Document:

ex10_14.htm

Exhibit 10.14

 

PREMISES RELOCATION AND LEASE AMENDMENT AGREEMENT

 

This Premises Relocation and Lease Amendment Agreement (the "Amendment") is dated as of October 8, 2003, between 440 WHEELERS FARM ROAD, L.L.C. ("Landlord"), a Delaware limited liability company, having an address at 440 Wheelers Farms Road, Milford, Connecticut 06460, and THE WINTHROP CORPORATION ("Tenant"), a Connecticut corporation, having an address at 440 Wheelers Farms Road, Milford, Connecticut 06460.

 

WITNESSETH:

 

WHEREAS, pursuant to that certain Lease and that certain Side Letter Agreement both dated as of July 16, 1999, as amended by that certain Amendment Agreement dated January 7, 2000 (collectively, the "Lease"), Landlord leased unto Tenant those certain premises more particularly described therein, comprised of 47,544 square feet of rentable area of office space (the "Premises"), located on the fourth floor of that building known as 440 Wheelers Farms Road in Milford, Connecticut (the 'Building"), for a Term due to expire on July 31, 2010, unless sooner terminated or otherwise extended as provided therein; and

 

WHEREAS, Landlord and Tenant desire to (i) relocate the Premises, as originally demised under the Lease (for purposes of this Amendment, the "Old Space"), to a new location consisting of 17,811 square feet of rentable area on the second floor of the Building, as shown on Exhibit A attached hereto (the "New Space"), (ii) revise the Term of the Lease, and (iii) make other changes to the Lease; and

 

WHEREAS, Landlord and Tenant now desire that the Lease be appropriately amended;

 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows, notwithstanding anything to the contrary contained in the Lease or in any other agreements between the parties;

 

1.             General Definitions. Capitalized terms used but not separately defined in this Amendment shall have their respective meanings used in the Lease.

 

2.             Effective Date; Relocation. Date. The "Effective Date" herein shall mean the date of this Amendment. The "Relocation Date" shall mean the earlier of: the date Tenant commences its occupancy of the New Space; or five (5) Business Days following the date that Tenant receives notice from Landlord that the New Space Initial Alterations (as hereinafter defined) shall be Substantially Completed (as hereinafter defined) within five (5) Business Days, In no event shall the Relocation Date be delayed due to Tenant's moving schedule or Tenant's installations of its personalty, business equipment or trade fixtures. As used herein "Substantially Completed" or words of similar import shall mean that the applicable work has been substantially completed, notwithstanding that minor or insubstantial details or construction and/or mechanical adjustment and/or decorative items remain to be performed.

 

3.             Term. As of the Effective Date, the term of the Lease (the "Term") is hereby revised to include the period from and after the Rent Commencement Date, and continuing through November 30, 2008 (said last day of the Term, the "Expiration Date"). Accordingly, the Term shall continue through such Expiration Date, except as may be sooner terminated or otherwise extended as provided herein or in the Lease. At Landlord's request, Tenant shall promptly execute and deliver a reasonable statement prepared by Landlord accurately fixing the Relocation Date, the Rent Commencement Date and the initial Fixed Rent and Escalation Rent abatement period in accordance with this Amendment, but failure to prepare, execute or deliver such statement shall not affect such dates, respectively.

 

4.            Relocation, Landlord and Tenant hereby agree that, as of the Relocation Date, the Premises shall be deemed relocated from the Old Space to the New Space. Furthermore, as of the Relocation Date, all references in the Lease to the Premises consisting of 47,544 square feet of rentable area on

  

  

  

 

the fourth floor of the Building shall be deemed changed to 17,811 square feet of rentable area on the second floor of the Building constituting the New Space. Accordingly, subject to the terms of this Agreement, from and after the Relocation Date, the New Space shall be deemed, for all purposes, to be the Premises for the balance of the Term.

 

5.             Surrender of the Old Space; Abandonment of Furniture. Tenant hereby agrees to vacate and surrender, on the Relocation Date and at Tenant's sole cost and expense, the Old Space in the condition required for surrender pursuant to the terms of the Lease (time being of the essence). Notwithstanding anything to the contrary contained in the Lease (including this Amendment), Tenant shall be permitted to (and Tenant shall) leave all of the furniture listed on Schedule 1 attached hereto (the "Furniture") in the Old Space on the Relocation Date. Notwithstanding the foregoing, however, Tenant shall have the right to move to the New Space such portion of the Furniture that Tenant deems reasonably necessary for the conduct its business therein, provided that, in any event, Tenant returns such Furniture to the Old Space on or prior to February 1, 2004 (time being of the essence). The reasonable, out-of-pocket costs actually incurred in moving the Furniture from the Old Space to the New Space and then back again to the Old Space shall be borne equally by Landlord and Tenant. Tenant hereby agrees that said Furniture shall be deemed conclusively abandoned by Tenant as of the Relocation Date, and, thereafter, Tenant shall have no rights, title or interest in or to the Furniture (except that the portion of the Furniture, if any, which Tenant temporarily moves to the New Space, shall be deemed conclusively abandoned by Tenant as of the date it is returned to the Old Space) .

 

6.            Release; Unperformed Obligations. As of the Relocation Date, Landlord and Tenant shall be released and discharged from their respective obligations set forth in the Lease solely as to the Old Space accruing after the Relocation Date. Any unperformed Lease obligations of Landlord or Tenant with respect to the Old Space accruing up to and including such Relocation Date, shall survive the Relocation Date (including, without limitation, any unperformed Tenant surrender obligations required under the Lease).

 

7.             Condition of New Space; New Space Initial Alterations; Tenant Fund.

 

(a)               Tenant acknowledges that it has had the opportunity to inspect the New Space, and agrees to accept the New Space on the Relocation Date in its "as is condition, subject only to the completion of the New Space Initial Alterations as hereinafter defined. As used herein, "New Space Initial Alterations" shall mean those Alterations which shall be performed by Landlord before Tenant occupies the New Space initially for the conduct of business, Furthermore, as part of the New Space Initial Alterations, Landlord shall install into the New Space the 2.5 ton supplemental air conditioning unit presently located in the space in the Building previously occupied by Microage Integration Co_ (the "Supplemental HVAC Unit"). There shall be no cost to Tenant for its acquisition of the Supplemental HVAC Unit, however, Tenant shall be responsible for the reasonable costs of the installation into the New Space of the Supplemental HVAC Unit. Landlord and Landlord's agents and representatives have made no representations or promises with respect to the condition of the Supplemental HVAC Unit, and Tenant hereby agrees to accept the Supplemental HVAC Unit in its "as-is" condition existing on the Relocation Date.

 

(b)               Subject to the provisions of the Work Letter attached hereto as Exhibit "B-1", Landlord shall cause to be performed the New Space Initial Alterations to the New Space.

 

(c)               Provided no Event of Default has occurred and is continuing, and subject to the terms of this Amendment, Landlord shall contribute Three Hundred Thirty-Two Thousand and Eight Hundred and Eight Dollars ($332,808.00) (the "Tenant Fund") toward the so-called "hard" and "soft" construction costs (including reasonable architectural and engineering fees) incurred for the New Space Initial Alterations. In no event shall the aggregate amount paid or contributed by Landlord under this Amendment exceed the amount of the Tenant Fund, Tenant being responsible for all costs associated with the New Space Initial Alterations exceeding such amount.

 

  

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8.              Various Changes. On the Effective Date, the following changes to the Lease shall automatically become effective for the balance of the Term, except as specifically herein provided.

 

(a)               Fixed Rent. As of the Rent Commencement Date (as hereinafter defined), all references to the specific annual and monthly Fixed Rent amounts in the Lease (including, but not limited to Exhibit D to the Lease) shall be deleted and replaced with the following rates for the following periods, without abatement or set-off except as otherwise specifically set forth in the Lease (including this

Amendment):

 

	
FIXED RENT SCHEDULE

	  	  	  	  	  
	
Lease Year*

	
Premises

RSF

	
Annual Rate

	
Annual Rate

	
Monthly Rate

	  	
Per RSF

	  	  
	
1**-2

	
17,811

	
$10.85

	
$193,249.35

	
$16,104.11

	
3                    ,

	
17,811

	
$11.85

	
$211,060.35

	
$17,588.36

	
4-5

	
17,811

	
$12.85

	
$228,87L35

	
$19,072.61

 

* For the purpose of this Amendment, "Lease Year" shall mean the twelve (12) month period beginning on the Rent Commencement Date, and each ensuing twelve (12) month period during the Term, with the last Lease Year ending on the Expiration Date.

** The foregoing schedule shall be subject to Tenant's initial Fixed Rent abatement period pursuant to Section 8(c) hereof,

 

As used herein, the "Rent Commencement Date" shall mean the earlier of (1) the Relocation Date, or (ii) December 1, 2003, subject to delay of one (1) day for each day the Relocation Date is delayed due to a Tenant Delay (as defined in Exhibit "B-1" attached hereto).

 

(b)               Escalation Rent, To reflect the relocation and size reduction of the Premises, and for purposes of calculating Tenant's Escalation Rent under Article 2 of the Lease, for such period commencing on the Rent Commencement Date and continuing thereafter for the balance of the Term, the definitions of "Tenant's Operating Share" and "Tenant's Tax Share" contained in the Lease shall be deemed appropriately amended to reflect that the Premises shall consist of 17,811 square feet of rentable area.

 

(c)              Fixed Rent and Escalation Rent Abatement Period/ Rent Commencement Date. Notwithstanding anything to the contrary contained herein, provided Tenant is not in breach of its obligations under the Lease (including this Amendment) during the time same applies, Tenant shall be entitled to an initial abatement of Fixed Rent and Escalation Rent commencing on the Rent Commencement Date and continuing through and including the thirty-first (31st) day following the Rent Commencement Date, if the Rent Commencement Date occurs in a month with 31 days, or the thirtieth (30th) day following the Rent Commencement Date, if the Rent Commencement Date occurs in a month with 30 days.

 

(d)               Electricity Additional Rent for the New Space. On or prior to the Relocation Date, Landlord shall install, at Tenant's expense, a meter, submeter or check meter that measures demand or consumption of electricity in the New Space, Commencing on the Relocation Date, Tenant shall pay Electricity Additional Rent for the New Space, as provided in Section 13.2 of the Lease, and Tenant shall no longer be responsible for Electricity Additional Rent for the Old Space.

 

(e)               Cafeteria Additional Rent. To reflect the relocation and size reduction of the Premises, as of the Rent Commencement Date and continuing for the balance of the Term, Section 24.8(A) of the Lease shall be amended to reflect that Tenant's cap on Cafeteria Additional Rent shall be reduced from Seven Hundred and 00/100 Dollars ($700.00) per month to Two Hundred Sixty-Two and 23/100 Dollars ($262.23) per month.

 

  

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(f)              Parking. To reflect the relocation and size reduction of the Premises, as of the Relocation Date and continuing for the balance of the Term, the amount of parking spaces allocated to Tenant, pursuant to Section 31.15 of the Lease, shall be reduced by one hundred four (104) parking spaces (with the aggregate number of parking spaces allocated to Tenant for the Premises, as reduced hereunder, totaling sixty-two (62) parking spaces (with seventeen (17) of those parking spaces being reserved for Tenant's officers and/or employees and Tenant's visitors, as provided in Section 31.15 of the Lease)).

 

(g)              Security Deposit. Section 28.1 of the Lease is hereby amended to delete the last sentence of such Section 28.1 in its entirety and add the following provision: "Notwithstanding anything to the contrary contained herein, the then balance of the Security Deposit shall be released to (or retained by as applicable) Landlord on August 1, 2005." Contemporaneous with the signing of this Amendment, Landlord and Tenant shall enter into the Amendment to Security Agreement attached hereto as Schedule 3.

 

(h)              Signage. Tenant shall be permitted to install a single, Building- Standard identifying sign on the entrance doors to the New Space, said sign to be subject to Landlord's prior written approval, which approval shall not be unreasonably withheld or delayed, with the reasonable installation costs of said entrance door sign to be paid for by Landlord. During the Tern, tenant identification on Landlord's Building-Standard monument sign located at the entrance driveway to the Building, shall be as provided in Section 24.6 of the Lease. Notwithstanding anything to the contrary contained in the Lease, as of the Relocation Date, Tenant hereby forever waives and relinquishes its right, provided in Section 24.6 of the Lease, to be identified on the additional monument sign located at the front of the island facing the street at the Building's main entranceway.

 

(i)               Contraction Option. Notwithstanding anything to the contrary contained in the Lease, as of the Effective Date, Tenant hereby forever waives and relinquishes its rights and options, and shall not be responsible for any obligations, contained in Section 31.25 of the Lease.

 

(j)               Termination Option. Notwithstanding anything to the contrary contained in the Lease, as of the Effective Date, Tenant hereby forever waives and relinquishes its rights and options, and shall not be responsible for any obligations, contained in Section 31.18 of the Lease. Furthermore, Tenant shall have no obligation to pay the Cancellation Fee, as described in Section 31.18.

 

9.             Option to Renew.

 

(a)               As of the Effective Date, Tenant acknowledges and represents that Tenant's option to renew the Lease provided in Section 31.16 of the Lease has been superseded by this Amendment and is of no further force and effect. ,Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing under the Lease at the time same is exercised, Tenant shall have a single option to renew the initial Term of the Lease (as amended by this Amendment) (hereinafter in this Section 9, the "Original Term") for one additional term of five (5) years (the "Renewal Term"). Such Renewal Term, if exercised, would start on December 1, 2008, and end on November 30, 2013. Such extension would be on the same terms and conditions as are set forth in (and are last applicable under) the Lease (as amended by this Amendment), except that, during such Renewal Term: (i) Tenant's annual rate of Fixed Rent shall be as provided in Section 9 (b) immediately following; (ii) there shall be no fit-up or construction or other work or allowance or concessions relating to preparing the Premises for Tenant's occupancy; (iii) there shall be no initial free Fixed Rent and Escalation Rent abatement period; and (iv) there shall be no further option to renew., The exercise of such option to renew the Lease must be accomplished as follows: not later than the date which is nine (9) months prior to the last day of the Original Term (time being of the essence), Tenant, if it wishes to exercise such option, must notify Landlord in writing that Tenant elects to renew for such 5-year Renewal Term, or be deemed to have waived Tenant's option to renew. Notwithstanding anything to the contrary contained in the Lease (as amended by this Amendment): (A) Tenant's option to renew shall apply only with respect to the entire Premises as then

 

  

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constituted, and not to a portion or portions of the Premises as then constituted; (3) if Tenant fails to properly and timely exercise its option to renew hereunder, said option shall be null and void; (C) Tenant's option to renew shall be limited to Initial Tenant (or any Affiliate of Initial Tenant succeeding to Initial Tenant's interest hereunder pursuant to the terms of the Lease or any successor to Initial Tenant's interest in this Lease by bona- fide merger or acquisition) only, and shall not be transferred or assigned to any other party; and (D) Tenant must be in occupancy of the entire Premises, as then constituted under the Lease (as amended by this Amendment), at the time of the exercise of such option.

 

(b)               The annual Fixed Rent for the Renewal Term provided above shall be ninety-five percent (95%) of the annual "Fair Rental Value of the Premises" determined as follows: Upon Landlord's receipt of Tenant's timely notice of Tenant's election to renew and commencing on the start of the calendar month which is eight (8) months before the end of the Original Term, Landlord and Tenant shall have a period of fifteen (15) days within which to enter a written agreement fixing the Fixed Rent for the Renewal Tex     ni at ninety-five percent (95%) of the then Fair Rental Value of the Premises, which Fair Rental Value shall be based on the annual fair rental value for comparable, first-class commercial office space (including any available in the Building) on comparable terms and conditions in the Connecticut towns of Shelton, Trumbull, Stratford and Milford, as of such applicable date. If the parties agree in writing to the Fixed Rent for the Premises for the Renewal Term within such fifteen (15) day period, then the Fixed Rent for the Renewal Term shall be governed by such agreement. If the parties are unable to so agree on the Fixed Rent for the Renewal Term, then such figure shall be determined as follows: Each party shall, within ten (10) days after the expiration of such fifteen (15) day period, appoint a reputable, independent, commercial MAI appraiser, commercial real estate broker or commercial real estate consultant, which, as to any such selected party, has had not less than ten (10) years' experience appraising and/or leasing comparable, first-class commercial properties in the Connecticut towns of Shelton, Trumbull, Stratford and Milford (an "Advisor"). On the failure of either party to appoint such Advisor within ten (10) days after notification of the appointment by the other party, the person appointed as an Advisor shall appoint an Advisor to represent the party who has not so appointed an Advisor. The two (2) Advisors appointed in either manner above provided shall then proceed to act to determine such figure equaling ninety-five percent (95%) of such Fair Rental Value of the Premises as of the such applicable date, in accordance with the above definition. In the event of their inability to reach an agreement between them within ten (10) days, they shall, within ten (10) days thereafter, appoint a third similarly qualified Advisor who has had not less than ten (10) years' experience appraising comparable, first-class commercial properties in the Connecticut towns of Shelton, Trumbull, Stratford and Milford. If the three (3) Advisors are then unable to reach an agreement within ten (10) days thereafter, the decision of a majority of them shall determine such figure equaling ninety-five percent (95%) of such Fair Rental Value of the Premises, in accordance with the above definition (which majority decision shall be made by the third Advisor picking one of the two such submitted figures by the other Advisor(s)). The final decision of the Advisors shall be delivered to the parties in writing not later than six (6) months before the expiration of the Original Term (the "Decision Date"), time being of the essence. Landlord and Tenant agree to each pay one-half (1/2) of the expenses and reasonable fees of the Advisors and to be bound by their final decision.

 

(c)               If for any reason by the commencement of the Renewal Term, the Fixed Rent for such period shall not have been finally determined, Tenant shall, until such determination, continue to pay the Fixed Rent at the then annual rate of $228,871.35. Upon such final determination, Tenant shall thereafter pay such Fixed Rent for a rate which is based upon the Fixed Rent for the Renewal Term as so determined and shall pay Landlord the balance, if any, which shall be owing for the period preceding such determination. If upon final determination of such Fixed Rent rate, it shall be that Tenant overpaid Fixed Rent for the period of time preceding such determination, Landlord shall pay Tenant the difference, Whenever the Fixed Rent for the Renewal Term shall have been determined, the parties hereto, on request of either of them, shall enter into a stipulation with respect to the amount of the Fixed Rent for the Renewal Tenn.

 

(10) Right of First Offer. As of the Effective Date, Tenant acknowledges and represents that Tenant's right of first offer provided in Section 31.19 of the Lease has been superseded by this Amendment and is of no further force and effect. Notwithstanding anything to the contrary contained in the

 

  

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Lease (as amended by this Amendment), Tenant shall have a right of first offer (the "Right of First Offer") to lease the space outlined on Exhibit A hereto (hereafter referred to as the "Option Space"), subject to the following terms and conditions:

 

(a)               If such Option Space is available for leasing to the general public, then before offering the Option Space to any third party, Landlord shall deliver a written notice to Tenant specifying the terms and conditions of Landlord's proposed leasing of such Option Space, which terms and conditions shall be determined by Landlord in its sole but good faith, reasonable judgment (with Landlord agreeing that such terms and conditions shall be consistent with those applicable to comparable, first class, commercial office space (including any available in the Building) in the Connecticut towns of Shelton, Trumbull, Stratford and Milford, available for lease as of such applicable date). Notwithstanding the foregoing, the Fixed Rent rate for the Option Space shall not be in excess of the Fixed Rent rate Tenant shall be paying for the Premises for the same period. Landlord and Tenant shall each have the right to submit any dispute between the parties regarding the consistency of the terms and conditions chosen by Landlord with those applicable to comparable, first class office space available for lease as of such applicable date (including any available in the Building) in the Connecticut towns of Shelton, Trumbull, Stratford and Milford, to binding arbitration in accordance with Section 31.6 of the Lease.

 

(b)               Tenant shall thereafter have twenty (20) Business Days in which to accept (on the same terms and conditions as Landlord's offer) or reject such offer, pursuant to a written notice delivered to Landlord, within such period, time being of the essence, with Tenant's rejection or failure to so accept such offer within such twenty (20) Business Day period being deemed a waiver of its Right of First Offer, notwithstanding any principles of law or equity to the contrary.

(c)                If Tenant rejects such offer or fails to accept the same as herein required within such twenty (20) Business Day period, then Landlord shall be free to lease the Option Space to any party on whatever terms and conditions Landlord desires.

 

(d)               If Tenant validly exercises the Right of First Offer as provided herein, Tenant shall lease such Option Space in its "as-is" condition, subject to the surrender obligations contained in the lease between Landlord and the tenant who is surrendering the Option Space, and on the terms and conditions stipulated in such Landlord offer, but otherwise on the defined terms and conditions as are applicable under the Lease (as amended by this Amendment), and the parties shall, at Landlord's request, execute and deliver a new lease for such Option Space, or such other documentation as Landlord reasonably requires in order to confirm the leasing of such Option Space to Tenant, but an otherwise valid exercise of the Right of First Offer contained herein shall be fully effective, whether or not such confirmatory documentation is executed and delivered.

 

(e)               Notwithstanding anything to the contrary contained in this Amendment, Tenant's Right of First Offer is subject to all of the following conditions: (A) as of the date of Landlord's offer (and as of the date of Tenant's acceptance of Landlord's offer), the Lease (as amended by this Amendment) must be in full force and effect and no Event of Default shall have occurred and be continuing; (B) as of the date of Landlord's offer, Tenant must be in occupancy of all of the Premises as demised under the Lease (as amended by this Amendment); (C) such Right of First Offer shall apply only during the period(s) set forth herein, and then only with respect to the entire Option Space and on the identical terms as offered by Landlord, and may not be exercised with respect to only a portion of such space or on varying terms; (D) such Right of First Offer is personal to Initial Tenant (or any Affiliate of Initial Tenant succeeding to Initial Tenant's interest hereunder pursuant to the terms of the Lease or any successor to Initial Tenant's interest in this Lease by bona-fide merger or acquisition) only, and may not be transferred by Initial Tenant to any other party under any circumstances whatsoever; and (E) such Right of First Offer is subject and subordinate only to the rights and options of the present occupant of the Option Space, Sordoni/Skanska Construction Co. ("Sordoni")) (as all such rights and options are specified in Schedule 2 attached hereto),

 

  

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11.           Right to Expand, In addition to Tenant's Right of First Offer with respect to the Option Space, Tenant shall have the option to expand the Premises (an "Option to Expand") to include the Option Space (such Option Space being hereinafter referred to in this Section II as the "Expansion Space"), subject to and in accordance with the following terms and conditions:

 

(a)               Such expansion would be co-terminus with the remaining Term and on the same terms and conditions as then apply under this Lease, except that there shall be no further Option to Expand the Premises.

(b)               The exercise of such Option to Expand shall be accomplished as follows: At any time following September 30, 2004, Tenant, if it wishes to exercise its Option to Expand, shall notify Landlord in writing that Tenant elects to expand the Premises by such Expansion Space (such notice, the "Expansion Notice"). Tenant's notice to Landlord shall specify the date whereby such Expansion Space must be available for delivery to Tenant (the "Expansion Date") (which Expansion Date shall be no sooner than April 1, 2005, and two hundred (200) days from the date of the Expansion Notice).

 

(c)               Notwithstanding anything to the contrary contained in this Lease, Tenant's Option to Expand shall be superior to any rights, options, tenancies or occupancies as to the Expansion Space granted and arising on or after the date hereof. Tenant's Option to Expand, however, is subject and subordinate to the rights and options of Sordoni (as all such rights and options are specified in Schedule 2 attached hereto). Notwithstanding anything to the contrary contained herein, Landlord hereby represents that Landlord has the right to relocate Sordoni on or after April 1, 2005, upon six (6) months prior notice to Sordoni, provided that Landlord can relocate Sordoni to alternative space in the Building which is reasonably comparable in size and improvements to the Expansion Space (such alternative space, hereinafter "Alternate Space") (Tenant hereby acknowledges that Tenant shall have no Option to Expand Premises if Landlord cannot provide Alternate Space to Sordoni).

(i)               In the event that Tenant's exercise of its Option to Expand requires Landlord to relocate Sordoni to Alternate Space, the following additional terms and conditions shall apply to Tenant's Option to Expand: (i) Tenant shall pay Landlord, as Additional Rent, within ten (10) days of being billed therefor, the reasonable, direct costs of relocating Sordoni to the Alternate Space (as evidenced by reasonable documentation supporting that such costs have been incurred),, together with the reasonable, direct costs of improving the Alternate Space (as evidenced by reasonable documentation supporting that such costs have been incurred) so that such Alternate Space has improvements that are reasonably comparable to the improvements of the Expansion Space (it being understood that Tenant shall not be responsible for the cost of improvements to the Alternate Space in excess of those made to the Expansion Space and existing on the day immediately preceding Sordoni's vacating the Expansion Space, damage by casualty excepted); and (ii) provided that Landlord is required, due to Landlord's relocation of Sordoni to the Alternate Space, to provide Sordoni with two months abatement of Fixed Rent, Escalation Rent and Electricity Additional Rent, Tenant shall. pay Landlord, as Additional Rent, subject to the limitation contained in the last sentence of this Subsection 11(c)(i), within ten (10) days of the first day of the first month after which such Rental abatement is applicable, the dollar amount equal to the sum of Fixed Rent, Escalation Rent and Electricity Additional Rent Sordoni is required to pay Landlord under its Lease during the first full month that Sordoni is required to pay same following the Expansion Date (the "Sordoni Additional Rent"). Notwithstanding anything to the contrary contained herein, Tenant shall not be required to pay Landlord any Sordoni Additional Rent attributable to any square feet of rentable area of the Alternate Space which is in excess of the square feet of rentable area of the Expansion Space.

 

(ii)               In the event that Tenant's exercise of its Option to Expand gives rise to the Sordoni Lease (as such term is defined in Schedule 2 hereto) being terminated and Sordoni moving its business to space not located in the Building (but such space is within fifty (50) miles of the location of the Building), the following additional terms and conditions shall apply to Tenant's Option to Expand: (i) Tenant shall pay Landlord, as Additional Rent, within ten (10) days of being billed therefor, the amount of

 

  

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money Landlord actually paid Sordoni in reimbursing Sordoni for: (x) Sordoni's reasonable, out-of-pocket costs actually incurred by Sordoni in connection with Sordoni moving its furniture and equipment into new space, including, without limitation, recabling, rewiring, hooking up Sordoni's telephone system and the cost of replacement stationery (as evidenced by invoices); and (y) the sum that Landlord would have reasonably expended to fit-up the Alternate Space should Sordoni have chosen to relocate to same (which fit-up would have included only those improvements necessary to make the improvements to the Alternate Space reasonably comparable to those of the Expansion Space) .

 

(iii)               The parties hereto acknowledge that, pursuant to the Sordoni Lease: (x) Sordoni may request (the "Sordoni Request"), upon Landlord serving a relocation demand onto Sordoni, that, in lieu to being moved to the Alternate Space, Landlord relocate Sordoni to other available space within the Building which has more or less rentable square feet than the Alternate Space (but in no event less than 4,000 rentable square feet (such requested space, the "Requested Space")); and (y) Landlord has the right to accept or reject such Sordoni Request. Notwithstanding anything to the contrary contained herein, Tenant shall not be required to make any and all of the payments required under Subsection 11(c)(ii) above, if the Sordoni Lease is terminated due to fact that Landlord rejected the Sordoni Request.

 

(d)               Furthermore, notwithstanding anything to the contrary contained in this Lease, Tenant's Option to Expand shall also be subject to all of the following conditions: (A) as of the date of the Expansion Notice this Lease must be in full force and effect and no Event of Default shall have occurred and be continuing (and Tenant must occupy all of the Premises, as then demised hereunder); (B) such Option to Expand is personal to the Initial Tenant herein (i.e., The Winthrop Corporation) (or any Affiliate of Initial Tenant succeeding to Initial Tenant's interest hereunder pursuant to the terms of the Lease or any successor to Initial Tenant's interest in this Lease by bona-fide merger or acquisition) only, and shall not be transferred to any other party under any circumstances whatsoever; (C) such Expansion Space is hereby agreed to be accepted by Tenant solely in their then "as is" condition (subject only to the surrender obligations included in Sordoni's lease for the Expansion Space), with no obligation of Landlord to perform or pay for any preparation work or fit-up of same; (D) upon the Expansion Date, Tenant's Fixed Rent Payments, Tax Payments, Operating Payments, Cafeteria Additional Rent payments and Electricity Additional Rent payments shall be proportionately increased to reflect Tenant's leasing of the applicable Expansion Space; and (E) Tenant shall deliver to Landlord the Expansion Notice on or prior to the termination or earlier expiration of the Sordoni Lease (as such term is defined in Schedule 2 hereto).

 

(e)               Notwithstanding anything to the contrary contained herein, in the event that Landlord is unable to deliver possession of the Expansion Space to Tenant by one hundred eighty (180) days following the Expansion Date through no fault of Tenant, Landlord shall provide Tenant with written notice (the "Revised Expansion Date Notice") of its good faith estimate of the date on which Landlord expects to deliver possession of the Expansion Space to Tenant (the "Revised Expansion Date"). Upon receipt of the Revised Expansion Date Notice, Tenant shall have the right to void its previously exercised Option to Expand by delivering written notice to Landlord within ten (10) days of the date of Tenant's receipt of the Revised .Expansion Date Notice (time being of the essence), that Tenant elects to void its previous Option to Expand exercise. If Tenant fails to deliver notice of its election to void its previous Option to Expand exercise within such ten (10) day period, then Tenant's exercise of its Option to Expand shall continue in full force and effect. In the event of such delay in delivering the Expansion Space to Tenant, provided such delay is not caused by Tenant, and Tenant does not exercise its right to void its previously exercised Option to Expand, the applicable Expansion Date and the start of the Rental for the Expansion Space, shall be postponed, on a day for day basis, for each day of such delay. Landlord shall not be liable to Tenant for any loss or damages resulting from Landlord's inability to deliver the Expansion Space by the Expansion Date or the Revised Expansion Date, unless such failure is directly due to Landlord's gross negligence or willful misconduct.

 

(f)               If Tenant validly exercises its Option to Expand as provided herein, the parties shall, at Landlord's request, execute and deliver such documentation as Landlord reasonably requires in

 

  

- 8 -

  

 

order to confirm the expansion of the Premises, but an otherwise valid exercise of the Option to Expand herein shall be fully effective, whether or not such confirmatory documentation is executed and delivered.

 

12.               Surrender Fee. In consideration of Landlord entering into this Amendment, Tenant hereby agrees to pay Landlord, in good funds, subject to collection, on August 1, 2005 (time being of the essence), the sum equal to One Million Two Hundred and Fifty Thousand Dollars ($1,250,000.00), minus the amount of the Security Deposit that Landlord actually receives on August 1, 2005 (pursuant to Section 8(g) of this Amendment) which is not attributable to Landlord's right to same due to an Event of Default. Tenant hereby recognizes and acknowledges that on or before August 1, 2005, Landlord may apply all or a portion of the Security Deposit against its costs and expenses arising due to an Event of Default, in accordance with the terms and conditions of Section 28.1 of the Lease. Landlord and Tenant shall each have the right to submit any dispute between the parties regarding Landlord and Tenant's rights and obligations under this Section 12 to binding arbitration in accordance with Section 31.6 of the Lease.

 

13.               Brokerage. Landlord and Tenant hereby warrant and represent to the other that it has dealt with no broker in connection with this Amendment, and Landlord and Tenant hereby agree to indemnify, defend and hold the other party harmless from and against any and all claims, costs or liabilities which arise from a breach of their respective warranty and representation. The indemnity provisions of this Section shall survive the Term.

 

14.              Execution of Counterparts of this Amendment. This Amendment may be executed in counterparts by the signatories hereto, which counterparts, when taken together (and executed and delivered), shall constitute an entire agreement.

 

15.               Facsimile Transmission of Signed Amendment. Landlord and Tenant agree that this Amendment may be transmitted between them or their respective attorneys by facsimile machine. The parties intend that any faxed signatures shall constitute original signatures.

 

16.              Contingency. Notwithstanding anything to the contrary contained in this Amendment, Tenant's and Landlord's obligations under this Amendment are subject to and contingent upon both Landlord and Environmental Data Resources, Inc. ("EDR") executing and delivering lease agreements, . wherein EDR leases from Landlord the Old Space. If such executed lease agreements with EDR are not executed and delivered for any reason by October 15, 2003, then Landlord and Tenant shall each have the right to terminate this Amendment, without liability, upon written notice to the other party, in which case the Lease shall continue in full force and effect in accordance with its then applicable terms.

 

17.              Miscellaneous. As amended hereby, the Lease shall continue in full force and effect, the parties hereby ratifying and confirming the Lease, as amended by this Amendment. Except as hereby amended, the terms of the Lease shall continue to apply during the balance of the Term. In the event of any conflicts or inconsistencies between the terms of the Lease, and the terms of the Lease (as amended by this Amendment), the terms of the Lease (as amended by this Amendment) shall govern and control in each instance, This Amendment shall bind and enure to the benefit of Landlord and Tenant, and their respective successors and assigns. This Amendment shall not be binding on Landlord or Tenant, however, unless and until Tenant executes final counterparts of this Amendment and delivers same to Landlord, Landlord thereafter executes final counterparts of this Amendment and returns to Tenant a fully-executed counterpart thereof and the contingency referred to in Section 16 hereof is satisfied.

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first set forth above.

 

	  	
440 WHEELERS FARM ROAD, L.L.C.

	  
	  	
Landlord

	  
	  	
By: SAP II Manager, Inc.

	  
	  	  	  
	  	  	  
	  	
Name: Tom Osterman

	  
	  	
Title:   VP

	  
	  	

                                           , duly authorized

	  
	  	

                                           and empowered

	  
	  	  	  
	  	  	  
	  	
THE WINTHROP CORPORATION

	  
	  	  	  
	  	
Tenant

	  
	  	  	  
	  	
By: /s/ Eugene J. Helm                    

	  
	  	
Name: Eugene J. Helm

	  
	  	
Title: President & COO

	  
	  	

                                           , duly authorized

	  
	  	

                                           and empowered

	  

 

 

 

 

  

  

  

 

 

00/300E

XV3 88:0Z  CL0Z/00190

 

  

  

  

 

Exhibit B-1

Work Letter

1.             Tenant's Plans.

(a)           On or before October 3, 2003, Tenant shall finalize and approve a space plan for the Premises. On or about October 15, 2003 (the "Plan Submission Date"), Landlord's licensed architect, in consultation with Tenant, shall produce and submit to Landlord a final and complete dimensioned and detailed architectural and engineering plans, specifications and drawings of partition layouts (including openings), ceiling and lighting layouts, colors, mechanical and electrical drawings, HVAC system design and distribution plans and specifications and any and all other information as may be reasonably acceptable to Landlord, and necessary and sufficient to obtain a building permit and to complete the New Space Initial Alterations to the Premises in accordance with this Exhibit "B-I" (and using the Building Standard items listed in Schedule A hereto, or replacements thereof which are of greater quality) (such plans are collectively referred to herein as "Tenant's Plans"). Landlord shall have five (5) Business Days to approve of Tenant's Plans (or reasonably disapprove same, with Landlord reasonably specifying the reasons for such disapproval to the extent reasonably possible under the circumstances). Landlord and Tenant hereby agree to the use of Southport Associates, as the engineer, Esposito Design Associates, as the architects and Landlord, as the general contractor for the New Space Initial Alterations hereunder. Landlord shall not be compensated for its services as general contractor.

(b)           Tenant shall approve and submit the space plan to Landlord in connection with Tenant's Plans on or before the Plan Submission Date.

(c)           Following Landlord's receipt of Tenant's Plans (which are in form reasonably acceptable to Landlord), Landlord shall submit the same to the Milford, Connecticut, Building Department and shall diligently pursue the issuance of a building permit. Tenant agrees to diligently cooperate with Landlord with respect to applying for and obtaining said building permit.

2.             Costs.

(a)           Subject to the terms and conditions of Section 7(c) of this Amendment, Tenant shall pay all costs and expenses (collectively, the "Work Costs") associated with the New Space Initial Alterations, when and as incurred. Said Work Costs shall include, without limitation, all costs for permits, approvals, authorizations, licenses, inspections, space planners, contractors, architects, engineers, utility connections, labor, materials, bonds, certificates of occupancy, insurance, taxes and any structural or mechanical work, additional HVAC equipment or sprinkler heads, or modifications to any mechanical, electrical, plumbing or other systems and equipment required as a result of the layout, design or construction of the New Space Initial Alterations. Provided Tenant fully complies with its obligations under the Lease (including this Exhibit "B-1"), Landlord shall contribute the Tenant Fund, totaling up to $332,808.00 towards the Work Costs. Said Tenant Fund shall be disbursed as described subparagraph 2(b) of this Exhibit "B-1".

(b)           Landlord and Tenant shall stipulate in writing to an estimated budget for the Work Costs (which budget shall reflect commercially reasonable pricing given the nature, scope and scheduling of the work involved) before or reasonably promptly after the Plan Submission Date. During the course of construction, subject to commercially reasonable disbursement requirements established by Landlord (and consistent with commercial construction disbursement practices), Landlord shall disburse appropriate progress payments, out of said Tenant Fund, against said Work Costs. To the extent any Work Costs exceed the Tenant Fund (including any Work Costs for any Change Orders (as hereinafter defined) or any Extra Work (as hereinafter defined)), Tenant shall pay Landlord (or at Landlord's direction, the appropriate contractors or subcontractors) for same against invoices (which invoices shall be supported by commercially reasonable documentation) for such work submitted to Tenant (no more frequently than monthly) during the course of

 

  

- 12 -

  

construction. The amount due under such invoices shall be due and payable as Additional Rent within twenty (20) days after Tenant's receipt of same.

(c)           Except for the Tenant Fund, Landlord shall have no liability whatsoever for the payment of any costs or expenses associated with Tenant's Plans or the construction of the New Space Initial Alterations, Tenant being fully responsible therefor,

3.             New Space Initial Alterations.

(a)           Landlord shall, promptly following its receipt and approval of Tenant's Plans construct the New Space Initial Alterations, and subject to the terms and conditions of the Lease and this Exhibit "B-1" (and using equivalent (or better) materials to the Building-Standard items set forth on Schedule A hereto), Landlord shall install the same in a good and workmanlike manner to conform with the approved Tenant's Plans and said Schedule A. Landlord shall use commercially reasonable, good faith efforts under the circumstances, to have the New Space Alterations constructed on or before December 1, 2003, subject to delay due to Tenant Delays and Unavoidable Delays. In no event shall Landlord be required to use overtime or premium-pay labor in connection with the construction of the New Space Initial Alterations unless Tenant agrees to pay for same. Furthermore, in no event shall Tenant hold Landlord liable for any damages, costs or expenses resulting from delays to any aspects of the New Space Initial Alterations.

(b)           Tenant shall not engage any contractor to perform any Change Orders or Tenant's Installations or Extra. Work (as hereinafter defined), unless Landlord has given Tenant notice of Landlord's refusal to perform such work and has approved of the work in question and the identity of the contractor which Tenant wishes to engage.

 

4.             Tenant Delay; Cooperation. The term "Tenant Delay," as used herein and in the Lease shall mean any actual delay which causes a delay in Landlord's performance (or Landlord's agents', employees', contractors', subcontractors' or construction administrators') performance of its/their obligations with respect to the New Space Initial Alterations, and which is caused by any action, omission, negligence or willful misconduct of Tenant or Tenant's agents, employees, contractors, subcontractors, consultants, invitees, subtenants, or assigns, including, without limitation:

(a)           any delay due to Tenant's failure to meet any of the following scheduled items, which Tenant hereby agrees to meet, time being of the essence: (i) to be available on one Business Day's notice to consult with architect in order to submit the Tenant's Plans in the form required herein and reasonably acceptable to Landlord on or before the Plan Submission Date; or (ii) to approve the pricing of any Change Orders or Extra Work items within three (3) Business Days of receipt of Landlord's pricing statement concerning same; or (iii) to approve the pricing of the New Space Initial Alterations and/or Landlord's list of proposed subcontractors (or to reasonably disapprove same, with noted reasons for such disapproval) within three (3) Business Days' after receiving same;

(b)           any delay due to changes or additions to (or deficiencies in) Tenant's Plans (if caused by Tenant or Tenant's agents, employees, contractors, subcontractors, architects or space planners), or due to requests by Tenant or Tenant's agents or employees or contractors for Change Orders, Extra Work, long-lead- time items, upgrades, substitutions or items other than the approved New Space Initial Alterations; and

(c)           any delay due to (i) Tenant's or Tenant's contractors' performance or execution of Tenant's Installations; or (ii) Tenant's non-compliance with Tenant's obligations hereunder or under the Lease; or (iii) interference with or delays to Landlord's construction of the New Space Initial Alterations (or Landlord's agents, employees or subcontractors in their performance of their respective obligations hereunder) caused by Tenant or Tenant's agents, employees or contractors.

 

  

- 13 -

  

If the Relocation Date shall be actually delayed by reason of any Tenant Delay, the Rent Commencement Date shall be delayed one (1) day for each day of a Tenant Delay.

 

Landlord and Tenant shall each use diligent, good faith efforts to reasonably cooperate with (and not to unreasonably interfere with) each other with respect to the coordination and performance of the New Space Initial Alterations. Landlord and Tenant each agree not to unreasonably withhold or delay their respective approvals under this Exhibit "B-1". Landlord agrees to reasonably consult with Tenant regarding the selection of subcontractors for the New Space Initial Alterations, but, notwithstanding anything to the contrary contained in the Lease or this Exhibit "B-1", Landlord shall in no event be liable for any cost increases or scheduling or performance delays resulting from such consultation and/or Tenant's selection of the subcontractors to the extent such consultation or selection results in any delays or any cost increases. Tenant acknowledges that the completion (or non-completion) of the New Space Initial Alterations shall not affect, in any way, the validity of the Lease, the Relocation Date of the Lease, or the commencement of the Tenant's obligations for Fixed Rent or Additional Rent under the Lease (except as may be specifically provided in the Lease).

5.             Tenant's Installations. Tenant, at its sole expense, shall cause to be performed, in a good and workmanlike manner, its telephone, movable partitions, furniture, computer and business equipment installations in the Premises (collectively, "Tenant's Installations"). Said Tenant's Installations shall not in any way interfere with, delay or postpone the Relocation Date, the Rent Commencement Date or the performance of the New Space Initial Alterations. Said Tenant's Installations shall not adversely affect any structural portions or mechanical/utility systems of the Building or the Real Property.

6.             Change Orders; Extra Work.

(a)           No material changes or material additions to Tenant's Plans after Tenant's approval of such plans pursuant to Section 1(a) of this Exhibit "B-1" (hereunder, a "Change Order") shall be made without the prior written approval of Landlord in each instance, after written request therefor by Tenant. Landlord's approval to any such changes shall not be unreasonably withheld or delayed. Any such Change Order approval or disapproval shall be given within three (3) Business Days after receiving the same, with any disapproval noting the reasons therefor.

(b)           If Tenant desires extra work, materials or equipment to be installed as part of the New Space Initial Alterations which are not included in the Building-Standard items and quantities in Schedule A hereto (herein referred to as "Extra Work"), then Tenant must deliver to Landlord, at Tenant's expense, complete information concerning such Extra Work, including all architectural, electrical, mechanical and finishin.g drawings, specifications and details, on or before the Plan Submission Date. Any work, materials or equipment to be installed by Landlord above and beyond those items and quantities stated in Schedule A hereto, shall be deemed. Extra Work. If Tenant so submits such Extra Work information, Landlord shall submit a proposal to Tenant for such Extra Work within three (3) Business Days after its receipt of such information. If Tenant decides to accept Landlord's proposal and proceed with the Extra Work, Tenant agrees to pay Landlord for same pursuant to such proposal.

7.             Approvals. Except as otherwise herein specified or required, any approvals or disapprovals required to be given by either party shall be deemed given as follows: submissions of plans, drawings, layouts, estimates, etc. and requests for authorization or approval which are not disapproved in writing and received by the requesting party within five (5) Business Days after submission, shall be deemed approved and authorized.

8.             Lease Compliance; Remedies; Inconsistencies; Move-in. Notwithstanding anything to the contrary contained in the Lease, from and after the date of the execution of the Lease and at all times thereafter, Tenant shall comply strictly with all of the provisions of this Exhibit "B-1" and any applicable obligations of Tenant under the Lease. The Lease (including this Exhibit "B-1") is a present lease and not a contract to make a lease at some future date, even though the Term has not yet commenced_ Any material breach by Tenant before the Relocation Date shall, at Landlord's option, be deemed an Event of Default under the Lease, and Landlord

 

  

- 14 -

  

may, without liability, order any and all work stopped immediately until such default is cured, without limitation to Landlord's other rights and remedies under the Lease, or at law or in equity. Upon a material breach by Landlord of its obligations under this Exhibit "B-1" before the Relocation Date, Tenant may, without liability, order any and all work related to such material breach stopped immediately until such default is cured, without limitation to Tenant's other rights and remedies under the Lease, or at law or in equity. in the event of any express inconsistencies between the Lease and this Exhibit "B-1", this Exhibit "B-1" shall govern in each instance with respect to the parties' respective obligations under this Exhibit "B-1".. Tenant agrees to move into the Premises and commence its business operations therein, upon, or promptly after, the Relocation Date.

 

 

 

 

 

 

  

  

  

SCHEDULE A TO EXHIBIT "B-1"

MERRITT CROSSING BUILDING STANDARD ITEMS

	
I .

	
Building Standard 

Partitions:

	
Building standard partitions are constructed of 2 1/2", 25 gauge metal studs, 16" on center (o.c.), with 5/8" thick drywall on each side. The Building Standard partitions are attached to a metal runner at the ceiling and a metal runner on the floor. Gypsum board is to be taped and floated and ready to paint.

 

	
2. 

	
Paint:

	
All Building Standard partitions are to receive two (2) coats of Building Standard paint; the first coat will be a latex primer with the second coat being a latex eggshell finish in a color to be designated by Tenant's Architect from the Building Standard color chart available from the Construction Manager.

 

	
3. 

	
Flooring:

	
The Building Standard carpet is a Blueridge Prodigy P371, broadloom, 28 ounce high quality out and loop, direct glue down carpet offered in a choice of colors. Building Standard 1/8" x 12" x 12" vinyl composition floor may be substituted where resilient floor covering is required. (In lieu of the above Building Standard carpet, Tenant may substitute its own new, commercially reasonable carpeting selection, provided Tenant purchases and delivers same to the construction site in sufficient quantity and in a timely manner at Tenant's sole cost and expense, in which case Tenant shall receive a credit for the unused Building Standard carpet equaling $1.25 per rentable square foot of the Premises. Any delay to the construction or completion of the Initial Alterations caused by such carpeting substitution shall be deemed a Tenant Delay.)

 

	
4.

	
Base:

	

Resilient vinyl straight base (Burke) at carpet in Building Standard colors. Building Standard base is 2 1/2" high located on each side of Building Standard partition.

 

	
5,

	
Doors, Frames 

and Hardware:

	
Building Standard doors are 3'-0" x 9'-O" (nominal) x 1 3/4" Algoma or Eggers wood doors with natural oak pre-finished veneer, pre-mortised for latch set hardware and cut to size. Tenants on multi-tenant floors shall be provided up to two rated Building Standard doors set in metal frames for egress and ingress into Common Areas.

 

Building Standard door frames are extruded aluminum RACO frames (or its equivalent) with a factory-painted finish to match Building Standard Fuller O'Brien "Whisper White" finish on perimeter drywall and column enclosures.

 

Building Standard hardware is a McKinney TA 714- 4 1/2" x 4 1/2" 26 D- finish hinge. Each building standard door is to have four (4) hinges and a floor mounted Ives 436B x 26D door stop. Building standard Sargent locksets Series 8200 LNE x32D finish will be used on interior as well as Tenant entry doors. Automatic door closures, Sargent 1430-EN series in silver finish, are provided at Tenant entrance doors. Keyed locksets use Sargent building master compatible prefix 63 interchangeable core cylinders.

 

 

  

- 16 -

  

 

	
6. 

	
Ceiling

	
Building Standard 2’0” x 2’0” Armstrong Silhouette 9/16 slotted edge with Armstrong Cirrus Ceiling Tile, nominal 9'0" above the finished floor.

 

	
7. 

	
Window Treatment

	
Building Standard one-inch aluminum horizontal slat blinds.

 

	
8. 

	
Lighting Fixtures:

	
2'0" x 2'0" Mark Direct/Indirect Fluorescent Fixture, Model IDLS.-22-250-EBX 277 PSSB/DF and switches Decora rocker style for light control.

 

	
9. 

	
Exit  Sign:

	
Signage for means of egress, edge lit, red LED with integral battery pack. Yorklite CLXSP Series.

 

	
10.

	
Emergency Lights:

	
Showing means of egress during power outage. Battery packs on regular lights only.

 

	
11. 

	
Light  Switches:

	
Building Standard single pole rocker type switches are white with white plastic face plates mounted vertically at 4'0" vs 32" above the finished floor.

 

	
12. 

	
Power:

	
Receptacles deliver 120 volt power to equipment.

 

	
12a.

	
Metering:

	
Monitor electrical power used by tenant.

 

	
13.

	
Telephone Outlets:

	
Building Standard telephone outlets shall be wall mounted vertically at 1 above the floor with conduit extending to the ceiling plenum above. All wiring within the ceiling plenum not in conduit must be approved for return air plenum use by the City of Milford. Wall boxes to be provided by the Landlord.

 

	
14.

	
Fire Protection 

Sprinkler Head:

	
The facility is equipped with a wet pipe sprinkler system with, up right heads in the unfinished areas and flush ceiling mounted heads with white cover plates in the finished areas.

 

	
15. 

	
Life  Safety 

Systems:

	
Building Standard exit signs, fire hose valve cabinets, fire alarm pull stations and fire extinguisher cabinets will be provided and installed in accordance with the code requirements for Tenant's layout, except to the extent the requirement is a result of Tenant Extra Work. Building Standard speaker/strobes, exit signs, and emergency lighting as required by code for light hazard general office use.

 

	
16.

	
Air Conditioning 

and Heating:

 

	
The rooftop air conditioning units are ducted to above ceiling VAV terminals, from the terminal to diffusers in the ceiling. The ceiling space is utilized as a return air plenum. Ventilation, fresh outside air, is introduced into the air system at the RTU at a rate of 15 CFM per person (approx. .133 CFM of tenant space). The building base air conditioning system is designed to maintain space conditions of 75 deg./50% RH in the summer and 70 deg. in the winter_ The system is designed to handle the building skin loads and internal loads of one person per 175 usf and lighting and power loads of 6.0 watts total per rsf. The base building air conditioning system is operated from 8:00 a.m. to 6:00 p.m. Monday through Friday - the system is in the unoccupied mode on Saturday, Sunday and holidays.

 

 

  

- 17 -

  

 

	  	  	
Option: If the tenant space internal heat gain loads exceed those specified as building standards or if special areas require temperature, humidity, or operating hours other than the building standard then supplemental air conditioning equipment and systems are to be installed. Cost: Subject to requirements and layouts.

 

 

	
16a

	
Variable Air 

Volume Terminals 

Perimeter:

	
The perimeter zones consist of the 12'0" wide area around the exterior wall of the building. The VAV terminals at the perimeter spaces are parallel fan units with electric reheat. On a call for cooling, these terminals vary the amount of primary cooling air from the RTU to maintain the space conditions. On a call for heat, the terminal goes to its minimum primary air set point (to maintain required ventilation to the space) and the fan is activated to induce warm ceiling plenum air. On a further call for heat the electric reheat coil is activated. Each VAV terminal has an associated room thermostat.

 

 

	
16b

	
Variable Air 

Volume Terminals- 

Interior:

 

	
The VAV terminals at the interior spaces are of the cooling, shut-off type. These terminals vary the air quantity to the space to maintain room conditions. Each VAV terminal has an associated room thermostat.

 

Option: Where the tenant wishes to have areas with a constant air flow to the space, series fan powered VAV terminals with electric reheat coils can be installed instead of the building standard. Cost: Based on quantity and location.

 

 

	
16c

	
Supply Air 

Diffusers 

Perimeter:

 

	
The perimeter spaces are served by 4'0" long linear slot ceiling diffusers.

 

	
17.

	
Ventilation:

 

	
Building Standard is as follows:

 

	  	  	
A.           Supply Air Diffusers - Interior: The interior spaces are served by 2' x 2' perforated face ceiling diffusers.

 

	  	  	
B.           Return Air Registers: The return air from the space is transferred to the return air ceiling plenum via Titus Model #8FF Ceiling Return Register with Opposed Blade Damper.

 

  

  

  

schedule 4-

Office Furniture by Room Number

	
Room#          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	
1

	
45 Stacker Chairs w/o Arms

	  
	  	
21 folding tables

	  
	  	
3 table

 

 

	  
	
2

	
1 Main Conference Room Table

	  
	  	
18 Leather Chair

	  
	  	
1 Build-in Credenza

 

 

	  
	
3

	
1 Credenza Mill Work

	  
	  	
1 Desk

	  
	  	
1 Office Chair

	  
	  	
1 Coffee Table

	  
	  	
1 Loveseat

 

 

	  
	
4

	
6 Upholster Chairs

	  
	  	
1 Conference Table

 

 

	  
	
5

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
1 Knee-hole credenza

	  
	  	
1 Credenza

	  
	  	
1 Guest Table

	  
	  	
1 Office Chair

 

 

	  
	
6

	
1 Desk

	  
	  	
1 Wood file cabinet

	  
	  	
2 Guest Chairs

 

 

	  
	
7

	
1 Conference table

	  
	  	
4 Sync Chairs

 

 

	  
	
8

	
1 Desk

	  
	  	
1 Office Chair

	  
	  	  	  

 

  

  

  

 

Office Furniture by Room Number

	
Room#          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	  	
3 2 drawer fife cabinet

	  
	  	
2 Guest Chairs

	  
	  	
1 Wood file cabinet

	  
	  	  	  
	
9

	
1 lateral file cabinet

	  
	  	
1 bookcase

	  
	  	
1 Guest Chair

	  
	  	
1 Desk

	  
	  	
1 Office Chair

	  
	  	  	  
	
10

	
1 Desk

	  
	  	
1 lateral file cabinet

	  
	  	
1 bookcase

	  
	  	
3 5 drawer lateral file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	
11

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
1 2 drawer lateral file cabinet

	  
	  	
1 4 drawer vertical file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	
12

	
1 Desk

	  
	  	
1 Knee-hole credenza

	  
	  	
1 2 drawer lateral file cabinet

	  
	  	
2 3 shelf bookcase

	  
	  	
2 Guest Chairs

	  
	  	  	  
	
13

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
5 28" 2 drawer vertical file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	
14

	
1 Desk

	  
	  	
1 5 drawer lateral file cabinet

	  

 

  

  

  

 

Office Furniture by Roam Number

	
Room*          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	  	
2 Guest Chairs

	  
	  	
1 3 drawer lateral file cabinet

	  
	  	
2 2 drawer vertical file cabinet

	  
	  	
1 Knee-hole credenza

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
15

	
1 Desk

	  
	  	
1 Credenza/bookshelf

	  
	  	
1 2 drawer vertical file cabinet

	  
	  	
2 Guest Chairs

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
16

	
1 Bookshelf

	  
	  	
1 Guest Table

	  
	  	
1 Knee-hole credenza

	  
	  	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
1 5 drawer lateral file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
17

	
10 Conference Chair

	  
	  	
1 Conference Table

	  
	  	
1 Build-in Credenza

	  
	  	  	  
	  	  	  
	
18

	
1 Desk

	  
	  	
1 Guest Chair

	  
	  	
1 Bookshelf

	  
	  	
1 Credenza

	  
	  	
1 Desk

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
19

	
1 Desk

	  
	  	
4 Guest Chair

	  
	  	
1 Guest Table

	  
	  	
1 Wood file cabinet

	  
	  	
1 3 drawer vertical file cabinet

	  

 

  

  

  

 

Office Furniture by Room Number

	
Room#          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	  	
1 Office Chair

	  
	 	 	 
	 	 	 
	
20

	
1 Desk

	  
	  	
2 Guest Chair

	  
	  	
1 Credenza

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
21

	
1 Conference table

	  
	  	
4 Sync Chair w/arms

	  
	  	  	  
	  	  	  
	
22

	
1 Desk

	  
	  	
1 Wood file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
23

	
1 Desk

	  
	  	
1 Bookshelf

	  
	  	
3 Guest Chairs

	  
	  	
1 3 drawer lateral file cabinet

	  
	  	
1 Knee-hole credenza

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
24

	
1 Conference table

	  
	  	
4 Sync Chair w/arms

	  
	  	  	  
	  	  	  
	
25

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
1 Wood file cabinets

	  
	  	
2 2 drawer vertical file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
26

	
1 Desk

	  
	  	
1 2 shelf bookcase

	  
	  	
3 Guest Chairs

	  
	  	
1 Conference Table

	  

 

  

  

  

 

Office Furniture by Room Number

	
Room#          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	  	
1 Knee-hole credenza

	  
	  	
1 3 drawer lateral file cabinet

	  
	  	
1 4 drawer vertical file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
27

	
1 Desk

	  
	  	
1 Bookcase

	  
	  	
1 Knee-hole credenza

	  
	  	
1 bookshelf

	  
	  	
1 3 drawer vertical file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
28

	
1 Table

	  
	  	
3 Chair

	  
	  	  	  
	  	  	  
	
29

	
1 Desk

	  
	  	
1 Bookshelf

	  
	  	
1 Guest Chair

	  
	  	
1 4 drawer vertical fife cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
30

	
1 Desk

	  
	  	
1 Guest Table

	  
	  	
1 Credenza/bookshelf

	  
	  	
3 Guest Chair

	  
	  	
1 3 drawer lateral file cabinet

	  
	  	
1 Bookcase

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
31

	
2 Desk

	  
	  	
8 4 drawer lateral file cabinet

	  
	  	
5 4 drawer vertical file cabinet

	  
	  	
1 5 drawer lateral file cabinet

	  
	  	
1 Table

	  

 

  

  

  

 

Office Furniture by Room Number

	
Room#          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	
32

	
1 Desk

	  
	  	
1 Wood file cabinet

	  
	  	
1 2 drawer lateral file cabinet

	  
	  	
1 Guest table

	  
	  	
3 Guest Chair

	  
	  	
1 Bookcase

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
33

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
1 4 shelf bookcase

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
34

	
8 Conference Chair

	  
	  	
Conference table

	  
	  	
1 Credenza

	  
	  	  	  
	  	  	  
	
35

	
1 Desk

	  
	  	
1 Guest Chair

	  
	  	
1 Storage cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
36

	
1 Reception Desk

	  
	  	
2 Lamp Table

	  
	  	
2 Club Sofa

	  
	  	
2 Table Lamp

	  
	  	  	  
	  	  	  
	
37

	
8 Conference Chair

	  
	  	
1 Conference Table

	  
	  	  	  
	  	  	  
	
38

	
1 Desk

	  
	  	
1 Wood file cabinet

	  
	  	
1 Guest Table

	  
	  	
3 Guest Chairs

	  
	  	
1 Office Chair

	  

 

  

  

  

Office Furniture by Room Number

	
Roomy          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	
39

	
1 Desk

	  
	  	
1 2 drawer vertical file cabinet

	  
	  	
1 3 drawer lateral file cabinet

	  
	  	
1 Knee-hole credenza

	  
	  	
2 Guest Chairs

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
40

	
None

	  
	  	  	  
	  	  	  
	
41

	
1 4 drawer lateral file cabinet

	  
	  	
2 3 drawer lateral file cabinet

	  
	  	
1 End table

	  
	  	
2 Guest Chairs

	  
	  	
1 Guest Table

	  
	  	
1 Knee-hole credenza

	  
	  	
1 Desk

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
42T

	
None

	  
	  	  	  
	  	  	  
	
43

	
1 Conference Table

	  
	  	
8 Conference Chair

	  
	  	  	  
	  	  	  
	
44

	
1 Desk

	  
	  	
1 Knee-hole credenza

	  
	  	
1 Guest Chair

	  
	  	
1 4 drawer vertical file cabinet

	  
	  	
1 5 drawer vertical file cabinet

	  
	  	
1 2 drawer vertical file cabinet

	  
	  	  	  
	  	  	  
	
45

	
0 NONE

	  

 

  

  

  

Office Furniture by Room Number

	
Room#          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	
46

	
1 Desk

	  
	  	
1 Guest Chair 1 Bookcase

	  
	  	
1 4 drawer vertical file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
47

	
1 4 drawer vertical file cabinet

	  
	  	
1 2 shelf bookcase

	  
	  	
1 4 shelf bookcase

	  
	  	
1 7 shelf bookcase

	  
	  	
1 10 shelf bookcase

	  
	  	
2 Desk

	  
	  	
2 Guest Chair

	  
	  	
1 2 drawer lateral file cabinet

	  
	  	
1 3 shelf bookcase

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
48

	
1 Conference table

	  
	  	
4 Sync Chair w/arms

	  
	  	  	  
	  	  	  
	
49

	
1 Conference table

	  
	  	
4 Sync Chair w/arms

	  
	  	  	  
	  	  	  
	
50

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
51

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
2 4 drawer lateral file cabinet

	  
	  	
1 2 drawer lateral file cabinet

	  
	  	
1 Credenza

	  
	  	
1 Guest Table

	  
	  	
1 Office Chair

	  

 

  

  

  

Office Furniture by Room Number

	
Room#          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	
52

	
4 4 shelf bookcase

	  
	  	
1 Conference table

	  
	  	
4 Sync Chair w/arms

	  
	  	  	  
	  	  	  
	
53

	
1 Desk

	  
	  	
2 2 drawer vertical file cabinet

	  
	  	
3 Guest Chair

	  
	  	
1 Meeting table

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
54

	
0 NONE

	  
	  	  	  
	  	  	  
	
55

	
1 Desk

	  
	  	
1 Knee-hole credenza

	  
	  	
1 Bookshelf

	  
	  	
2 Guest Chairs

	  
	  	
1 Guest Table

	  
	  	
1 2 drawer lateral file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
56

	
1 Desk/Meeting Table

	  
	  	
1 Chair

	  
	  	  	  
	  	  	  
	
57

	
None

	  
	  	  	  
	  	  	  
	
58

	
2 Lamp Table (small)

	  
	  	
4 Lamp Table (large)

	  
	  	
4 Campus Sofa

	  
	  	
2 Patrician Chair

	  
	  	
1 Sofa Table

	  
	  	
6 Table Lamp

	  
	  	  	  
	  	  	  
	
59

	
None

	  

 

  

  

  

 

Office Furniture by Room Number

	
Room#          

	
Quantity                       Rem Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	
60

	
20 4 drawer vertical file cabinet

	  
	  	  	  
	  	  	  
	
61

	
None

	  
	  	  	  
	  	  	  
	
62

	
None

	  
	  	  	  
	  	  	  
	
63T

	
1 Desk

	  
	  	
2 4 drawer vertical file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
64T

	
1 Desk

	  
	  	
2 Guest Chairs

	  
	  	
2 2 drawer lateral file cabinet

	  
	  	
1 3 drawer lateral file cabinet

	  
	  	
Office Chair

	  
	  	  	  
	  	  	  
	
65T

	
None

	  
	  	  	  
	  	  	  
	
66T

	
1 Desk

	  
	  	
2 2 drawer vertical file cabinet

	  
	  	
1 3 drawer lateral file cabinet

	  
	  	
1 Office Chair

	  
	  	  	  
	  	  	  
	
67

	
1 Desk

	  
	  	
1 Conference table

	  
	  	  	  
	  	  	  
	
68

	
None

	  
	  	  	  
	  	  	  
	
"T" Note

T.F.

	  	  
	  	
145 Workstation

	  

 

  

  

  

Office Furniture by Room Number

	
Room*          

	
Quantity                       Item Description

	  
	  	
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

	  
	 	 	 
	  	
130 Workstation chairs

	  
	  	
10 Workstation Guest Chairsex10_15.htm

Exhibit 10.15

 

Confidential Materials omitted and filed separately with the Securities and Exchange Commission. [xxx] denote omissions.

 

AGREEMENT

UPON WITHDRAWAL BY THE WINTHROP CORPORATION FROM

WORLDSCOPE/DISCLOSURE L.L.C.

 

 

This AGREEMENT UPON WITHDRAWAL BY THE WINTHROP CORPORATION FROM WORLDSCOPE/DISCLOSURE L.L.C., dated as of June 1, 1999 (this "Agreement"), among Primark Corporation, a Michigan corporation ("Primark"), Disclosure Incorporated, a Delaware corporation ("DI"), Disclosure International Incorporated, a Delaware corporation ("DII") and The Winthrop Corporation, a Connecticut corporation ("TWC").

 

 

RECITALS

 

WHEREAS, DI, DII and TWC are parties to the Limited Liability Company Operating Agreement for Worldscope/ Disclosure L.L.C., dated as of October 15, 1996, as amended by Amendment No. I dated as of August 28, 1998 (the "Operating Agreement"); and

 

WHEREAS, DI, DII and TWC have agreed pursuant to the Purchase and Sale Agreement of even date herewith (the "Purchase and Sale Agreement") that TWC will withdraw as a member of Worldscope/Disclosure L.L.C., a Delaware limited liability company (the "Company") and will be replaced by DI or a Substitute Member; and

 

WHEREAS, as a condition precedent to TWC's execution of the Purchase and Sale Agreement, DI, DII, and Primark (on behalf of itself and all of its Affiliates), have agreed subject to the terms and conditions of this Agreement to permit TWC and its Affiliates access to, and use of certain Company Account Data (as defined below) and of the information resources of the Primark Companies related thereto; and

 

WHEREAS, TWC has agreed to continue to perform certain services for the Company.

 

NOW, THEREFORE, in consideration of the agreements herein contained, the parties hereto agree as follows:

 

SECTION 1. Definitions.

 

"Abstracted Database Product" means an electronic database, the contents of which is primarily the compilation of financial information on more than 100 companies extracted from various sources (including, but not limited to, corporate financial reports, print and electronic news sources and information services). Such products consist of templated or fielded data retrievable data item by data item and may include all of the numeric data as reported by any company or as it is standardized in the templated Worldscope database, and footnotes of any single securities filing or annual report, extracts of full text from various sources (including, but not limited to, the Chairman's letter, accounting footnotes, business description, and the explanation of financial results). Abstracted Database Products do not include data items calculated from or based on other data items that may be included in an Abstracted Database Product, but do include data items which result from the calculations necessary to standardize data items across industries and countries.

 

  

 

  

 

"Affiliate" means, with reference to a specific person, a person who, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified person.

 

"At Cost" means all direct incremental "out of pocket" costs (excluding overhead and general and administrative costs) associated with the provision of goods or services including an appropriate share of personnel compensation costs including benefits.

 

"At Cost Plus" means all costs associated with the provision of goods or services, plus a profit margin of 10%. Resources of the Primark Companies utilized by TWC or its Affiliates to which Section 2.1.4 apply shall include, but not be limited to:

 

	 	
(a)

	
personnel compensation costs including benefits;

	 	
(b)

	
services, supplies and utilized space;

	 	
(c)

	
general and administrative costs;

	 	
(d)

	
depreciation costs;

	 	
(e)

	
equipment maintenance costs;

	 	
(f)

	
legal services costs; and

	 	
(g) 

	
library and database costs.

 

"Business Day" means any day (other than a day which is a Saturday, Sunday or legal holiday in the State of Delaware).

 

"Company Account Data" means the company financial statement data collected by Primark and its Affiliates that is derived from or combined with or evolves from the Worldscope* database in any way now or at any time during the Initial Period or the Extended Period (each, as defined below), including without limitation data such as business descriptions, footnotes and market averages, and daily closing stock prices delivered on the same day consistent with the practice for delivery to TWC immediately prior to the effective date of this Agreement. For the avoidance of doubt, Company Account Data includes, without limitation, (i) the Worldscope database, as it exists now and in the future, (ii) the Extel Database, as it exists now and in the future (iii) the U.S. company database (i.e., company account data on US companies) known to the parties as the "US Fin product," as it exists now and in the future (iv) for each of the foregoing products, all templated and/or "as reported" data, the formulations and data used to create each data element (and to create one from another), and the Dictionary of Definitions of such data elements as they exist now and in the future, and (v) any company financial statement data and databases collected or compiled by Primark or any of its Affiliates that are derived from or combined with or evolve from any of the products identified above in this definition as they exist as of the date hereof or in the future.

 

  

2

  

 

"Dictionary of Definitions" means for each database that is part of the Company Account Data the compilation of definitions used to construct the data elements within such database and in some cases communicated in writing to customers, licensees, licensors or distributors of such database.

 

"Extel Database" means the database acquired by an Affiliate of DI from Extel Financial Limited by agreement dated February 19, 1999.

 

"Extended Period" means the period beginning at the close of business on the last day of the Initial Period and ending on June 1, 2024.

 

"Initial Period" means the period beginning on the date of this Agreement and ending on June 1, 2014.

 

"Irish Partnership Agreement" means the First Amendment to the Amended and Restated Partnership Agreement for Worldscope/Disclosure International Partners dated as of even date herewith by and among DII, WISI and TWC.

 

"Primark Companies" means Primark, its Affiliates and the successors and assigns of any of the foregoing.

 

"Selected Companies" means those publicly listed companies in which the clients of TWC or its Affiliates have an investment that is managed by TWC or its Affiliates, the Approved Wright Investment List (the "AWIL"), and those companies which are being considered by TWC or its Affiliates for investment. For purposes of Section 2.1.4 the number of companies which are being considered by TWC or its Affiliates for investment shall not exceed 7.5% of the number of companies in which the clients of TWC or its Affiliates have an investment that is managed at that time by TWC or its Affiliates.

 

"Worldscope" means, as the context requires, (i) an Abstracted Database Product, containing on the date hereof, financial information on approximately 24,000 companies, or (ii) all domestic and foreign rights to the trademark and service mark represented by such mark.

 

"Worldscope Companies" means the Company, Worldscope/Disclosure Incorporated L.L.C, a Delaware limited liability company, and Worldscope/Disclosure International Partners, an Irish partnership, and their successors and subsidiaries.

 

SECTION 2.  Company Account Data

 

2.1                            Business Purpose. The purpose of the Primark Companies, with regard to the Company Account Data, is to produce and market high quality international, global and regional Abstracted Database Products, including Worldscope®, relating to public companies.

 

  

3

  

 

2.1.1 The Primark Companies will use all commercially reasonable efforts to insure that the Company Account Data products will be superior to the products of the Primark Companies' competitors, will enhance the reputation of the parties hereto, will be of at least as high quality (in terms of accuracy, timeliness and data elements collected) as those presently produced by the Worldscope Companies on the date hereof and will be based on data collected from the first available reliable source. Except as set forth in this Agreement, the Primark Companies make no representation or warranty, express or implied, with respect to the accuracy, quality, timeliness or completeness of the Company Account Data.

 

2.1.2 The parties hereto agree that the Company Account Data shall always include, at a minimum, the depth and breadth of reporting for each country that is included in Worldscope on the Business Day immediately preceding execution of this Agreement, and that the number of companies reported on for each such country shall not decline below the number so included on said Business Day, and specifically in the case of the United States, such number shall not decline below the number so included on such Business Day.

 

2.1.3 Each of the parties hereto agrees that the Abstracted Database Products of the Worldscope Companies, as produced on the date hereof, are superior to the products of its competitors.

 

2.1.4 In updating and expanding the Company Account Data, the Primark Companies shall give priority first to Selected Companies; and next to companies on the AWIL ("Updating Priority").

 

A.          During the Initial Period, the Primark Companies shall be required to give such Updating Priority at no cost to TWC or its Affiliates so long as the aggregate incremental cost of doing so incurred by the Primark Companies under this Agreement and the Irish Partnership Agreement does not exceed $50,000 per annum on an At Cost basis (the "Cost Limit"). If the annual incremental cost of such Updating Priority incurred by the Primark Companies exceeds the Cost Limit, (i) the Primark Companies shall perform at no cost to TWC or its Affiliates Updating Priority activities up to the Cost Limit and (ii) if TWC or any of its Affiliates requests, the Primark Companies will perform Updating Priority activities in excess of the Cost Limit, provided that TWC or its Affiliate, as the case may be, shall promptly reimburse to the Primark Companies on an At Cost Plus basis, any amount expended by the Primark Companies in excess of the Cost Limit.

 

B.          During the Extended Period, if TWC or any of its Affiliates requests, the Primark Companies shall provide Updating Priority, provided however that TWC or its Affiliate, as the case may be, shall promptly reimburse to the Primark Companies on an At Cost Plus basis, any amount expended by the Primark Companies in performing such Updating Priority activities.

 

  

4

  

 

SECTION 3.  Duties, Obligations and Rights of TWC

 

3.1           Editorial Responsibilities. During the Initial Period, TWC will be responsible for 

analytical and financial expertise with regard to the Company Account Data and databases, products and services related thereto, and for the definitions and accounting treatment of data elements included in the Company Account Data and databases, products and services related thereto; provided, however, that the Primark Companies may require additional data or accounting treatments be included in their sole discretion. Subject to the approval of the Primark Companies, TWC shall also have additional oversight of the Company Account Data (collectively, the "Editorial Responsibilities").

 

3.1.1 Notwithstanding anything to the contrary herein, if TWC, in its sole discretion, makes a good faith determination that any of the Company Account Data, or any products or services containing Company Account Data, have become materially inferior to the products and services of the Worldscope Companies' or the Primark Companies' competitors, then TWC shall provide written notice of that determination to the Primark Companies detailing the basis for that determination. In the event that the Company Account Data, or any products or services containing Company Account Data, continue to be, in TWC's sole judgment, materially inferior after six (6) months' written notice is provided to the Primark Companies, then TWC may cease performing the Editorial Responsibilities under this Section 3.1 and the Primark Companies will cease identifying any association between TWC and the Primark Companies or the Company Account Data.

 

3.1.2 For so long as Mr. Peter M. Donovan is overseeing the Editorial Responsibilities described in this Section 3.1 on behalf of TWC, all costs incurred by TWC in fulfilling the Editorial Responsibilities shall be reimbursed by the Primark Companies on an At Cost basis up to an annual amount equal to the salary and direct reasonable expenses of a single dedicated TWC employee (identified from time to time by TWC) not to exceed $100,000 in any calendar year, indexed annually to account for inflation.

 

3.2 Permitted Use of the Primark Companies' Resources and Products by TWC and its Affiliates. During the Initial Period and the Extended Period, TWC and its Affiliates shall:

 

(i)           have for their internal use, investment management, publications, and their web sites, royalty free use of the Company Account Data, the information resources of the Primark Companies used to collect and create the Company Account Data, including but not limited to, software and libraries, and commercial products derived in any way from the Company Account Data. Such use shall include investment management, investment advisory and any other investment related products and services including, but not limited to, all of TWC's and its Affiliates' current products and services and any such similar products or services that TWC and its Affiliates may develop in the future.

 

  

5

  

 

(ii)                with respect to the data provided to them under this Agreement, include on its web sites license terms and conditions as set forth on Exhibit A hereto which are designed to (a) insure the protection of proprietary rights in such data, including but not limited to, the Company Account Data, (b) except as provided in Section 3 with regard to Company Account Data, prohibit further redistribution of the data provided under this Agreement and (c) disclaim all warranties and liabilities for (1) any defects or errors in the data, including but not limited to, the Company Account Data, no matter what the cause, and (2) any result obtained by relying upon the data, including but not limited to, the Company Account Data in making any investment decision.

 

(iii)              continue to receive, at no cost, from the Primark Companies the same level of service they have received in the past from the Worldscope Companies, including, but not limited to, immediate notification of new information important to investment decision making (e.g. news from news suppliers, company news releases, news wire stories, company financial results) on Selected Companies and use of and immediate access to the collected data, information resources and libraries of the Primark Companies. Access to such information will be provided on at least as timely a basis as in the past. All Company Account Data will be delivered to TWC or its Affiliates simultaneously with its availability to any electronic repository of the Primark Companies from the collecting source, whether internal or external;

 

(iv)            be furnished with any other company account data collected or sold by Primark or its Affiliates for internal use under Section 3 of this Agreement, provided, however, that all incremental costs incident to providing such company account data shall be paid by TWC; and

 

(v)           receive the Company Account Data continuously and without interruption including, without limitation, during the arbitration of any dispute or controversy between TWC and any other party hereto and/or their respective Affiliates. Performance by the Primark Companies under this Agreement shall be subject to and shall be excused to the extent that it shall be rendered demonstrably impossible by any event, condition or occurrence beyond the reasonable control of the Primark Companies ("Force Majeure"). After the occurrence of Force Majeure, the Primark Companies shall (i) promptly notify TWC and (ii) shall use all reasonable commercial endeavors to remove or avoid the cause relied on with all reasonable dispatch. The Primark Companies agree that any threatened or actual interruption of the Company Account Data prior to or during the dispute resolution process would result in immediate and irreparable harm to TWC and its Affiliates such that it would be impossible to measure the damages in money. Accordingly, except under Force Majeure circumstances, if Primark or any of its Affiliates interrupts the flow of any Company Account Data, or threatens to do so, prior to the decision of the arbitrator, the Primark Companies acknowledge TWC's right to bring an action on behalf of itself and its Affiliates to prevent such interruption and Primark hereby waives for itself and all of its Affiliates, any claim or defense that TWC and its Affiliates have an adequate remedy at law and none of the Primark Companies shall urge that such a remedy at law exists. The Primark Companies agree to submit to the jurisdiction of any federal or state court in which TWC or its Affiliates brings an action based solely on this Section 3.2.

 

  

6

  

 

3.3             Royalty Free Use

 

(a)           The products and services of TWC and its Affiliates described in Sections 3.2(i), 3.3(a) and 3.3(b) are the only products and services that are royalty free to TWC and its Affiliates. During the Initial Period and Extended Period, TWC's and its Affiliates' use of Company Account Data and the information resources of the Primark Companies used to collect and create the Company Account Data, including but not limited to, software and libraries, and commercial products derived in any way from the Company Account Data, for internal use, investment management, money management, financial planning, and investment counseling shall be permitted and shall be royalty free. In addition, during the Initial Period and the Extended Period (provided TWC and its Affiliates purchase updates pursuant to Section 3.3(b) during the Extended Period), TWC's and its Affiliates' use of the Company Account Data and the resources of the Primark Companies pursuant to Section 3.2 for the production of products and services of TWC and its Affiliates existing on the date hereof (the "Existing Products"), and products and services that include the same data elements as the Existing Products and/or the data items normally used in similar products (such as the attached Value Line one page analysis) and which may be presented in a different format or delivery method, shall be royalty free. In any event, Existing Products as allowably modified pursuant to this Section 3.3(a) may include without restriction all per share Company Account Data and all Company Account Data used to calculate an item of analysis. Products and services created after the date hereof and expansions and enhancements of the Existing Products (other than expansions and enhancements that primarily involve changes in format and/or changes to, or additions of calculated items or items of analysis produced by TWC or its Affiliates, which shall be royalty free), where such products and services are primarily designed for the evaluation of investments and which usually include analyzed data or advice or a ranking or a rating or a system or score plus data elements included in Abstracted Database Products and are primarily the output of an intellectual labor process (as distinguished from the collection and reproduction of raw data or reproduction of data elements included in Abstracted Database Products) and where such intellectual labor output constitutes the primary commercial value of such products and services are specifically permitted to TWC and its Affiliates and shall be royalty free. TWC and its Affiliates shall use their commercially reasonable best efforts to ensure that those data elements included in its products and services produced under Sections 3.2(i) and 3.3(a) that are also included in Abstracted Database Products, are not used by third party users of products and services of TWC and its Affiliates to create, produce or distribute Abstracted Database Products. Notwithstanding anything to the contrary in this Agreement, except such products as may be allowed pursuant to this Section 3.3(a), under no circumstances shall Abstracted Database Products be royalty free to TWC and its Affiliates.

 

  

7

  

 

(b)           On June 1, 2014, the Primark Companies shall grant to TWC and its Affiliates a perpetual, non-exclusive, royalty free license, to continue to use all of the Company Account Data available to them at that time on such date, under the same terms and conditions contained in this Section 3, provided, however that on such date the Primark Companies shall no longer be obligated to provide free updates of such Company Account Data to TWC. During the Extended Period, TWC and its Affiliates shall have the right to purchase updates to such Company Account Data, under price terms at least as favorable as those available to any customer of Primark or its Affiliates, for delivery and use under the same terms and conditions as set forth in this Section 3. If there is no customer of Primark or any of its Affiliates receiving such updates, then TWC and its Affiliates shall pay the most favorable rates standard to the industry for similar products at that time.

 

(c)           Royalty Rates on Certain Products. If a product is not an Abstracted Database Product and also not exempt from royalties under Section 3.3(a) above, TWC and its Affiliates may continue to market such product or service and shall pay royalties as follows:

 

(i)           No royalties shall be paid if the revenues to TWC and its Affiliates are less than [xxx] per year per product or less than [xxx] per year for all products or services requiring royalty payments.

 

(ii)           If revenues to TWC and its Affiliates pursuant to Section 3.3 (c)(i) are in excess of [xxx] per year for one product or service, or [xxx] per year for all products or services, TWC and its Affiliates shall compensate the Primark Companies at the lowest royalty rate available to any customer or distributor. If no such customer or distributor exists for a similar product, then royalties shall be based on reasonable and customary industry rates.

 

(d)           Disputed Products. If a dispute arises between the parties hereto over

whether a new product of TWC or its Affiliates is exempt from royalties, then, if necessary, the matter shall be submitted to the dispute resolution procedure in Section 5.8 and TWC and its Affiliates shall be permitted to market and produce such product or service until final resolution of such dispute, provided, however, that if such new product is found as a consequence of such dispute resolution procedure to be subject to royalties, the minimums and rates set forth in Section 3.3(c) shall apply.

 

  

8

  

 

(e)           Protection of Propriety Rights. Without restricting in any way TWC's rights under this Agreement, TWC will use its best efforts to protect the Primark Companies' proprietary rights in the Company Account Data and will in its products disclaim all warranties and liabilities for defects or errors in the Company Account Data, no matter what the cause.

 

3.4           Distributing Rights. TWC and its Affiliates shall be distributors of all products containing or derived from Company Account Data including, but not limited to, Abstracted Database Products on the most favorable terms available to any other distributor including, but not limited to, any of the Primark Companies.

 

3.5           Continuation of Services. Until July 1, 1999, TWC and its Affiliates shall continue to provide services, on an At Cost basis, to the Primark Companies to the same extent that such entities provided such services to the Company on the Business Day immediately prior to the date of this Agreement, except for data processing services, which shall be provided to the Primark Companies until July 1, 1999, on the same terms that TWC and its Affiliates provided such services to the Company on the Business Day immediately prior to the date of this Agreement. Such services include, but are not limited to data processing, telephone, human resources and accounting. In the event that prior to July 1, 1999 the Primark Companies choose an alternative provider, TWC will have the opportunity to continue to provide such services at rates less than or equal to those proposed by such alternative provider.

 

3.6           Lease of Floor Space. The Primark Companies shall cause the Company to comply with the provisions of the existing sub-lease for the space heretofore leased to Worldscope /Disclosure Partners. Such space shall consist of 7078 square feet of net rentable area (actual square footage of leased space divided by the building's core factor of .85) on the 9fll floor of the Wright International Financial Center (the "Premises"). The Premises shall be separated from the remainder of TWC's space on the 96 floor by a demising wall and locking door. The Primark Companies shall cause the Company to pay a rental fee equal to its pro rata share of the rent and additional rent due from TWC under its primary lease dated as of November 4, 1988 and any other expenses on a pro rata basis related to the Company's occupancy of the Premises. Notwithstanding the foregoing, the Company shall not be committed to lease any additional space beyond the initial expiration date of the lease which is April 30, 2000.

 

3.7           Identification of TWC. For so long as TWC performs the Editorial Responsibilities, all advertising, promotion and packaging of the Company Account Data or the Worldscope database (regardless of how the data included in Worldscope is identified) shall give credit to TWC or its designated Affiliate, such as "Produced in Association with Wright Investors' Service" and will include the logotype of Wright or its designated Affiliate appropriately displayed when the logotype of Primark or any of its Affiliates (for the avoidance of doubt, excluding the Worldscope brand name when used on a product without the name or logotype of Primark or any of its Affiliates) is displayed and shall be reasonably prominent in a location designed to be seen by most viewers.

 

  

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3.8           Worldscope Trademark. TWC and its Affiliates are hereby granted a perpetual, non-exclusive, royalty-free right to use the Worldscope trademark in a manner consistent with current practice and for use in branding any stock market indexes developed by TWC or its Affiliates. Title to the Worldscope trademark shall revert to TWC if it falls into commercial disuse (by persons or entities other than TWC or any of its Affiliates) for 12 continuous months. The Primark Companies shall execute all documents and do all acts reasonably requested by TWC to transfer such title.

 

3.9           Offices in Bangalore India and Shannon Ireland. (a) Consistent with its efforts during the 12 months preceding the date of this Agreement, Primark shall cause its Affiliate, Worldscope Disclosure India Private Limited during the Initial Period to continue to use reasonable efforts to assist TWC in hiring programmers or other personnel in Bangalore and employ and provide office space and related services on an At Cost basis.

 

(b)           During the Initial Period, TWC's Affiliate, Wright Investor's Service International ("WISI") shall be, subject to the prior consent of the Shannon Free Airport Development Company Limited (which the Worldscope/Disclosure International Partners (or its successors) and WISI shall use reasonable efforts to obtain in a timely fashion, permitted, free of charge, (i) to designate as its office the premises of Worldscope/Disclosure International Partners (or its successors) in Shannon, Ireland, and (ii) to conduct at that location occasional meetings and similar activities not more than once each calendar quarter during the Initial Period.

 

3.10          Other Primark Products. TWC and its Affiliates shall receive all Primark products (other than Company Account Data and company account data all such data being subject to other provisions of this Agreement, and excluding data provided by third party vendors who refuse to permit distribution to or through TWC) for their internal use or for redistribution on standard terms and conditions, at the lowest price available to any other users for similar purposes. All incremental costs incident to such internal use or redistribution, such as hardware and telecommunications, shall be promptly reimbursed to Primark by TWC.

 

3.11          Contracts with Vendors. (a) Primark hereby agrees that, during the Initial Period, it and its Affiliates shall make a good faith effort to convince third party vendors to treat TWC and its Affiliates as a member of the Company, provided, however, that the Primark Companies are under no obligation to TWC if at any time any third party does not agree to treat TWC in such a manner. Third party services shall include, but not be limited to, news wires, news services, analytical services, securities pricing services and services offered by distributors of any Company Account Data. None of the parties hereto shall be considered a "third party" for purposes of this Section 3.11.

 

  

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(b)           TWC shall reimburse the Primark Companies promptly for all reasonable incremental third party costs incurred by them incident to the provision of such third party data, databases or services (such as, by way of example and not by way of limitation, fees for stock prices). Any hardware or telecommunications incremental costs shall be paid by TWC. Notwithstanding this Section 3.11, TWC shall no longer be a member of the Company following the date of this Agreement. For the avoidance of doubt, under no circumstances except (i) as may be necessary to fulfill its responsibilities under Section 3.2(iii) of the Withdrawal Agreement and only to the extent of such responsibilities or (ii) upon the sale or outsourcing of any component of Company Account Data (as that term is defined in the Withdrawal Agreement) and only with respect to that component of the Company Account Data that is sold or outsourced by Primark or its Affiliates is Primark required to procure a separate subscription for TWC from third party vendors.

 

3.12           Distribution of TWC Market Indexes and Analyses. At the request of TWC, the Primark companies will include TWC's or its Affiliates' stock market indexes in a prominent and appropriate location (or provide a hot link to TWC's web sites in a prominent and appropriate location) on the internet site of any of the Primark Companies that carry Company Account Data. At TWC's request, the Primark Companies shall include in a prominent and appropriate location (or provide in a prominent and appropriate location a hot link to) the stock market and company analyses of TWC or its Affiliates on such Primark Companies' internet sites in ways that are reasonably expected to provide TWC and its Affiliates a prominent and appropriate presence, and a presence at least equal to other third party providers of comparable market and company analyses. In the event that TWC makes any of the foregoing requests, TWC shall be required to execute a distributor license with the Primark Companies substantially in the form attached hereto as Exhibit A(1) which contains standard representations, warranties and indemnification provisions for the benefit of the Primark Companies including, but not limited to, provisions entitling the Primark Companies to be held harmless and indemnified against any third party claims and breaches of warranty relating to the stock market indexes or company analyses of TWC and its Affiliates. All incremental costs associated with the implementation of this Section 3.12 shall be reimbursed promptly by TWC to the Primark Companies.

 

3.13           Scanning_ TWC Documents. At TWC's reasonable request, the Primark Companies shall scan on an At Cost basis TWC's historical collection of 25,000 to 30,000 annual reports from 1954 through 1970 except in those cases where local or national laws require a profit to be made, in which case TWC shall be charged At Cost plus the required profit.

 

3.14           Future Owners of the Data. All of the obligations of the Primark Companies to TWC and its Affiliates hereunder shall be binding upon any future owners or assignees of any of the Company Account Data, and the Primark Companies, before releasing any Company Account Data to any such future owner or assignee, shall cause such future owner or assignee to execute an agreement assuming all such obligations. The Primark Companies shall promptly provide to TWC a copy of any such Agreement.

 

  

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3.15          Termination of Portions of Section 3. Except to the extent otherwise expressly provided in Sections 3 and 5.12, all of the duties, obligations and rights of TWC, the Primark Companies and their respective Affiliates set forth in this Section shall terminate at the end of the Initial Period.

 

3.16          Termination of LLC. Primark may cause the LLC to be dissolved and its assets distributed to Primark Affiliates as long as TWC's rights under this Agreement are not adversely affected.

 

3.17          Additional Updates. Without limiting any provision of Section 3.2, TWC and its Affiliates shall (i) receive from the Primark Companies at least the same notice and assistance as provided to customers of the Company Account Data whenever any of the Primark Companies intends to institute a change in format, delivery mechanisms or medium for any of the Company Account Data that TWC or any of its Affiliates is receiving; and (ii) receive no less than once each calendar year, delivery of an electronic file containing a then current complete set of all Company Account Data.

 

SECTION 4.    Representations and Warranties.

 

 

4.1           Each of the parties represents and warrants that:

 

 

(a)            It is a corporation duly organized, validly existing and in good standing under the laws of the state of organization;

 

(b)            It has all requisite power and authority to enter into this Agreement; the execution and delivery by such party of this Agreement and the consummation by such party of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of such party; and this Agreement has been duly and validly executed and delivered by such party and constitutes (assuming the due and valid execution and delivery of this Agreement by the other parties), the legal, valid and binding obligations of each party, enforceable against each party in accordance with its terms;

 

(c)          There is no litigation pending or, to the best knowledge of such party, threatened against such party which has a reasonable likelihood of materially and adversely affecting the operations, properties or business of such party such that any of such party's obligations under this Agreement will be thereby impaired;

 

(d)          The execution, delivery and performance by such party of this Agreement will not result in a breach of any of the terms, provisions or conditions of any agreement to which such party is a party which has a reasonable likelihood of materially and adversely affecting such party's obligations under this Agreement;

 

  

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(e)          There are no claims, either administrative or judicial, at law or in equity, pending or to the knowledge of such party, threatened against it which have a reasonable likelihood of having a material adverse effect on the ability of such party to perform its obligations under this Agreement; and

 

(f)           Except for contracts or agreements entered into in the ordinary course of business, there are no contracts or binding agreements that have a reasonable likelihood of affecting such party's performance of its obligations hereunder, whether currently in force or being negotiated, which have not been disclosed to the parties.

 

(g)         With regard to any data (including, without limitation, all Company Account Data, company account data, market indexes and company analyses) provided by one party to the other, the party providing the data has full right, title and interest in, and all licenses necessary to provide such data to the other party for the purposes described in this Agreement.

 

SECTION 5.  Miscellaneous.

 

5.1           Effectiveness. This Agreement shall become effective immediately as of the date first written above upon receipt by each party of duly executed counterparts of this Agreement from all of the other signatories hereto and receipt by TWC of the consideration set forth in the Purchase and Sale Agreement.

 

5.2           Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without regard to its conflicts of laws rules.

 

5.3           Notices. Unless otherwise specifically provided in this Agreement, all notices and other communications required or permitted to be given hereunder shall be in writing and shall be (i) delivered by hand, (ii) delivered by a nationally recognized commercial overnight delivery service, (iii) mailed postage prepaid by certified mail in any such case directed or addressed to the respective addresses set forth below (iv) transmitted by facsimile, with receipt confirmed. Such notices shall be effective: (a) in the case of hand deliveries, when received; (b) in the case of an overnight delivery service, on the next business day after being placed in the possession of such delivery service, with delivery charges prepaid; (c) in the case of certified mail, upon receipt of the written signature card indicating acceptance by addressee; and (d) in the case of facsimile notices, the Business Day following the date on which electronic indication of receipt is received. Any party may change its address and facsimile number by written notice to the other parties given in accordance with this Section 5.3.

 

	  	
If to Primark

	
1000 Winter Street

	  	  	
Suite 4300

	  	  	
Waltham, MA 02451

	  	  	
ATTN: Joseph E. Kasputys, President

 

  

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	 	If to DI or DII	
5161 River Road

	  	  	
Bethesda, MD 20816

	  	  	
ATTN: Steven Schneider, President

	 	 	 
	  	
If to TWC

	
1000 Lafayette Boulevard

	  	  	
Bridgeport, CT 06443

	  	  	
Attn: Peter M. Donovan, President

 

5.4           Entire Agreement etc. This Agreement and those agreements listed on Exhibit B hereto shall constitute the entire agreement between the parties hereto relating to the ownership, rights and responsibilities of the parties hereto with regard to the Company Account Data and shall supersede all prior contracts, agreements and understandings between them relating to such matter. Except as expressly set forth in this Agreement, prior dealings between the parties shall be relevant to supplement or explain any term used in the Agreement. Acceptance or acquiescence in a course of performance rendered under this Agreement shall not be relevant to determine the meaning of this Agreement even though the accepting or the acquiescing party has knowledge of the nature of the performance and an opportunity for objection. No provisions of this Agreement may be waived, amended or modified orally, but only by an instrument in writing executed by a duly authorized officer of the party against whom enforcement of any waiver, amendment or modification or by whom discharge is sought. No waiver of any terms or conditions of this Agreement in one instance shall operate as a waiver of any other term or condition or as a waiver in any other instance.

 

5.5           Construction Principles. As used in this Agreement words in any gender shall be deemed to include all other genders. The singular shall be deemed to include the plural and vice versa. The captions and section headings in this Agreement are inserted for convenience of reference only and are not intended to have significance for the interpretation of or construction of the provisions of this Agreement.

 

5.6           Counterparts. This Agreement may be executed in two or more counterparts by the parties hereto, each of which when so executed will be an original, but all of which together will constitute one and the same instrument.

 

5.7           Severability. If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision shall be ineffective to the extent of such invalidity or unenforceability; provided, however, that the remaining provisions will continue in full force without being impaired or invalidated in any way unless such invalid or unenforceable provision or clause shall be so significant as to materially affect the parties' expectations regarding this Agreement. Otherwise, the parties hereto agree to replace any invalid or unenforceable provision with a valid provision which most closely approximates the intent and economic effect of the invalid or unenforceable provision.

 

  

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5.8            Arbitration, Governing Law. Any dispute or controversy as may arise out of or relating to this Agreement, including without limitation any question regarding its existence, validity or construction shall be submitted to arbitration under the Commercial Arbitration Rules of the American Arbitration Association ("AAA"), except that any such dispute or controversy shall be submitted to three arbitrators chosen by the parties. If the parties cannot agree on three arbitrators within 30 days of any party hereto submitting to the other parties a demand for arbitration then one arbitrator shall be chosen by TWC and one by the Primark Companies from the AAA panel of arbitrators and the third by the two arbitrators previously chosen. Such arbitration shall take place in New York City. The parties agree to observe faithfully this Agreement and such rules, and to abide by and perform any award rendered by the arbitrator, and that a judgment of any court having jurisdiction may be entered on the award. In any such arbitration, this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to any conflicts of law rule.

 

5.9            Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the parties and their respective successors and permitted assigns.

 

5.10          Additional Documents and Acts. Each party agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions, and conditions of this Agreement and of the transactions contemplated hereby.

 

5.11          No Third Party Beneficiary. This Agreement is made solely for the benefit of the parties hereto and their successors and permitted assigns and no other person shall have any rights, interest, or claims hereunder or otherwise be entitled to any benefits under or on account of this Agreement as a third party beneficiary or otherwise.

 

5.12          Survivability. The following Sections shall survive the expiration or other termination of this Agreement: 3.3(b), 3.8, 3.12, 3.13, 3.14, 3.17, 5.2, 5.8 and 5.9.

 

5.13          Limitation of Liability. (a) The Primark Companies shall not be liable for any loss or damage claimed to have resulted from the use of the Company Account Data or any other data covered by this Agreement, regardless of the form of action, except for direct loss or damage resulting from the Primark Companies' (i) gross negligence or (ii) breach of the terms of this Agreement regarding the provision of such Company Account Data or such other data. In no event shall the Primark Companies be liable for (a) any lost profits or punitive, special, indirect, incidental or consequential damages, (b) any claim that arose more than one (1) year prior to the commencement of suit therefor, or (c) any default or claim arising from Force Majeure provided however that as soon as the Force Majeure is eliminated, the Primark Companies' obligations under this Agreement shall resume immediately.

 

(b) TWC and its Affiliates shall hold harmless and indemnify the Primark Companies against any damages, expenses or losses incurred by the Primark Companies as a result of TWC's or its Affiliates use of the Company Account Data and/or the resources of the Primark Companies, provided that such damages, expenses or losses are not the result of the gross negligence of any of the Primark Companies. In no event shall TWC or its Affiliates be liable for (a) any punitive, special, indirect, incidental or consequential damages, or (b) any claim that arose more than one (1) year prior to the commencement of suit therefor.

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers as of the day and year first above written.

 

PRIMARK CORPORATION (on behalf of itself and all of its Affiliates not otherwise named herein)

 

 

  

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Exhibit A

 

[To be placed on "Help screen" or equivalent and on "Opening screen"'

 

Web site and selected data copyright (current year) The Winthrop Corporation

All Rights Reserved

 

Selected data copyright (current year), 'Worldscope/Disclosure, L.L.C., a Primark affiliate"

All Rights Reserved

 

THE ANALYSES AND DATA ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. THE WINTHROP CORPORATION, WRIGHT INVESTORS' SERVICE, INC. AND OTHER DATA PROVIDERS SPECIFICALLY EXCLUDE THE WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND DO NOT WARRANT, GUARANTEE OR MAKE ANY REPRESENTATIONS REGARDING THE USE, OR THE RESULTS OF THE USE, OF THE DATA IN TERMS OF ITS ACCURACY, RELIABILITY OR CURRENTNESS. THE WINTHROP CORPORATION, WRIGHT INVESTORS' SERVICE, INC. AND OTHER DATA PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, OR INCIDENTAL DAMAGE (INCLUDING LOST PROFITS) ARISING OUT OF THE SUBSCRIBER'S USE OF OR INABILITY TO USE THE ANALYSES AND DATA. THE USER ASSUMES THE ENTIRE RISK AS TO THE RESULTS AND PERFORMANCE OF THE ANALYSES AND DATA FOR INTERNAL USE ONLY. NO REDISTRIBUTION OF THE ANALYSES AND DATA OR ANY PART THEREOF IS PERMITTED.

 

[At Primark's request, TWC will change the copyright notice to reflect any change in, or addition to, the Primark affiliate(s) which are providing data for TWC distribution]

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