Document:

Agreement for lease

 Exhibit 10(ii) 
  
 Dated 26 May 2005 
  
 (1) HERON QUAYS PROPERTIES LIMITED 
  
 (2) THE NORTHERN TRUST COMPANY       
  
 (3) CANARY WHARF HOLDINGS LIMITED 
  

  
 AGREEMENT FOR LEASE 
 - relating to - 
 the leasing of part of Level B3 and Floors 1-2 
 of a new building on parcel HQ-4 
 Canary Wharf London E14 
  

 CONTENTS 
  

					
	 CLAUSE

	  	PAGE

	 PART 1
	  	1
	 DEFINITIONS AND INTERPRETATION
	  	1
	 1.
	 	DEFINITIONS	  	1
	 2.
	 	INTERPRETATION	  	9
	 PART 2
	  	10
	 3.
	 	COPYRIGHT	  	10
	 PART 3
	  	11
	 TENANT’S WORKS
	  	11
	 4.
	 	approval of tenant’s works	  	11
	 5.
	 	execution of tenant’s works and subsequent occupation	  	13
	 6.
	 	ancillary provisions as to tenant’s works	  	15
	 7.
	 	CONTRIBUTION TO Tenant’s Works	  	17
	 8.
	 	agreement as to operation of landlord and tenant act 1927	  	17
	 9.
	 	practical completion and defects	  	18
	 PART 7
	  	21
	 INSURANCE
	  	21
	 10.
	 	insurance	  	21
	 PART 8
	  	23
	 GRANT OF THE LEASE
	  	23
	 11.
	 	grant of lease, calculation of rents and other terms	  	23
	 12.
	 	title	  	25
	 13.
	 	conditions affecting the grant of the lease	  	25
	 14.
	 	Exempt Information	  	26
	 15.
	 	Level 4 lease Surrender Option	  	28
	 PART 9
	  	30
	 TAX
	  	30
	 16.
	 	value added tax	  	30
	 PART 10
	  	31
	 DISPUTES, NOTICES AND SENIOR MANAGERS
	  	31
	 17.
	 	disputes	  	31
	 18.
	 	NOTICES	  	32
	 19.
	 	senior managers	  	33
	 PART 11
	  	34
	 GENERAL PROVISIONS
	  	34
	 20.
	 	general provisions	  	34
	 SCHEDULE 1
	  	39
	 (Form of Deed of Acknowledgement of certain Developer’s obligations to be provided in respect of each Lease)
	  	39
	 SCHEDULE 2
	  	41
	 (Form of Licence re Tenant’s Works)
	  	41
	 SCHEDULE 3
	  	44
	 Method Statement Matters
	  	44
	 SCHEDULE 4
	  	46
	 Option Notice
	  	46

 INDEX OF ANNEXURES AND EXHIBITS 
  

					
	 Annexure

	  	 Clause

	A	  	Demised Premises Plans and Development Site Plan	  	 
			
	 1.
	  	Demised Premises Plans	  	“Demised Premises”
	 2.
	  	Development Site Plan	  	“Development Site Plan”
			
	B	  	Building Plans Specifications and Schedules	  	 
			
	 3.
	  	Specification Building HQ4	  	“Base Building Definition”
	 4.
	  	Schedule of Base Building Plans	  	“Base Building Plans”
	 5.
	  	Minimum Standard Developer’s Finish	  	“MSDF Works”
			
	C	  	List of Warranties	  	 
			
	 6.
	  	Tenant’s Consultant’s Form of Warranties	  	Clause 6.5.2
	 7.
	  	Permitted Amendments to Warranties	  	Clause 6.5.2
			
	D	  	Measurement	  	 
			
	 8.
	  	Independent Measurer’s Duty of Care	  	Clause 11.5
			
	E	  	Lease	  	 
			
	 9.
	  	Lease	  	“Lease”
			
	F	  	Opinion Letter	  	 
			
	 10.
	  	Opinion Letter	  	“Letter of Opinion”
			
	G	  	Car Parking Licence	  	 
			
	 11.
	  	Car Parking Licence	  	“Car Parking Licence”
			
	H	  	Deed of Surrender	  	 
			
	 12.
	  	Deed of Surrender	  	“Deed of Surrender”
			
	I	  	Right of First Offer Agreements	  	 
			
	 13.
	  	Right of First Offer Agreements	  	“Right of First Offer Agreements”

 THIS AGREEMENT is made the 26 day of May 2005 
  
 BETWEEN:- 
  

	(1)	HERON QUAY PROPERTIES LIMITED whose registered office is at One Canada Square Canary Wharf London E14 5AB (Company registration number 2276627) (the
“Developer”); 

  

	(2)	THE NORTHERN TRUST COMPANY an Illinois banking corporation registered in the State of Illinois whose registered office is 50 South La Salle Street Chicago Illinois 60675
whose address for service in the U.K. is 50 Bank Street London E14 5NT (the “Tenant”) 

  

	(3)	CANARY WHARF HOLDINGS LIMITED whose registered office is at One Canada Square Canary Wharf London E14 5AB (Company registration number 2798284) (the “Developer’s
Surety”) 

  
 INTRODUCTION 
  
 The Developer has agreed to procure the grant and the Tenant has agreed to
accept in accordance with the terms of this Agreement a lease for a term of years expiring on 31 March 2022 of the part of the Building comprising the Demised Premises 
  
 THE PARTIES AGREE as follows:- 
  
 PART 1 
 DEFINITIONS AND
INTERPRETATION 
  

	1.	DEFINITIONS 

  
 In this Agreement, unless the context requires otherwise, the following words and expressions shall have the following meanings:- 
  

	1.1	“1927 Act Notice” means a formal notice served by the Tenant pursuant to and specifying expressly Section 3 of the Landlord and Tenant Act 1927 and as
specified in Clause 8 

  

	1.2	“Address” means the address of the party in question shown on the first page of this Agreement or such other address in the United Kingdom as the party in question
may from time to time notify in writing to the other parties to this Agreement as being its address for service for the purposes of this Agreement 

  

	1.3	“Approvals” means:- 

  

	 	1.3.1	all consents, licences, permissions and approvals (including agreements under Section 52 of the Town and Country Planning Act 1971 and Section 106 of the Town and Country Planning
Act 1990) of any local or other competent authority; 

  

	 	1.3.2	all consents, licences, permissions and approvals arising under or pursuant to any Statutory Requirements; and 

  

	 	1.3.3	all consents, licences, permissions and approvals required of any mortgagee or other party having rights, privileges or controls over the Development Site or the Site

  

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 which were obtained to enable the Developer lawfully to carry out and complete the Base Building Works
and Development Site Infrastructure Works at the time of such works or which may from time to time be necessary to enable the Tenant lawfully to commence and carry out and complete the Tenant’s Works and each and every stage or phase thereof
(as appropriate) including, if the same are destroyed or damaged, the reinstatement of the same and the term “Approval” shall be construed accordingly 
  

	1.4	“Base Building” means the building the scope of which is described in the Base Building Definition 

  

	1.5	“Base Building Definition” means the aggregate of:- 

  

	 	1.5.1	the specification annexed to this Agreement as Annexure 3; and 

  

	 	1.5.2	the Base Building Plans 

  

	1.6	“Base Building Plans” means the building plans listed in the drawings schedule annexed to this Agreement as Annexure 4 and identified in bundles initialled
by the parties 

  

	1.7	“Base Building Works” means the construction of the Base Building; 

  

	1.8	“Base Building Works Practical Completion Date” means 31 May 2002 

  

	1.9	“Building” means the building comprising (inter alia) the Base Building Works the Existing Category A Works constructed and any Tenant’s Works to be
constructed on the Site in accordance with this Agreement 

  

	1.10	“Building Systems” means the mechanical, electrical, sanitary, heating, ventilating, life safety, air conditioning or other service systems of the Building

  

	1.11	“Car Parking Licence” means the licence of the car parking spaces to be granted to the Developer or any Group Company of the Developer in the form of the agreed
draft annexed to this Agreement as Annexure 11 

  

	1.12	“CDM Regulations” means the Construction (Design and Management) Regulations 1994 

  

	1.13	“Commissioning Engineers” means Crosscount Environmental Engineering, Hills Electrical plc and Johnson Control Limited (Company No 00661449) and “relevant
Commissioning Engineer” shall be construed accordingly 

  

	1.14	“Contribution” means the Developer’s contribution in respect of the Tenant’s Works, if carried out, being eight hundred and eight thousand six hundred and
ninety five pounds (£808,695) in respect of Floor 1 of the Building and two hundred and six thousand seven hundred and ninety three pounds (£206,793) in respect of Floor 2 of the Building such amounts to be paid in accordance with Clause
7 and to be inclusive of any Value Added Tax which may be chargeable at any rate 

  

	1.15	“Core Works” shall have the meaning given to that expression in Clause 4.1.2(b) 

  

	1.16	“CWCL” means Canary Wharf Contractors Limited (Company number 2352250) 

  

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	1.17	“Deed of Surrender” means a deed of surrender in the agreed form attached as Annexure 12 

  

	1.18	“Defects Costs in respect of the Base Building Works” means all reasonable and proper costs fees and expenses incurred by the Tenant expended or charged in
remedying Latent Defective Works which have become apparent during the period of ten (10) years commencing on the Base Building Works Practical Completion Date AND PROVIDED ALWAYS that the Developer shall not be liable for any Defects Costs in
respect of the Base Building Works to the extent that any claim which the Developer would otherwise have had in relation to the defect under any contract, appointment, warranty, duty of care deed or insurance policy is defeated, vitiated or avoided
in whole or in part as a result of the acts omissions negligence or default of the Tenant or its servants, agents, consultants, contractors or any sub-tenant, licensee or occupier of the Demised Premises or those for whom they are respectively
responsible 

  

	1.19	“Defects Costs in respect of the Infrastructure Works” means any costs which are charged to the Tenant as an item comprised in the Estate Expenditure (as defined in
the Lease) and which are expended in remedying Defects in the Infrastructure Works 

  

	1.20	“Defects in the Infrastructure Works” means: 

  

	 	1.20.1	defects, shrinkages or other faults which appear in the Development Site Infrastructure Works which manifest themselves within the relevant defects periods arising under the
Development Site Infrastructure Contracts; and 

  

	 	1.20.2	any latent or inherent defects in the Development Site Infrastructure Works which manifest themselves during the period of ten (10) years commencing on the date of practical
completion of the relevant part of the Development Site Infrastructure Works (as to which the Developer shall supply a schedule of dates to the Tenant) 

  
 and which in each case are attributable to or connected with the design workmanship test investigations or supervision of
the construction or design of the Development Site Infrastructure Works or the materials used in them having been defective, inadequate, unsuitable or incomplete or otherwise substandard, judged in accordance with the terms of any Approvals and any
codes of practice applicable in the case of design at the time when the relevant part of the Development Site Infrastructure Works was designed and in the case of workmanship at the time when the relevant work was done and in the case of materials
at the time of specification 
  

	1.21	“Demised Premises” means the premises to be demised by the Lease as the same are more particularly described therein and which are shown for identification purposes
only edged red on the plans annexed to this Agreement as Annexure 1 

  

	1.22	“Developer’s Solicitors” means Berwin Leighton Paisner of Adelaide House, London Bridge London EC4R 9HA (Reference: RMAC/CSC/21652.2) or such other firm of
solicitors as the Developer shall appoint and notify to the Tenant as having been so appointed 

  

	1.23	“Development Site” means:- 

  

	 	1.23.1	the land and water areas shown edged green on the Development Site Plan and any other land and water areas in which the Developer or a Group Company of the Developer acquires a
freehold or leasehold interest and which the Developer or a Group Company of the Developer intends shall form part of the Development Site; and 

  

 3 

	 	1.23.2	all buildings and appurtenances on the Development Site and all additions, alterations and improvements to such buildings and appurtenances 

  

	1.24	“Development Site Infrastructure Contracts” means the management or other contracts (and as the same may be amended from time to time) providing for the execution
of the Development Site Infrastructure Works or any part of them 

  

	1.25	“Development Site Infrastructure Works” means the design and construction from time to time of infrastructure works within the Development Site

  

	1.26	“Development Site Plan” means the plan annexed to this Agreement as Annexure 2 

  

	1.27	“Disclosure” shall have the meaning given to this expression in Clause 20.5.1 

  

	1.28	“Existing Agreement for Lease” means the agreement for lease dated 15 November 2000 and entered into between the Developer (1) the Tenant (2) and Canary Wharf Group
Plc (3) in respect of Floors 5-11 of the Building 

  

	1.29	“Existing Category A Works” means the works to Floor 2 of the Demised Premises undertaken by or on behalf of the Developer prior to the date of this Agreement and
which comprise works of the nature of (whether or not they are identical to) the MSDF Works 

  

	1.30	“Group Company” means any company which is for the time being (a) a subsidiary of the relevant party or (b) the holding company or parent company of that party or
(c) another subsidiary of the holding company or parent company of that party (whether or not that subsidiary may itself be a parent or holding company of a sub-group of companies within the whole group), in each case within the meaning of Sections
258, 259 and 736 of the Companies Act 1985, as amended by the Companies Act 1989 

  

	1.31	“HM Customs & Excise” means HM Customs & Excise or any other person, authority, body or official which is from time to time responsible for
the care, management or administration of Value Added Tax 

  

	1.32	“Independent Measurer” means Plowman Craven & Associates of 141 Lower Luton Road, Harpenden, Hertfordshire AL5 5AQ 

  

	1.33	“Independent Person” means the independent person appointed to act as specified in Clause 17 

  

	1.34	“Initial Rent” shall have the meaning given to this expression in the Lease and shall be the amount calculated in accordance with the provisions of Clause 11.2.2

  

	1.35	“Insured Risks” shall have the meaning given to that expression in the Lease 

  

	1.36	“Interest Rate” means three (3) per centum per annum above the base rate of Barclays Bank plc in force from time to time or, if such base rate shall be incapable of
determination three (3) per centum per annum above a rate reasonably equivalent to such base rate 

  

 4 

	1.37	“Key Consultant and/or Trade Contractor” (1) in the case of works which comprise the connection or interface with the electronic elements of the fire protection
system means Siemens Building Technologies Limited (Company No 01681983); (2) in the case of works which comprise the connection or interface with the building management system means Johnson Control Limited (Company No 00661449) and (3) in the case
of works which affect the structure of the Building means Ove Arup Partners Limited (Company No 01312453) and “Relevant Key Consultant and/or Trade Contractor” shall be construed accordingly and “Relevant Key Consultants
and/or Trade Contractors” means any two or more of them as appropriate 

  

	1.38	“Latent Defective Works” means any latent or inherent defects in the Base Building Works which:- 

  

	 	1.38.1	directly adversely affect the beneficial use and occupation of the Demised Premises as offices; and 

  

	 	1.38.2	manifest themselves during the period of ten (10) years commencing on 31 May 2002; and 

  

	 	1.38.3	are present in the Base Building Works as originally designed and/or constructed; and 

  

	 	1.38.4	are directly or indirectly attributable to or connected with the design workmanship tests investigations or supervision of the construction of the Base Building Works or the
materials used in them having been defective, inadequate, unsuitable or incomplete or otherwise substandard, judged in accordance with the terms of any Approvals, in the context of whether the Base Building Works have been carried out in a good and
workmanlike manner and using materials of sound quality in accordance with the standards of skill and care in procuring the design of the Base Building Works as would be expected of a developer which is experienced in the development of buildings of
the size and type of the Building and any applicable codes of practice (in the case of design at the time when the relevant part of the Base Building Works was designed and in the case of workmanship at the time when the relevant work was done and
in the case of materials at the time of specification); and 

  

	 	1.38.5	are not caused or aggravated (whether directly or indirectly) by the carrying out of the Tenant’s Works; and 

  

	 	1.38.6	are no greater than would have been caused if the Tenant had given notice to the Developer as soon as reasonably practicable upon becoming aware of any latent or inherent defects in
the Base Building Works; and 

  

	 	1.38.7	are not caused or aggravated (whether directly or indirectly) by any acts or omissions by the Tenant or any sub-tenant licensee or occupier of the Demised Premises (or any persons
acting for or on behalf of any of them or under their control) 

  

	1.39	“Lease” means the lease of the Demised Premises to be granted to the Tenant in the form of the agreed draft annexed to this Agreement as Annexure 9 subject
to such amendments as are agreed in writing between the parties or as are otherwise made in accordance with this Agreement 

  

 5 

	1.40	“Lessor” means Heron Quays (HQ4) T1 Limited and Heron Quays (HQ4) T2 Limited and their successors in title 

  

	1.41	“Letter of Opinion” means the letters of opinion substantially in the form of the drafts attached as Annexure 10 but amended so as to relate to the Lease and
Right of First Offer Agreements at the date of grant or the Deed of Surrender at the date of the surrender of the Level 4 Lease (and with such other amendments reasonably necessary to reflect any change in law or byelaws or other regulations)

  

	1.42	“Level 4 Lease” means the lease of Floor 4 of the Building dated 25 November 2002 and entered into between The Northern Trust Company (1) Canary Wharf Management
Limited (2) Heron Quays Properties Limited (3) and Heron Quays (HQ) T1 Limited and Heron Quays (HQ4) T2 Limited (4) 

  

	1.43	“Licence” means the licence regulating and approving the manner of execution of the Tenant’s Works in the form of the draft set out in Schedule 2 to be entered
into as provided in Clause 6.3 

  

	1.44	“Method Statement” has the meaning attributed to it in Clause 5.3 

  

	1.45	“MSDF Works” means the fitting out works described and of the minimum standard detailed in the document forming Annexure 5 hereto and entitled
“Minimum Standard Developer’s Finish for Tenant’s Works” (the “MSDF Works Specification”) 

  

	1.46	“Net Internal Area” means the net internal area expressed in square feet of the Building and the Demised Premises confirmed in a certificate issued by the
Independent Measurer in July 2002 (issue 1) 

  

	1.47	“Option” means the option to call for the surrender of the Level 4 Lease granted pursuant to Clause 15.1 

  

	1.48	“Option Notice” means a notice in the form set out in Schedule 4 together with a letter of Opinion in respect thereof 

  

	1.49	“Option Period” means the period commencing on the date hereof and expiring on 1 October 2006 

  

	1.50	“Planning Acts” means the Town and Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning (Hazardous Substances)
Act 1990, the Planning (Consequential Provisions) Act 1990 and the Planning and Compensation Act 1991 the Local Government Planning and Land Act 1980 and includes any other applicable town and country planning legislation 

 

	1.51	“Prohibited Materials” means: 

  

	 	1.51.1	high alumina cement concrete in structural elements; 

  

	 	1.51.2	woodwool slabs in permanent formwork to concrete or in structural elements; 

  

 6 

	 	1.51.3	calcium chloride used as a setting agent in cement; 

  

	 	1.51.4	calcium silicate bricks or tiles; 

  

	 	1.51.5	asbestos or asbestos containing products as defined in The Asbestos Regulations 1969 or in any statutory modification or re-enactment thereof current at the date of specification
(save where trace natural elements thereof are used in products which comply with relevant British Standard Specifications); 

  

	 	1.51.6	naturally occurring aggregates for use in reinforced concrete which do not comply with British Standard Specification 882 and 110 and naturally occurring aggregates for use in
concrete which do not comply with British Standard Specification 8110: 1985; 

  

	 	1.51.7	urea formaldehyde; 

  

	 	1.51.8	materials containing fibres which have a diameter of 3 microns or less and a length of 200 microns or less; 

  

	 	1.51.9	polytetrafluoroethylene (PTFE) except when used as a non-stick sealing within valves, jointing material between pipes or as an isolating tape; 

  

	 	1.51.10	mineral fibres (man-made or naturally occurring) which are not contained or stabilised by materials to prevent fibre migration; 

  

	 	1.51.11	halon; 

  

	 	1.51.12	timber which is not obtained from a managed and regulated sustainable source; 

  

	 	1.51.13	lead based paint; 

  

	 	1.51.14	any other substances or materials generally considered in the United Kingdom construction industry to be deleterious or harmful to health and safety or not in accordance with
relevant British standards and codes of practice or which have been declared deleterious in a publication of the Building Research Establishment at the relevant time 

  

	1.52	“Relevant Defects in the Base Building Works” means any defects, shrinkages and other faults relating to (i) the water ingress at Level B3 of the Building and/or
(ii) the temperature of the ceiling void at Level 11 and/or (iii) the level of humidity of the floor areas throughout Levels 1, 2 and 4-11 (inclusive) of the Building which the parties agree are or which are determined pursuant to the provisions of
the Existing Agreement for Lease to be Defects in the Base Building Works (as defined in the Existing Agreement) 

  

	1.53	“Right of First Offer Agreements” means the two right of first offer agreements in the forms attached as Annexure 13 

  

	1.54	“Senior Manager” shall have the meaning given to this expression in Clause 19 

  

	1.55	“Site” means the land shown edged red on the Development Site Plan 

  

 7 

	1.56	“Statutory Requirements” means any Act of Parliament and any instrument, rules, orders, regulations, notices, directions, bye-laws, permissions and plans for the
time being made under or deriving validity from it, all regulations, laws or directives made or issued by or with the authority of The European Commission and/or the Council of Ministers (which take effect in England and Wales) and any rules,
regulations, building regulations, orders, bye-laws or codes of practice of any local authority or any utility company having jurisdiction in relation to the Base Building Works 

  

	1.57	“Surrender Completion Date” means the date falling one month after the date of the Option Notice or such other date agreed in writing between the parties

  

	1.58	“Tenant’s Category A Works” means any works undertaken by the Tenant which shall comprise works of the nature of (whether or not they are identical to) the
MSDF Works and which shall be of no lesser standard or extent than the MSDF Works and as approved by the Developer pursuant to Clause 4.4 

  

	1.59	“Tenant’s Category B Works” means the works (if any) which are undertaken by the Tenant (in addition to the Tenant’s Category A Works or in substitution
thereof) as part of the fitting out of the Demised Premises and which are approved in accordance with the provisions of this Agreement 

  

	1.60	“Tenant’s Consultants” means all or any of those persons appointed by the Tenant to provide material advice to the Tenant on the design and construction of the
Demised Premises and/or the Tenant’s Works 

  

	1.61	“Tenant’s Contractors” means the Tenant’s contractors agents advisers workmen and others engaged in the execution of the Tenant’s Works

  

	1.62	“Tenant’s Plans” shall have the meaning ascribed to them in Clause 4.1.2(a) 

  

	1.63	“Tenant’s Quantity Surveyor” means Beverley Stewart of Allen Stewart Partnership 15-27 Gee Street London EC1V 3RD or such other person as may be appointed by
the Tenant to perform the function of the Tenant’s Quantity Surveyor pursuant to this Agreement and notified to the Developer as having been so appointed 

  

	1.64	“Tenant’s Representative” means Nick Goodwin of Harrington or such other person as may be appointed by the Tenant to perform the function of the Tenant’s
Representative pursuant to this Agreement and notified to the Developer as having been so appointed 

  

	1.65	“Tenant’s Solicitors” means Linklaters of One Silk Street London EC2Y 8HQ (Ref: CBC) or such other firm of solicitors as the Tenant may appoint and notify to
the Developer 

  

	1.66	“Tenant’s Works” means, if any, collectively the Tenant’s Category A Works and the Tenant’s Category B Works or any of them as the context requires

  

	1.67	“Tenant’s Works Practical Completion” means practical completion of the Tenant’s Works 

  

	1.68	“Tenant’s Works Practical Completion Certificate” means the certificate of the Tenant to the effect that Tenant’s Works Practical Completion has been
achieved 

  

	1.69	“Term Commencement Date” means the date calculated in accordance with Clause 11.2.1 

  

 8 

	1.70	“Value Added Tax” and “VAT” mean value added tax as provided for in the Value Added Tax Act 1994 and includes any other tax from time to time
replacing it or of a similar fiscal nature 

  

	1.71	“Working Day” means any day (other than a Saturday or a Sunday) upon which clearing banks in the United Kingdom are open to the public for the transaction of
business 

  

	2.	INTERPRETATION 

  
 In this Agreement unless the context otherwise requires:- 
  

	2.1	Words importing the masculine gender only shall include the feminine gender and neuter meaning and vice versa and words importing the singular number shall include the plural number
and vice versa and all references to a Clause or Schedule shall mean a Clause of or Schedule to this Agreement; 

  

	2.2	References to drawings and documents annexed to this Agreement shall include the drawings and documents initialled for identification on behalf of the parties to this Agreement for
the purposes of this Agreement (whether individually or as part of an agreed bundle or bound volume or otherwise); 

  

	2.3	The Clause and paragraph titles and headings are for convenience only and shall not be construed in or affect the interpretation of this Agreement; 

  

	2.4	Every covenant by a party comprising more than one person shall be deemed to be made by such party jointly and severally; 

  

	2.5	Words importing persons shall include firms, companies and corporations and vice versa and reference to the Tenant or to the Developer shall be deemed to extend to the Tenant’s
or the Developer’s (as the case may be) servants and consultants, workmen, contractors, sub-contractors, agents or any person or persons acting on its or their behalf or under its or their control; 

  

	2.6	Any covenant by any party not to do any act or thing shall include an obligation not to permit or suffer such act or thing to be done and (so far as is within its direct control) to
procure that it is not done and any reference to consent or approval or other confirmation not being unreasonably withheld (or similar expression) shall be deemed to include reference to such consent or approval or other confirmation not being
unreasonably delayed; 

  

	2.7	Any reference to the right of the Developer or the Tenant to have access to, enter or call for information on the Site shall be construed as entitling the Developer or the Tenant
(as the case may be) to supply the same to their respective servants, agents, professional advisers, contractors and workmen for the purposes of and contemplated by and upon terms (including as to confidentiality) which are consistent with this
Agreement; 

  

	2.8	Any reference to a statute (whether specifically named or not) shall include any amendment or re-enactment of it for the time being in force, and all instruments, orders, notices,
regulations, directions, bye-laws, permissions and plans for the time being made, issued and or given under it, or deriving validity from it (in each case a “Change”) provided that where any design has been carried out or work
commenced or scheduled under this Agreement and any relevant Change takes place then the Developer may (insofar as to do so would not place it or any future occupier of all or part of the Building in breach of a Statutory Requirement) carry out and
complete the Base Building Works or perform any of its other obligations hereunder as if such Change had not taken place; 

  

 9 

	2.9	The words “including” “include” “excluding” and “exclude” shall be deemed to be followed by the words “without limitation”

  

	2.10	Whenever pursuant to this Agreement a party is required to give consent, approval or confirmation (in this Clause 2.10 each a “relevant approval”) within a
specified time period (in this Clause 2.10 the “time period”) it shall be reasonable for the party requested to give the relevant approval to withhold, refuse or delay the relevant approval if the information provided to it (taken
together with its existing knowledge) is insufficient properly to enable it to give its consent, approval or confirmation and if within the time period such party gives notice to the party requesting the relevant approval that it requires
specifically identified further information in order to be able properly to consider the request for the relevant approval 

  

	2.11	Save where provided to the contrary, all sums payable by the Tenant pursuant to this Agreement shall be deemed to be exclusive of any Value Added Tax which may be chargeable on the
supply or supplies for which such sums (or any part of such sums) are the whole or part of the consideration for Value Added Tax purposes; and 

  

	2.12	Any reference to any right, entitlement or obligation of any person under the laws in relation to Value Added Tax, or any business carried on by any person for Value Added Tax
purposes, shall (where appropriate and unless the context otherwise requires) be construed, at any time when such person is treated as a member of a group for the purposes of Section 43 of the Value Added Tax Act 1994 to include a reference to the
right, entitlement or obligation under such loan of, or the business carried on for Value Added Tax purposes by the representative member of such group at such time (the term “representative member” to be construed in accordance with the
said Section 43) 

  
 PART 2 
  

	3.	COPYRIGHT 

  

	3.1	Grant of Non-exclusive Licence 

  
 Insofar as the copyright to any drawings or other intellectual property relevant to the Base Building Works is owned by the Developer or the Developer has
power to grant licence or sub-licence (as the case may be) to use or reproduce the same, the Developer hereby irrevocably grants to the Tenant non-exclusive royalty free licence (and insofar as the Developer has the power to provide those licences
shall be capable of sublicensing and transfer) to use and reproduce the same for the purposes set out in Clause 3.2 
  

	3.2	Tenant’s Undertaking 

  
 The Tenant undertakes that it shall observe all applicable restrictions on copyright and other intellectual property rights of which it is duly informed
and treat as supplied in confidence all drawings, plans, specifications, costs, trade contract documents consultant appointments and calculations supplied or made available to it by the Developer or its consultants or agents in connection with or
related to the Base Building Works and will not use or permit to be used any of the same otherwise than:- 
  

	 	3.2.1	in connection with the Tenant’s Works (including but not limited to the construction completion maintenance extension alteration letting promotion advertisement reinstatement
and repair during the period of the Lease); or 

  

 10 

	 	3.2.2	for any other purposes authorised or required under this Agreement 

  
 and that the Tenant will use reasonable endeavours to procure compliance, with this Clause 3.2 by the Tenant’s Consultants and the Tenant’s
Contractors or any third party engaged, instructed or retained by the Tenant in connection with the Tenant’s Works 
  

	3.3	Developer’s Liability 

  
 The Developer, its contractors and/or its consultants will have no liability for the use and reproduction of such drawings etc for any other purpose than
that for which they were prepared and provided 
  
 PART 3

 TENANT’S WORKS 
  

	4.	APPROVAL OF TENANT’S WORKS 

  

	4.1	Tenant to submit details of Tenant’s Works 

  

	 	4.1.1	The Tenant shall prior to commencing any element of the Tenant’s Works and at the Tenant’s sole cost and expense submit to the Developer co-ordinated outline proposals for
decision in principle followed by details of such reasonable elements of the Tenant’s Works for approval including as from time to time appropriate:- 

  

	 	(a)	architectural working drawings and specifications; 

  

	 	(b)	engineering working drawings and specifications; 

  

	 	(c)	a statement clearly distinguishing between the proposed Tenant’s Category A Works (if any) and the proposed Tenant’s Category B Works; and 

  

	 	(d)	a copy of the completed application and conditions of supply of electricity to business customers in the form from time to time stipulated by London Electricity plc (or any
successor body to its undertaking) 

  
 in respect
of the facilities materials and work for the various elements of the Tenant’s Works and such proposals and subsequent details must be (when taken together with the existing works to Floor 2 of the Building undertaken by or on behalf of the
Developer prior to today’s date) at least equivalent in scope and quality to those pertaining in respect of the MSDF Works and such working drawings and specifications shall be fully co-ordinated with each other and with the Base Building and
shall incorporate all information which the Developer reasonably requires including details of all such Tenant’s Works and the dimensional locations thereof with reference to the building column centre line or the face of finished column
enclosures 
  

 11 

	 	4.1.2	     

  

	 	(a)	If (and to the extent only) the same are approved by the Developer pursuant to Clause 4.4 the working drawings and specifications prepared by the Tenant pursuant to the provisions
of this Clause 4.1 and any changes therein permitted under this Clause 4 are herein collectively called the “Tenant’s Plans” 

  

	 	(b)	In relation to those portions of the Tenant’s Works which (i) comprise the connection or interface with the electronic elements of the fire protection system, (ii) comprise the
connection or interface with the building management system or (iii) which affect the structure of the Building (the “Core Works”) the Tenant shall either (a) retain the Relevant Key Consultant and/or Trade Contractor provided that
such Key Consultant and/or Trade Contractor or Relevant Key Consultants and/or Trade Contractors shall agree to provide their services to the Tenant at reasonable rates and terms or (b) reimburse on demand to the Developer the reasonable costs
incurred by such Key Consultant and/or Trade Contractor or Relevant Key Consultants and/or Trade Contractors on reviewing and approving the Core Works as set out in Clause 4.5 (without double-counting) 

  

	4.2	Limitations of Tenant’s Plans 

  
 The Tenant’s Plans (including any changes thereto) shall not:- 
  

	 	4.2.1	(when taken together with the existing works to Floor 2 of the Building undertaken by or on behalf of the Developer prior to today’s date) provide for works which are of a
lesser standard or extent than the MSDF Works; without the Developer’s approval (not to be unreasonably withheld); or 

  

	 	4.2.2	adversely affect the integrity of the structure of the Building or the operation of the Building Systems; or 

  

	 	4.2.3	contain matters which are absolutely prohibited under the terms of the Lease; or 

  

	 	4.2.4	violate any laws or the requirements of any Approvals or the requirements from time to time of any insurers notified to the Tenant (or its representatives or advisors) or be such
that any Approval or any insurance effected or to be effected by the Developer pursuant to the Lease is reasonably likely to be unobtainable or adversely affected Provided that if any of the Tenant’s Plans require a modification of any of the
Developer’s Approvals the Developer’s consent shall be required 

  

	4.3	DWG Files 

  
 One set of DWG format CAD discs shall be submitted to the Developer on each occasion that the Tenant supplies details of its proposals to the Developer
for approval 
  

	4.4	Developer’s Approval 

  

	 	4.4.1	The working drawings and specifications prepared by the Tenant pursuant to the provisions of clause 4.1 and any changes thereto which the Tenant may request

  

 12 

 shall be subject to the Developer’s prior approval such approval (subject to compliance with Clause
4.2) not to be unreasonably withheld or delayed. If the Developer shall disapprove of any aspects of the applicable drawings and specifications then the Developer shall within six (6) Working Days of receipt of such drawings or specifications give
notice in writing specifying the grounds for such disapproval and the Tenant shall return to the Developer appropriate corrections thereto within six (6) Working Days after receipt of such notice. If the Developer shall still decline to approve the
Tenant’s Plans as amended, then (subject in the case of the Tenant to the same being in compliance with Clause 4.2) either party may refer the matter or matters in dispute to the Independent Person acting as expert in accordance with the
provisions of Clause 17 
  

	 	4.4.2	In respect of any application pursuant to Clause 4.4.1 the Developer shall use all reasonable endeavours to give approval or give reasons for withholding approval within 10 Working
Days after an application therefor has been received and where the Developer refers any such application for consideration by its consultants, advisors and insurers the Developer shall request that the same provide their advice (or notify the Tenant
and the Developer what further information is required to enable such advice to be given) within 8 Working Days after request and in the event such advice has not been received by 8 Working Days thereafter shall request that such advice (or
notification) is provided within 4 Working Days after such subsequent request and shall continue to request such advice (or notification) every 4 Working Days until the same has been provided 

  

	4.5	Developer’s Costs 

  
 The Developer shall deliver to the Tenant a statement or statements specifying any engineering architectural or other costs reasonably incurred by the
Developer in reviewing the Tenant’s Plans and any changes thereto (for the avoidance of doubt and the Tenant shall pay to the Developer within ten (10) Working Days after the receipt thereof the amount specified in such statement Provided That
the Tenant shall not be liable for any fees payable to the Developer or any Group Company of the Developer. 
  

	4.6	Approvals 

  
 The Tenant shall use all reasonable endeavours to obtain all necessary Approvals required for the Tenant’s Works following approval of the
Tenant’s Plans and shall promptly supply copies of the same to the Developer 
  

	5.	EXECUTION OF TENANT’S WORKS AND SUBSEQUENT OCCUPATION 

  

	5.1	Completion of Tenant’s Works 

  
 The Tenant’s Works (to the extent carried out) shall be carried out and completed:- 
  

	 	5.1.1	in a good and workmanlike manner; and 

  

	 	5.1.2	using materials of sound quality of their several kinds and (where specified) as set out in any specifications relating to the Tenant’s Works; and 

  

	 	5.1.3	so that such works are free of Prohibited Materials; and 

  

 13 

	 	5.1.4	in accordance with:- 

  

	 	(a)	the Tenant’s Plans which have been approved by the Developer; 

  

	 	(b)	the Approvals (as these may have been modified pursuant to clause 4.2.4); and 

  

	 	(c)	the terms of this Agreement 

  

	5.2	Access Restrictions 

  
 The Tenant shall itself, and shall procure that the Tenant’s Consultants and the Tenant’s Contractors and all other parties instructed by the
Tenant comply with all reasonable rules restrictions and regulations in relation to access to the Demised Premises and which may reasonably be imposed by the Developer and have been notified in writing to the Tenant and/or which shall be promulgated
by the Developer for ensuring the integrity of the Building Systems 
  

	5.3	Method Statement 

  
 Not less than 24 hours prior to commencement of the Tenant’s Works, the Tenant shall submit to the Developer for and obtain the Developer’s
approval to a method statement (a “Method Statement”) in writing which Method Statement shall contain the information specified in Schedule 3 insofar as it is reasonably practicable and appropriate for the same to be included
Provided That:- 
  

	 	5.3.1	notwithstanding the Developer’s approval to the Method Statement if in the carrying out of the Tenant’s Works in accordance with the Method Statement it transpires that
the method of carrying out of the Tenant’s Works is having a material adverse effect on the progress or completion of any works or the ability of Canary Wharf Management Limited (or any substitute therefor) to provide any of the Estate Services
or Building Services (all as defined in the Lease) the Developer may require such amendments or variations to the Method Statement as the Developer considers reasonably necessary to mitigate the effect on the progress or completion of such works or
ability to provide such Services as aforesaid (having regard to the reasonable requirements as may be necessary for the carrying out of the Tenant’s Works); 

  

	 	5.3.2	insofar as it shall not be reasonably practicable to provide the information detailed in this Clause 5.3 within the time specified the Developer shall approve its omission from the
Method Statement but such information shall nonetheless be submitted to the Developer as soon as possible thereafter 

  

	5.4	Tenant’s obligations 

  
 Upon carrying out any Tenant’s Works the Tenant will itself and will procure that its contractors agents advisers and workmen will at all times

  

	 	5.4.1	comply in all respects with the provisions of the Method Statement approved pursuant to the provisions of Sub-Clause 5.3 as the same may be added to amended or varied from time to
time as permitted by this Agreement and comply in all respects with the Regulations (as defined in the Lease) as updated from time to time and produced on behalf of the Lessor as an addition or substitute therefor); 

  

 14 

	 	5.4.2	(save to the extent and degree expressly authorised under this Agreement by reason of the approval of the Tenant’s Works) not damage or cause or permit its servants agents or
contractors or any other persons to damage the Base Building Works and in particular not to interfere or permit such persons to interfere with or do or permit to be done by any such persons any act or thing which may adversely affect any
installation forming part of the Base Building Works and not to make or instruct to be made by any such persons any connections with or to such installation (other than any which form part of the Tenant’s Works) without the prior approval of
the Developer to such connections (which approval shall not be unreasonably withheld or delayed) 

  

	5.5	Developer’s right to inspect and require remedy 

  
 The Tenant shall throughout the period of the carrying out of the Tenant’s Works permit the Developer to inspect the progress and manner of execution
of the Tenant’s Works at all reasonable times on reasonable prior notice and subject to the proper safety requirements imposed by the Tenant and/or the Tenant’s Contractors without such inspection causing any undue delay to the
Tenant’s programme for the carrying out of the Tenant’s Works and so that (save as expressly required for compliance with the CDM Regulations) no instructions shall be given or represented as made to the persons engaged in carrying out the
Tenant’s Works and the Tenant shall procure that any defects, faults or failures to comply in respect of which the Developer serves written notice following such inspection and which the Tenant acting reasonably agrees are defects, faults or
failures are remedied and made good at the appropriate time according to the nature of the work in question 
  

	5.6	Developer to have no responsibility for Tenant’s Works 

  
 The Tenant’s Works shall at all times be at the Tenant’s risk and the Developer shall have no responsibility or liability in respect thereof or
be under any obligations to insure the same 
  

	5.7	Compliance with the CDM Regulations 

  
 The Tenant shall itself, and shall procure that the Tenant’s Consultants and the Tenant’s Contractors and all other parties instructed by the
Tenant comply with the CDM Regulations and the Tenant shall execute and deliver to the Health and Safety Executive a declaration in accordance with paragraph 4(4) of the CDM Regulations that it will act as client in respect of the Tenant’s
Works for the purposes of the CDM Regulations 
  

	6.	ANCILLARY PROVISIONS AS TO TENANT’S WORKS 

  

	6.1	As-built Drawings 

  
 As soon as practicable after Tenant’s Works Practical Completion the Tenant shall supply to the Developer 
  

	 	6.1.1	a set of as-built drawings showing the works actually carried out by the Tenant together with a set of DWG format CAD discs showing the same and 

  

 15 

	 	6.1.2	such information as is necessary to enable the Developer to update the health and safety file for the Building to be kept by the owners of the Building pursuant to the Construction
(Design and Management) Regulations 1994 and any subsequent legislation of a similar nature to take account of the Tenant’s Works 

  

	6.2	Memorandum of Category A and Category B Works 

  

	 	6.2.1	Within ten (10) Working Days following Tenant’s Works Practical Completion the Tenant shall supply to the Developer a memorandum separately identifying the works of the nature
and of no lesser standard (whether or not they are identical) to the MSDF Works whether undertaken by or on behalf of the Developer or the Tenant and the Tenant’s Category B Works (if any) and as soon as practicable thereafter the Developer and
the Tenant shall each sign and exchange a memorandum which shall (if necessary to distinguish accurately the Tenant’s Category A Works and Tenant’s Category B Works) annex the relevant marked up or as-built drawings

  

	 	6.2.2	If the Tenant shall fail to comply with Clause 6.2.1 the Developer may (but shall not be obliged to) prepare such a memorandum itself and the Tenant shall provide the Developer with
all necessary access, facilities and information to do so and shall pay the Developer’s costs of doing so on demand 

  

	6.3	Licences for Alterations 

  
 Within fifteen (15) Working Days of Tenant’s Works Practical Completion the Developer shall execute and deliver to the Tenant the executed Licence
and the Tenant shall execute and deliver a counterpart thereof to the Developer and for such purposes the Tenant shall supply to the Developer as soon as practicable after Completion of the Tenant’s Works a specification prepared by or on
behalf of the Tenant which shall identify the relevant works insofar as the extent of the same is not apparent from the as-built drawings 
  

	6.4	Indemnity 

  
 The Tenant shall in respect of the Tenant’s Works and without prejudice to any other obligation on its part herein keep the Developer and/or CWCL
fully and effectually indemnified against:- 
  

	 	6.4.1	any breach by the Tenant or its servants agents consultants contractors or any subtenant licensee or occupier of the Demised Premises or those for whom they are respectively
responsible of the conditions or requirements imposed or implied by the Licences and any other permission or licence granted (on the application of or on behalf of the Tenant) for or otherwise pursuant to the terms of this Agreement for the
execution of the Tenant’s Works and 

  

	 	6.4.2	all claims actions damages demands losses expenses costs and other liabilities whatsoever suffered by the Developer and/or CWCL which arise out of the carrying out of the
Tenant’s Works otherwise than in accordance with the terms of this Agreement 

  
 and will make good forthwith to the satisfaction of the Developer any damage or injury caused by the Tenant (or by anyone for whom the Tenant is
responsible) to the Building or to the Base Building Works or other part of the Development Site or to the property of the Developer and/or CWCL or any of their respective servants agents licensees or workmen 
  

 16 

	6.5	Copy Appointments and Contracts and Provision of Collateral Deeds of Warranty 

  

	 	6.5.1	The Tenant shall procure that there are delivered to the Developer within twenty (20) Working Days of their completion copies of all appointments of Tenant’s Consultants
appointed in relation to the Core Works or any part thereof (in each case excluding financial information) 

  

	 	6.5.2	The Tenant shall as soon as reasonably practicable procure the execution and delivery to the Developer of a collateral deed of warranty from each of the Tenant’s Consultants
appointed in relation to the Core Works or any part thereof in the form set out in Annexure 6 in each case with non-material variations or pre-agreed permitted amendments as set out in Annexure 7 in such form as the Tenant
proposes and the Developer approves, such approval not to be unreasonably withheld or delayed and to have regard to the scale and nature of the services to be provided by the Tenant’s Consultant 

  

	6.6	Plans drawings etc 

  
 The Developer shall have an irrevocable and assignable non-exclusive royalty free licence (free from any copyright claim and capable of being
sub-licensed) to use and reproduce all plans drawings specifications models and other information required to be furnished by the Tenant to the Developer under this agreement but so that the Developer shall use the same only in connection with its
obligations pursuant to this Agreement and/or the Lease and the use ownership operation maintenance and alteration of the Building and Demised Premises 
  

	7.	CONTRIBUTION TO TENANT’S WORKS 

  
 If the Tenant carries out the Tenant’s Works the Developer shall by way of an inducement to enter into the Lease pay to the Tenant the Contribution
as a contribution to the cost of the Tenant’s Works such sum to be paid by means of one instalment within ten (10) Working Days following the date of Tenant’s Works Practical Completion and subject to receipt by the Developer of a
certificate issued by the Tenant’s Quantity Surveyor (or other appropriate and duly authorised professional advisor) confirming that an amount equal to or greater than the Contribution has been incurred by the Tenant in carrying out the
relevant elements of the Tenant’s Works and subject also, if a taxable supply is made, to the receipt by the Developer of a Value Added Tax invoice in respect of such supply. 
  

	8.	AGREEMENT AS TO OPERATION OF LANDLORD AND TENANT ACT 1927  

  

	8.1	Service of 1927 Act Notice 

  
 The Tenant hereby agrees with the Developer that if the Tenant serves a 1927 Act Notice upon the Developer in relation to the Tenant’s Works or any
part or parts of them the Tenant shall within twenty-eight (28) days following the service of the 1927 Act Notice or within seven days after determination of the cost (hereinafter called the “Cost”) to the Tenant of the carrying out
of the works and alterations the subject of the 1927 Act Notice (time being of the essence) pay to the Developer a sum equal to One hundred and five per cent. (105%) of the Cost 
  

 17 

	8.2	Determination of Cost 

  
 The Developer and the Tenant shall use all reasonable endeavours to agree the Cost but in default of written agreement between them as to the amount of
the Cost then either party may at any time following the expiration of a period of fourteen (14) days following the service of the 1927 Act Notice refer the matter for settlement to an Independent Person acting as an expert pursuant to the
provisions of Clause 
  

	9.	PRACTICAL COMPLETION AND DEFECTS 

  

	9.1	Tenant’s Works Practical Completion 

  
 The Tenant will notify the Developer promptly of Practical Completion of the Tenant’s Works and promptly provide a copy of the relevant certificate
and an opportunity to inspect as soon as practicable following the issue of such certificate 
  

	9.2	Re-Commissioning of and Relevant Defects in the Level 2 CAT A Works 

  

	 	9.2.1	NTC have provided to the Developer full details of the M&E Plant and Equipment forming part of the Existing Category A Works which they wish to have re-commissioned (the
“Relevant M&E”). As soon as reasonably practical from the date of this Agreement but in any case prior to the commencement of any Tenant’s Works which have or may have an impact on or affect the M&E Plant and Equipment
forming part of the Existing Category A Works, NTC shall submit to the Developer for approval (such approval not to be unreasonably withheld or delayed) their proposed methodology for such re-commissioning 

  

	 	9.2.2	NTC shall appoint the Commissioning Engineer to carry out such testing of the Relevant M&E which testing shall be carried out in accordance with the approved methodology

  

	 	9.2.3	As soon as reasonably practical from the date of this Agreement but in any case within 20 Working Days from the date of this Agreement the Tenant shall procure that a duty of care
letter from each of the Commissioning Engineers addressed to the Developer and the appointment of the Commissioning Engineer (in each case in forms acceptable to the Developer (acting reasonably)) are delivered to the Developer

  

	 	9.2.4	In respect of any re-commissioning to be carried out after the date of this Agreement each of the Commissioning Engineers shall be required to notify both the Developer and the
Tenant at least 3 Working Days prior to the carrying out of any testing and will permit the Developer and the Tenant and their respective consultants and/or contractors (but limited to such number of people as is reasonable in the circumstances) to
attend such testing and to make representations to which the relevant Commissioning Engineer shall have regard but will not be bound. Any such re-commissioning is to be carried out prior to the commencement of any Tenant’s Works which have or
may have an impact on or effect the M&E Plant and Equipment forming part of the Existing Category A Works. 

  

	 	9.2.5	If either party disputes the findings of any of the Commissioning Engineers then either party may require the matter to be referred for determination by an Independent Expert in
accordance with clause 17.5 by serving written notice to that effect on the other party within six (6) Working Days of the date of receipt of 

  

 18 

 all of the Commissioning Engineers’ complete findings or, if later, the date upon which the
Developer receives the last of the approved methodology for all of the re-commissioning, the duty of care letters from each of the relevant Commissioning Engineers and the appointments of the Commissioning Engineers in accordance with the provisions
of clause 9.2.3 
  

	 	9.2.6	If and to the extent that the Commissioning Engineer finds or, if matters are referred for determination by an Independent Expert, if and to the extent it is determined that items
of the Relevant M&E do not meet the relevant performance criteria specified in the specification annexed to this Agreement as annexure 3 and the MSDF Works Specification the Developer shall procure that such works as are necessary in order for
the Relevant M&E to meet the relevant performance criteria as set out in the specification annexed to this Agreement as annexure 3 and the MSDF Works Specification are carried out as soon as reasonably practicable having regard to the nature of
the works and having regard (but without being bound) to the Tenant’s programme for Tenant’s Works as shall have been disclosed to the Developer by the Tenant 

  

	 	9.2.7	If and to the extent that the Developer agrees or the Independent Person acting as an expert in accordance with Clause 17.5 determines that there are defects shrinkages or faults in
the Existing Category A Works (other than any part thereof comprising the M&E Plant and Equipment) which manifest themselves in the Existing Category A Works within 358 days from the date of this Agreement then (save to the extent that such
defects, shrinkages or faults are the result of the carrying out of the Tenant’s Works) the Developer shall remedy and make good the same as soon as reasonably practicable having regard to the nature of the works and at times agreed with the
Tenant as provided in Clause 9.4 and having regard (but not being bound) to the programme for the Tenant’s Works as shall have been disclosed to the Developer by the Tenant 

  

	9.3	Relevant Defects in the Base Building Works 

  
 If and to the extent there are any Relevant Defects in the Base Building Works the Developer shall use all reasonable endeavours to procure as soon as
reasonably practicable having regard to the nature of the works and at times to be agreed with the Tenant as provided in Clause 9.4 that all Relevant Defects in the Base Building Works (if any) shall be remedied and made good 
  

	9.4	Access to the Demised Premises to remedy Relevant Defects in the Base Building Works 

  
 The Tenant shall permit the Developer and/or its consultants and contractors and all persons authorised by them at all
reasonable times during normal working hours (or at any time in the event of emergency) and on giving reasonable prior written notice (consulting with the Tenant as to the timing of entry) to enter the Demised Premises in order to remedy any
Relevant Defects in the Base Building Works or any works the Developer is obliged to carry out pursuant to Clause 9.2 and the persons so entering shall comply with Clause 8.17 of the Lease and comply with all reasonable security and safety
requirements of the Tenant and the Developer causing as little disruption and damage as is reasonably practicable to the Demised Premises and making good all physical damage whatsoever thereby caused 
  

 19 

	9.5	Defects Costs in respect of Base Building Works 

  
 The Developer shall (subject as set out in Clause 9.7) indemnify the Tenant in respect of any and all Defects Costs in respect of the Base Building Works
and shall reimburse the same to the Tenant within ten (10) Working Days of demand 
  

	9.6	Defects Costs in respect of the Infrastructure Works 

  
 The Developer shall indemnify the Tenant in respect of any and all Defects Costs in respect of the Infrastructure Works and shall reimburse the same to
the Tenant within ten (10) Working Days of demand. 
  

	9.7	Tenant to notify Developer of Latent Defective Works 

  

	 	9.7.1	Save in the case of emergency, prior to the Tenant incurring any expenditure (provided that this shall not include any claim under the service charge provisions contained in the
Lease) which may constitute Defects Costs in respect of the Base Building Works the Tenant shall first notify the Developer of the defect concerned and shall give the Developer a reasonable and proper period (taking into account the nature and
effect of the defect and assuming prompt action diligently pursued by the Developer) to inspect and investigate the same 

  

	 	9.7.2	If the Developer acknowledges that the defect is Latent Defective Works and brings forward reasonably acceptable proposals for remedying items and implements the same promptly the
Tenant shall allow the Developer and all workmen contractors servants or other persons required by the Developer access to the Demised Premises at reasonable times (or at any time in the event of emergency) for the purpose of making good the Latent
Defective Works, subject to clause 8.17 of the Lease and complying with all reasonable security and safety requirements of the Tenant and the Developer causing as little disruption and damage as is reasonably practicable to the Demised
Premises and making good all physical damage whatsoever thereby caused 

  

	 	9.7.3	If the Developer fails to comply with its obligations in Clause 9.7.2 the Developer will within ten (10) Working Days of demand and provision of adequate evidence of expenditure
reimburse the Tenant the Defects Costs in respect of the Base Building Works 

  

	 	9.7.4	Disputes and differences arising under this Clause 9.7 shall be determined by an Independent Person acting as an expert pursuant to Clause 17.5 

  

	9.8	Developer to have no other liability 

  
 Subject to remedy or payment as set out in Clauses 9.3, 9.5, 9.6 and 9.7.3 the Developer shall have no other liability to the Tenant under this Agreement
for costs, losses, damages and expenses resulting from Latent Defective Works 
  

 20 

	9.9	Assignment 

  
 Notwithstanding the provisions of Clause 20.7 the Tenant shall be entitled to assign the benefit of the provisions of Clauses 9.2, 9.3, 9.5, 9.6, 9.7.3
and 15 to its assignee of the Lease and the Developer shall if so required by the Tenant enter into a deed (at the request and cost of the Tenant) under which the Developer acknowledges to the Tenant’s assignee its obligations under Clauses
9.2, 9.3, 9.5, 9.6, 9.7.3 and 15 such deed to be in a form set out in Schedule 1. 
  
 PART 7 
 INSURANCE 
  

	10.	INSURANCE 

  

	10.1	Tenant to insure 

  
 From the date of this Agreement the Tenant shall insure with an insurer of repute the works to Floor 2 of the Demised Premises undertaken by or on behalf
of the Developer prior to the date of this Agreement and which comprise works of the nature of (whether or not they are identical to) the MSDF Works and the Tenant’s Works (so far as the same are from time to time built and excluding
Tenant’s furniture and contents) (together being the “Insured Works”) against loss or damage by the Insured Risks in such sum as shall be the full reinstatement cost thereof including amounts representing Value Added Tax,
architects’ surveyors’ and other professional fees and expenses incidental thereto and the cost of demolition site clearance and similar expenses 
  

	10.2	Restriction on Tenant insuring 

  
 Save pursuant to its obligations under this Clause or the Lease the Tenant shall not take out any insurances in respect of the Demised Premises or in
respect of any other matters which the Developer is required to insure pursuant to the Lease 
  

	10.3	No Variation and Noting 

  

	 	10.3.1	The Tenant shall not vary the terms and conditions of the insurance policy relating to the Tenant’s Works in any material respect without the consent of the Developer (such
consent not to be unreasonably withheld) 

  

	 	10.3.2	The Tenant shall procure that the Developer’s interest is either noted or that the Developer is shown as an insured party. If the Developer’s interest is noted the Tenant
shall use reasonable endeavours to procure that the insurer shall have agreed to waive all rights of subrogation against the Developer 

  

	10.4	Reimbursement of premiums 

  
 In the event the Tenant fails to insure the Insured Works in accordance with its obligations pursuant to this Clause the Developer shall be entitled (but
not obliged) to insure or cause to be insured the Insured Works (so far as the same are from time to time built and excluding Tenant’s furniture and contents) against the Insured Risks. In the event the Developer so chooses to insure or cause
to be insured the Insured Works such insurance shall be in accordance with the provisions of Clause 7.3 of the Lease and the Tenant shall within five (5) days after written demand pay to the Developer the full amount of the sums the Developer
expends in effecting insurance pursuant to this Clause for a period from the date hereof until the date of the Tenant’s Works Practical Completion 
  

 21 

	10.5	Tenant to notify Developer of Reinstatement Value 

  
 Prior to the Tenant commencing the Tenant’s Works the Tenant shall notify the Developer of the estimated reinstatement value of such Tenant’s
Works including professional fees cost of debris removal and value added tax (such value to be revised as appropriate and the final value at practical completion thereof notified to the Developer as soon as practicable following the date of
Tenant’s Works Practical Completion) 
  

	10.6	Destruction/damage of Insured Works 

  
 If any Tenant’s Works are destroyed or damaged by any of the Insured Risks during the course of construction the Tenant shall reinstate the
Tenant’s Works to the Developer’s reasonable satisfaction and in case the insurance moneys shall be insufficient for that purpose the Tenant shall then make up any such deficiency out of its own moneys 
  

	10.7	Payment of insurance moneys refused 

  
 If the payment of any insurance moneys is refused or reduced as a result of some act or default of the Tenant or the Tenant’s Consultants or the
Tenant’s Contractors or any undertenant or other occupier or their respective agents licensees or visitors or others under the control of any of them the Tenant shall pay to the Developer on written demand the amount so refused or reduced
except to the extent that it relates to the Tenant’s Works 
  

	10.8	Tenant’s obligations 

  
 The Tenant shall and shall procure that the Tenant’s Consultants or Tenant’s Contractors or any undertenant or other occupiers or their
respective agents licensees or visitors or others under the control of any of them shall:- 
  

	 	10.8.1	not do or omit to do anything that could cause any policy or policies of insurance (details of which have been supplied to the Tenant) in respect of or covering the Demised Premises
to become void or voidable wholly or in part nor (unless the Tenant has previously notified the Developer and agreed to pay the increased premium) anything whereby any increased or loaded premium may become payable and the Tenant shall on written
demand pay to the Developer such increased premium and tax thereon; and 

  

	 	10.8.2	at all times comply with the terms of such insurance policy or policies the Joint Code of Practice for the Protection from Fire of Construction Sites and all other requirements of
the insurers so far as regarding the Tenant’s compliance such requirements are known by the Tenant and relate to the Demised Premises or the conduct of persons using any part of the Buildings or the Development Site 

  

	10.9	Notice by Tenant 

  
 Following entry to the Building by the Tenant the Tenant shall give notice to the Developer forthwith upon the happening of any event or thing of which it
is aware which might affect or give rise to a claim under any insurance policy (details of which have been supplied to the Tenant) relating to the Demised Premises or any other part of the Building 
  

 22 

	10.10	Benefit of other insurances 

  
 If the Tenant shall become entitled to the benefit of any insurance in relation to the Demised Premises or the Building the Tenant shall apply all monies
received from such insurance (insofar as the same shall extend) in making good the loss or damage in respect of which the same shall have been received 
  
 PART 8 
 GRANT OF THE LEASE

  

	11.	GRANT OF LEASE, CALCULATION OF RENTS AND OTHER TERMS 

  

	11.1	Grant of Lease 

  

	 	11.1.1	On the date hereof the Developer shall cause to be delivered to the Tenant or the Tenant’s Solicitors the Lease executed by the Lessor and Canary Wharf Management Limited (or
its successors) and the Tenant (meaning The Northern Trust Company only) shall forthwith execute and deliver the counterpart of it to the Developer released for completion on the date hereof. 

  

	11.2	Length of Lease term, Initial Rents, Service Charges and Insurance Rent 

  
 The following provisions shall apply (inter alia) to the computation and the commencement date for payment of the rents
payable under and the calculation of the commencement and length of the term of the Lease:- 
  

	 	11.2.1	The Term Commencement Date as defined in the Lease shall be 16 May 2005 and the term of the Lease shall be for a period commencing upon the Term Commencement Date and expiry on 31
March 2022 

  

	 	11.2.2	The Initial Rent shall be the aggregate of:- 

  

	 	(a)	SIX HUNDRED AND TWENTY NINE THOUSAND THREE HUNDRED AND SEVENTY POUNDS (£629370) (being thirty five pounds per square foot of Net Internal Area) in respect of the part of the
Demised Premises on Floor 2 of the Building. 

  

	 	(b)	SIX HUNDRED AND TWENTY EIGHT THOUSAND NINE HUNDRED AND EIGHTY FIVE POUNDS (£628985) (being thirty five pounds per square foot of Net Internal Area) in respect of the part of
the Demised Premises on Floor 1 of the Building; 

  

	 	(c)	THIRTEEN THOUSAND TWO HUNDRED AND SEVENTY FIVE POUNDS (£13,275) (being fifteen pounds per square foot of Net Internal Area) in respect of the storage areas on Floor B3 of the
Building; 

  

	 	(d)	TWENTY SEVEN THOUSAND FIVE HUNDRED POUNDS (£27,500) (being two thousand five hundred pounds per car parking space) in respect of the use of 11 car parking spaces in the
Building; 

  
 each of the amounts in (a) to (d)
(inclusive) being deemed to be exclusive of VAT (if any) thereon 
  

 23 

	 	11.2.3	The part of the Initial Rent referred to in Clause 11.2.2(a) shall be due and shall commence forthwith on the date 37 months following the Term Commencement Date

  

	 	11.2.4	The part of the Initial Rent referred to in Clause 11.2.2(b) shall be due and shall commence forthwith on the date 39 months following the Term Commencement Date

  

	 	11.2.5	The part of the Initial Rent referred to in Clause 11.2.2(c) and (d) shall be due and shall commence forthwith on Term Commencement Date 

  

	 	11.2.6	The insurance rent and service charges as reserved in Clauses 3(b) and 3(c) respectively of the Lease shall be due and shall commence on the Term Commencement Date

  

	 	11.2.7	The service charge percentages to be inserted in Clause 9.4 of the Lease shall be 17.9387% in respect of the Building Service Charge Percentage and 0.2949% in respect of the Estate
Service Charge Percentage 

  

	 	11.2.8	Value Added Tax chargeable by the Developer in respect of supplies made pursuant to the Lease shall be reserved and become payable as rent under the Lease as described in Clause 3
of the Lease 

  

	11.3	Rent Review Dates 

  
 The Initial Rent will be reviewed in accordance with the provisions of the Lease upwards only every five years, the first review to take place on the
fifth anniversary of the Term Commencement Date 
  

	11.4	Opinion Letter 

  
 The Tenant shall procure the provision to the Developer (or the Developer’s successor in title) on completion of the Lease the Agreements of First
Offer and the Licence of a Letter of Opinion in relation to the Lease the Agreements of First Offer and the Licence 
  

	11.5	Duty of Care letter  

  
 The Developer shall procure the provision to the Tenant at completion of the Lease a duty of care letter in the form attached as Annexure 8 from
the Independent Measurer 
  

	11.6	Grant of the Car Parking Licence 

  

	 	11.6.1	On the date hereof the Developer shall cause to be delivered to the Tenant or the Tenant’s Solicitors the Car Parking Licence executed by the Lessor (or such other Group
Company of the Developer as the Developer shall nominate) (as licensee) and the Tenant shall forthwith execute and deliver the original of it to the Developer on the date hereof. Completion of the Car Parking Licence shall take place simultaneously
with completion of the Lease 

  

 24 

	 	11.6.2	The Commencement Date (as defined in the Car Parking Licence) shall be 16 May 2005 and the term of the Car Parking Licence shall be for a period commencing upon the Term
Commencement Date and expiring 30 March 2022 

  

	 	11.6.3	The Licence Fee (as defined in the Car Parking Licence) shall be TWENTY SEVEN THOUSAND FIVE HUNDRED POUNDS (£27,500) subject to review in accordance with the provisions of the
Car Parking Licence 

  

	 	11.6.4	The Licence Fee reserved by the Car Parking Licence shall be due and shall commence to be payable on the Commencement Date (as defined in the Car Parking Licence)

  

	 	11.6.5	Nothing shall preclude the Developer from entering into an agreement for sublicensing in respect of the whole or any part of the car parking spaces licensed pursuant to the Car
Parking Licenses in accordance with clause 4.4 of the Car Parking Licence 

  

	11.7	First Offer Agreement 

  
 On the date hereof the Developer shall cause to be delivered to the Tenant or the Tenant’s solicitors the First Offer Agreements executed by Canary
Wharf Holdings Limited or Heron Quays (HQ4) T1 Limited and Heron Quays (HQ4) T2 Limited (as appropriate) and the Tenant shall forthwith execute and deliver the counterpart of each of them to the Developer. Completion of the First Offer Agreements
shall take place simultaneously with the Lease. 
  

	12.	TITLE 

  

	12.1	Tenant to raise no requisitions 

  
 The Lessor’s title to grant the Lease having been deduced to the Tenant prior to the date of this Agreement the Tenant shall raise no objection or
requisition in respect of it 
  

	12.2	Waiver Letter 

  
 On the completion of the Lease, the Developer shall procure from Canary Wharf Investments Limited (or its successors or assigns) a waiver confirming that
the Tenant (and its successors in title and assigns and those deriving title under the Tenant and such successors and assigns) shall not be obliged to comply with the obligations on the tenant under the Superior Lease as defined in the Lease and any
other lease with any other superior landlord (where such are part of the same group of companies as the Developer) 
  

	13.	CONDITIONS AFFECTING THE GRANT OF THE LEASE 

  

	13.1	Subjections 

  
 The Lease will be granted subject to:- 
  

	 	13.1.1	all charges notices orders directions regulations restrictions and other matters whatsoever arising under the Town and Country Planning Act 1990 the Planning (Listed Buildings and
Conservation Areas) Act 1990 the Planning (Hazardous Substances) Act 1990 the Planning (Consequential Provisions) Act 1990 the Planning and Compensation Act 1991 and any subsequent legislation of a similar nature and the Tenant shall be deemed to
accept the Lease with full knowledge thereof and of the authorised use of the Building for the purpose of such Acts and shall not raise any requisition enquiry or objection with regard thereto 

  

 25 

	 	13.1.2	the matters contained or referred to in the deeds or documents referred to in the Fifth Schedule to the Lease 

  

	13.2	No representations 

  
 The Tenant hereby admits that save for this Agreement and its Annexures no representation whether oral or written (save in any written reply to
preliminary enquiries given by the Developer’s Solicitors) has been made to the Tenant prior to the execution of this Agreement by or on behalf of the Developer concerning the Development Site or the Building or the Base Building Works or any
part of them which has influenced, induced or persuaded the Tenant to enter into or which forms part of this Agreement or of any agreement collateral with this Agreement 
  

	13.3	Continuation of Agreement 

  
 Notwithstanding the grant of the Lease this Agreement shall continue in full force and effect so long as any of its provisions remain to be performed or
observed by the Developer or the Tenant 
  

	14.	EXEMPT INFORMATION 

  

	14.1	Designation of Leases as an Exempt Information Document 

  
 Upon completion of the Lease 
  

	 	14.1.1	The Developer shall supply to the Tenant 

  

	 	(a)	an application to designate the Lease as an exempt information document properly completed and signed by either the Developer or the Lessor in Forms EX1 and EX1A

  

	 	(b)	a copy of the Lease edited by the Developer certified as a true copy of the original from which copy the prejudicial information has been excluded in the form intended to be the
edited information document to be lodged under Rule 136 of the Land Registration Rules 2003 

  

	 	(c)	such other documents as are required to accompany such application in accordance with Rule 136 of the Land Registration Rules 2003; and 

  

	 	(d)	a cheque in the relevant sum payable to HM Land Registry (being the fee payable on the designation application) 

  

	 	14.1.2	the Tenant shall submit to HM Land Registry (with and at the same time as the Tenant’s application to register the Lease) the application forms and other documents referred to
in Clause 14.1.1 

  

	 	14.1.3	the Tenant shall not make an application to note this Agreement at HM Land Registry and neither the original nor a copy of this Agreement or any part shall be submitted to the Land
Registry unless the Land Registry requires that this Agreement (or any part) is produced and in the event of such requirement the Tenant shall comply with the provisions of Clause 14.3 below in respect of such Agreement 

  

 26 

	14.2	Solicitor’s undertaking to submit designation application 

  
 On or before completion of the Lease, the Tenant will provide the Developer with a written undertaking (given by the Tenant’s solicitors) to submit
the Developer’s or Lessor’s application (as the case may be) to designate and other documents in accordance with Clause 14.1.2 
  

	14.3	Production of further documents 

  
 Without prejudice to the foregoing provisions of this Clause 14: 
  

	 	14.3.1	upon being requested or required by the Land Registry at any time (whether before or after completion of the Lease) prior to 16 May 2007 to produce any further documents which
relate to the Demised Premises or its occupation and use and which the Developer the Lessor or a Group Company of the Developer or the Lessor or any one or more of them are a party (whether under rule 17 of the Land Registration Rules 2003 or
otherwise) the Tenant: 

  

	 	(a)	shall not submit any documents to the Land Registry without first complying with Clause (b) below 

  

	 	(b)	as soon as practicable after receipt of such request or requirement by the Land Registry shall notify the Lessor (or if relevant the Lessor’s successor) in writing of the same
and supply details of each document which is to be submitted to the Land Registry and shall notify the Lessor (or its successor) of the date prior to which the Lessor (or its successor) may require the Tenant to make a Further Designation
Application in accordance with Clause 14.3.2 in relation to such documents (which date shall not be earlier than 10 Working Days after the date of receipt by the Lessor (or its successor) of such notification (save where the Tenant (acting properly
and reasonably) shall at the same time specify that the request is urgent in which case the date shall not be earlier than 5 Working Days after the date of receipt of such notification) 

  

	 	(c)	shall at the Lessor’s (or if relevant the Lessor’s successor) expense comply with the Lessor’s (or if relevant the Lessor’s successor) reasonable instructions as
to the submission of each document as required under Clause 14.3.2 below received prior to the date specified pursuant to clause 14.3.1(b) above 

  

	 	14.3.2	As soon as reasonably practicable upon receiving the Tenant’s notification pursuant to Clause 14.3.1(b) above, the Lessor (or if relevant the Lessor’s successor in title)
may 

  

	 	(a)	specify in writing to the Tenant details of each document which is to be submitted to the Land Registry in respect of which the Lessor (or its successor) requires that the Tenant
shall lodge the Lessor’s (or if relevant the Lessor’s successor in title) application for designation as an exempt information document under Rule 136 of the Land Registration Rules 2003 (a “Further Designation
Application”) 

  

 27 

	 	(b)	supply to the Tenant completed Forms EX1 and EX1A together with a copy of each such document referred to in Clause 14.3.2 above edited by the Lessor (or if relevant the
Lessor’s successor in title) certified as a true copy of the original from which copy the prejudicial information has been excluded 

  

	 	(c)	specify in writing to the Tenant details of each document which may be submitted to the Land Registry without a designation application 

  

	 	(d)	supply to the Tenant a cheque payable to the Land Registry for the requisite Land Registry fees payable in respect of designation applications 

  

	15.	LEVEL 4 LEASE SURRENDER OPTION 

  

	15.1	In consideration of ONE POUND (£1.00) paid by the Tenant to the Developer (the receipt whereof is hereby acknowledged) the Developer hereby grants to the Tenant the Option to
call for the surrender of the Level 4 Lease during the Option Period. 

  

	15.2	The Option shall be exercisable by the Tenant completing and executing as a deed the Option Notice and delivering it to the Developer at any time during the Option Period (in
accordance with the provisions of this Agreement). 

  

	15.3	Upon service of an Option Notice the Developer shall be bound to procure and the Tenant shall be bound to accept the surrender of the Level 4 Lease with effect from the Surrender
Completion Date. 

  

	15.4	On the Surrender Completion Date: 

  

	 	15.4.1	the Developer shall procure that the Deed of Surrender duly executed by the tenant pursuant to the Level 4 Lease is delivered to the Tenant’s Solicitors and the Tenant shall
procure that the landlord pursuant to the Level 4 Lease shall execute and deliver to the Developer’s Solicitors the counterpart of the Deed of Surrender together with a Letter of Opinion 

  

	 	15.4.2	the rents payable pursuant to the Level 4 Lease shall be apportioned as follows: 

  

	 	15.4.2.1	Up to and including the Surrender Completion Date all rents and other monies due under the Level 4 Lease remain payable 

  

	 	15.4.2.2	On the Surrender Completion Date the Developer shall procure that the tenant pursuant to the Level 4 Lease shall pay to the landlord pursuant to the Level 4 Lease the due proportion
of any rents and other monies due under the Level 4 Lease and remaining unpaid at the Surrender Completion Date attributable to any period up to and including the Surrender Completion Date 

  

	 	15.4.2.3	On the Surrender Completion Date the Tenant shall procure that the landlord pursuant to the Level 4 Lease shall reimburse to the tenant pursuant to the Level 4 Lease the due
proportion of any part of the rent service charge rent and insurance rent reserved by the Level 4 

  

 28 

 Lease attributable to any period after the Surrender Completion Date (save that in relation to the rent
payable pursuant to Clause 3(a) of the Level 4 Lease the Tenant shall procure that the landlord pursuant to the Level 4 Lease shall reimburse to the tenant pursuant to the Level 4 Lease the due proportion of such rent paid in respect of any period
from (and including) 1 October 2006) 
  

	 	15.4.2.4	Any reimbursement in accordance with clause 15.4.2.3 of annual sums payable in instalments shall be determined in accordance with the following formula: 

  
                 AxB  
                 365 
  
 where A is the annual sum and B is the number of days from but excluding the effective date of apportionment down to the end of the quarter (or other
period in respect of which instalments are payable) during which that date falls 
  

	 	15.4.2.5	In making any apportionment under this Clause 15.4.2 it is to be assumed that the tenant pursuant to the Level 4 Lease is tenant of the Property (and is therefore under an
obligation to pay the rents and other monies due under the Level 4 Lease) until the end of the effective date of apportionment 

  

	15.5	In the event of the exercise of the Option the Developer shall continue to pay to the Tenant (or its successor as landlord pursuant to the Level 4 Lease) the relevant proportion of
any unpaid rent payable pursuant to clause 3(a) of the Level 4 Lease which would have been payable in respect of the period from the Surrender Completion Date to 1 October 2006 on the relevant payment dates as if the Level 4 Lease had not been
surrendered and shall indemnify the Tenant (or its successor as landlord pursuant to the Level 4 Lease) in respect of any failure to comply with its obligations pursuant to this clause. 

  

	15.6	It is a condition to the grant of the Option to call for the surrender of the Level 4 Lease that notwithstanding the provisions of the Level 4 Lease the tenant pursuant to the Level
4 Lease shall not be obliged to put the premises demised by the Level 4 Lease into no less a standard of finish than they would have been in if they had been constructed to the standard detailed in the MSDF Works Specification and the Tenant shall
procure that it’s successors in title (if any) shall be bound by the provisions of this clause. The Developer shall procure that the tenant pursuant to the Level 4 Lease shall yield up the premises demised pursuant to the Level 4 Lease in as
good a state of repair and condition as they are in at the date of this Agreement 

  

	15.7	The Developer shall by way of an inducement to the Tenant to serve the Option Notice pay to the Tenant the sum of SIX HUNDRED AND TWENTY NINE THOUSAND THREE HUNDRED AND SEVENTY
POUNDS (£629,370) such sum to be inclusive of any Value Added Tax which may be chargeable at any rate and such sum to be paid by means of one instalment on the Surrender Completion Date subject, if a taxable supply is thereby made, to the
receipt by the Developer of a Value Added Tax invoice in respect of such supply. 

  

 29 

	15.8	Notwithstanding the provisions of this Clause 15 nothing will prevent the underletting, assigning charging or other dealings in respect of the tenant’s interest in the Level 4
Lease in accordance with the terms of the Level 4 Lease provided that any such dealing would not prevent the Developer from complying with the terms of this clause 15. 

  

	15.9	The Option shall lapse if an Option Notice has not been validly served in the Option Period. 

  

	15.10	Time is of the essence for the purpose of the time period in this Clause 15. 

  

PART 9 
 TAX 
  

	16.	VALUE ADDED TAX 

  

	16.1	Payment of VAT 

  
 Where, pursuant to the terms of this Agreement, the Developer (for the purposes of this Clause 16.1, being the “Supplier”) makes or is deemed to
make a supply to the Tenant (for the purposes of this Clause 16.1, being the “Recipient”) for Value Added Tax purposes and Value Added Tax is or becomes chargeable on such supply, the Recipient shall on demand pay to the Supplier (in
addition to any other consideration for such supply) a sum equal to the amount of such Value Added Tax and the Supplier shall provide the Recipient with a Value Added Tax invoice in respect of such supply 
  

	16.2	Reimbursement of VAT 

  
 Where, pursuant to the terms of this Agreement, the Developer (for the purposes of this Clause 16.2, being the “Payer”) is required to pay,
repay or reimburse the Tenant (for the purposes of this Clause 16.2, being the “Payee”) for any cost, fee, charge, disbursement or expense (or any proportion of it), the Payer shall also reimburse the Payee for any part of such cost, fee,
charge, disbursement or expense (or proportion of it) which represents Value Added Tax, save to the extent that the Payee is entitled to credit or repayment in respect of such Value Added Tax from HM Customs & Excise 
  

	16.3	No election by Developer 

  
 The Developer hereby warrants that it has not made and will not make prior to completion of the Lease an election to waive exemption from VAT pursuant to
paragraph 2 of Schedule 10 to the Value Added Tax Act 1994 which has effect in relation to the Site or either of the Buildings. For the purposes of this Clause 16.3, references to the Developer making an election to waive exemption from VAT shall be
deemed to include references to a “relevant associate” of the Developer (as that term is defined for the purposes of Schedule 10 to the Value Added Tax Act 1994) 
  

 30 

 PART 10 
 DISPUTES, NOTICES AND SENIOR MANAGERS 
  

	17.	DISPUTES 

  

	17.1	Reference to Independent Person 

  
 If any dispute or difference shall arise between the parties to this Agreement as to the construction or meaning of this Agreement or their respective
rights, duties and obligations under this Agreement or as to any matter arising out of or in connection with the subject matter of this Agreement such dispute or difference shall (unless this Agreement otherwise expressly provides) if any party to
this Agreement so requires at any time by notice served on the others (the “Determination Notice”) be referred to and determined by an independent person (the “Independent Person”) who shall have been qualified in
respect of the general subject matter of the dispute or difference for not less than ten (10) years and who shall be a specialist in relation to such subject matter 
  

	17.2	Appointment of Independent Person 

  
 The Independent Person shall be appointed by agreement between the parties to this Agreement or (if within ten (10) Working Days after service of the
Determination Notice the parties have been unable to agree) on the application of any of the parties by such one of the following persons as the parties shall agree to be appropriate having regard to the nature of the dispute or difference in
question:- 
  

	 	17.2.1	the Chairman for the time being of the Bar Council 

  

	 	17.2.2	the President for the time being of the Royal Institute of British Architects 

  

	 	17.2.3	the President for the time being of the Royal Institution of Chartered Surveyors 

  

	 	17.2.4	the President for the time being of the Chartered Institute of Arbitrators 

  

	 	17.2.5	the President for the time being of the Institute of Chartered Accountants in England and Wales 

  

	 	17.2.6	the President for the time being of the Law Society 

  
 or (in each such case) the duly appointed deputy of such President or any other person authorised by him to make appointments on his behalf 
  

	17.3	Failure to agree Independent Person 

  
 If within fifteen (15) Working Days after service of the Determination Notice the parties have been unable to agree which of the persons referred to in
Clause 17.2 is appropriate to appoint the Independent Person then the Independent Person shall be appointed on the application of any of the parties by the President for the time being of the Law Society or his duly appointed deputy or any other
person authorised by him to make appointments on his behalf 
  

 31 

	17.4	Independent Person to act as arbitrator 

  
 Except as mentioned in Clause 17.5 any person appointed under this Clause shall act as an arbitrator in accordance with the provisions of the Arbitration
Act 1996 and shall have the power to order a provisional award but the parties agree that any arbitrator appointed under this clause shall not have the powers set out in Section 48(5) of the Arbitration Act 1996 and shall not be entitled to order
the rectification setting aside or cancellation of this Agreement or any part of it 
  

	17.5	Independent Person to act as an expert 

  
 Whenever the parties have agreed in writing prior to his appointment that the Independent Person to be appointed under this Clause 17 shall act as an
expert or this Agreement expressly so provides then the following provisions shall have effect:- 
  

	 	17.5.1	the Independent Person shall act as an expert and not as an arbitrator and his decision shall be final and binding upon the parties to the dispute 

  

	 	17.5.2	the Independent Person shall consider (inter alia) any written representations made on behalf of any party (if made reasonably promptly) but shall not be bound thereby

  

	 	17.5.3	the Independent Person shall be independent and shall act impartially and fairly between the parties 

  

	 	17.5.4	the parties to this Agreement shall use all reasonable endeavours to procure that the Independent Person shall give his decision as speedily as reasonably possible

  

	 	17.5.5	the parties hereby consent to any hearing in connection with any such independent determination not being held in public and the decision of the Independent Person not being
pronounced in public 

  

	 	17.5.6	the costs of appointing the Independent Person and his costs and disbursements in connection with his duties under this Agreement shall be shared between the parties to the dispute
in such proportion as the Independent Person shall determine or in the absence of such determination then equally between the parties and 

  

	 	17.5.7	if the Independent Person shall be or become unable or unwilling to act then the procedure contained in this Clause 17.5 for the appointment of an expert may be repeated as often as
necessary until a decision is obtained 

  

	18.	NOTICES 

  

	18.1	Service of Notices 

  
 Save as provided in Clause 18.2, any notice, approval, election or other communication given or made in accordance with this Agreement shall be in writing
and shall be:- 
  

	 	18.1.1	sent by registered (or its then equivalent) or recorded delivery post to the relevant party at such party’s Address and if so sent shall be deemed to have been delivered, given
or made on the date occurring 72 hours after the date it was sent; or 

  

 32 

	 	18.1.2	shall be personally delivered to the relevant party at such party’s Address as defined in Clause 18.1 and if so delivered shall be deemed to have been delivered given or made
on the date of delivery; or 

  

	 	18.1.3	Notices to the Developer shall be marked for the attention of Michael Ashley-Brown Esq at Canary Wharf Group plc One Canada Square Canary Wharf London E14 5AB with a further copy
sent to The Company Secretary at Canary Wharf Group plc One Canada Square Canary Wharf London E14 5AB 

  

	 	18.1.4	Requests and notices to the Tenant shall be marked for the attention of Paul Dunn c/o The Northern Trust Company 50 Bank Street Canary Wharf London E14 with further copies sent to
Wilson Leech and David Knapp each of The Northern Trust Company aforesaid and the Tenant’s Solicitors until such time as any change in addressee for this purpose shall be notified to the Developer 

  

	18.2	Senior Managers’ Notices 

  
 The parties to this Agreement agree that any notice, approval, election or other communication given or made in accordance with this Agreement and
relating to (i) the approval of the Tenant’s Works and/or (ii) the re-commissioning of the Existing Category A Works need only be served upon any of the receiving party’s Senior Managers or the addressee referred to in Clause 18.1 pursuant
to the provisions of Clause 18.1 
  

	19.	SENIOR MANAGERS 

  

	19.1	Designation of Senior Managers 

  
 The Developer and the Tenant each shall by notice in writing given to the other party from time to time designate not more than three (3) senior managers
(each being herein referred to as a “Senior Manager” which expression shall include any persons appointed in place of the initial persons so designated) each of whom shall have authority to represent the relevant party for the
purposes of any negotiations or discussions between the Developer and the Tenant, to approve all matters requiring the approval of the relevant party pursuant to this Agreement and to have involvement at the necessary times in the performance of the
obligations contained in this Agreement and all matters associated or ancillary thereto at all relevant times for so long as any provision of this Agreement remains to be performed 
  

	19.2	Identity of Senior Managers 

  
 It is hereby acknowledged that the Developer has designated John Pagano and Tony Jordan and that the Tenant has designated Nick Goodwin of Harrington
Consulting c/o The Northern Trust Company aforesaid and David Knapp of The Northern Trust Company as aforesaid as their respective Senior Managers and that no further designation of a Senior Manager is required to be made by either the Developer or
the Tenant and the Developer and the Tenant respectively covenant for the benefit of the other to use reasonable endeavours to ensure that one or more of the individuals named in this Clause 19.2 as a Senior Manager for the relevant party shall
remain designated as a Senior Manager until the date which is twelve months after the date of Tenant’s Works Practical Completion 
  

 33 

	19.3	Reliance upon Senior Managers 

  
 The Developer and the Tenant each acknowledges and represents to the other that the other may rely upon the directions of any one or more of its Senior
Managers and that each such person has authority to act on behalf of the Developer or the Tenant (as the case may be) and to bind the Developer or the Tenant (as the case may be) in connection with this Agreement. Without prejudice to the
generality of the foregoing written approvals and notices signed by a Senior Manager of the Developer or the Tenant (as appropriate) shall bind the relevant party for the purposes of this Agreement. Directions and other communications given to or
received from any one or more of the Senior Managers shall be deemed given to and received from all of the Senior Managers 
  

	19.4	Change of Senior Managers 

  
 The Developer and the Tenant may by written notice to the other at any time hereafter change its designation of any of the Senior Managers appointed by it
with effect from the date of such notice 
  
 PART 11

 GENERAL PROVISIONS 
  

	20.	GENERAL PROVISIONS 

  

	20.1	Invalidity of Certain Provisions  

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

	20.2	Proper Law and Jurisdiction 

  
 This Agreement shall be governed by and construed in accordance in all respects with English law and (without prejudice to Clause 17) the parties to this
Agreement hereby submit to the non-exclusive jurisdiction of the High Court of Justice of England in relation to any claim dispute or difference which may arise under this Agreement and in relation to the enforcement of any judgement rendered
pursuant to any such claim dispute or difference and for the purpose of Part 6.15 of Civil Procedure Rules 1998 the Tenant and the Developer hereby irrevocably agree that any process may be served on any of them by leaving a copy of it at the
relevant party’s Address 
  

	20.3	Social Contract Provisions 

  
 The Tenant acknowledges that the Developer has drawn the attention of the Tenant to the desirability of:- 
  

	 	20.3.1	recruiting employees who reside in the Docklands area, advertising of job vacancies in the local press and the notification of vacancies to The Docklands Recruitment Centre who are
located at 316 Poplar High Street London E14 0BB (Telephone: 020 7364 1118) and the Local Business Liaison Office who are located at 5th Floor One Canada Square Canary Wharf London E14 5AB (Telephone: 020 7537 5123/5124); 

  

 34 

	 	20.3.2	patronising tradesmen, suppliers, retailers and other businesses who carry out business in the Docklands area; and 

  

	 	20.3.3	the fostering of training facilities for residents of the Docklands area to secure as many people as may be practical to be suitably qualified for the range of job opportunities
being created at the Development Site 

  

	20.4	Environmental Considerations 

  
 The Tenant acknowledges that the Developer has drawn the attention of the Tenant to the desirability of a safe and environmentally aware approach to
selection of materials and constructions methods and the Tenant shall use reasonable endeavours to ensure that:- 
  

	 	20.4.1	timber is accompanied by paperwork demonstrating “chain of custody”, including the relevant certificate number supplied by the Forestry Stewardship Council (or an
equivalent internationally recognised, globally applicable, independent certification scheme for good forest management) and that in the case of tropical hardwoods the specific criteria given in the BREEAM 2002 Clause G20/160 are satisfied

  

	 	20.4.2	site applied wood preservative, where it is not possible to treat the timber before delivery to site, is in compliance with the relevant publications of the British Standards
Institute, the Health and Safety Executive (“HSE”) and the British Wood Preservation & Damp Proofing Association and with the guidance contained in the publication Good Practice in the Selection of Construction Materials; and

  

	 	20.4.3	limits set from time to time by the HSE and the levels given for Medium Density Fibreboard (BS EN 622:1997), particleboard (BS EN 312:1997) and solid wood panels (draft BS 98/107284
DC) are complied with 

  

	20.5	Confidentiality Provisions 

  

	 	20.5.1	None of the parties to this agreement shall without the prior written consent of all the other parties to this agreement disclose or publish to any third party
(“Disclosure”) or make public announcement of wilfully or negligently permit or cause Disclosure of any financial or other details whatsoever naming the parties hereto or otherwise relating to the transaction hereby effected
except:- 

  

	 	(a)	any particular extracts or details which must be the subject of Disclosure to comply with any Stock Exchange or any statutory requirements or the lawful requirements of any
regulatory, governmental or official body 

  

	 	(b)	to group companies or professional advisers of each of the parties who need to know such details and who have first agreed to be bound by the provisions of this Clause 20.5

  

	 	(c)	to the extent necessary to comply with any legal obligation or legal requirement 

  

 35 

	 	(d)	to the extent necessary to comply with or give effect to the terms of this agreement 

  

	 	(e)	to the Inland Revenue or any other governmental, public or official body for taxation, rating or registration purposes 

  

	 	(f)	to the extent they are already in the public domain, otherwise than as a result of a breach of this Clause 20.5 

  

	 	(g)	that the Developer shall be entitled to issue a press release announcing this agreement in a form which has been approved by the Tenant (such approval not to be unreasonably
withheld) 

  

	 	20.5.2	This Clause 20.5 shall remain in effect until the expiry of a period of three (3) years from date hereof 

  

	 	20.5.3	This Clause 20.5 shall not apply to Disclosure by or on behalf of any party to this Agreement to any third parties and/or their professional advisers in pursuance of rent review
arbitrations or determinations or negotiations or legal proceedings adjudications or other bona fide negotiations or dealings with and/or relating to the Development Site and/or the Building or any part thereof (including for the avoidance of doubt
disclosures by the Developer to any financier or the mortgagee or prospective financier or mortgagee of the Development Site and/or Building or any part of them) or the disposal of or acquisition of an interest in the whole or any part of the
relevant party or any Group Company of the relevant party or any financing by the relevant party or any Group Company of the relevant party or any Disclosure to any insurers or prospective insurers of the Development Site and/or Building or any part
of them or works in connection with or items on the same 

  

	20.6	Limitation of the Developer’s Liability  

  
 The obligations and liabilities of the Developer under this Agreement (other than to grant the Lease) are personal and shall not bind successors in title
and any covenants on the part of the Developer which would otherwise be implied by law are hereby expressly excluded 
  

	20.7	Assignment of this Agreement  

  
 The benefit of this Agreement shall be personal to the Tenant and shall be non-assignable by it save to the extent permitted pursuant to Clause 9.9

  

	20.8	Interest on Late Payments 

  
 If and so often as any of the sums payable hereunder by the Tenant to the Developer or by the Developer to the Tenant shall be unpaid after becoming due
and payable the party from whom such payment shall be due shall pay on demand interest on such unpaid sums from the due date until payment in cleared funds at the Interest Rate 
  

	20.9	Further Assurance 

  
 Each of the parties to this Agreement hereby agrees to do or cause to be done all acts and things and enter into any deed or document, either severally or
jointly with third parties, which the Tenant or the Developer may reasonably consider necessary or desirable to give effect to this Agreement 
  

 36 

	20.10	Terms of Contract and Incorporation of other Agreements 

  

	 	20.10.1	The parties acknowledge that:- 

  

	 	(a)	this Agreement; 

  

	 	(b)	the Annexures; 

  

	 	(c)	any plan, inventory or agreed form of document annexed to this Agreement or signed or initialled for identification with, and on the entering into of, this Agreement (whether
individually or as part of a bundle or volume so signed or initialled); and 

  

	 	(d)	any additional provision or variation of any term of this Agreement agreed in writing between the parties (or, with their authority, their respective solicitors) on the entering
into of this Agreement (any such additional provision or variation being incorporated into this Agreement by this provision) 

  
 contain all of the terms of the contract between them for the construction of the Demised Premises forming part of the Building to be constructed on the
Site and the leasing of them to the Tenant 
  

	 	20.10.2	To the extent necessary to ensure the legal validity of this Agreement there are incorporated in this Agreement the Car Parking Licence and First Offer Agreements dated today’s
date made between the Developer (1) the Tenant (3) 

  

	20.11	Modifications of Agreement 

  
 No modification, alteration or waiver of any of the provisions of this Agreement, except as otherwise provided in it, shall be effective unless the same
is in writing and signed by the party against which the enforcement of such modification, alteration or waiver is sought 
  

	20.12	No Waiver 

  
 The failure of any party at any time to require performance by any other party of any provision of this Agreement shall in no way affect the right of such
party to require performance of that provision 
  

	20.13	Merger of Prior Agreements 

  
 This Agreement, the documents incorporated in this Agreement and the Annexures contain the entire agreement between the parties relating to the
transactions contemplated by it or them and all other prior or contemporaneous agreements, understandings, representations and statements, whether oral or written relating to the transactions so contemplated, are merged in this Agreement 

 

 37 

	20.14	Costs 

  
 It is hereby agreed that each party to this Agreement shall bear its own costs in connection with the drafting, negotiation and completion of this
Agreement and the transactions contemplated by it 
  

	20.15	Third Party Rights 

  

	 	20.15.1	Subject to clause 20.15.2 of this Agreement a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of
this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from that Act 

  

	 	20.15.2	The parties agree and the Tenant hereby acknowledges that CWCL shall have the benefit of and shall be entitled to enforce the provisions of clause 6.4 of this Agreement

  
 IN WITNESS whereof the parties have executed this
Agreement as a deed and intend the same to be delivered on the day and year first before written 
  

 38 

 SCHEDULE 1 
 (Form of Deed of Acknowledgement of certain Developer’s obligations to be provided in respect of each Lease) 
  
 THIS DEED is made 
  
 BETWEEN:- 
  

	(1)	HERON QUAYS PROPERTIES LIMITED (Company Registration Number 2276627) whose registered office is at One Canada Square Canary Wharf London E14 5AB (hereinafter called “the
Developer”); and 

  

	(2)	[                     ] (hereinafter called the “Assignee”)

  

	(3)	CANARY WHARF HOLDINGS LIMITED (Company registration number 2798284) whose registered office is at One Canada Square Canary Wharf London E14 5AB (hereinafter called the
“Developer’s Surety”) 

  
 WHEREAS 

 

	(A)	Pursuant to Clause 4.21 of the Underlease (as hereinafter defined) the Tenant has assigned the benefit of the Underlease to the Assignee and the Tenant has further assigned the
benefit of the Agreement for Lease to the Assignee 

  

	(B)	Pursuant to the Agreement for Lease (as hereinafter defined) the Developer has agreed to acknowledge that their respective obligations under the Agreement for Lease continue to
subsist for the benefit of the Assignee 

  
 NOW THIS DEED
WITNESSETH: 
  

	1.	In this Deed where the context otherwise requires the following words and expressions shall have the meanings hereunder assigned to them 

  
 “Agreement for Lease” means an agreement for lease dated
[                    ] made between the Developer (1) The Northern Trust Company (2) and the Developer’s Surety (3) in relation to B3 and Floors
1-2 HQ-4 Canary Wharf London E14 
  
 “the
Tenant” means The Northern Trust Company 
  
 “the Underlease” means a lease dated [                    ] made between the Developer (1) Canary Wharf Management Limited
(2) and the Tenant (3) in relation to B3 and Floors 1-2 HQ-4 Canary Wharf London E14 
  

	2.	The Developer hereby acknowledges (for the purposes of enforcement) that with effect from [             ] references to
the Tenant in the Agreement for Lease shall be deemed to be references to the Assignee and that the Assignee (in substitution for the Tenant) shall be entitled to rely upon and enforce the terms of the Agreement against the Developer to the same
extent as the Tenant would have been so entitled 

  
 IN
WITNESS whereof the parties have executed this Deed as their deed the day and year first above written 
  

 39 

							
	 Executed as a Deed by
	 	 	 	)	 	 
	HERON QUAYS PROPERTIES LIMITED]	 	 	 	)	 	 
	 acting by:-
	 	 	 	)	 	 
	 	 	 	 	Director
		
	 	 	 Director/Secretary

				
	 The Common Seal of
	 	 	 	)	 	 
	 [ASSIGNEE] was hereunto
	 	 	 	)	 	 
	 affixed in the presence of:-
	 	 	 	)	 	 
			
	 	 	 	 	Director
			
	 	 	 	 	Secretary

  

 40 

 SCHEDULE 2 
 (Form of Licence re Tenant’s Works) 
  
 THIS LICENCE is made the    day of            Two thousand  
  
 BETWEEN (1) the Developer and (2) the Tenant  
  
 WITNESSETH as follows:- 
  

	1.	IN this Licence save where the context otherwise requires the following words and expressions have the meanings hereunder assigned to them:- 

  

	1.1	“Developer” and “Tenant” respectively mean the parties whose name and registered office are set forth in the First Schedule and their successors in
title 

  

	1.2	“Premises” means the premises described in the Second Schedule 

  

	1.3	“Lease” means the lease of the Premises made between the parties hereto and dated [            ] for a
term of [             ] years from [            ] 

  

	1.4	“Drawings” means the drawings specified in Part 1 the of Third Schedule copies of which are annexed to this Licence 

  

	1.5	“Specifications” means the specifications specified in Part 2 of the Third Schedule copies of which are annexed to this Licence 

  

	1.6	“Works” means the alterations to the Premises carried out in conformity with the Drawings and Specifications 

  

	2.	THE Developer has granted to the Tenant licence and consent for the carrying out of the Works 

  

	3.	THE Tenant covenants with the Developer:- 

  

	3.1	to pay any increased insurance premiums together with any insurance premium tax thereon that may be occasioned by reason of the Works 

  

	3.2	to comply with clause 4.10 of the Lease in respect of the Works 

  

	4.	IT is agreed and declared that: 

  

	4.1	The covenants on the part of the Tenant and the conditions contained in the Lease shall take effect subject to and with the benefit of this Licence 

  

	4.2	The proviso for re-entry in the Lease shall be exercisable on breach of any of the covenants in this Licence on the part of the Tenant as well as on the happening of any of the
events mentioned in the said proviso 

  

	4.3	Save as varied by this Licence the covenants and conditions in the Lease shall remain in full force and effect 

  

 41 

	5.	Proper Law and Jurisdiction 

  
 This Licence shall be governed by and construed in accordance in all respects with English law and the parties to this Licence hereby submit to the
non-exclusive jurisdiction of the High Court of Justice of England in relation to any claim dispute or difference which may arise under this Licence and in relation to the enforcement of any judgement rendered pursuant to any such claim dispute or
difference and for the purpose of Part 6.15 of Civil Procedure Rules 1998 the Tenant and the Developer hereby irrevocably agree that any process may be served on any of them by leaving a copy of it at the relevant party’s Address 
  
 IN WITNESS whereof the parties hereto have executed this Licence as a deed and intend
the same to be delivered on the day and year first above written 
  

 42 

 THE FIRST SCHEDULE 
 (The Parties) 
  

							
	(a)	  	“the Developer”	  	:	  	 
	 	  	 	  	 	  	 whose registered office is at

	(b)	  	“the Tenant”	  	:	  	 
	 	  	 	  	 	  	 whose registered office is at

  
 THE SECOND SCHEDULE

 (The Premises) 
  
  
 THE THIRD SCHEDULE 
 PART 1 
 (The Drawings)

  

					
	Number	 	Title	 	Prepared by

  
  
 PART 2 
 (The Specifications) 
  

			
	 Executed as a Deed by
	    	)
	 [Developer] acting by:-
	    	)
		
	 	    	Director
		
	 	    	Secretary
		
	 Executed as a Deed by
	    	)
	 [Tenant] acting by:-
	    	)
		
	 	    	Director
		
	 	    	Secretary

  

 43 

 SCHEDULE 3 
 Method Statement Matters 
  

	1.	details of the professional team and contractors for the design and carrying out of each part of the Tenant’s Works 

  

	2.	details of the proposed construction schedule for the Tenant’s Works 

  

	3.	proposals for the liaison, co-ordination and co-operation between the Developer and the Tenant’s Consultants and the Tenant’s Senior Managers (as defined in Clause 19) and
the Tenant’s Contractors and the Tenant’s Representative 

  

	4.	proposals for the means and times of access to the proposed Tenant’s Work Areas and other parts of the Building and the Site and the restrictions and regulations relative to
such access 

  

	5.	proposals for the date and times of delivery to the Site of materials and equipment intended for incorporation or use in the Tenant’s Works 

  

	6.	proposals for the storage on-site of the materials and equipment intended for incorporation in the Tenant’s Works 

  

	7.	proposals for the method by which, on a regular basis, surplus materials and refuse and rubbish of the Tenant, its contractors, servants and agents are to be removed from the areas
of the Development Site, the Site and the Building to which such persons shall have access to the areas reasonably and properly designated by the Developer as collection points or to areas outside the Development Site 

  

	8.	proposals for keeping free and unobstructed all escape routes in relation to the Building and procuring that all vehicles visiting the Building in connection with the Tenant’s
Works go directly to the unloading points designated in writing to the Tenant for such purpose from time to time by the Developer and leave the Building, the Site and the Development Site promptly upon unloading being completed to the extent
reasonably able to do so 

  

	9.	proposals complying in all respects with the requirements and procedures of the Developer notified in writing to the Tenant in respect of the delivery of materials for use in
connection with the Tenant’s Works including the days and hours on and within which deliveries may be made 

  

	10.	where appropriate proposals for consulting and thereafter complying in all proper respects with the proper requirements of the police and all relevant statutory authorities in
respect of the delivery of materials for use in connection with the Tenant’s Works 

  

	11.	proposals for complying in all respects with the safety and floor loading requirements of the Developer notified in writing to the Tenant in respect of the storage of materials in
connection with the Tenant’s Works 

  

	12.	proposals for complying in all respects with the requirements of the Developer notified in writing to the Tenant in respect of the security and protection of the Building and the
Site and make arrangements satisfactory to the Developer for the security and protection of the Tenant’s Works and the materials being used in relation to the same 

  

 44 

	13.	proposals for complying in all respects with the CDM Regulations, with legislation in respect of Safety Health and Welfare and the reasonable safety requirements of the Developer

  

	14.	proposals for complying in all reasonable respects with the reasonable requirements and procedures of the Developer promulgated and notified in writing to the Tenant from time to
time in respect of security industrial relations and hours of working 

  

	15.	proposals for not obstructing or causing or permitting or suffering to be obstructed (save during the proper carrying out of any part of any Tenant’s Works to the same) the
means of access to: 

  

	 	15.1	the vertical surfaces of the remainder of the Base Building Works; 

  

	 	15.2	plant machinery and equipment installed as part of the remainder of the Base Building Works; 

  

	 	15.3	any service ducts and risers; 

  

	 	15.4	any part of the Building, the Site and the Development Site 

  

	16.	proposals for keeping noise levels to a minimum so as not to cause nuisance to any occupiers of the remainder of the Development Site 

  

 45 

 SCHEDULE 4 
 Option Notice 
  
 Canary Wharf Group plc

 One Canada Square 
 Canary Wharf 
 London 
 E14 5AB 
  
 FAO: Mr Michael Ashley-Brown 
  
 Date 
  

	To	HERON QUAYS PROPERTIES LIMITED 

  
 Re Floor 3 of a new building on Parcel HQ4 Canary Wharf London El4 
  
 We THE NORTHERN TRUST COMPANY: 
  

	(a)	refer to the option to call for a surrender pursuant to clause 15 of the Agreement for Lease dated [            ] and
made between HERON QUAYS PROPERTIES LIMITED (1) and THE NORTHERN TRUST COMPANY (2) and CANARY WHARF HOLDINGS LIMITED (3) relating to inter alia the above property (“the Agreement for Lease”) 

  

	(b)	hereby give you notice that we exercise the Option contained in the Agreement for Lease and require you to procure that the Level 4 Lease is duly surrendered in accordance with the
provisions of the Agreement for Lease 

  

	(c)	enclose a Letter of Opinion (as defined in the Agreement for Lease) 

  

			
	 Executed as a Deed by
	  	)
	 THE NORTHERN TRUST
	  	)
	 COMPANY by:
	  	)

  
 Authorised Signatory 
  
 Authorised Signatory 
  

	cc:	The Company Secretary, Canary Wharf Group plc 

 Berwin
Leighton Paisner (Ref: RMAC/CSC) 
  

 46 

			
	Executed as a Deed by	 	)
	HERON QUAYS PROPERTIES LIMITED	 	)
	acting by	 	)
		
	 	 	/s/ Peter Anderson
	 	 	Director
		
	 	 	 /s/ John Garwood

	 	 	Secretary

  

			
	Executed as a Deed by	 	)
	CANARY WHARF HOLDINGS LIMITED	 	)
	acting by	 	)
		
	 	 	 /s/ Peter Anderson

	 	 	Director
		
	 	 	 /s/ John Garwood

	 	 	Secretary

  

 47 

 

 

 

 

 

 

 NORTHERN TRUST 
  
 BUILDING HQ4 
  
 “SHELL & CORE” 
  
 OUTLINE SPECIFICATION 
  
 CANARY WHARF CONTRACTORS LIMITED 
 4th May 2005 

	1.	GENERAL 

  

	 	1.1	Location 

  
 The site of the building is at the Canary Wharf Development on the Isle of Dogs in the London Borough of Tower Hamlets. 
  

	 	1.2	The Base Building 

  
 The base building is finished to shell standard only and consists of structural frame, floors, external enclosure, vertical ducts and shafts and internal
walls enclosing public areas. Site work within parcel limits includes paving, landscaping and utilities and services to the building. Distribution of services within the building are provided from mechanical and electrical plant rooms and extends to
the office accommodation via vertical risers and terminated at each floor adjacent to the shaft and/or plant room wall. 
  
 The Base Building includes the following: 
  

	 	a.	Public entry lobbies. 

  

	 	b.	Security guard desk in the main entry lobby. 

  

	 	c.	Office directory boards. 

  

	 	d.	Passenger, goods and fire fighters lifts to all office floors. 

  

	 	e.	Toilet facilities on each office floor. 

  

	 	f.	Cleaners’ room with mop sink on each office floor. 

  

	 	g.	Core walls and doors between, and enclosing, public and service spaces. 

  

	 	h.	Emergency escape stairs to statutory requirements. 

  

	 	i.	Shaft and riser enclosures for mechanical, plumbing, electrical and accommodation of Telecommunications services. 

  

	 	j.	Drylining prepared for painting at all perimeter enclosing walls and perimeter columns facing into the office areas. 

  

	 	k.	Drylining prepared for painting to tenant faces of stair and core enclosures facing into the office areas. 

  

	 	l.	Walls of stairs, plant rooms and services are painted masonry or drylining 

  

	 	m.	Mechanical plant rooms housing fans for air distribution, chillers and pumps. 

  

	 	n.	Electrical equipment rooms housing transformers, switchgear and emergency power generators as required under statutory regulations. 

  

	 	o.	Fire fighting and life safety system equipment to statutory requirements. 

  

	 	p.	Building maintenance and management offices. 

  

	 	q.	Lavatories, shower and locker facilities for building management and maintenance personnel 

  

	 	r.	Systems to secure the building from the exterior. 

  

	 	s.	Window cleaning and external maintenance system. 

  

	 	t.	Exterior building lighting. 

  

	 	u.	Statutory Signage. 

  

	 	v.	Loading and unloading dock, plus car parking with automatic gates and signs. 

	 	w.	Comprehensive building management system for Base Building equipment. 

  

	 	1.3	The Base Building complies with all relevant Statutory Regulations, Building Acts, Building Regulations, British Standards and the British Standard Codes of Practice as appropriate.

  

	 	1.4	The office population is based on 1 person per 10m2. Escape doors and staircases are 1100mm wide. 

  

	2.	EXTERNAL FINISHES AND LANDSCAPING 

  

	 	2.1	Plaza and Walkways 

  

	 	a.	The Plaza and Walkway areas are finished with patterned paving of natural stone, precast or brick paviours, with drainage as necessary. 

  

	 	b.	The Plaza and Walkway areas have a waterproof membrane and are insulated over occupied areas. 

  

	 	c.	Planting, site furniture, water features etc. are provided by Canary Wharf Development in accordance with the Canary Wharf Design Guidelines. 

  

	 	2.2	Exterior Walls for Typical Floors 

  

	 	a.	The exterior walls consist of a high quality natural stone or equal prefabricated cladding system with powder coated aluminium window frames. 

  

	 	b.	Windows are double glazed at all office levels and double glazed for the lobby and retail levels. 

  

	 	c.	The exterior walls are thermally insulated as required. 

  

	 	d.	The exterior walls have a complete vapour barrier and are fully weather sealed. 

  

	 	2.3	Miscellaneous Exterior Doors 

  
 The roof plant room doors and other exterior doors not in public view are painted hollow metal doors. 
  

	 	2.4	Roofs and Terraces 

  
 The main roof is a thermally insulated inverted type with continuous water proofing membrane. 

	3.	INTERIOR MATERIALS AND FINISHES GENERALLY 

  

	 	3.1	Partitions 

  

	 	a.	Masonry or drylined partitions are used for fan rooms, loading areas, stairs, lift and riser shafts. 

  

	 	b.	Drylined partitions generally are used for all walls above ground level. Masonry partitions are generally used for all walls below ground level. 

  

	 	3.2	Doors and Frames 

  

	 	a.	Typical office floor core areas, exit stairs, toilet rooms and mechanical and electrical rooms have full height hardwood veneer doors with hardwood frames. Frames extend to
suspended ceiling level with flush transom panels where necessary. 

  

	 	b.	Lower level service areas and areas concealed from public view have painted hollow metal doors and frames. 

  

	 	c.	Lobby level entrance doors are architectural metal and glass. Lobby level core area doors and frames are faced with stone and wood veneer. 

  

	 	d.	Doors are fire rated to meet statutory requirements. 

  

	 	3.3	Ironmongery 

  

	 	a.	Locksets where required are on a building master-key system for the public and service areas in the building. 

  

	 	b.	Entrance level exterior doors have concealed pivot hinge/closers. 

  

	 	c.	All other doors have ball-bearing butt hinges. 

  

	 	d.	Surface mounted closers are used for core doors and in service areas. 

  

	 	e.	Overhead hold opens, double door closing coordinators, buffers, stops, kick plates and armour plates are used where necessary. 

  

	 	3.4	Painting 

  

	 	a.	In back-of-house and service areas walls and ceilings are painted and finished with 2 coats of emulsion painted on 1 undercoat. 

  

	 	b.	In other areas required to be painted, walls and ceilings are finished with 2 eggshell texture finish coats on an undercoat. 

	4.	INTERIOR FINISHES IN PUBLIC SPACES 

  

	 	4.1	Main Entrance Lobby 

  

	 	a.	Floors are polished or honed marble or granite in a distinctive pattern; Walls are polished marble or granite, or wood veneer panels, or other decorative material, appropriate to a
first class office building. 

  

	 	b.	The lobby and public areas are illuminated by recessed lighting fixtures in a ceiling designed with decorative features. 

  

	5.	TOILETS 

  

	 	5.1	Toilet provision provides for the following: 

  

	 	Office	Floors             1 person/10m2             60:60 male/female 

  

	 	5.2	Floors are finished with non slip natural stone tiles and have waterproof membranes where occupied space occurs below. 

  

	 	5.3	Walls are finished with polished natural stone tile or wood veneer panels. 

  

	 	5.4	Ceilings are suspended metal tile or drylining with lighting over basins, urinals and lavatories. 

  

	 	5.5	Toilet cubicles have hardwood veneer partitions with high quality wood veneer doors. 

  

	 	5.6	All sanitary appliances are wall mounted. Basins are set in marble vanitory tops. 

  

	 	5.7	High quality accessories comprise: 

  

	 	a.	A frameless mirror over the basins extending to ceiling level. 

  

	 	b.	Vanitory mounted soap dispensers. 

  

	 	c.	Recessed combination paper towel dispensers and waste bins. 

  

	 	d.	Double toilet roll holders. 

  

	 	e.	Coat hooks. 

  

	 	f	Electric fused outlet for hand dryer. 

  

	 	g.	Electric outlets for hair dryer, shaver etc. 

  

	 	h.	Tampon/sanitary napkin dispensers and disposal units are provided at the occupants discretion. 

	6.	TENANT AREAS 

  

	 	6.1	Typical Office Floors (as shell and core only specification) 

  

	 	a.	Floors are finished exposed concrete to accept raised flooring, (provided within the Category “A” works), with tolerances to British Standards. 

 

	 	b.	Soffits are exposed structure and metal deck. 

  

	 	c.	Perimeter columns have drylining prepared for painting. 

  

	 	d.	Walls of core facing into tenant space are drylining prepared for painting. 

  

	 	e.	Lift doors are prime painted metal. 

  

	 	6.2	Typical Retail Area (where applicable) 

  

	 	a.	Floors, walls, free standing columns and ceilings are unfinished structure. 

  

	 	b.	Retail shop fronts, doors and frames are stainless steel or natural hardwood. 

  

	7.	FINISHES IN SERVICE AREAS 

  

	 	7.1	Fire Escape Stairs 

  

	 	a.	Stair flights and landings are painted metal with precast terrazzo treads and landings with integral anti-slip nosing strips. 

  

	 	b.	Walls are painted masonry or drylining. 

  

	 	c.	Handrails and balustrades are painted tubular steel with welded joints ground smooth. 

  

	 	d.	Lighting is wall mounted fluorescent fixtures at floor and intermediate landings. 

  

	 	7.2	Electrical and Telephone Rooms 

  

	 	a.	Floors are concrete for raised floors (installed as Category A Works). 

  

	 	b.	Walls are painted drylining. 

  

	 	c.	Ceilings are exposed structure. 

	 	7.3	Mechanical Plant Rooms and Tank Rooms 

  

	 	a.	Floors are sealed smooth concrete with waterproofing membranes where occupied space occurs below, and with curbing where necessary to contain spillage. 

  

	 	b.	Walls are painted masonry or drylined construction. 

  

	 	c.	Ceilings are exposed structure. 

  

	 	7.4	Car Park Areas, Ramps and Loading Bay 

  

	 	a.	Floors are skid resistant finished concrete with painted parking bay striping in car park levels. 

  

	 	b.	Walls are painted masonry. 

  

	 	c.	Ceilings are unfinished structure. 

  

	 	d.	Lighting is sealed fluorescent fixtures. 

  

	8.	VERTICAL TRANSPORTATION 

  

	 	8.1	The building is served by automatically programmed traction passenger and goods lifts as required. 

  

	 	8.2	The lift systems have indicator lights in the lift lobbies. Lift cars are equipped with an intercom system. 

  

	 	8.3	Separate fireman’s lifts are provided to statutory requirements. 

  

	 	8.4	Passenger car finishes are of a standard appropriate to a first class office building, and are compatible with the entrance lobby finishes. 

  

	 	8.5	Lifts are provided to deliver “excellent service” as follows: 

  

	 	•	 	Average intervals during “up peak” traffic of 30 seconds 

  

	 	•	 	5 minute handling capacity during “up peak” of 15% of the projected building population. (Projected building occupancy is based upon the recommendations of the British
Council for Offices (BCO) document entitled “Best Practice in the Specification of Offices”). 

  

	 	•	 	Vibration 15 mili g peak to peak. 

  

	 	8.6	The internal clear height of the Goods Lift cab is approximately 3m and in addition a top hat section of approximately 500mm high is provided at the rear of the cab.

			
	Passenger Lifts:
		
	Capacity:	  	-      6 no. 1600 Kg. (21 person)
		
	Speed:	  	-      2.5 m/s
	
	Goods Lifts:
		
	Speed:	  	-      1.0 m/s
		
	Capacity:	  	-      1 no. 3000 Kg
	
	Firefighting Lifts:
		
	Speed:	  	-      1.6 m/s
		
	Capacity:	  	-      2 no. 650 Kg (8 person)

  

	9.	WINDOW CLEANING SYSTEM 

  

	 	9.1	An external mechanical window cleaning system is provided. This system is able to be used to assist replacement of glazing and cladding components. 

  

	10.	STRUCTURAL 

  
 The building has a structural steel frame supported on reinforced concrete foundations. 
  

	 	10.1	Substructure 

  

	 	a.	Frame and Floors 

  
 The frame and floor system is a concrete structure up to ground floor. The floor slabs prop the external walls. 
  

	 	b.	Basement Floor and Perimeter 

  
 The lowest basement floor is an insitu reinforced concrete slab, cast on grade, designed to resist any hydrostatic load. The perimeter wall to the
basement is an insitu reinforced waterproofed concrete wall to resist both earth and water pressure. 
  
 Basement waterproofing is designed to suit the intended use of the space as follows (as defined by BS8102 table 1). 
  

			
	Car Park areas	 	Grade 1
	Mechanical Plant Rooms	 	Grade 2
	Electrical Plant Rooms	 	Grade 3

	 	c.	Foundations 

  
 The building is supported on bored piles which are founded in the Thanet Sands. 
  

	 	10.2	General Office Floors 

  

	 	a.	Floors consist of a composite reinforced concrete slab and metal deck system, with a nominal structural floor to floor height of 4.2m for general office floors.

  

	 	b.	These in turn support raised floor systems (to be installed as Category A Works) above the structural slab which space is used for the distribution of electrical power and
communication systems. The nominal raised floor height on office floors is 200mm from slab to top of floor finish. Assumed height of tenants suspended ceiling above raised floor is 2750mm. 

  

	 	c.	The entire floor system is supported by the columns and beams of the structural steel frame. An approved fireproofing system is applied to all structural beams and columns as
required. 

  

	 	d.	General office floors are designed to support an imposed load of 4.0kN/m2 (801bs/ft2) with 1kN/m2 (20 lbs/ft2) partition
load. 

  

	 	10.3	Other areas are designed to support imposed loads as defined in current British Standards. 

  

	11.	GENERAL BUILDING SERVICES PROVISION FOR BASE BUILDINGS 

  

	 	a.	The following Specification indicates the base building systems and allowances that are made for plant and equipment sizes. 

  

	 	b.	Entrance areas, staircases, lifts, toilets, car park and service areas are fully fitted to the standard as described in this document. 

  

	 	c.	Office areas have been fitted out separately as part of Category A Works. 

  

	 	11.1	Codes and Standards 

  
 The design of building services complies with all current Acts of Parliament, Building Regulations, British Standards as appropriate, Codes of Practice
(CIBSE) and Statutory Authority Regulations. 

	12.	MECHANICAL SERVICES 

  

									
	12.1	    	Design Criteria	    	Winter	    	Summer
					
	 	    	a.	    	Outside Temperatures:	    	-4 C	    	28°C drybulb/20°C
	 	    	 	    	 	    	 	    	wetbulb
					
	 	    	b.	    	Inside Temperatures:	    	 	    	 
					
	 	    	 	    	            Offices:	    	 22°C db ± 1°C
 40% + 10% RH

(Central
 humidification control locally
 (Gas fired steam boilers))
	    	 22°C ± 1°C
 50% ± 10% RH

(Dehumidification
 within floor air
 conditioning units)

					
	 	    	 	    	            Heated Areas:	    	20°C db ± 2°C	    	 
	 	    	 	    	            (Toilets, Stores)	    	No humidity control	    	 
					
	 	    	c.	    	Fresh Air Quantities:	    	 16 litres per second
 per person
	    	 
					
	 	    	d.	    	Supply Air Quantity:	    	 	    	 
				
	 	    	 	    	            Offices:	    	As required by defined load densities and building envelope. Supply air temperature to fan assisted terminal variable air volume (FATVAV) units 10 to 12°C
				
	 	    	 	    	            Toilets:	    	Transfer from office accommodation.
				
	 	    	 	    	            Car Park:	    	6 air changes per hour.
					
	 	    	e.	    	Exhaust Air Quantities:	    	 	    	 
				
	 	    	 	    	            Toilets:	    	10 air changes per hour.
				
	 	    	 	    	            Car Park:	    	6 air changes per hour.
					
	 	    	f.	    	Smoke Exhaust:	    	 	    	 
				
	 	    	 	    	            Office:	    	 6 air changes per hour mechanical exhaust.
 System sized to exhaust the single largest floor.

				
	 	    	 	    	            Storage & Service:	    	10 air changes per hour mechanical exhaust.
				
	 	    	 	    	            Car Park:	    	6 air changes per hour mechanical exhaust.

									
	 	    	g.	    	Load Densities for Cooling:	    	 
				
	 	    	 	    	            Offices: Lighting	    	            2 watts/ft2 (21.52 w/m2)
	 	    	 	    	                          Small Power	    	            3 watts/ft2 (32.28 w/m2)
	 	    	 	    	                          People	    	1 person/108ft2 (10 sq.m) Typical
floors
				
	 	    	h.	    	Percentages and Types of Glass:	    	 
				
	 	    	 	    	Typical Floors:	    	45% max. clear double glazed (low ‘E’)
				
	 	    	 	    	Lobby:	    	75% max. clear single glazed.
				
	 	    	i.	    	Thermal Transmittance Values (W/m2/
k)	    	 
					
	 	    	 	    	            Roof:	    	0.45	    	 
	 	    	 	    	            Walls:	    	0.6	    	 
	 	    	 	    	            Typical Floor Window:	    	1.7 maximum	    	 
	 	    	 	    	            Ground Floor:	    	To suit selected glass	    	 
					
	 	    	j.	    	Total Shading Coefficient:	    	 	    	 
				
	 	    	 	    	            Typical Floor Windows:	    	0.37% approx. (blinds included in cooling loads for office floors)
				
	 	    	k.	    	Noise and Vibration Control:	    	 
				
	 	    	 	    	            Offices:	    	NR35 typical except NR38 within 10 feet (3m) of a plant room.
					
	 	    	l.	    	Chilled Water Temperature:	    	9°C maximum	    	 
				
	12.2	    	Systems	    	 	    	 

  

			
	 a.
	    	Primary Heating System
		
	 	    	The primary heating system is electrical resistance. Heater batteries are in perimeter fan assisted variable air volume (FATVAV) units installed as part of the Category A
Works.
		
	 	    	(NB: Although electrical heater batteries are normally only fitted to perimeter FATVAV boxes, spare capacity is provided in the electrical distribution to allow internal FATVAV boxes fitted
with heaters where required).

	 	b.	Primary Cooling Systems 

  
 The refrigeration plant consists of multiple air cooled chillers, with associated pumps, providing N+1 redundancy. Chilled water is circulated to on
floor air handling units via two separate risers which are severable into separate circuits. Each riser is sized at nominally 80% of the full load. Variable speed pumps are provided and these pumps sets are connected to different transformers to
provide supply redundancy. The chillers and associated plant are sized on an outside air temperature of 28°C, however the chillers meet their design load with an outside air ambient of 32°C. The chillers have a minimum turn down of 170KW and
heat recovery is provided from the chillers to pre-heat the fresh air. Chilled water connections are provided at each floor level for connection of tenants plant, these connections are sized to allow a load of 1 w/ft2 of lettable area. 
  

	 	12.3	Air Conditioning Systems 

  

	 	a.	Floor-by-floor, variable air volume packaged air handling units are provided. Each unit is equipped with replaceable type filters, cooling coil, fan section, coated galvanised steel
drip pan, trapped condensate drain, access floors, controls etc. Unit(s) on each floor are controlled in unison and are noise rated to achieve NR38 in adjacent space. 

  

	 	b.	Typical floor office space supply systems are provided with conditioned supply air ducts capped at each floor-by-floor plant room wall for extension as part of the Category A Works.

  

	 	c.	Pre-conditioned, outside air is supplied from separate central 100% outside air, variable air volume, air handling units. Each unit includes pre-filters, heater batteries (heat
recovery from chillers and back up LTHW), gas fires steam humidifiers, tight shut-off air intake dampers, fan, motor, coated/galvanized steel drip pan, trapped condensate drain, access doors, fan section, controls etc. Separate outside air, branch
supply, tight shut-off, motorised dampers with control are provided for each fan room air plenum for fire and smoke mode operation. The fresh air plant is able to turn down to allow 2 floors to run out of normal hours. 

  

	 	d.	The ceiling spaces are utilised as return air plenum for office areas. 

  

	 	12.4	Life Safety Systems 

  

	 	a.	All systems are designed to comply with all statutory requirements. 

  

	 	b.	A Fire Alarm System incorporates computer controlled sequences of operation for device sensing and phased evacuation through annunciation of alarm and voice control.

	 	c.	All means of escape stairs and designated fire fighting shafts are independently pressurised to statutory requirements. 

  

	 	d.	Office areas, service rooms and car parks are mechanically vented to control the movement of smoke as required. Fans are rated at 300°C for 1 hour. 

  

	 	e.	A sprinkler protection system is provided with electric pumps and storage tanks to valved and capped connections on each floor to statutory requirements. Flow stations at each riser
are provided for extension as part of the Category A Works. (NB: sprinklers are not normally required in the office ceiling voids). 

  

	 	f.	Wet risers and extinguishers are provided to statutory requirements. 

  

	 	12.5	Building Control System (BCS) 

  

	 	a.	A complete Building Control System (BCS) is provided. The system consists of multiple Direct Digital Control (DDC) data processing stations and a central management station.

  

	 	b.	The system includes contact points for control, alarm, status and start-stop functions suitable for mechanical equipment automation. 

  

	 	c.	The system is capable of monitoring and controlling the Shell and Core installation and Category A Works and is capable of extension for other requirements.

  

	 	d.	Facilities will be provided to allow the tenant to monitor the Landlords plant but not to control this plant. 

  

	13.	PLUMBING AND FIRE PROTECTION 

  

	 	13.1	Design Criteria 

  

	 	a.	Domestic Cold Water Supply System 

  
 A domestic cold water supply system, to potable standards, is provided and includes storage tanks, pumps, distribution and associated controls.

  

	 	b.	Sanitary Waste and Vent Systems 

  
 A complete sanitary waste and venting system is provided to statutory requirements. 
  

	 	c.	Storm Drainage System 

  
 All storm drainage is hydraulically designed to statutory requirements. 

	 	13.2	Plumbing Systems 

  

	 	a.	Sanitary and Waste System 

  
 A complete soil, waste and vent system from plumbing fixtures, floor drains and mechanical equipment arranged for gravity flow and discharged to a point
of connection with the main sewer is provided. Basement systems are connected to a sump and pumped to the discharge point. 
  

	 	b.	Storm Drainage Systems 

  
 A complete storm drainage system from all roofs and pedestrian areas is arranged for gravity flow to discharge into the adjacent dock area. Loading dock
and car park drainage is taken to the main sewer. 
  

	 	c.	Provision for Tenants’ Services 

  
 Water services are provided, including 2 no. valved and capped cold water and capped waste and vent connections on each office floor from the toilet core
risers for future extension to any additional facilities. 
  

	 	d.	Domestic Water Systems 

  

	 	i.	A complete cold water system for the building is provided from a point of connection with the incoming service, with connections to the storage tanks. Distribution is by a pumped
pressurisation system serving all mechanical equipment and plumbing fixtures. 

  

	 	ii.	A pressurised hot water distribution system is provided with local electric storage type heaters, serving each floor. 

	14.	ELECTRICAL SERVICES 

  

	 	14.1	Design Criteria 

  

									
	 	  	a.	  	      Load Densities:	  	 
				
	 	  	 	  	      Office areas	  	 
	 	  	 	  	 	  	         Lighting
	  	2.0 watts/ft2 (21.5 w/m2)
				
	 	  	 	  	      Sockets and Small Power	  	 
	 	  	 	  	 	  	         Office Areas
	  	4.0 watts/ft2 (41.3 w/m2)
	 	  	 	  	 	  	         Risers
	  	additional 2.0 watts/ft2
	 	  	 	  	 	  	 	  	(21.5 w/m2)
	 	  	b.	  	      Lighting Levels:	  	 
					
	 	  	 	  	 	  	         Office areas -
	  	 
	 	  	 	  	 	  	         (provided as part of
	  	 
	 	  	 	  	 	  	         Category A Works)
	  	500 LUX
	 	  	 	  	 	  	         Car Parks
	  	100/150 LUX
	 	  	 	  	 	  	         Service Areas
	  	50/70 LUX Ambient
	 	  	 	  	 	  	 	  	Appropriate higher levels at equipment face for maintenance operations.

  

	 	14.2	Systems 

  

	 	a.	Electrical Service 

  
 An 11KV service is provided for the building with power originating from two different “London Electricity (LE)” sub-stations. A total power
supply of 172.16 w/m2 (16 w/ft2) is provided of which 129.12 w/m2 (12 w/ft2) is available for Tenant loads. Dual rated cast resin transformers transform the 11KV power to the building distribution
voltage, 400V, and arranged in a double ended configuration, to provide 100% back up capabilities in the event of a primary circuit or transformer failure. High voltage switchgear and sub-stations are separated into two physically remote electrical
rooms. Transfer of load is by manual LV bus section switches. 
  

	 	b.	Distribution 

  
 Low voltage, metal clad, switchgear with air circuit breakers distributes power to the building loads. A multiple rising bus bar installation delivers
power to the office floors, with separate risers for mechanical equipment loads and tenants’ lighting and small power. Lighting and small power tenant risers deliver 86.08 w/m2 (8 w/ft2). Duplicate
lighting and small power risers are each sized at 100% of the tenants load. Tenant on floor loads transfer between risers via automatic transfer switches located on each floor. 

	 	c.	Lighting and Small Power 

  
 Two electrical risers/rooms per floor include riser bus connections, provision for submetering, and distribution panels capable of delivering 86.08
w/m2 (8 w/ft2). 
  

	 	d.	Generator 

  
 In addition to the dual supplies a tertiary level of redundancy is provided by emergency generators. 
  
 Three generators each at 1650 KVA provide back up for all business
operations including cooling. N+1 redundancy is provided. Paralleling and synchronisation controls are included along with twenty four hours of fuel storage. 
  

	 	e.	Uninterruptible Power Supply (UPS) and Distribution 

  
 A static uninterruptible power supply (UPS) system is provided with a capacity of 1200 KVA. The system consists of 3 modules each at 600 KVA (N+1) and
includes paralleling and synchronisation controls, static switches, maintenance bypass facilities and fifteen minutes of battery autonomy 
  
 UPS power is distributed to the Data/Communications Centre and to each office level. Full processor loads are supported for the Data/Communications
Centre with a further 1 w/ft2 available throughout the building. Dual risers distribute UPS power from each UPS
system, each sized at full load, with no break static switches provided on each level. 
  

	 	f.	Emergency Lighting 

  
 Emergency lighting is provided in all common areas and means of escape routes, served by invertor packs to statutory requirements. 
  

	 	14.3	Special Systems 

  

	 	a.	Telephone Communications 

  
 Main service frame rooms with dedicated entrances for each of British Telecom, Worldcom International, COLT, MFN (dark fibre network) and Cable &
Wireless Communications are provided. Provision for secondary service entrances is also provided, remote from the primary entrances, for each of the telecommunication service providers. 

 Two risers through the building are provided to distribute network services. 
  

	 	b.	Earthing 

  
 A complete earthing system to statutory requirements is provided. 
  

	 	c.	Fire Alarm, Life Safety and Firemans’ Remote Fan Control System 

  
 A fully addressable, computer based, fire alarm system (FAS) with integrated public address system is provided to statutory
requirements. The system is configured for phased evacuation and controls all life safety ventilation functions directly. A fire command centre houses central equipment and provides remote control facilities. Provisions are made to allow the base
building system to be easily extended by the Tenant. 
  
 An
evacuation control system consisting of cameras and two way communication points in the staircases is linked to the security room. 
  

	 	d.	Lightning Protection 

  
 A lightning protection system is provided to statutory requirements. 
  

	 	e.	Security System 

  
 An integrated security system is provided and includes closed circuit television (CCTV) surveillance of public areas, full function access control at
selected entrances and lifts, and central monitoring equipment within a security room in the basement. 
  

	15.	TENANTS RISERS AND ROOF SPACE 

  

	 	a.	Where risers are provided in the core for Tenant’s use, each Tenant will be able to use their pro rata share. 

  

	 	b.	Where roof space is provided for Tenant’s plant, each Tenant will be able to use their pro-rata share. Service routes to risers from the Tenant’s plant will need to be
co-ordinated with the existing structure and services. It will be incumbent on the Tenant to co-ordinate the design of their systems. 

 SCHEDULE OF BASE BUILDING PLANS 
  
 BUILDING HQ-4 
  

					
	 Drawing Number

	  	 Revision Number

	  	 Drawing Title

	 Floor Plans
	  	 	  	 
			
	 741/62000
	  	14	  	Floor Plan – Level B3
			
	 741/62010
	  	16	  	Floor Plan – Level B2
			
	 741/62020
	  	14	  	Floor Plan – Level B1
			
	 741/62030
	  	12	  	Floor Plan – Level B1 Mezzanine
			
	 741/62100
	  	18	  	Floor Plan – Ground Level
			
	 741/62105
	  	10	  	Floor Plan – Ground Mezzanine Level
			
	 741/62107
	  	07	  	Floor Plan – Level One
			
	 741/62110
	  	09	  	Floor Plan – (typical)
			
	 741/62220
	  	14	  	Floor Plan – Level 12 Penthouse
			
	 741/62225
	  	10	  	Floor Plan – Level 12 Mezzanine
			
	 741/62230
	  	05	  	Roof Plan
			
	 741/65000
	  	07	  	North Elevation
			
	 741/65001
	  	07	  	South Elevation
			
	 741/65002
	  	08	  	West Elevation
			
	 741/65003
	  	08	  	East Elevation
			
	 741/65010
	  	01	  	Building Sections

 CANARY WHARF 
  
 MINIMUM STANDARD DEVELOPER’S FINISH 
  
 FOR TENANT WORK 
  

	1.	FLOORING 

  

	 	1.1	System Floors, Hewetsons Floors or equal raised access floor shall be installed to suit the building design height for the demised premises (generally 200mm average measured from
top of slab to top of raised floor). The performance criteria of the system shall meet the working strength requirements of a medium grade platform specification of the Department of the Environment, Property Services Agency document MOB 08-801. The
system shall consist of 600mm x 600mm or 750mm x 750mm fully accessible panels on adjustable jacks. 

  

	 	1.2	600mm x 600mm carpet tiles shall be installed throughout. Quality to be equal to Heuga Connections, Milliken Corporate Square Nova, Interface Palette 3000 or Sommer Avenue.

  

	2.	CEILINGS 

  

	 	2.1	Perforated metal pan 750mm x 750mm or 600mm x 600mm lay-in ceiling, Aluminium Ceiling System 15mm x 8mm Aluminium capped steel grid shall be installed throughout the demised
premises. Ceiling tiles to be powder coated white finish with 16mm thick mineral wool padding. Quality shall be at least equal to SAS Ceilings System 130. 

  

	 	2.2	Painted drywall window soffits will be installed at the perimeter of the ceiling system to receive perimeter slot diffusers. 

  

	 	2.3	Lift lobbies shall have painted drylined ceilings. 

  

	3.	LIGHTING 

  

	 	3.1	600mm x 600mm deep cell parabolic light fixtures, with electronic control gear, shall be installed to maintain a lighting level of 500 lux average in the office areas.

	 	3.2	Fixtures shall be by Creed Light Engineering Limited or equal. Louvre will be low brightness with iridescent specular (highly polished) high purity aluminium curved profile sides,
compound curved profile sides and compound curved profile wedge cross blades designed to meet the requirements of CIBSE LG3 Category 2. Each fixture will be fitted with a 750mm x 750mm surround metal frame to allow installation into 750mm x 750mm
(where used) ceiling module. 

  

	 	3.3	Switching in all areas shall be controlled by the DDC electronic controller which is provided as part of the air conditioning terminal temperature control unit.

  

	 	3.4	Incandescent downlights and/or wall washers shall be installed in each lift lobby. 

  

	4.	WALL FINISHES 

  

	 	4.1	Perimeter walls, columns and core walls shall be fully drylined, taped and sanded, ready for painting. 

  

	 	4.2	All exposed surfaces of drylining shall receive: 

  

	 	a)	One coat of primer sealer 

  

	 	b)	Two coats of emulsion 

  

	 	4.3	Lift lobbies shall have fabric backed vinyl wall covering, 460 grams, with a flame spread of Class 0 and Class I - Carteret by Helen Sheane Wallcovering or equal.

  

	 	4.4	All drylined partitions will receive 100mm high timber (American Cherry or equal) skirting. 

  

	5.	PARTITIONS, DOORS AND IRONMONGERY 

  

	 	5.1	Two pairs of glass entrance doors with glazed side screens shall be installed at each lift lobby. Doors and screens can be either frameless or framed in timber or aluminium.

  

	6.	SPRINKLER/FIRE PROTECTION 

  

	 	6.1	A system of sprinkler protection shall be installed throughout all areas. 

  

	 	6.2	Flush mounted sprinkler heads, as Reliable Model G4, shall be provided to achieve a design density of Ordinary Hazard Group II, in accordance with the requirements of British
Standard 5306 Part 2 and the Landlord’s insurance requirements. 

  

	 	6.3	The base building fire alarm system shall be extended to provide coverage throughout all areas and shall comply with the requirements of British Standard 5839 Parts 1 and 4.

	 	6.4	The base building public address system, which forms part of the fire alarm installation, shall be extended to provide the required audibility levels of 65dB(A) in all areas.

  

	7.	MECHANICAL 

  

	 	7.1	HVAC systems shall be installed in all office areas, consistent with the design criteria indicated in the “Outline Shell & Core Specification”.

  

	 	7.2	Fan assisted terminal variable air volume (FATVAV) boxes shall be installed to serve all general office areas. Perimeter FATVAV boxes shall be equipped with electrical heating
coils. Each FATVAV unit shall be provided with a standalone DDC electronic controller connected to a wall mounted room temperature sensor. 

  

	 	7.3	Thermal loading shall be based on the stated “Shell and Core” mechanical system design load. The perimeter zones shall be provided with a terminal at each corner exposure
and one for every, approximately, 6 metres by 4.5 metres. Interior areas shall be provided with one terminal for every, approximately, 81 square metres of net internal area. 

  

	 	7.4	Perimeter zones shall be provided with multi-slot continuous or discrete aluminium supply air diffusers located adjacent to each window module. Interior thermal zones shall be
provided with one supply air diffuser for 30 square metres. Return air to the ceiling plenum shall be through the heat extract modular light fittings and supplemented with additional return air grilles. 

  

	 	7.5	Primary supply air trunk duct shall be internally or externally lined rectangular sheet metal connected to the base building system at each core. Terminal units shall be connected
to the primary trunk duct with insulated round ducting, rigid or flexible types as appropriate. Branch supply air ducting from each terminal unit shall be internally lined. Sheet metal connections to each air distribution device shall be round,
rigid or flexible. 

  

	8.	ELECTRICAL 

  

	 	8.1	Electrak or equal horizontal underfloor power distribution, shall be installed; approx 4.5m on centre. 

	 	8.2	One three compartment floor box per 10m5 (108 sq.ft) of net internal area shall be installed and located in the raised floor. Floor box shall be located centrally to one side of the
panel. Each floor box to contain: 

  
 2 No.
Unswitched General Purpose Outlets 
 2 No. Data Blanks 
 2 No. Telephone Blanks 
 1 No. 3m tail 
  
 Floor boxes manufactured by Thorsman or equal. 
  

	9.	STATUTORY SIGNS/TENANT SIGNS 

  

	 	9.1	Internal signs to exit and hose reels shall be installed as necessary to comply with statutory and local authority requirements. 

  

	10.	WINDOW COVERING 

  

	 	10.1	25mm wide horizontal solid aluminium slat, silver window blinds manufactured by Claxton Blinds or equal shall be installed at all perimeter windows. 

 COLLATERAL WARRANTY TO HERON QUAYS PROPERTIES LIMITED FROM 
  
 TENANT CONSULTANTS 
  
 THIS AGREEMENT is made the      day of
                    20 
  
 BETWEEN :- 
  

	(1)	[                                       
  ] [of/whose registered office is at
[                                        
            ] (the “Consultant”); and 

  

	(2)	HERON QUAYS PROPERTIES LIMITED whose registered office is at One Canada Square, Canary Wharf, London El4 5AB (the “Developer”) 

  
 WHEREAS:- 
  

	A.	The Northern Trust Company (the “Tenant”) has agreed with the Developer to take a leasehold interest in floors
[            ] of the Building HQ4 at the Canary Wharf development. 

  

	B.	By an agreement (the “Contract”) dated the [                    ]
20    , the Consultant has undertaken with the Tenant to perform certain [architectural/structural engineering/other] services (the “Services”) in connection with floors [    ] of Building HQ4 (the
“Project”) upon the terms set out in the Contract and as more clearly defined in the Contract. 

 NOW IT HEREBY AGREED as follows:- 
  

	1.	The Consultant undertakes and covenants to and with the Developer that the Consultant has exercised and will continue to exercise all the skill, care and diligence in the
performance of the Services as is required under or in connection with the Contract, save and except that the Consultant shall have no greater liability hereunder than it would have had if the Developer had been named jointly as the employer under
the Contract. The Consultant shall not be entitled to the equivalent rights of set-off against and deduction from and similar defences to any liability to the Company as those it may have against the employer under the Contract.

  

	2.	Without prejudice to the generality of Clause 1 of this Agreement, the Consultant hereby undertakes to the Developer that it has not specified and will not specify any of the
following for use in the Project and that it has used and will continue to use the skill, care and diligence required by Clause 1 of this Agreement to see that none of the following items have been or will be specified for use or consistent with its
inspection obligations have been or will be used by others in the construction of those parts of the Project to which the Services relate:- 

  

	 	(a)	high alumina cement concrete in structural elements; 

  

	 	(b)	woodwool slabs in permanent formwork to concrete or in structural elements; 

  

	 	(c)	calcium chloride used as a setting agent in cement; 

  

	 	(d)	calcium silicate bricks or tiles; 

	 	(e)	asbestos or asbestos containing products as defined in The Asbestos Regulations 1969 or in any statutory modification or re-enactment thereof current at the date of specification
(save where trace natural elements thereof are used in products which comply with relevant British Standard Specifications); 

  

	 	(f)	naturally occurring aggregates for use in reinforced concrete which do not comply with British Standard Specification 882 and 110 and naturally occurring aggregates for use in
concrete which do not comply with British Standard Specification 8110:1985; 

  

	 	(g)	urea formaldehyde; 

  

	 	(h)	materials containing fibres which have a diameter of 3 microns or less and a length of 200 microns or less; 

  

	 	(i)	polytetrafluoroethylene (PTFE) except when used as a non-stick sealing within valves, jointing material between pipes or as an isolating tape; 

  

	 	(j)	mineral fibres (man-made or naturally occurring) which are not contained or stabilised by materials to prevent fibre migration; 

  

	 	(k)	halon; 

  

	 	(l)	timber which is not obtained from a managed and regulated sustainable source; 

  

	 	(m)	lead based paint; 

	 	(n)	any other substances or materials generally considered in the United Kingdom construction industry to be deleterious or harmful to health and safety or not in accordance with
relevant British standards and codes of practice or which have been declared deleterious in a publication of the Building Research Establishment at the relevant time 

  

	3.	The liability of the Consultant under or pursuant to this Agreement shall not be released, diminished or in any way affected by any independent enquiry into any relevant matter
which may be made or carried out by or on behalf of the Developer nor by any action or omission of any such firm, company or party, whether or not such action or omission might give rise to an independent liability of such firm, company or party to
the Developer. 

  

	4.	The Consultant hereby acknowledges that the Developer shall be deemed to have relied upon the Consultant’s professional skill and judgement in respect of the Services.

  

	5.	The construction, validity and performance of this Agreement shall be governed by and shall be construed in accordance with English Law and any disputes which cannot be resolved by
the parties shall be subject to the exclusive jurisdiction of the English Courts subject to the right of either party to enforce a judgement or order obtained in the English Courts, in any other jurisdiction. 

  

	6.	If the Consultant has not already assigned the copyright in the drawings and documents the Consultant shall grant the Developer a licence to copy and use any documents and drawings
provided by the Consultant in relation to the Services or the Project and to reproduce the designs contained in them for any purpose relating to the Services or the Project, including, without limitation, the construction, completion, maintenance,
extension, alteration, letting, promotion, advertisement, reinstatement and repair of the Project. Such licence shall be 

 irrevocable, royalty-free and non-exclusive and shall be capable of sub-licence and shall be transferable
by the Developer. The Consultant shall not be liable to the Developer or any sub-licensee or transferee for any misuse of those documents and drawings. 
  

	7.	The Developer may assign the benefit of this Agreement at any time without the consent of the Consultant. 

  

	8.	The Consultant shall not assign any of its obligations under or pursuant to this Agreement. 

  

	9.	The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Agreement and no person other than the parties to this Agreement shall have any rights under it, nor shall
it be enforceable by any person other than the parties to it under that Act. 

  

	[10.	The rights, liabilities and obligations of the parties comprising the Consultant under this Agreement shall be joint and several.] 

  
 IN WITNESS whereof the parties hereto have executed this Agreement as a deed
the day and year first before written. 

 PRE-AGREED AMENDMENT CLAUSES TO TENANT CONSULTANT WARRANTIES 
  

	A.	Other Warranties (Net Contribution Clause) 

  
 The total liability of the Consultant under or in connection with this Agreement whether in contract, in tort, for breach of statutory duty or otherwise
shall be limited to such sum as the Consultant ought reasonably to pay having regard to his responsibility for the same, on the basis that [list here the other consultants providing [design services [for]] the Project or any part thereof shall be
deemed to have provided contractual undertakings on terms no less onerous than those set out in this Agreement (whether or not they shall have been so provided to the Developer) in respect of the provision of their services in connection with the
Project or any part thereof and shall be deemed to have paid to the Developer such contribution which it would be just and equitable for them to pay having regard to the extent of their responsibility for any loss or damage. 
  

	B.	Assignment 

  
 The Developer may assign the benefit of any part of this Agreement twice to a third party acquiring the whole of its interest in the Project or Building
HQ4 without the need for consent and thereafter with the consent of the Consultant such consent not to be unreasonably withheld or delayed. The Developer will give notice in writing to the Consultant of such assignment. 
  

	C.	End Date 

  
 The Consultant’s liability hereunder shall expire and this Agreement shall be of no further effect on the expiry of 12 years from the date of the
issue of the [Certificate] [Certificate of Making Good of Defects in the Project] as defined in the Contract save in respect of proceedings issued prior to such expiry. 

	D.	Copyright 

  
 The Consultant shall not be liable to the Developer for the use or reproduction of those documents and drawings for any other purpose than for which they
were prepared and provided. 
  

	E.	Adjudication 

  
 Adjudication Clause may be inserted with appropriate insertion of cross reference in Clause 5 as appropriate. 

 

 
  
 DUTY-OF-CARE 
  

					
	TO:	  	 HERON QUAYS PROPERTIES LIMITED AND THE NORTHERN TRUST COMPANY
  
	  	 GEOMATICS
 management
 THROUGH
 measurement

	RE:	  	 LEVELS 1 AND 2 AND BASEMENT 3, 50 BANK STREET, CANARY WHARF, LONDON E14
  
	  
	DATED:	  	11 APRIL 2005	  
	  
 We confirm that as geomatic surveyors instructed in this
matter to act as measurement surveyors by the parties to measure the net internal area of the above premises, we have used all reasonable endeavours to exercise and indeed will continue to exercise all reasonable skill, care and diligence in the
performance of our duties in relation to the above premises contained in our measurement report dated July 2002 (Ref 02/7490 Issue 1) and that in all respects we have acted in accordance with the Code of Measuring Practice issued by The Royal
Institution of Chartered Surveyors and The Incorporated Society of Valuers and Auctioneers 4th edition dated November 1993.
  
	  	 
	 Furthermore, we have endeavoured to carry out our instructions in a totally objective and impartial manner and indeed, will continue to
discharge any further instructions we may have in relation to this matter in the same way.
  
	  	 
	 This duty of care is intended for the person/organisation named above and any successors to The Northern Trust Company’s interest in
a lease of Level 1, Level 2 and basement at 50 Bank Street to be entered into between Heron Quays (HQ4) T1 Limited and Heron Quays (HQ4) T2 Limited and The Northern Trust Company and we have no further responsibility to any other third
parties.
  
	  	 
	 We confirm that you can rely upon the contents of the report as if it had been addressed to you.
  
	  	 
	 The Net Internal Area Measurements are as follows:
  
	  	 
	                    Level 1	  	                17971 sq ft	  	Plowman Craven
	                    Level 2	  	                17982 sq ft	  	& Associates
	                    Basement 3	  	                    885 sq ft	  	141 Lower Luton Road
	  
 Yours faithfully
  
  
  
 SIMON BARNES
 Managing Director
  
  
 For and on
behalf of
 Plowman Craven & Associates
  
 F:\ADMIN\DUTYCARE\DOC 7001-B000\7490 LEVELS 1 AND 2 - THE NORTHERN INCL B3.DOC
 

  
	  	 Harpenden
 Hertfordshire
AL5 5EQ
 England
  
 Telephone (01582) 765566
 Fax (01582)
765370
  
 email: post@plowmancraven.co.uk
  
 LONDON OFFICE
 33A Clerkenwell Green
 London EC1R 0DU
 Telephone 020 7490 7700
 Fax 020 7490 7701
  
 www.plowmancraven.co.uk
  
 Directors
 S J Barnes MRICS,
 Hnst CES, FCIOB  
 P Wright MRICS, MAPM
 Registered in England No 1248856.
 A Division
of
 Plowman Craven & Associates Ltd.Underlease

 Exhibit 10(iii) 
  
 UNDERLEASE 
  
 HERON QUAYS (HQ4) T1 LIMITED 
  
 and 
  
 HERON QUAYS (HQ4) T2 LIMITED 
  
 and 
  
 CANARY WHARF MANAGEMENT LIMITED 
  
 and 
  
 THE NORTHERN TRUST COMPANY 
  

					
	TERM COMMENCES	  	:	  	16 May 2005
	TERM EXPIRES	  	:	  	31 March 2022
	RENT	  	:	  	£1,299,130 p.a. exclusive of VAT (subject to review)

  
 Floors 1 and 2 of
Building HQ4 50 Bank Street Canary Wharf London E14 
  
 26 May 2005

  

  
 CONTENTS 

 

					
	 CLAUSE

	  	PAGE

	 1.
	  	 DEFINITIONS
	  	1
	 2.
	  	 INTERPRETATION
	  	8
	 3.
	  	 DEMISE AND RENTS
	  	9
	 4.
	  	 TENANT’S COVENANTS
	  	10
	 4.1
	  	 Rents
	  	10
	 4.2
	  	 Interest on arrears
	  	10
	 4.3
	  	 Outgoings
	  	11
	 4.4
	  	 Utility authorities
	  	11
	 4.5
	  	 Repairs
	  	12
	 4.6
	  	 Plant and machinery
	  	12
	 4.7
	  	 Decorations
	  	12
	 4.8
	  	 Cleaning
	  	12
	 4.9
	  	 Not Used
	  	12
	 4.10
	  	 Yield up
	  	13
	 4.11
	  	 Rights of entry by Landlord and the Management Company
	  	13
	 4.12
	  	 To comply with notices
	  	13
	 4.13
	  	 Overloading floors and services and installation of wiring etc.
	  	14
	 4.14
	  	 Pipes
	  	14
	 4.15
	  	 Cooking
	  	14
	 4.16
	  	 Dangerous materials and use of machinery
	  	14
	 4.17
	  	 Heating cooling and ventilation and other systems
	  	15
	 4.18
	  	 User
	  	15
	 4.19
	  	 Alterations signs and visual amenity
	  	15
	 4.20
	  	 Works carried out to the Demised Premises
	  	16
	 4.21
	  	 Alienation
	  	17
	 4.22
	  	 Registration of dispositions
	  	21
	 4.23
	  	 Disclosure of information
	  	21
	 4.24
	  	 Landlord’s costs
	  	21
	 4.25
	  	 Statutory requirements
	  	22
	 4.26
	  	 Planning Acts
	  	22
	 4.27
	  	 Statutory notices
	  	23
	 4.28
	  	 Defective premises
	  	23
	 4.29
	  	 Fire precautions and equipment etc.
	  	24
	 4.30
	  	 Encroachments and easements
	  	24
	 4 31
	  	 Reletting and sale notices
	  	24
	 4.32
	  	 Indemnity
	  	24
	 4.33
	  	 Value Added Tax
	  	25
	 4.34
	  	 Regulations
	  	26
	 4.35
	  	 Covenants affecting reversion
	  	26
	 4.36
	  	 Landlord and Tenant (Covenants) Act 1995; Landlord’s Release
	  	26
	 5.
	  	 MANAGEMENT COMPANY’S COVENANTS
	  	26
	 6.
	  	 LANDLORD’S COVENANTS
	  	27
	 6.1
	  	 Quiet Enjoyment
	  	27
	 6.2
	  	 Management Company’s Obligations
	  	27
	 6.3
	  	 Superior Title
	  	27
	 6.4
	  	 Value Added Tax
	  	27
	 6.5
	  	 Use
	  	28
	 6.6
	  	 Public Open Space
	  	28

  

					
	 7.
	  	 INSURANCE
	  	28
	 7.1
	  	 Landlord to insure
	  	28
	 7.2
	  	 Commissions and restriction on Tenant insuring
	  	28
	 7.3
	  	 Tenant’s Works and Existing Category A Works
	  	29
	 7.4
	  	 Landlord’s fixtures and Tenant’s Insured Fittings
	  	29
	 7.5
	  	 Parties to produce evidence of insurance
	  	29
	 7.6
	  	 Cesser of rent
	  	29
	 7.7
	  	 Destruction of the Building
	  	30
	 7.8
	  	 Option to determine
	  	32
	 7.9
	  	 Payment of insurance moneys refused
	  	33
	 7.10
	  	 Insurance becoming void
	  	33
	 7.11
	  	 Requirements of insurers
	  	33
	 7.12
	  	 Notice by Tenant
	  	33
	 7.13
	  	 Benefit of other insurances
	  	33
	 7.14
	  	 Suspension of Rent Free Period
	  	33
	 8.
	  	 PROVISOS
	  	34
	 8.1
	  	 Forfeiture
	  	34
	 8.2
	  	 No implied easements
	  	35
	 8.3
	  	 Exclusion of warranty as to user
	  	35
	 8.4
	  	 Landlord’s and Management Company’s obligations
	  	35
	 8.5
	  	 Exclusion of Landlord’s and Management Company’s liability
	  	36
	 8.6
	  	Right for Landlord to perform or to nominate another company to perform Management Company’s obligations	  	36
	 8.7
	  	 Development of Adjoining Property
	  	36
	 8.8
	  	 Use of premises outside Business Hours
	  	37
	 8.9
	  	 Notices
	  	37
	 8.10
	  	 Invalidity of certain provisions
	  	38
	 8.11
	  	 Plans drawings etc.
	  	38
	 8.12
	  	 Confidentiality provision
	  	38
	 8.13
	  	 Waiver etc. of regulations
	  	39
	 8.14
	  	 Third Party Rights
	  	39
	 8.15
	  	 Applicable Law and Jurisdiction
	  	39
	 8.16
	  	 Representations
	  	39
	 8.17
	  	 Provisions as to Entry
	  	39
	 9.
	  	 SERVICE CHARGE
	  	40
	 10.
	  	 NEW TENANCY
	  	48
	 FIRST SCHEDULE
	  	49
	 Rights Granted
	  	49
	 1.
	  	 Estate Common Parts
	  	49
	 2.
	  	 Pipes
	  	49
	 3.
	  	 Common Parts of the Building
	  	49
	 4.
	  	 Entry to other parts of the Building
	  	50
	 5.
	  	 Support
	  	50
	 6.
	  	 Car Parking
	  	50
	 7.
	  	 Bicycles and Motorcycles
	  	51
	 8.
	  	 List of tenant’s names
	  	51
	 9.
	  	 Affixing of items to the structure of the Building
	  	51
	 10.
	  	 Mechanical Space
	  	51
	 11.
	  	 Telecommunications Equipment
	  	51
	 12.
	  	 Signage Rights
	  	53
	 SECOND SCHEDULE
	  	54
	 Exceptions and Reservations
	  	54

  

					
	1.	  	Pipes	  	54
	2.	  	Entry	  	54
	3.	  	Scaffolding	  	54
	4.	  	Light and air etc.	  	54
	5.	  	Support	  	54
	6.	  	Building on the Adjoining Property	  	55
	7.	  	Alteration of Common Parts	  	55
	8.	  	Use of Estate Common Parts and Common Parts of the Building	  	55
	THIRD SCHEDULE	  	56
	Rent Reviews	  	56
	1.	  	Definitions	  	56
	2.	  	The Rent	  	58
	3.	  	Agreement or determination of the Open Market Rent	  	58
	4.	  	Deemed Open Market Rent	  	58
	5.	  	Appointment of Surveyor	  	58
	6.	  	Fees of Surveyor/Arbitrator	  	59
	7.	  	Appointment of new surveyor/Arbitrator	  	59
	8.	  	Interim payments pending determination	  	59
	9.	  	Rent Restrictions	  	59
	10.	  	Memoranda of reviewed rent	  	60
	11.	  	Time not of the essence	  	60
	FOURTH SCHEDULE	  	61
	Covenants by the Surety	  	61
	1.	  	Indemnity by Surety	  	61
	2.	  	Surety jointly and severally liable with Tenant	  	61
	3.	  	Waiver by Surety	  	61
	4.	  	Postponement of claims by Surety against Tenant	  	61
	5.	  	Postponement of participation by Surety in security	  	61
	6.	  	No release of Surety	  	62
	7.	  	Disclaimer or forfeiture of Lease	  	62
	8.	  	Benefit of guarantee and indemnity	  	63
	FIFTH SCHEDULE	  	64
	Matters to which the Demised Premises are subject	  	64
	SIXTH SCHEDULE	  	65
	Estate Services	  	65
	Part A	  	65
	the Services	  	65
	1.	  	Serviced Areas	  	65
	2.	  	Apparatus plant machinery etc.	  	65
	3.	  	Pipes	  	65
	4.	  	Fire alarms etc.	  	65
	5.	  	Lighting	  	66
	6.	  	Roads Malls etc. open	  	66
	7.	  	Security surveillance and visitor control	  	66
	8.	  	Provision of signs and general amenities	  	66
	9.	  	Ornamental features gardens etc.	  	66
	10.	  	Fixtures fittings etc.	  	66
	11.	  	Windows	  	66
	12.	  	Refuse	  	67
	13.	  	Traffic	  	67
	14.	  	Energy and supply services	  	67
	15.	  	Water Areas and Waterside and Riverside Walkways	  	67

  

					
	16.	  	Transport Services	  	67
	17.	  	Other Services	  	67
	Part B	  	68
	1.	  	Staff	  	68
	2.	  	Common Facilities	  	68
	3.	  	Transportation Facilities	  	68
	4.	  	Outgoings	  	68
	5.	  	Statutory requirements	  	68
	6.	  	Representations	  	69
	7.	  	Fees of the Estate Surveyor and the Accountant	  	69
	8.	  	Management	  	69
	9.	  	Insurance	  	69
	10.	  	Public activities	  	70
	11.	  	Public toilets	  	70
	12.	  	Miscellaneous items	  	70
	SEVENTH SCHEDULE	  	71
	Building Services	  	71
	Part A	  	71
	Building Services	  	71
	Part I	  	71
	1.	  	The Core Parts	  	71
	2.	  	Base Parts of the Building	  	72
	3.	  	Hot and cold water	  	72
	4.	  	Air conditioning	  	72
	Part II	  	72
	1.	  	Lifts	  	72
	2.	  	Hot and Cold Water	  	72
	3.	  	Maintenance and Cleaning	  	72
	4.	  	Air conditioning	  	72
	SEVENTH SCHEDULE	  	73
	Part B	  	73
	Part I	  	73
	1.	  	Retained Parts	  	73
	2.	  	Apparatus plant machinery etc.	  	73
	3.	  	Fire alarms etc.	  	73
	4.	  	Security and surveillance	  	73
	5.	  	Staff	  	73
	6.	  	Common Facilities	  	74
	7.	  	Outgoings	  	74
	8.	  	Representations	  	74
	9.	  	Regulations	  	74
	10.	  	Miscellaneous items	  	74
	Part II	  	74
	1.	  	Retained Parts	  	74
	2.	  	Apparatus Plant Machinery etc.	  	75
	3.	  	Security and Surveillance	  	75
	4.	  	Provision of signs and general amenities	  	75
	5.	  	Ornamental features gardens etc.	  	75
	6.	  	Fixtures fittings etc.	  	75
	7.	  	Windows	  	75
	8.	  	Refuse	  	75
	9.	  	Energy and supply services	  	76

  

					
	10.	  	Other services	  	76
	11.	  	Staff	  	76
	12.	  	Common Facilities	  	76
	13.	  	Outgoings	  	76
	14.	  	Statutory requirements	  	77
	15.	  	Representations	  	77
	16.	  	Regulations	  	77
	17.	  	Enforcement of covenants etc.	  	77
	18.	  	Fees of the Building Surveyor and the Accountant	  	77
	19.	  	Management	  	77
	20.	  	Miscellaneous items	  	77
	21.	  	Insurance	  	78
	22.	  	Decorations	  	78
	23.	  	Staff	  	78
	24.	  	Name boards	  	78
	25.	  	Generally	  	78
	26.	  	Building Car Park	  	78
	EIGHTH SCHEDULE	  	79
	Authorised Guarantee Agreement to be given by Tenant	  	79
	pursuant to Clause 4.21.2(b)(i)	  	79
	1.	  	Authorised Guarantee	  	79
	2.	  	Tenant’s liability	  	79
	3.	  	Disclaimer of Lease	  	80
	4.	  	Supplementary provisions	  	80
	5.	  	[Guarantee]	  	81
	6.	  	Guarantor to join in new lease	  	81
	NINTH SCHEDULE	  	82
	Expert determination	  	82

  

  
 LEASE PARTICULARS

  

							
	1.	  	DATE	  	:	  	26 day of May 2005
				
	2.	  	LEASE OR UNDERLEASE	  	:	  	Underlease
				
	3.	  	PARTIES	  	 	  	 
				
	 	  	 (a)    LANDLORD
	  	:	  	HERON QUAYS (HQ4) T1 LIMITED whose registered office is at One Canada Square Canary Wharf London El4 5AB (Company registration number 4290518) and HERON QUAYS (HQ4) T2 LIMITED
whose registered office is at One Canada Square Canary Wharf London El 4 5AB (Company registration number 4290517)
				
	 	  	 (b)    MANAGEMENT
          COMPANY
	  	:	  	CANARY WHARF MANAGEMENT LIMITED whose registered office is at One Canada Square Canary Wharf London El4 5AB (Company registration number 2067510)
				
	 	  	 (c)    TENANT
	  	:	  	THE NORTHERN TRUST COMPANY registered in the State of Illinois whose registered office is at 50 South LaSalle Street Chicago Illinois 60675 USA and whose address for service in the UK
is 50 Bank Street London El4 5NT (Company Registration number BR001960)
				
	4.	  	DEMISED PREMISES	  	:	  	Floors 1 and 2 and part of Level B3 of the Building shown for the purpose of identification only edged red on Plans 2, 3 and 4
				
	5.	  	BUILDING	  	:	  	ALL THAT land and premises including (if any) the dockbed and water thereover the quayside and the parts of the dock walls located therein and the building known as HQ-4 50 Bank Street Canary
Wharf West India Docks Isle of Dogs London El 4 and more particularly shown edged red on Plan 1

  

							
	6.	  	 TERM and TERM
 COMMENCEMENT DATE
	  	:	  	Commencing on 16 May 2005 and expiring on 31 March 2022
				
	7.	  	INITIAL RENT	  	:	  	ONE MILLION TWO HUNDRED AND NINETY NINE THOUSAND ONE HUNDRED AND THIRTY POUNDS (1,299,130)
				
	8.	  	RENT COMMENCEMENT DATE	  	:	  	16 May 2005
				
	9.	  	 LEVEL 2 RENT
 COMMENCEMENT DATE
	  	:	  	16 June 2008
				
	10.	  	 LEVEL 1 RENT
 COMMENCEMENT DATE
	  	:	  	16 August 2008
				
	11.	  	RENT REVIEW DATES	  	:	  	16 May 2010 and every fifth anniversary of such day during the Term
				
	12.	  	ESTATE SERVICE CHARGE PERCENTAGE	  	:	  	The percentage to be established pursuant to Clause 9.1(j) (subject to Clause 9.8)
				
	13.	  	BUILDING SERVICE CHARGE PERCENTAGE	  	:	  	The percentages to be established pursuant to Clause 9.1(e) (subject to Clause 9.8)
				
	14.	  	DECORATION YEARS	  	:	  	The year ending 16 May 2010 and thereafter every subsequent fifth year of the Term
				
	15.	  	PERMITTED USER	  	:	  	High class professional or commercial offices (but excluding use as Serviced Offices) and ancillary storage and catering

  

  
 THIS LEASE made on the Date and
BETWEEN the Parties specified in the Particulars 
  
 WITNESSETH as
follows:- 
  

	1.	DEFINITIONS 

  
 In this Lease the following expressions shall have the following meanings:- 
  

	1.1	“Acceptable Assignee” means:- 

  

	 	(a)	An Entity which has (or whose obligations will be guaranteed by an Entity which has) continuously for a period of 12 months immediately preceding the date of the application to
assign maintained and which on the date of the application for licence to assign this Lease still maintains:- 

  

	 	(i)	in respect of its senior unsecured unsubordinated and unguaranteed long term debt obligations a credit rating of A or better from Standard & Poor’s Ratings Group, a
division of McGraw-Hill Inc (“Standard & Poor’s”) or A2 from Moody’s Investors Service (“Moody’s”); or 

  

	 	(ii)	a long-term counterparty credit rating of A or better from Standard & Poor’s; or 

  

	 	(iii)	credit ratings in respect of its senior unsecured unsubordinated and unguaranteed long term debt or in respect of its long term counterparty status from other major rating agencies
acceptable to the Landlord acting reasonably equivalent to or better than any one of the credit ratings described in (i) and (ii) above; 

  
 AND WHERE 
  

	 	(iv)	at the date of the application for licence to assign there is no other major rating agency whose equivalent rating in respect of the proposed assignee is lower than any of the
credit ratings described in (i) or (ii) above provided that where any relevant agency rebases redesignates or otherwise changes the substance of or criteria for a relevant rating as referred to in (i) or (ii) above (or the number of grades or
rankings above or below the relevant rating) or does any other act or thing so that the comparative creditworthiness strength or substance reflected in any of the ratings referred to in (i) or (ii) above is changed then there shall be deemed
substituted for the ratings referred to in (i) or (ii) above such new or revised ratings as will then reflect and be equivalent to the relative creditworthiness strength and substance implied by the above ratings at the date hereof to the intent and
effect that the substituted rating shall be equivalent mutatis mutandis to the current standards of creditworthiness strength and substance reflected in such current ratings; and 

  

	 	(v)	 at the date of the application to assign the proposed assignee’s credit rating has not been placed on Credit Watch nor has been accorded negative or developing
rating outlook or equivalent (other than with a view to a possible up-grade) by either Standard & Poor’s or Moody’s unless prior to being placed on Credit Watch or being accorded such outlook the proposed assignee’s credit rating
in respect of its senior unsecured unsubordinated and 

  

 1 

	 	 
unguaranteed long term debt obligations was either A or better from Standard & Poor’s or A2 or better from Moody’s; or

  

	 	(b)	an Entity whose financial standing does not adversely affect (otherwise than to an immaterial extent) the market value of the Landlord’s interest in the Demised Premises by
taking an assignment of this Lease when compared with the position immediately prior to the proposed assignment (whether or not the Landlord has any intention at the time of selling or raising money on the security of its reversionary interest in
the Demised Premises) by a hypothetical tenant who has at that point:- 

  

	 	(i)	in respect of its senior unsecured unsubordinated and unguaranteed long term debt obligations a credit rating of A from Standard & Poor’s or A2 from Moody’s;

  

	 	(ii)	a long-term counterpart credit rating of A from Standard & Poor’s or A2 from Moody’s 

  
 the market value of the Landlord’s interest in the Demised Premises shall be calculated having regard to the valuation
guidelines set out in the RICS Appraisal and Valuation Manual current at the date of the said valuation or such alternative valuation practice for institutional investment office properties as is in common use for office premises of similar Net
Internal Area to the Demised Premises in London at the date of the application for licence to assign 
  

	1.1a	“Accountant” means a Chartered Accountant or firm of Chartered Accountants appointed or employed by the Management Company or a Group Company of the Management
Company to perform the functions of the Accountant under this Lease 

  

	1.2	“Act of Terrorism” means any act of any person acting on behalf of or in connection with any organisation which carries out activities directed towards the
overthrowing or influencing by force or violence of Her Majesty’s Government in the United Kingdom or any other government du jure or de facto to the extent not one of the Insured Risks. 

  

	1.3	“Adjoining Property” means all parts of the Estate (other than the Demised Premises) and any land and/or buildings from time to time adjoining or neighbouring the
Estate 

  

	1.2a	“Agreement for Lease” means the agreement for lease relating to the leasing of the Demised Premises of the Building dated 26 May 2005 and made between (1) Heron
Quays Properties Limited (2) the Tenant and (3) Canary Wharf Holdings Limited 

  

	1.4	“Base Rate” means the Base Rate for the time being of Barclays Bank PLC or some other London clearing bank nominated from time to time by the Landlord or in the
event of Base Rate ceasing to exist such other reasonable comparable rate of interest as the Landlord shall from time to time determine 

  

	1.5	“Building” means the Building (of which the Demised Premises form part) briefly described in the Particulars and each and every part thereof and all the
appurtenances belonging thereto including:- 

  

	 	(a)	all landlord’s fixtures and fittings in or upon the same 

  

 2 

	 	(b)	all additions alterations and improvements thereto (excluding all tenant’s and trade fixtures and fittings) 

  
 and shall also include any additional land and buildings which the Landlord
from time to time reasonably designates as part of the Building 
  

	1.6	“Building Services” means the services set out in Part A of the Seventh Schedule 

  
  

	1.7	“Business Hours” means 7.00 am to 8.00 pm on Mondays to Fridays (inclusive) and 8.00 am to 2.00 pm on Saturdays (excluding all usual bank or public holidays) or
such other hours as may from time to time be reasonably designated by the Landlord 

  

	1.8	“Car Park” means the car parks within the Estate (other than the car parking area (if any) within the Building) designated as such from time to time in writing by
the Landlord 

  

	1.9	“Common Parts of the Building” means those parts and amenities of the Building which are from time to time provided (or designated by the Landlord) for common use
by tenants and occupiers of the Building with or without others and all persons authorised by them but excluding the Estate Common Parts and the Lettable Areas 

  

	1.10	“Demised Premises” means the Demised Premises as briefly described in the Particulars including:- 

  

	 	(a)	the internal plaster surfaces and finishes of all structural or load bearing walls and columns within the Demised Premises and of all walls which enclose the same

  

	 	(b)	the entirety of all non-structural or non-load bearing walls and columns within the Demised Premises 

  

	 	(c)	the inner half severed medially of the internal non-structural or non-load bearing walls (if any) that divide the same from other parts of the Building 

  

	 	(d)	the screed and floor finishes thereof and all carpets 

  

	 	(e)	the ceiling finishes thereof including all suspended ceilings and light fittings 

  

	 	(f)	all glass window frames and window furniture in the windows and all doors door furniture and door frames 

  

	 	(g)	all sanitary and hot and cold water apparatus and equipment 

  

	 	(h)	all Pipes under and over the same which exclusively serve the Demised Premises 

  

	 	(i)	all landlord’s fixtures fittings plant machinery ducting sprinklers apparatus and equipment now or hereafter in or upon the same which exclusively serve the Demised Premises

  

	 	(j)	all additions alterations and improvements thereto 

  
 but nevertheless excluding (i) all structural or load bearing walls and columns and the structural slabs of any roofs ceilings and floors (ii) all glass
window frames and window furniture in the windows in the external skin of the Building (iii) pipes belonging to public utilities or those which serve other parts of the Building or Adjoining Property 
  

 3 

	1.11	“Development” means development as defined in Section 55 of the Town and Country Planning Act 1990 

  

	1.11a 	“Entity” means a body corporate or other business organisation or partnership 

  

	1.12a 	“Entrance Lobby” means the part of the ground floor of the Building shown outlined and hatched red on Plan 5 

  

	1.12 	“Estate” means the land and water areas at Canary Wharf and Heron Quays London El4 shown edged green on Plan 1 with any additional land and water areas in which the
Landlord or a Group Company of the Landlord shall acquire a freehold or leasehold interest and which the Landlord from time to time reasonably designates as part of the Estate and all buildings and appurtenances thereon and all additions alterations
and improvements thereto 

  

	1.13	“Estate Common Parts” means those parts of the Estate and the Adjoining Property (such parts not being publicly adopted) which are from time to time intended and/or
reasonably designated and provided for the common use and enjoyment of the Tenant and the tenants of the Estate and persons claiming through or under them (whether or not other parties are also entitled to use and enjoy the same) but excludes all
car parks within the Estate 

  

	1.14	“Estate Services” means the services set out in Part A of the Sixth Schedule insofar as the same are attributable to the Estate excluding the Car Park

  

	1.15	“Existing Category A Works” means the works to Floor 2 of the Demised Premises undertaken by or on behalf of the Landlord prior to the date hereof which comprise
works of the nature of (whether or not they are identical to) the works detailed in the Minimum Standard Developer’s Finish for Tenant’s Works Specification 

  

	1.16	“Force Majeure” means any cause beyond the reasonable control of the Landlord or the Management Company 

  

	1.17	“Group Company” in relation to any company (“the Relevant Company”) means a company which is for the time being a subsidiary of or the holding
company of the Relevant Company or which is another subsidiary of the holding company of the Relevant Company (in each case within the meaning of Section 736 of the Companies Act 1985, as amended by the Companies Act 1989) 

 

	1.18	“Insured Risks” means (to the extent that the same are insurable in the global insurance market) fire storm tempest flood earthquake lightning explosion impact
aircraft (other than hostile aircraft) and other aerial devices and articles dropped therefrom riot civil commotion malicious damage or damage caused as a result of terrorist action bursting or overflowing of water tanks apparatus or Pipes and such
other risks as the Landlord may from time to time specify subject to such exclusions excesses limitations terms and conditions as may be imposed by the insurers 

  

	1.19	“Interest Rate” means four percentage points (4%) per annum above Base Rate 

  

	1.18a 	 “Irrecoverable VAT” means any Value Added Tax (in relation to sums payable from time to time pursuant to clause 3(a) only) paid or payable by the
Tenant in relation to supplies made by the Landlord to the Tenant by reason of this Lease if in respect of such payment and to the extent thereof the Tenant does not (or would not if appropriate claims had been 

  

 4 

	 	 
made in due time) receive a credit in full as “input tax” whether as a VAT credit or as a deduction from “output tax” (as the expressions
“input tax” and “output tax” are defined in Section 24 of the Value Added Tax Act 1994 and as the expression “VAT credit” is defined in Section 25 of that Act) under Sections 25 and 26 of that Act for the
“prescribed accounting period” (as that expression is used in Sub-Section 25(1) of that Act) in relation to Value Added Tax 

  

	1.20	“Landlord” means the party named as “Landlord” in the Particulars and includes the person for the time being entitled to the reversion immediately
expectant on the determination of the Term 

  

	1.21	“this Lease” means this Underlease and any document which is made supplemental hereto or which is entered into pursuant to or in accordance with the terms hereof

  

	1.22	“Lettable Areas” means those parts of any building (including the Building) leased or intended to be leased or capable of being leased to occupational tenants but
excluding any parts of such building leased or intended to be leased or capable of being leased to public utilities for the purposes of the carrying out of their statutory obligations 

  

	1.23	“Level 1 Rent Free Extension Period” means either (i) in the event that the date upon which the Demised Premises are again fit for occupation and use (or would be
again fit for occupation and use if the Existing Category A Works and the Tenant’s Works or any other works of a similar type at any time carried out by the Tenant or any undertenant were reinstated) occurs after the Level 1 Rent Commencement
Date a period equal to the number of days from the date of any damage or destruction by an Insured Risk or Act of Terrorism referred to in Clause 7 to but excluding the Level 1 Rent Commencement Date or (ii) in the event the date upon which the
Demised Premises are again fit for occupation and use (or would be again fit for occupation and use if the Existing Category A Works and the Tenant’s Works or any other works of a similar type at any time carried out by the Tenant or any
undertenant were reinstated) occurs before the Level 1 Rent Commencement Date a period equal to the number of days from the date of any damage or destruction by an Insured Risk or Act of Terrorism referred to in Clause 7 to but excluding the date
upon which the Demised Premises are again so fit for occupation and use or would be as aforesaid 

  

	1.24	“Level 2 Rent Free Extension Period” means either (i) in the event that the date upon which the Demised Premises are again fit for occupation and use (or would be
again fit for occupation and use if the Existing Category A Works and the Tenant’s Works or any other works of a similar type at any time carried out by the Tenant or any undertenant were reinstated) occurs after the Level 2 Rent Commencement
Date a period equal to the number of days from the date of any damage or destruction by an Insured Risk or Act of Terrorism referred to in Clause 7 to but excluding the Level 2 Rent Commencement Date or (ii) in the event the date upon which the
Demised Premises are again fit for occupation and use (or would be again fit for occupation and use if the Existing Category A Works and the Tenant’s Works or any other works of a similar type at any time carried out by the Tenant or any
undertenant were reinstated) occurs before the Level 2 Rent Commencement Date a period equal to the number of days from the date of any damage or destruction by an Insured Risk or Act of Terrorism referred to in Clause 7 to but excluding the date
upon which the Demised Premises are again so fit for occupation and use or would be as aforesaid 

  

	1.25	 “Management Company” means the party named as “Management Company” in the Particulars or such other company as may be substituted
therefor by the Landlord by notice in writing to the Tenant pursuant to Clause 8.6 PROVIDED THAT in the event of any such 

  

 5 

	 	 
substitution then at the request of either the Landlord or the Tenant the substituted management company the Tenant and any Surety shall enter into a Deed by
which the Tenant and the Surety covenant with the new management company and the new management company covenants with the Tenant in the terms of the covenants between the Management Company the Tenant and any Surety contained in this Lease

  

	1.26	“Mechanical Space Area” means the areas on Floor 12 of the Building shown for the purpose of identification only hatched and edged blue on Plans 6A and 6B

  

	1.27	“Minimum Standard Developer’s Finish for Tenant’s Work Specification” means the document forming Annexure 1 hereto and “Minimum Standard
Developer’s Finish” means the minimum standard detailed in the Minimum Standard Developer’s Finish for the Tenant’s Work’s Specification. 

  

	1.28	“Net Internal Area” shall have the meaning given to it by the Code of Measuring Practice published on behalf of the Royal Institution of Chartered Surveyors and the
Incorporated Society of Valuers and Auctioneers (Fourth Edition November 1993) or such subsequent Edition as shall be generally used by measurement surveyors and shall be determined from time to time by the Estate Surveyor (as defined in Clause 9.1
(k)) (ignoring works carried out by tenants or occupiers during the subsistence of the lease or underlease in existence at the time of such determination) 

  

	1.29	“Particulars” means the descriptions and terms appearing on the preceding pages headed “Lease Particulars” which comprise part of this Lease

  

	1.30	“Permitted Alterations” means the erection or relocation of demountable partitioning, light switches and floor boxes, the installation removal or alteration of
cabling provided such alterations or additions do not affect the use or enjoyment of the Building or the base building systems 

  

	1.31	“Permitted Part” means the separate unit of accommodation as defined in Clause 4.2l(c)(ii) 

  

	1.32	“Pipes” means all pipes sewers drains ducts conduits gutters watercourses wires cables channels flues service corridors trunking and all other conducting media and
any ancillary apparatus 

  

	1.33	“Plan 1” “Plan 2” “Plan 3” etc means the plans annexed hereto and respectively so marked 

  

	1.34	“Planning Acts” means the Town and Country Planning Act 1990 the Planning (Listed Buildings and Conservation Areas) Act 1990 the Planning (Hazardous Substances) Act
1990 the Planning (Consequential Provisions) Act 1990 the Planning and Compensation Act 1991 and any other town and country planning or related legislation 

  

	1.35	“Quarterly Day” means each of the 1st day of January 1st day of April 1st day of July and 1st day of October 

  

	1.36	 “Regulations” means the regulations set out in a manual which has been made available to the Tenant and which may be reasonably updated from time
to time and such substituted or additional reasonable Regulations as the Landlord may from time to time notify in writing to 

  

 6 

	 	 
the Tenant for the general management oversight and security of the Building the Car Park or the Estate 

  

	1.37	“Rent” means the Initial Rent and the rent payable pursuant to the provisions of the Third Schedule 

  

	1.38	“Retained Parts” means the Common Parts of the Building and all parts of the Building which do not comprise Lettable Areas or Estate Common Parts and/or which are
designated as such from time to time by the Landlord 

  

	1.39	“Serviced Offices” means the provision of office accommodation (a) to tenants on short-term lettings or tenancies (not exceeding five years) excluded from the
operation of sections 24-28 (inclusive) of the Landlord and Tenant Act 1954 or (b) to tenants on the basis of tenancies at will, periodic tenancies or yearly tenancies or (c) otherwise to occupiers on the terms of licences to occupy under which no
relationship of landlord and tenant is created by the arrangement and (in each case) where such tenants or occupiers are provided additional service or services such as (by way of example only) support systems and/or reception facilities and/or
conference facilities and/or meeting rooms 

  

	1.40	“Superior Landlord” means the person or persons for the time being entitled to any estate or estates which are reversionary (whether immediate or mediate) upon the
Landlord’s estate 

  

	1.41	“Superior Lease” means the Lease dated 16 March 1998 and made between London Docklands Development Corporation (1) and Heron Quays Properties Limited (2) as amended
from time to time and any other lease or leases which are reversionary (whether immediate or mediate) upon this Lease 

  

	1.42	“Surety” means the party (if any) named as “Surety” in the Particulars and any other party who during the Term acts as Surety and in the case of an
individual includes his personal representatives 

  

	1.43	“Tenant” means the party named as “Tenant” in the Particulars and includes the Tenant’s successors in title and assigns and those deriving title
under them and in the case of an individual includes his personal representatives 

  

	1.44	“Tenant’s Category A Works” means works undertaken by the Tenant which shall comprise works of the nature of (whether or not they are identical to the works
detailed in the Minimum Standard Developer’s Finish for Tenant’s Works Specification) and which are approved in accordance with the provisions of the Agreement for Lease 

  

	1.45	“Tenant’s Category B Works” means the works (if any) which are undertaken by the Tenant (in addition to the Tenant’s Category A Works or in substitution
thereof) as part of the Tenant’s fitting out of the Demised Premises and which are approved in accordance with the provisions of the Agreement for Lease 

  

	1.46	“Tenant’s Works” means collectively the Tenant’s Category A Works and the Tenant’s Category B Works 

  

	1.47	“Term” means the term of years stated in the Particulars and includes the period of any holding over or any extension or continuation whether by statute or common
law 

  

 7 

	1.48	“Value Added Tax” and “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and includes any other tax from time to time
replacing it or of a similar fiscal nature 

  

	1.49	“Working Day” means any day (other than a Saturday or a Sunday) upon which clearing banks in the United Kingdom are open to the public for the transaction of
business 

  

	2.	INTERPRETATION 

  
 UNLESS the context otherwise requires:- 
  

	2.1	where two or more persons are included in the expression “the Tenant” and/or “the Landlord” the covenants which are expressed to be made by the Tenant and/or the
Landlord shall be deemed to be made by such persons jointly and severally 

  

	2.2	words importing persons shall include firms companies and corporations and vice versa 

  

	2.3	any covenant or regulation to be observed by any party hereto not to do any act or thing shall include an obligation not to cause permit or suffer such act or thing to be done

  

	2.4	references either to any rights or powers of the Landlord or the Management Company or the rights of the Tenant in relation to the Adjoining Property shall be construed as extending
respectively to the Superior Landlord and all persons authorised by the Landlord and/or the Management Company and the Superior Landlord and as the case may be by the Tenant 

  

	2.5	reference to the requirement of any consent and/or approval from and/or registration with the Landlord and/or the Management Company shall be construed as:-

  

	 	(a)	requiring the Landlord and/or Management Company not unreasonably to delay giving any such consent and/or approval where either the Landlord or Management Company is not
unreasonably to withhold such consent and/or approval; and 

  

	 	(b)	including a requirement for the consent and/or approval of and/or registration with a Superior Landlord where the Superior Landlord’s consent and/or approval would be required
under the terms of a Superior Lease except that nothing herein shall be construed as imposing on a Superior Landlord any obligation (or indicating that such an obligation is imposed on the Superior Landlord by virtue of the terms of a Superior
Lease) not unreasonably to refuse any such consent and/or approval 

  

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

  

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

  

	2.8	all agreements and obligations by any party contained in this Lease (whether or not expressed to be covenants) shall be deemed to be and shall be construed as covenants by such
party 

  

	2.9	 save where expressly provided to the contrary, all sums payable by the Tenant or the Surety pursuant to this Lease shall be deemed to be exclusive of any Value
Added Tax which may 

  

 8 

	 	 
be chargeable on the supply or supplies for which such sums (or any part of such sums) are the whole or part of the consideration for Value Added Tax
purposes 

  

	2.10	any reference to any right, entitlement or obligation of any person under the laws in relation to Value Added Tax, or any business carried on by any person for Value Added Tax
purposes, shall (where appropriate and unless the context otherwise requires) be construed, at any time when such person is treated as a member of a group for the purposes of section 43 of the Value Added Tax Act 1994, to include a reference to the
right, entitlement or obligation under such laws of, or the business carried on for Value Added Tax purposes by, the representative member of such group at such time (the term “representative member”) to be construed in accordance with the
said section 43) 

  

	2.11	any reference to any election to waive exemption made or to be made by any person pursuant to paragraph 2 of Schedule 10 to the Value Added Tax Act 1994 shall be construed to
include a reference to any such election made or to be made pursuant to such paragraph by any relevant associate of such person (the term “relevant associate” to be construed in accordance with paragraph 3 of the said Schedule 10)

  

	3.	DEMISE AND RENTS 

  
 THE Landlord HEREBY DEMISES unto the Tenant the Demised Premises TOGETHER WITH the rights and easements specified in the First Schedule EXCEPT AND
RESERVING the rights and easements specified in the Second Schedule SUBJECT TO all rights easements quasi-easements privileges covenants restrictions and stipulations of whatsoever nature affecting the Demised Premises including the matters
contained or referred to in the Deeds mentioned in the Fifth Schedule TO HOLD the Demised Premises unto the Tenant from and including the Term Commencement Date for the Term YIELDING AND PAYING unto the Landlord and (where expressly provided
hereunder) the Management Company during the Term by way of rent:- 
  

	 	(a)	yearly and proportionately for any fraction of a year:- 

  

	 	(i)	from and including 16 May 2005 up to but excluding the Level 2 Rent Commencement Date the rent of FORTY THOUSAND SEVEN HUNDRED AND SEVENTY FIVE POUNDS (£40,775)

  

	 	(ii)	from and including the Level 2 Rent Commencement Date up to but excluding the Level 1 Rent Commencement Date the rent of SIX HUNDRED AND SEVENTY THOUSAND ONE HUNDRED AND FORTY FIVE
POUNDS (£670,145) 

  

	 	(iii)	from and including the Level 1 Rent Commencement Date to but excluding 16 May 2010 the Initial Rent 

  

	 	(iv)	from and including each Review Date (as that term is defined in the Third Schedule) such Rent as shall become payable under and in accordance with the provisions of the Third
Schedule 

  
 in each case to be paid to the
Landlord (by Banker’s Standing Order if the Landlord reasonably so requires) by equal quarterly payments in advance on each Quarterly Day in every year the first payment being a proportionate sum in respect of the 

  

 9 

 
period from and including the Rent Commencement Date to the day before the next Quarterly Day to be made on the Rent Commencement Date 
  

	 	(b)	a due proportion to be fairly and properly determined by the Landlord of all sums (including insurance tax and the cost of periodic valuations for insurance purposes) which the
Landlord shall from time to time be liable to pay for insuring the Building against the Insured Risks pursuant to Clause 7.1 (a) and the other matters referred to in Clauses 7.1(c) and 7.1(d) and the whole of the sums which the Landlord shall from
time to time pay for insuring against loss of rents pursuant to Clause 7.1(b) such sums to be paid to the Landlord on demand 

  

	 	(c)	the payments to be made to the Management Company (subject to Clause 8.6) in accordance with Clause 9 

  

	 	(d)	the moneys referred to in Clauses 4.2 and 4.33 to be paid to the Landlord or the Management Company as therein provided on demand 

  

	 	(e)	any other moneys which are by this Lease stated to be recoverable as rent in arrear to be paid to the Landlord or the Management Company as therein provided on demand

  

	4.	TENANT’S COVENANTS 

  
 THE Tenant HEREBY COVENANTS with the Landlord and as a separate covenant with the Management Company as follows:- 
  

	4.1	Rents 

  
 To pay the rents reserved by this Lease at the times and in the manner aforesaid without any abatement set-off counterclaim or deduction whatsoever (save
those that the Tenant is required by law to make) and so that the Landlord shall receive full value in cleared funds on the date when payment is due 
  

	4.2	Interest on arrears 

  

	 	(a)	Without prejudice to any other right remedy or power herein contained or otherwise available to the Landlord or the Management Company if any of the rents reserved by this Lease
(whether formally demanded or not) or any other sum of money payable to the Landlord or the Management Company by the Tenant under this Lease shall not be paid so that the Landlord receives full value in cleared funds:- 

  

	 	(i)	in the case of the Rent and any Value Added Tax thereon, on the date when payment is due (or, if the due date is not a Working Day, the next Working Day after the due date); or

  

	 	(ii)	in the case of any other rents or sums within seven (7) days after the date when payment has become due 

  
 to pay interest thereon at the Interest Rate from the date on which payment was due to the date of payment to the Landlord
or the Management Company (as the case may be) (both before and after any judgment) 
  

	 	(b)	 Without prejudice to any other right, remedy or power contained in this Lease or otherwise available to the Landlord, if the Landlord shall decline to accept any of
the 

  

 10 

	 	 
rents or other sums of money so as not to waive any existing breach of covenant, the Tenant shall pay interest on such rents and other sums of money at the
Interest Rate from and including the date when payment was due (or, where applicable, would have been due if demanded on the earliest date on which it could have been demanded) to the date when payment is accepted by the Landlord

  

	4.3	Outgoings 

  

	 	(a)	To pay and discharge all existing and future rates taxes duties charges assessments impositions and outgoings whatsoever or (where such outgoings relate to the Demised Premises and
other premises) a due proportion thereof to be reasonably determined by the Landlord which now are or may at any time during the Term be payable in respect of the Demised Premises (and all car parking spaces designated for the use of the Tenant)
whether by the owner or the occupier of them (excluding any tax payable by the Landlord occasioned by the grant of and any disposition of or dealing with the reversion to this Lease) 

  

	 	(b)	To the extent not detrimental to the Tenant’s interests to raise no objection to the Landlord or the Management Company contesting any outgoings as aforesaid and appealing any
assessments related thereto or withdrawing any such contest or appeal or agreeing with the relevant authorities on any settlement compromise or conclusion in respect thereof and to supply to the Landlord forthwith upon receipt copies of any such
assessments and to execute forthwith on request all consents authorisations or other documents as the Landlord or the Management Company reasonably requests to give full effect to the foregoing 

  

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

  

	 	(d)	To pay all charges for electricity telephone water gas (if any) and other services and all sewage and environmental charges consumed in the Demised Premises including any connection
charge and meter installation costs and rents and if so required by the Landlord at the Tenant’s own cost to install a water meter to measure the water consumed in the Demised Premises and (where any such services are provided by the Landlord
or the Management Company at the request of the Tenant or where there is no reasonable alternative) to pay for any such service consumed and a standing charge at a reasonable rate (not exceeding 10% of the cost of the same to the Landlord or the
Management Company) specified from time to time by the Landlord or the Management Company and to permit the Landlord or the Management Company to install maintain and read any meter in the Demised Premises relating to any such service

  

	4.4	Utility authorities 

  
 To pay to the Landlord or as it may direct an amount equal to any rebate or rebates which the Tenant or any undertenant may receive from public utilities
in respect of the capital costs incurred by the Landlord the London Docklands Development Corporation (or any successor body) or some party (other than the Tenant) of providing water foul and surface water drainage gas electricity and
telecommunications 
  

 11 

	4.5	Repairs 

  

	 	(a)	To repair and keep in good and substantial repair and condition the Demised Premises (other than any parts which the Landlord or the Management Company has covenanted to maintain or
replace or repair) 

  

	 	(b)	To replace from time to time any of the Landlord’s fixtures and fittings which become in need of replacement with new ones which are similar in type and quality (excluding any
such fixtures and fittings which the Landlord or the Management Company is liable to maintain or repair or replace pursuant to their respective covenants herein contained) 

  
 (damage by the Insured Risks excepted save to the extent that (i) payment of the insurance moneys shall be withheld by
reason of any act neglect or default of the Tenant or any undertenant or any person under its or their control and (ii) such damage is to the Tenant’s Works and/or the Existing Category A Works and damage by an Act of Terrorism excepted save to
the extent such damage is to the Tenant’s Works and/or the Existing Category A Works) 
  

	4.6	Plant and machinery 

  
 Subject to the exceptions to clause 4.5 to keep all plant machinery and other equipment (not being moveable property of the Tenant or any undertenant) in
the Demised Premises properly maintained and in good working order and condition and shall not adversely affect the base building systems and any warranties which the Landlord may enjoy in relation to the same 
  

	4.7	Decorations 

  
 Subject to the exceptions in clause 4.5 in every Decoration Year and also in the last three months of the Term howsoever determined in a good and
workmanlike manner to prepare and decorate (with two coats at least of good quality paint) or otherwise treat as appropriate all parts of the Demised Premises required to be so treated and as often as may be reasonably necessary to wash down all
washable surfaces such decorations and treatment in the last year of the Term to be executed in such colours and materials as the Landlord may reasonably require 
  

	4.8	Cleaning 

  

	 	(a)	To keep the Demised Premises in a clean and tidy condition and at least once in every month properly to clean the inside of all exterior windows window frames and other exterior
glass enclosing the Demised Premises 

  

	 	(b)	To invite the cleaning contractor nominated by the Landlord to tender to the Tenant for the cleaning of the Demised Premises 

  

	4.9	Not Used 

  

 12 

	4.10	Yield up 

  

	 	(a)	Immediately prior to the expiration or sooner determination of the Term at the cost of the Tenant:- 

  

	 	(i)	to replace any of the Landlord’s fixtures and fittings which shall be missing or damaged with new ones of similar kind and quality or (at the option of the Landlord) to pay to
the Landlord the cost of replacing any of the same 

  

	 	(ii)	to remove from the Demised Premises any moulding or sign of the name or business of the Tenant or occupiers and all tenant’s fixtures fittings furniture and effects and to make
good to the reasonable satisfaction of the Landlord all damage caused by such removal 

  

	 	(iii)	only if reasonably required by the Landlord to remove all video data and sound communications conducting material installed in the Building by or at the request of the Tenant or any
undertenant 

  

	 	(b)	At the expiration or sooner determination of the Term quietly to yield up the Demised Premises to the Landlord in good and substantial repair and condition in accordance with the
covenants and other obligations on the part of the Tenant contained in this Lease and if and to the extent required by the Landlord to no less a standard of finish than they would have been in if they had been constructed to the Minimum Standard
Developer’s Finish for Tenant Work Specification when the Building was originally constructed and to the extent that such a requirement is not inconsistent with the foregoing provision to reinstate and remove the alterations and additions
carried out by or on behalf of the Tenant whether before or after the commencement of the Term and making good of all damage caused by such removal in all cases to the Landlord’s reasonable satisfaction. 

  

	4.11	Rights of entry by Landlord and the Management Company 

  
 Subject to the provisions of Clause 8.17 to permit the Landlord and the Management Company with all necessary materials and appliances at all reasonable
times upon reasonable prior notice (except in cases of emergency) to enter and remain upon the Demised Premises:- 
  

	 	(a)	to view and examine the state and condition of the Demised Premises and to take schedules of the landlord’s fixtures 

  

	 	(b)	to exercise any of the rights excepted and reserved by this Lease 

  

	 	(c)	for any other proper purpose connected with the management of or the interest of the Landlord in the Demised Premises or the Building 

  

	4.12	To comply with notices 

  

	 	(a)	Whenever the Landlord shall give written notice to the Tenant of any breach of covenant to forthwith remedy such breach 

  

	 	(b)	 If the Tenant shall fail within twenty-one (21) days of such notice or as soon as reasonably possible in the case of emergency to commence and then diligently to
continue to comply with such notice the Landlord may without further notice enter 

  

 13 

	 	 
the Demised Premises and carry out or cause to be carried out all or any of the works referred to in such notice and all costs and expenses thereby incurred
shall be paid by the Tenant to the Landlord on demand and in default of payment shall be recoverable as rent in arrear 

  

	4.13 	Overloading floors and services and installation of wiring etc 

  

	 	(a)	Not to do anything which may subject the Demised Premises or the Building to any strain beyond that which it is designed to bear with due margin for safety and to pay to the
Landlord on demand all costs reasonably incurred by the Landlord in obtaining the opinion of a qualified structural engineer as to whether the structure of the Demised Premises or the Building is being or is about to be overloaded

  

	 	(b)	To observe the weight limits prescribed for all lifts in the Building 

  

	 	(c)	Not to use or permit or suffer to be used any electrical or electronic apparatus or equipment that does not comply with any relevant British standard or code of practice (or any
replacement thereof) relating to such apparatus or equipment and in addition not to install or use any electrical or electronic equipment or apparatus unless it has been fitted with an efficient suppresser so as to prevent any interference with
radio or television reception telecommunications transmission electrical or electronic apparatus or equipment or the operation of any other equipment in the Building or in any Adjoining Property 

  

	 	(d)	If properly requested by any relevant public utility promptly to provide or to consent to the disclosure by the relevant public utility of details to the Management Company of the
installation in or upon any part of the Building or the Estate of all video data and sound communications conducting material and associated equipment installed by or at the request of the Tenant or any undertenant 

  

	4.14 	Pipes 

  
 Not to overload or obstruct any Pipes or discharge into any Pipes any oil or grease or any noxious or deleterious substance which may cause an obstruction
or become a source of danger or injure the Pipes or the drainage system of the Building or the Adjoining Property 
  

	4.15 	Cooking 

  
 Not to prepare or cook any food in the Demised Premises otherwise than in a kitchen area approved in writing by the Landlord such approval not to be
unreasonably withheld and to take all necessary steps to ensure that all smells and fumes caused by permitted cooking refuse or food shall be removed from the Demised Premises in a manner and by means approved by the Landlord and in any event so as
to ensure that in the reasonable opinion of the Landlord no nuisance or annoyance shall be caused to the Landlord or any of the tenants or occupiers of the Building or the Adjoining Property 
  

	4.16 	Dangerous materials and use of machinery 

  
 Not to bring in any part of the Building anything which is or is likely to become dangerous offensive combustible especially inflammable radioactive or
explosive or which might increase the risk of fire or explosion or which would cause or be likely to cause nuisance disturbance or damage to the Landlord or any tenant owner or occupier of any part of the Building or the Estate PROVIDED THAT this
Clause shall not prevent the use of goods and 

  

 14 

 
machinery utilised in connection with a modern office building and the activities carried on thereat 
  

	4.17 	Heating cooling and ventilation and other systems 

  

	 	(a)	Not to do anything which adversely affects the heating cooling or ventilation of the Building or any other centrally controlled systems or which imposes an additional load on the
heating cooling or ventilation plant and equipment or any such system beyond that which it is designed to bear 

  

	 	(b)	To take all steps necessary to prevent any mechanical ventilation of the Demised Premises drawing air from or exhausting air into the Common Parts of the Building

  

	4.18	User 

  

	 	(a)	Not to use or occupy the Demised Premises for any purpose except for the Permitted User 

  

	 	(b)	Not to use the Demised Premises or any part thereof for any auction or public meeting public exhibition or public entertainment or for gambling or as a club or for the business of a
turf accountancy estate agency travel agency staff or employment agency or Government Department where services are provided principally to visiting members of the public 

  

	 	(c)	Not to use the Demised Premises or any part thereof for any dangerous noisy noxious or offensive trade business or occupation whatsoever nor for any illegal or immoral purpose nor
for residential or sleeping purposes 

  

	 	(d)	Not to leave the Demised Premises continuously unoccupied for more than 7 days without:- 

  

	 	(i)	notifying the Landlord and 

  

	 	(ii)	providing such caretaking and security arrangements as the Landlord shall reasonably require in order to protect the Demised Premises and its contents and to deal with any emergency

  

	 	(e)	To ensure that at all times the Landlord and the Management Company have written notice of the name home address and home telephone number of at least two keyholders of the Demised
Premises 

  

	 	(f)	To provide the Landlord or the Management Company with a set of keys to the Demised Premises to enable the Landlord and the Management Company or their agents and others authorised
by the Landlord or the Management Company to enter the Demised Premises for security purposes in accordance with the provisions of Clause 8.18 or in cases of emergency 

  

	4.19 	Alterations signs and visual amenity 

  

	 	(a)	Not to erect any new structure in the Demised Premises or any part thereof nor to alter add to or change the exterior of the Demised Premises or the height elevation or external
architectural or decorative design or appearance of the Demised Premises 

  

 15 

	 	(b)	Not to alter divide cut maim or remove any of the principal or load-bearing walls floors beams or columns within or enclosing the Demised Premises nor to make any other alterations
or additions which affect the structure of the Building 

  

	 	(c)	Save for the Permitted Alterations not to make any alterations or additions to any centrally controlled systems in the Demised Premises or the Building or the Pipes within or
serving the Demised Premises or the Building without obtaining the prior written consent of the Landlord such consent not to be unreasonably withheld 

  

	 	(d)	Save for the Permitted Alterations not to make any alterations or additions not prohibited by Clause 4.19 (a) or (b) without obtaining the prior written consent of the Landlord such
consent not to be unreasonably withheld and provided that as soon as practicable (and not more than twenty working days) following completion of the approved alterations or additions or the Permitted Alterations (the “Alterations”)
the Tenant shall supply to the Landlord (i) a set of as-built drawings showing the Alterations as actually carried out together with a complete set of updated DWG files on computer disc reflecting the changes to the Tenant’s Works and (ii) a
copy of the health and safety file kept available for inspection pursuant to the Construction (Design Management) Regulations 1994 and any subsequent legislation of a similar nature 

  

	 	(e)	Not to add to or change the lighting within the Demised Premises which lighting is visible from outside the Demised Premises without obtaining the prior written consent of the
Landlord (not to be unreasonably withheld) 

  

	 	(f)	Not to erect or display on the exterior of the Demised Premises or in the windows thereof so as to be visible from the exterior any pole aerial advertisement or thing whatsoever
save that the Tenant may display on the entrance door to the Demised Premises a sign stating the Tenant’s name and business or profession on obtaining the prior written consent of the Landlord to the size style and the position thereof and the
materials to be used such consent not to be unreasonably withheld 

  

	 	(g)	Not to install any window coverings except those which have been approved in writing by the Landlord from time to time (not to be unreasonably withheld) 

  

	 	(h)	Promptly to make good all damage caused to any parts of the Building or any Adjoining Property in the carrying out of any alterations or additions to the Demised Premises

  

	4.20 	Works carried out to the Demised Premises 

  
 Without prejudice to the provisions of Clause 4.19 or to any covenants and conditions which the Landlord may reasonably require or impose in giving
consent for alterations or additions to the Demised Premises to carry out any alterations additions repairs replacements or other works to or in respect of the Demised Premises promptly and in a good and workmanlike manner and in accordance with the
reasonable requirements of the Landlord notified in writing to the Tenant and in particular but without prejudice to the generality thereof: - 
  

	 	(a)	any works the carrying out of which may in the Landlord’s reasonable opinion constitute a nuisance or disrupt the businesses or activities of other tenants or occupiers of the
Building or the Estate or the public shall be performed outside the hours of 9.00 am to 6.00 pm on Monday to Friday (inclusive) 

  

 16 

	 	(b)	any works within the Demised Premises affecting the structure of the Building or any base building systems or centrally controlled systems within the Building or the Demised
Premises shall at the Landlord’s reasonable option be performed at the Tenant’s expense by the Landlord or the Management Company or by contractors designated by the Landlord at a reasonable time specified by the Landlord and at a
reasonable cost 

  

	4.21	Alienation 

  

	4.21.1	

  

	 	(a)	Not to assign or charge any part or parts (as distinct from the whole) of the Demised Premises and not to agree so to do 

  

	 	(b)	Not to part with possession of or share the occupation of the whole or any part or parts of the Demised Premises or agree so to do (otherwise than conditionally upon obtaining the
Landlord’s consent in accordance with the terms of this Lease) or permit any person to occupy the same save by way of an assignment or underlease of the whole of the Demised Premises or an underlease of a Permitted Part thereof (as hereinafter
defined) in accordance with the provisions of this Clause PROVIDED THAT nothing contained in this Clause shall prevent the Tenant from sharing occupation of the whole or any part or parts of the Demised Premises with a company which is and remains a
Group Company of the Tenant so long as such occupation shall not create the relationship of landlord and tenant between the Tenant and the Group Company and notice of the sharing of occupation and the name of the Group Company concerned is given to
the Landlord within ten (10) Working Days after the sharing begins 

  

	 	(c)	Not to underlet any part or parts of the Demised Premises (as distinct from the whole) otherwise than on the following conditions:- 

  

	 	(i)	each floor of the Demised Premises shall not at any time be in the occupation of more than four (4) Entities the Tenant and any Group Company of the Tenant sharing occupation with
the Tenant pursuant to the proviso to Clause 4.21.1(b) counting as one 

  

	 	(ii)	each separate unit of accommodation to be underlet or retained shall comprise not less than four thousand square feet on a single floor and shall be capable of being occupied and
used as a separate and self-contained unit with all necessary and proper services (“a Permitted Part”) and 

  

	 	(iii)	if the Landlord shall reasonably so require, the Tenant shall obtain an acceptable guarantor for any proposed undertenant and such guarantor shall execute and deliver to the
Landlord a deed containing covenants by that guarantor (or, if more than one, joint and several covenants) with the Landlord, as a primary obligation, in the terms contained in the Fourth Schedule (with any necessary changes) or in such other terms
as the Landlord may reasonably require and 

  

	 	(iv)	 prior to the grant of any underlease of a Permitted Part (which comprises less than a whole floor) the underlease has been validly excluded form the operation of
sections 24 to 28 of the Landlord and Tenant Act 1954 in accordance with the provisions of section 38(A) of the said Act in relation to 

  

 17 

	 	 
such intended underlease and the said intended underlease shall contain provisions excluding Sections 24 to 28 of the said Act 

 

	 	(d)	Not to underlet the whole of the Demised Premises otherwise than on the condition that if the Landlord shall reasonably so require, the Tenant shall obtain an acceptable guarantor
for any proposed undertenant and such guarantor shall execute and deliver to the Landlord a deed containing covenants by that guarantor (or, if more than one, joint and several covenants) with the Landlord, as a primary obligation, in the terms
contained in the Fourth Schedule (with any necessary changes) or in such other terms as the Landlord may reasonably require 

  
 (e) 
  

	 	(i)	Not to underlet the whole of the Demised Premises or a Permitted Part at a fine or a premium or at a rent less than the open market rental value of the Demised Premises or (as the
case may be) of a Permitted Part in each case at the time of such underlease 

  

	 	(ii)	No underletting of the whole or any part of the Demised Premises can take place on terms whereby any rent-free or concessionary rent period or financial inducement given is not
previously approved by the Landlord 

  

	 	(f)	Without prejudice to the foregoing provisions not to charge or underlet the whole of the Demised Premises nor to underlet a Permitted Part without the prior written consent of the
Landlord such consent not to be unreasonably withheld nor to assign the whole of the Demised Premises otherwise that in strict compliance with Clause 4.21.2 

  

	 	(g)	Prior to any permitted underlease to procure that the undertenant enters into direct covenants with the Landlord and the Management Company as follows:- 

  

	 	(i)	an unqualified covenant by the undertenant that the undertenant 

  

	 	(A)	shall not assign or charge (or agree so to do) any part or parts (as distinct from the whole of the premises to be thereby demised); and 

  

	 	(B)	shall not (save by way of an assignment or underlease of the whole or (if the undertenant is the undertenant of the whole of the Demised Premises) an underlease of a Permitted Part)
part with possession of or share the occupation of the whole or any part of the premises to be thereby demised or agree so to do or permit any person to occupy the same 

  

	 	(ii)	a covenant by the undertenant that the undertenant shall not assign charge or underlet (or agree so to do) the whole of the premises to be thereby demised or underlet (or agree so
to do) a Permitted Part without (in each case) obtaining the prior written consent of the Landlord such consent not to be unreasonably withheld 

  

	 	(iii)	a covenant by the undertenant to perform and observe all the tenant’s covenants and the other provisions contained in 

  

	 	(1)	 this Lease (other than the payment of the rents) so far as the same are applicable to the premises to be thereby demised and including in 

  

 18 

	 	 
particular (but without limitation) the conditions set out in Clause 4.21.1 (c); and 

  

	 	(2)	the permitted underlease 

  

	 	(h)	Every permitted underlease shall contain:- 

  

	 	(i)	provisions for the review of the rent thereby reserved (which the Tenant hereby covenants to operate and enforce) on an upwards only basis on the dates for review specified in the
Particulars to this Lease in accordance with the provisions set out in the Third Schedule hereto mutatis mutandis and with references to “Assumed Premises” being deemed to be references to premises demised by the permitted underlease

  

	 	(ii)	a covenant by the undertenant (which the Tenant hereby covenants to enforce) prohibiting the undertenant from doing or suffering any act or thing in relation to the premises
underlet in breach of the provisions of this Lease 

  

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

  

	 	(iv)	(subject to the provisions of Clause 4.21.l(g)) the same provisions (mutatis mutandis) as are set out in Clause 4.21.2 

  

	 	(i)	When reasonably required to enforce the performance and observance by every such undertenant of the covenants provisions and conditions of the underlease and not at any time
knowingly or formally to waive any breach of the same 

  

	 	(j)	To procure that the principal rent is reviewed under any permitted underlease in accordance with the terms thereof and not to agree any reviewed rent with the undertenant at less
than the then open market rent and in any event not without prior consultation with the Landlord 

  

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

  

	 	(l)	To procure that the rents reserved by any permitted underlease shall not be commuted or payable more than one quarter in advance and not to permit the reduction of any rents
reserved by any such underlease 

  

							
	4.21.2	  	(a)	 	For the purposes of Section 19(1 A) of the Landlord and Tenant Act 1927 it is agreed that the Landlord may withhold consent to an assignment of the whole of the Demised Premises
if:-
				
	 	  	 	 	(i)	  	the proposed assignee is not an Acceptable Assignee; or
				
	 	  	 	 	(ii)	  	the proposed assignee is a company which is a Group Company of the Tenant unless such proposed assignee has maintained continuously for a period of three (3) years immediately preceding the date
of the application for licence to assign this Lease and still maintains a credit rating (as ascertained in accordance with the provisions of Clause 1.1 (a)) equal to or better than the best credit rating (as ascertained in accordance with the
provisions of Clause 1.1 (a)) of the Tenant during such three (3) year period; or

  

 19 

	 	(iii)	the proposed assignee or any proposed guarantor for it (other than any guarantor under an authorised guarantee agreement as referred to in Clause 4.21.2(b)(i)) is any person or
Entity who has the right to claim sovereign or diplomatic immunity or exemption from liability from the covenants on the part of the Tenant contained in this Lease; or 

  

	 	(iv)	at the time of application for consent the proposed assignee or any proposed guarantor for it (other than any guarantor under an authorised guarantee agreement as referred to in
Clause 4.21.2(b)(i)) is any person or Entity in relation to whom any of the events mentioned in Clause 8.1 of this Lease would have occurred if that person or Entity were the Tenant under this Lease; or 

  

	 	(v)	the Initial Rent remains unpaid; or 

  

	 	(vi)	in the Landlord’s reasonable opinion there is a material outstanding breach of covenant on the part of the Tenant which relates to the repair of the Demised Premises unless the
proposed assignee (being an Acceptable Assignee) covenants unconditionally with both the Landlord and the Management Company to remedy such breach as soon as reasonably practicable 

  

	 	(b)	For the purposes of S19 (1A) of the Landlord and Tenant Act 1927 and S16 of the Landlord and Tenant (Covenants) Act 1995 it is further agreed that any consent of the Landlord to an
assignment of the whole of the Demised Premises may be subject to: 

  

	 	(i)	a condition requiring that before the Tenant completes the assignment of this Lease the Tenant and any party who has covenanted on its behalf as Surety jointly and severally execute
and deliver to the Landlord a deed which shall be prepared by the Landlord’s solicitors containing covenants on the part of the Tenant and the Surety in the form of those contained in the Eighth Schedule 

  

	 	(ii)	a condition that the assignment is completed and registered with the Landlord in accordance with Clause 4.22 within two (2) months of the date of the consent and that if it is not
the consent shall be void but any of the guarantees referred to in Clauses 4.21.2(b)(i) and 4.21.2(b)(iii) shall nevertheless remain in full force and effect 

  

	 	(iii)	a condition that before the Tenant completes the assignment of the Lease, if the Landlord acting reasonably determines it to be necessary, one or more guarantors acceptable to the
Landlord, acting reasonably, covenant by deed with the Landlord in the form of guarantee set out in the Fourth Schedule 

  

	 	(iv)	a condition that prior to any permitted assignment it is procured that the assignee enters into a direct covenant with the Landlord and the Management Company that with effect from
the date of the assignment until the first subsequent assignment which is not an excluded assignment (as the expression is defined in the Landlord and Tenant (Covenants) Act 1995) the proposed assignee will pay the rents hereby reserved and perform
and observe the covenants by the Tenant contained in this Lease 

  

 20 

	 	(c)	Without prejudice to the provisions of Clauses 4.21.2(a) and (b) the Tenant shall not assign the whole of the Demised Premises without the prior written consent of the Landlord and
except in relation to the circumstances mentioned in Clause 4.21.2(a) and the conditions mentioned in Clause 4.21.2(b) such consent shall not be unreasonably withheld. The parties agree that in considering whether or not the Landlord is reasonably
withholding such consent due and proper regard shall be had to the provisions and effect of the Landlord and Tenant (Covenants) Act 1995 

  

	 	(d)	Clauses 4.21.2(a) and 4.21.2(b) shall operate without prejudice to the Landlord’s right to refuse such consent on any other ground or grounds where such refusal would be
reasonable or to impose further conditions upon the grant of consent where such imposition would be reasonable and the Landlord may at any time during the Term abandon any of the circumstances set out in Clause 4.21.2(a) and/or any of the conditions
referred to in Clause 4.21.2(b) by serving written notice to that effect on the Tenant and upon service of any such notice in the circumstance(s) or condition(s) therein specified shall be deemed to be deleted from this Lease and be of no further
effect 

  

	4.21.3 	Any question of whether or not any of the circumstances set out in Clause 4.21.2(a) exist in relation to a proposed assignment of the whole of the Demised Premises or as to whether
any of the conditions referred to in Clause 4.21.2(b) should be imposed shall be determined by the Landlord and if the Landlord determines that any such circumstances exist and as a consequence of it wishes to withhold its consent to the proposed
assignment, or that any such conditions should be imposed, the Landlord shall give written notice to that effect to the Tenant and such notification shall be binding on the Tenant unless the Tenant serves on the Landlord a counternotice
(“the Counternotice”) within ten (10) Working Days requiring the Landlord’s determination to be reviewed by an expert in accordance with the Ninth Schedule 

  

	4.22 	Registration of dispositions 

  
 Within twenty-one (21) days of every assignment transfer assent underlease assignment of underlease mortgage charge or any other disposition whether
mediate or immediate of or relating to the whole or any part or parts of the Demised Premises to supply to the Landlord a copy certified by the Tenant’s solicitors of the document evidencing or effecting such disposition and on each occasion to
pay to the Landlord or its solicitors a reasonable registration fee 
  

	4.23 	Disclosure of information 

  
 Whenever the Landlord shall reasonably request to supply full particulars of all occupations and derivative interests in the Demised Premises however
remote or inferior 
  

	4.24 	Landlord’s costs 

  
 Within ten (10) Working Days of demand, to pay and indemnify the Landlord the Management Company any Superior Landlord and any mortgagee against all
reasonable costs fees charges disbursements and expenses properly incurred by them:- 
  

	 	(a)	 in relation to or in contemplation of the preparation and service of a notice under Section 146 of the Law of Property Act 1925 and of any proceedings under Section
146 or 147 of that Act (whether or not any right of re-entry or forfeiture has been waived by the Landlord or a notice served under Section 146 is complied with by the 

  

 21 

	 	 
Tenant or the Tenant is relieved under the provisions of that Act and even though forfeiture may be avoided otherwise than by relief granted by the Court)

  

	 	(b)	in relation to or in contemplation of the preparation and service of all notices and schedules relating to wants of repair whenever served (but relating only to such wants of repair
that accrued during the Term) 

  

	 	(c)	in connection with the recovery or attempted recovery of arrears of rent or other sums due from the Tenant or in procuring the remedying of the breach of any covenant by the Tenant

  

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

  

	4.25 	Statutory requirements 

  

	 	(a)	At the Tenant’s own expense in relation to the Demised Premises to comply in all respects with every statute now in force or which may after the date of this Lease be in force
and any other obligation imposed by law and all regulations laws or directives made or issued by or with the authority of The European Commission and/or The Council of Ministers relating to the Demised Premises or their use, including the Offices,
Shops and Railway Premises Act 1963, the Fire Precautions Act 1971, the Defective Premises Act 1972, the Health and Safety at Work etc. Act 1974 and the Environmental Protection Act 1990 

  

	 	(b)	To execute all works and provide and maintain all arrangements on or in respect of the Demised Premises or their use which are required by any statute now in force or which may
after the date of this Lease be in force or by any government department, local, public or other competent authority or court of competent jurisdiction acting under or in pursuance of any statute, whether any of the same are required to be carried
out by the landlord, tenant or occupier, and shall indemnify the Landlord against all costs, charges, fees and expenses of, or incidental to, the execution of any works or the provision or maintenance of any arrangements so required

  

	 	(c)	Not to do or omit to be done in or near the Demised Premises any act or thing by reason of which the Landlord or any other occupier may under any statute or non-statutory
regulations become liable to pay any penalty damages compensation costs charges or expenses 

  

	4.26 	Planning Acts 

  

	 	(a)	To comply with the provisions and requirements of the Planning Acts in relation to the Demised Premises and to indemnify and keep the Landlord indemnified against all actions
proceedings demands costs expenses and liability in respect of any contravention thereof by the Tenant or those deriving title under or through it 

  

	 	(b)	 Not to apply for planning permission or for other consents required under the Planning Acts in respect of the Demised Premises or for certificates or determinations
as to lawful use without the prior written consent of the Landlord, such consent not to be unreasonably withheld where under the relevant provisions of 

  

 22 

	 	 
this Lease the consent of the Landlord is not required or cannot be unreasonably withheld in respect of the matters the subject of the application

  

	(c)	At the Tenant’s own expense to obtain and, if appropriate, renew any planning permission and any other consent and serve all necessary notices required for the carrying out by
the Tenant of any operations or the commencement or continuance of any use of the Demised Premises 

  

	(d)	To pay and satisfy any charge or levy that may hereafter be imposed under the Planning Acts in respect of any Development carried out by the Tenant on or at the Demised Premises

  

	(e)	The Tenant shall not implement any planning permission or consent required under the Planning Acts before it has been produced to and approved in writing by the Landlord such
approval not to be unreasonably withheld but the Landlord may refuse to approve such planning permission or consent on the grounds that any condition contained in it, or anything omitted from it, or the period referred to in it, would in the
reasonable opinion of the Landlord, be or be likely to be prejudicial to the Landlord’s interest in the Demised Premises or the Estate or the Adjoining Property, whether during or following the expiration or earlier determination of the Term

  

	(f)	Unless the Landlord shall otherwise direct to carry out and complete before the expiration or sooner determination of the Term:- 

  

	 	(i)	any works stipulated to be carried out to the Demised Premises as a condition of any planning permission granted during the Term and implemented by the Tenant or any undertenant and

  

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

  

	(g)	If and when called upon so to do to produce to the Landlord on demand all plans documents and other evidence as the Landlord may reasonably require in order to satisfy itself that
the provisions of this Clause have been complied with in all respects 

  

	4.27	Statutory notices 

  
 Within fourteen (14) days after receipt of the same (or sooner if requisite having regard to the time limits stated therein) to produce to the Landlord a
copy and any further particulars required by the Landlord of any notice or order or proposal for the same given to the Tenant and relevant to the Demised Premises or the occupiers thereof or of the Building or of the Estate and without delay to take
all necessary steps to comply with the notice or order so far as the same is the responsibility of the Tenant and at the request of the Landlord but at the cost of the Tenant to make or join with the Landlord in making such objection or
representation against or in respect of any such notice order or proposal as the Landlord shall reasonably deem expedient 
  

	4.28	Defective premises 

  
 Immediately upon becoming aware of the same, to give written notice to the Landlord of any defect in the Demised Premises which might give rise to an
obligation on the Landlord to do 

  

 23 

 
or refrain from doing any act or thing so as to comply with the duty of care imposed on the Landlord pursuant to the Defective Premises Act 1972 and at all
times to display and maintain all notices which the Landlord may from time to time reasonably require to be displayed in relation thereto 
  

	4.29	Fire precautions and equipment etc. 

  
 Without prejudice to the exceptions to Clause 4.5 to comply with the requirements and recommendations of the fire authority and/or the insurers of the
Demised Premises and the reasonable requirements of the Landlord in relation to fire precautions affecting the Demised Premises 
  

	4.30	Encroachments and easements 

  

	 	(a)	Not to stop up or obstruct any of the windows or lights belonging to the Demised Premises nor to permit any new window opening doorway passage Pipes or other encroachment or
easement to be made or acquired into upon or over the Demised Premises or any part thereof and in case any person shall attempt to make or acquire any encroachment or easement to give written notice thereof to the Landlord immediately the same shall
come to the notice of the Tenant and at the request of the Landlord to adopt such means as may be reasonably required by the Landlord for preventing any such encroachment or the acquisition of any such easement 

  

	 	(b)	Not to give to any person any acknowledgement that the Tenant enjoys the access of light to any of the windows or openings of the Demised Premises by the consent of such person nor
to pay any sum of money or enter into any agreement with any person for the purpose of inducing or binding such person to abstain from obstructing the access of light to any of the windows or openings and in the event of any person doing or
threatening to do anything which obstructs the access of light to any of the windows or openings forthwith to notify the Landlord of the same 

  

	4.31	Reletting and sale notices 

  
 Subject to Clause 8.18 to permit the Landlord at all reasonable times to enter upon the Demised Premises and affix and retain without interference upon
any suitable parts of the Building (but not so as materially to affect the use and enjoyment thereof or the access of light and air to the Demised Premises) during the three (3) months preceding the expiration or sooner determination of the Term
notices for reletting the same and not to remove or obscure the said notices and to permit all persons with the written authority of the Landlord to view the Demised Premises at all reasonable hours in the daytime upon prior appointment having been
made 
  

	4.32	Indemnity 

  
 To keep the Landlord and the Management Company fully indemnified from and against all actions proceedings claims demands losses costs expenses damages
and liability arising from any breach of the Tenant’s covenants or other obligations contained in or documents supplemental to this Lease Provided That the Landlord and Management Company shall take such steps as shall be reasonable to mitigate
such loss having regard to the nature of the breach 
  

 24 

	4.33	Value Added Tax 

  

	4.33.1	Where by virtue of any of the provisions of this Lease (i) the Tenant is required to pay repay or reimburse to the Landlord or the Management Company or any person or persons any
rents costs charges fees expenses or any other sums or amounts whatsoever in respect of the supply of any goods and/or services by or to the Landlord or the Management Company or any other person or persons or (ii) there is a supply of goods or
services deemed to be made for Value Added Tax purposes to the Tenant by the Landlord or the Management Company whether or not for payment then the Tenant shall pay in addition or (as the case may be) to keep the Landlord and the Management Company
indemnified (on an after-tax basis) against:- 

  

	 	(a)	the amount of any Value Added Tax which is or may be chargeable on the supply of any goods and/or services as aforesaid to the Tenant against provision of a VAT invoice and

  

	 	(b)	the amount of any Value Added Tax chargeable in respect of supplies or self-supplies made to the Landlord or the Management Company the cost of which is included in the calculation
of the sums which the Tenant is required to pay repay or reimburse to the Landlord or the Management Company or in respect of which the Tenant is required to indemnify the Landlord or the Management Company save and to the extent where in any such
case, the Landlord or the Management Company (as the case may be) obtain a credit for such Value Added Tax as “input tax” under the provisions of Sections 25 and 26 of the Value Added Tax Act 1994 

  
 For the avoidance of doubt neither the Landlord nor the Management Company
shall be under a duty to exercise or not to exercise any option or right conferred on the Landlord or the Management Company by the legislation relating to Value Added Tax (including any regulations made thereunder) so as to reduce or avoid any
liability to Value Added Tax referred to in (a) or (b) above or so as to entitle or enable the Landlord or the Management Company (as the case may be) to so obtain a credit for such Value Added Tax as referred to in (b) above 
  

	4.33.2	Until (whether a result of a Landlord’s election or otherwise) VAT is charged on the Rent not at any time during the Term to make an election pursuant to paragraph 2 of
Schedule 10 to the Value Added Tax Act 1994 or otherwise, the effect of which would be that VAT could be chargeable on rents payable by the Tenant to the Landlord in relation to the Demised Premises or the Building 

  

	4.33.3	If the Landlord has made an election as contemplated in Clause 6.4 hereof or if the Landlord has notified the Tenant that it is contemplating making such an election to notify the
Landlord as soon as reasonably practicable of the amount of any Value Added Tax payable by the Tenant (as referred to in Clause 6.4) that is or will become Irrecoverable VAT 

  

	4.33.4	To keep the Landlord on written request informed of the extent to which any Value Added Tax payable by the Tenant as referred to in Clause 6.4 is Irrecoverable VAT

  

	4.33.5	Upon any claim by the Tenant under Clause 6.4 to provide the Landlord with evidence acceptable to the Landlord (such evidence to comprise a certificate to that effect given by the
Tenant’s auditors) that any Value Added Tax payable by the Tenant is Irrecoverable VAT and specifying for each “Prescribed Accounting Period” (as that expression is used in Section 25(1) of the Value Added Tax Act 1994) of the
Tenant the amount of the Irrecoverable VAT 

  

 25 

	4.33.6 	If the Tenant is entitled to an indemnity payment under Clause 6.4 the Tenant shall be entitled to set such indemnity payment (together with interest at Base Rate from the date that
the payment was due from the Landlord until the date of payment) off against the Value Added Tax payable under this Clause 4.33 to which that indemnity payment relates and to pay only the net amount 

  

	4.33.7 	The Tenant shall notify the Landlord as soon as reasonably practicable after becoming aware of any matter giving rise to a right of indemnification under Clause 6.4 and shall
consider in good faith any request made by the Landlord that the Tenant contests the recoverability as Value Added Tax of the Tenant’s Irrecoverable VAT giving rise to such right of indemnification by appropriate means Provided Always that this
Clause 4.33 shall not:- 

  

	 	(a)	impose any obligation on the Tenant to disclose any information concerning its Value Added Tax affairs to the Landlord or any other person; or 

  

	 	(b)	require the Tenant is initiate proceedings against H M Customs & Excise in relation to any such Tenant’s Irrecoverable VAT 

  

	4.34	Regulations 

  
 Insofar as the same relate to the Demised Premises or the activities acts or omissions of the Tenant or any undertenant or any persons under its or their
control to comply or procure compliance with the Regulations 
  

	4.35	Covenants affecting reversion 

  
 To perform and observe the provisions of the deeds and documents referred to in the Fifth Schedule hereto so far as the same are still subsisting and
capable of taking effect and relate to or affect the Demised Premises 
  

	4.36	Landlord and Tenant (Covenants) Act 1995; Landlord’s Release 

  
 Not unreasonably to withhold or delay its consent to an application by the Landlord or the Landlord’s Guarantor for a release of their obligations
hereunder pursuant to the Landlord and Tenant (Covenants) Act 1995 
  

	5.	MANAGEMENT COMPANY’S COVENANTS 

  
 THE Management Company COVENANTS with the Tenant and as a separate covenant with the Landlord (subject to and conditional upon the Tenant making payments
in accordance with Clause 9 and subject as provided in Clauses 8.4 and 8.5) to perform and observe or procure to be performed and observed such of the Building Services (during Business Hours and at other times requested by the Tenant pursuant to
Clause 8.9 hereof) and the Estate Services as shall be necessary for the reasonable beneficial enjoyment and use of the Demised Premises PROVIDED THAT neither the Landlord nor the Management Company shall be liable to the Tenant in respect of any
failure or interruption or delay in the provision of any of such services caused by Force Majeure 
  

 26 

	6.	LANDLORD’S COVENANTS 

  
 THE Landlord COVENANTS with the Tenant:- 
  

	6.1	Quiet Enjoyment 

  
 That the Tenant paying the rents reserved by this Lease and performing and observing the covenants on the part of the Tenant herein contained may
peaceably hold and enjoy the Demised Premises during the Term without any interruption by the Landlord or any person lawfully claiming through under or in trust for it 
  

	6.2	Management Company’s Obligations 

  
 To procure that the Management Company or the Landlord will perform the covenants on the part of the Management Company contained in this Lease

  

	6.3	Superior Title 

  
 By way of indemnity only against any claims by any Superior Landlord to pay the rents reserved by and (save insofar as the same are the responsibility of
the Tenant under this Lease) observe and perform the conditions and covenants imposed on the lessee in the Superior Lease and to use all reasonable efforts to procure that the Superior Landlord observes and performs the conditions and covenants
imposed on the lessor in the Superior Lease 
  

	6.4	Value Added Tax 

  
 In the event that the Landlord shall by its voluntary act make before or during the Term an election pursuant to paragraph 2 of Schedule 10 to the Value
Added Tax Act 1994 in relation to all or any part of the Demised Premises (whether with or without any other property) the Landlord shall indemnify the Tenant on written demand (on an after tax basis) for any Value Added Tax payable by the Tenant in
relation to supplies made by the Landlord to the Tenant by reason of this Lease to the extent that such Value Added Tax is Irrecoverable VAT except always:- 
  

	 	(a)	such indemnity shall not apply where such election is made following any destruction or damage to the Building and the Landlord elects or is required to rebuild or reinstate the
Building; or 

  

	 	(b)	where such election is made following any change of the law by virtue of which there is an increase or change in the amount or incidence of Value Added Tax incurred by the Landlord
in relation to the Building or the Demised Premises unless the only effect of the change of law in question is an increase in the rate of Value Added Tax in which case the Indemnity given by the Landlord pursuant to this Clause 6.4 will after any
such change apply as if the VAT rate had remained at 17.5% notwithstanding such increase in the rate; or 

  

	 	(c)	where the Tenant is in breach of its covenant in Clause 4.33.2 

  
 and subject always to the Tenant having complied with the covenants on its part in Clauses 4.33.3, 4.33.4 and 4.33.5 
  

 27 

	6.5	Use 

  
 Not to use or permit or suffer to be used the Entrance Lobby for any purposes or use other than as an entrance lobby and reception area and not for any retail or leisure use whatsoever without the prior written
consent of the Tenant 
  

	6.6	Public Open Space 

  
 Not prior to 1 April 2022 to build or permit any building and to procure that there shall be no building on the area shown hatched blue on Plan 7 save
first for incidental or ancillary structures consistent with its use as a public open space and secondly for skylights into the underground retail areas and to maintain the same as a public open space until 1 April 2022 
  

	7.	INSURANCE 

  

	7.1	Landlord to insure 

  
 THE Landlord shall insure and keep insured with some insurance company of repute or with Lloyd’s Underwriters through such agency (if any) as the
Landlord may from time to time determine (whether or not a Group Company of the Landlord) (subject to such exclusions excesses and limitations as may be reasonable or as may from time to time be imposed by the insurers):- 
  

	 	(a)	the Building (but excluding the Tenant’s Works and the Existing Category A Works) against loss or damage by the Insured Risks in such sum as shall be the full reinstatement
cost thereof including Value Added Tax architects’ surveyors’ and other professional fees and expenses incidental thereto the cost of shoring up demolition and site clearance and similar expenses 

  

	 	(b)	loss of the Rent and the rents reserved under Clauses 3(c) and 3(e) payable under this Lease (making due allowance for increases provided for in the Third Schedule) for seven (7)
years or such longer period as the Landlord may from time to time reasonably deem to be necessary having regard to the likely period required for obtaining planning permission and reinstating the Building and the Tenant resuming occupation or as the
Tenant may in writing request if greater 

  

	 	(c)	any engineering and electrical plant and machinery being part of the Building (but excluding the Tenant’s Works and the Existing Category A Works) against sudden and unforeseen
damage breakdown and inspection to the extent that the same is not covered by paragraph (a) of this Clause 

  

	 	(d)	property owner’s liability and such other insurances as the Landlord may from time to time reasonably deem necessary to effect 

  

	7.2	Commissions and restriction on Tenant insuring 

  

	 	(a)	The Landlord shall be entitled to retain and utilise as it sees fit any reasonable and proper commission attributable to the placing of such insurances by the Landlord and the
payment of any insurance sums and the Landlord shall use reasonable endeavours to obtain in any property insurance policy effected pursuant to the Landlord’s insurance obligations set out in Clause 7.1(a)-(d) (inclusive) and at the sole cost
and expense of the Tenant a waiver of subrogation against the Tenant 

  

 28 

	 	(b)	The Tenant shall not take out any insurances in respect of any matters which the Landlord is required to insure under Clause 7.1 or otherwise in respect of the Demised Premises
other than pursuant to Clause 7.3 

  

	7.3	Tenant’s Works and Existing Category A Works 

  

	7.3.1 	The Tenant shall insure and keep insured with some insurance company of repute as the Tenant may from time to time determine (on normal commercial terms subject to such exclusions
excesses and limitations as may from time to time customarily be imposed by the insurers) the Existing Category A Works and the Tenant’s Works which definition shall for the purposes of this Clause 7 include (a) installations fittings and
equipment resulting from the carrying out of the Tenant’s Works (not being works to the structure of the Building) (b) any other works (but excluding works to the structure of the Building) hereafter carried out by the Tenant or any undertenant
in accordance with the terms hereof and whether or not the same shall become Landlord’s fixtures and fittings (“the Tenant’s Insured Fittings”) against loss or damage by the Insured Risks in such sum as shall be the full
reinstatement cost thereof including Value Added Tax architects’ surveyors’ and other professional fees and expenses incidental thereto and the cost of demolition site clearance and similar expenses 

  

	7.3.2 	The Tenant, at the sole cost and expense of the Tenant, shall use all reasonable endeavours to procure the Landlord’s interest is noted on the policy and that the insurer
waives its rights of subrogation against the Landlord 

  

	7.3.3 	If and to the extent the Tenant fails to insure and keep insured the Existing Category A Works and/or Tenant’s Works in accordance with the provisions of Clause 7.3 then the
Landlord shall be entitled (but not obliged) at its sole discretion to insure the Existing Category A Works and/or the Tenant’s Works. To the extent the Landlord so chooses to insure the Existing Category A Works and/or the Tenant’s Works
the exclusion of the Tenant’s Works and the Existing Category A Works in Clause 7.1(a) and (c) shall not apply and the Tenant shall pay to the Landlord on demand the whole of such sums the Landlord shall from time to time pay for effecting such
insurance 

  

	7.4	Landlord’s fixtures and Tenant’s Insured Fittings 

  
 The Tenant shall notify the Landlord in writing of the full reinstatement cost of any fixtures and fittings installed at any time and which are or may
become landlord’s fixtures and fittings and of all Tenant’s Insured Fittings for the purpose of enabling the Landlord to effect adequate insurance cover for the same if it so chooses in accordance with Clause 7.3.3 
  

	7.5	Parties to produce evidence of insurance 

  
 At the request of the Tenant or the Landlord (as the case may be) the other party shall produce to the Tenant or the Landlord (as the case may be)
reasonable evidence of the terms of the relevant insurance policy and the fact that the relevant policy is subsisting and in effect and the parties shall notify the other party of any significant change of cover 
  

	7.6	Cesser of rent 

  
 In case the Estate Common Parts the Building (other than the Existing Category A Works and/or the Tenant’s Works) or in either case any part thereof
shall be destroyed or damaged 

  

 29 

 
by an Act of Terrorism or any of the Insured Risks so as to render the Demised Premises (other than the Existing Category A Works and/or the Tenant’s
Works) unfit for use and occupation or inaccessible for the Permitted Use and to the extent that the insurance shall not have been vitiated or payment of the policy moneys refused in whole or in part as a result of some act or default of the Tenant
any undertenant or occupier of any part of the Demised Premises (or those spaces designated for the use by the Tenant within the car parking area comprised within the Building) or any of their respective agents, licensees, visitors or contractors or
any person under the control of any of them then the Rent and the rents reserved under Clauses 3(c) and 3(e) or a fair proportion thereof according to the nature and extent of the damage sustained shall be suspended until the Demised Premises (other
than the Existing Category A Works and/or the Tenant’s Works) or the part destroyed or damaged (other than the Existing Category A Works and/or Tenant’s Works) shall be again rendered fit for use and occupation and/or accessible or until
the expiration of seven (7) years (or such other longer period as shall be insured by the Landlord) from the date of the destruction or damage (whichever is the earlier) and any dispute regarding the cesser of rent shall be referred to a single
arbitrator to be appointed, in default of agreement, upon the application of either party, by or on behalf of the President for the time being of The Royal Institution of Chartered Surveyors in accordance with the provisions of the Arbitration Act
1996 Provided That in the case of destruction or damage by an Insured Risk only under no circumstances shall the amount of the rents which cease to be payable hereunder exceed the amount received by the Landlord in respect of the loss of rent
insurance 
  

	7.7	Destruction of the Building 

  

	7.7.1 	If the Building (other than the Existing Category A Works and/or the Tenant’s Works) or any part thereof or any necessary access thereto is destroyed or damaged by any of the
Insured Risks then:- 

  

	 	(a)	unless payment of the insurance moneys shall be refused in whole or in part by reason of any act or default of the Tenant any undertenant or occupier of any part of the Demised
Premises or any of their respective agents, licensees, visitors or contractors or any person under the control of any of them and 

  

	 	(b)	subject to the Landlord being able to obtain any necessary planning permission and all other necessary licences, approval and consents (which the Landlord shall use its reasonable
endeavours to obtain but shall not be obliged to institute any appeals in any case where leading counsel advises the Landlord that there is a less than 50% chance of success) and 

  

	 	(c)	subject to the necessary labour and materials being and remaining available 

  

the Landlord shall (subject to Clause 7.8) rebuild and reinstate the premises so destroyed or damaged (excluding the Existing Category A Works and the
Tenant’s Works) substantially as the same were prior to any such destruction or damage (but not so as necessarily to provide accommodation identical in layout) 
  

	7.7.2 	 If the Building (other than the Existing Category A Works and the Tenant’s Works) or part thereof or any necessary access thereto is destroyed or
damaged by an uninsured risk so as to render the Demised Premises unfit for use and occupation or inaccessible then prior to the expiry of the period of twelve (12) months after the date of such damage or destruction (“the Relevant
Period”) the Landlord may serve a written notice upon the Tenant notifying the Tenant whether or not it intends to reinstate the Demised Premises (other than the Existing Category A Works and/or the Tenant’s Works) and/or the Building
(other than the Existing 

  

 30 

	 	 
Category A Works and/or the Tenant’s Works) Provided Always that if the Landlord fails to serve such notice within the Relevant Period it shall be
deemed to have served a notice that it wishes to reinstate the Building. If the Landlord notifies the Tenant within the Relevant Period that it wishes to reinstate the Building (or is deemed to have so notified the Tenant) then the Landlord will:-

  

	 	(a)	subject to Force Majeure 

  

	 	(b)	subject to the Landlord being able to obtain any necessary planning permission and all other necessary licences, approval and consents (which the Landlord shall use its reasonable
endeavours to obtain but shall not be obliged to institute any appeals in any case where leading counsel advises the Landlord that there is a less than 50% chance of success) and 

  

	 	(c)	subject to the necessary labour and materials being and remaining available 

  

and (subject to Clause 7.8) rebuild and reinstate the premises so destroyed or damaged (excluding the Existing Category A Works and the Tenant’s
Works) substantially as the same were prior to any such destruction or damage (but not so as necessarily to provide accommodation identical in layout) 
  

	7.7.3 	If the Existing Category A Works and/or the Tenant’s Works or any part thereof are damaged by the Insured risks then:- 

  

	 	(a)	save to the extent that payment of the insurance monies shall be refused in whole or in part by reason of any act or default of the Landlord or any person under its control and

  

	 	(b)	subject to the Tenant being able to obtain any necessary planning permission and all other necessary licences approvals and consents (which the Tenant shall use its reasonable
endeavours to obtain) and 

  

	 	(c)	subject to the necessary labour and materials being and remaining available 

  

the Tenant shall (subject to Clause 7.8) lay out the proceeds of such insurance and make good any shortfall from its own resources in the rebuilding
and reinstatement of the Existing Category A Works and the Tenant’s Works to no lesser standard than that described in the Minimum Standard Developer’s Finish or such other works in substitution thereof as shall be approved by the Landlord
(such approval not to be unreasonably withheld or delayed) 
  

 31 

	7.8	Option to determine 

  
 If:- 
  

	 	(i)	during the last seven (7) years of the Term the Building or a substantial proportion thereof shall be so destroyed or damaged by any of the Insured Risks as to render the entirety
of the Demised Premises unfit for or incapable of use and occupation or inaccessible then the Landlord may elect within six months of the date of such damage or destruction not to rebuild or reinstate the premises so damaged or destroyed and in the
event of the Landlord making such an election within such period as aforesaid then the Landlord or the Tenant may determine this Lease by giving to the other and the Management Company not less than six (6) months’ written notice to be given at
any time within twelve (12) months after such destruction or damage; or 

  

	 	(ii)	if the Building or a proportion thereof being destroyed or damaged by an uninsured risk so as to render the Demised Premises unfit for use and occupation or inaccessible and
pursuant to clause 7.7.2 the Landlord notifies the Tenant within the Relevant Period that it does not wish to reinstate the Building then either party may at any time during a period of two (2) months following receipt of such notice by the Tenant
(time being of the essence) serve written notice on the other party terminating this Lease with immediate effect 

  

	 	(iii)	if the Building or a substantial proportion thereof shall be so destroyed or damaged by any of the Insured Risks or an uninsured risk so as to render the entirety of the Demised
Premises unfit for or incapable of use and occupation or inaccessible and the premises so destroyed or damaged (other than the Existing Category A Works and the Tenant’s Works) substantially have not been rebuilt or reinstated as the same were
prior to any such destruction or damage (but not so as necessarily to provide accommodation identical in layout) within seven (7) years of such destruction or damage either party may determine this Lease by giving to the other and the Management
Company not less than three (3) months’ prior written notice to be given at any time after the seventh anniversary of such damage or destruction but prior to completion of the such rebuilding or reinstatement 

  
 and such determination shall be without prejudice to any claim by either
party against the other in respect of any antecedent breach of covenant Provided That if this Lease shall be determined then neither the Landlord nor the Tenant shall be required to rebuild or reinstate the premises so destroyed or damaged and the
net proceeds of such insurance shall be applied by the parties as follows:- 
  

	 	(b)	the moneys representing loss of rents shall belong to the Landlord absolutely 

  

	 	(c)	 the Landlord shall be first entitled absolutely to moneys representing the full reinstatement cost of the Building (excluding any insurance proceeds representing
the value of any Tenant’s Works beyond the Minimum Standard Developer’s Finish) with Value Added Tax architects’ surveyors’ and other professional fees and expenses incidental thereto and the cost of shoring up demolition and
site clearance and similar expenses (all as estimated at the date of the Landlord’s notice) having regard to the likely period required for obtaining planning permission and all other necessary consents and for reinstating the Demised Premises
such estimated amount to be agreed between the Landlord and the Tenant and in default of agreement to be settled by arbitration in the manner provided for in Clause 7.5 and the Tenant shall 

  

 32 

	 	 
account to the Landlord for the insurance proceeds representing the value of works up to the Maximum Standard Developer’s Finish which it would
otherwise be obliged to apply in rebuilding or reinstatement pursuant to Clause 7.7.3 

  

	 	(d)	any moneys then remaining representing the value of any Tenant’s Works (beyond the Minimum Standard Developer’s Finish) destroyed or damaged (such value in default of
agreement to be settled by arbitration in the manner provided for in Clause 7.5) shall belong to the Tenant absolutely 

  

	 	(e)	any further moneys then remaining shall belong to the Landlord absolutely 

  

	7.9	Payment of insurance moneys refused 

  
 If the payment of any insurance moneys is refused as a result of some act or default of the Tenant any undertenant or occupier of any part of the Demised
Premises or any of their respective agents, licensees, visitors or contractors or any person under the control of any of them the Tenant shall pay to the Landlord on demand the amount so refused except to the extent that it relates to Tenant’s
Works 
  

	7.10	Insurance becoming void 

  
 Subject to the Tenant receiving a copy of the policy or relevant extracts thereof the Tenant shall not do or omit to do anything that could cause any
policy of insurance in respect of or covering the Demised Premises or the Building or any Adjoining Property to become void or voidable wholly or in part nor (unless the Tenant has previously notified the Landlord and agreed to pay the increased
premium) anything whereby any increased or loaded premium may become payable and the Tenant shall on demand pay to the Landlord all increased expenses incurred by the Landlord in renewing any such policy 
  

	7.11	Requirements of insurers 

  
 The Tenant shall at all times comply with all the requirements of the Landlord’s insurers so far as such requirements are notified in writing to the
Tenant and relate to the Demised Premises or the conduct of persons using the Building or the Estate 
  

	7.12	Notice by Tenant 

  
 The Tenant shall give notice to the Landlord forthwith upon the happening of any event or thing which might affect or give rise to a claim under any
insurance policy relating to the Demised Premises or the Building or any Adjoining Property 
  

	7.13	Benefit of other insurances 

  
 If the Tenant shall become entitled to the benefit of any insurance on the Demised Premises which is not effected or maintained in pursuance of the
obligations herein contained then the Tenant shall apply all moneys received from such insurance (insofar as the same shall extend) in making good the loss or damage in respect of which the same shall have been received 
  

	7.14	Suspension of Rent Free Period 

  
 If any damage or destruction by an Insured Risk or Act of Terrorism shall occur at any time after the date of the grant of this Lease and prior to the
Level 1 Rent Commencement Date 

  

 33 

 
and/or the Level 2 Rent Commencement Date (as the case may be) then the Level 1 Rent Commencement Date and/or the Level 2 Rent Commencement Date (as
appropriate) shall be deferred by the Level 1 Rent Free Extension Period and/or Level 2 Rent Free Extension Period (as the case may be) in the circumstances set out in paragraph 1.23(i) and 1.24 (1) from and including the date the Demised Premises
are again fit for occupation and use (or would be again fit for occupation and use if the Existing Category A Works and Tenant’s Works or any other works of a similar type at any time carried out by the Tenant or any undertenant were
reinstated) and in circumstances set out in paragraphs 1.23(ii) and 1.24(ii) from and including the Level 1 Rent Commencement Date and/or the Level 2 Rent Commencement Date (as appropriate) provided that in circumstances where partial damage or
destruction only has occurred to the Demised Premises (other than (for the avoidance of doubt) to the Existing Category A Works and Tenant’s Works or any other works of a similar type at any time carried out by the Tenant or any undertenant)
the Level 1 Rent Commencement Date and/or Level 2 Rent Commencement Date (as appropriate) shall be so deferred only in relation to a fair proportion of the rent according to the nature and extent of the damage sustained or loss or enjoyment suffered

  

	8.	PROVISOS 

  
 PROVIDED ALWAYS AND IT IS HEREBY AGREED AND DECLARED as follows:- 
  

	8.1	Forfeiture 

  
 Without prejudice to any other right remedy or power herein contained or otherwise available to the Landlord or the Management Company:- 
  

	 	(a)	if any of the rents reserved by this Lease or any part of them shall be unpaid for fourteen (14) days after becoming payable (whether formally demanded or not) or

  

	 	(b)	if any of the covenants by the Tenant contained in this Lease shall not be performed and observed or 

  

	 	(c)	if the Tenant for the time being, and/or the Surety (if any) (being a body corporate):- 

  

	 	(i)	calls, or a nominee on its behalf calls, a meeting of any of its creditors; or makes an application to the Court under Section 425 of the Companies Act 1985; or submits to any of
its creditors a proposal under Part I of the Insolvency Act 1986; or enters into any arrangement, scheme, compromise, moratorium or composition with any of its creditors (whether under Part I of the Insolvency Act 1986 or otherwise); or

  

	 	(ii)	has an administrative receiver or a receiver or a receiver and manager appointed in respect of the Tenant’s or the Surety’s property or assets or any part; or

  

	 	(iii)	resolves or the directors or shareholders resolve to present a petition for an administration order in respect of the Tenant or the Surety (as the case may be); or an administrator
is appointed; or 

  

	 	(iv)	 has a winding-up petition or petition for an administration order presented against it; or passes a winding-up resolution (other than a voluntary winding-up whilst
solvent for the purposes of an amalgamation or reconstruction which has the prior written approval of the Landlord); or calls a meeting of its 

  

 34 

	 	 
creditors for the purposes of considering a resolution that it be wound-up voluntarily; or resolves to present its own winding-up petition; or is wound-up
(whether in England or elsewhere); or has a liquidator or provisional liquidator appointed; or 

  

	 	(v)	shall cease for any reason to maintain its corporate existence; or is struck off the register of companies; or otherwise ceases to exist; or 

  

	 	(d)	if the Tenant for the time being and/or the Surety (if any) (being an individual or if more than one individual, then any one of them) makes an application to the Court for an
interim order under Part VIII of the Insolvency Act 1986 or convenes a meeting of or enters into any arrangement scheme compromise moratorium or composition with any of his creditors or any of them (whether pursuant to Part VIII of the Insolvency
Act 1986 or otherwise) or has a bankruptcy petition presented against him or is adjudged bankrupt or has a receiver appointed in respect of the Tenant’s or the Surety’s property or assets or any part; or 

  

	 	(e)	if analogous proceedings or events to those referred to in this Clause shall be instituted or occur in relation to the Tenant, for the time being, and/or the Surety (if any)
elsewhere than in the United Kingdom; or 

  

	 	(f)	if the Tenant for the time being, and/or the Surety (if any) suffers any distress or execution to be levied on the Demised Premises which is not discharged in full within twenty one
(21) days after the levy has been made; or becomes unable to pay its debts as and when they fall due 

  
 THEN and in any such case the Landlord may at any time thereafter re-enter the Demised Premises or any part thereof in the name of the whole and thereupon
the Term shall absolutely cease and determine but without prejudice to any rights or remedies which may then have accrued to the Landlord or the Management Company against the Tenant in respect of any antecedent breach of any of the covenants
contained in this Lease 
  

	8.2	No implied easements 

  
 Nothing herein contained shall impliedly confer upon or grant to the Tenant any easement right or privilege other than those expressly granted by this
Lease 
  

	8.3	Exclusion of warranty as to user 

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

	8.4	Landlord’s and Management Company’s obligations 

  
 Neither the Landlord nor the Management Company shall be liable to the Tenant in respect of any failure of the Landlord or the Management Company to
perform any of their respective obligations under this Lease (except the obligation to insure pursuant to Clause 7.1) unless the Landlord or the Management Company (as the case may be acting as reasonably competent building managers) knows or ought
reasonably to be aware of such failure and has failed within a reasonable time to remedy the same and then in such case the Landlord and/or the Management Company (as the case may be) shall be liable to 

  

 35 

 
compensate the Tenant only for loss or damage sustained by the Tenant after such reasonable time has elapsed 
  

	8.5	Exclusion of Landlord’s and Management Company’s liability 

  

Neither the Landlord nor the Management Company shall be liable to the Tenant nor shall the Tenant have any claim against the Landlord or the
Management Company in respect of:- 
  

	 	(a)	any failure or interruption or delay in the provision of Estate Services or Building Services caused in any case by Force Majeure but the Management Company shall use its reasonable
endeavours to cause the service in question to be reinstated with the minimum of delay 

  

	 	(b)	any loss or damage or interference or annoyance suffered by the Tenant during the period reasonably necessary for the carrying out by the Landlord or the Management Company of works
which may reasonably appear to the Landlord or the Management Company to be necessary or desirable but the Management Company shall use its reasonable endeavours to cause the service in question to be reinstated with the minimum of delay

  

	 	(c)	any loss or inconvenience occasioned by the closing or breakdown of any mechanical equipment or by the failure of power supply to any mechanical equipment or whilst any repairs are
carried out thereto but the Management Company shall use its reasonable endeavours to cause the service in question to be reinstated with the minimum of delay 

  

	 	(d)	any loss of or damage to or theft from any car using the Car Park or any loss or damage or injury suffered by any driver of or passenger in such car 

  

	8.6	Right for Landlord to perform or to nominate another company to perform Management Company’s obligations 

  
 At any time and from time to time during the Term the Landlord may on giving
written notice to the Tenant and the Management Company nominate another company to undertake or exercise or itself undertake or exercise any of the obligations rights and discretions of the Management Company herein contained in which event any
references herein to the Management Company shall be construed as references to the Landlord or such nominated company and in particular (but without limitation) any payment due from the Tenant to the Management Company in respect of the relevant
obligations shall be made to the Landlord or such nominated company 
  

	8.7	Development of Adjoining Property 

  

	 	(a)	The Tenant shall make no objection or representation nor institute any proceedings whether by way of injunction or for damages or otherwise and shall not permit or suffer any
undertenant or other occupier of or any person with any interest in any part of the Demised Premises to do any such things by reason or in consequence of any noise disturbance annoyance or inconvenience occasioned by any works by or on behalf of the
Landlord or the Management Company or any member of the Landlord’s Group or tenant on any Adjoining Property 

  

 36 

	 	(b)	The Tenant agrees with the Landlord and the Management Company that notwithstanding any other provision of this Lease the Tenant will have no claim against the Landlord or the
Management Company in connection with or arising from any works carried out on beneath or in the vicinity of the Estate for the purpose of or in connection with maintenance of the London Underground or Docklands Light Railway system(s)

  

	 	(c)	Not to use or carry out any works on any part of the Demised Premises or on any part of the Estate in the immediate vicinity of the Docklands Light Railway for any purpose which
would materially adversely affect the construction or operation of the Docklands Light Railway or the use thereof as a railway station 

  

	 	(d)	Not without the prior written consent of the Landlord and the operator of the Docklands Light Railway (such consent not to be unreasonably withheld) to install or use or permit to
be installed or used on the Demised Premises or on any part of the Estate in the immediate vicinity of the tracks upon which the Docklands Light Railway operates any electrical or electronic apparatus or equipment of an unusual nature which would
cause interference with electrical or electronic apparatus or equipment used in connection with the operation of the Docklands Light Railway 

  

	8.8	Use of premises outside Business Hours 

  
 If the Tenant shall desire to use and occupy the Demised Premises outside the Business Hours then subject as hereinafter provided the Tenant shall be
entitled to use and occupy the Demised Premises and have access thereto and enjoy the rights hereby granted outside Business Hours on the following terms and conditions (which the Tenant hereby covenants with the Landlord and as a separate covenant
with the Management Company to observe and comply with):- 
  

	 	(a)	the Tenant shall comply with all reasonable requirements of the Landlord or the Management Company as to use and occupation and access 

  

	 	(b)	the Tenant shall pay to the Management Company on demand the whole (or where the services are shared with other tenants a fair proportion as determined by the Management Company) of
the costs and expenses attributable to such use or the provision of any staff services and security to the extent that such are provided at a level or to a degree which would not have been provided but for such use outside Business Hours

  

	 	(c)	the Management Company shall not be obliged to provide any services to the Demised Premises or to the Building if the Management Company shall acting reasonably in the interests of
good estate management consider it impractical to do so 

  

	8.9	Notices 

  

	 	(a)	Any demand or notice required to be made given to or served on the Tenant or the Surety under this Lease shall be in writing and shall be validly made given or served if addressed
to the Tenant or the Surety respectively (and if there shall be more than one of them then any one of them) and delivered personally or sent by pre-paid registered mail addressed (in the case of a company) to its last known address and (in the case
of a notice to the Tenant) the Demised Premises 

  

 37 

	 	(b)	Any notice required to be served on the Landlord or the Management Company shall be in writing and shall be validly given or served if addressed to the Landlord or the Management
Company respectively and delivered personally or sent by pre-paid registered mail to its registered office 

  

	8.10 	Invalidity of certain provisions 

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

	8.11 	Plans drawings etc. 

  
 The Landlord and the Management Company shall have an irrevocable and assignable licence free from any copyright claim as from the expiry or sooner
determination of this Lease to use and reproduce all plans drawings specifications models and other information required to be furnished by the Tenant to the Landlord under this Lease but so that the Landlord and the Management Company shall use the
same only in connection with the use ownership operation maintenance and alteration of the Demised Premises and the Tenant shall deliver all such documents to the Landlord promptly upon the expiry or sooner determination of this Lease 
  

	8.12 	Confidentiality provision 

  

	 	(a)	None of the parties to this Lease shall without the prior written consent of all the other parties to this Lease disclose or publish to any third party (“Disclosure”)
or wilfully or negligently permit or cause Disclosure of any financial or other details whatsoever naming the parties hereto or otherwise relating to the transaction hereby effected except: - 

  

	 	(i)	any details which must be the subject of Disclosure in order to comply with any Stock Exchange or any statutory requirements or the lawful requirements of any regulatory
governmental or official body 

  

	 	(ii)	to group companies or professional advisers of each of the parties who need to know such details and who have first agreed to be bound by the provisions of this Clause 8.12)

  

	 	(iii)	to the extent necessary to comply with any legal obligation or legal requirement 

  

	 	(iv)	to the extent necessary to comply with or give effect to the terms of this Lease 

  

	 	(v)	to the Inland Revenue or any other governmental, public or official body for taxation, rating or registration purposes 

  

	 	(vi)	to the extent they are already in the public domain, otherwise than as a result of a breach of this Clause 8.12 

  

	 	(b)	This Clause 8.12 shall remain in effect until the expiry of a period of 2 years from the date hereof 

  

 38 

	 	(c)	This Clause 8.12 shall not apply to Disclosure by or on behalf of any party to this Lease to any third parties and/or their professional advisers in pursuance of rent review
arbitrations or determinations or negotiations or legal proceedings adjudications or other bona fide negotiations (including financing) or dealings with and/or relating to the Estate or any part of it including for the avoidance of doubt disclosures
by the Landlord to the mortgagee or prospective mortgagee of the Estate or any part of it 

  

	8.13 	Waiver etc. of regulations 

  

	 	(a)	The Landlord reserves the right to rescind alter or waive any of the Regulations at any time where in its reasonable judgment it deems necessary desirable or proper and no
alteration or waiver in favour of one tenant of the Estate shall operate as an alteration or waiver in favour of any other tenant of the Estate 

  

	 	(b)	Neither the Landlord nor the Management Company shall be responsible to the Tenant for the non-observance by any tenant of the Estate or any other person of any of the Regulations

  

	8.14 	Third Party Rights 

  
 Except as may be permitted under the law of England the parties to this Lease do not intend that any of its terms shall be enforceable by any third party
and hereby negate any such effect 
  

	8.15 	Applicable Law and Jurisdiction 

  
 This Lease shall be governed by and construed in all respects in accordance with the Laws of England and proceedings in connection therewith shall be
subject (and the parties hereby submit) to the non-exclusive jurisdiction of the English Courts and for the purposes of Rule 6.15 of Civil Procedure Rule 1998 and any other relevant Rules thereof the Tenant hereby irrevocably agrees that any process
may be served upon it by leaving a copy addressed to it at its address as stated above or at such other address for service within England and Wales as may be notified in writing from time to time to the Landlord and the Management Company

  

	8.16 	Representations 

  
 The Tenant acknowledges that this Lease has not been entered into in reliance wholly or partly on any statement or representation made by or on behalf of
the Landlord except any such statement or representation that is expressly set out in this Lease or in written reply to enquiries raised by the Tenant’s Solicitors of the Landlord’s Solicitors 
  

	8.17 	Provisions as to Entry 

  
 Where in this Lease except in case of emergency any provision for entry is made subject to this clause:- 
  

	 	(a)	No such rights shall be exercised without prior notice to the Tenant and no such rights shall be exercised except in compliance with the Tenant’s reasonable security
requirements 

  

 39 

	 	(b)	No such rights shall be exercised if the Landlord can reasonably achieve at no additional cost a like object by another means 

  

	 	(c)	As little disruption as reasonably practicable shall be caused to the Tenant’s business 

  

	 	(d)	Such rights shall be exercised only for the minimum time reasonably necessary and with the Landlord making good all damage caused to the Tenant’s reasonably satisfaction

  

	9.	SERVICE CHARGE 

  

	9.1	FOR the purpose of this Lease the following expressions shall have the following meanings:- 

  

	 	(a)	“Additional Building” means any building on the Estate (except for those buildings built upon parcels B-l B-2 B-3 B-4 (including the extension known as B-4A) B-5
DS- 1, DS-2, DS-4, DS-5, DS-6, DS-7, DS-8, DS-8A, HQ-1, HQ-2, HQ-4, HQ-5, RT-1, RT-2, RT-3, FC-1, FC-2, FC-3, FC-4, FC-5, FC-6, WF-9 Nash Court and 5 Chancellor Passage) and used or intended to be used for Office Use Retail Use or Hotel Use where in
respect of that building either:- 

  

	 	(i)	at least two (2) years shall have elapsed since the issue of a practical completion certificate for that entire building under the building contract relating thereto; or

  

	 	(ii)	at least 50% of the Net Internal Area of the Lettable Areas therein has become occupied 

  

	 	(b)	“Building Computing Date” means the first day of January in each year and the anniversary of that date in each succeeding year or such other date as the Management
Company may from time to time nominate 

  

	 	(c)	“Building Expenditure” means the aggregate of:- 

  

	 	(i)	all costs fees expenses and outgoings whatsoever (whether or not of a recurring nature) incurred in respect of or incidental to the provision of all or any of:-

  

	 	(1)	the Building Services and 

  

	 	(2)	the costs and expenses set out in Part B of the Seventh Schedule 

  
 (whether or not the Landlord or the Management Company is obliged by this Lease to incur the same) and (when any expenditure is incurred in relation to
the Building and other premises) the proportion of such expenditure which is reasonably attributable to the Building as determined from time to time by the Building Surveyor 
  

	 	(ii)	 such sums as the Management Company shall consider desirable to set aside from time to time (which setting aside shall be deemed to be an item of expenditure
actually incurred) for the purpose of providing for periodically recurring items of expenditure, whether or not of a capital nature and whether recurring at regular or irregular intervals and for anticipated expenditure in 

  

 40 

	 	 
respect of any of the Building Services to be provided or other items within Part B of the Seventh Schedule (the “Building Reserve Fund”)

  

	 	(iii)	the cost of replacement of any item where such replacement is reasonably necessary whether or not the replacement item is of a superior quality design or utility to the item being
replaced 

  

	 	(iv)	interest payments credited to the Tenant under Clause 9.5(b) and credited or paid to any tenants of premises within the Building under the provisions of clauses similar to the said
Clause 

  

	 	(v)	any Value Added Tax or other tax payable on or in connection with any such items in paragraphs (i) (ii) (iii) and (iv) above (so far as not recoverable by the Management Company as
an input credit) 

  
 but shall exclude:-

  

	 	(aa)	any capital expenditure incurred in the initial construction of the Building or for the purpose of the initial establishment of the services described in the Seventh Schedule

  

	 	(bb)	any expenditure referable to operating charges and expenses and maintenance of any Car Park 

  

	 	(cc)	any expenditure arising out of damage or destruction caused by an Act of Terrorism or any of the Insured Risks (subject to any applicable excess and subject to the insurance not
being refused in whole or in part by any act or default of the Tenant any undertenant or occupier of any part of the Demised Premises or any of their respective agents licensees visitors or constructors or any person under the control of any of
them) 

  
 and there shall be deducted from the
foregoing for the purposes of calculating the Building Expenditure the following:- 
  

	 	(aaa)	any contributions in respect of Building Services or the costs set out in Part B of the Seventh Schedule recoverable in the relevant Building Financial Year under leases or
agreements for leases relating to premises which for that Building Financial Year are not included within the definition of Y for the purposes of Clause 9.1(e)(i) 

  

	 	(bbb)	any revenue received from a third party (other than a tenant in its capacity as such) derived from the rendering of Building Services or any activity the cost of which is included
in Part B of the Seventh Schedule and 

  

	 	(ccc)	any contribution in respect of the rendering of any of the Building Services or any activity the cost of which is included in Part B of the Seventh Schedule recoverable in the
Relevant Financial Year where any such Building Services or other activity was provided at the request of or for the benefit of any tenants or occupiers of the Building and which would not have been provided but for such request

  

 41 

	 	(ddd)	interest payments received from the Tenant under Clause 9.5(a) and from other tenants within the Building under the provisions of clauses similar to the said Clause in relation to
Building Expenditure 

  

	 	(eee)	any contributions in respect of Building Services or the costs set out in Part B of the Seventh Schedule recoverable or which would ordinarily be expected (assuming a full service
charge recovery) to be recoverable in the relevant Building Financial Year under leases or agreements for leases in favour of retailers relating to premises which for that Building Financial Year are not included within the definition of Y for the
purposes of Clause 9.1(e)(i) 

  

	 	(d)	“Building Financial Year” means the period from a Building Computing Date to but not including the next succeeding Building Computing Date 

 

	 	(e)	“Building Service Charge Percentage” means the percentage calculated as follows:- 

  

	 	(i)	A percentage of those items of Building Expenditure attributable to the Building Services referred to in Part I of Part A of the Seventh Schedule and to the costs and expenses set
out in Part I of Part B of the Seventh Schedule calculated in accordance with the following formula: 

  

					
	 X
 Y
	  	x	    	100
	
	 where:

			
	 X
	  	=	    	the Net Internal Area of the Demised Premises and
			
	 Y
	  	=	    	the aggregate Net Internal Areas of Lettable Areas within the Building used or intended to be used for office purposes or uses ancillary thereto

  

	 	(ii)	The proportion of each item of the Part II Expenditure attributable to the Tenant and as properly and fairly determined by the Management Company but expressed as a percentage of
the Part II Expenditure 

  

	 	(f)	“Building Surveyor” means a chartered surveyor or firm of chartered surveyors appointed or employed by the Management Company to perform the functions of the
Building Surveyor hereunder 

  

	 	(g)	“Estate Computing Date” means the first day of January in each year and the anniversary of that date in each succeeding year or such other date as the Management
Company may from time to time nominate 

  

	 	(h)	“Estate Expenditure” shall have the same meaning as “Building Expenditure” save for the following alterations:- 

  

	 	(i)	in paragraph (i) where the words “Building and other premises” appear the words “Estate and other premises” shall be substituted therefor

  

	 	(ii)	in paragraph (aa) where the word “Building” appears the words “any building or any erection within the Estate” shall be substituted therefor

  

 42 

	 	(iii)	where the word “Building” appears elsewhere in the latter definition the word “Estate” shall be substituted therefor 

  

	 	(iv)	where reference is made to the Seventh Schedule reference shall be deemed to be made to the Sixth Schedule 

  

	 	(v)	there shall be incorporated as an additional sub-clause in Clause 9.1(c) 

  

	 	“(eee) 	any contributions in respect of Estate Services or the costs set out in Part B of the Sixth Schedule recoverable in the relevant Estate Financial Year from the tenants, occupiers or
owners of premises within an Additional Building where the Landlord has excluded such Additional Building from the calculation of the Estate Service Charge Percentage pursuant to sub-clause 9. 1(j)” 

  

	 	(i)	“Estate Financial Year” means the period from an Estate Computing Date to but not including the next succeeding Estate Computing Date 

  

	 	(j)	“Estate Service Charge Percentage” means the percentage calculated as follows:- 

  

					
	 X
 Y
	  	x	    	100
	
	 where :-

			
	 X
	  	=	    	the Net Internal Area of the Demised Premises and
			
	 Y
	  	=	    	the aggregate Net Internal Areas of the Lettable Areas of the buildings built or intended to be built and used or intended to be used for Retail Use Hotel Use or Office Use (as hereinafter
defined) on those parts of the Estate known as parcels B-l B-2 B-3 B-4 (including the extension known as B-4A) B-5 DS-1 DS-2 DS-4 DS-5 DS-6 DS-7 DS-8 DS-8A HQ-1 HQ-2 HQ-4 HQ-5 RT-1 RT-2 RT-3 FC-1 FC-2 FC-3 FC-4 FC-5 FC-6 WF-9 Nash Court and 5
Chancellor Passage

  
 PROVIDED THAT as from
each Estate Computing Date during the Term Y shall (in addition to the buildings referred to in the above definition) include the Net Internal Area of the Lettable Areas within an Additional Building where in respect of that building at that Estate
Computing Date either:- 
  

	 	(i)	at least two (2) years shall have elapsed since the issue of a practical completion certificate for that entire building under the building contract relating thereto or

  

	 	(ii)	at least 50% of the Net Internal Area of the Lettable Areas therein has become occupied 

  
 PROVIDED FURTHER THAT the Landlord may exclude an Additional Building from Y subject to the Landlord deducting contributions
recoverable from the tenants occupiers and owners of the Additional Building in respect of Estate Services from Estate Expenditure pursuant to sub-clause 9.1(h)(v) 
  

 43 

	 	(k)	“Estate Surveyor” has the like meaning as “Building Surveyor” save that the word “Building” in the latter definition shall be deleted and the
word “Estate” substituted therefor 

  

	 	(1)	“Estimated Building Expenditure” means for any Building Financial Year such sum as the Management Company shall notify in writing to the Tenant (a) as a reasonable
estimate of the Building Expenditure referred to in Part I of Parts A and B of the Seventh Schedule and (b) the Estimated Part II Expenditure in both cases for such Building Financial Year after deducting any anticipated Building Appropriation (as
defined in Clause 9.3(a)) provided that the Management Company may from time to time during any such Building Financial Year notify the Tenant in writing of a revised figure for the Estimated Building Expenditure 

  

	 	(m)	“Estimated Estate Expenditure” shall have the like meaning as “Estimated Building Expenditure” save that 

  

	 	(i)	the word “Building” where it appears in the latter definition shall be deleted and the word “Estate” substituted therefor; and 

  

	 	(ii)	references to the “Seventh Schedule” where they appear in the latter definition shall be deleted and references to the “Sixth Schedule” substituted therefor and

  

	 	(iii)	the words “(a) as a reasonable estimate of the Building Expenditure referred to in Part I of Parts A and B of the Seventh Schedule and (b) the Estimated Part II Expenditure in
both cases” shall be deleted and the words “as a reasonable estimate of the Estate Expenditure referred to in Parts A and B of the Sixth Schedule” substituted therefor 

  

	 	(n)	“Estimated Part II Expenditure” means the estimated Building Expenditure attributable to the Building Services referred to in Part II of Part A of the Seventh
Schedule and to the costs and expenses set out in Part II of Part B of the Seventh Schedule 

  

	 	(o)	“Hotel Use” means use as a hotel including uses within hotels of banqueting rooms conference facilities and areas used for Retail Use within hotels

  

	 	(p)	“Office Use” means use as an office and includes banking halls and trading floors 

  

	 	(q)	“Part II Expenditure” means the Building Expenditure attributable to the Building Services referred to in Part II of Part A of the Seventh Schedule and to the costs
and expenses set out in Part II of Part B of the Seventh Schedule 

  

	 	(r)	“Relevant Advance Payment” shall mean (as the case may require) the aggregate of all Estate Payments on Account made in any Estate Financial Year or the aggregate
of all Building Payments on Account made in any Building Financial Year 

  

	 	(s)	“Relevant Estimated Expenditure” means all or any of the Estimated Estate Expenditure and the Estimated Building Expenditure as the case may require

  

	 	(t)	“Relevant Expenditure” means the Estate Expenditure or the Building Expenditure as the case may require 

  

 44 

	 	(u)	“Relevant Financial Year” means the Estate Financial Year or the Building Financial Year as the case may require 

  

	 	(v)	“Relevant Service Charge Percentage” means: 

  

	 	(1)	in the case of the Building Expenditure (and the Estimated Building Expenditure) each or either of the Building Service Charge Percentages as the context shall allow and

  

	 	(2)	in the case of the Estate Expenditure (and the Estimated Estate Expenditure) the Estate Service Charge Percentage 

  

	 	(w)	“Relevant Surveyor” means the Estate Surveyor or the Building Surveyor as the case may require 

  

	 	(x)	“Retail Use” means use for:- 

  

	 	(1)	all types of retailing including hairdressers snackbars travel agents funeral directors and showrooms 

  

	 	(2)	banks building societies estate agents betting offices and similar uses where the services are provided principally to visiting members of the public 

  

	 	(3)	restaurants cafes public houses winebars and food take aways 

  

					
	9.2	 	(a)	    	The Tenant covenants with the Landlord and as a separate covenant with the Management Company to pay to the Management Company:-

  

	 	(1)	the Relevant Service Charge Percentage (as indicated in the last available Certificate by the Relevant Surveyor issued pursuant to Clause 9.3 but subject to the provisions of Clause
9.4) of each of the Relevant Estimated Expenditure in advance by equal quarterly instalments on the Quarterly Days during each Relevant Financial Year the first payment of each being a proportionate sum in respect of the period from and including 16
May 2005 to the next Quarterly Day to be made on the date hereof and 

  

	 	(2)	(if any of the Relevant Estimated Expenditure is revised as contemplated above) within 14 days after written demand the Relevant Service Charge Percentage of the amount by which any
such revised figure for the Relevant Estimated Expenditure exceeds the figure previously notified to the Tenant 

  

	 	(b)	Each such payment made by the Tenant under Clause 9.2(a) is referred to in this Lease as (in the case of the Estimated Estate Expenditure) an “Estate Payment on
Account” and (in the case of the Estimated Building Expenditure) a “Building Payment on Account” 

  

	9.3	The Management Company shall, as soon as reasonably practicable after the end of each Relevant Financial Year, prepare and send to the Tenant:- 

  

	 	(a)	 an account or accounts, each duly certified by the Accountant, showing the Estate Expenditure and the Building Expenditure for each Relevant Financial Year and the
amount (if any) which the Management Company has chosen to utilise from the 

  

 45 

	 	 
Estate Reserve Fund or the Building Reserve Fund as the case may be in defraying respectively Estate Expenditure or Building Expenditure pursuant to Clause
9.7 (respectively “the Estate Appropriation” and “the Building Appropriation”) and containing a fair summary of the various items comprising the Relevant Expenditure 

  

	 	(b)	a certificate or certificates by the Relevant Surveyor showing the Relevant Surveyor’s calculation of each Relevant Service Charge Percentage for each Relevant Financial Year

  

	 	(c)	a statement or statements of each Relevant Service Charge Percentage of each Relevant Expenditure for each Relevant Financial Year after taking into account as the case may require
the Estate Appropriation or the Building Appropriation and the same shall (save for obvious error) be conclusive evidence for the purposes of this Lease of all matters of fact referred to in each said account certificate and statement

  

	9.4.1 	For the purposes of Clause 9.2 hereof until such time as a Certificate is issued by the Relevant Surveyor pursuant to Clause 9.3 hereof the Estate Service Charge Percentage shall be
0.2949% the Building Service Charge Percentage referred to in Clause 9.1(e)(i) shall be 17.9387% and the Building Service Charge Percentage referred to in Clause 9.1(e)(ii) shall be the proportion of each item of the Estimated Part II Expenditure
properly and fairly estimated by the Management Company as likely to be attributable to the Tenant but expressed as a percentage of the Estimated Part II Expenditure 

  

	9.4.2 	For the purposes of Clause 9.2 after such time as a Certificate is issued by the Relevant Surveyor pursuant to Clause 9.3 hereof the Estate Service Charge Percentage and the
Building Service Charge Percentage referred to in Clause 9.1(e)(i) shall be as indicated in the last available Certificate issued by the Relevant Surveyor pursuant to Clause 9.3 hereof and the Building Service Charge Percentage referred to in Clause
9.1(e)(ii) shall be the proportion of each item of the Estimated Part II Expenditure properly and fairly estimated by the Management Company as likely to be attributable to the Tenant but expressed as a percentage of the Estimated Part II
Expenditure 

  

					
	9.5	 	(a)	    	If the Relevant Service Charge Percentage of the Relevant Expenditure for any Relevant Financial Year (after taking into account as the case may require the Estate Appropriation or the Building
Appropriation) shall exceed the Relevant Advance Payment for that Relevant Financial Year the excess together with interest thereon at the Base Rate calculated from and including as the case may require the Estate Computing Date or the Building
Computing Date next following the end of that Relevant Financial Year until the date of payment shall be paid by the Tenant to the Management Company on demand or
			
	 	 	(b)	    	If the Relevant Service Charge Percentage of the Relevant Expenditure for any Relevant Financial Year (after taking into account as the case may require the Estate Appropriation or the Building
Appropriation) shall be less than the Relevant Advance Payment for that Relevant Financial Year the overpayment made by the Tenant together in each case with interest thereon at the Base Rate calculated as aforesaid up to the date when the next
Relevant Advance Payment on Account is due shall be credited to the Tenant against the next Estate Payment on Account or Building Payment on Account as the case may require

  

	9.6	 Any omission by the Management Company to include in Relevant Expenditure in any Relevant Financial Year a sum expended in that Relevant Financial Year shall not
preclude the Management Company from including such sum in Relevant Expenditure in any 

  

 46 

	 	 
subsequent Relevant Financial Year as the Management Company shall reasonably determine 

  

						
	 9.7
	 	(a	)	 	Each of the Estate Reserve Fund and the Building Reserve Fund shall be held upon trust during the period of eighty (80) years from the date of this Lease (which shall be the perpetuity period
applicable hereto) respectively for the persons who from time to time shall be tenants or occupiers of the Estate or the Building and each shall be held in a separately designated interest bearing bank account and the Management Company shall
utilise the same, with interest accruing thereon but after deducting tax payable thereon and on such interest in defraying expenditure of the nature referred to in Clause 9.1(c)(ii) (in the case of the Building Reserve Fund) and in the corresponding
paragraph of the definition of Estate Expenditure (in the case of the Estate Reserve Fund) and at the expiry of such perpetuity period the sums standing to the credit of each of the Estate Reserve Fund and the Building Reserve Fund and unexpended
shall be paid respectively to the persons who shall then be the tenants of the Estate or the Building in shares equal to their respective Relevant Service Charge Percentages the Management Company being entitled absolutely to any share payable in
respect of any Lettable Area which is unlet at such time
			
	 	 	(b	)	 	The Management Company shall procure that upon the service by the Landlord of notice under Clause 8.6 (insofar as the same shall relate to the Estate Services) the Estate Reserve Fund and
(insofar as the same shall relate to the Building Services) the Building Reserve Fund (or in each case so much thereof as remains after the defraying of such expenditure as aforesaid) shall be transferred to the Landlord or any other company
nominated by the Landlord in such notice to be held upon the relevant trusts referred to in Clause 9.7(a) and upon the terms therein mentioned

  

	9.8	If at any time or times during the Term the Management Company reasonably considers that circumstances have arisen making the Relevant Service Charge Percentage or the formula for
calculating the same on the basis specified in Clause 9.1 unreasonable or inequitable the Management Company may in its absolute discretion give written notice to the Tenant requiring a variation to the Relevant Service Charge Percentage of the said
formula which is fair and reasonable in all the circumstances and in the event of there being any dispute regarding such variation the matter shall be referred to a single arbitrator to be appointed in default of agreement upon the application of
the Management Company or the Tenant by or on behalf of the President for the time being of the Royal Institution of Chartered Surveyors in accordance with the provisions of the Arbitration Acts 1996 

  

	9.9	The Management Company may in its absolute discretion discontinue withhold add to commence extend vary or make any alterations to any of the Estate Services or the Building Services
or any of the items referred to in Part B of the Sixth and Seventh Schedules hereto from time to time if the Management Company shall reasonably deem it desirable to do so in the interests of (or for the comfort of) the owners and tenants on or for
the efficient management security and operation of the Estate or the Building (as the case may be) or for any other reason in the interests of good estate management 

  

	9.10	The Tenant covenants with the Landlord and as a separate covenant with the Management Company that the Tenant will pay on demand such charge as may reasonably be determined by the
Management Company in respect of any service (whether or not constituting an Estate Service or a Building Service) provided at the request of the Tenant to or for the benefit of the Tenant (whether or not exclusively) at a time or in circumstances
when or in which such service would not have been provided but for such request 

  

 47 

	9.11	The provisions of this Clause shall continue to apply notwithstanding the expiration or sooner determination of the Term but only in respect of the period down to such expiration or
sooner determination the Relevant Service Charge Percentage of the Relevant Expenditure payable for that Relevant Financial Year being apportioned for the said period on a daily basis 

  

	10.	NEW TENANCY 

  
 This Lease constitutes a new tenancy for the purposes of the Landlord and Tenant (Covenants) Act 1995 
  
 IN WITNESS whereof this Lease has been executed by the parties as a Deed and delivered
on the day and year first above written 
  

 48 

  
 FIRST SCHEDULE

 Rights Granted 
  

	1.	Estate Common Parts 

  
 The right for the Tenant and all persons authorised by the Tenant (in common with the Landlord and the Management Company and all other persons having a
like right) at all times and for all proper purposes:- 
  

	 	(a)	to pass and repass with or without vehicles over and along all roads accesses and egresses from time to time comprised in the Estate Common Parts and intended for vehicular access
leading to and from the Demised Premises and the car parking area referred to in paragraph 6 below and the public highway 

  

	 	(b)	to pass and repass on foot only over and along such areas as are comprised in the Estate Common Parts and intended for pedestrian access leading to and from the Demised Premises and
the car parking area referred to in paragraph 6 below and the public highway 

  

	 	(c)	to use such parts of the Estate Common Parts as are not referred to in sub-paragraphs (a) and (b) above 

  
 until such time (if any) as any of the same are adopted by the highway or other relevant authority 
  
 Provided that the Landlord may add to extend vary or stop-up any of the same
from time to time so long only as (i) in the case of sub-paragraphs (a) and (b) above alternative means of access and egress to the Demised Premises are available ensuring the continuance of access to and use and occupation of the Demised Premises
and (ii) in the case of sub-paragraph (c) above so that the Tenant’s use and occupation of the Demised Premises is not thereby materially and adversely affected and (iii) in all cases the facilities provided comply with all statutory and
regulatory requirements and (iv) in all cases the facilities provided shall be as necessary for the use and enjoyment of the Demised Premises for all proper purposes 
  

	2.	Pipes 

  
 The right to the free passage and running of water sewage surface water drainage gas electricity telecommunications and other services or supplies to and
from the Demised Premises (subject to the Tenant not overloading or damaging the same) in and through the Pipes in the Building or any Adjoining Property serving the Demised Premises in common with the Landlord and all other persons having the like
right PROVIDED ALWAYS that the Landlord may vary the route or alter all or any such services or supplies from time to time and the rights hereby granted shall thereupon apply to such services and supplies as varied or altered subject to the Landlord
using its reasonable endeavours to minimise any disruption caused thereby and to ensure that so far as shall be reasonably possible no interruption in such services or supplies shall result 
  

	3.	Common Parts of the Building 

  
 (Subject to observance by the Tenant of its obligations contained in Clause 4.34 the right for the Tenant and all persons authorised by the Tenant (in
common with the Landlord and the Management Company and all persons having a like right):- 
  

	 	(a)	to use for pedestrian access and egress such of the Common Parts of the Building as shall be necessary for the use and enjoyment of the Demised Premises for all proper purposes and

  

 49 

	 	(b)	to use such of the passenger lifts in the Building as shall from time to time be designated for the Tenant’s use for the purpose only of obtaining access to and egress from the
Demised Premises and 

  

	 	(c)	to use such of the lavatories in the Building as shall from time to time be designated for the Tenant’s use 

  

	 	(d)	to use any delivery area loading bay and goods lifts designated from time to time for the Tenant’s use for the purpose only of vehicular access and egress for delivery in and
out and loading and unloading of goods and equipment and not for any other purposes 

  

	4.	Entry to other parts of the Building 

  
 The right (subject to the provisions of Clauses 4.19 and 4.20) for the Tenant and all other persons authorised by the Tenant in common with the Landlord
and the Management Company and all others having the like rights and easements at all reasonable times to enter all necessary other parts of the Building in order to carry out works of repair or alteration to the Demised Premises or the Pipes
serving the same on the following conditions :- 
  

	 	(a)	the Tenant shall except in case of emergency give reasonable prior written notice to the Landlord and the occupiers (if any) of such parts of its intention to exercise such rights

  

	 	(b)	the Tenant shall only exercise such rights insofar as it cannot reasonably carry out such works of repair and alteration from within the Demised Premises and

  

	 	(c)	the Tenant shall cause as little inconvenience and damage as reasonably possible and shall without delay make good to the reasonable satisfaction of the Landlord and the occupiers
of such adjoining premises all damage thereby occasioned to such parts 

  

	5.	Support 

  
 The right of support protection and shelter for the benefit of the Demised Premises from any other part of the Building as now enjoyed 
  

	6.	Car Parking 

  
 Subject to observance by the Tenant of its obligations contained in Clause 4.34 the right for the Tenant and all persons authorised by the Tenant at all
times to use eleven (11) spaces within the car parking area comprised within the Building to park motor vehicles and provided that the Landlord may from time to time designate appropriate car parking spaces and subject further to the Tenant with the
prior written consent of the Landlord (such consent not to be unreasonably withheld or delayed) to use such designated spaces for any uses ancillary to the Permitted Use of the Demised Premises provided that the Tenant shall at all times comply with
all statutory requirements relating to such spaces and such use 
  

 50 

	7.	Bicycles and Motorcycles 

  
 The right for the Tenant (in common with all other persons having the like right) and all persons authorised by the Tenant at all times to park bicycles
and motorcycles within any area reasonably designated by the Landlord within the car parking area within the Building for such use PROVIDED ALWAYS that the Landlord shall provide an area to park bicycles and motorcycles 
  

	8.	List of tenant’s names 

  
 The right for the Tenant and any lawful occupiers of the Demised Premises to have their respective names and the premises occupied by them displayed on
the tenant directory board in such manner and in such location as the Landlord shall from time to time reasonably prescribe in the main entrance hall of the Building 
  

	9.	Affixing of items to the structure of the Building 

  
 The right (subject to the provisions of Clauses 4.19 and 4.20) for the Tenant and all persons authorised by the Tenant to affix to the interior surfaces
of the walls columns or structural slabs enclosing the Demised Premises in such manner as will not impair the structural integrity of such walls columns or slabs 
  

	10.	Mechanical Space 

  
 The right for the Tenant its lawful undertenants and those authorised by it to use the Mechanical Space Area solely for the installation use and
maintenance of such mechanical electrical and other systems (including Telecommunications Equipment) as the Tenant may require together with all necessary rights of access to such area through such parts of the remainder of the Building as the
Landlord may reasonably specify 
  

	11.	Telecommunications Equipment 

  

	11.1	Subject to:- 

  

	 	(a)	the Tenant first having supplied the Landlord with details of and obtained the Landlord’s written approval (such approval not to be unreasonably withheld) as to:-

  

	 	(i)	the weight height dimensions and all other specifications of any proposed satellite dishes or other telecommunications equipment ancillary to the Tenant’s permitted use of the
Demised Premises (“Telecommunications Equipment”) and 

  

	 	(ii)	the method and works of installation of the proposed Telecommunications Equipment and 

  

	 	(b)	the Tenant first at its sole cost and expense having obtained (where necessary) planning permission and/or the consent of any competent authority and production of copies thereof to
the Landlord 

  

	 	(c)	 the Landlord the Management Company and the Tenant completing the Licence to carry out alterations in the form annexed hereto 

  

 51 

	 	 
the right to install in accordance with the method of installation, arrangements for the supply of power and location of all cables and ducts associated
therewith having been previously approved by the Landlord (such approval not to be unreasonably withheld) on such area on the roof of the Building as is shown for identification purposes only hatched and edged green on Plan 8 (the “Approved
Location”) the Telecommunications Equipment of the weight height dimension and specification previously approved by the Landlord in accordance with the above provisions and to run cables through existing ducts from the Telecommunications
Equipment to the Demised Premises and to the passage of electricity through such cables Provided Always That:- 

  

	 	(a)	no satellite dish shall exceed 1.8 metres in diameter 

  

	 	(b)	the Landlord may at any time by not less than 3 months’ written notice require the removal of one or more (if applicable) of the satellite dishes or other equipment from the
Approved Location to another location (the “Alternative Location”) from which the reception by the satellite dish or other equipment when located would not be likely to be materially diminished from the reception at the Approved
Location and in the event of service of such notice the Tenant shall forthwith supply to the Landlord full details of its relocation works for approval (such approval not to be unreasonably withheld) and following the grant of such approval shall at
the Landlord’s cost relocate the satellite dish or other equipment and the cables and all related equipment to the Alternative Location and shall at the Landlord’s cost make good any damage or disturbance to the Approved Location

  

	 	(c)	such works of installation and works of removal shall be carried out expeditiously and in a good and workmanlike manner causing the minimum of disturbance and inconvenience to the
occupants and owners for the time being of the Approved Location and the Alternative Location (as the case may be) 

  

	 	(d)	at the discretion of the Landlord the Landlord shall be entitled to carry out the installation works in place of the Tenant and the Tenant shall reimburse the Landlord for the
reasonable cost of carrying out the installation works within 10 days of written demand by the Landlord 

  

	 	(e)	at the discretion of the Landlord the Landlord shall be entitled at its own expense to carry out the removal works in place of the Tenant but if the Tenant shall carry out the
removal works the Landlord shall reimburse the Tenant for the reasonable costs incurred by the Tenant in carrying out the removal works within 10 days of written demand by the Tenant 

  

	11.2 	The Tenant hereby acknowledges that the Approved Location fully satisfies the obligation in the Agreement for Lease in relation to Telecommunications Equipment (as such term is used
in the Agreement for Lease) 

  

	11.3 	In exercising the right the Tenant shall cause as little inconvenience as possible to the Landlord or its tenants as reasonably practicable and shall make good without delay any
damage thereby caused to the Approved Location or the Building upon which the location is situate (the “Location Building”) in the exercise of such rights and shall use all reasonable endeavours to ensure that the use of the
satellite dish causes no material interference with the electrical equipment in the Location Building 

  

 52 

	12.	Signage Rights 

  

	12.1	The right for the Tenant and any lawful occupiers of the Demised Premises to display signage in the lift lobby of Floors 1 and 2 in the Building subject to the Landlord’s prior
written approval (not to be unreasonably withheld) of the design, size, material and location thereof. 

  

	12.2	Subject to and for so long as the Tenant (meaning The Northern Trust Company only) is and remains in actual occupation of no less than eight whole floors of the Building the right
to display their corporate signage in the ground floor reception area in a location behind the reception desk subject to the Landlord’s prior written approval (not to be unreasonably withheld) of the location size design and material of such
signage. 

  

	12.3	Subject to: 

  

	 	(a)	the Tenant (which for the purpose of this paragraph 12.3 shall mean The Northern Trust Company only) being and remaining in actual occupation of no less than eight whole floors of
the Building 

  

	 	(b)	the Tenant first having supplied the Landlord with details of and obtained the Landlord’s written approval (such approval not to be unreasonably withheld having regard to the
nature and quality of the Estate) as to: 

  

	 	(i)	the location, design, materials and size of signs showing the Tenant’s name; and 

  

	 	(ii)	the method and works of installation of such signs 

  

	 	(c)	the Tenant first at its sole cost and expense having obtained (where necessary) planning permission and/or the consent of any competent authority and production of copies thereof to
the Landlord 

  

	 	(d)	the Landlord the Management Company and the Tenant completing the licence to carry out alterations in the form annexed hereto 

  
 The right (but only for so long as the requirements of paragraph 12.3(a) are
being met) to install in such areas approved by the Landlord (acting reasonably) on the north and south elevation of the Building at roof parapet level such signs of the size materials and design previously approved by the Landlord in accordance
with the above provisions PROVIDED ALWAYS that the Tenant shall only be entitled to install a maximum of one such sign on the north elevation and a maximum of one such sign on the south elevation and PROVIDED FURTHER such works of installation shall
be carried out expeditiously and in a good and workmanlike manner causing the minimum of disturbance and inconvenience to the occupants and owners for the time being of the Building and at the discretion of the Landlord the Landlord shall be
entitled to carry out the installation works in place of the Tenant and subject to the Tenant (acting reasonably) having approved the Landlord’s cost of carrying out the installation works the Tenant shall reimburse the Landlord for such costs
of carrying out the installation works within ten Working Days of written demand by the Landlord 
  

 53 

  
 SECOND SCHEDULE

 Exceptions and Reservations 
  
 The following rights and easements are excepted and reserved out of the Demised Premises to the Landlord and the Superior Landlord and all other persons authorised by
either of them or having the like rights and casements subject to the provisions of Clause 8.18:- 
  

	1.	Pipes 

  
 The right to the free passage and running of water sewage surface water drainage gas electricity telecommunications and other services or supplies to and
from the Building or any Adjoining Property in and through any of the Pipes which may at any time be in under or passing through or over the Demised Premises 
  

	2.	Entry 

  
 The right at all reasonable times upon reasonable prior notice subject to the provisions of Clause 8.18 except in cases of emergency to enter the Demised
Premises in order to:- 
  

	 	(a)	inspect cleanse maintain repair connect to remove lay renew relay replace alter or execute any works to or in connection with the Pipes and any other services in or accessible from
the Demised Premises 

  

	 	(b)	execute repairs decorations alterations and any other works to the Building or any Adjoining Property or to do anything which the Landlord or the Management Company may do under
this Lease 

  

	 	(c)	carry out the Estate Services and to carry out the Building Services 

  
 PROVIDED THAT the person exercising the foregoing rights shall cause as little inconvenience or damage as reasonably possible and shall make good without
delay any damage thereby caused to the Demised Premises 
  

	3.	Scaffolding 

  
 The right to erect scaffolding for the purposes of repairing or cleaning the Building and any buildings now or hereafter erected on the Estate or in
connection with the exercise of any of the rights mentioned in this Schedule notwithstanding that such scaffolding may temporarily restrict the access to or enjoyment and use of the Demised Premises 
  

	4.	Light and air etc. 

  
 Without prejudice to Clause .6.8 of this Lease the rights of light air and all other easements and rights now or hereafter enjoyed by other parts of the
Building or the Adjoining Property 
  

	5.	Support 

  
 The right of support protection and shelter now or hereafter for the benefit of other parts of the Building from the Demised Premises 
  

 54 

	6.	Building on the Adjoining Property 

  
 Without prejudice to Clause 6.8 of this Lease the right at any time to build on or execute any works to the Building or any Adjoining Property or any
buildings thereon in such manner as the person exercising the right shall think fit notwithstanding the fact that the same may obstruct affect or interfere with the amenity of the Demised Premises or the passage of light and air to the Demised
Premises and subject in any event to the Tenant’s ability or right to object to the local planning authority in respect of such works 
  

	7.	Alteration of Common Parts 

  
 Without prejudice to Clause 6.8 of this Lease the right to extend vary or stop-up the Estate Common Parts or the Common Parts of the Building or any part
or parts thereof from time to time if the Landlord shall reasonably deem it desirable for the efficient management security and operation of the Estate or the Building or for the comfort of the owners and tenants on the Estate (but not so that the
Tenant’s use and occupation of the Demised Premises for the Permitted Use in accordance with all statutory and regulatory requirements is thereby materially and adversely affected) 
  

	8.	Use of Estate Common Parts and Common Parts of the Building 

  
 Without prejudice to Clause 6.8 of this Lease the right to regulate and control the use of the Estate Common Parts and the Common Parts of the Building
and to make Regulations for that purpose (but not so that the Tenant’s use and occupation of the Demised Premises for the Permitted Use in accordance with all statutory and regulatory requirements is thereby materially and adversely affected)

  

 55 

  
 THIRD SCHEDULE

 Rent Reviews 
  

	1.	Definitions 

  
 In this Schedule the following expressions shall have the following meanings:- 
  

	1.1	“Review Date” means each of the Review Dates specified in the Particulars and “Relevant Review Date” shall be construed accordingly

  

	1.2	“Assumed Premises” means the Demised Premises on the assumption that:- 

  

	 	(a)	the Tenant’s Works have not been carried out and (for the avoidance of doubt) the Tenant has removed all tenant’s fixtures and all improvements and alterations carried out
by the Tenant otherwise than pursuant to an obligation to the Landlord (reinstating and making good any damage caused to the Demised Premises in so doing) and has left the Demised Premises (constructed and fitted out as set out in paragraph (b)
hereof) as clear space and 

  

	 	(b)	the Demised Premises have been constructed and fitted out by the Landlord at its own cost immediately prior to the grant of this Lease and in accordance with the Minimum Standard
Developer’s Finish for Tenant’s Work Specification and as altered from time to time by alterations carried out by and at the expense of the Landlord and improvements and alterations carried out by the Tenant pursuant to an obligation to
the Landlord 

  

	1.3	“Open Market Rent” means the clear yearly rack rent at which the Assumed Premises could reasonably be expected to be let as a whole on the open market at the
Relevant Review Date by a willing landlord to a willing tenant with vacant possession and without any premium or any consideration other than rent for the grant thereof for a term of ten (10) years commencing on the Relevant Review Date and
otherwise on the terms and conditions and subject to the covenants and provisions contained in this Lease other than the amount of the Rent payable hereunder and subject to the provisions for the review of the Rent contained in this Schedule and
making the Assumptions but disregarding the Disregarded Matters 

  

	1.4	the “Assumptions” means the following assumptions (if not facts) at the Relevant Review Date:- 

  

	 	(a)	that the Assumed Premises are fit for immediate occupation and use and have been fully fitted out and equipped at the Landlord’s expense to the specification described in
paragraph 1.2(b) of this Schedule; and 

  

	 	(b)	that there shall be no discount reduction or allowance to reflect (or compensate any incoming tenant for the absence of) any rent free or concessionary rent period which reflects
the time it would take for the incoming tenant to fit out the Assumed Premises so as to be ready for immediate use or any capital payment or other consideration in lieu thereof and which would be granted to the willing tenant in the open market at
the Relevant Review Date so that such Open Market Rent shall be that which would be payable after the expiry of any such rent free or concessionary rent period which the willing tenant shall hereby be assumed to have enjoyed or after receipt by the
willing tenant of any such capital payment or other consideration in lieu thereof; and 

  

 56 

	 	(c)	that no work has been carried out to the Demised Premises by the Tenant any undertenant or their respective predecessors in title during the Term which has diminished the rental
value of the Demised Premises; and 

  

	 	(d)	that if the Demised Premises or the Building have been destroyed or damaged they have been fully rebuilt and reinstated; and 

  

	 	(e)	that the Assumed Premises comply with all statutory and regulatory requirements as at the date of grant of this Lease; and 

  

	 	(f)	that all the covenants contained in this Lease on the part of the Tenant have been fully performed and observed and that all the covenants contained in this Lease on the part of the
Landlord have been fully performed and observed except when the Landlord is and remains in material breach of covenant having had notice of and a reasonable period of time to remedy such breach 

  

	1.5	the “Disregarded Matters” means:- 

  

	 	(a)	any effect on rent of the fact that the Tenant or any Group Company of the Tenant or any undertenant or their respective predecessors in title have been or are in occupation of the
Demised Premises or any part thereof or any part of the Building; and 

  

	 	(b)	any goodwill attached to the Demised Premises by reason of the business then carried on at the Demised Premises by the Tenant or any undertenant or their respective predecessors in
title 

  

	 	(c)	any voluntary improvements carried out to the Demised Premises by the Tenant any undertenant or their respective predecessors in title 

  

	1.6	“Surveyor” means an independent chartered surveyor of not less than ten (10) years’ standing who is a fellow of the Royal Institution of Chartered Surveyors
and who is experienced in the letting or valuation of buildings similar to the Assumed Premises in the City of London and London Docklands and who is also aware of rental values elsewhere in London appointed from time to time to determine the Open
Market Rent pursuant to the provisions of this Schedule and the Surveyor shall act as an arbitrator in accordance with the Arbitration Act 1996 

  

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

  

	1.8	“Rent Restrictions” means the restrictions imposed by any statute for the control of rent in force on a Review Date or on the date on which any increased rent is
ascertained in accordance with this Schedule and which operate to impose any limitation whether in time or amounts on the assessment or the collection of any increase in rent or any part thereof 

  

	1.9	“First Review Date” means the Review Date occurring on 16 May 2010 

  

	1.10 	“Office Areas” means the areas of the Demised Premises shown outlined red on Plans 2 and 3. 

  

 57 

	2.	The Rent 

  

	 	(a)	From and including each Review Date the Rent shall be equal to the Open Market Rent at the Relevant Review Date as ascertained in accordance with the provisions of paragraph 3 below
or as determined under the provisions of paragraph 4 below(as the case may be) 

  
 Provided That if the Open Market Rent at the First Review Date in respect of the Office Areas is ascertained or determined to be greater than forty four pounds (£44) per square foot of Net Internal Area of the
Office Areas then for the purpose of this Schedule the Open Market Rent of the Office Areas at the First Review Date shall be deemed to be forty four pounds (£44) per square foot of Net Internal Area of the Office Areas and the Open Market
Rent shall be ascertained or determined accordingly. 
  

	3.	Agreement or determination of the Open Market Rent 

  
 The Open Market Rent at the Relevant Review Date may be agreed in writing at any time between the Landlord and the Tenant but if for any reason the
Landlord and the Tenant have not so agreed then from a date two (2) months prior to the Relevant Review Date up to the next succeeding Review Date either the Landlord or the Tenant may by notice in writing to the other require the Open Market Rent
to be determined by the Surveyor 
  

	4.	Deemed Open Market Rent 

  

	 	(a)	If the Open Market Rent at the First Review Date (as such Open Market Rent is ascertained pursuant to paragraph 3 above of this Schedule) is less than the Initial Rent or if the
Open Market Rent at that Review Date cannot for any reason be ascertained pursuant to paragraph 3 above then for the purposes of this Schedule the Open Market Rent at such Review Date shall be deemed to be the Initial Rent 

 

	 	(b)	If the Open Market Rent at any subsequent Review Date (as so ascertained) is less than the Open Market Rent payable immediately preceding the Relevant Review Date as so ascertained
above or determined or if the Open Market Rent at the Relevant Review Date cannot for any reason be so ascertained then for the purposes of this Schedule the Open Market Rent at the Relevant Review Date shall be deemed to be the Open Market Rent
payable immediately preceding the Relevant Review Date as so ascertained or determined 

  

	5.	Appointment of Surveyor 

  

	 	(a)	The Surveyor (in default of agreement between the Landlord and the Tenant) shall be appointed by the President on the written application of either the Landlord or the Tenant

  

	 	(b)	The Surveyor appointed under this paragraph shall act as an Arbitrator and the following provisions shall apply: 

  

	 	(i)	the date of the Arbitrator’s award shall be deemed to be the date on which a copy of the award is served on the Landlord and the Tenant; 

  

 58 

	 	(ii)	the Arbitrator shall not be entitled to order the rectification, setting aside or cancellation of this Lease or any other deed; 

  

	 	(iii)	the Arbitrator shall have the power to order a provisional award; 

  

	 	(iv)	the Arbitrator shall not be entitled to require that security is provided in respect of the costs of the arbitration; 

  

	 	(v)	the Arbitrator shall not be entitled to make an award prior to the Relevant Review Date 

  

	6.	Fees of Surveyor/Arbitrator 

  
 The fees and expenses of the Surveyor including the cost of his nomination shall be payable by the Landlord and the Tenant in such proportions as the
Surveyor shall, at his discretion, direct 
  

	7.	Appointment of new surveyor/Arbitrator 

  
 If the Surveyor dies is unwilling to act or becomes incapable of acting or if for any other reason he is unable to act then either the Landlord or the
Tenant may request the President to discharge the said surveyor and appoint another surveyor in his place which procedure may be repeated as many times as necessary 
  

	8.	Interim payments pending determination 

  

	 	(a)	In the event that by the Relevant Review Date the Rent has not been agreed or determined as aforesaid (the date of agreement or determination being herein called “the
Determination Date”) then in respect of the period (herein called “the Interim Period”) beginning with the Relevant Review Date and ending on the day before the Quarterly Day following the Determination Date the Tenant
shall pay to the Landlord Rent at the yearly rate payable immediately before the Relevant Review Date 

  

	 	(b)	Forthwith following the Determination Date the Tenant shall pay to the Landlord the amount (if any) by which the Rent paid on account by the Tenant under the provisions of paragraph
8(a) above in respect of the Interim Period falls short of the aggregate of Rent payable in respect of the Interim Period together with interest on each of the instalments of such shortfall at the Base Rate from the date of each relevant under
payment to the date of payment 

  

	9.	Rent Restrictions 

  
 On each occasion that Rent Restrictions shall prevent or prohibit either wholly or partially: - 
  

	 	(a)	the operation of the above provisions for review of the Rent or 

  

	 	(b)	the normal collection and retention by the Landlord of any increase in the Rent or any instalment or part thereof 

  

 59 

 THEN in each case:- 
  

	 	(i)	the operation of such provisions for review of the Rent shall be postponed to take effect on the first date or dates thereafter upon which such operation may occur Provided that
such operation shall not take place more frequently than would be the case in the absence of any Rent Restrictions throughout the Term of this Lease 

  

	 	(ii)	the collection of any increase or increases in the Rent shall be postponed to take effect on the first date or dates thereafter that such increase or increases may be collected
and/or retained in whole or in part and on as many occasions as shall be required to ensure the collection of the whole increase 

  
 AND until the Rent Restrictions shall be relaxed either partially or wholly the Rent shall be the maximum sum from time to time permitted by the Rent
Restrictions 
  

	10.	Memoranda of reviewed rent 

  
 As soon as the amount of any reviewed Rent has been agreed or determined memoranda thereof and of the proportion of the reviewed Rent which has been
attributed to the rights granted pursuant to paragraph 6 of the First Schedule shall be prepared by the Landlord or its solicitors and thereupon shall be signed by or on behalf of the Landlord and the Tenant and annexed to this Lease and the
counterpart thereof and the parties shall bear their own costs in respect thereof 
  

	11.	Time not of the essence 

  
 For the purpose of this Schedule time shall not be of the essence 
  

 60 

  
 FOURTH SCHEDULE

 Covenants by the Surety 
  

	1.	Indemnity by Surety 

  
 The Surety hereby covenants with the Landlord and as a separate covenant with the Management Company as a primary obligation that the Tenant or the Surety
shall at all times until the Tenant shall cease to be bound by the Tenant’s covenants in the Lease during the Term duly perform and observe all the covenants on the part of the Tenant contained in this Lease including the payment of the rents
hereby reserved and all other sums payable under this Lease in the manner and at the times herein specified and the Surety shall indemnify and keep indemnified the Landlord and the Management Company against all claims demands losses damages
liability costs fees and expenses whatsoever sustained by the Landlord or the Management Company by reason of or arising directly or indirectly out of any default by the Tenant in the performance and observance of any of its obligations or the
payment of any rents and other sums 
  

	2.	Surety jointly and severally liable with Tenant 

  
 The Surety hereby further covenants with the Landlord and as a separate covenant with the Management Company that the Surety is jointly and severally
liable with the Tenant (whether before or after any disclaimer by a liquidator or trustee in bankruptcy) for the fulfilment of all the obligations of the Tenant under this Lease and agrees that the Landlord or the Management Company in the
enforcement of its rights hereunder may proceed against the Surety as if the Surety was named as the Tenant in this Lease 
  

	3.	Waiver by Surety 

  
 The Surety hereby waives any right to require the Landlord or the Management Company to proceed against the Tenant or to pursue any other remedy
whatsoever which may be available to the Landlord or the Management Company before proceeding against the Surety 
  

	4.	Postponement of claims by Surety against Tenant 

  
 The Surety hereby further covenants with the Landlord and as a separate covenant with the Management Company that the Surety shall not claim in any
liquidation bankruptcy composition or arrangement of the Tenant in competition with the Landlord or the Management Company and shall remit to the Landlord the proceeds of all judgments and all distributions it may receive from any liquidator trustee
in bankruptcy or supervisor of the Tenant and shall hold for the benefit of the Landlord and the Management Company all security and rights the Surety may have over assets of the Tenant whilst any liabilities of the Tenant or the Surety to the
Landlord or the Management Company remain outstanding 
  

	5.	Postponement of participation by Surety in security 

  
 The Surety shall not be entitled to participate in any security held by the Landlord or the Management Company in respect of the Tenant’s obligations
to the Landlord or the Management Company under this Lease or to stand in the place of the Landlord or the Management Company in respect of any such security until all the obligations of the Tenant or the Surety to the Landlord and the Management
Company under this Lease have been performed or discharged 
  

 61 

	6.	No release of Surety 

  
 None of the following or any combination thereof shall release discharge or in any way lessen or affect the liability of the Surety under this Lease:-

  

	 	(a)	any neglect delay or forbearance of the Landlord or the Management Company in endeavouring to obtain payment of the rents or other amounts required to be paid by the Tenant or in
enforcing the performance or observance of any of the obligations of the Tenant under this Lease 

  

	 	(b)	any refusal by the Landlord or the Management Company to accept rent tendered by or on behalf of the Tenant at a time when the Landlord was entitled (or would after the service of a
notice under Section 146 of the Law of Property Act 1925 have been entitled) to re-enter the Demised Premises 

  

	 	(c)	any extension of time given by the Landlord or the Management Company to the Tenant 

  

	 	(d)	(subject to Section 18 of the Landlord and Tenant (Covenants) Act 1995) any variation of the terms of this Lease (including any reviews of the rent payable under this Lease) or the
transfer of the Landlord’s reversion or the assignment of this Lease 

  

	 	(e)	any change in the identity constitution structure or powers of any of the Tenant the Surety the Landlord or the Management Company or the liquidation administration or bankruptcy
(as the case may be) of either the Tenant or the Surety 

  

	 	(f)	any legal limitation or any immunity disability or incapacity of the Tenant (whether or not known to the Landlord or the Management Company) or the fact that any dealings with the
Landlord or the Management Company by the Tenant may be outside or in excess of the powers of the Tenant 

  

	 	(g)	any other act omission matter or thing whatsoever whereby but for this provision the Surety would be exonerated either wholly or in part (other than a release under seal given by
the Landlord and/or the Management Company as the case may be) 

  

	7.	Disclaimer or forfeiture of Lease 

  

	 	(a)	The Surety hereby further covenants with the Landlord and the Management Company that:- 

  

	 	(i)	if the Crown or a liquidator or trustee in bankruptcy shall disclaim or surrender this Lease or 

  

	 	(ii)	if this Lease shall be forfeited or 

  

	 	(iii)	if the Tenant shall cease to exist 

  
 THEN the Surety shall if the Landlord by notice in writing given to the Surety within one hundred and eighty (180) days after such disclaimer or other
event so requires accept from and execute and deliver to the Landlord a counterpart of a new lease of the Demised Premises for a term commencing on the date of the disclaimer or other event and continuing for the residue then remaining unexpired of
the Term such new 

  

 62 

 
lease to be at the cost of the Surety and to be at the same rents and subject to the same covenants conditions and provisions as are contained in this Lease

  

	 	(b)	If the Landlord shall not require the Surety to take a new lease the Surety shall nevertheless upon demand pay to the Landlord a sum equal to the Rent and other sums that would have
been payable under this Lease but for the disclaimer or other event in respect of the period from and including the date of such disclaimer or other event until the expiration of one hundred and eighty (180) days therefrom or until the Landlord
shall have granted a lease of the Demised Premises to a third party (whichever shall first occur) 

  

	8.	Benefit of guarantee and indemnity 

  
 This guarantee and indemnity shall enure for the benefit of the successors and assigns of the Landlord and the Management Company respectively under this
Lease without the necessity for any assignment thereof 
  

 63 

  
 FIFTH SCHEDULE

 Matters to which the Demised Premises are subject 
  
 In so far as the same relate to or affect the Demised Premises the matters contained in Property and Charges Registers of Title Numbers
EGL436332 and EGL430275 
  

 64 

  
 SIXTH SCHEDULE

 Estate Services 
  

	(a)	In this Schedule:- 

  

	 	(i)	references to “maintain” shall mean maintain inspect test service repair overhaul amend rebuild renew reinstate replace and shall include where appropriate treat
wash down cleanse paint decorate empty and drain and the expression “maintenance” shall be construed accordingly 

  

	 	(ii)	“Services” shall mean Estate Services 

  

	 	(iii)	“Serviced Areas” shall mean the Estate Common Parts 

  

	(b)	In deciding the extent nature and quality of the relevant service or services from time to time the Management Company shall at all times act reasonably 

  

	(c)	In performing the Services and any other services hereunder the Management Company shall be entitled to employ or procure or permit the employment of managers agents contractors or
others 

  
 Part A 
 the Services 
  
 Subject to paragraphs (b) and (c) above the following services to be carried out in accordance with the principles of good estate management shall constitute the
Services:- 
  

	1.	Serviced Areas 

  
 To maintain the Serviced Areas 
  

	2.	Apparatus plant machinery etc. 

  
 To maintain and operate all apparatus plant machinery and equipment comprised in or otherwise serving the Serviced Areas from time to time and the
buildings housing them 
  

	3.	Pipes 

  
 To maintain all Pipes within the Serviced Areas but (within the Estate Common Parts) only those Pipes the use of which is shared by the occupiers of more
than one building on the Estate 
  

	4.	Fire alarms etc. 

  
 To maintain any smoke and/or smoke fire alarms and ancillary apparatus and fire prevention and fire fighting equipment and apparatus and other safety
equipment and ancillary apparatus and systems comprised in the Serviced Areas and in any event to maintain fire and smoke detection fire preventive and fire fighting equipment including sprinklers hydrants hosereels extinguishers fire alarms fire
escapes and fire escape routes and general means of escape to the extent required to comply in relation to the Serviced Areas with statutory requirements and the requirements of responsible authorities or underwriters or insurance companies

  

 65 

	5.	Lighting 

  
 To keep lit at appropriate times all appropriate parts of the Serviced Areas 
  

	6.	Roads Malls etc. open 

  
 Without prejudice to any right of the Landlord or the Management Company hereunder so far as shall be reasonably practicable to keep open and unobstructed
the access and circulation areas the roadways streets plazas malls and other vehicular and pedestrian ways and similar areas comprised in the Serviced Areas (subject only to:- 
  

	 	(a)	any temporary closure from time to time or 

  

	 	(b)	closure at certain hours for reasons of security or operational purposes) 

  

	7.	Security surveillance and visitor control 

  
 To provide security services and personnel including where appropriate in the Management Company’s discretion closed circuit television and/or other
plant and equipment for the purpose of surveillance and supervision of users of the Serviced Areas Provided that such services and personnel shall not extend to the Building 
  

	8.	Provision of signs and general amenities 

  
 In the Management Company’s discretion to provide and maintain direction signs and notices seats and other fixtures fittings chattels and amenities
for the convenience of tenants and their visitors and for the enjoyment or better enjoyment of such parts of the Serviced Areas as are available from time to time for use by the occupiers of and visitors to the Estate and/or members of the public as
the Landlord or the Management Company may determine 
  

	9.	Ornamental features gardens etc. 

  
 In the Management Company’s discretion to provide and maintain hard and soft landscaping and planting within the Serviced Areas including fountains
sculptures architectural artistic or ornamental features or murals and to keep all such parts of the Serviced Areas as may from time to time be laid out as landscaping (including water features) neat clean planted (where appropriate) properly tended
and free from weeds and the grass cut 
  

	10.	Fixtures fittings etc. 

  
 To provide and maintain fixtures fittings furnishings finishes bins receptacles tools appliances materials equipment and other things for the maintenance
appearance upkeep or cleanliness of the Serviced Areas and the provision of the services set out in this part of the Schedule 
  

	11.	Windows 

  
 As often as the Management Company may consider desirable to clean the exterior and interior of all windows and window frames in any building included in
the Serviced Areas and to provide and maintain cradles runways and carriages in connection with such cleaning 
  

 66 

	12.	Refuse 

  
 To provide and operate or procure the provision and operation of means of collection compaction and disposal of refuse and rubbish (including litter
within the Serviced Areas and if necessary pest control) from the Serviced Areas and other parts of the Estate and to provide and maintain plant and equipment for the collection compaction treatment packaging or disposal of the same 
  

	13.	Traffic 

  
 (So far as the same are not for the time being the exclusive responsibility of a public authority) to endeavour to control so far as practicable traffic
on the roads and service roads forming part of the Serviced Areas and parking therein and for that purpose to provide such working and mechanical systems as the Management Company considers appropriate including wheel clamping immobilising and
removal of vehicles 
  

	14.	Energy and supply services 

  
 To arrange the provision of water fuel oil gas heating cooling air conditioning ventilation electricity and other energy and supply services to the Estate
Common Parts as may be required for use in running or operating any service to the Serviced Areas or distributed to occupiers of the Estate including so far as appropriate standby power generators and plant excluding any such energy and supply
services required to operate the apparatus plant machinery and equipment referred to in the exclusion to paragraph 2 of this Part of this Schedule 
  

	15.	Water Areas and Waterside and Riverside Walkways 

  
 To use reasonable endeavours to procure that the responsible party maintains and operates or (in the Management Company’s discretion) to maintain and
operate the dock water retention system comprised in or immediately adjoining the Estate and to endeavour to keep water areas within the Estate Common Parts free from debris refuse and other material and (to the extent reasonably practicable) to
take reasonable steps to treat the same as necessary and to minimise pollution therein and to provide and maintain such seating security and safety equipment on any waterside walkways as the Management Company considers appropriate 
  

	16.	Transport Services 

  
 So far as the Landlord or the Management Company considers desirable or appropriate to provide and (as circumstances permit) operate and maintain vehicles
or other modes of transport staff premises and equipment for a transport service or services within or for the benefit of the Estate 
  

	17.	Other services 

  
 To provide such other services for the benefit of the Estate or the convenience of the users or occupiers thereof as the Landlord or the Management
Company may in accordance with the principles of good estate management consider desirable or appropriate 
  

 67 

 Part B 
  

	1.	Staff 

  
 The cost of staff (including direct or indirect labour) for the provision of services to the Serviced Areas and for the general management (including
accountancy functions) operation and security of the Serviced Areas (including traffic control and policing) and all other incidental expenditure including but not limited to:- 
  

	 	(a)	salaries insurance health pensions welfare severance and other payments contributions and premiums 

  

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

  

	 	(c)	providing maintaining repairing decorating and lighting any accommodation and facilities for staff including any residential accommodation for staff employed on the Serviced Areas
and all rates gas electricity and other utility charges in respect thereof and any actual or notional rent for such accommodation 

  

	2.	Common Facilities 

  
 The amount which shall require to be paid for or towards the costs charges fees and expenses in making laying repairing maintaining and lighting as the
case may be any roads ways forecourts passages pavements party walls or fences party structures Pipes or other conveniences and easements whatsoever which may belong to or be capable of being used or enjoyed by the Estate in common with any
Adjoining Property 
  

	3.	Transportation Facilities 

  
 The amount which the Landlord or Management Company properly pays for or towards the maintenance and lighting of or security for transportation facilities
which provide services to or for the benefit of the Estate and associated premises and areas and/or the fixtures fittings and equipment thereon but for the avoidance of doubt excluding any contributions which the Landlord or the Management Company
may from time to time make towards the Canary Wharf Underground Station (excluding any park areas or other areas to be used as open spaces for the enjoyment of the public which are provided or constructed above the Canary Wharf Underground Station
and party structures of such station) or the provision and operation of the Docklands Light Railway (excluding contributions the Landlord or the Management Company make towards the maintenance of the station from time to time) 
  

	4.	Outgoings 

  
 All existing and future rates (including water rates) taxes duties charges assessments impositions and outgoings (whether parliamentary parochial local or
of any other description and whether or not of a capital or non-recurring nature) payable in respect of the Serviced Areas or any part thereof 
  

	5.	Statutory requirements 

  
 The cost of carrying out any works to the Serviced Areas required to comply with any statute 
  

 68 

	6.	Representations 

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

	7.	Fees of the Estate Surveyor and the Accountant 

  
 The proper and reasonable fees costs charges expenses and disbursements of the Estate Surveyor and the Accountant for or in connection with the
performance of the duties ascribed to the Estate Surveyor and the Accountant respectively under the provisions of Clause 9 
  

	8.	Management 

  

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

  

	 	(b)	A fee to the Management Company in connection with the management of the Estate equal to 10% of the aggregate of the Estate Expenditure (excluding any items in this paragraph 8(a))
but so that if a firm of managing agents is appointed to manage the Estate the fee chargeable by the Management Company in any Estate Financial Year under this paragraph 8(b) shall be reduced (but not below zero) by an amount equivalent to the fees
(exclusive of Value Added Tax) charged by such managing agents and included in Estate Expenditure for that Estate Financial Year pursuant to paragraph 8(a) above 

  

	9.	Insurance 

  

	 	(a)	The cost of insuring (including insurance tax):- 

  

	 	(i)	the Serviced Areas against loss or damage by the Insured Risks in such sum as shall in the Landlord’s opinion be the full reinstatement cost thereof and including
architects’ surveyors’ and other professional fees (and Value Added Tax thereon) and expenses incidental thereto the cost of shoring up demolition and site clearance compliance with local authority requirements and similar expenses and
loss of income (if any) for such period as shall be reasonable having regard to the likely period required for obtaining planning permission and reinstating the Serviced Areas 

  

	 	(ii)	any engineering and electrical plant and machinery being part of the Serviced Areas against sudden and unforeseen damage breakdown and inspection to the extent that the same is not
covered by paragraph 9(a)(i) above 

  

	 	(iii)	property owners liability and public liability or such other insurances as the Landlord may from time to time deem necessary to effect 

  

	 	(b)	The cost of periodic valuations for insurance purposes 

  

 69 

	 	(c)	Works required to the Serviced Areas in order to satisfy the insurers of the Serviced Areas 

  

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

  

	10.	Public activities 

  
 The cost of any displays concerts exhibitions or other forms of public entertainment or activity undertaken within the Serviced Areas and for the benefit
or enjoyment of the Estate or its occupiers 
  

	11.	Public toilets 

  
 The cost of providing operating and maintaining public toilet facilities within the Serviced Areas or for the benefit or enjoyment of the Estate or its
occupiers 
  

	12.	Miscellaneous items 

  

	 	(a)	Leasing or hiring any of the items referred to in Part A or Part B of this Schedule 

  

	 	(b)	Interest commission and fees in respect of any moneys included in Estate Expenditure borrowed to finance the provision of services and any of the items referred to in Part A or Part
B of this Schedule 

  

 70 

  
 SEVENTH SCHEDULE

 Building Services 
  

	(a)	In this Schedule references to “maintain” shall mean maintain inspect test service repair overhaul amend rebuild renew reinstate replace (in all such cases to the
extent necessary to comply with statutory requirements and the requirement of responsible authorities) and shall include where appropriate treat wash down cleanse paint decorate empty and drain and the expression “maintenance” shall
be construed accordingly 

  

	(b)	In deciding the extent nature and quality of the relevant service or services from time to time the Management Company shall at all times act reasonably 

  

	(c)	In performing the Building Services and any other services hereunder the Management Company shall be entitled to employ or procure or permit the employment of managers agents
contractors or others 

  

	(d)	In this Schedule the following expressions shall have the following meanings:- 

  
 “The Base Parts of the Building” means the Common Parts of the Building but excluding: 
  

	 	(i)	the passenger lifts 

  

	 	(ii)	the goods lifts 

  

	 	(iii)	the goods loading docks and adjacent service areas 

  

	 	(iv)	the lift lobbies and access corridors serving more than one tenant 

  

	 	(v)	the common service corridors 

  
 “The Core Parts” means the Retained Parts but excluding: 
  

	 	(i)	the Common Parts of the Building 

  

	 	(ii)	The Tenant Lavatories 

  
 “The Tenant Lavatories” means those lavatories within the Building as shall from time to time be intended for or designated for the use
of the tenants of Lettable Areas in the Building 
  
 Part A

 Building Services 
  
 Subject to paragraphs (b) and (c) above the following services to be carried out in accordance with the principles of good estate management shall constitute the Building
Services:- 
  
 Part I 
  

	1.	The Core Parts 

  
 To maintain the Core Parts 
  

 71 

	2.	Base Parts of the Building 

  
 To keep clean and maintained the Base Parts of the Building including the windows thereof and to keep the same adequately lighted where appropriate during
the Business Hours and such other hours as the Management Company may in its discretion from time to time decide 
  

	3.	Hot and cold water 

  
 During the Business Hours to provide an adequate supply of hot and cold water to the wash basins in the Building other than in the Tenant Lavatories

  

	4.	Air conditioning 

  
 During the Business Hours to provide air conditioning to the Base Parts of the Building and the Core Parts as each is intended to be air conditioned to
such temperatures and standards as the Management Company may from time to time reasonably consider appropriate and to maintain all equipment plant and machinery used in connection therewith other than such as is the responsibility of the Tenant

  
 Part II 
  

	1.	Lifts 

  
 During the Business Hours to provide a lift service to the Demised Premises by the operation of the lifts now or from time to time installed and outside
the Business Hours to provide such a lift service as the Management Company reasonably considers necessary or desirable in the interests of good estate management 
  

	2.	Hot and Cold Water 

  
 During the Business Hours to provide an adequate supply of hot and cold water to the wash basis in the Tenant Lavatories 
  

	3.	Maintenance and Cleaning 

  
 To keep clean and maintained including the windows thereof and to keep adequately lighted where appropriate during the Business Hours and such other hours
as the Management Company may in its discretion from time to time decide: 
  

	 	(a)	the passenger lifts serving the Demised Premises 

  

	 	(b)	the goods lifts 

  

	 	(c)	the goods loading docks and adjacent service areas 

  

	 	(d)	the lift lobbies and access corridors serving more than one tenant 

  

	 	(e)	the common service corridors 

  

	4.	Air Conditioning 

  
 During the Business Hours to provide air conditioning to those parts of the Building which are not supplied pursuant to the provisions of Paragraph 4 of
Part I of Part A of this 

  

 72 

 
Schedule and which are intended to be air conditioned to such temperatures and standards as the Management Company may from time to time reasonably consider
appropriate and to maintain all equipment plant and machinery used in connection therewith other than such as is the responsibility of the Tenant 
  
 SEVENTH SCHEDULE 
 Part B

  
 Part I 
  

	1.	Retained Parts 

  
 The cost of lighting heating furnishing carpeting and equipping and (as necessary) altering the Core Parts and Base Parts of the Building including but
not limited to the provision in the main entrance halls and lift lobby areas of floral decorations desks tables chairs and other fixtures and fittings 
  

	2.	Apparatus plant machinery etc. 

  
 The cost of maintaining and operating all apparatus plant machinery and equipment serving the Core Parts and the Base Parts of the Building from time to
time 
  

	3.	Fire alarms etc. 

  
 The cost of maintaining any fire alarms and ancillary apparatus and fire prevention and fire fighting equipment and apparatus and other safety equipment
comprised in the Retained Parts or serving the Building and in any event of maintaining fire and smoke detection fire preventive and fire fighting equipment including sprinklers hydrants hosereels extinguishers fire alarms fire escapes and fire
escape routes and general means of escape to the extent required to comply in relation to the Retained Parts with statutory requirements and the requirements of responsible authorities or underwriters or insurance companies 
  

	4.	Security and surveillance 

  
 The cost of providing security services and personnel including in the Management Company’s discretion closed circuit television and/or other plant
and equipment for the purpose of surveillance and supervision of users of or visitors to the Building Provided that such services and personnel shall not extend to the Demised Premises 
  

	5.	Staff 

  
 The cost of staff (including direct or indirect labour) for the provision of services to the Core Parts and the Base Parts of the Building and for the
general management (including accountancy functions) and operation of those parts of the Building and all other incidental expenditure including but not limited to:- 
  

	 	(a)	salaries insurance health pension welfare severance and other payments contributions and premiums 

  

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

  

 73 

	 	(c)	providing maintaining repairing decorating and lighting any accommodation and facilities for staff including any residential accommodation for staff employed on the Building and all
rates gas electricity and other utility charges in respect thereof and any actual or notional rent for such accommodation 

  

	6.	Common Facilities 

  
 The amount which shall require to be paid or contributed towards the costs charges fees and expenses in making laying repairing maintaining rebuilding
decorating cleansing and lighting as the case may be any roads ways forecourts loading docks and bays passages pavements party walls or fences party structures Pipes or other conveniences and easements which may belong to or be capable of being used
or enjoyed by the Building in common with any Adjoining Property 
  

	7.	Outgoings 

  
 All existing and future rates (including water rates) taxes duties charges assessments impositions and outgoings whatsoever (whether parliamentary
parochial local or of any other description and whether or not of a capital or non-recurring nature) payable in respect of the Retained Parts of any part thereof 
  

	8.	Representations 

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

	9.	Regulations 

  
 The cost of compliance with the Regulations so far as the same relate to the provision of the services and other items referred to in Part I of Part A and
Part I of Part B of this Schedule 
  

	10.	Miscellaneous items 

  

	 	(a)	Leasing or hiring any of the items referred to in Part I of Part A or Part I of Part B of this Schedule 

  

	 	(b)	Interest commission and fees in respect of any moneys included in Building Expenditure borrowed to finance the provision of services and any of the items referred to in Part I of
Part A or Part I of Part B of this Schedule 

  
 Part II 
  

	1.	Retained Parts 

  
 The costs of lighting heating furnishing carpeting and equipping and (as necessary) altering: 
  

	 	(a)	The Tenant Lavatories 

  

 74 

	 	(b)	The areas of the Building identified in Paragraph 3 of Part II of Part A of this Seventh Schedule 

  

	2.	Apparatus Plant Machinery etc. 

  
 The costs of maintaining and operating all apparatus plant machinery and equipment serving the Building with the exception of the Core Parts and the Base
Parts of the Building 
  

	3.	Security and surveillance 

  
 The cost of providing security services and personnel including in the Management Company’s discretion closed circuit television and/or other plant
and equipment for the purpose of monitoring organising and supervising the use of any loading bays delivery areas and goods lifts within the Building Provided that such services and personnel shall not extend to the Demised Premises 
  

	4.	Provision of signs and general amenities 

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

	5.	Ornamental features gardens etc. 

  
 The cost of providing and maintaining hard and soft landscaping and planting within the Retained Parts including fountains sculptures architectural
artistic or ornamental features or murals and of keeping all such parts of the Retained Parts as may from time to time be laid out as landscaping (including water features) neat clean planted (where appropriate) properly tended and free from weeds
and the grass cut 
  

	6.	Fixtures fittings etc. 

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

	7.	Windows 

  
 The cost of cleaning the exterior and (save where the responsibility of a tenant) interior of all windows and window frames in the Retained Parts and of
providing and maintaining cradles runways and carriages in connection with such cleaning 
  

	8.	Refuse 

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

 75 

	9.	Energy and supply services 

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

	10.	Other services 

  

	 	(a)	The cost of providing such other services for the benefit of the Building or the convenience of the occupiers thereof including without limitation a receipt and dispatch centre for
items delivered by courier as the Management Company may in accordance with the principles of good estate management consider desirable or appropriate 

  

	 	(b)	Such costs and expenses as the Management Company reasonably considers appropriate or desirable to provide in respect of the provision of services to the car park within the
Building 

  

	11.	Staff 

  
 The cost of staff (including direct or indirect labour) for the provision of services to those parts of the Building not being Core Parts or Base Parts of
the Building and for the general management (including accountancy functions) and operation of those parts of the Building and all other incidental expenditure including but not limited to:- 
  

	 	(a)	salaries insurance health pension welfare severance and other payments contributions and premiums 

  

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

  

	 	(c)	providing maintaining repairing decorating and lighting any accommodation and facilities for staff including any residential accommodation for staff employed on the Building and all
rates gas electricity and other utility charges in respect thereof and any actual or notional rent for such accommodation 

  

	12.	Common Facilities 

  
 The amount which shall require to be paid or contributed towards the costs charges fees and expenses in making laying repairing maintaining rebuilding
decorating cleansing and lighting as the case may be any roads ways forecourts loading docks and bays passages pavements party walls or fences party structures Pipes or other conveniences and easements which may belong to or be capable of being used
or enjoyed by the Building in common with any Adjoining Property 
  

	13.	Outgoings 

  
 All existing and future rates (including water rates) taxes duties charges assessments impositions and outgoings whatsoever (whether parliamentary
parochial local or of any other description and whether or not of a capital or non-recurring nature) payable in respect of the Retained Parts of any part thereof 
  

 76 

	14.	Statutory requirements 

  
 The cost of carrying out any works to the Retained Parts required to comply with any statute 
  

	15.	Representations 

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

	16.	Regulations 

  
 The cost of compliance with the Regulations so far as the same relate to the provision of the services and other items referred to in Part II of Part A
and Part II of Part B of this Schedule 
  

	17.	Enforcement of covenants etc. 

  
 The cost of enforcing the covenants in any other leases of Lettable Areas within the Building for the general benefit of the tenants thereof as determined
by the Landlord or the Management Company 
  

	18.	Fees of the Building Surveyor and the Accountant 

  
 The proper and reasonable fees costs charges expenses and disbursements of the Building Surveyor and the Accountant for or in connection with the
performance of the duties ascribed to the Building Surveyor and the Accountant respectively under the provisions of Clause 9 of this Lease 
  

	19.	Management 

  

	 	(a)	The proper and reasonable fees of managing agents employed or retained by the Management Company for or in connection with the general overall management and administration and
supervision of the Building (excluding rent collection) 

  

	 	(b)	A fee to the Management Company in connection with the management of the Building such fee being equal to 10% of the Building Expenditure (excluding any items in sub-paragraph 19(a)
of this paragraph 19) but so that if a firm of managing agents is appointed to manage the Building the fee chargeable by the Management Company in any Building Financial Year under this paragraph 19(b) shall be reduced (but not below zero) by an
amount equivalent to the fees (exclusive of Value Added Tax) charged by such managing agents and included in Building Expenditure for that Building Financial Year pursuant to paragraph 19(a) above 

  

	20.	Miscellaneous items 

  

	 	(a)	Leasing or hiring any of the items referred to in Part II of Part A or Part II of Part B of this Schedule 

  

 77 

	 	(b)	Interest commission and fees in respect of any moneys included in Building Expenditure borrowed to finance the provision of services and any of the items referred to in Part 1 of
Part A or Part 1 of Part B of this Schedule 

  

	21.	Insurance 

  

	 	(a)	Works required to the Building in order to satisfy the insurers of the Building 

  

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

  

	22.	Decorations 

  
 Providing and maintaining Christmas and other special decorations for the Building 
  

	23.	Staff 

  
 The cost of employing such staff as the Management Company may in its absolute discretion deem desirable or necessary to enable it to provide all or any
of the services in the Building and for the general management of the Building 
  

	24.	Name boards 

  
 The cost of providing and installing name boards of such size and design as the Landlord or the Management Company may in its absolute discretion
determine in the main entrance to the Building and at such other locations as the Landlord or the Management Company may consider desirable 
  

	25.	Generally 

  
 Any costs and expenses (not referred to above) which the Management Company may incur in providing such other services and in carrying out such other
works as the Management Company in its absolute discretion may deem desirable or necessary for the benefit of the Building or any part of it or the tenants or occupiers thereof or for securing or enhancing any amenities of or within the Building or
in the interest of good estate management 
  

	26.	Building Car Park 

  
 The cost of maintaining, lighting, equipping and (as necessary) altering any part of the car park within the Building over or in respect of which the
Tenant has access or rights to pass 
  

 78 

  
 EIGHTH SCHEDULE

 Authorised Guarantee Agreement to be given by Tenant 
 pursuant to Clause 4.21.2(b)(i) 
  
 THIS
DEED is made the                      day of
                     20     
  
 BETWEEN:- 
  

							
	 (1)    [
	  	 	  	] whose registered office is at [
				
	 	  	] (registered number:	  	 	  	) (the “Tenant”) [and]
			
	 (2)    [
	  	 	  	] whose registered office is at [
				
	 	  	] (registered number:	  	 	  	) (the “Landlord”) [and]
			
	 (3)    [
	  	 	  	] whose registered office is at [
				
	 	  	] (registered number:	  	 	  	) (the “Guarantor”)]

  
 WHEREAS:- 
  

	(A)	This Agreement is made pursuant to the lease dated [                    ] and
made between
[                                        ] (the
“Lease”) which expression shall include (where the context so admits) all deeds and documents supplemental to it (whether expressed to be so or not) relating to the premises at
[                                        ] (the
“Premises”) 

  

	(B)	The Tenant holds the Premises under the Lease and wishes to assign the Lease to
[                     ] (the “Assignee”), and pursuant to the Lease the Landlord’s consent is required to such assignment (the
“Assignment”) and such consent is given subject to a condition that the Tenant [and the Guarantor] [is/are] to enter into a deed in the form of this Deed 

  
 NOW THIS DEED WITNESSES as follows:- 
  

	1.	Authorised Guarantee 

  
 Pursuant to the condition referred to above, the Tenant covenants with the Landlord, as a primary obligation, that the Assignee or the Tenant shall, at
all times during the period (the “Guarantee Period”) from the completion of the Assignment until the Assignee shall have ceased to be bound by the tenant covenants (which in this Deed shall have the meaning attributed by
section 28(1) of the Landlord and Tenant (Covenants) Act 1995 (the “1995 Act”)) contained in the Lease (including the payment of the rents and all other sums payable under the Lease in the manner and at the times specified in the
Lease), duly perform and observe the tenant covenants 
  

	2.	Tenant’s liability 

  

	2.1	The Tenant agrees that the Landlord, in the enforcement of its rights under this Deed, may proceed against the Tenant as if the Tenant were the sole or principal debtor in respect
of the tenant covenant in question 

  

	2.2	For the avoidance of doubt, notwithstanding the termination of the Guarantee Period the Tenant shall remain liable under this Deed in respect of any liabilities which may have
accrued prior to such termination 

  

 79 

	2.3	For the avoidance of doubt the Tenant shall be liable under this Deed for any costs and expenses incurred by the Landlord in enforcing the Tenant’s obligations under this Deed

  

	3.	Disclaimer of Lease 

  
 The Tenant further covenants with the Landlord that if the Crown or a liquidator or trustee in bankruptcy shall disclaim the Lease during the Guarantee
Period the Tenant shall, if the Landlord by notice in writing given to the Tenant within six (6) months after such disclaimer, accept from and execute and deliver to, the Landlord a counterpart of a new lease of the Premises for a term commencing on
the date of the disclaimer and continuing for the residue then remaining unexpired of the term of the Lease, such new lease to be at the same rents and subject to the same covenants and provisions as are contained in the Lease 
  

	4.	Supplementary provisions 

  
 By way of provision incidental or supplementary to Clauses 1, 2 and 3 of this Deed:- 
  

	4.1	Postponement of claims by Tenant 

  
 The Tenant further covenants with the Landlord that the Tenant shall:- 
  

	 	(a)	not claim in any liquidation, bankruptcy, composition or arrangement of the Assignee in competition with the Landlord and shall remit to the Landlord the proceeds of all judgments
and all distributions it may receive from any liquidator, trustee in bankruptcy or supervisor of the Assignee; 

  

	 	(b)	hold for the benefit of the Landlord all security and rights the Tenant may have over assets of the Assignee whilst any liabilities of the Tenant or the Assignee to the Landlord
remain outstanding; and 

  

	 	(c)	not exercise any right or remedy in respect of any amount paid or any liability incurred by the Tenant in performing or discharging its obligations contained in this Deed, or claim
any contribution from any other guarantor 

  

	4.2	Postponement of participation by Tenant in security 

  
 The Tenant shall not be entitled to participate in any security held by the Landlord in respect of the Assignee’s obligations to the Landlord under
the Lease or to stand in the place of the Landlord in respect of any such security until all the obligations of the Tenant or the Assignee to the Landlord under the Lease have been performed or discharged 
  

	4.3	No release of Tenant 

  
 None of the following, or any combination of them, shall release, determine, discharge or in any way lessen or affect the liability of the Tenant as
principal obligor under this Deed or otherwise prejudice or affect the right of the Landlord to recover from the Tenant to the full extent of this guarantee:- 
  

	 	(a)	any neglect, delay or forbearance of the Landlord in endeavouring to obtain payment of any rents or other amounts required to be paid by the Assignee or in enforcing the performance
or observance of any of the obligations of the Assignee under the Lease; 

  

 80 

	 	(b)	any refusal by the Landlord to accept rent tendered by or on behalf of the Assignee at a time when the Landlord was entitled (or would after the service of a notice under Section
146 of the Law of Property Act 1925 have been entitled) to re-enter the Premises; 

  

	 	(c)	any extension of time given by the Landlord to the Assignee; 

  

	 	(d)	any reviews of the rent payable under the Lease and (subject to Section 18 of the 1995 Act) any variation of the terms of the Lease or the transfer of the Landlord’s reversion;

  

	 	(e)	any change in the constitution, structure or powers of either the Tenant, the Assignee or the Landlord or the liquidation, administration or bankruptcy (as the case may be) of
either the Tenant or the Assignee; 

  

	 	(f)	any legal limitation, or any immunity, disability or incapacity of the Assignee (whether or not known to the Landlord) or the fact that any dealings with the Landlord by the
Assignee may be outside, or in excess of, the powers of the Assignee; 

  

	 	(g)	any other deed, act, omission, failure, matter or thing whatsoever as a result of which, but for this provision, the Tenant would be exonerated either wholly or partly (other than a
release executed and delivered as a deed by the Landlord or a release effected by virtue of the 1995 Act) 

  

	4.4	Costs of new lease 

  
 The Landlord’s reasonable costs in connection with any new lease granted pursuant to Clause 3 of this Deed shall be borne by the Tenant and paid to
the Landlord (together with Value Added Tax) upon completion of such new lease 
  

	5.	[Guarantee] 

  
 [If there is a guarantor, repeat the provisions set out in paragraphs 1 to 9 (inclusive) of Schedule 4] 
  

	6.	Guarantor to join in new lease 

  
 If the Tenant shall be required to take up a new lease pursuant to Clause 3 of this Deed, the Guarantor shall join in, and execute and deliver to the
Landlord a counterpart of, such new lease in order to guarantee the obligations of the Tenant under it in the terms of Schedule 4 to the Lease] 
  
 IN WITNESS whereof this deed has been executed by the Tenant and is intended to be and is hereby delivered on the date first above written 
  

 81 

  
 NINTH SCHEDULE

 Expert determination 
  

	1.	If a Counternotice is served in accordance with Clause 4.21.4, the Landlord’s determination shall be reviewed by an independent expert who shall act as an expert and not as an
arbitrator and who shall be agreed or appointed in accordance with paragraphs 3 and 4. The expert shall:- 

  

	1.1	give notice to the Landlord and the Tenant inviting each of them to submit representations to him within ten (10) Working Days of the notice 

  

	1.2	give notice to each party offering each party an opportunity to make counter-submissions in respect of any such representations within ten (10) Working Days of such notice

  

	1.3	provide his decision within ten (10) Working Days of receipt of the counter-submissions and give written reasons for his decision 

  

	2.	The decision of any such expert shall be conclusive and binding on the Landlord and the Tenant. If any expert so agreed or appointed shall die or become unwilling to act or
incapable of acting for any reason or fail to act with reasonable expedition, another such expert may be agreed or appointed in his place in like manner 

  

	3.	If and to the extent that the Counternotice requires an expert to review the Landlord’s determination that any of the circumstances set out in Clause 4.21.2(a)(i)-(iii) exist,
the expert shall be a Chartered Accountant with not less than 10 years’ post qualification experience immediately preceding the date of the reference to him appointed by agreement between the Landlord and the Tenant or, in the absence of such
agreement within ten (10) Working Days, nominated at the request of either of them by the President for the time being of the Institute of Chartered Accountants in England and Wales (or his duly appointed deputy or any one authorised by him to make
appointments on his behalf) 

  

	4.	If and to the extent that the Counternotice requires an expert to review the Landlord’s determination that any of the circumstances set out in Clauses 4.21.2(a)(iv)-(vi) exist,
the expert shall be a Solicitor with not less than 10 years’ post qualification experience immediately preceding the date of the reference to him appointed by agreement between the Landlord and the Tenant or, in the absence of such agreement
within ten (10) Working Days, nominated at the request of either of them by the President for the time being of the Law Society in England and Wales (or his duly appointed deputy or any one authorised by him to make appointments on his behalf)

  

	5.	If and to the extent that the Counternotice requires an expert to review the Landlord’s determination that any of the circumstances set out in Clauses 4.21.2(a)(vii) to (viii)
exist or that any of the conditions referred to in Clause 4.21.2(b) should be imposed, the expert shall be a Chartered Surveyor with not less than 10 years’ post qualification experience immediately preceding the date of the reference to him
appointed by agreement between the Landlord and the Tenant or, in the absence of such agreement within ten (10) Working Days, nominated at the request of either of them by the President for the time being of the Royal Institution of Chartered
Surveyors (or his duly appointed deputy or anyone authorised by him to make appointments on his behalf) 

  

	6.	The fees payable to the President or any such expert shall be borne and paid by the Landlord and the Tenant in such shares and in such manner as the expert shall determine and
failing any such decision in equal shares (and if one party shall pay all the fees it shall be entitled to recover from the other any appropriate share which the other should have paid) 

  

 82 

					
	 Executed as a Deed by HERON QUAYS
	 	)
	 (HQ4) T1 LIMITED acting by:-
	 	)
		
	Director	 	 /s/ Peter Anderson

		
	Secretary	 	 /s/ John Garwood

		
	 Executed as a Deed by HERON QUAYS
	 	)
	 (HQ4) T2 LIMITED acting by:-
	 	)
		
	Director	 	 /s/ Peter Anderson

		
	Secretary	 	 /s/ John Garwood

		
	 Executed as a Deed by CANARY WHARF
	 	)
	 MANAGEMENT LIMITED acting by:-
	 	)
		
	Director	 	 /s/ Peter Anderson

		
	Secretary	 	 /s/ John Garwood

  

 83 

  
 ANNEXURE 1 

 
 “Minimum Standard Developer’s Finish 
  
 for Tenant’s Work Specification” 
  

  
 CANARY WHARF

  
 MINIMUM STANDARD DEVELOPER’S FINISH 

 
 FOR TENANT WORK 
  

	1.	FLOORING 

  

	 	1.1	System Floors, Hewetsons Floors or equal raised access floor shall be installed to suit the building design height for the demised premises (generally 200mm average measured from
top of slab to top of raised floor). The performance criteria of the system shall meet the working strength requirements of a medium grade platform specification of the Department of the Environment, Property Services Agency document MOB 08-801. The
system shall consist of 600mm x 600mm or 750mm x 750mm fully accessible panels on adjustable jacks. 

  

	 	1.2	600mm x 600mm carpet tiles shall be installed throughout. Quality to be equal to Heuga Connections, Milliken Corporate Square Nova, Interface Palette 3000 or Sommer Avenue.

  

	2.	CEILINGS 

  

	 	2.1	Perforated metal pan 750mm x 750mm or 600mm x 600mm lay-in ceiling, Aluminium Ceiling System 15mm x 8mm Aluminium capped steel grid shall be installed throughout the demised
premises. Ceiling tiles to be powder coated white finish with 16mm thick mineral wool padding. Quality shall be at least equal to SAS Ceilings System 130. 

  

	 	2.2	Painted drywall window soffits will be installed at the perimeter of the ceiling system to receive perimeter slot diffusers. 

  

	 	2.3	Lift lobbies shall have painted drylined ceilings. 

  

	3.	LIGHTING 

  

	 	3.1	600mm x 600mm deep cell parabolic light fixtures, with electronic control gear, shall be installed to maintain a lighting level of 500 lux average in the office areas.

  

	 	3.2	Fixtures shall be by Creed Light Engineering Limited or equal. Louvre will be low brightness with iridescent specular (highly polished) high purity aluminium curved profile sides,
compound curved profile sides and compound curved profile wedge cross blades designed to meet the requirements of CIBSE LG3 Category 2. Each fixture will be fitted with a 750mm x 750mm surround metal frame to allow installation into 750mm x 750mm
(where used) ceiling module. 

  

	 	3.3	Switching in all areas shall be controlled by the DDC electronic controller which is provided as part of the air conditioning terminal temperature control unit.

  

	 	3.4	Incandescent downlights and/or wall washers shall be installed in each lift lobby. 

  

	4.	WALL FINISHES 

  

	 	4.1	Perimeter walls, columns and core walls shall be fully drylined, taped and sanded, ready for painting. 

  

	 	4.2	All exposed surfaces of drylining shall receive: 

  

	 	a)	One coat of primer sealer 

  

	 	b)	Two coats of emulsion 

  

	 	4.3	Lift lobbies shall have fabric backed vinyl wall covering, 460 grams, with a flame spread of Class 0 and Class I - Carteret by Helen Sheane Wallcovering or equal.

  

	 	4.4	All drylined partitions will receive 100mm high timber (American Cherry or equal) skirting. 

  

	5.	PARTITIONS, DOORS AND IRONMONGERY 

  

	 	5.1	Two pairs of glass entrance doors with glazed side screens shall be installed at each lift lobby. Doors and screens can be either frameless or framed in timber or aluminium.

  

	6.	SPRINKLER/FIRE PROTECTION 

  

	 	6.1	A system of sprinkler protection shall be installed throughout all areas. 

  

	 	6.2	Flush mounted sprinkler heads, as Reliable Model G4, shall be provided to achieve a design density of Ordinary Hazard Group II, in accordance with the requirements of British
Standard 5306 Part 2 and the Landlord’s insurance requirements. 

  

	 	6.3	The base building fire alarm system shall be extended to provide coverage throughout all areas and shall comply with the requirements of British Standard 5839 Parts 1 and 4.

  

	 	6.4	The base building public address system, which forms part of the fire alarm installation, shall be extended to provide the required audibility levels of 65dB(A) in all areas.

  

	7.	MECHANICAL 

  

	 	7.1	HVAC systems shall be installed in all office areas, consistent with the design criteria indicated in the “Outline Shell & Core Specification”.

  

	 	7.2	Fan assisted terminal variable air volume (FATVAV) boxes shall be installed to serve all general office areas. Perimeter FATVAV boxes shall be equipped with electrical heating
coils. Each FATVAV unit shall be provided with a standalone DDC electronic controller connected to a wall mounted room temperature sensor. 

  

	 	7.3	Thermal loading shall be based on the stated “Shell and Core” mechanical system design load. The perimeter zones shall be provided with a terminal at each corner exposure
and one for every, approximately, 6 metres by 4.5 metres. Interior areas shall be provided with one terminal for every, approximately, 81 square metres of net internal area. 

  

	 	7.4	Perimeter zones shall be provided with multi-slot continuous or discrete aluminium supply air diffusers located adjacent to each window module. Interior thermal zones shall be
provided with one supply air diffuser for 30 square metres. Return air to the ceiling plenum shall be through the heat extract modular light fittings and supplemented with additional return air grilles. 

  

	 	7.5	Primary supply air trunk duct shall be internally or externally lined rectangular sheet metal connected to the base building system at each core. Terminal units shall be connected
to the primary trunk duct with insulated round ducting, rigid or flexible types as appropriate. Branch supply air ducting from each terminal unit shall be internally lined. Sheet metal connections to each air distribution device shall be round,
rigid or flexible. 

  

	8.	ELECTRICAL 

  

	 	8.1	Electrak or equal horizontal underfloor power distribution, shall be installed; approx 4.5m on centre. 

  

	 	8.2	One three compartment floor box per 10m5 (108 sq.ft) of net internal area shall be installed and located in the raised floor. Floor box shall be located centrally to one side of the
panel. Each floor box to contain: 

  
 2 No.
Unswitched General Purpose Outlets 
 2 No. Data Blanks 
 2 No. Telephone Blanks 
 1 No. 3m tail 
  
 Floor boxes manufactured by Thorsman or equal. 
  

	9	STATUTORY SIGNS/TENANT SIGNS 

  

	 	9.1	Internal signs to exit and hose reels shall be installed as necessary to comply with statutory and local authority requirements. 

  

	10	WINDOW COVERING 

  

	 	10.1	25mm wide horizontal solid aluminium slat, silver window blinds manufactured by Claxton Blinds or equal shall be installed at all perimeter windows. 

  

  
 ANNEXURE 2 

 
 “High Level Signage Licence 
  
 for Alterations” 
  

  
 THIS LICENCE is made the
                     day of                     
Two thousand and [            ] 
  
 BETWEEN (1) the Landlord and (2) The Northern Trust Company  
  
 WITNESSETH as follows:- 
  

	1.	IN this Licence save where the context otherwise requires the following words and expressions have the meanings hereunder assigned to them:- 

  

	1.1	“Landlord” means the party whose name and registered office is set forth in the First Schedule and its successors in title 

  

	1.2	“Tenant” means The Northern Trust Company whose registered office is set forth in the First Schedule 

  

	1.3	“Premises” means the premises described in the Second Schedule 

  

	1.4	“Lease” means the lease of the Premises made between the parties hereto and dated
[                     ] for a term of
[                     ] years from
[                     ] 

  

	1.5	“Drawings” means the drawings specified in Part 1 the of Third Schedule copies of which are annexed to this Licence 

  

	1.6	“Specifications” means the specifications specified in Part 2 of the Third Schedule copies of which are annexed to this Licence 

  

	1.7	“Works” means the installation of the high level sign(s) pursuant to [paragraph 12.3] of the First Schedule of the Lease carried out in conformity with the Drawings
and Specifications 

  

	2.	THE Landlord has granted to the Tenant licence and consent for the carrying out of the Works 

  

	3.	THE Tenant covenants with the Landlord:- 

  

	3.1	to pay any increased insurance premiums together with any insurance premium tax thereon that may be occasioned by reason of the Works 

  

	3.2	immediately prior to the expiration or sooner determination of the Term (as defined in the Lease) or, if sooner, as soon as any of the requirements of paragraph 12(a) of the First
Schedule of the Lease are not being met to remove the Works and to make good to the reasonable satisfaction of the Landlord all damage caused by such removal Provided That such works of removal shall be carried out expeditiously and in a good and
workmanlike manner causing the minimum disturbance and inconvenience to the occupants and owners for the time being of the Building and at the discretion of the Landlord the Landlord shall be entitled to carry out the removal of the Works in place
of the Tenant and subject to the Tenant (acting reasonably) having approved the Landlord’s costs of carrying out the removal works the Tenant shall reimburse the Landlord for such costs of carrying out such removal works within ten Working Days
of written demand by the Landlord 

  

 1 

	3.3	in the event of the Tenant applying for the Landlord’s consent for a proposed assignment of the Lease or to a proposed underlease which will result in the requirements of
paragraph 12(a) of the First Schedule of the Lease not being met the Landlord shall be entitled to require as a condition of any such consent the prior removal of such Works in accordance with the provisions of clause 3.2 

 

	4.	IT is agreed and declared that: 

  

	4.1	The covenants on the part of the Tenant and the conditions contained in the Lease shall take effect subject to and with the benefit of this Licence 

  

	4.2	The proviso for re-entry in the Lease shall be exercisable on breach of any of the covenants in this Licence on the part of the Tenant as well as on the happening of any of the
events mentioned in the said proviso 

  

	4.3	Save as varied by this Licence the covenants and conditions in the Lease shall remain in full force and effect 

  

	5.	Proper Law and Jurisdiction 

  
 This Licence shall be governed by and construed in accordance in all respects with English law and the parties to this Licence hereby submit to the
non-exclusive jurisdiction of the High Court of Justice of England in relation to any claim dispute or difference which may arise under this Licence and in relation to the enforcement of any judgement rendered pursuant to any such claim dispute or
difference and for the purpose of Part 6.15 of Civil Procedure Rules 1998 the Landlord and the Tenant hereby irrevocably agree that any process may be served on any of them by leaving a copy of it at the relevant party’s address 
  
 IN WITNESS whereof the parties hereto have executed this Licence as a deed and intend the
same to be delivered on the day and year first above written 
  

 2 

  
 THE FIRST SCHEDULE

 (The Parties) 
  

							
	(a)	  	“the Landlord”	  	:	  	 
	 	  	 	  	 	  	whose registered office is at
	(b)	  	“the Tenant”	  	:	  	 
	 	  	 	  	 	  	whose registered office is at

  
 THE SECOND SCHEDULE

 (The Premises) 
  
 THE THIRD SCHEDULE 
 PART 1

 (The Drawings) 
  

					
	 Number

	 	 Title

	 	 Prepared by

  
 PART 2

 (The Specifications) 
  

			
	Executed as a Deed by	  	)
	[Landlord] acting by:-	  	)
		
	 	  	Director
		
	 	  	Secretary
		
	Executed as a Deed by	  	)
	[Tenant] acting by:-	  	)
		
	 	  	Director
		
	 	  	Secretary

  

 3 

  
 PLAN 1 
  
 “Estate Plan” 
  

	
	 

  

  
 PLANS 2 3 AND 4

  
 “Demised Premises” 
  

	
	 

  

	
	 

  

	
	 

  

 PLAN 5 
  
 “Entrance Lobby” 
  

	
	 

  

 PLANS 6A AND 6B 
  
 “Mechanical Space” 
  

	
	 

  

	
	 

  

 PLAN 7 
  
 “Public Open Space” 
  

	
	 

  

 PLAN 8 
  
 “Telecommunications Equipment”

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