second notice,
Landlord shall be deemed to have delivered a Repair Estimate Notice to Tenant stating that the estimated time period exceeds eighteen (18) months, and Tenant may elect to terminate this Lease
by notice to Landlord not later than fifteen (15) days after such deemed delivery by Landlord. If Tenant makes any election to terminate this Lease under this  Section 8.05(d), the Term shall
expire upon the 30th day after notice of such election is given by Tenant. 

        (e)  If
Landlord shall have delivered a notice to Tenant pursuant to Section 8.05(d) and no right to terminate this
Lease shall have accrued to Tenant by reason thereof, but Landlord shall have failed to substantially complete the repairs by the date which is six (6) months after the date set forth in the
Repair Estimate Notice (the "Required Substantial Completion Date"), as the same may be extended by reason of Unavoidable Delays (but not in excess of
one hundred twenty (120) days), Tenant may elect to terminate this Lease by notice to Landlord given not later than thirty (30) days after the Required
Substantial Completion Date and if Tenant makes such election, the Term shall expire on the thirtieth (30th) day after notice of such election is given by Tenant. 

        (f)    Notwithstanding
anything to the contrary contained in this Section 8.05, if more than twenty-five
percent (25%) of the replacement cost of Tenant's Initial Improvements shall be damaged during the last eighteen (18) months of the Term (as the same maybe renewed or extended), Tenant may
elect by notice, given within sixty (60) days after the occurrence of such damage, to terminate this Lease and, if either party makes such election, the Term shall expire upon the sixtieth
(60th) day after notice of such election is given by such party. 

        (g)  Landlord
shall not carry any insurance on Tenant's Property, Fixtures or on Tenant's Improvements and Betterments and shall not be obligated to repair or replace
Tenant's Property, Fixtures or Improvements and Betterments. Tenant shall look solely to its insurance for recovery of any damage to or loss of Tenant's Property, Fixtures or Tenant's Improvements and
Betterments. Tenant shall notify Landlord promptly of any Casualty in the Premises. 

50

 

        (h)  This
Section 8.05 shall be deemed an express agreement governing any damage or destruction of the Premises by fire
or other casualty, and Section 227 of the New York Real Property Law providing for such a contingency in the absence of an express agreement, and any other law of like import now or hereafter
in force, shall have no application. 

 
 

ARTICLE 9    
    
    Miscellaneous Provisions    
  

        Section 9.01.    Notice.    All notices,
demands, consents,
approvals, advices, waivers or other communications which may or are required to be given by either party to the other under this Lease shall be in writing and shall be deemed to have been given one
Business Day after deposit in the United States mail, certified or registered, postage prepaid, (return receipt requested) or, rendered if delivered by hand (against a signed receipt) or nationally
recognized, overnight courier service (against a signed receipt), and addressed to the party to be notified at the address for such party specified in the first paragraph of this Lease or to such
other place as the party to be notified may from time to time designate by at least 5 days' notice to the notifying party. In the case of each notice to Landlord, such notice shall be sent to
the attention of: Managing Director, Corporate Services, with a copy to Shearman & Sterling, 599 Lexington Avenue, New York, New York 10022, Attention: Chris M. Smith, Esq. and, in the case
of each notice to Tenant at the Premises to the attention of Chief Financial Officer with a copy of any default notice to General Counsel, Marsh & McLennan Companies, 1166 Avenue of the
Americas, New York, New York 10036. Any such bill, statement, consent, notice, demand, request or other communication shall be deemed to have been rendered or given on the date when it shall have been
delivered (or upon refusal to accept delivery). Notices from Tenant may be given by Tenant's attorney. Notices from Landlord may be given by Landlord's managing agent, if any, or by Landlord's
attorney. 

        Section 9.02.    Building Rules.    Tenant
shall comply with,
and Tenant shall cause its licensees, employees, contractors, agents and invitees to comply with, the rules of the Building set forth in the Rules and Regulations, as the same may be reasonably
modified or supplemented by Landlord from time to time for the safety, care and cleanliness of the Premises and the Building and for preservation of good order therein. Landlord shall not be obligated
to enforce the rules of the Building against Tenant or any other tenant of the Building or any other party, and Landlord shall have no liability to Tenant by reason of the violation by any tenant or
other party of the rules of the Building; provided, that Landlord shall not enforce the rules of the Building in a manner which discriminates against
Tenant. If any rule of the Building shall conflict with any provision of this Lease, such provision of this Lease shall govern. 

        Section 9.03.    Severability.    If any term
or provision of
this Lease, or the application thereof to any person or circumstances shall to any extent to invalid or unenforceable, the remainder of this Lease, or the application of such provision to persons or
circumstances other than those as to which it is invalid or unenforceable, shall not be affected, and each provision of this Lease shall be valid and shall be enforceable to the extent permitted by
law. 

        Section 9.04.    Certain Definitions.    "Landlord shall have
no liability to Tenant" or words of similar import mean that Tenant is not entitled to terminate this Lease, or to claim actual or constructive eviction, partial, or total, or to receive any abatement
or diminution of Rent, or to be relieved in any manner or any of its other obligations under this Lease, or to be compensated for loss or injury suffered or to enforce any other right or kind of
liability whatsoever against Landlord under or with respect to this Lease or with respect to Tenant's use or occupancy of the Premises. 

        Section 9.05.    Quiet Enjoyment.    Tenant
shall and may
peaceably and quietly have, hold and enjoy the Premises, subject to the other terms of this Lease and to Superior Lease and Superior Mortgages, 

51

 

provided that Tenant is not in default of its obligations hereunder beyond any applicable notice and cure periods. 

        Section 9.06.    Limitation of Liability.    
(a) Except with
respect to Tenant's right to receive the Construction Allowance from Landlord in accordance with the terms set forth herein, as to which Tenant does not waive or limit any rights it may have to
enforce Landlord's obligations in connection therewith, Tenant shall look solely to Landlord's interest the Project, the proceeds of any sale thereof (provided a claim shall have been made within one
(1) year of such sale), casualty proceeds and any condemnation award
for the recovery of any judgment against Landlord, and no other property or assets of Landlord or Landlord's members, partners, officers, directors, shareholders or principals, direct or indirect,
disclosed or undisclosed, shall be subject levy, execution attachment or other enforcement procedure for the satisfaction of any judgment or Tenant's remedies under or with respect to this Lease, the
relationship of Landlord and Tenant hereunder, or Tenant's use and occupancy of the Premises, or any other liability of Landlord to Tenant other than as may relate to matters unconnected to Tennant's
occupancy of the Premises. 

        (b)  In
the event of a transfer of title to the land and Building of which the Premises is a part, or in the event of a lease of the Building of which the Premises is a part,
or of the land and Building, upon notification to Tenant of such transfer or lease and Tenant's receipt of a copy of transferee's written assumption of the covenants and obligations contained in this
Lease, the said transferor landlord name herein shall be and hereby is entirely freed and relieved of all future covenants, obligations and liabilities of Landlord hereunder, and it shall be deemed
and construed without further agreement between the parties of their successors in interest, or between the parties and the transferee of title to or lessee of said land and Building, that the
transferee or lessee has assumed and agreed to carry out all of the covenants and obligations of Landlord thereunder. 

        Section 9.07.    Counterclaims.    If landlord
commences and
any summary proceeding or action of nonpayment of Rent or to recover possessions of the Premises, Tenant shall not interpose any counterclaim of any nature or description in any such proceeding or
action, unless Tenant's failure to interpose such counterclaim in such proceeding or action would result in the waiver of Tenant's right to bring such claim in a separate proceeding under applicable
law. 

        Section 9.08.    Survival.    All obligations
and liabilities
of landlord or Tenant to the other which accrued before the expiration or other termination of this Lease and all such obligations and liabilities which by their nature or under the circumstances can
only be, or by the provisions of this Lease may be, performed after such expiration or other termination, shall survive the expiration or other termination of this Lease. Without limiting the
generality of the foregoing, the rights and obligations of the parties with respect to any indemnity under this Lease, and with respect to Tax Payments and any other amounts payable under this Lease,
shall survive the expiration or other termination of this Lease. 

        Section 9.09.    Certain Remedies.    If
Tenant requests
Landlord's consent and Landlord fails or refuses to give such consent, Tenant shall not be entitled to any damages for any such failure or refusal by Landlord (other than for a failure or refusal in
bad faith or in an arbitrary or capricious manner where the Lease provides that such consent may not be refused unreasonably), it being intended that the Tenant's sole remedies shall be an action for
specific performance or injunction or for arbitration as provided for in Section 9.19 herein, and that such remedy shall be available only in
those cases where this Lease provides that Landlord shall not unreasonably withhold its consent. No dispute relating to this Lease or the relationship of Landlord and Tenant under this Lease shall be
resolved by arbitration unless this Lease expressly provides for such dispute to be resolved by arbitration. 

        Section 9.10.    No Offer.    The submission
by Landlord of
this Lease in draft form shall be solely for Tenant's consideration and not for acceptance and execution. Such submission shall have no binding force or effect and shall confer no rights nor impose
any obligations, including brokerage obligations, 

52

 

and either party unless and until both Landlord and Tenant shall have executed a lease and duplicate originals thereof shall have been delivered to the respective parties. 

        Section 9.11.    Captions; Construction.    The table of
contents, captions headings and titles in this Lease are solely for convenience of reference and shall not affect its interpretation. This Lease shall be construed without regard to any presumption or
other rule requiring construction against the party causing this Lease to be drafted. Each covenant, agreement, obligation or other provision of this Lease on Tenant's part to be performed, shall be
deemed and construed as a separate and independent covenant of Tenant, not dependent on any other provision of this Lease. 

        Section 9.12.    Amendments.    This Lease may
not be altered,
changed or amended, nor any of its provisions waived, except by an instrument in writing signed by the party to be charged. 

        Section 9.13.    Broker.    Each party
represents to the other
that such party has dealt with no broker other than Insignia/ESG and MMC Realty, Inc. (collectively, the "Broker") in connection with this Lease
or the Building, and each party shall indemnify and hold the other harmless from and against all loss, cost, liability and expense (including, without limitation, reasonable attorneys' fees and
disbursements) arising out of any claim for a commission or other compensation by any broker other than Broker who has dealt with the indemnifying party in connection with this Lease or the Building.
Landlord shall pay Broker a commission in accordance with the terms and conditions of a separate agreement between Landlord and Broker. 

        Section 9.14.    Merger.    Tenant
acknowledges 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. This Lease embodies the entire understanding between the parties with respect to the subject matter hereof, and all prior agreements, understanding and statements,
oral or written, with respect thereto are merged in this Lease. 

        Section 9.15.    Successors.    This Lease
shall be binding
upon and inure to the benefit of Landlord, its successors and assigns, and shall be binding upon and inure to the benefit of Tenant, its successors, and Tenant's permitted assigns. 

        Section 9.16.    Applicable Law.    This Lease
shall be
governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any principles of conflicts of laws. 

        Section 9.17.    No Development Rights.    Tenant acknowledges
that it has no rights to any development rights, air rights or comparable rights appurtenant to the Project, and Tenant consents, without further consideration, to any utilization of such rights by
Landlord. Tenant shall promptly execute and deliver any instruments which may be requested by Landlord, including instruments merging zoning lots, evidencing such acknowledgment and consent. The
provisions of this Section 9.17 shall be construed as an express waiver by Tenant of any interest Tenant may have as a "party in interest" (as
such term is defined in Section 12-10 Zoning Lot of the Zoning Resolution of the City of New York) in the Project. 

        Section 9.18.    Surrender.    Upon the
expiration or earlier
termination of this Lease, Tenant shall quit and surrender to Landlord the Premises, vacant, broom clean, in good order and condition, ordinary wear and tear, casualty, condemnation and damage for
which Tenant is not responsible under the terms of this Lease excepted, provided, however, that the foregoing shall not obligate Tenant to restore the Premises to any greater condition than was
delivered to Tenant by Landlord. Tenant expressly waives, for itself and for any person claiming through or under Tenant, any rights which Tenant or any such person may have under the provisions of
Section 2201 of the New York Civil Practice Law and Rules and of any successor law of like import then in force in connection with any holdover summary proceedings which Landlord may institute
to enforce the foregoing provisions of this 

53

 

 Section 9.18. Tenant acknowledges that possession of the Premises must be surrendered to Landlord on the Expiration Date. 

        Section 9.19.    Arbitration.    If expressly
permitted under
this lease, Landlord or Tenant (the "Electing Party") may elect to resolve a dispute by arbitration pursuant to the provisions of this Section. Such
Electing Party shall deliver to the other party a written notice specifying the nature of the dispute, the reasons therfor and such Electing Party's determination of the item in dispute. If the other
party shall not agree with the Electing Party's determination of the item in dispute, then either party shall have the right to submit such dispute to arbitration pursuant to this  Section 9.19 by
notice to the other party. The parties hereby agree that all such disputes submitted to arbitration shall be resolved by an
arbitrator mutually agreed to by the parties, and if the parties cannot agree on an arbitrator, either party may apply to the American Arbitration Association for the appointment of a single
arbitrator (the "Arbitrator") and may request without objection from the other party that the Arbitrator be selected within five (5) days of such
party's request. The Arbitrator shall, as promptly as possible, determine the matter which is the subject of the arbitration and the decision of the Arbitrator shall be conclusive and binding on all
parties and judgment upon the award may be entered in any court having jurisdiction. Any party may request without objection from the other party that the Arbitrator issues a decision within five
(5) days after the conclusion of the related arbitration hearings. The arbitration shall be conducted in the City and County of New York and, to the extent applicable and consistent with this  Section 9.19, shall be in accordance with the Commercial Arbitration Rules then obtaining of the American Arbitration Association or any
successor body of similar function. The expenses of arbitration shall be shared equally by the parties but each party shall be responsible for the fees and disbursements of its own attorneys and the
expenses of its own proof. The Arbitrator shall be a licensed professional appropriate to the dispute, having at least ten (10) years' continuous experience in the real estate industry
including the management of multi-tenant, commercial office buildings in Manhattan similar in type to the Project and shall be selected from the then current National Panel of Real Estate Industry
Arbitrators, if such panel is in existence at the time of such application. At the option of either party, any arbitration under this Lease shall be governed by the Expedited Procedures provisions of
the
Commerical Arbitration Rules of the American Arbitration Association (the "AAA Rules") (presently Section E-1 through
E-10 of the AAA Rules.) 

        Section 9.20.    Signage.    Tenant shall be
permitted to
install, at its sole cost and expense, signs identifying Tenant in the elevator lobby of the Premises, subject to Landlord's reasonable approval as to design and materials. Landlord, at Landlord's
option, shall on both Madison and Park Avenues either (i) install in the Building lobby a sign of appropriate size and suitable design identifying Tenant as an occupant of the Building,
(ii) maintain a Building directory in which Tenant shall be allocated an appropriate number of listings, or (iii) provide some other reasonable and appropriate means of indicating in the
lobby that Tenant is an occupant of the Building and Tenant's location therein. 

        Section 9.21.    Attorneys' Fees.    Each
party shall reimburse
the other party, within twenty (20) days following written demand, for all reasonable costs and expenses (including reasonable attorneys' fees, disbursements and court costs) incurred by such
other party in connection with enforcing such other party's obligations hereunder or in protecting such other party's rights hereunder, whether incurred in connection with an action or proceeding,
commenced by Landlord, by Tenant, by a third party or otherwise, if such other party is successful in such proceeding. 

        Section 9.22.    Counterparts.    This Lease
may be executed in
any number of counterparts, each of which where so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof
of this Lease to produce or account for more than one such counterpart. 

54

  

        Section 9.23.    Invoices.    Wherever in the
Lease it is
provided that either party shall render a bill or invoice to the other, the party giving such bill or invoice shall include evidence of the amounts set forth in the bill or invoice. 

        Section 9.24.    Other Agreements.    Landlord
represents and
warrants that it has provided Tenant with true and complete copies of the Overlease, that certain Declaration. Establishing One Madison Avenue Condominium by Metropolitan Life Insurance Company dated
December 28, 2001 (the "Declaration"), those certain By-Laws of One Madison Avenue Condominium New York New York 10010 (the
"By-laws") and that certain Tax Agreement dated January 3, 2002 among Overlandlord, the City of New York and the New York City
Industrial Development Agency (the "Tax Agreement"), and in each case any amendments thereto, and Tenant acknowledges in each case receiving and
reviewing copies thereof. Landlord represents and warrants that that certain Shared Services Agreement between Landlord and Overlandlord dated as of February 22, 2001, shall not impose any
obligations or burdens on Tenant that are greater to a material extent than those already, set forth herein or diminish any rights of Tenant hereunder to a material extent. Landlord shall not violate
the terms of the Overlease so as to materially and adversely affect Tenant's rights under this Lease, in all cases subject to Landlord's right to contest any claim or allegation by Overlandlord that
Landlord has failed to so comply. Notwithstanding anything contained in the Declaration or By-laws or in any amendment to the Declaration or By-laws made after the date hereof,
Landlord agrees that the rights and obligations of Tenant under this Lease shall not be affected in a materially adverse manner by the Declaration or By-laws or any such amendment thereto. 

 
 

ARTICLE 10    
    
    Sublease Provisions    
  

        Section 10.01.    Sublease
Provisions.    (a) Notwithstanding the title of this document as a "Lease", the parties acknowledge that this Lease is a sublease. This Lease is subject to,
and Tenant accepts this Lease subject to, all of the terms, covenants, provisions, conditions and agreements contained in the Overlease and the matters to which the Overlease is subject and
subordinate. This Lease shall also be subject to, and Tenant accepts this Lease also subject to, any future amendments or supplements to the Overlease hereafter made between Overlandlord and Landlord,
provided that any such future amendment or supplement to the Overlease, except as herein expressly recognized, contemplated or
agreed, does not in any material respect increase Tenant's obligations or decrease Tenant's rights from, out of or under this Lease or prohibit Landlord from meeting its obligations hereunder. Except
to the extent provided in the Subordination and Non-Disturbance Agreement between Tenant and Overlandlord, in the event of termination, re-entry or dispossess by Overlandlord
under the Overlease, Overlandlord may, at its option, take over all of the right, title and interest of Landlord, as sublessor, under this Lease, and Tenant shall, at Overlandlord's option, attorn to
Overlandlord pursuant to the then executory provisions of this Lease, except that Overlandlord shall not (i) be liable for any previous act or omission of Landlord under this Lease (including,
without limitation, Landlord) other than to cure defaults of a continuing nature as though such defaults had first occurred on the date Overlandlord became landlord under this Lease, (ii) be
subject to any offset, not expressly provided in this Lease, which theretofore accrued to Tenant against Landlord, or (iii) be bound by any previous modification of this Lease made without
Overlandlord's consent or by any previous prepayment of more than one month's rent; In the event of any conflict between the terms of any Subordination and Non-Disturbance. Agreement
entered into between Tenant and Overlandlord and the provisions of this Lease, including the foregoing sentence, the terms and provisions of the Subordination and Non-Disturbance Agreement
shall govern. 

        (b)  The
term "Landlord", as used in this Lease, shall mean only the owner from time to time of the interest of the tenant under the Overlease. In the event of any transfer
or assignment of such interest, the transferor or assignor shall be relieved and freed of all covenants, obligations and liability 

55

 

of Landlord under this Lease accruing after such transfer or assignment, and it shall be deemed, without further agreement, that the transferee or assignee has assumed and agreed to perform and
observe all obligations of Landlord under this Lease subsequent to the effective date of the transfer or assignment; provided, that, Tenant receives a
copy of transferee's or assignee's written assumption of the covenants and obligations contained in this Lease. 

        (c)  Whenever
Landlord has agreed that a required consent or approval shall not be withheld or delayed or unreasonably withheld or delayed, Landlord may withhold its consent
or approval and/or it shall be deemed reasonable for Landlord to withhold or delay its consent or approval if Overlandlord, to the extent its consent is required pursuant to the terms of the
Overlease, shall have delayed or refused to give any consent or approval which may be requested of it. Landlord shall promptly forward to Overlandlord such requests as Tenant may submit for approval
or consent from Overlandlord. In the event a matter hereunder requires the consent of Overlandlord pursuant to the terms hereof or the Overlease and the time period for obtaining Ovedandlord's consent
to a particular matter under the Overlease exceeds the time period set forth in the Lease with respect to such matter, such time period in the Lease shall be extended to the date set forth in the
Overlease, plus an additional five (5) Business Days. If Landlord is willing to grant its consent to Tenant to a particular matter and Overlandlord is not willing to grant such consent,
Landlord shall use good faith efforts to intermediate with Overlandlord to obtain such consent (without the obligation to spend sums of money, grant any concessions to Overlandlord under the Overlease
or undertake any other significant monetary or non-monetary measures) and Tenant shall have the right to take whatever action may available at law or under the Overlease to obtain such
consent in its own name, and for that purpose and only to such extent, all of the rights of Landlord under the Overlease hereby are conferred upon and assigned to Tenant and Tenant is subrogated
hereby to such rights to the extent that the same shall apply to the matter for which consent is sought. If any such action against Overlandlord in Tenant's name shall be barred by reason of lack of
privity, nonassignability or otherwise, Tenant may take such action in Landlord's name provided Tenant has obtained the prior written consent of Landlord, which consent
shall not be unreasonably withheld, provided, and Tenant hereby agrees, that Tenant shall indemnify and hold Landlord harmless from and against all liability, loss, damage or expense, including,
without being limited to, reasonable attorneys' fees and expenses, which Landlord shall suffer or incur by reason of such action. Landlord agrees to cooperate with Tenant in any reasonable manner
requested by Tenant in connection with an action or proceeding by Tenant against Overlandlord to enforce Landlord's rights under the Overlease in respect of such consent;  provided, however, that Tenant
shall have agreed in writing to reimburse Landlord for any out-of-pocket expenses incurred by
Landlord in connection with such cooperation. 

        (d)  Tenant
covenants and agrees not to do or cause to be done or suffer or permit any act or thing to be done or suffered which would or might (i) constitute or cause
a default under the Overlease, (ii) cause the Overlease or the rights of Landlord as tenant thereunder to be cancelled, terminated or forfeited, (iii) cause Landlord to become liable for
any damages, costs, claims or penalties, or (iv) adversely affect or reduce any of Landlord's rights or benefits under the Overlease. Without limiting the generality of foregoing, Tenant
acknowledges that Landlord is obligated pursuant to the terms of the Overlease, including, without limitation, Section 27.26 thereof, to reasonably cooperate with Overlandlord in connection
with the conversion of the Building ownership to a synthetic condominium in connection with a transaction entered into with the New York City Industrial Development Agency. Tenant agrees that it shall
reasonably cooperate with Landlord to the extent necessary for Landlord to fulfill its obligations under the Overlease in connection with the foregoing condominium conversion, provided that Tenant's
rights and obligations under the Lease shall not be adversely affected thereby, except to a de minimis extent. 

        (e)  Landlord
covenants and agrees to perform and observe all of the terms, covenants, provisions, conditions and agreements of the Overlease (including any and all rules and
regulations which shall be 

56

 

in effect from time to time during the term of this Lease) in such manner so as to prevent the Overlease from being terminated and so as to not adversely affect or reduce the rights and benefits of
Tenant under the Lease, it being understood that the foregoing relates solely to Landlord's compliance with the Overlease in accordance with its terms and shall not be deemed or construed to obligate
Landlord to seek to amend or contest, or otherwise act in any manner in contradiction to the express terms of the Overlease, or to commence any action against Overlandlord. Landlord represents that
the Overlease is in full force and effect and that, to the best of Landlord's knowledge, Landlord is not in default with respect to any material obligation of Landlord under the Overlease. Provided
that Tenant is not then in default under the terms of this Lease beyond any applicable notice and cure periods, Landlord agrees that it will not agree to a termination of the Overlease unless in
connection therewith Overlandlord accepts this Lease as a direct lease between Overlandlord and Tenant Unless the parties have otherwise entered into a Subordination and Non-Disturbance
Agreement, the terms of which will, govern, if Landlord desires to terminate the Overlease, Tenant agrees to attorn to Qverlandlord in connection with any such termination and to execute an attomment
agreement in such form as may reasonably be requested by Landlord or Overlandlord Landlord further covenants and agrees that if and so long as Tenant pays the Fixed Rent and Additional Charges and
performs and observes all of the agreements, terms, conditions, covenants and provisions hereof, (i) Tenant shall quietly hold and enjoy the Premises, subject; however, to the terms of this
Lease and the Overlease and to the matters to which the Overlease is subject and subordinate, and (ii) Landlord shall not do or suffer or permit anything to be done or suffered which would
cause the Overlease to be cancelled, terminated or forfeited, except as provided in the casualty and condemnation sections contained therein. 

        (f)    Tenant
acknowledges and agrees that if any services, repairs, restorations, or access to and from the Premises are to be provided by Overlandlord, Landlord shall have,
no obligation during the term of this Lease to provide any such, services, repairs, restorations, equipment and access, and Tenant agrees to look solely to Overlandlord for the furnishing of such
services, repairs, restorations, equipment and access. Landlord shall in no event be liable to Tenant nor shall the obligations of Tenant hereunder be impaired or the performance thereof excused
because of any failure or delay on Overlandlord's part in furnishing services, repairs, restorations, equipment and access; provided, however, that if
Landlord's rent is actually abated pursuant to the Overlease in respect of the Premises with respect to a service or condition that Overlandlord is required to provide or maintain, then Fixed Rent
payable hereunder by Tenant shall also be abated during the same period that Landlord's rent is so abated. If Overlandlord shall default in any of its obligations to Landlord with respect to the
Premises, Tenant shall be entitled to Participate with Landlord in the enforcement of Landlord's rights against Overlandlord, but Landlord shall have no obligation to bring any action or proceeding or
to take any steps to enforce Landlord's rights against Overlandlord. If, after written request from Tenant, Landlord shall fail or refuse to take appropriate action for the enforcement of Landlord's
rights; against Overlandlord in respect of the Premises within a reasonable period of time considering the nature of Overlandlord's default, Tenant shall have the right to take such action in its own
name, and for that purpose and only to such extent, all of the rights of Landlord under the Overlease hereby are conferred upon and assigned to Tenant and Tenant is subrogated hereby to such rights to
the extent that the same shall apply to the Premises. If any such action against Overlandlord in Tenant's name shall be barred by reason of lack of privity, nonassignability or otherwise, Tenant may
take such action in Landlord's name provided Tenant has obtained the prior written consent of Landlord, which consent shall not be unreasonably withheld, provided, and Tenant hereby agrees, that
Tenant shall indemnify and hold Landlord harmless from and against all liability, loss, damage or expense, including, without being limited to, reasonable attorneys' fees and expenses, which Landlord
shall suffer or incur by reason of such action. Landlord agrees to cooperate with Tenant in any reasonable manner requested by Tenant in connection with an action or proceeding by Tenant against
Overlandlord to enforce Landlord's rights under the Overlease in respect of the Premises; provided, however, that Tenant shall 

57

 

have agreed in writing to reimburse Landlord for any out-of-pocket expenses incurred by Landlord in connection with such cooperation. 

        (g)  This
Lease is subject to and conditioned upon Landlord's obtaining the prior written consent of Overlandlord hereto as provided in Article 14 of the Overlease. Promptly
following execution and delivery hereof, Landlord will submit this Lease to Overlandlord for such consent. Tenant agrees that it shall cooperate in good faith with Landlord and shall comply with any
reasonable request made of Tenant by Landlord or Overlandlord in connection with the procurement of such consent including, without being limited to, the execution and delivery of a written form of
Consent to Sublease. However, in no event shall Landlord to obligated to make any payment to Overlandlord in order to obtain the consent of Overlandlord to this Lease or any provision hereof. In the
event that Overlandlord has not executed the form of Overlandlord Consent attached hereto as Exhibit F (or such other form of consent as may be
reasonably acceptable to Tenant) within thirty (30) days after the date hereof, then either party hereto shall have the right to terminate this Lease on five (5) Business Days prior
written notice to the other, in which event this Lease shall terminate and the parties hereto shall be fully discharged and released from all obligations hereunder. In the event that Overlandlord has
not executed the Subordination and Non-Disturbance Agreement substantially in the form attached hereto as Exhibit F within thirty
(30) days after the date hereof, the Tenant shall have the right, upon five (5) Business Days prior written notice to Landlord to terminate this Lease, in which event this Lease
shall terminate and the parties hereto shall be fully discharged and released from all obligations hereunder. 

 
 

ARTICLE 11    
    
    Representatives and Warranties    
  

        Section 11.01.    Landlord's Rcpresentations and
Warranties.    (a) Landlord hereby represents and warrants to Tenant that, as of the date hereof: 

        (b)  This
Lease has been duly authorized by all necessary action on the part of Landlord. 

        (c)  The
person executing this Lease on behalf of Landlord has all necessary licenses, authorization, permits and approvals, and full power and authority, to execute and
deliver this Lease on behalf of Landlord and perform any action in connection therewith. 

        (d)  The
execution, delivery and performance of this Lease by Landlord, and the consummation of the transaction contemplated hereby, will not result in any violation of, or
be in conflict with or constitute a default under (i) any term or provision of the articles or certificate:of incorporation, by-laws and/or any other similar document of Landlord,
(ii) any term or condition of any contract, mortgage, loan agreement, lease, or other agreement or instrument to which Landlord is a party or by which it is bound, or (iii) any term or
condition of any judgment, decree, order, law, statute, rule, regulation, ordinance, franchise, certificate, permit or the like applicable to Landlord or by which Landlord or its properties or assets
are bound or affected. 

        (e)  Except
for the consent of Overlandlord, no consent, approval or authorization is required in connection with the execution, delivery and performance hereof by Landlord
from any governmental entity or agency, or any party pursuant to any contract, mortgage, credit agreement, lease or other agreement or instrument to which Landlord is a party or by which it is bound. 

        (f)    Landlord
knows of no outstanding claims, actions, suits, or proceedings affecting Landlord that, if adversely determined, would have a material adverse effect upon the
operation of the Project. 

        Section 11.02.    Tenant's Representations, Warranties and
Acknowledgements.    (a) Tenant hereby represents and warrants to Landlord that, as of the date hereof: 

        (b)  This
Lease has been duly authorized by necessary action on the part of Tenant. 

58

 

        (c)  The
person executing this Lease on behalf of Tenant has all necessary licenses, authorization, permits and approvals, and full power and authority, to execute and
deliver this Lease on behalf of Tenant and perform any action in connection therewith. 

        (d)  The
execution, delivery arid performance of this Lease by Tenant, and the consummation of the transaction contemplated hereby, will not result in any violation of, or be
in conflict with or constitute a default under (i) any term or provision of the articles or certificate of incorporation, by-laws and/or any other similar document of Tenant,
(ii) any term or condition of any contract, mortgage, loan agreement, lease, or other agreement or instrument to which Tenant is a party or by which it is bound, or (iii) any term or
condition of any judgment, decree, order, law, statute, rule, regulation, ordinance, franchise, certificate, permit or the like applicable to Tenant or by which Tenant or its properties or assets are
bound or affected. 

        (e)  No
consent, approval or authorization is required in connection with the execution, delivery and performance hereof by Tenant from any governmental entity or agency, or
any party pursuant to any contract, mortgage, credit agreement, lease or other agreement or instrument to which Tenant is a party or by which it is bound. 

        (f)    Tenant
knows of no outstanding claims, actions, suits, or proceedings affecting Tenant that, if adversely determined, would have a material adverse effect upon the
financial condition of Tenant or upon the operation of the Premises. 

 
 

ARTICLE 12    
    
    FIRST OFFER SPACE    
  

        Section 12.01.    Definitions.    "First
Offer Space" means any space in the Building that becomes available to sublease by Landlord during the First Offer Period and that Landlord intends to sublease to parties that
are not Affiliates of Landlord. 

        "First Offer Period" means the period commencing on the Commencement Date and ending on the 5th anniversary of the Rent Commencement Date
and, if the Lease is renewed, the period commencing on the date Landlord receives Tenant's. Notice to Renew and) ending on, the date that is five years prior to the Expiration Date of such Renewal
Term 

        Section 12.02.    First Offer Space.    Landlord, shall, prior
to advertising the availability for, lease of any First Offer Space in the general leasing market, deliver to Tenant from time to time during the First Offer Period a written notice (a
"Landlord Offer Notice") offering to sublease such First Offer Space to Tenant on a commencement date described therein and expiring on the Expiration
Date. If Tenant shall deliver to Landlord a written acceptance, of the offer contained in any Landlord Offer Notice (any such acceptance, a "Tenant Acceptance
Notice") within ten (10) Business Days after Tenant's receipt thereof, then Landlord and Tenant shall promptly enter into an amendment to this Lease adding such First
Offer Space to the definition of "Premises" contained herein at the Fair Market Rent therefor as determined in accordance with Section 12.03  below and with such other amendments to this Lease as
Landlord may reasonably require; including without limitation, an increase in the Tenant's Share to reflect such First
Offer Space. If Tenant shall fail to Deliver, a Tenant Acceptance Notice within such ten (10) Business Day period, then Tenant's rights, under this Article 12  with respect to the First Offer
Space described in the corresponding Landlord Offer Notice shall be deemed to have been waived and relinquished, and Landlord shall at all times
thereafter be entitled to offer, show, market and lease such First Offer Space to others at such rental and upon such terms as Landlord in its sole discretion may desire. 

        Section 12.03.    Fair Market Rent.    (a)
 For the
purposes of this Article, "Fair Market Rent" shall mean the rental rate then being charged by landlords (including Landlord) in Manhattan on new leases
for a ten (10) year term of space of similar quality and size as the Premises, assuming that Landlord 

59

 

has had sufficient time to locate a suitable unaffiliated third-party tenant in the market place, and adjusting upward or downward for all relevant factors, including without limitation, age, extent
and quality of tenant improvements, length of term, amenities, location and/or floor height, the time value of money, Tenant's credit rating, and allowances or concessions that have been granted such
as leasehold improvements, moving allowances, rent abatements and lease assumptions. Landlord and Tenant shall meet and; shall cooperate in good faith to reach a mutually acceptable determination of
Fair Market Rent. In the event that Landlord and Tenant shall be unable to agree on the determination of Fair Market Rent by the date that is four (4) months prior to the commencement date of
the applicable First Offer Space, either party shall have the right at any time thereafter to submit the determination of Fair Market Rent to arbitration in accordance with the procedures set forth in  Section 12.03(c)
below. 

        (b)  If
the parties have submitted the determination of Fair Market Rent to arbitration in accordance with the provisions hereof and such arbitration shall not be concluded
prior to the commencement date
of the applicable First Offer Space, Tenant shall nevertheless pay all Fixed Rent and Additional Charges to Landlord with respect thereto from and after the commencement date of the applicable First
Offer Space, which shall include Fixed-Rent as specified in Landlord's Determination (defined in Section 12.03(c)(ii)(3) below) or,
if no such Determination has been rendered, the Fixed Rent and the Additional Charges then currently payable with respect to the original Premises (such payment amounts, as applicable, being referred
to herein as the "Provisional Rent"). If the applicable Fair Market Rent as determined by arbitration is greater than the Provisional Rent, then such
adjustment 35 shall be needed to correct the amount previously paid by Tenant on such underpaid amount computed from the date of such underpayment to the date of'payment shall be made in a payment by
Tenant to Landlord within thirty (30) days after the arbitration determination. If the applicable Fair Market Rent is less than the Provisional Rent, then Tenant shall be entitled to a rent
credit against the next installment of Fixed Rent sufficient to correct any amounts previously overpaid by Tenant, computed from the date of such overpayment to the date of the rent credit. 

        (c)  (i) If
either party hereto desires to invoke the arbitration procedure referenced above the-party invoking the arbitration procedure shall give: a
notice (the "Arbitration Notice") to the other party stating that the party sending the Arbitration Notice desires to meet within 10 days to
attempt to agree on a single arbitrator (the "Arbitrator") to determine the Fair Market Rent; The Arbitrator appointed shall be competent, qualified by
training and experience in New York; disinterested and independent, shall hold an MAI designation and have a minimum of 10 years experience in appraising first class office buildings (and
rentals thereof) located in Manhattan, If the parties hereto have not agreed on the Arbitrator within 10 days after the giving of the Arbitration Notice, then either party hereto, on behalf of
both, may apply to the New York, City office of the American Arbitration Association or any organization which is the successor thereof (the "AAA") for
appointment of-the Arbitrator, or, if the AAA shall not. Then exist or shall fail, refuse or be unable to act such that the Arbitrator is not appointed by the AAA within 30 days
after application therefore, then either party may apply to the presiding Justice of the Appellate Division of the Supreme Court of the State of New York, First Department (the
"Court") for the appointment of the Arbitrator and the other party shall not raise any question as to the Court's full power and jurisdiction to
entertain the application and make the appointment The date on which the Arbitrator is appointed by the agreement of the parties, by appointment by the AAA or by appointment by such court, is referred
to herein as the "Appointment Date". If any Arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or continue to serve,
a replacement Arbitrator shall be appointed in the same manner as the original Arbitrator. 

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        (ii)  The
arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: 

        (1)  To
"the extent that the New York State Civil Practice and Law Rules (the "CPLR"), or any successor statute, imposes
requirements different from those of the AAA in order for the decision of the Arbitrator to be enforceable in the courts of the State of New York, such requirements shall be complied with in the
arbitration. 

        (2)  Before
hearing any testimony or receiving any evidence, the Arbitrator shall be sworn by an officer authorized to administer an oath to hear and decide the controversy
faithfully and fairly and a written copy thereof shall be delivered to Landlord and Tenant. 

        (3)  Within
20 days after the Appointment Date, the parties hereto shall deliver to the Arbitrator two copies of their respective written determinations of the Fair
Market Rent (each, a "Determination"), together with such affidavits, appraisals, reports and/other written evidence relating thereto as the submitting
party deems appropriate. After the submission of any Determination, the submitting party may not make any additions to or deletions from, or otherwise change, such Determination or the affidavits,
appraisals, reports and other written evidence delivered therewith. If either party fails to so deliver its Determination within such time period, such party shall be deemed to have irrevocably waived
its right to deliver a Determination and the Arbitrator, without holding, a hearing, shall accept: the Determination of the submitting party as the Fair Market Rent. If each party submits a
Determination with respect to the Fair Market Rent within the 20-day period described above, the Arbitrator shall, promptly after its receipt of the second Determination, deliver a copy of
each party's Determination to the other party. 

        (4)  Not
less than 15 days nor more than 30 days after the earlier to occur of (A) the expiration of the 20-day period provided for in
clause 3 of this subsection or (B) the Arbitrator's receipt of both of the Determinations from the parties (such earlier date is referred to herein as the
"Submission Date"), and upon not less, than 10 days notice to the parties, the Arbitrator shall hold one or more hearings with respect to the
determination of the Fair Market Rent. The hearings, shall be held in the Borough of Manhattan at such location and time as shall be specified by the Arbitrator. Each of the parties shall be entitled
to present all-relevant evidence and to cross-examine witnesses, at the hearings. The Arbitrator shall have the authority to adjourn any hearing to such later date as the Arbitrator shall
specify, provided that in all events all hearings with respect to the determination of the Fair Market Rent shall be concluded not later than 60 days after the Submission Date. 

        (5)  The
Arbitrator shall be instructed, and shall be empowered only, to select as the Fair Market Rent one of the Determinations which the Arbitrator believes is the more
accurate determination of such Fair Market Rent, Without limiting the generality of the foregoing, in rendering his or her decision, the Arbitrator shall not add to subtract from or otherwise modify
the provisions of this Lease or either of the Determinations. 

        (6)  The
Arbitrator shall render his or her determination as to the selection of a Determination in a signed and acknowledged written instrument, original counterparts of
which shall be sent simultaneously to the parties hereto, within 10 days after the earlier to occur of (A) his or her determination of the Fair Market Rent pursuant to clause (3)
of this subsection or (B) the conclusion of the hearing(s) required by clause (4) of this subsection. 

        (iii)  This  Section 12.03(d) shall constitute a written agreement to submit any dispute regarding the determination of
the Fair Market Rent to arbitration. 

        (iv)  The
arbitration decision, determined as provided in this Section, shall be conclusive and binding on the parties, shall constitute an "award" by the Arbitrator within
the meaning of the 

61

 

AAA rules and applicable law and judgment may be entered thereon in any court of competent jurisdiction. 

        (v)  Each
party shall pay its own fees and expenses relating to the arbitration (including, without limitation, the fees and expenses of its counsel and of experts and
witnesses retained or called by it). Each party shall pay one-half of the fees and expenses, of the AAA and of the Arbitrator. 

        Section 12.04.    Miscellaneous.    This
 Article 12 is subject and subordinate in all respects to the terms and conditions contained in the Overlease and Section 2.01
(b) of that certain Lease dated October 30, 2001 between Landlord and The Port Authority of New York and New Jersey, which provision Tenant acknowledges having reviewed. Notwithstanding
anything to the contrary contained: in this Article 12, Landlord shall have no obligation to deliver a Landlord Offer Notice, and Tenant shall
have no right to receive a Landlord Offer Notice or deliver a Tenant Acceptance on any date on which Tenant (a) is in default under this Lease beyond any applicable notice and cure period or
(b) occupies less than sixty-five percent (65.0%) of the rentable area of the Premises (as set forth in Section 2.01 above). At any
time when. Tenant (i) is so in default under this Lease or (ii) occupies less than sixty-five percent (65%) of the rentable area of the portion of the Premises located in the
South Building, (x) Landlord may, by notice to Tenant, cease any negotiations with Tenant for the leasing of any First Offer Space and on and after the date of such notice. Tenant shall have no
rights and Landlord shall have no obligations under this Article 12 with respect to such First Offer Space, and (y) Landlord may withdraw
a Landlord Offer Notice by notice to Tenant, and from the date of such notice Tenant shall have no rights and Landlord shall have no obligations under this Article 12  with respect to such,
withdrawn Landlord Offer Notice. Tenant's rights contained in this Article 12 shall be personal to
and benefit Tenant (including any Affiliates of Tenant) only and shall not be transferable to any successor or assign of Tenant. 

        Section 12.05.    Article 12 is Part of Lease.    The
termination of this Lease shall also terminate and render void all rights of Tenant under this Article 12. Tenant's rights, under this  Article 12 may not be severed from this Lease or separately sold, separately assigned or separately transferred. 

[The
remainder of this page has been left blank intentionally.] 

62

   
        IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the day and year first written above: 

	Landlord:	 	CREDIT SUISSE FIRST BOSTON (USA), INC.
	

 	
 	

By:	

/s/  ANDREW B. FEDERBUSCH      
 Name: ANDREW B. FEDERBUSCH

Title: MANAGING DIRECTOR
	

Tenant:	
 	

MARSH INC.
	

 	
 	

By:	

/s/  PHILIP PETRONIS      
 Name: PHILIP PETRONIS

Title: MANAGING DIRECTOR
	

Tenant's Federal Tax L.D. No.:	

 
	 	 	 	

S-1

QuickLinks

Exhibit 10.16

Table of Contents

INDEX OF DEFINED TERMS

W I T N E S S E T H

ARTICLE 1 Definitions

ARTICLE 2 Premises; Term; Use

ARTICLE 3 Rent

ARTICLE 4 Landlord Services

ARTICLE 5 Leasehold Improvements; Tenant Covenants

ARTICLE 6 Assignment and Subletting

ARTICLE 7 Subordination; Default; Indemnity

ARTICLE 8 Insurance; Casualty; Condemnation

ARTICLE 9 Miscellaneous Provisions

ARTICLE 10 Sublease Provisions

ARTICLE 11 Representatives and Warranties

ARTICLE 12 FIRST OFFER SPACE

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