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Exhibit 10.21  

	DATED	 	2001
	

MWB
BUSINESS EXCHANGE LIMITED

-to -

SEEBEYOND (UK) LIMITED

-and -

SEEBEYOND TECHNOLOGY CORPORATION 

counterpart/

UNDERLEASE

-of -

Fourth, Fifth and Sixth Floors at

One Hundred Square, The Ring, Bracknell, Berkshire 

	 	 	TAYLOR

JOYNSON

GARRETT
	

 	
 	
Carmelite

50 Victoria Embankment

Blackfriars

London EC4Y 0DX

Telephone 020-7300 7000

Facsimile 020-7300 7100

DX 41 London

THIS LEASE is made on                            2001

BETWEEN

	(1)
	MWB BUSINESS EXCHANGE LIMITED (company number 3195480) whose registered office is at 179 Great Portland Street, London (the
"Landlord");

	(2)
	SEEBEYOND (UK) LIMITED (company number 03083353) whose registered office is at Mizuno House, 612 Reading Road, Winnersh, Wokingham,
Berks RG41 5HE (the "Tenant"); and

	(3)
	SEEBEYOND TECHNOLOGY CORPORATION (a corporation registered in the State of California, U.S.A and whose address is 404 East
Huntington Drive, Monrovia, California 91016 (the "Surety"). 

AGREED TERMS  

1.    Definitions    

        In
this Lease where the context admits: 

"Accountant" means such chartered or certified accountant as the Landlord may from time to time appoint and who may be an employee of the Landlord; 

"Accounting Period" means the annual period commencing on 1 January and expiring in 31 December or such other annual period as the
Landlord shall in its discretion determine; 

"Agreement for Lease" means the agreement to grant this Lease dated 9 February 2001 and made between the original parties to this Lease; 

"Bank" means Barclays Bank PLC or the bank which is the successor to the business of that bank or if any such bank ceases to trade in circumstances that
no one bank succeeds to that business such member of the Committee of London Clearing Bankers as the Landlord nominates; 

"Base Rate" means the published base rate from time to time of the Bank but if no such rate shall be published two per centum above the rate paid by the
Bank from time to time on deposits of the minimum sum accepted at interest for repayment on seven days' notice; 

"Basic Rent" means SIX HUNDRED AND NINETY SEVEN THOUSAND AND FIVE POUNDS (£697,005) per
annum subject to review under the provisions of clause 4; 

"Building" means the building known as 100 Square, The Ring, Bracknell, Berkshire as demised by and more particularly described in the Headlease
and edged blue on Plan I; 

"Common Parts" means the pedestrian ways, forecourts, car parks, loading bays, service roads, halls, landings, lifts, lift shafts, staircases, passages
and other areas which are from time to time during the Term available for common use and enjoyment by the tenants and occupiers of the Building; 

"Conduits" means all sewers, drains, pipes, gullies, gutters, ducts, mains, watercourses, channels, subways, wires, cables, conduits, flues, fibre optic
cables and other conducting media of whatsoever nature; 

"Headlease" means the lease dated 8 June 1989 and made between Guidefront Limited (1) Oracle Corporation UK Limited (2) and Oracle Systems
Corporation (3) and any document which is made supplemental thereto (whether or not expressed to be so) or which may effect any variation to it; 

"Head Landlord" means the person entitled to the benefit of the reversion expectant upon the determination of the Headlease; 

 

"Insurance Rent" means a fair proportion to be determined by the Landlord's Surveyor (whose decision shall be final and binding save in the case of
manifest error) of the aggregate of: 

	(a)
	the
sums payable from time to time by the Landlord to the Head Landlord pursuant to clause 2(2) of the Headlease (or if the Headlease shall determine for any reason whatsoever such
sums as would have been payable but for such determination); and

	(b)
	the
gross insurance premiums chargeable to the Landlord from time to time for effecting and maintaining property owner's liability and such other insurances in respect of the Building
as the Landlord may from time to time reasonably deem necessary or prudent to effect: 

"Insured Risks" means the risks for the time being covered by insurance effected or covenanted to be effected pursuant to the Headlease; 

"Interest" means interest at the annual rate of three per centum above the Base Rate for the time being compounded with rests on each quarter day and
any covenant to pay Interest shall be a covenant to pay Interest at the said rate both before and after judgment; 

"Interim Service Charge" means such sum as the Landlord's Surveyor certifies to be the likely amount of the Service Charge due in respect of each
Accounting Period; 

"Landlord" includes the person for the time being entitled to the reversion immediately expectant on the termination of the Term; 

"Landlord's Expenses" means the costs charges commissions premiums fees interest and other expenditure paid or incurred or deemed to be paid or incurred
by the Landlord in respect of or incidental to all or any of the Services or otherwise required to be taken into account for the purpose of calculating the Service Charge but which shall exclude any
expenses incurred by the Landlord in its initial refurbishment of the Building and the Common Parts; 

"Landlord's Surveyor" means the person from time to time appointed by the Landlord to act as its surveyor for any purpose under this Lease who may be
the Landlord or a person in the employment of the Landlord and who shall be an Associate or Fellow of the Royal Institution of Chartered Surveyors and suitably qualified given the nature of the
Building; 

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

"Permitted Part" means any whole floor or floors of the Premises; 

"Plant" means all mechanical electrical and other plant machinery and equipment in use for common benefit serving the Building from time to time
including without prejudice to the generality of the foregoing the following: 

	(a)
	goods
and passenger lifts, lift shafts, escalators;

	(b)
	heating,
cooling, lighting, air conditioning equipment;

	(c)
	cleaning
equipment and equipment for the collection, treatment, packaging and disposal of refuse;

	(d)
	internal
and public telephones, public address systems and closed circuit television;

	(e)
	fire
precaution equipment and fire and burglar alarm systems; and

	(f)
	stand-by
and emergency systems; 

"Plan" means the plans annexed upon which all delineations are for identification only; 

2

 

"Planning Acts" means the Town and Country Planning Act 1990 the Planning (Listed Buildings and Conservation Areas) Act 1990 the Local Government
Planning and Land Act 1980 the Planning (Hazardous Substances) Act 1990 the Environmental Protection Act 1990 the Planning (Consequential Provisions) Act 1990 the Planning and Compensation Act 1991
the Environment Act 1995 and any statutory modification or re-enactment of the same for the time being in force and "planning permissions" means any
permission consent or approval given thereunder and "development" has the same meaning as in the Planning Acts; 

"Premises" means the fourth, fifth and sixth floors of the Building as shown edged red on the Plans numbered 2, 3 and 4 and includes: 

	(a)
	the
floor and ceiling finishes but not any other part of the floor slabs and ceiling slabs forming the boundary of the Premises;

	(b)
	the
inner half severed medially of the internal non-loadbearing walls that divide the Premises from any other parts of the Building;

	(c)
	the
interior plaster and decorative finishes of all walls forming the boundary of the Premises;

	(d)
	the
doors and windows and door and window frames at the Premises (but not any glass panelling separating the Premises from the atrium of the Building);

	(e)
	those
Conduits and any other equipment and apparatus which are within and exclusively serve the Premises;

	(f)
	all
Landlord's fixtures and fittings in or forming part of the Premises; and

	(g)
	any
additions alterations and improvements to the Premises, 

but
excludes the roof and the roof space foundations and all external structural or loadbearing walls columns beams and supports and all tenant's and trade fixtures and fittings; 

"Rent Commencement Date" means 

"Reserved Rents" means the rents from time to time payable in accordance with clause 3; 

"Retained Parts" means the parts of the Building that are not let or constructed or adapted for letting including such parts of the structure walls
foundations and roofs of the Building not included in the Premises or demised by leases or other premises in the Building; 

"Review Dates" means 26 October 2003 and 26 October 2008 and "Review Date" shall be
construed accordingly; 

"Service Charge" means such fair and reasonable proportion of the Landlord's Expenses as the Landlord's Surveyor in his reasonable discretion deems
appropriate from time to time; 

"Services" means the services facilities and amenities specified in part 2 of schedule 3; 

"Surety" in the case of individuals includes their personal representatives; 

"Tenant's Works" means the works to the Premises defined as the "Tenant's Works" in the Agreement for Lease; 

"Term" means the term of years from and
including                                        
        up to and including 24 October 2013; and 

"Tenant" includes the successors in title of the Tenant. 

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Bracknell Forest Site Plan    
  

4

 
 
 

Oracle Centre
  Fourth Floor—Existing Layout Floor Plan    
  

5

 
 
 

Oracle Center
  Fifth Floor Plan—Existing Layout    
  

6

 
 
 

Oracle Corporation
  The Ring
  Sixth Floor—Existing Layout Floor Plan    
  

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2.    Interpretation    

2.1    Access and Rights    

        References
to any right of the Landlord to have access to or other rights over the Premises shall be construed as extending to the Head Landlord and any mortgagee or receiver of the
Landlord or any superior interest in the Premises and to all persons authorised by the Landlord the Head Landlord mortgagee or receiver. 

2.2    Act or default of the Tenant    

        References
to the "act of default of the Tenant" or words to similar effect shall be construed as including any omission of the Tenant and any act default or omission of a sub-tenant of
the Tenant or anyone else at the Premises with the Tenant's actual or implied authority. 

2.3    Approvals of any superior landlord and mortgagee    

        Any
provision in this Lease requiring the consent or approval of the Landlord shall be construed as also requiring the consent or approval of any mortgagee of the Landlord or any
superior interest in the Premises and the Head Landlord where such consent shall be required. 

2.4    Consent of the Landlord    

        References
to "consent of the Landlord" or words to similar effect mean a consent in writing signed by or with the express authority of the Landlord and references to "approved" and
"authorised" or words to similar effect mean approved or authorised in writing by or with the express authority of the Landlord. 

2.5    Gender and number    

        Words
importing one gender include all other genders and words importing the singular include the plural and vice versa. 

2.6    Headings    

        Any
marginal notes footnotes headings index and underlinings shall not affect the construction of this Lease. 

2.7    Joint and Several    

        Where
the Landlord the Tenant or the Surety for the time being are two or more persons obligations expressed or implied to be made by or with such party shall be deemed to be made by or
with such persons jointly and severally. 

2.8    Last year and expiration of the Term    

        References
to "the last year of the Term" include the last year of the Term howsoever determined and references to "the expiration of the Term" shall include all other means of
determination of the Term. 

2.9    Not to permit or suffer    

        Any
covenant by the Tenant not to do an act or thing shall be construed as including an obligation not to permit or suffer such act or thing to be done by another person. 

2.10    Statute    

        Any
reference to a specific statute includes: 

	(a)
	any
statutory extension modification or re-enactment of such statute (whether before or after the date of this Lease); and 

8

 

	(b)
	any
regulation or order made under any statute, 

and
any general reference to "statute" or "statutes" includes any statute or statutes for the time being in force whether enacted before or after the date of this Lease and any regulations or orders
made under such statute or statutes and all European Union treaties regulations directives and decisions whether implemented in the United Kingdom or not. 

2.11    Head Landlord    

        Any
reference to the Head Landlord includes the Landlord's immediate reversioner (and any superior landlords) at any time and performance of a landlord's covenant in this Lease by the
Head Landlord shall be treated for all purposes as though such covenant had been performed by the Landlord. 

3.    Demise and Rent    

        The
Landlord demises the Premises to the Tenant TOGETHER WITH all rights specified in part 1 of schedule 1 but  EXCEPTING AND RESERVING the rights
specified in part 2 of schedule 1 SUBJECT so far as the
same now affect the Premises and are still subsisting and capable of being enforced to the covenants or other matters specified in schedule 2 TO
HOLD the Premises subject as aforesaid unto the Tenant for the Term YIELDING AND PAYING unto the Landlord during the Term: 

	(a)
	yearly
and proportionately for any fraction of a year the Basic Rent and from and including each Review Date such yearly rent as shall become payable under and in accordance with
clause 4 such Basic Rent to be paid by equal quarterly payments in advance on the usual quarter days in every year the first of such payment being (if necessary) a proportionate payment in
respect of the period from and including the Rent Commencement Date to the next following quarter day to be made on the date hereof;

	(b)
	UPON DEMAND by way of further rent:

	(i)
	such
Service Charge and Interim Service Charge as shall become payable under and in accordance with schedule 3;

	(ii)
	the
Insurance Rent;

	(iii)
	the
sums referred to in clause 5.2 and all reasonable and proper fees costs charges and expenses on a full indemnity basis incurred in the
recovery or attempted recovery of any arrears of the Reserved Rents or the remedy of any breach of covenant by the Tenant or the termination of this Lease whether or not the Tenant is granted relief
by agreement or by the Court;

	(iv)
	any
other monies properly payable by the Tenant to the Landlord under this Lease; and

	(v)
	any
Value Added Tax which may be chargeable on any of the Reserved Rents or other sums reserved or payable under this Lease. 

4.    Rent Review    

4.1    New Basic Rent    

        The
Basic Rent shall be reviewed at each Review Date and a revised rent as hereinafter defined shall be ascertained and if the revised rent shall be greater than the Basic Rent payable
(but for the suspension of the whole or any part of the Basic Rent) immediately prior to the relevant Review Date then the revised rent shall be the Basic Rent as from the relevant Review Date but if
the revised rent shall be equal to or less than the Basic Rent payable immediately prior to the relevant Review Date then the rent payable hereunder prior to the relevant Review Date shall continue to
be the Basic Rent (subject to further review if applicable). 

9

 

4.2    Revised Rent    

	(a)
	The
revised rent shall be the annual market rent at which the Premises might reasonably be expected to be let with vacant possession at the relevant Review Date in the open market by
a willing lessor to a willing lessee for a term equivalent to the longer of the then residue of the Term or 10 years and otherwise upon the same terms as this Lease (save as regards the amount
of the Basic Rent but including these provisions for reviewing the rent) without payment of any premium there being disregarded:

	(i)
	any
effect on rent of any goodwill attached to the Premises by reason of the carrying on thereon of the business of the Tenant or its predecessor in
title of that business or other lawful occupiers;

	(ii)
	any
effect on rent of the fact that the Tenant or any lawful subtenant has been in occupation of the Premises;

	(iii)
	the
effect on rent of any improvements lawfully carried out to the Premises during the Term by or under the Tenant or any lawful sub-tenant and with
the written consent of the Landlord except any improvements:

	(A)
	the
cost of which the Landlord has reimbursed or is liable to reimburse; or

	(B)
	effected
in pursuance of a requirement of this Lease or the agreement between the parties for the grant of this Lease or otherwise in pursuance of an obligation to the Landlord; 

	(iv)
	the
Tenant's Works and the obligation to reinstate the Tenant's Works contained in clause 5.91(f);

	(v)
	any
effect on rent of the likelihood of there being a rent-free period granted to a new tenant taking the Premises reflecting a proper period for
fitting out purposes and upon the supposition (if not the facts):

	(A)
	that
the Tenant had complied with all repairing and decorating and other covenants herein imposed on the Tenant;

	(B)
	that
the Premises had been fully equipped with tenant's fixtures and fittings and are fit and available for immediate occupation and use. 

	(b)
	The
Landlord and the Tenant shall endeavour to agree the revised rent at any time not being earlier than six months before the relevant Review Date but if they shall not have agreed
the revised rent two months prior to the relevant Review Date then either the Landlord or the Tenant may refer the matter to a single arbitrator to be appointed by the President for the time being of
the Royal Institution of Chartered Surveyors on the application of either the Landlord or the Tenant whose award (including any award of costs) shall be final and binding on the parties hereto (such
reference to arbitration to be in accordance with the provisions of the Arbitration Act 1996) provided that time shall not be of the essence in agreeing or determining the revised rent. 

4.3    Late Review    

	(a)
	If
the revised rent shall not have been agreed or determined by the relevant Review Date the Tenant shall continue to pay the Basic Rent at the rate reserved immediately before the
relevant Review Date and shall pay the arrears of the difference between the rent at such rate and the revised rent on the quarter day next following the agreement or determination of the revised
rent. 

10

 

	(b)
	If
the revised rent shall not have been agreed or determined one month after the relevant Review Date the Tenant shall pay interest on the arrears of the difference between the rent
at the rate reserved immediately before the relevant Review Date and the revised rent the interest to be paid on the quarter day next following the agreement or determination of the revised rent in
respect of the period from one month after the relevant Review Date to the date of payment of the said arrears and for the purposes of this sub-clause only the interest shall be at the rate of Base
Rate. 

4.4    Memorandum    

        As
soon as the revised rent shall have been agreed or determined as aforesaid a memorandum of such revised rent signed by the Landlord and the Tenant shall be endorsed on or annexed to
this Lease and the counterpart thereof. 

4.5    Intermediate Rent Review    

        If
at any time or times during the Term ascertainment of the rent payable hereunder in manner above provided or recovery of the revised rent shall in any respect not be lawful so that
the Landlord is precluded or would if the Landlord had taken the necessary steps to secure a rent review (assuming that were lawful) be precluded from receiving the revised rent as from the relevant
Review Date the Landlord shall be entitled at any time after the date when ascertainment or recovery or increase again
becomes lawful (but without prejudice to its right if any to recover any rent the payment of which has only been deferred by law) to have the Basic Rent for the time being payable hereunder reviewed
at the date last aforesaid in manner and according to the principles set out above (mutatis mutandis) and the rent so ascertained shall be the Basic Rent payable until the next relevant Review Date or
until the Basic Rent payable hereunder shall next be increased (if later). 

4.6    Damage to Premises    

        If
at or immediately prior to the relevant Review Date the Premises shall have been destroyed or damaged then for the purposes of establishing the rack rent in the open market of the
Premises under this clause 4 the Premises shall be deemed to have been fully reinstated and rendered fit for occupation and use immediately prior to the relevant Review Date. 

5.    Tenant's covenants    

        The
Tenant hereby covenants with the Landlord as follows: 

5.1    Rent    

        To
pay the Reserved Rents at the time and in manner aforesaid without any deduction or abatement or set off whatsoever. 

5.2    Pay Interest    

        In
the event of any of the Reserved Rents being unpaid more than 14 days after the same shall have become due to pay to the Landlord Interest on the sum or sums outstanding from
the due date until payment. 

5.3    Pay outgoings    

        To
pay and discharge all rates taxes assessments outgoings and impositions whatsoever (whether parliamentary parochial or otherwise) which are now or may at any time hereafter be payable
in respect of the Premises or on the owner or occupier in respect thereof (and in the case of an
assessment which relates to the Premises together with other premises to pay the Landlord a fair proportion (to be reasonably determined by the Landlord) of any such outgoings) but excluding any
payable by the Landlord occasioned by any disposition or dealing with or ownership of the reversion to the Premises or the receipt of the Reserved Rents. 

11

 

5.4    Repair    

        To
repair maintain cleanse and keep in good and substantial repair and to replace or rebuild where necessary the Premises and all additions and improvements thereto and all appurtenances
forming part of the Premises (damage by any of the Insured Risks only excepted) and also when and so often as any Landlord's fixtures belonging to the Premises shall so require to substitute other
fixtures of a similar description quality and value to the satisfaction of the Landlord. 

5.5    Decorate    

        In
the year 2004 and every subsequent fifth year of the Term thereafter (or more often if necessary) and also in the last year of the Term (whether determined by effluxion of time or
otherwise) to paint with good quality paint redecorate or paper with paper of a suitable quality or otherwise treat as the case may be all internal parts of the Premises previously or usually so
treated and to wash down all washable surfaces in a good and workmanlike manner to the reasonable satisfaction of the Landlord such painting and redecorating in the last year of the Term to be in
colours previously approved by the Landlord. 

5.6    Clean windows    

        To
clean the interior of the windows of the Premises and the interior of the glass panelling separating the Premises from the atrium of the Building as often as occasion shall require
and at least once in every calendar month. 

5.7    Party structures    

        To
contribute and pay a rateable or due proportion (to be reasonably determined by the Landlord's Surveyor) of the sums payable from time to time by the Landlord to the Head Landlord
pursuant to clause 4.7 of the Headlease (or if the Headlease shall determine for any reason whatsoever such sums
as would have been payable but for such determination) insofar as such sums are not included in Landlords Expenses and to keep the Landlord indemnified against such sums. 

5.8    Yield up    

        At
the expiration or sooner determination of the Term peaceably and quietly to yield up with vacant possession the Premises together with all additions and improvements made thereto in
the meantime and in such state and condition as shall in all respects be consistent with a full and due performance by the Tenant of the covenants herein contained and all fixtures and fittings which
during the Term may be affixed or fastened to or upon the Premises (tenant's or trade fixtures only excepted provided that if the Tenant removes the same the Tenant shall make good all damage thereby
occasioned) provided that if at the expiration or sooner determination of the Term any tenant's or trade fixtures and any furniture or effects belonging to the Tenant shall be left in the Premises the
Tenant shall be deemed to have abandoned the same and the Landlord shall be entitled to remove and dispose of the same at the cost of the Tenant and without prejudice to the right of the Landlord to
recover any such cost the proceeds of any such sale shall belong to the Landlord. 

5.9    Comply with statutes    

        At
all times during the Term to observe and comply in all respects with the provisions and requirements of any and every statute so far as they relate to or affect the Premises or any
additions or improvements thereto or the user thereof for any purpose or the use or employment therein of any person or persons or any fixtures machinery plant or chattels for the time being affixed
thereto or being thereupon or used for the purposes thereof and to execute all works and provide and maintain all arrangements which by or under any statute or by any government department local
authority or other public authority or duly authorised officer or Court of competent jurisdiction acting under or in pursuance of any statute are or may be directed or required to be executed provided
and maintained at 

12

 

any time during the Term upon or in respect of the Premises or any additions or improvements thereto or in respect of any such user thereof or employment (or residence as aforesaid) therein of any
person or persons or fixtures machinery plant or chattels as aforesaid whether by the owner or occupier thereof and to indemnify the Landlord against all costs charges and expenses of or incidental to
the execution of any works or the provision or maintenance of any arrangements so directed or required as aforesaid and not at any time during the Term to do or omit or suffer to be done or omitted on
or about the Premises any act or thing by reason of which the Landlord may under any statute incur or have imposed or become liable to pay any penalty damages compensation costs levy tax (other than
on the rent and other sums payable hereunder) charges or expenses. 

5.10    Offices and Shops Act etc.    

        Without
prejudice to any other provision hereof to comply in relation to the Premises with the requirements of the Factories Act 1961 the Offices Shops and Railway Premises Act 1963 the
Fire Precautions Act 1971 and the Health and Safety at Work Act 1974 whether imposed by those Acts upon the Landlord or on the Tenant and at all times during the Term to indemnify and keep indemnified
the Landlord against the consequence of any breach or non-observance thereof and without prejudice to the generality of the foregoing not to permit or suffer to be working in the Premises at any one
time such a number of persons that the requirements as to sanitary conveniences and washing facilities prescribed by the said Act or other Acts will not be complied with. 

5.11    Notices    

        Within
seven days of the receipt of notice of the same to give full particulars to the Landlord of any permission notice order or proposal for a notice or order made given or issued to
the Tenant by any government department local or public authority under or by virtue of any statutory powers and if so required by the Landlord to produce such permission notice order or proposal for
a notice or order to the Landlord and also without delay to take all reasonable or necessary steps to comply with any such notice or order and also at the joint expense of the Landlord and the Tenant
to make or join with the Landlord in making such objections or representations against or in respect of any such notice order or proposal as aforesaid as the Landlord shall deem expedient. 

5.12    Planning    

	(a)
	At
all times during the Term to comply in all respects with the provisions and requirements of the Planning Acts including the payment of any charge or levy thereunder and of all
planning permissions so far as the same respectively relate to or affect the Premises or any part thereof or any operation works acts or things already or hereafter to be carried out executed done or
omitted thereon or the use thereof for any purpose.

	(b)
	During
the Term so often as occasion shall require at the expense in all respects of the Tenant to obtain all such planning permissions and serve all such notices as may be required
for the carrying out of any operations on the Premises or the institution or continuance thereon of any use thereof which may constitute development but so that no application for planning permission
shall be made without the previous written consent of the Landlord (such consent not to be unreasonably withheld or delayed).

	(c)
	Unless
the Landlord shall otherwise direct to carry out and complete before the expiration or sooner determination of the Term; 

          (i)  any
works stipulated to be carried out to the Premises by a date subsequent to such expiration or sooner determination as a condition of any planning permission for any
development commenced by the Tenant or any undertenant before such expiration or determination; and 

13

 

        (ii)  any
development begun by or on behalf of the Tenant upon the Premises in respect of which the Landlord shall or may be or become liable for any charge or levy under the
Planning Acts. 

	(d)
	If
and when called upon so to do to produce to the Landlord or the Landlord's Surveyor all such plans documents and other evidence as the Landlord may reasonably require in order to
be satisfied that the provisions of this covenant have been complied with in all respects. 

5.13    Inspection    

        To
permit the Landlord and the Landlord's mortgagees (if any) and their respective surveyors and agents at all reasonable times in the daytime on reasonable prior notice being given (or
without prior notice in emergency) to enter the Premises to view the same and examine the state and condition thereof or to take inventories of the fixtures and fittings therein or to make any
inspection which may be required for the purposes of the Landlord and Tenant Acts 1927 and 1954 or any other statute for the time being affecting the Premises. 

5.14    Repair on notice    

        To
repair and make good to the reasonable satisfaction of the Landlord's Surveyor all breaches of covenant defects and wants of reparation for which the Tenant may be liable under the
covenants herein contained of which notice shall have been given by the Landlord to the Tenant within two calendar months after the giving of such notice (or sooner if requisite). 

5.15    Default in repair    

        That
if the Tenant shall at any time make default in the performance of any of the covenants herein contained relating to the repair decoration cleansing or condition of the Premises of
which notice has been given as aforesaid it shall be lawful for the Landlord and the Landlord's mortgagees (if any) or their agents and workmen (but without prejudice to the right of re-entry
hereinafter contained) to enter upon the Premises and at the expense of the Tenant to carry out such repairs cleansing or decoration as may be necessary in accordance with the covenants and provisions
herein contained and the costs and expenses thereof (including any surveyors or agents fees) shall be paid by the Tenant to
the Landlord on demand such sums being recoverable either as a debt or rent in arrears at the option of the Landlord. 

5.16    To let boards etc.    

        To
permit the Landlord or the Landlord's agents at any time within six calendar months next before the expiration or sooner determination of the Term or at any time if the Landlord's
interest in the Premises is to be sold to enter upon the Premises and to fix and retain without interference upon any suitable part or parts thereof a notice board or bill for reletting or selling the
same provided such notice board or bill shall not unreasonably affect the light or air enjoyed by the Premises and the Tenant will not remove or obscure the same and will permit all persons by order
in writing of the Landlord or the Landlord's agents to view the Premises at reasonable hours in the daytime without interruption. 

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5.17    Cost of consent etc.    

        To
pay to the Landlord all costs charges and expenses (including legal costs and surveyors and/or agents and/or architects fees) which may be incurred or payable by the Landlord in or in
contemplation of any proceedings relating to the Premises under sections 146 and 147 of the Law of Property Act 1925 (whether or not any right of re-entry or forfeiture has been waived by the Landlord
or the Tenant has been relieved under the provisions of the said Act) and in connection with the preparation and service of a schedule of dilapidations (whether or not the same is served during or
after the expiration or sooner determination of the Term) and in connection with the collection of rent or in connection with or in contemplation of any application by the Tenant to any planning
authority or of any application to the Landlord for any consent pursuant to the covenants herein contained and to keep the Landlord fully and effectually indemnified against all costs expenses claims
and demands whatsoever in respect of the said applications consents and proceedings. 

5.18    Not to vitiate insurance    

	(a)
	At
all times during the Term to comply with all recommendations from time to time of the appropriate authority in relation to fire precautions affecting the Premises.

	(b)
	Not
to do or omit or suffer to be done or omitted any act matter or thing whatsoever the doing or omission of which would make void or voidable any policy of insurance effected
subject to normal conditions on the Premises or on the Landlord's fixtures and fittings therein or of any adjoining or contiguous property belonging to the Landlord or the Head Landlord or cause the
premiums payable in respect of any insurance effected in relation to the Premises or any adjoining or contiguous premises to be increased beyond the normal rate and without prejudice to the generality
of the foregoing not to store or permit to be stored in the Premises anything of a specifically inflammable nature.

	(c)
	In
the event of the Premises being destroyed or damaged by any of the Insured Risks to give immediate notice thereof to the Landlord.

	(d)
	In
the event of the Premises being destroyed or damaged by any Insured Risk and the insurance money under any insurance against the same effected thereon by the Landlord or Head
Landlord being wholly or partly irrecoverable by reason solely or in part of any act or default of the Tenant or any undertenant then and in every such case the Tenant will forthwith (in addition to
the Reserved Rents)
pay to the Landlord the whole or (as the case may require) a fair proportion of the cost of completely rebuilding and reinstating the same. 

5.19    Alterations    

        Subject
to sub-clauses 5.9 and 5.10 of this clause: 

	(a)
	not
at any time during the Term to make any alteration or addition to the main electrical installations of the Premises;

	(b)
	not
too erect any structure on or make any external or structural addition or alteration to the Premises or to carry out any development in or to the Premises or any part thereof;

	(c)
	not
to make any internal non-structural addition or alteration to the Premises without the previous written consent of the Landlord which shall not be unreasonably withheld or
delayed;

	(d)
	provided
that the Landlord's prior consent shall not be required for internal demountable partitioning provided full details of such partitioning is supplied to the Landlord and the
same is removed prior to the determination of the Term and all damage made good;

	(e)
	to
pay all costs and expenses incurred by the Landlord (including legal surveyors and architects fees) of or in connection with the grant of any licence or consent to make or carry
out any permitted erection addition alteration or development or any improvement which the 

15

 

Tenant
may be entitled or required to make on or to the Premises under or by virtue of the Landlord and Tenant Acts or any other statute for the time being affecting the Premises and of or in
connection with the approval and supervision from time to time of any such work; 

	(f)
	at
the expiration or sooner determination of the Term unless released wholly or partly from compliance with this covenant by the Landlord in writing at the Tenant's own expense to
reinstate make good and restore the Premises wholly or partly as required by the Landlord:

	(i)
	to
the same state and condition they were in at the date of the grant of this Lease; and

	(ii)
	to
the same state and condition they were in prior to the execution of the Tenant's Works. 

all
such works to be carried out with good quality materials and in a proper and workmanlike manner under the supervision of and to the reasonable satisfaction of the Landlord's Surveyor. 

5.20    User    

	(a)
	Not
to use the Premises or permit or suffer the same to be used otherwise than as offices.

	(b)
	Not
at any time to use the Premises or allow the same to be used for any auction public meeting exhibition or entertainment or for any illegal or immoral purpose or for any noisy
noxious or offensive trade business or occupation nor permit any musical instrument gramophone wireless tape recorder loud speaker or similar apparatus to be played or used thereon so as to be audible
from outside the Premises nor permit or suffer the Premises to be used as a residence or sleeping place for any person or persons nor permit or suffer the Premises to be used for the purpose of any
betting transaction within the meaning of the Betting Gaming and Lotteries Act 1963 or for gaming within the meaning of the Gaming Act 1968 or any statutory modification or re-enactment thereof with
or between persons resorting to the Premises or for the sale of intoxicating liquor (for consumption either on or off the Premises) and not to make or permit or suffer to be made any application for a
betting office licence or a licence or registration under the Gaming Act 1968 or any statutory modification or re-enactment thereof in respect of the Premises. 

5.21    Nuisance    

        Not
to do or permit or suffer to be done in or upon the Premises or any part thereof anything which shall or may be or become or cause a nuisance damage annoyance inconvenience
disturbance injury or danger to the Landlord or the owners lessees or occupiers of any adjoining or neighbouring premises and to keep the Landlord fully and effectually indemnified against all actions
proceedings damages costs expenses claims and demands whatsoever arising out of or in consequence of any breach or non-observance of this covenant. 

5.22    Light    

        Not
to obstruct or suffer to be obstructed any of the windows lights or ventilators belonging to the Premises nor to permit any new window light ventilator passage drainage or other
encroachment to be made into or acquired against or over the Premises and in case any encroachment or easement whatsoever shall be attempted to be made or acquired by any person or persons whomsoever
to give notice thereof in writing to the Landlord immediately the same shall come to the notice of the Tenant
and at the joint cost of the Landlord and the Tenant to do all such things as may be proper for preventing any new encroachment or easement being made or acquired. 

16

 

5.23    Assignment and underletting    

	(a)
	Not
to assign or charge or mortgage part only of the Premises nor except as hereinafter permitted to part with or share possession or occupation of the whole or any part thereof nor
to hold its interest in the Premises or any part as nominee or upon trust for any third party.

	(b)
	Not
to assign the whole of the Premises without first obtaining the prior written consent of the Landlord (which shall not be unreasonably withheld or delayed) and the Landlord and
the Tenant agree that for the purposes of section 19(1A) of the Landlord and Tenant Act 1927 the Landlord may (without prejudice to the right of the Landlord to refuse consent on any other reasonable
ground) withhold consent to an assignment:

	(i)
	if
either of the following circumstances exist at the date of the application for consent:

	(A)
	there
is in the reasonable opinion of the Landlord a substantial breach of any of the Tenant's covenants in this Lease;

	(B)
	the
proposed assignee is not an acceptable assignee and for the purposes of this paragraph an acceptable assignee shall be a person who in the reasonable opinion of the Landlord will
be a respectable and responsible tenant is of sound financial standing and is demonstrably capable of performing the Tenant's covenants in this Lease throughout the residue of the Term; 

	(ii)
	if
any of the following conditions are not satisfied:

	(A)
	on
or before completion of any assignment the Tenant and any guarantor of the Tenant shall have entered into an authorised guarantee agreement in the form set out in schedule 5;

	(B)
	on
or before completion of the assignment to it if the Landlord shall reasonably so require the assignee shall have deposited with the Landlord an amount (not exceeding six months'
yearly rent
payable at the date of the assignment) as security for the performance of the Tenant's covenants in this Lease;

	(C)
	on
or before completion of the assignment if the Landlord shall reasonably so require the assignee shall have procured a guarantor or guarantors reasonably acceptable to the Landlord
who shall execute and deliver to the Landlord a deed containing direct covenants by such guarantor (or if more than one such guarantor joint and several covenants) with the Landlord in the terms
contained in schedule 4. 

	(c)
	Not
to underlet the whole of the Premises except:

	(i)
	in
accordance with the provisions of sub-clause 5.23(e); and

	(ii)
	after
having obtained the previous written consent of the Landlord such consent not to be unreasonably withheld or delayed in the case of an underlease
of the whole of the Premises which complies with sub-clause 5.23(c)(i). 

	(d)
	Not
to underlet any part of the Premises other than an underlease of a Permitted Part and provided always that:

	(i)
	each
underlease of a Permitted Part shall be in accordance with the provisions of sub-clause 5.23(e) and shall in addition contain appropriate
provisions for the full recovery by the underlessor from the undertenant of a fair and reasonable proportion of the underlessor's expenditure on services and insurance; and

	(ii)
	any
such underletting shall not be granted without the previous written consent of the Landlord such consent not to be unreasonably withheld or delayed
in the case of an underlease of a Permitted Part which complies with sub-clause 5.23(d)(i). 

17

 

	(e)
	Notwithstanding
the provisions of sub-clauses 5.23(c) and (d) not to grant an underlease of the whole of the Premises or a Permitted Part unless:

	(i)
	the
underlease contains a declaration by the parties thereto that the provisions of sections 24 to 28 (inclusive) of the Landlord and Tenant Act 1954
(as amended) shall be excluded in relation to the underlease as authorised by a valid Court Order made pursuant to section 38(4) of the Landlord and Tenant Act 1954 (as amended) which shall be
obtained produced to and approved by the Landlord before the underlease is granted;

	(ii)
	the
underletting shall be at a rent which is not less than the full rack rental value of the premises to be underlet without a fine or premium and
payable in advance on the usual quarter days and only one quarter in advance;

	(iii)
	the
underlease imposes upon the underlessee covenants conditions and provisions:

	(A)
	for
upward only reviews of rent on the same dates and on the same terms as the Review Dates and terms specified by this Lease and occurring at least as frequently as under this Lease;

	(B)
	for
re-entry by the underlessor on breach of any covenant by the underlessee;

	(C)
	no
less onerous than those imposed upon the Tenant by or pursuant to this Lease (except the covenant to pay the rent reserved by this Lease and in the case of an underlease of a
Permitted Part except insofar as inappropriate to an underlease of that Permitted Part);

	(D)
	prohibiting
the relevant underlessee from doing or allowing any act or thing on or in relation to the premises to be underlet inconsistent with or in breach of the covenants and
conditions imposed upon the Tenant by or pursuant to this Lease; and

	(E)
	prohibiting
any assignment underletting or other parting with or sharing of possession or occupation of the whole or part of the premises to be underlet other than (subject to the
prior written consent of the Landlord and the underlessor such consent not to be unreasonably withheld or delayed) an assignment of the whole of the premises to be underlet; 

	(iv)
	the
undertenant has covenanted with the Landlord and the Head Landlord (in such form as the Landlord may reasonably require) in relation to the
premises to be underlet to observe and perform the covenants and obligations on the part of the Tenant under this Lease (except the covenant to pay the yearly rent payable under this Lease) and the
covenants and obligations on the part of the undertenant to be contained in the proposed underlease throughout the Term of the underlease;

	(v)
	the
Landlord has approved the form of the proposed underlease (such approval not to be unreasonably withheld or delayed where such underlease complies
with the provisions of this sub-clause 5.23); and

	(vi)
	if
the Landlord shall reasonably require it on or before the grant of the underlease one or more guarantors reasonably acceptable to the Landlord shall
covenant by way of indemnity and guarantee (if more than one jointly and severally) with the Tenant the Landlord and the Head Landlord in such terms as the Landlord may reasonably require. 

	(f)
	In
relation to any underlease whether of the whole of the Premises or a Permitted Part:

	(i)
	neither
to vary or waive the terms of any underlease without the Landlord's previous consent nor to reduce waive commute set off or otherwise vary
whether directly or 

18

 

indirectly
the rents reserved by any underlease except in accordance with the rent review provisions thereof; 

	(ii)
	if
any undertenant breaches any of the covenants conditions agreements and provisions contained or referred to in the underlease forthwith upon
discovering the same to take all necessary steps and proceedings to remedy such breach at the Tenant's own expense;

	(iii)
	upon
the termination of any underlease (howsoever occurring) not to accept any rent from any undertenant or permit it to hold over or acknowledge any
tenancy but forthwith to take all requisite steps at the Tenant's expense to secure possession of the underlet premises;

	(iv)
	not
to agree the rent payable under the underlease upon a review of that rent without the Landlord's prior written consent (such consent not to be
unreasonably withheld) and if the rent review is determined by a surveyor pursuant to the review provisions of the underlease to procure that the Landlord's reasonable representations as to the rent
payable are made to such surveyor. 

	(g)
	Notwithstanding
anything contained in this Lease the Tenant may without the consent of the Landlord share possession or occupation of the whole or any part of the Premises with any
subsidiary for the time being of the Tenant or any holding company of the Tenant or a subsidiary of a holding company of the Tenant (as the expressions "subsidiary" and "holding company" are defined
in section 736 of the Companies Act 1985) but only for so long as such relationship exists and provided that no legal estate or tenancy shall be created and the Landlord is provided with full details
of the nature and extent of any such sharing or occupation.

	(h)
	Within
21 days of:

	(i)
	the
death during the Term of any person who has or shall have guaranteed to the Landlord the payment to the Landlord of the rents and the observance and
performance of the covenants on the part of the Tenant herein contained; or

	(ii)
	a
person or body (as the case may be) who has guaranteed to the Landlord as mentioned in sub-clause (i) being adjudged a bankrupt or (being a company)
going into liquidation (other than a voluntary liquidation for the purposes of amalgamation or reconstruction of a solvent company in respect of which the Landlord's consent has first been obtained
such consent not to be unreasonably withheld) or a receiver administrator administrative receiver or other encumbrancer taking possession of or being appointed in respect of the whole or any part of
such person's or body's assets or such person or body making any arrangement with creditors for the liquidation of his or its debts by composition or otherwise or any voluntary arrangement as defined
in the Insolvency Act 1986 or ceasing or threatening to cease to carry on his or its business as a whole or becoming unable to pay its debts within the meaning of section 123 of the Insolvency Act
1986, 

19

   
then to give notice thereof to the Landlord and if reasonably so required by the Landlord at the expense of the Tenant within a further twenty-one days to procure some other person reasonably
acceptable to the Landlord to execute a guarantee in respect of the payment of the rents and the observance and performance of the covenants in such form as the Landlord may reasonably require. 

	(i)
	Upon
every assignment charge mortgage underlease sub-lease assignment of an underlease or other devolution of the Premises or the Term to give to the Landlord within one month
thereafter notice in writing thereof specifying in such notice the name of the assignee or person in whom the Premises or any part thereof may have become vested and also to produce to the Landlord a
certified copy of the assignment charge mortgage underlease probate letters of administration or other evidence of the devolution and to pay or cause to be paid to the Landlord's solicitors their then
current reasonable fees and disbursements for registration of each such instrument together with the amount of any additional registration fee payable to the order of any superior landlords. 

5.24    Signs    

        Not
to place affix or exhibit or permit to be placed affixed or exhibited to or upon the outside to the Premises or in or upon the windows thereof any aerial sign signboard advertisement
hoarding fascia placard bill notice poster or other notification whatsoever. 

5.25    Overloading    

        Not
to suspend or permit or suffer to be suspended any heavy load from the ceilings floors or main structure of the Premises nor to load or to use or permit or suffer to be loaded or
used any floor or the structure of the Premises in any manner which will in any way impose a weight or strain in excess of that which the Premises are constructed to bear with due margin for safety or
which will in any way strain or interfere with the main supports thereof and to keep the Landlord indemnified from and against all damages costs claims and demands arising out of any breach of this
sub-clause. 

5.26    Accidents    

        To
indemnify and keep indemnified the Landlord from liability in respect of any injury to or the death of any person damage to any property (real and personal) the infringement
disturbance or destruction of any right easement or privilege or otherwise by reason of or arising directly or indirectly out of the repair state of repair condition or any alteration to or to the use
of the Premises or from any act or default of the Tenant's licensees employees servants agents or visitors and from all proceedings costs claims and demands of whatsoever nature in respect of any such
liability or alleged liability and to insure and keep insured in the joint names of the Head Landlord the Landlord and the Tenant the third party and property owners liability risks in the Premises
and when requested by the Landlord so to do supply evidence of such continuing insurance and the amount of cover maintained which amount shall at the Landlord's reasonable request be increased to such
amount as the Landlord may reasonably require provided that the Tenant shall make good any shortfall out of its own moneys. 

5.27    VAT    

        In
addition to the Reserved Rents and other payments of whatsoever nature which are or shall be reserved or which are or may become payable pursuant to the provisions hereof by or on
behalf of the Tenant the Tenant shall pay any Value Added Tax which is or may at any time hereafter become payable in respect thereof. 

5.28    Rating    

        Not
to leave the Premises vacant for a continuous period exceeding two months. 

20

 

5.29    Defective Premises    

        To
notify the Landlord without delay of any "relevant defect" in the state of the Premises within the meaning of section 4 of the Defective Premises Act 1972 or any statutory
modification or re-enactment thereof for the time being in force and to display and maintain all notices and to erect and maintain effective barriers if necessary which may from time to time be
required to be displayed or erected on the Premises under the said Act and to indemnify the Landlord against all liability and cost arising in respect of any notice claim or demand costs and
proceedings brought thereunder. 

5.30    Headlease    

        Not
to do, omit, suffer or permit in relation to the Premises any act or thing that would or might cause the Landlord to be in breach of the Headlease, or that if done, omitted, suffered
or permitted by the Landlord would or might constitute a breach of the covenants on the part of the tenant and the conditions contained in the Headlease. 

5.31    Access    

        To
permit the Landlord and all persons authorised by him, including agents, professional advisers, contractors, workmen and others, to enter the Premises on not less than 48 hours
written notice except in emergency for any purpose that is in the reasonable opinion of the Landlord necessary to enable him to comply with the covenants on the part of the tenant and the conditions
contained in the Headlease so far as the Tenant does not expressly covenant to observe and perform them. 

5.32    Indemnity    

        To
be responsible for and to keep the Landlord fully indemnified against all damages losses costs and liabilities suffered or incurred by the Landlord arising out of: 

	(a)
	any
act or default or negligence of the Tenant; or

	(b)
	any
breach by the Tenant of the Tenant's covenants in this Lease. 

6.    Landlord's covenants    

        The
Landlord hereby covenants with the Tenant as follows: 

6.1    Quiet enjoyment    

        That
the Tenant paying the Reserved Rents and observing and performing the covenants conditions and agreements hereinbefore contained on the Tenant's part to be observed and performed
shall and may quietly enjoy the Premises during the Term without any interruption by the Landlord or any person rightfully claiming under or in trust for the Landlord or by title paramount. 

6.2    Enforcement of Headlease covenants    

        On
the request of the Tenant to take all reasonable steps to enforce the covenants on the part of the Head Landlord contained in the Headlease. 

6.3    Consents under the Headlease to be obtained    

        To
take all reasonable steps at the Tenant's expense to obtain the consent of the Head Landlord whenever the Tenant makes application for any consent required under this Lease where the
consent of both the Landlord and the Head Landlord is needed by virtue of this Lease and the Headlease. 

6.4    Covenant to pay Headlease rents    

        To
pay the rents reserved by the Headlease and so far as the Tenant is not liable for such performance under the terms of this Lease to perform the covenants and conditions on the part
of the tenant contained in the Headlease. 

21

 

6.5    Services    

        To
use all reasonable endeavours to provide the Services as the Landlord may from time to time reasonably consider necessary or desirable in the interests of good estate management
provided that the Landlord shall not be liable for any breach of this obligation where the breach arises from: 

	(a)
	repair
replacement or maintenance of any installations or apparatus; or

	(b)
	damage
destruction or breakdown by reason of mechanical or other defect; or

	(c)
	frost
or other adverse weather conditions; or

	(d)
	shortage
of fuel materials water or labour; or

	(e)
	any
other cause beyond the reasonable control of the Landlord, save that the Landlord will use all reasonable endeavours to restore the Services as soon as reasonably practicable. 

6.6    Warranties    

        To
use reasonable endeavours to enforce any guarantee or warranty of which it has the benefit in relation to the Retained Parts of the Common Parts PROVIDED
THAT: 

	(a)
	the
Landlord shall not be obliged to issue proceedings or serve any statutory demands except in relation to defects which in the opinion of the Landlord (acting reasonably) are both
significant and material; and

	(b)
	the
Tenant shall indemnify the Landlord against a fair and reasonable proportion of the costs property incurred by the Landlord in taking such action. 

6.7    Landlord's Expenses    

        That
the Landlord's Expenses will not include: 

	(a)
	any
additional or specific fees charges and expenses attributable to the demand or collection of' the rents and other sums from the tenants and other occupiers of the Building;

	(b)
	any
fees charges and expenses attributable to the grant of leases of other parts of the Building;

	(c)
	the
cost of the review of rents and lettings and re-lettings of any part of the Building;

	(d)
	any
costs and expenses properly recoverable by the Landlord under any policy of insurance effected by the Landlord in respect of the building;

	(e)
	the
enforcement of covenants of the other tenants or occupiers of the Building;

	(f)
	any
expenditure attributable to any lettable areas being unlet or unoccupied;

	(g)
	any
sums recovered from any third party pursuant to any warranty or guarantee or contract or covenant in relation to the Building. 

7.    Provisos    

7.1    Suspension of rent    

        If
during the Term the Premises shall be destroyed or damaged by an Insured Risk so as to be unfit for occupation or use and the policy or policies of insurance effected shall not have
been vitiated or payment of the policy moneys withheld or refused in whole or in part in consequence of any act neglect or default of the Tenant or any undertenant their respective servants agents or
licensees the Basic Rent or a fair proportion thereof according to the nature and extent of the damage sustained shall be suspended until either the Premises shall have again been rendered fit for
occupation or use by 

22

 

the Tenant or until the end of the period for suspension of the rent provided under the terms of the Headlease whichever is the shorter. 

7.2    Termination    

        If
after the expiration of three years from the date of the total destruction or such damage as to require substantial rebuilding of the Premises the Head Landlord shall have been unable
owing to circumstances beyond the Head Landlord's control to rebuild repair or otherwise reinstate the Premises notwithstanding the Head Landlord having used the Head Landlord's best endeavours to do
so either the Tenant (unless the Tenant shall have vitiated in whole or in part the policy of insurance maintained pursuant to the provisions of this Lease) or the Landlord shall be entitled at any
time thereafter to terminate the Term by six months' written notice to the other to expire at any time and at the expiration of such notice the Term shall cease and determine but without prejudice to
any right of action or remedy by either party against the other in respect of any antecedent breach of any of the covenants by the other herein contained (other than any covenant relating to the
repair and condition of the Premises) and thereupon the insurance moneys payable under the policy of insurance maintained pursuant to the provisions of this Lease shall belong to the Landlord. 

7.3    Landlord's right to forfeit Lease    

        If
any of the following events occur: 

	(a)
	any
of the Reserved Rents or other sum due under this Lease are unpaid for 14 days after becoming due (whether formally demanded or not);

	(b)
	there
is a breach by the Tenant or the Surety of any covenant or other term of this Lease;

	(c)
	the
Tenant or the Surety enters into an arrangement or composition for the benefit of creditors;

	(d)
	the
Tenant or the Surety being an individual (or if more than one individual then any one of them);

	(i)
	becomes
bankrupt;

	(ii)
	makes
an application to the Court for an interim order under Part VIII of the Insolvency Act 1986; or

	(iii)
	a
statutory demand under the Insolvency Act 1986 is served on him; 

or

	(e)
	the
Tenant or the Surety being a body corporate (or if more than one of them is a body corporate then any one of them):

	(i)
	has
a winding-up petition or a petition for an administration order presented against it or applied for by it or the directors or shareholders resolve
to present a petition for an administration order or an administration order is made;

	(ii)
	passes
a winding-up resolution or enters into liquidation (other than a members voluntary winding up for the purpose of reconstruction or amalgamation
with a solvent body corporate); or

	(iii)
	has
a receiver or an administrative receiver or a receiver and manager appointed; 

or 

	(f)
	execution
or distress is levied on the Tenant's goods in the Premises, 

23

 

then
the Landlord may re-enter the Premises or any part of the Premises in the name of the whole and forfeit this Lease and the tenancy created by this Lease shall immediately come to an end without
prejudice to any of the other rights and remedies of the Landlord. 

7.4    Landlord's right to carry out works on neighbouring premises    

	(a)
	The
Landlord shall have the right to alter add to and execute works on neighbouring premises (including for cleaning or building works and other reasonable purposes the erection of
scaffolding on any part of the Premises) notwithstanding that any window is obscured or obstructed or that the right of light and air or access to the Premises may be interfered with provided that
after completion of such works the access to or amenities of the Premises shall be no less materially convenient than before.

	(b)
	In
carrying out such works under clause 7.4(a) the Landlord shall cause as little inconvenience as reasonably practicable to the Tenant of the Premises and shall make
good any damage caused thereby to the Premises. 

7.5    No planning warranty    

        Nothing
in this Lease or in any consent granted by the Landlord shall imply a warranty by the Landlord that the Premises may be used for any specific purpose under the Planning Acts. 

7.6    Rights and easements    

        The
operation of section 62 of the Law of Property Act 1925 is excluded from this Lease and the Tenant shall not be entitled to any rights other than those expressly set out in
this Lease. 

7.7    Accidents    

        The
Landlord shall not be responsible to the Tenant or the Tenant's licensees servants or agents nor to any other persons for any damage or loss or any accident happening of injury
unless arising from any negligent act or omission of the Landlord its agents or employees. 

7.8    Compensation    

        Any
statutory right of the Tenant to claim compensation from the Landlord on vacating the Premises shall be excluded to the extent that the law allows. 

7.9    Disputes with adjoining occupiers    

	(a)
	Any
dispute arising between the Tenant and the tenants or occupiers of any neighbouring premises as to any easement quasi-easement right privilege or Conduit shall be fairly and
reasonably determined by the Landlord's Surveyor as soon as reasonably practicable.

	(b)
	Where
any issue, question or matter arising out of or under or relating to the Headlease that also affects or relates to the provisions of this Lease is to be determined as provided
in the Headlease the determination of that issue, question or matter pursuant to the provisions of the Headlease is to be binding on the Tenant as well as the Landlord for the purposes both of the
Headlease and this Lease, provided that this provision is not to apply to the provisions for the review of rent payable under the Headlease. 

7.10    Notices    

        Section 196
of the Law of Property Act 1925 as amended by the Recorded Delivery Service Act 1962 shall apply to any notice required to be served by this Lease. 

24

 

8.    Surety's covenants    

        In
consideration of this Lease having been granted at the request of the Surety the Surety covenants with the Landlord for such time only as Seebeyond (UK) Limited remains bound by the
Tenant's covenants in this Lease in the terms of set out in schedule 4. 

9.    Governing Law and Jurisdiction    

        This
Lease shall be governed by and shall be construed in accordance with English law and the parties irrevocably agree to submit to the non-exclusive jurisdiction of the English courts. 

10.    Third Party Rights    

        This
lease creates no rights in any third parties to enforce its terms pursuant to section 1 of the Contracts (Rights of Third Parties) Act 1999. 

11.    New Lease    

        It
is hereby certified that this lease is a new lease for the purposes of the Landlord and Tenants (Covenants) Act 1995. 

12.    Effective Date    

        The
provisions of this deed (other than those contained in this clause) shall not have effect until this deed has been dated. 

13.    Exclusion Order    

        Having
been authorised to do so by an order of the Mayor's and City of London County Court
dated                                         
       2001 the parties hereby agree that the provisions of sections 24
to 28 (inclusive) of Part II of the Landlord and Tenant Act 1954 (as amended) shall not apply to this Lease. 

        This
Lease has been executed and delivered as a deed on the date first written above. 

25

  

 
 

SCHEDULE 1
  Part 1
  Rights Granted    
  

        The Tenant shall be entitled to exercise the following rights in common with the Landlord and all other persons having a like right: 

	1.
	the
right to use the Common Parts for all proper purposes in connection with the use and enjoyment of the Premises;

	2.
	the
right to free passage and running of all services through the Conduits situate in the Building that serve the Premises;

	3.
	the
right of support and protection for the benefit of the Premises that is now enjoyed from all other parts of the Building;

	4.
	the
right for the Tenant to use such toilets in the Building as shall be designated from time to time in writing by the Landlord;

	5.
	subject
to any reasonable existing or future regulations made by the Landlord and to any temporary interruption for repairs, alterations or replacements, the right to use for the
parking of private motor cars and for no other purpose:

	a.
	84
parking spaces in the basement car park forming part of the Building; and

	b.
	2
parking spaces in the directors parking area at lower ground floor level at the front of the Building; 

such
spaces to be allocated by the Landlord (acting reasonably) from time to time together with any necessary right of access to and egress from them over such route as the Landlord may from time to
time designate; 

	6.
	(subject
to obtaining the consent of the Head Landlord) the right to erect and retain a sign indicating the name and business of the Tenant on the exterior facade of the northeast side
of the Building at sixth floor level subject to the Landlord first approving in writing:

	(a)
	the
size and style of such sign; and

	(b)
	the
precise location and method of erection of such sign, 

provided
that such approval shall not be unreasonably withheld or delayed; 

	7.
	the
right to display the Tenant's name on the Landlord's tenant name board in the entrance to the Building in a style previously approved by the landlord (such approval not to be
unreasonably withheld). 

26

 
 
 

Part 2
  Rights Reserved    
  

	1.
	The
rights of light air and all other easements and rights now or hereafter belonging to or enjoyed by any part of the Building or any neighbouring premises.

	2.
	The
right of support protection and shelter for the benefit of any part of the Building or any neighbouring premises.

	3.
	Full
right and liberty at any time hereafter to build on or otherwise develop or make any alterations or additions or execute any other works to any part of the Building or any
neighbouring premises or to erect any new buildings thereon in such manner as the Landlord or the person exercising the right shall think fit notwithstanding the fact that the same may obstruct affect
or interfere with the amenity of or access to the Premises or the passage of light and air to the Premises.

	4.
	The
right of free and uninterrupted passage and running of water soil gas electricity and other services in and through the Conduits upon through over or under the Premises.

	5.
	The
right for the Landlord to use for the benefit of any part of the Building or any neighbouring Premises any external fire escape (if any) from time to time during the Term including
the right to make physical connections into such external fire escape the Landlord making good all damage thereby caused to the Premises to the reasonable satisfaction of the Tenant.

	6.
	The
right to construct maintain and replace any Conduits for the benefit of all other parts of the Building or any neighbouring premises. 

 
 

SCHEDULE 2    
  

        The entries in the Property and Charges Registers of title number BK246060 but with the benefit of a Restrictive Covenant Indemnity Policy
Number 901Y186696 issued by the Sun Alliance Insurance Group. 

 
 

SCHEDULE 3
  Service Charge    
  

 
  Part 1
  Computation and Payment    
  

1.    Certificate of Landlord's Expenses    

1.1    Landlord's Expenses.    

	(a)
	In
any Accounting Period the Landlord's Expenses shall include all costs and expenditure in respect of and incidental to the Services referred to in this schedule whenever paid or
incurred whether before or during the Term including such provision for anticipated expenditure as the Landlord's Surveyor shall at its proper discretion reasonably allocate to that Accounting Period.

	(b)
	An
expense shall be deemed to be incurred by the Landlord if the Landlord or an employee or Group Company of the Landlord performs any of the following duties:

	(i)
	the
supervision and management of the provision of the Services for the Building;

	(ii)
	the
preparation of statements or certificates of the Landlord's Expenses; and

	(iii)
	the
auditing of the Landlord's Expenses. 

27

 

1.2    Omissions    

        The
omission of any item of expenditure from a certificate of the Landlord's Expenses prepared for any Accounting Period shall not preclude the inclusion of such item in a certificate
for any subsequent Accounting Period during the Term. 

1.3    Issue of certificate    

        As
soon as reasonably practicable after each Accounting Period the Landlord shall ensure that: 

	(a)
	the
Accountant issues a certificate containing:

	(i)
	a
summary of the Landlord's Expenses for that Accounting Period; and

	(ii)
	a
summary of any expenditure that forms part of the Landlord's Expenses in respect of any previous Accounting Period not taken into account in the
certificate for any previous Accounting Period; and

	(iii)
	a
statement showing the calculation of the Service Charge for that Accounting Period; 

	(b)
	a
copy of the certificate referred to in 1.3(a) is issued to the Tenant. 

1.4    Certificates conclusive    

        Any
certificate issued by the Accountant or the Landlord's Surveyor in connection with the Landlord's Expenses shall be conclusive as to all matters of fact save in the case of manifest
error. 

1.5    Inspection    

        Within
three months after the issue of any certificate in relation to the Landlord's Expenses (but not more than once and by prior appointment only) the Tenant shall be entitled to
inspect all vouchers receipts or other evidence of expenditure relating to items comprised in the Landlord's Expenses. 

2.    Payment    

2.1    Payment of Service Charge    

        The
Tenant shall pay the Service Charge in respect of each Accounting Period. 

2.2    Payment of Interim Service Charge    

        For
each Accounting Period the Tenant shall pay to the Landlord by equal quarterly payments in advance on the four usual quarter days in every year the Interim Service Charge the first
payment being a proportionate sum in respect of the period from and including                        to the next following quarter
day to be made on the date of this Lease. If the Interim Service Charge for
any Accounting Period is not ascertained and notified to the Tenant by the first quarter day in that period the following provisions shall apply: 

	(a)
	until
the quarter day following notification of the Interim Service Charge the Tenant shall pay on account a provisional interim charge at the rate previously payable;

	(b)
	on
notification of the revised Interim Service Charge the Tenant shall pay to the Landlord the amount by which the revised charge exceeds the amount paid on account; and

	(c)
	on
the quarter day following notification of the Interim Service Charge the Tenant shall commence payment of the Interim Service Charge at the revised rate. 

2.3    Revision of Interim Service Charge    

        The
Landlord's Surveyor may revise the Interim Service Charge payable in respect of any Accounting Period to take into account any actual or expected increase in expenditure and as soon
as reasonably practicable following any revision the Landlord's Surveyor shall certify the amount of the revised Interim Service Charge. 

28

 

2.4    Final account and adjustments    

	(a)
	The
Landlord shall as soon as reasonably practicable at the end of each Accounting Period provide the Tenant with an account of the Service Charge payable in respect of that
Accounting Period with credit being given to the Tenant for payments of the Interim Service Charge made on account.

	(b)
	The
Tenant shall within seven days of receipt of the account referred to in paragraph 2.4(a) pay to the Landlord the amount by which the Service Charge exceeds payments received by
way of Interim Service Charge.

	(c)
	Any
overpayment of Service Charge shall be credited against sums due from the Tenant in respect of the following Accounting Period or (in the last year of the Term) shall be set off
against any other monies due from the Tenant to the Landlord and the balance (if any) repaid to the Tenant. 

 
 

Part 2
  Services    
  

1.    Repair and Maintenance    

	1.1
	The
inspection maintenance repair rebuilding renewal replacement and decoration of the Retained Parts whenever the Landlord reasonably considers appropriate.

	1.2
	The
operation inspection auditing maintenance repair renewal replacement or modification (including in relation to millennium compliance) of the Plant whenever the Landlord reasonably
considers appropriate.

	1.3
	The
inspection maintenance repair renewal and replacement of all Conduits excluding those whose maintenance is the responsibility of any tenant in the Building.

	1.4
	The
inspection maintenance renewal and replacement of any fire alarms fire prevention and fire fighting equipment in the Retained Parts. 

2.    Provision of Facilities    

        The
provision and replacement of: 

	(a)
	such
Plant that the Landlord reasonably considers appropriate for the efficient management and use of the Building or that is required to be maintained by any statutory local public
or regulatory or other authority;

	(b)
	lighting
to such standard as the Landlord reasonably considers appropriate in the Retained Parts;

	(c)
	central
heating and air conditioning to the Premises and the Retained Parts to such temperatures as the Landlord reasonably considers appropriate;

	(d)
	providing
a fully functioning lift service;

	(e)
	supplying
hot and cold water to the lavatory facilities in the Retained Parts and providing towels, soap, paper and other appropriate supplies;

	(f)
	providing
maintaining servicing renewing replacing and keeping in good condition all fixtures fittings furnishings tools and equipment and any other items the Landlord reasonably
considers appropriate for performing the Services or for the appearance or upkeep of the Retained Parts;

	(g)
	collecting
compacting and disposing or refuse from the Building. 

29

 

3.    Cleaning    

        Cleaning
treating and polishing the following to such standard as the Landlord shall reasonably consider adequate: 

	(a)
	the
Retained Parts; and

	(b)
	the
exterior of all windows and window frames on the walls of the Building and the exterior of the glass panelling separating the Premises from the atrium of the Building. 

4.    Contracts    

        Placing
and running contracts for the provision of the Services to the Building. 

5.    Gardens    

        Planting
and landscaping such parts of the Retained Parts as the Landlord reasonably considers appropriate and keeping all gardens and landscaped areas free from weeds and properly
attended. 

6.    Security    

        Policing
the Building controlling traffic and pedestrians and providing such security staff as the Landlord reasonably considers fit and proper and providing maintaining replacing and
renewing security equipment in the Building. 

7.    Employment    

        Employing
such persons as the Landlord reasonably considers necessary in connection with the provision of the Services including all or any of: 

	(a)
	the
payment of fees salaries statutory contributions and such other insurance health pension welfare redundancy and similar or ancillary payments and any other payments; and

	(b)
	the
provision of uniforms and working clothes for the Landlord's employees. 

8.    Fees    

	8.1
	Discharging
the proper fees and disbursements of the Landlord's Surveyor the Accountant the Landlord's managing agents appointed form time to time and any other individual firm or
company employed by the Landlord from time to time in connection with:

	(a)
	the
supervision and management of the provision of the Services for the building which management charge shall not exceed 10% of the Landlord's Expenses in any one Accounting Period;

	(b)
	the
preparation of statements or certificates of the Landlord's Expenses; and

	(c)
	the
auditing of the Landlord's Expenses. 

	8.2
	Discharging
the fees of the Landlord or a Group Company incurred in respect of any of the matters referred to in clauses 8.1(a) (b) and (c) that are undertaken by the Landlord or an
employee or a Group Company. 

9.    Notices    

        Providing
erecting maintaining and replacing notice boards notices and such other signs in the Building as the Landlord reasonably considers appropriate. 

10.    Outgoings    

        Discharging
all payments due in respect of: 

	(a)
	the
supply of electricity gas or other fuel for the provision of the Services and for all purposes in connection with the Retained Parts; and

	(b)
	the
Landlord's liability to contribute towards the expense of making repairing maintaining rebuilding and cleaning any ways roads pavements structures and Conduits that are 

30

 

appurtenant
to the Building or used for the Building in common with any adjoining or neighbouring property; and 

	(c)
	existing
or future taxes rates charges duties assessments impositions and outgoings whatsoever in respect of the Retained Parts; and

	(d)
	interest
and fees in respect of monies borrowed to finance the provision of the Services; and

	(e)
	property
owner's liability and such other insurance as the Landlord may from time to time deem necessary to effect 

11.    Administration    

        Administering
and managing the Building and performing the Landlord's other obligations in this Lease. 

12.    Statutory requirements    

        Taking
all steps which the Landlord shall reasonably consider appropriate for complying with making representations against or otherwise contesting any Planning Act or other statute
bylaw or notice relating to or alleged to relate to the whole or any part of the Building which is not the liability of any tenant of the Building. 

13.    Nuisance    

        Abating
any nuisance affecting the Building. 

14.    Other Services    

        Any
other services provided or works carried out by the Landlord in respect of the Building or any part of it which the Landlord reasonably considers appropriate for the efficient
management and use of the Building. 

31

  

 
 

SCHEDULE 4
  Covenants by the Surety    
  

Covenant and indemnity by Surety  

	1.
	The
Surety hereby covenants with the Landlord as a primary obligation:

	(a)
	that
the Tenant or the Surety shall at all times duly pay the Reserved Rents in the manner and at the times herein specified and shall duly perform and observe all the covenants on
the part of the Tenant contained in this Lease until such time either as the Tenant shall have lawfully assigned this Lease or otherwise ceased to be liable for the payment of the Reserved Rents and
the performance and observance of the Tenant's covenants contained in this Lease whichever shall be the later; and

	(b)
	to
indemnify the Landlord against all claims demands losses damages liability costs fees and expenses whatsoever sustained by the Landlord by reason of or arising in any way directly
or indirectly out of any act or default by the Tenant in the performance and observance of any of its obligations or the payment of any Reserved Rents and other sums. 

	2.
	It
is hereby agreed that:

	(a)
	the
Surety is jointly and severally liable with the Tenant (whether before or after any of the events referred to in paragraphs 4(a)(i) 4(a)(ii) and 4(a)(iii) of this schedule) for
the fulfillment of all the obligations of the Tenant under this Lease and agrees that the Landlord in the enforcement of its rights hereunder may proceed against the Surety as if the Surety was named
as the Tenant in this Lease;

	(b)
	the
Surety shall not claim in any liquidation bankruptcy composition or arrangement of the Tenant in competition with the Landlord and shall remit to the Landlord the proceeds of all
judgments and all distributions it may receive from any liquidator trustee in bankruptcy or supervisor of the Tenant and shall hold as trustee for the Landlord in a separate designated trust account
for the benefit of the Landlord all security and rights the Surety may have over assets of the Tenant whilst any liabilities of the Tenant or the Surety to the Landlord remain outstanding;

	(c)
	the
Surety hereby waives any right to require the Landlord to proceed against the Tenant or to pursue any other remedy whatsoever which may be available to the Landlord before
proceeding against the Surety; and

	(d)
	the
Surety shall not be entitled to participate in any security held by the Landlord in respect of the Tenant's obligations to the Landlord under this Lease or to stand in the place
of the Landlord in respect of any such security until all the obligations of the Tenant or the Surety to the Landlord under this Lease have been performed or discharged. 

	3.
	None
of the following or any combination thereof shall release determine discharge or in any way lessen or affect the liability of the Surety as principal debtor under this Lease or
otherwise prejudice or affect the right of the Landlord to recover from the Surety to the full extent of this guarantee:

	(a)
	any
neglect delay or forbearance of the Landlord in endeavouring to obtain payment of the Reserved Rents or the amounts required to be paid by the Tenant or in enforcing the
performance or observance of any of the obligations of the Tenant under this Lease;

	(b)
	any
refusal by the Landlord to accept rent tendered by or on behalf of the Tenant at a time when the Landlord was entitled (or would after the service of a notice under
section 146 of the Law of Property Act 1925 have been entitled) to re-enter the Property; 

32

 

	(c)
	any
extension of time given by the Landlord to the Tenant;

	(d)
	to
the extent permitted by the Landlord and Tenant (Covenants) Act 1995 any variation of the terms of this Lease or the transfer of the Landlord's reversion or the assignment of this
Lease;

	(e)
	any
reviews of the rents payable under this Lease;

	(f)
	any
change in the constitution structure or powers of either the Tenant the Surety or the Landlord or the liquidation administration receivership or bankruptcy (as the case may be) of
either the Tenant or the Surety;

	(g)
	any
legal limitation or any immunity disability or incapacity of the Tenant (whether or not known to the Landlord) or the fact that any dealings with the Landlord by the Tenant may be
outside or in excess of the powers of the Tenant; or

	(h)
	any
other act omission matter or thing whatsoever whereby but for this provision, the Surety would be exonerated either wholly or in part (other than a release under seal given by the
Landlord). 

	4.
	The
Surety hereby further covenants with the Landlord that:

	

 	

(a)	
 	

(i)	
 	

if there shall be a disclaimer or surrender of this Lease whether by a liquidator trustee in bankruptcy the Crown or otherwise;
	

 	

 	
 	

(ii)	
 	

if this Lease shall be forfeited; or
	

 	

 	
 	

(iii)	
 	

if the Tenant (being a sole or the last surviving tenant) shall in the case of an individual die or in the case of a company be dissolved or if otherwise the Tenant shall cease to exist.

then
the Surety shall if the Landlord by notice in writing given to the Surety within six months after such disclaimer or other event so requires accept from and execute and deliver to the Landlord a
counterpart of a new lease of the Premises for a term commencing on the date of the disclaimer or other event and continuing for the residue then remaining unexpired of the Term such new lease to be
at the cost of the Surety and to be at the same Reserved Rents and subject to the same covenants conditions and provisions as are contained in this Lease; and 

	(b)
	if
the Landlord shall not require the Surety to take a new lease the Surety shall nevertheless upon demand pay to the Landlord a sum equal to the Reserved Rents that would have been
payable under this Lease but for the disclaimer or other event in respect of the period (which shall not exceed 6 months) from and including the date of such disclaimer or other event until the
Landlord shall have granted a lease of the Premises to a third party. 

	5.
	This
guarantee shall enure for the benefit of the successors and assigns of the Landlord under this Lease without the necessity for any assignment thereof. 

 
 

SCHEDULE 5
  Authorised Guarantee Agreement    
  

THIS DEED is made
on                                         
       200            
 

BETWEEN

	(1)
	
[                                         
       ]
of
[                                         
                               ] (the "Landlord"); and

	(2)
	
[                                         
       ]
of
[                                         
                               ] (the "Tenant"). 

33

 

INTRODUCTION  

	(A)
	The
term granted by the Lease is vested in the Tenant and the Landlord is entitled to the reversion.

	(B)
	The
Lease contains a covenant against assignment without the consent of the Landlord and provides that consent may be given subject to a condition that the Tenant enters into an
authorised guarantee agreement (as defined in the Act).

	(C)
	The
Tenant has requested the Landlord's consent to the assignment of the Lease to the Assignee which the Landlord has agreed to grant subject to the completion of this deed pursuant
to that condition. 

AGREED TERMS  

	1.
	In
this deed (including the introduction) the following words and expressions have the following meanings: 

"Act" means the Landlord and Tenant (Covenants) Act 1995; 

"Assignee" means
[                                         
       ]; 

"Lease" means a lease of the Property dated
[                                         
       ] 200            made between
[                                         
       ] (1) and
[                                         
       ] (2); and 

"Property" means
[                                         
       ]. 

	2.
	The
Tenant hereby covenants with the Landlord as a primary obligation:

	(d)
	that
the Assignee shall at all times duly pay the rents reserved by the Lease in the manner and at the times therein specified and shall duly perform and observe all the Tenant's
covenants contained in the Lease until such time as the Assignee shall be released from those covenants by virtue of the Act; and

	(e)
	to
indemnify the Landlord against all claims demands losses damages liability costs fees and expenses whatsoever sustained by the Landlord by reason of or arising in any way directly
or indirectly
out of any act or default by the Assignee in the performance and observance of any of the Tenant's covenants contained in the Lease. 

	3.
	None
of the following or any combination thereof shall release determine discharge or in any way lessen or affect the liability of the Tenant as principal debtor under this deed or
otherwise prejudice or affect the right of the Landlord to recover from the Tenant to the full extent of this guarantee:

	(a)
	any
neglect delay or forbearance of the Landlord in endeavouring to obtain payment of the rents or other amounts reserved by the Lease or in enforcing the performance or observance of
any of the obligations of the Assignee under the Lease;

	(b)
	any
refusal by the Landlord to accept rent tendered by or on behalf of the Assignee at a time when the Landlord was entitled (or would after the service of a notice under
section 146 of the Law of Property Act 1925 have been entitled) to re-enter the Property;

	(c)
	any
extension of time given by the Landlord to the Tenant or the Assignee;

	(d)
	to
the extent permitted by the Act any variation of the terms of the Lease or the transfer of the Landlord's reversion;

	(e)
	any
reviews of the rent payable under the Lease; 

34

 

	(f)
	any
surrender by the Assignee of part of the Property in which event the liability of the Tenant shall continue in respect of the part of the Property not so surrendered after making
any necessary apportionments under section 140 of the Law of Property Act 1925;

	(g)
	any
change in the constitution structure or powers of either the Tenant the Surety or the Assignee or the liquidation administration receivership or bankruptcy (as the case may be) of
either the Tenant or the Assignee;

	(h)
	any
legal limitation or any immunity disability or incapacity of the Assignee (whether or not known to the Landlord) or the fact that any dealings with the Landlord by the Tenant may
be outside or in excess of the powers of the Assignee; or

	(i)
	any
other act omission matter or thing whatsoever whereby but for this provision, the Tenant would be exonerated either wholly or in part (other than a release under seal given by the
Landlord). 

	4.
	The
Tenant hereby further covenants with the Landlord that:

	

 	

(a)	
 	

(i)	
 	

if there shall be a disclaimer or surrender of the Lease whether by a liquidator trustee in bankruptcy the Crown or otherwise;
	

 	

 	
 	

(ii)	
 	

if the Lease shall be forfeited; or
	

 	

 	
 	

(iii)	
 	

if the Assignee (being a sole or the last surviving tenant) shall in the case of an individual die or in the case of a company be dissolved or if otherwise the Assignee shall cease to exist,

THEN
the Tenant shall if the Landlord by notice in writing given to the Tenant within six months after such disclaimer or other event so requires accept from and execute and deliver to the Landlord a
counterpart of a new lease of the Property for a term commencing on the date of the disclaimer or other event and continuing for the residue then remaining unexpired of the term such new lease to be
at the cost of the Tenant and to be at the same rents and subject to the same covenants conditions and provisions as are contained in the Lease; and 

	(b)
	if
the Landlord shall not require the Tenant to take a new lease the Tenant shall nevertheless upon demand pay to the Landlord a sum equal to the rents that would have been payable
under the Lease but for the disclaimer or other event in respect of the period (which shall not exceed 6 months) from and including the date of such disclaimer or other event until the Landlord shall
have granted a lease of the Property to a third party. 

	5.
	This
guarantee shall enure for the benefit of the successors and assigns of the Landlord under the Lease without the necessity for any assignment thereof.

	6.
	Any
provision of this deed rendered void by virtue of the Landlord and Tenant (Covenants) Act 1995 section 25 is to be severed from all remaining provisions and the remaining
provisions are to be preserved.

	7.
	If
any provision in this deed extends beyond the limits permitted by the Landlord and Tenant (Covenants) Act 1995 section 25 that provision is to be varied so as not to extend
beyond those limits.

	8.
	For
the avoidance of doubt the Tenant shall be liable for any costs and expenses properly incurred by the Landlord in enforcing the Tenant's obligations under this deed.

	9.
	This
deed shall be governed by and shall be construed in accordance with English law and the parties irrevocably agree to submit to the non-exclusive jurisdiction of the English
courts. 

35

 
	10.
	This
agreement creates no rights in any third parties to enforce its terms pursuant to section 1 of the Contracts (Rights of Third Parties) Act 1999. 

        This
deed has been executed and delivered as a deed on the date first written above. 

	EXECUTED as a deed by
 SEEBEYOND (UK) LIMITED

acting by:	 	)

)

)	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	/s/  ANDY BALCHIN      
 Director
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	/s/  DAVE BENNETT      
 Director/Secretary
	
EXECUTED as a deed by
 SEEBEYOND TECHNOLOGY

CORPORATION

acting by:	
 	

)

)

)

)	
 	

  

/s/  BARRY J. PLAGA      

36

QuickLinks

Bracknell Forest Site Plan

Oracle Centre Fourth Floor—Existing Layout Floor Plan

Oracle Center Fifth Floor Plan—Existing Layout

Oracle Corporation The Ring Sixth Floor—Existing Layout Floor Plan

SCHEDULE 1 Part 1 Rights Granted

Part 2 Rights Reserved

SCHEDULE 2

SCHEDULE 3 Service Charge

Part 1 Computation and Payment

Part 2 Services

SCHEDULE 4 Covenants by the Surety

SCHEDULE 5 Authorised Guarantee AgreementPrepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document
  

Exhibit 10.22  

 
 

ANNEXURE "A" TO LEASE
DATED                                  BETWEEN TRUST COMPANY OF
  AUSTRALIA
LIMITED, ACN 004 027 749 (AS LESSOR) AND SEEBEYOND PTY LTD ACN 074
  256 965 (AS LESSEE) PREMISES: PART LEVEL 41 CITIGROUP CENTRE, 2 PARK STREET, SYDNEY    
  

1.    Interpretation  

1.1    Definitions  

        In this Lease unless the contrary intention appears: 

        Accounting Year means each year (or, where appropriate, part of a year) during the Term ending 30 June, or such other date as the Lessor
may Notify to the Lessee from time to time. 

        Annual Rent means the rent specified in Item 7 (as adjusted in accordance with the provisions of this Lease) payable by the Lessee under
this Lease in the manner set out in clause 3. 

        Assets includes all assets, property and rights real and personal of any value whatsoever. 

        Base Accounting Year means the Accounting Year in which the second anniversary of the Commencing Date falls. 

        Base Building Condition means the following items to be made good: 

	(a)
	ceiling
tiles and ceiling grid;

	(b)
	mechanical
services;

	(c)
	light
fittings;

	(d)
	fire
protection equipment (thermals/sprinklers);

	(e)
	skirting
boards;

	(f)
	redundant
cabling;

	(g)
	painting/redecoration;

	(h)
	window
coverings;

	(i)
	floor
penetrations; and

	(j)
	connections
to hydraulic and electrical services. 

        The
scope of the works will comprise the following: 

	(a)
	removal
of all partitions installed and/or modified by the Lessee, with all ceilings (including tiles), walls and floors to be made good;

	(b)
	removal
of the Lessor's Fit Out and the fit out to which the Lessor has contributed pursuant to clause 25.11;

	(c)
	alignment
of ceiling tiles and grid, lights and fire protection equipment to a typical open floor plan;

	(d)
	ensure
that no live wires are left exposed and strip out redundant cabling from ceiling and skirting boards back to the floor distribution board;

	(e)
	make
good skirting boards; 

1

 
	(f)
	paint/redecorate
walls, ceilings and all other painted, treated or finished surfaces including, but not limited to, doors, fire doors and frames, lift doors and frames; and

	(g)
	make
good window coverings and window frames. 

        Building means the Office Tower and Car Parking Area erected on the Land and any modifications to those improvements from time to time. 

        Building Operating Hours means 7.00 am to 7.00 pm Monday to Friday excluding public holidays. 

        business day means days upon which licensed banks are open for business in Sydney excluding Saturdays and Sundays. 

        Car Parking Area means the area of the Complex erected on the Land used as an underground carpark for the parking of motor vehicles. 

        Citibank means Citibank Limited ACN 004 325 080. 

        Claim means any demands, claims, suits, proceedings of any nature whatsoever. 

        Commencing Date means the date of commencement of this Lease as specified in Item 3. 

        Commercial Component means levels 5-25 inclusive and levels 28-47 inclusive of the Office Tower. 

        Commercial Stratum means the whole of the land comprising Lot 112 in Deposited Plan 1014769. 

        Common Areas means the entrances to the Building, the passages, stairways, lobbies, escalators and passenger and goods lifts in the
Building, the toilets and all areas designed to be used by the lessees or occupants of the Building in common with others, all as designed by the Lessor for use in common by occupants of the Building. 

        Complex means the Office Tower, Car Parking Area and Retail Centre erected on the Land at the Commencing Date and any building
subsequently erected on the Land. 

        Council means the Council of the City of Sydney. 

        Custody Deed means the Park Plaza Development Trust Custody Deed entered into between the Lessor and the Trustee dated 23 June 2000
and varied from time to time pursuant to which the Trustee appoints the Lessor as custodian of the Trust. 

        Custodian means the agent of the Trustee and the custodian of the Assets of the Trust and, where the context requires, includes any
replacement agent and custodian from time to time. 

        Development Consent means: 

	(a)
	development
consent Z96- 00358 dated 28 January 1997 issued by the Council of the City of Sydney;

	(b)
	development
consent Z97- 00319 issued by the Council of the City of Sydney;

	(c)
	modifications
of development consent Z96- 00358 modifying conditions Nos. 1, 3(1)(a), 28, 66(i), 67 and 68(i) approved on 22 May 1997;

	(d)
	modification
of development consent Z96- 00358 modifying condition No. 5 approved 9 July 1997; and

	(e)
	modification
of development consent Z96- 00358 modifying condition No. 5 approved 11 September 1997, 

as
amended from time to time in accordance with this Lease. 

2

 

        Easements means easements, positive covenants and/or restrictions on use created under the Conveyancing Act 1919 in respect of the
Complex. 

        Elevators means the elevators, lifts and escalators in the Building. 

        Government Agency means the Council and any other statutory or local government authority. 

        Gross Licence Fees means the current annual market value of licence fees relating to the licensed carparks on a gross basis. 

        GST, GST law and other terms used in this Lease have the meanings used in the A New Tax System (Goods and Services
Tax) Act 1999, except that GST law includes any applicable rulings issued by the Commissioner of Taxation. 

        Incentive means any financially calculable inducement concession or benefit in any form that would be able to be obtained by a tenant
wishing to lease comparable premises to the Premises at the relevant review date. 

        Index Number means the Consumer Price Index (All Groups) for Sydney published from time to time by the Australian Bureau of Census and
Statistics. If there is any suspension or discontinuance in the publication of the Consumer Price Index, then until publication of the Consumer Price Index is resumed, Index
Number will mean some other index reflecting fluctuations in the cost of living in Sydney on which the parties agree, but in default of agreement, such index number as is
determined by the President of the Institute or his nominee as reflecting fluctuations in the cost of living in Sydney, and his decision shall be final and binding on the parties. In making such
determination, the President or his nominee shall be deemed to be acting as an expert and not as an arbitrator. The costs of any determination will be borne equally by the Lessor and the Lessee. 

        Institute means the Australian Property Institute, New South Wales Division. 

        Insolvency Event means the happening of any of these events: 

	(a)
	an
order is made that a body corporate be wound up; or

	(b)
	a
liquidator or provisional liquidator in respect of a body corporate, or one of them is appointed, whether or not under an order; or

	(c)
	except
to reconstruct or amalgamate while solvent on terms approved by the Lessor, a body corporate enters into, or resolves to enter into, a scheme of arrangement, a deed of company
arrangement, or composition with, or assignment for the benefit of, all or any class of its creditors, or it proposes a reorganisation, moratorium or other administration involving any of them; or

	(d)
	a
body corporate resolves to wind itself up, or otherwise dissolve itself, or gives notice of intention to do so, except to reconstruct or amalgamate while solvent on terms approved
by the Lessor or is otherwise wound up or dissolved; or

	(e)
	a
body corporate is or states that it is insolvent; or

	(f)
	as
a result of the operation of section 459F(1) of the Corporations Law, a body corporate is taken to have failed to comply with a statutory demand; or

	(g)
	a
body corporate is or makes a statement from which it may be reasonably deduced by the Lessor that the body corporate is the subject of an event described in section 459C(2)
or section 585 of the Corporations Law; or

	(h)
	a
body corporate takes any step to obtain protection or is granted protection from its creditors, under any applicable legislation or an administrator is appointed to a body
corporate; or 

3

 
	(i)
	a
person becomes an "insolvent under administration" as defined in section 9 of the Corporations Law or action is taken which could result in that event; or

	(j)
	anything
analogous or having a substantially similar effect to any of the events specified above happens under the law of any applicable jurisdiction. 

        Interest Rate means the rate (expressed as a percentage per annum) which is the average of the bid rates shown at approximately 11.00 am
on page "BBSW" on the Reuters Screen at the relevant time for bills indorsed by an Australian trading bank for a term of 120 days. 

        Land means the land on which the Complex is erected being the land comprised in the Commercial Stratum and the Retail Stratum. 

        Lease means this lease including any annexures and schedules to this lease. 

        Lessee's Drawings and Specifications means the plans and specifications for the Lessee's proposed fit out of the Premises. 

        Lessee's Fitout Works means the works required to be carried out to fit out the Premises referred to in clause 25.1. 

        Lessee's Fixtures and Fittings means all fixtures, fittings, plant, equipment or other articles in the nature of trade or lessee's
fixtures or fittings brought on the Premises by the Lessee with the consent of the Lessor. 

        Lessee's Proportion means the proportion expressed as a percentage which the Lettable Area of the Premises bears to the Lettable Area of
the Commercial Component of the Office Tower such proportion being as specified in Item 6 and varied from time to time under clause 5.4. 

        Lessor means Trust Company of Australia Limited its successors and assigns and, where the context permits, includes the agents,
contractors and employees of the Lessor. 

        Lessor's Fit Out means those items of fit out in the Premises, if any, for which the Lessor has paid or has agreed to pay. 

        Lessor's Manager means such professional building manager as is appointed by the Lessor to manage the Building from time to time. 

        Lettable Area means the lettable area calculated in accordance with the PCA Method. 

        Licence Fees means the fees referred to in Item 13. 

        Licence Review Date means the dates listed in Item 15. 

        Mortgagee's Consent means the form of mortgagee's consent at Annexure D. 

        Notify means notify the other party in writing in accordance with clause 26.3. 

        Novation means: 

	(a)
	there
is an assignment to the incoming party (being the new trustee) of all the rights, benefits and interests of the outgoing Trustee under this Deed;

	(b)
	there
is an assumption by the incoming party, in favour of the remaining parties, of all of the obligations, agreements and restrictions (whether express or implied or whether of a
positive or negative nature) on the part of the outgoing Trustee and which relate to the period on and from the date of this Deed, as if the incoming party had originally entered into this Deed in
place of the outgoing Trustee;

	(c)
	there
is an acknowledgment by the remaining parties of the assignment referred to in paragraph (a) and of the assumptions referred to in paragraph (b); 

4

 
	(d)
	subject
to an effective and valid assumption of all of the obligations referred to in paragraph (b), there is a release by the remaining parties of the outgoing Trustee,
whereby the remaining parties release the outgoing Trustee from all claims and liabilities arising out of this Deed; and

	(e)
	except
to the extent necessary to enable or perfect the assignment referred to in paragraph (a), or the enforcement of rights or remedies the subject of that assignment, the
outgoing Trustee acknowledges that it will make no claims or demands against the remaining parties under this Deed. 

        Obligations means, in respect of a particular party, all obligations and liabilities of whatever kind undertaken or incurred by, or
devolving upon, that party under or in respect of this Lease. 

        Office Tower means the office building erected on the Commercial Stratum. 

        Outgoings means all amounts reasonably paid or payable by the Lessor in or for an Outgoings Year in connection with the Commercial Stratum
including, without limitation, in relation to those items in Annexure B. 

        Outgoings Year means the 12 month period ending on 30 June in each year. 

        PCA Method means the method of measurement of "Net Lettable Area (NLA): Multi Storey Buildings" referred to and set out in the Method for
the Measurement of Buildings 1997 Version published by the Property Council of Australia. 

        Permitted Use means the use to which the Premises can be put by the Lessee pursuant to this Lease as specified in Item 10. 

        Persons Under the Control of the Lessee means the agents, contractors, employees, invitees of the Lessee. 

        Plant means any machinery or equipment and includes any air conditioning service, or water heating or cooling system, servicing the
Premises and the Common Areas and any component thereof. 

        Premises means that part of the Building described in Item 2 and, where the context permits, any part of the Premises and includes the  Lessor's Fit Out all fixtures and
fittings in the Premises which are owned or leased by the Lessor. 

        Prohibited Lessee means a person referred to in clause 20.2. 

        Related Corporation of a corporation means another corporation which is related to the first within the meaning of the Corporations Law. 

        Rent means the Annual Rent (as adjusted pursuant to clauses 3.2 and 3.3). 

        Rent Adjustment Date means those dates listed in Item 8(a). 

        Replacement Trustee means any trustee of the Trust appointed in place of Trust Company of Australia Limited and includes, without
limitation, the appointment of any single responsible entity to the Trust. 

        Retail Centre means that part of the Complex erected on the Retail Stratum and which is to be used for retail shops, food hall and
restaurants. 

        Review Date means those dates listed in Item 8(c). 

        Retail Stratum means Lot 111 in Deposited Plan 1014769. 

        Rules means the rules of the Building set out in Annexure C as varied under this Lease from time to time. 

5

 

        Section 88B Instrument means all easements, restrictions on use and other covenants benefiting or burdening the Commercial Stratum
registered at the Land and Property Information New South Wales. 

        Services means mechanical, electrical, communications, access control and security, fire protection, lifts, hydraulic services and
building management system. 

        Standard Quality means the following carpet specification: 

	(a)
	tufted
multi- level loop pile utilising 100% solution dyed yarn;

	(b)
	treated
for both anti- static and anti- bacterial functions; and

	(c)
	finished
with an anti- staining treatment to maintain carpet appearance. 

        Stratum Management Statement means the stratum management statement registered Book 4280 No. 649 or any replacement stratum
management statement in respect of the Complex from time to time. 

        Stratum Plan means deposited plan 1014769. 

        Substance means any natural or artificial substance whether in solid or liquid form or in the form of a gas or vapour, and includes cooled
or warmed air, and hot or cold water. 

        Supplies and other terms used in this clause which have meanings under the GST law have the meanings proposed and implemented pursuant to
the GST law. 

        Term means the period of time specified in Item 5, commencing on and including the date specified in Item 3 and expiring on the date
specified in Item 4. 

        Termination Date means the date of expiration of this Lease as specified in Item 4. 

        Trust means the trust known as the Park Plaza Development Trust established by deed of trust dated 18 April 1998 between the Lessor
and MTM Office Management Limited as varied from time to time. 

        Trustee means the trustee of the Trust from time to time. 

        Valuer means a registered valuer with at least 5 years experience in valuing office buildings in the central business district of
Sydney. 

        Working Day means a business day between the hours of 7.00 am and 7.00 pm. 

1.2    Singular/plural, gender etc.  

	(a)
	Words
importing the singular number include the plural and the masculine gender the feminine or neuter and vice versa.

	(b)
	Words
importing persons include corporations and vice versa.

	(c)
	References
to a month mean a calendar month.

	(d)
	References
to clauses are references to clauses of this Lease and references to paragraphs are references to paragraphs of the clause in which the reference appears.

	(e)
	References
to a body corporate includes a partnership. 

1.3    Covenants—joint and several  

        Any covenant or agreement on the part of 2 or more persons binds them jointly and severally. 

6

 

1.4    Statutes  

        Reference to a statute includes all regulations under and amendments to that statute whether by subsequent statute or otherwise and a statute passed in
substitution for the statute referred to or incorporating any of its provisions. 

1.5    Headings and underlinings  

        Headings and underlinings in this Lease have been inserted for guidance only and do not form any part of the text. 

1.6    Manner of requesting and providing approval  

	(a)
	Where
the Lessee requests the approval of the Lessor under the Lease, the request must be in writing and the approval:

	(i)
	must
be given or withheld in writing;

	(ii)
	may
be given unconditionally or subject to reasonable conditions;

	(iii)
	may
not be refused unreasonably; and

	(iv)
	may
not be unreasonably withheld or delayed, 

unless
this Lease expresses otherwise. 

	(b)
	The
Lessee may not do anything requiring the approval of the Lessor before notice of that approval has been received by the Lessee. 

1.7    Bodies and associations  

        Reference to any body (including, without limitation, an institute, association or authority), whether or not it is a statutory body: 

	(a)
	which
ceases to exist; or

	(b)
	whose
powers or functions are transferred to any other body, 

refers
to the body which replaces it or which substantially succeeds to its powers or functions. 

1.8    Items  

        References in this Lease to Items are references to items in the Item Schedule of this Lease. 

1.9    Indemnities  

	(a)
	Each
indemnity in this Lease is a continuing obligation, separate and independent from the other obligations of the parties, and survives termination, completion or expiration of this
Lease.

	(b)
	It
is not necessary for a party to incur expense or make any payment before enforcing a right of indemnity conferred by this Lease. 

2.    Exclusion of Implied Covenants  

2.1    Implied Statutory Covenants  

	(a)
	The
covenants, powers and provisions implied in leases by sections 84, 84A, 85 and 86 of the Conveyancing Act 1919 do not apply to this Lease. 

7

 
	(b)
	In
this Lease the words used in any of the forms of words in the first column of part 2 of schedule 4 to the Conveyancing Act 1919 do not imply a covenant under
section 86 of that Act. 

2.2    Whole of agreement in this Lease  

	(a)
	The
provisions contained in this Lease expressly or by statutory implication comprise the whole of the agreement between the parties.

	(b)
	No
other covenants, agreements or provisions, whether in respect of the Premises or otherwise, are implied in this Lease or arise between the parties by way of collateral or other
agreement by reason of
any promise, representation, warranty or undertaking given by or made by or on behalf of any party to any other party or its agent, contractor or employee on or prior to the execution of this Lease. 

3.    Moneys payable under this Lease  

3.1    Rent  

	(a)
	The
Lessee must during the Term pay to the Lessor in the manner specified in paragraph (b) without demand from the Lessor and without any deduction whatsoever, except as
provided for in this Lease, the Annual Rent as increased in accordance with the provisions of this Lease.

	(b)
	The
Lessee must procure that rent is payable to the Lessor throughout the Term by way of automatic bank debit of the Lessee's bank account and credit to the Lessor's bank account as
notified to the Lessee in writing from time to time.

	(c)
	Subject
to clause 3.2, Annual Rent must be paid in advance by regular and consecutive monthly payments on the first day of each month in each year during the Term (except the
first and last payments which if necessary must be proportionate).

	(d)
	Despite
paragraphs (a) and (c), the Lessee will not be obliged, and is discharged from the obligation to, pay Annual Rent for the period from the date of occupation pursuant to
clause 24.12 until 1 October 2001. 

3.2    Adjustment of Rent  

        On each Rent Adjustment Date, the Annual Rent is adjusted by increasing the Annual Rent by the percentage specified in Item 8(b). 

3.3    Market Rent Review  

	(a)
	The
Lessor may, not more than 3 months before a Review Date, and at any time subsequent before the earlier of the immediately following Review Date (if any) and the date of expiration
of this Lease, give the Lessee notice of its estimate of the then current market rental value of the Premises as the relevant Review Date.

	(b)
	If
the Lessee fails to give notice of an objection to the Lessor's estimate of rent within thirty (30) days of receipt of a notice under paragraph (a), the proposed
change in Annual Rent takes effect in accordance with paragraph (a).

	(c)
	If
the Lessee gives notice of an objection to the proposed change in Annual Rent within one month of receipt of a notice under paragraph (a) (the
dispute notice) the Annual Rent shall be determined by a Valuer.

	(d)
	Within
10 business days after the Lessee gives the dispute notice, the parties must nominate a Valuer to the other. 

8

 
	(e)
	If
either party does not nominate a Valuer on time, the current market rental value is to be determined by the Valuer nominated by the other party within 15 business days after the
end of the 10 business day period and the Valuer's determination is to be final and binding on both parties.

	(f)
	If
the Lessor and Lessee each validly nominate a Valuer, they must agree upon a Valuer within 5 business days after the end of the 10 business day period. That Valuer must determine
the current market rental value of the Premises as at that particular Review Date within 15 business days after being instructed and the Valuers' determination is to be final and binding on both
parties.

	(g)
	If
Lessor and Lessee cannot agree on a Valuer, either party may request the President of the Institute to appoint a Valuer and instruct that Valuer to determine the current market
rental value from the particular Review Date within 15 business days after being appointed.

	(h)
	The
Valuer's determination is final and binding on the parties. The Valuer must have due regard to evidence submitted by the parties as to their assessments of the current market
rental value. The Valuer's determination must include reasons and be in writing and the cost of the determination is to be apportioned equally between the Lessor and the Lessee.

	(i)
	In
determining the current market rental value, the Valuer (who is to act as an expert and not as an arbitrator) must determine the current market rental value for the Premises as at
the particular market Review Date having regard to the terms of this Lease and must:

	(i)
	disregard:

	A.
	the
value of any goodwill attributable to the Premises, and the Lessee's business and the value of the Lessee's Fixtures and Fittings or any other interest in the Premises created by
or permitted under this Lease;

	B.
	the
expense to the Lessee of vacating the Premises and the cost of relocation or removal of the Lessee to other premises;

	C.
	any
deleterious condition of the Premises if that condition results from work carried out on the Premises by the Lessee or a breach of term of this lease by the Lessee;

	D.
	any
rental, fee or money received under a sub- lease or other sub- tenancy agreement or occupational arrangement;

	E.
	the
fact that the Premises are presently occupied; and

	F.
	the
value of any partitioning, fit- out, furnishings and other similar matters so that the Premises should be regarded as vacant and available for fitting- out; 

	(ii)
	have
regard to the length of the Term disregarding the fact that part of the Term may have elapsed;

	(iii)
	have
regard to the market rental value of other commercial office premises within the City of Sydney and being premises of similar quality and age or
reasonably able to be compared to the Premises and taking Incentives then currently available in the market place into account;

	(iv)
	in
determining the market rental value, deduct from the rent payable under this Lease the component of rent attributable to any Incentive made available
to the Lessee under this Lease or any other document whatsoever;

	(v)
	consider
the Premises as used for the Permitted Use;

	(vi)
	regard
the Premises on a whole tenancy basis; 

9

 

	(vii)
	take
account of whether or not all covenants on the part of the Lessor in this lease have been complied with; and

	(viii)
	if
the Premises or the Building have been damaged or destroyed, assume that the Premises or the Building have been reinstated in accordance with this
Lease. 

	(j)
	Despite
the preceding provisions of this clause 3.3, the Annual Rent payable following a Review Date must not be less than the Annual Rent payable and not more than 15% above
the Annual Rent Payable immediately before the Review Date. 

3.4    Goods and Services Tax  

	(a)
	If,
under another provision of this Lease, the Lessor is entitled to be reimbursed by the Lessee for an amount paid by the Lessor to a third party, the amount payable by the Lessee
shall be the amount paid by the Lessor less any amounts for which the Lessor is entitled to an input tax credit for the consideration provided by the Lessor to such third party. This paragraph is
subject to paragraph (b).

	(b)
	The
amounts which are required to be paid by the Lessee under other provisions of this Lease (including paragraph (a)) are calculated to be exclusive of GST. If the Lessor
becomes liable for any amount of GST (without having regard to any input tax credits to which the Lessor may be entitled) in respect of any supply it makes to the Lessee under this Lease
(GST liability), the amount otherwise
payable to the Lessor under this Lease shall be increased by the amount of the Lessor's GST liability. The increased amount shall be payable by the Lessee in the same manner and at the same time as
Rent is required to be paid by the other provisions of this Lease.

	(c)
	Where
the Lessor has become subject to any penalties or interest as a result of the late payment of GST where that late payment is a result of the failure of the Lessee to comply with
the terms of this Lease (including this clause) or through some other failure of the Lessee to comply with its obligations under GST law with regard to this Lease, then the Lessee shall pay to the
Lessor an additional amount on demand equal to the amount of those penalties and interest.

	(d)
	If,
as a result of any change in taxation associated with the GST (other than income tax and excluding the impacts of the introduction of a GST) the cost to the Lessor of performing
its obligations under this Lease are reduced, that reduction shall be offset against the Lessor's GST liability, such that the effect of this paragraph is that the Lessee must pay to the Lessor only
the additional cost (if any) of performing the Lessor's obligations under this Lease.

	(e)
	The
Lessor must issue a tax invoice to the Lessee in respect of each payment by the Lessee under clause 3.4(b) prior to payment by the Lessee. 

3.5    Abatement on damage  

	(a)
	Despite
clause 9.5, if the whole or any part of the Building is destroyed or damaged, or access to the Premises is totally or partially impeded or obstructed, so as in any case
to render the Premises during the Term substantially unfit for the use and occupation of the Lessee then upon the happening of any such damage, destruction or obstruction and so long as:

	(i)
	any
insurance policies effected by the Lessor in respect of the Premises have not been rendered of no effect; and

	(ii)
	payment
of the policy moneys under any such insurance has not been refused, 

in
consequence of some negligent act, neglect or default of the Lessee or Persons Under the Control of the Lessee, the Annual Rent and Outgoings (or a proportionate part of it according to the nature
and extent of the damage, destruction or obstruction) must abate until the Premises 

10

 

have been rebuilt or reinstated or made fit for use and occupation, or the obstruction to the Premises has been removed, or any disabling cause has ceased or the Lease has been terminated in
accordance with clause 9.5. 

	(b)
	If
any dispute arises out of this clause it must be referred by either party for determination under clause 24. 

3.6    Amortisation of Fit Out Cost  

        In addition to the Annual Rent, the Lessee must pay to the Lessor fit out rent, in the same manner and at the same time as Annual Rent in the amount as calculated
by clause 25.11(b) being the cost of the Lessor's Fit Out in the Premises amortised over the Term. 

4.    Outgoings  

4.1    Lessee to pay Proportion of Building Outgoings  

        The Lessee must, with respect to each Accounting Year, pay to the Lessor the Lessee's Proportion of the Outgoings each year. The Lessee's obligation to pay the
Lessee's Proportion of the Outgoings commences on the earlier of the Commencing Date and the date the Lessee first occupies the Premises. 

4.2    Payments on account of Outgoings  

	(a)
	The
Lessor must estimate for each Accounting Year the Outgoings and Notify the Lessee of the estimate.

	(b)
	The
Lessor shall only be entitled to provide one estimate per Accounting Year and such estimate shall only be reconciled against actual costs incurred pursuant to clause 4.3
once per Accounting Year.

	(c)
	The
Lessee must pay to the Lessor the Lessee's Proportion of the Outgoings for any year of the Term based on the Lessor's estimate of Outgoings, for each Accounting Year:

	(i)
	by
equal monthly instalments;

	(ii)
	in
advance during each Accounting Year; and

	(iii)
	on
the first day of each month 

in
the same manner as the payment of Annual Rent. 

4.3    Outgoings Statement  

	(a)
	The
Lessor must give to the Lessee an Outgoings statement, certified as correct by an accountant of the Lessor, as soon as practical after the end of each Accounting Year specifying
in respect of the preceding Accounting Year:

	(i)
	the
Outgoings including reasonable particulars to allow the Lessee to make an assessment of the Outgoings; and

	(ii)
	the
amount of the Lessee's Proportion calculated in accordance with clause 4.1 and showing such calculations. 

	(b)
	The
Outgoings shall be separately accounted for in such statement and there shall be no consolidation of accounts with any moneys payable under this Lease (including Rent) or with any
other moneys payable to the Lessor in relation to any other premises or for any other reason whatsoever. 

11

 
	(c)
	The
statement given under this clause is evidence of what it contains (unless and until the contrary is shown), unless:

	(i)
	there
is a manifest error;

	(ii)
	the
Lessee disputes the contents of the statement and notifies the Lessor within thirty (30) days of service of the statement on the Lessee. 

	(d)
	If
the Lessee disputes the contents of the statement, and the dispute is not able to be resolved within 28 days of service of the statement on the Lessee, the matter must be
referred for determination in the same manner as is provided in clause 24 provided that the expert to determine the dispute must be to an independent Valuer and in the case of disputes as to
the appointment, the President (or other principal officer) of the Institute will nominate a Valuer. Pending the determination of such dispute the Lessee will pay the amount claimed by the Lessor in
its statement and any reconciliation following the determination of the dispute will be dealt with in accordance with clause 4.4(c). 

4.4    Adjustment of Outgoings  

	(a)
	The
Lessee must pay to the Lessor the Lessee's Proportion of Outgoings calculated in accordance with clause 4.1 (less any amounts paid by the Lessee on account of Outgoings)
within 28 days of receipt by the Lessee of the statement referred to in clause 4.3.

	(b)
	Subject
to paragraph (c), termination of this Lease does not terminate or prejudice the liability of the Lessee to pay the Lessee's Proportion of Outgoings.

	(c)
	If
payments on account of the Lessee's Proportion exceed the Lessee's Proportion calculated in accordance with clause 4.1 for any year the excess must be promptly:

	(i)
	credited
against the next payments made by the Lessee on account of the Lessee's Proportion; or

	(ii)
	if
the Lease is terminated, credited against any amount owing by the Lessee to the Lessor, or paid to the Lessee if nothing is owed to the Lessor. 

4.5    Change to Lessee's Proportion  

        In the event the Lettable Area of the Commercial Component of the Office Tower changes, the Lessee's Proportion expressed as a percentage in Item 6 will change
accordingly such that the Lessee's Proportion always reflects the percentage which the Lettable Area of the Premises bears to the Lettable Area of the Commercial Component of the Office Tower. 

5.    Use of the Premises  

5.1    Permitted use  

        The Lessee must use the Premises only for the Permitted Use. 

5.2    Warranty  

        The Lessor warrants that the Permitted Use is approved pursuant to the Development Consent. If the Lessee's business is, or becomes, permissible only with the
consent or approval of an Authority, the Lessee must obtain that consent or approval at the cost of the Lessee. 

12

 

5.3    No noxious use  

        The Lessee must not at any time do or knowingly permit to be done by Persons Under the Control of the Lessee in the Premises or the Common Areas: 

	(a)
	any
illegal act, trade, business, occupation or calling;

	(b)
	any
thing which causes damage or unreasonable disturbance to the occupiers or owners of adjoining or neighbouring premises or buildings; or

	(c)
	the
smoking of tobacco. 

5.4    Common Areas  

        The Lessee shall have the right to use the Common Areas in common with the Lessor and all others entitled to use the Common Areas but in doing so the Lessee will,
and will use all reasonable endeavours to procure that Persons Under the Control of the Lessee, comply with the Rules. 

5.5    Reservations to Lessor  

        The Lessor reserves unto itself the right to use any toilets or other areas of the Building specially designated for exclusive use by a particular lessee or
lessees and the uninterrupted passage of all pipes and cables or other conveyances through the Premises (but not through the Lettable Area of the Premises) and the running of all substances and
materials for which they are designed through the same and the Building structure (including the roof) subject to the Lessee's rights pursuant to the subsequent provisions of this clause 5. 

5.6    Use of Fit Out  

	(a)
	The
Lessee shall have, at no additional consideration, the unimpeded and uninterrupted use of the Lessor's Fit Out, for the Term and during any option period and any holding over
period.

	(b)
	The
Lessee shall take all reasonable care of the Lessor's Fit Out during the Term, any option period and any holding over period and shall be obliged to replace or repair same if worn
out, damaged or destroyed unless due to fair wear and tear or wilful or negligent act or omission of the Lessor. The repair of any such item shall be at the cost of the Lessee. 

6.    Assignment, Sub-Leasing etc.  

6.1    Restriction on Assignment  

        Subject to clause 6.4, the Lessee must not during the Term assign, sub- lease, transfer, mortgage, charge or otherwise deal with the Lessee's
interest in the Premises (or any part of them), or by any act or deed procure any of the foregoing, without obtaining the approval of the Lessor such approval not to be unreasonably withheld where: 

	(a)
	the
ingoing lessee, if it is or includes a proprietary company or an individual, delivers to the Lessor such personal or bank guarantees of the Lessee's obligations under this Lease
as the Lessor may reasonably require;

	(b)
	the
Lessee and the ingoing lessee enter into a deed with the Lessor in a form reasonably required by the Lessor under which the ingoing lessee agrees to perform and observe the
covenants and agreements of the Lessee in this Lease; 

13

 
	(c)
	the
Lessee pays to the Lessor the proper costs, charges and expenses (including reasonable legal costs, fees and expenses) incurred by the Lessor:

	(i)
	in
making inquiries as to the respectability, responsibility, creditworthiness, solvency and appropriateness of the ingoing lessee or the guarantor;

	(ii)
	of
and incidental to the giving of the Lessor's approval; and

	(iii)
	in
relation to the preparation or perusal (as the case may be) and completion of the deed of covenant referred to in sub-
clause (b); 

	(d)
	the
assignee shall be demonstrated to the reasonable satisfaction of the Lessor to be capable of performing the Lessee's obligations under this Lease; and

	(e)
	in
the case of a sub- lease:

	(i)
	there
is no unremedied breach by the Lessee of all of the terms of this Lease on its part whether express or implied, the Lessee is not at the time of
applying for such consent in breach of any of the terms of this Lease, and the payment of all Rent and all other money payable by the Lessee to the Lessor up to the date of the proposed
sub- lease have been paid;

	(ii)
	the
Lessee pays to the Lessor all costs incurred by the Lessor, whether or not the proposed sub- lease proceeds to completion, and legal
costs of and incidental to the giving of its consent;

	(iii)
	the
Lessee proves to the satisfaction of the Lessor that the proposed sub- lessee is a respectable, responsible and solvent person, and
pays all costs incurred by the Lessor of investigating the suitability, stature and financial standing of the proposed sub- lessee regardless of whether or not the proposed
sub- lease proceeds to completion;

	(iv)
	the
Lessee and the proposed sub- lessee enter into a deed with the Lessor in the form required by the Lessor providing, inter alia, that the
proposed sub- lessee will not cause or contribute to a breach of this Lease by the Lessee;

	(v)
	the
Lessee and the proposed sub- lessee comply with the Lessor's requirements in relation to the documents, stamping and registration of the
intended sub- lease; and

	(vi)
	the
Lessee provides in favour of the Lessor such guarantees of the obligations and covenants of the proposed sub- lessee under the
sub-lease as may be required by the Lessor. 

6.2    Release of Lessee  

        For the avoidance of doubt, the Lessee will not be released or discharged from all obligations and liability pursuant to this Lease and its occupation of the
Premises as from the date of an assignment. 

6.3    Lessee being a Company  

	(a)
	Where
the Lessee is a company the shares in which are not listed on any member exchange of the Australian Stock Exchanges Limited the Lessee covenants with the Lessor that during the
Term or any holding over period no transfer of any share or shares in the capital of the Lessee (whether by a single transaction or a series of transactions) will be registered recorded or entered in
its books and that no beneficial interest in any such share or shares will be issued or recognised or other action taken or attempted to be taken having the effect that the shareholders of the Lessee
at the date of this Lease together beneficially hold or control:

	(i)
	Less
than 51% of the voting, income or capital participation rights in the Lessee;

	(ii)
	Less
than 51% of the voting rights at a meeting of Directors of the Lessee; 

14

  

And
otherwise no change in the control of the Lessee will be effected, (each of the transactions referred to in this clause are collectively called the
dealing). 

	(b)
	Any
dealing shall be deemed not to be in breach of clause 6.3(a) if prior to any dealing the Lessee and/or the proposed new shareholders or beneficial owners or other persons
gaining control of the Lessee satisfy such of the requirements of clauses 6.1(c)(i), (ii), and (iii) as the Lessor requires.

	(c)
	In
clause 6.3(a) the words "the shares in which are not listed on any member exchange of the Australian Stock Exchange Limited" are deemed deleted prior to the completion of
any transaction which would or will result in the shares of the company being the Lessee ceasing to be listed on any member exchange of the Australian Stock Exchange Limited. 

6.4    Prohibited Tenants  

        For the avoidance of doubt, the Lessee must not assign this Lease or sub- lease the Premises or any part of the Premises to a Prohibited Lessee, or
allow a Prohibited Lessee into occupation of the Premises or any part of them in any way whatsoever. 

7.    Maintenance, Repair and Alterations  

7.1    Repair  

	(a)
	The
Lessee must during the Term maintain, repair and keep the Premises in good condition as first class commercial premises, including repairing and repainting and replacement of
floor coverings as
required (fair wear and tear, repairs and maintenance of a capital or structural nature and other repairs or maintenance which are the responsibility of the Lessor under this Lease, damage by fire,
storm, tempest, act of God or war only excepted).

	(b)
	Without
releasing the Lessee from its obligation to repair pursuant to clause 7.1(a) where any insurance proceeds are recoverable under any policies of insurance effected by
the Lessor in relation to any want of repair the Lessee is obliged to rectify pursuant to clause 7.1(a), the Lessor will promptly claim under such policy and remit the funds recovered to
recompense, to the extent they can, to the Lessee for the expense incurred for such repairs to the Premises. 

7.2    Redecoration  

        The Lessee must paint, varnish, paper or otherwise treat the walls, ceiling and other internal surfaces of the Premises in the same manner as they were finished
on completion of the Lessee's fit out of the Premises at any time reasonably required by the Lessor provided that, subject to the Lessee's obligations under clause 16.7 of the Lease, the Lessor
cannot require the Lessee to redecorate the Premises pursuant to this clause 7.2 during the final year of the Term or at intervals of less than three (3) years. 

7.3    Cleaning  

	(a)
	The
Lessee must during the Term keep the Premises clean and tidy.

	(b)
	The
Lessor will engage a cleaning contractor to carry out daily cleaning and rubbish and waste removal from the Premises and to periodically clean the interior windows of the Premises
in a thorough and professional manner and the Lessee will pay all costs and expenses incurred by or on behalf of the Lessor in such cleaning and removal of rubbish and waste from the Premises, payable
monthly in arrears.

	(c)
	The
Lessor will engage a cleaning contractor to carry out cleaning and waste removal from the Common Areas and to periodically clean the exterior windows of the Building in a thorough
and 

15

 

professional
manner and the Lessee will pay the Lessee's Proportion of all such costs and expenses incurred by or on behalf of the Lessor in such cleaning and removal of rubbish and waste from the
Common Areas payable monthly in arrears. 

	(d)
	The
Lessor shall not be responsible to the Lessee for any loss of or damage to the property or effects of the Lessee occasioned by or contributed to by any supervisor or office
cleaner or other persons contracted by or on behalf of the Lessor for cleaning, rubbish removal or related tasks provided that the Lessor shall, if requested by the Lessee, refuse access to the
Premises to any office cleaner or other persons employed or engaged by on or behalf of the Lessor for cleaning, rubbish removal or related tasks where the Lessee has reasonable cause to suspect such a
person has or may have damaged, destroyed or stolen any item of the Lessee or any of its servants or agents.

	(e)
	The
cleaning contractor appointed by the Lessor must comply with the reasonable security requirements of the Lessee notified to the cleaning contractor from time to time.

	(f)
	The
Lessor must replace the cleaning contractor appointed by the Lessor (subject to the Lessor having the right to terminate the contractor in such circumstances and subject to any
applicable notice periods) if:

	(i)
	there
is a security breach which the Lessee has reasonable grounds to believe may have been due to the cleaning contractor; or

	(ii)
	the
Lessee reasonably objects to the standard of work performed by the cleaning contractors and the cleaning contractor does not improve its standard of
work to a satisfactory level within a reasonable time of receipt by it of notice from the Lessor requiring it to do so. 

7.4    Breakages  

        The Lessee must promptly make good, in a good and workmanlike manner, any breakage, defect or damage to the Premises or to any adjoining premises, facility or
appurtenance caused by any breach or default of the Lessee under this Lease. 

7.5    Broken glass  

        The Lessee must promptly replace, in a good and workmanlike manner, all broken glass in the windows and doors of the Premises with glass of the same or similar
quality where the breakage was caused by the Lessee or Persons Under the Control of the Lessee. 

7.6    Lessor may inspect  

	(a)
	The
Lessor may at all reasonable times, during Lessee's normal business hours, on giving to the Lessee reasonable written notice (except in the case of an emergency when no notice is
required and entry may be made at any time) enter the Premises and view the state of repair of the Premises.

	(b)
	The
Lessor may serve on the Lessee a notice in writing requiring the Lessee within a reasonable time to effect any repair which is the Lessee's responsibility under this Lease. 

7.7    Lessor may repair  

	(a)
	The
Lessor may on giving to the Lessee reasonable written notice, not to be less than five (5) business days (except in the case of reasonably perceived emergency when no
written notice is 

16

 

required)
enter the Premises and with workmen and others and all necessary materials for the purposes of: 

	(i)
	complying
with any request, requirement, notification or order of any authority having jurisdiction or authority over or in respect of the Premises for
which the Lessee is not liable under this Lease;

	(ii)
	remedying
any default of the Lessee under this Lease; or

	(iii)
	carrying
out any of its obligations under this Lease or at law. 

	(b)
	In
the exercise of any power under clause 7.7(a), the Lessor must do all things reasonably possible to minimise inconvenience and disruption to the Lessee, and the Lessor must
remove all rubbish from the Premises resulting from the exercise of its power and leave that part of the Premises used in the exercise of the Lessor's power in a clean and good condition. 

7.8    Structural alterations  

	(a)
	Except
where required under this Lease, the Lessee must not make any structural alterations or additions to the Premises or any alterations or additions to the services of the Complex
or the Building without the prior written approval of the Lessor.

	(b)
	The
Lessee must remove any alteration or addition and to reinstate the Premises at the expiration of the Term or sooner determination of this Lease.

	(c)
	For
the avoidance of doubt, the Lessee is not obliged to remove the Lessor's Fit Out at the expiration or sooner determination of this Lease. 

7.9    Pest control  

        The Lessee must take all reasonable precautions to keep the Premises free of rodents, vermin, insects, pests, birds and animals. 

7.10    Alterations to fitout  

	(a)
	The
Lessee may, subject to the Lessor's prior approval and at the Lessee's own expense, carry out additional fitting out work and redecoration refurbishment work to the Premises at
any time throughout the Term.

	(b)
	When
seeking the Lessor's approval to additional fitting out work and refurbishing work the Lessee will provide the Lessor with plans of such works and will provide the Lessor with a
structural engineer's report stating that the additional fitout work and refurbishing work will not cause structural damage to the Building.

	(c)
	The
Lessee must obtain all necessary approvals and consents of all relevant authorities in respect of any fitting out or refurbishment works it proposes to carry out. The Lessor must
do all things reasonably necessary to assist the Lessee in obtaining such approvals and consents.

	(d)
	The
Lessee must carry out any such fitting out and/or refurbishment works in a proper and workmanlike manner and so as to not interfere with the performance of any services to the
Complex or operating efficiency.

	(e)
	Any
additions to the fitout belong to the Lessee and are included within the meaning of Lessee's Fixtures and Fittings and must
therefore be removed from the Premises at the expiry or sooner determination of this Lease, if required by the Lessor. 

17

 

8.    General Lessee's Covenants  

8.1    Services  

        The Lessee must as and when due pay all accounts for the supply of electricity, water, gas, telephone and any other services which are separately metered to or
from the Premises. 

8.2    Requirements of public authorities  

        The Lessee must comply with: 

	(a)
	all
statutes, proclamations, orders and regulations present or future affecting or relating to the Premises or the use of the Premises; and

	(b)
	all
requirements which may be made or notices or orders which may be given by any governmental, semi-governmental, city, municipal, health, licensing or any other
authority having jurisdiction or authority in respect of the Premises or its use, 

on
the condition that: 

	(c)
	the
Lessee, unless required as a result of the particular use and occupation of the Premises by the Lessee or other specific obligation under this Lease, rather than the use of the
Premises generally as commercial offices, is under no liability in respect of any structural alterations; and

	(d)
	the
Lessee is not required:

	(i)
	to
effect any structural works which are required other than as a result of the Lessee's particular use of the Premises rather than the use of the
Premises generally as commercial offices;

	(ii)
	to
comply with any statute, proclamation, order or regulation affecting or relating to the Premises which would have required compliance whether or not
the Lessee was in occupation; or

	(iii)
	except
if otherwise required under this Lease. 

8.3    Floor overloading  

        The Lessee must not do, permit or allow to be done by Persons Under the Control of the Lessee on the Premises anything in the nature of overloading any floor of
the Complex whereby those load bearing capacities are exceeded. 

8.4    Use of lavatories  

        The Lessee must not use and must use its best endeavours not to permit or allow to be used by Persons Under the Control of the Lessee the lavatories, toilets,
sinks, drainage and other plumbing facilities in the Complex for any purposes other than those for which they were constructed or provided, and must not deposit or permit to be deposited in them any
sweepings, rubbish or other matter. Any damage caused by misuse by the Lessee or Persons under the Control of the Lessee, must be promptly made good, in a workmanlike manner, by the Lessee. 

8.5    Notice of defects  

        The Lessee must give to the Lessor prompt notice of any accident to or defect or lack of repair in any services or fixtures, fittings, furnishings, plant or
equipment in the Premises, and of any circumstances likely to be or to cause any danger, risk or hazard to the Premises or any person using the Premises. 

18

 

8.6    Fire Drills  

        The Lessee shall at all times comply with and observe all reasonable directions given and rules laid down by the Lessor or the Lessor's Manager in relation to
precautions against fire in the Complex and in regard to actions to be taken in event of fire occurring in the Complex. In particular the Lessee shall procure that such numbers of its officers or
employees reasonably required by the Lessor or the Lessor's Manager shall act as fire wardens in relation to the Premises and shall accept reasonable instructions as to safety equipment and procedures
in relation to fire in the Complex and that all of its officers and employees shall take part in all fire evacuation drills organised for the Complex by the Lessor or the Lessor's Manager. 

8.7    Heating and Cooling  

        The Lessee will not use or permit or suffer to be used any method of heating or cooling the Premises other than as may be provided by the Lessor from time to time
without the prior consent of the Lessor which shall not unreasonably be withheld if in the Lessor's opinion such heating or cooling will not interfere with the heating or cooling or other services of
the Complex. 

8.8    Fire regulations  

        The Lessee will comply with insurance, sprinkler, fire alarm and fire safety regulations, the requirements of authorities, the Lessor's insurers or the Lessee's
insurers in each case in respect of any of the Lessee's Fixtures and Fittings and the Lessee will pay to the Lessor the cost of any alterations to the sprinkler, fire alarm and fire safety
installation which may become necessary by reason of the non- compliance by the Lessee with the said regulations or the requirements of the appropriate authorities or the requirements of
the Lessee's or Lessor's insurer (as the case may be) as a result of the installation of such fixtures fittings and equipment. 

9.    Insurance  

9.1    Public Risk Policy and Third Party Policy  

	(a)
	The
Lessee will effect at the start of the Term and keep current during the Term in respect of the Premises a public risk insurance policy in an amount being not less than the amount
specified in Item 11 or such higher amount reasonably determined by the Lessor as may be notified in writing by the Lessor to the Lessee from time to time.

	(b)
	The
insurance policy effected in accordance with clause 9.1(a) shall bear endorsement to include the risks referred to in clause 10.2 and shall include extensions to
cover:

	(i)
	Any
liability of the Lessee to the Lessor for damage to the Premises or the Building; and

	(ii)
	Any
liability of the Lessee to the Lessor for damage to Elevators, hoists, cranes and pressure vessels; and 

shall
contain a provision for automatic reinstatement in the case of damage by fire, flood and explosion. 

9.2    Lessee not to Void Insurances  

	(a)
	The
Lessee will not without the prior approval in writing of the Lessor bring or do or permit or suffer to be brought or done any act, matter or thing to or upon the Premises or the
Building 

19

 

(including but not limited to any fit- out works or works being carried out by the Lessee pursuant to this Lease or otherwise) or keep anything in the Premises or the Building which shall
or may: 

	(i)
	increase
the rate of any premium payable in respect of insurance effected by the Lessor in relation to the Premises or the Building or on any property
of the Lessor in either thereof; or

	(ii)
	vitiate
or render void or voidable any insurance effected in relation to the Premises or the Building disclosed in full by the Lessor to the Lessee or
in relation to any property in either thereof or any insurance referred to in clause 9.1(a); or

	(iii)
	without
prejudice to the generality of the preceding provisions of this clause 9.2, conflict with:

	A.
	any
laws or regulations relating to fires or fire safety;

	B.
	any
insurance policy in respect of the Premises or the Building or any property in either thereof details of which are disclosed by the Lessor to the Lessee;

	C.
	the
by- laws regulations or ordinances of any government or statutory authority or the provisions of any statute for the time being in force; or

	D.
	the
Stratum Management Statement. 

	(b)
	The
Lessee as and when required by notice in writing from the Lessor shall pay to the Lessor on demand all extra premiums payable in respect of any insurance relating to the Premises
or the Building or any property in either case thereof details of which have been disclosed by the Lessor to the Lessee:

	(i)
	in
the event of the Lessor approving in writing any proposal of the Lessee to increase the rate of premium referred to in clause 9.2(a)(i); or

	(ii)
	caused
by any act matter or thing brought or done to or upon the Premises or any other part of the Complex or the Land by the Lessee. 

9.3    Approved Insurers  

	(a)
	Notwithstanding
anything expressed or implied in this Lease the following provisions of this clause 9.3 shall apply to all policies of insurance effected or required to be
effected by the Lessee pursuant to its obligations under this Lease whether such policy be in respect of any property or any risk of the Lessor or of the Lessee so that each such policy:

	(i)
	shall
be taken out with an insurance office or company approved by the Lessor; and

	(ii)
	shall
be for such amounts and to cover such risks and contain such conditions as are reasonably acceptable to or reasonably required by the Lessor; and

	(iii)
	shall
be taken out in the names of the Lessor and the Lessee and if applicable any mortgagee holding under a registered mortgage for their respective
rights and interests; and

	(iv)
	shall
contain a waiver of subrogation clause in a form approved by the Lessor such approval not to be unreasonably withheld or delayed; and

	(v)
	shall
provide that the insurer will not cancel such insurance without giving the Lessor 10 business days prior written notice. 

	(b)
	The
Lessee shall produce to the Lessor on demand (but not more frequently than once in each period of 12 months during the Term):

	(i)
	a
duplicate or certified copy of the certificate of currency and copy of each insurance policy for inspection by the Lessor as where and when required
by this Lease or the Lessor; and 

20

 

	(ii)
	a
duplicate or certified copy of all renewal certificates and endorsement slips and receipts for payment of premium and any other money relating to any
such policy. 

	(c)
	The
Lessee shall pay and bear all premiums and other moneys payable in respect of any such policies as the same shall become due and payable and provide proof of payment of such
premiums and other moneys to the Lessor. 

9.4    Disclosures  

        The Lessee will give to the office or company with which every policy referred to in clause 9.3(a) is to be effected full, true and particular information
of all matters and things known or which ought to be known to the Lessee the non- disclosure of which may void or prejudice any such policy. 

9.5    Total destruction  

	(a)
	If
the Premises are totally destroyed or damaged so as to render repair or reinstatement impractical or, where the Premises are not so totally destroyed or damaged total occupation is
prohibited for a period of in excess of three (3) months, either party may, within one month by notice in writing to the other terminate this Lease with effect from the date of damage or
destruction or prohibition.

	(b)
	If
neither party delivers to the other a notice under clause 9.5(a), the Lessor must as soon as is reasonably practicable, having regard to any of its obligations under the
Stratum Management Statement, rebuild the Premises as much as is practicable in accordance with its original design (or such other design as the Lessor and the Lessee may agree) or use all reasonable
endeavours to reinstate the Premises for the Lessee's occupation. If the Lessor (being obliged to repair or reinstate the Premises) does not promptly commence to, in no event longer than
30 days after the destruction or damage, and thereafter repair or reinstate the Premises in accordance with this clause, then within 20 business days of receipt of notice in writing from the
Lessee, the Lessee may by notice in writing terminate this Lease.

	(c)
	If
the Premises are partially destroyed or damaged or occupation prohibited, the Lessor must as soon as is reasonably possible repair, in no event longer than 30 days after the
destruction or damage, replace, make good or reinstate the whole of the destroyed or damaged portion of the Premises as nearly as practicable to the condition in which they were immediately prior to
such damage or destruction or prohibition. If the Lessor does not as soon as reasonably practicable (having regard to any insurance company requirements) commence to and thereafter repair and make
good such damage or destruction or otherwise make all of the Premises available for occupation to the condition as near as practicable they were in immediately prior to such damage or destruction or
prohibition occurring, the Lessee, may either, after giving the Lessor 10 business days prior written notice, effect such repairs
itself and offset the cost thereof against rent otherwise payable, or alternatively after giving the Lessor 10 business days prior written notice, terminate this Lease.

	(d)
	If
access to the Premises:

	(i)
	is
permanently blocked, (without prejudice to either the right of the Lessor or the Lessee to claim compensation or damages from any third party) either
party may terminate this Lease at any time after the blockage arises; or

	(ii)
	is
temporarily impeded or obstructed, the Lessor must use all reasonable endeavours to have the impediment or obstruction removed as soon as possible,
in no event longer than five (5) business days. 

21

 

10.    Releases and Indemnities  

10.1    Release by Lessee  

	(a)
	The
Lessee agrees to occupy and use the Premises at the Lessee's risk and releases to the fullest extent permitted by law the Lessor its employees, agents and contractors from all
claims, demands and liability from all loss damage or injury suffered by the Lessee and Persons under the Control of the Lessee arising:

	(i)
	in
respect of any damage occurring to any property (including the Lessee's Fixtures and Fittings) in or about the Premises, the Common Areas or the
Building;

	(ii)
	in
respect of the death of or injury to any person; or

	(iii)
	as
a result of the interruption or failure of any services or equipment in or connected to the Premises the Common Areas or the Building. 

	(b)
	The
release under clause 10.1(a) shall be full and absolute except to the extent that such accident, damage, loss, death, injury, cost or expense is caused by the negligence,
reckless, or wilful act or omission of the Lessor. 

10.2    Indemnity by Lessee  

        The Lessee shall keep the Lessor indemnified against all claims actions losses and expenses of any nature which the Lessor suffers or incurs, or, for which the
Lessor might become liable, in respect of or arising out of: 

	(a)
	any
damage to any property (including the Premises, the Building, the Common Areas and all property (including the property of the Lessee) within or on the Premises or the Building or
the Common Areas;

	(b)
	the
death of or injury to any person; or

	(c)
	any
other loss, expense or damage of every description suffered by any person, 

where
the damage to property, death, injury or other loss, expense or damage is caused by or arises wholly or partly from (to the extent of the contribution) or in relation to any of the following
(except to the extent of any negligence, reckless, or wilful act or omission of the Lessor): 

	(i)
	any
negligence by the Lessee and Persons under the Control of the Lessee;

	(ii)
	acts
or omissions of the Lessee and Persons under the Control of the Lessee; and

	(iii)
	a
breach of this Lease by the Lessee. 

11.    Lessor's General Covenants  

11.1    Quiet enjoyment  

        Subject to the Lessor's rights, reservations and obligations under this Lease, including without limitation clause 11.2, the Lessee, paying the Rent and
complying with the provisions of this Lease, may peaceably possess use and enjoy the Premises during the Term without any interruption or disturbance from the Lessor or any other person lawfully
claiming by, from or under the Lessor or having power over the Lessor. 

11.2    Ongoing Works  

        The Lessor may carry out further works to the Building after the Commencing Date (which may involve the use of hoardings and scaffolding) and the Lessor will not
be in breach of clause 11.1 in 

22

 

relation to any such works if it takes all reasonable action necessary to minimise any dust, disruption and noise to the Lessee due to the Works to other parts of the Building or the fitting out of
other tenancies in the Building after the Commencing Date. 

11.3    Lessor to pay rates and comply with orders  

        To the extent not the responsibility of the Lessee under this Lease, the Lessor must: 

	(a)
	pay
all rates, taxes and other assessments levied, assessed or otherwise charged or taxed against the Premises, the Building and the Land; and

	(b)
	comply
with all statutes, proclamations, orders and regulations affecting or relating to the Premises and the Building. 

11.4    Acknowledgment as to ownership of fixtures and fittings  

        All Lessee's Fixtures and Fittings are and remain the property of the Lessee. Any other fit out works in the Premises, including the  Lessor's Fit
Out, paid for by the Lessor under the Agreement for Lease are and remain the property of the Lessor. 

11.5    Removal of Lessee's Fixtures and Fittings  

	(a)
	The
Lessee must, at or prior to the determination of this Lease, if requested by the Lessor, remove and carry away from the Premises the Lessee's Fixtures and Fittings. In doing so,
the Lessee must not damage the Premises, or if damaged, must immediately make good such damage which the Lessee causes in such removal and carrying away.

	(b)
	The
Lessee is not obliged to, and must not, remove the Lessor's Fit Out. 

11.6    Mortgagee's Consent and Registration  

	(a)
	On
or before the execution of this Lease, the Lessor and the Lessee will duly execute four counterparts of a deed in the form of the Mortgagee's Consent and the Lessor shall deliver
the executed counterparts of such deed to the Mortgagee (as defined in the Mortgagee's Consent) for signing. The parties confirm that the Mortgagee's Consent is acceptable to them.

	(b)
	The
Lessor will use its reasonable endeavours during the Term to attend to the stamping and registration of this Lease as expeditiously as possible after receipt from the Lessee of
all moneys payable in relation to stamping and registration of this Lease and after such registration the Lessor shall deliver expeditiously to the Lessee the Lessee's registered counterpart of the
Lease. 

11.7    Lessor's Insurance  

	(a)
	The
Lessor will effect at or prior to the commencement of the Term and keep current during the Term of this Lease in respect of:

	(i)
	improvements
on the Land—reinstatement insurance; and

	(ii)
	areas
not leased to lessees or not adequately insured by lessees—public risk insurance for sums reasonable from time to time in the context
of the Building. 

	(b)
	The
Lessor shall pay and bear all premiums and other moneys payable in respect of any such policy as and when the same shall become due and payable.

	(c)
	The
Lessee acknowledges that some insurance for the Complex as a whole may be effected pursuant to the Stratum Management Statement. 

23

 

12.    Lessor's Obligations to Repair and Maintain  

12.1    Lessor's repair and maintenance of the Building and the Premises  

	(a)
	The
Lessor must promptly carry out or cause to be carried out in a workmanlike manner using appropriate materials and equipment all repairs and maintenance necessary for the purposes
of keeping the external surfaces of the Building in good order and condition.

	(b)
	Unless
the responsibility of the Lessee under this Lease, the Lessor must repair or cause to be repaired (including, where necessary, repair by way of replacement) any structural
parts of the Building and the Premises in need of repair, within a reasonable time after becoming aware of the same.

	(c)
	The
Lessee must Notify the Lessor of any damage of a structural nature upon it becoming aware of that damage.

	(d)
	The
Lessor will procure the cleaning of the exterior of the windows of the Building not less frequently than once every 3 months. 

12.2    Lessor's repair and maintenance of Plant and Equipment  

        The Lessor must carry out or cause to be carried out a regular program of maintenance (which may also include repair and replacement) in respect of the Lessor's
plant and equipment in the Building in accordance with the recommendations of the manufacturer or the Lessor's maintenance contractor for such plant and equipment. 

12.3    Lessor to clean and maintain common areas  

        The Lessor must cause the Common Areas to be regularly cleaned, and for garbage and refuse to be regularly removed from the Common Areas. 

12.4    Lessor to maintain and repair statutory services in the Building  

	(a)
	The
Lessor must use reasonable endeavours to have the relevant statutory authority repair, maintain and ensure the continuous operation of:

	(i)
	the
sewerage, water supply and drainage services, and

	(ii)
	the
electricity supply, 

installed
from time to time in the Building for the benefit of its occupiers. 

	(b)
	If
the sewerage, water supply or drainage service, or electricity supply within the Building ceases to operate due to any fault or damage occurring within the Building or the Land,
and the rectification or repair of the fault or damage is not the responsibility of a statutory authority or the Lessee, the Lessor must use all reasonable endeavours to rectify or repair or cause to
be rectified or repaired such fault or damage promptly after becoming aware of it.

	(c)
	If
the Lessor complies with its obligations pursuant to clause 12.4(a) the Lessor will not be liable for a failure of sewerage, water supply or drainage service or electricity
supply occasioned due to a matter which is the responsibility of a statutory authority.

	(d)
	The
Lessee must Notify the Lessor of any fault or damage referred to in clause 12.4(b) after the Lessee becomes aware of that fault or damage.

	(e)
	Where
the fault or damage has arisen as a result of the negligence, act or omission or breach of this Lease by the Lessee or Persons under the Control of the Lessee, the Lessee must
pay the 

24

 

costs
incurred by the Lessor acting reasonably in rectifying or repairing the fault or damage, upon written demand by the Lessor. 

	(f)
	The
Lessor must not disconnect or interrupt the water, telephone or electricity service to the Premises without giving at least five (5) days prior written notice to the Lessee
(except in the case of a reasonably perceived emergency). The Lessor must have regard to any representations made by the Lessee to reschedule the disconnection or interruption to accord with the
Lessee's operational requirements from time to time for water, telephone or electricity, as the case may be. 

12.5    Lessor to keep sprinklers and fire warning system in good repair  

	(a)
	The
Lessor must use reasonable endeavours to keep any fire sprinklers and fire warning system installed from time to time by the Lessor in the Building in good working order and
repair.

	(b)
	The
Lessee must comply with the requirements of all authorities relating to fire sprinklers and fire warning systems if any non compliance has been brought about by any alterations or
additions to the Premises effected by the Lessee. 

12.6    Restriction on Lessor's obligations  

	(a)
	Notwithstanding
clauses 12.1- 12.5 (inclusive), the Lessor is not obliged to carry out any maintenance work, repair or rectification work made necessary:

	(i)
	by
reason of any negligence or act, default or omission of the Lessee;

	(ii)
	by
reason of any negligence or act, default or omission of any Persons under the Control of the Lessee; or

	(iii)
	which
the Lessee is obliged to carry out under this Lease. 

	(b)
	The
Lessor may carry out at the cost of the Lessee any maintenance work, repair or rectification work made necessary by reason of any occurrence specified in clause 12.6(a).
The cost incurred by the Lessor acting reasonably in undertaking such work must be paid to the Lessor within 10 business days of written demand given to the Lessee. 

12.7    Occupational Health and Safety  

	(a)
	The
Lessor will use all reasonable endeavours throughout the term of the Lease, at the Lessor's expense to:

	(i)
	maintain
all Plant that is used to supply any Substance, to the Premises in such condition as to be safe to the occupants of the Premises and without
risk to their health;

	(ii)
	not
to supply any Substance that is known to be unsafe to the health of the occupants of the Premises of which is known may cause risk to their health;
and

	(iii)
	carry
out or cause to be carried out the testing and examination necessary to discover, and eliminate or minimise any risk to the health and safety of
the occupants of the Premises that may arise from the condition of the Plant or Substance. This includes air conditioning and water heating or cooling systems. 

	(b)
	At
the Lessee's request, not more than once every 12 months the Lessor will provide evidence in writing concerning:

	(i)
	the
condition of any Substance at the time of supply to the Premises; and

	(ii)
	the
cleaning, maintenance and treatment of Plant; and

	(iii)
	the
quality of any Substance supplied to the Premises. 

25

 

	(c)
	The
Lessor shall promptly, upon becoming aware, Notify the Lessee of the detection of any condition of the Plant or in the Substances supplied to the Premises which the Lessor
reasonably believes will or could endanger the health or safety of any person on the Premises in any way.

	(d)
	The
Lessor will in maintaining Plant and supplying Substances to the Premises, throughout the term of the Lease comply with the applicable obligations imposed by:

	(i)
	the
Occupational Health and Safety (Commonwealth Employment) Act (Cth) 1991;

	(ii)
	the
Occupational Health and Safety Act (NSW) 2000;

	(iii)
	the
Public Health Act (NSW) 1991;

	(iv)
	the
regulations made pursuant to the Acts listed above; and

	(v)
	the
provisions of any other Commonwealth or State legislation that may from time to time apply. 

	(e)
	Notwithstanding
the preceding provisions of clause 12.7, the Lessor will not be liable for any non- compliance occasioned by the Lessor's Fit Out, any alterations
or additions effected by the Lessee or any breach of the legislation referred to in clause 12.7(d) by the Lessee. 

13.    Services to be provided by Lessor  

13.1    Services to be provided by Lessor  

        The Lessor must: 

	(a)
	have
the government agency repair and maintain the water and electricity supplies and drainage and sewerage services to the Building; and

	(b)
	rectify
or repair any fault in or damage to any water or electricity supplies or drainage and sewerage services installed by the Lessor within the Building for the benefit of the
occupiers of the Building, which is not the responsibility of an authority, within a reasonable time after becoming aware of the fault or damage. 

13.2    Air Conditioning  

        The Lessor must keep the Air Conditioning Plant working and available for the use of the Lessee: 

	(a)
	between
the Building Operating Hours without additional charge to the Lessee;

	(b)
	outside
such hours at the prior request of the Lessee (in which event the Lessee shall pay to the Lessor an additional charge nominated by the Lessor (acting reasonably) from time to
time. 

If
the Lessor replaces the Air Conditioning Plant the standard of performance of the replacement plant must be not less than the standard of performance of the plant installed at the Commencing Date
of the first lease of the Premises between the Lessor and the Lessee. 

13.3    Elevators  

	(a)
	The
Lessor must keep the Elevators functioning in such a way as is reasonably necessary to provide an appropriate service to the Premises 7 days a week 24 hours a day.

	(b)
	If
the Lessor replaces the Elevators the standard of performance of the replacement elevators must not be less than the standard of performance of the Elevators installed at the
Commencing Date of the first lease of the Premises between the Lessor and the Lessee. 

26

   13.4    Maintenance of Common Areas  

        The Lessor must keep and maintain in good order and repair and in a clean and tidy and, where applicable, landscaped condition all Common Areas and all exterior
surfaces and finishes of the Building. 

14.    Lessor's Rights  

14.1    Control of Common Areas  

        The Common Areas shall at all times be subject to the control of the Lessor. Without limiting the generality of the foregoing the Lessor may at any time and from
time to time: 

	(a)
	construct
maintain and operate lighting or other facilities upon the Common Areas;

	(b)
	police
the Common Areas;

	(c)
	regulate
the use of loading docks, goods lifts, Elevators and car parking areas;

	(d)
	alter,
relocate or close any means of access to and egress from the Building or any corridors passageways elevators or escalators in the Building;

	(e)
	reconstruct,
renovate, carry out repairs, alter, modify or maintain the Common Areas as is deemed necessary by or desirable by the Lessor;

	(f)
	temporarily
close off parts of the Common Areas;

	(g)
	in
the case of an emergency or perceived emergency temporarily close off any part of the Common Areas; or

	(h)
	hold
functions or erect or temporarily maintain structures in the Common Areas, 

        PROVIDED ALWAYS that in exercising such right the Lessor will endeavour to cause as little inconvenience to the Lessee as is practicable
in the circumstances and shall not diminish or derogate from an express right of the Lessee pursuant to this Lease. 

14.2    Manager  

        The Lessor may appoint the Lessor's Manager from time to time, and replace the same, to manage the Building. 

14.3    Grant of Easements  

	(a)
	The
Lessor is entitled for the purpose of the provision of public or private access to and egress from the Building or the Common Areas or support of structures hereafter erected on
or from adjoining lands or of services (including but not limited to water, drainage, gas and electricity supply and telephonic and electronic communication services) to:

	(i)
	grant
easements;

	(ii)
	enter
into any arrangement or agreement with any of the owners, lessees, lessees or occupiers or others interested in any land adjacent or near to the
Premises or with any public authority as is reasonable; or

	(iii)
	dedicate
land or transfer, grant or create any easement, privilege or other right in favour of such parties or in favour of any such adjoining or
neighbouring land or any public authority over or affecting the Premises. 

	(b)
	The
Lessor is entitled to stratum subdivide the Commercial Stratum as contemplated by an agreement dated 21 July 1998 between Trust Company of Australia Ltd, MTM Office 

27

 

Management Ltd,
Stockland Corporation Limited and CBA Corporate Services (NSW) Pty Ltd, and the Lessee will, as required, consent to such subdivision. 

	(c)
	If
the Lessor exercises its rights under paragraph (a) or (b), this Lease shall be deemed to be subject to any such agreement, arrangement, right, easement or privilege.

	(d)
	In
the exercise of the rights conferred on the Lessor by paragraph (a) or (b), the Lessor must not dedicate land, subdivide land or transfer, grant or create any easement
privilege or other right to any other person which shall substantially derogate from the enjoyment of rights conferred on the Lessee by this Lease. 

14.4    Rules  

	(a)
	The
Lessor may create rules and regulations relating to the Common Areas not in derogation of, or inconsistent with, the rights of the Lessee under this Lease, including but not
limited to:

	(i)
	the
use, safety, care and cleanliness of the Building;

	(ii)
	the
preservation of good order in the Building;

	(iii)
	the
comfort of persons lawfully using the Building;

	(iv)
	the
location of garbage and refuse pending its removal;

	(v)
	the
closure of all or part of the Building outside of normal trading hours; and

	(vi)
	the
external appearance of the Complex. 

	(b)
	The
rules and regulations relating to the Common Areas as at the Commencing Date are the Rules.

	(c)
	Any
such rules and regulations may from time to time be repealed, amended or added to at the discretion of the Lessor, and upon notice in writing thereof signed by the Lessor being
given to the Lessee, shall be and become as binding upon the Lessee as if the same were expressly set forth in this Lease as covenants on the part of the Lessee provided that any such repeals
amendments or additions are not a substantial derogation of the rights of the Lessee under this Lease. 

15.    24 Hour Access and Security  

15.1    24 Hour Access  

	(a)
	Notwithstanding
any other provision of this Lease or the Rules, the Lessor gives its consent to the Lessee and any person authorised by the Lessee entering and using the Premises at
any time of the day or night 7 days per week for the purpose permitted by this Lease.

	(b)
	In
exercising its entitlement to such access the Lessee shall comply with any security control in respect of the Building and reasonable requirements of the Lessor from time to time
set out in the Rules to the extent that the Rules do not derogate from the Lessee's rights under this Lease.

	(c)
	The
Lessee acknowledges that all services available during the Building Operating Hours will not be wholly available outside Building Operating Hours without any additional cost to
the Lessee pursuant to clause 15.3. 

15.2    Closure of Building  

        The Lessor shall be entitled to: 

	(a)
	close
all or part of the Building and the Common Areas;

	(b)
	prevent
a dedication of any parts of the Common Areas to the public; 

28

 
	(c)
	prohibit
any person from entering or remaining in the Building or the Common Areas outside the Building Operating Hours; and

	(d)
	at
all other times to temporarily close all or part of the Building and the Common Areas 

when
they are required to be closed by operation of law or in the reasonable opinion of the Lessor the safety of the Building or any person or property therein is or may be threatened. 

15.3    Out of Hours Costs  

	(a)
	The
Lessor is not obliged to provide normal Elevator service, or air- conditioning outside Building Operating Hours however an Elevator service will be available without
additional charge and air conditioning will be available at the cost of the Lessee pursuant to this clause.

	(b)
	The
Lessee agrees to pay to the Lessor on demand the amount actually incurred in providing air conditioning outside the Building Operating Hours provided that such costs are at no
more than current competitive rates.

	(c)
	The
Lessor will endeavour to ensure that air conditioning will be separately metered to record the hours of consumption per half floor of the Building in which it was consumed.

	(d)
	In
the event that any cost component cannot be separately metered the Lessor will calculate such costs on a fair and equitable basis taking into account the actual cost to the Lessor
in providing such service apportioned pro-rata between the lessees actually using that energy. 

15.4    Security Service for the Complex  

        During the Term the Lessor will engage a person or corporation to provide a security service for the Building of a standard equivalent to that provided for other
similar buildings in the general vicinity of the Building, including a security desk manned 24 hours a day in the ground floor foyer of the Office Tower, but without any extra security due to
the nature of the Lessee or its business or any activity carried on in the Premises. 

16.    Default: Termination, etc.  

16.1    Termination, Re- entry or surrender on default  

        If: 

	(a)
	the
Rent or any part of it or any other moneys payable by to this Lease remains unpaid for 10 business days after the date appointed for payment (whether any formal or legal demand
has been made); or

	(b)
	the
Lessee fails to perform or observe any of the terms of this Lease (other than a failure to pay the Rent or other moneys payable by the Lessee pursuant to this Lease), and that
failure continues for 10 business days after service of a notice on the Lessee requiring the Lessee to remedy the failure, and the non- performance or non- observance has not
been waived or excused by the Lessor in writing; or

	(c)
	an
Insolvency Event occurs in relation to the Lessee 

THEN
the Lessor may at any time thereafter, but without prejudice to any claim which the Lessor may have against the Lessee in respect of any breach of the Lessee's agreements, re- enter
into and repossess and enjoy the Premises as of its former estate (anything contained in this Lease to the contrary notwithstanding), and on such re-entry and repossession this Lease
absolutely determines. 

29

 

16.2    Opportunity to rectify default  

        If the Lessee has rectified a breach: 

	(a)
	the
Lessor is not entitled to rely on the breach, default or non- observance set out in the notice to the Lessee as a ground for re-entry, determination or
forfeiture;

	(b)
	the
breach, default or non- observance is absolutely waived by the Lessor in regard to termination but not in regard to damages; and

	(c)
	this
Lease continues in full force. 

16.3    Lessor may remedy Lessee's defaults  

        If the Lessee omits or neglects to: 

	(a)
	pay
any money under this Lease within 10 business days; or

	(b)
	undertake
to do or effect any thing which the Lessee has agreed in this Lease to do or effect within 10 business days, 

of
service of the notice referred to in clause 16.1 then, on each and every such occasion it is lawful for, but not obligatory on, the Lessor, without prejudice to any rights or powers arising
from such omission
or neglect, to pay such money or do or effect such thing by itself as if it were the Lessee, and to recover from the Lessee the money paid, or the cost of doing such thing as a liquidated debt. 

16.4    Damages  

        Whether or not this Lease is terminated and forfeited by the Lessor under clause 16.1, the Lessor may recover damages for the breach giving rise to the
right of the Lessor to terminate and forfeit the Lease or for any other breach. 

16.5    Essential terms  

	(a)
	Each
of the Lessee's covenants which follow in this clause is an essential term of this Lease:

	(i)
	to
pay rent and to make the other payments pursuant to clauses 3 and 4;

	(ii)
	not
to assign under clause 6;

	(iii)
	to
repair in accordance with clause 7 and not to make alterations or additions except in accordance with that clause;

	(iv)
	not
to use the Premises otherwise than as permitted by clause 5;

	(v)
	to
insure in accordance with clause 9; and

	(vi)
	clauses
8.2, 8.8, 10.2 and 18.1. 

	(b)
	The
Lessee shall compensate the Lessor for all loss the Lessor suffers as a result of any breach by the Lessee of an essential term of this Lease. The Lessor's rights under this
clause are in addition to any other right or remedy which the Lessor has including the right to forfeit the Lease.

	(c)
	If,
by the Lessee's conduct, the Lessee repudiates its obligations under this Lease, the Lessee shall compensate the Lessor for all loss, damage, costs and expenses which the Lessor
suffers as a result for the entire Term of this Lease.

	(d)
	The
Lessor's right to recover damages for its loss is not affected or limited:

	(i)
	if
the Lessee abandons or vacates the Premises; 

30

 

	(ii)
	if
the Lessor elects to re- enter or to terminate the Lease;

	(iii)
	if
the Lessor accepts the Lessee's repudiation; or

	(iv)
	if
the Lessee's conduct constitutes a surrender of this Lease by operation of law. 

	(e)
	(i)
If the Premises are available to the Lessor to re- let the Lessor shall take reasonable steps to mitigate its loss by trying to re-let the Premises at a
reasonable rent and on reasonable terms.

	(ii)
	The
Lessor's loss will be assessed on the basis that the Lessor has observed its obligation to mitigate loss contained in this clause.

	(iii)
	The
Lessor's conduct in performance of this duty will not, by itself, constitute waiver of the Lessee's breach or acceptance of the Lessee's
repudiation or a surrender by operation of law. 

16.6    Interest on Overdue Moneys  

	(a)
	The
Lessee will pay to the Lessor without demand interest on any moneys due to the Lessor on any account whatsoever pursuant to this Lease and unpaid at the Interest Rate such
interest to be computed from the due date for payment of the moneys in respect of which the interest is chargeable until payment of such moneys in full.

	(b)
	Such
interest shall be recoverable in like manner as Rent in arrears. 

16.7    Yielding up  

	(a)
	The
Lessee shall be obliged to yield up the Premises to the Lessor at the expiration or sooner determination of the Lease and must on vacating the Premises or immediately prior to
vacating the Premises, unless otherwise earlier directed by the Lessor in writing, restore the Premises to Base Building Condition and:

	(i)
	remove
the Lessee's fixtures and fittings unless the Lessor otherwise directs in writing as indicated above;

	(ii)
	immediately
remedy any damage caused to the Premises in the course of removal; and

	(iii)
	hand
over all keys to and security cards for the Premises. 

	(b)
	The
Rent and the Lessee's Proportion of Outgoings shall cease to be payable on the later to occur of the date of expiry or sooner determination of this Lease and the date the Lessee
complies with paragraph (a). 

16.8    Holding over  

	(a)
	If
the Lessee holds over after the expiration of the Term with the consent of the Lessor, the Lessee becomes a monthly lessee at the monthly rent that applied prior to the
commencement of the holding over period plus the Lessee's Proportion of the Outgoings.

	(b)
	The
Rent and the Lessee's Proportion of the Outgoings will be payable monthly in advance and the terms and conditions of the holding over shall otherwise be on the same terms and
conditions as those contained in this Lease so far as applicable.

	(c)
	Such
tenancy is determinable by the Lessee giving one month's notice in writing to the Lessor expiring on any day and by the Lessor giving one month's notice in writing to the Lessee
expiring on any day. 

31

 

17.    Option to renew  

17.1    Option  

        Subject to clause 17.2, if the Lessee wants to have a further lease of the Premises granted to it for the further term specified in Item 12 after the
expiry of the Term and gives notice to that effect to the Lessor not less than 6 months before and not earlier than 12 months before the Termination Date, then if at the date the notice
is given and also at the Termination Date there is no subsisting unremedied breach by the Lessee of the terms of this Lease of which notice has been served on the Lessee and which the Lessee has not
remedied within a reasonable time after that notice, the Lessor must grant to the Lessee and the Lessee must take a further lease of the Premises for the term specified in Item 12 commencing on the
day following the Termination Date and on the same terms and conditions, with the necessary changes being made, as are in this Lease except that: 

	(a)
	the
Rent set out in Item7 is to be replaced with the amount determined in accordance with clause 3.3 of this Lease on the basis that the relevant Review Date is the
Commencement Date of the further term;

	(b)
	the
date specified in Items 3 and 4 are to be replaced respectively with the date of commencement and the date of termination of the term of the further lease;

	(c)
	the
term set out in Item 5 is to be replaced with the further term specified in Item 12; and

	(d)
	this
clause is to be deleted. 

17.2    Lessor's notice  

        Clause 17.1 is only applicable if the Lessor has given the Lessee a notice during the period not less than 9 months before and not earlier than
12 months before the Termination Date that the Premises are available to the Lessee for the further term. 

18.    Naming and Signage Rights  

18.1    Scope of Naming and Signage Rights  

	(a)
	The
Lessor discloses and the Lessee acknowledges and agrees that the Lessor has granted naming and signage rights to Citibank on the following terms:

	"(a)
	that:

	(i)
	it
will permit the Building to be known as the "Citibank Centre" or by such other name as the Tenant requires during the Term provided that the
Landlord's prior approval, which approval may be withheld by the Landlord in its absolute discretion, will be required:

	(A)
	if
Citibank Limited (ACN 004 325 080) or a Related Body Corporate is the Tenant, for any name which does not include the word "Citibank" or the word "Citicorp" or the word
"Citigroup", or any word or combination of words which includes a word having the prefix "Citi", or any word or combination of words which includes the name or a part or prefix of the name of a
Related Body Corporate; or

	(B)
	if
any other person is the Tenant pursuant to an assignment of the whole of the lease to that person in accordance with [the Citibank Lease] for any name which
does not include the name or the material part of the name of that assignee Tenant or of a Related Body Corporate of that assignee Tenant; and 

	(ii)
	it
will not allow the Building to be known by any other name and that the name of the Building will be used where reasonably practicable in
correspondence, promotion and identification of the Building by the Landlord; 

32

 

	(b)
	the
Tenant (subject to the Tenant obtaining the consents of all necessary Authorities) may erect and install during the Term four sky signs on each side of the Building within the
areas indicated on the plans annexed [to the Citibank Lease] and elsewhere within and upon the Building such other signs as the Tenant reasonably requires including signs over
the entrance ways to the Building; and

	(c)
	the
Landlord must not erect or allow any other sign of any nature whatsoever to be erected on the exterior of the Building without the approval of the Tenant which approval shall not
be unreasonably withheld if:

	(i)
	the
sign comprises normal business signage of another tenant in the Building;

	(ii)
	the
sign is to be erected on the external wall of the relevant premises in the Retail Stratum occupied by the Tenant; and

	(iii)
	such
sign does not detract in any way from the naming and signage rights granted to the Tenant under this clause or from the quality or standard of the
Building, 

but
in all other cases may be given or withheld by the Tenant in its absolute discretion." 

	(b)
	For
the purposes of clause 18.1(a) only "Tenant" means Citibank.

	(c)
	The
Lessee will make no objection to the terms on which naming and signage rights are granted to Citibank and will not do anything to cause the Lessor to be in breach of its
obligations to Citibank.

	(d)
	The
Lessee further acknowledges and agrees that upon the expiry of Citibank's naming and signage rights, the Lessor will be entitled to grant further naming and signage rights to
Citibank or any other party as it sees fit.

	(e)
	The
Lessee will not make any objection or submission about any existing or proposed signage, identification or promotional material of any nature whatsoever erected or installed on
the exterior or in the interior of the Building. 

19.    Car Parking  

19.1    Non- Exclusive Licence  

        In consideration of the Lessee paying the Licence Fees for each car parking space the subject of this licence, the Lessee shall have the non-exclusive
licence to park the number motor cars specified in Item 14 in the Car Parking Area 24 hours a day, 7 days a week in permanent car parking spaces designated by the Lessor. 

19.2    Term of Licence  

	(a)
	The
licence shall take effect from the Commencing Date, and, subject to the Lessor complying with its obligations under this Lease, shall continue during the currency of the Term or
any renewal thereof or any holding over.

	(b)
	The
licence shall terminate upon the determination of this Lease. 

19.3    Payment of Licence Fees  

        The Licence Fees shall be paid by the Lessee to the Lessor or as it may direct in the same manner and at the same times as Rent. 

33

 

19.4    Parking Space Levy  

        On or before 1 September in each year of the term of the Lease, the Lessee will pay to the Lessor the whole or proportionate part (where any part of the period in
respect of which the levy is payable does not fall within the term of the Lease) of any levy that is or will be payable by the Lessor under the Parking Space Levy Act 1992 in respect of the number of
car parking spaces specified in Item 14. 

19.5    Review of Licence Fees  

	(a)
	Should
the Lessor wish to review the Licence Fees as at any Licence Review Date then the following procedure shall apply:

	(i)
	not
earlier than three months before each Licence Review Date the Lessor may Notify the Lessee of the Lessor's assessment of the Licence Fees
appropriate to the licensed area from that particular Licence Review Date having regard to the directions in clause 19.5(i) (the Lessor's Licence Review
Notice);

	(ii)
	if
the Lessee wishes to dispute the Lessor's assessment of the Licence Fees the Lessee must Notify the Lessor (the Dispute
Notice) within 20 business days (time being of the essence) after the Lessee receives (or is deemed to have received) the Lessor's assessment of the Licence Fees, that the
Lessee requires the review of the Licence Fees to be determined under paragraphs (b) to (k);

	(iii)
	if
the Lessee does not give the Dispute Notice within the 20 business day period referred to in paragraph (a)(ii), then the amount stated in the
Lessor's Licence Review Notice is the Licence Fees from that particular Licence Review Date;

	(iv)
	if
requested by the Lessee or the Lessor, the parties must make genuine efforts to meet with each other to discuss and seek a means of reaching
agreement on the change to the Licence Fees. 

	(b)
	Within
10 business days after the Lessee gives the Dispute Notice, each party must nominate a Valuer to the other.

	(c)
	If
either party does not nominate a Valuer on time, the Licence Fees are to be determined by the Valuer nominated by the other party within 15 business days after the end of the 10
business day period and the Valuer's determination is to be final and binding on both parties and the cost of that determination is to be apportioned equally between the Lessor and the Lessee.

	(d)
	If
the Lessor and Lessee each validly nominate a Valuer, they must jointly instruct those Valuers to jointly determine the Licence Fees as at that particular Licence Review Date
within 15 business days after being instructed and the Valuers' determination is to be final and binding on both parties.

	(e)
	If
the Valuers cannot agree on the Licence Fees within the 15 business day period, then if the difference between their assessments is not greater then 3% of the total of their
assessments, the Licence Fees from the particular Licence Review Date, are to be one half of the total of those assessments.

	(f)
	If
the difference between the Valuers' assessments is greater than 3% of the total of their assessments, the Valuers must agree on and appoint another Valuer
(Umpire) and instruct that Umpire to determine the Licence Fees from the particular Licence Review Date within 15 business days after being appointed.

	(g)
	If
the Valuers do not appoint an Umpire within a further 5 business days after the 15 business day period in which their determination is required or if either Valuer has not assessed
the Licence 

34

 

Fees
on time, then either Valuer or either party may request the President of the Institute to appoint an Umpire to determine the Licence Fees within 15 business days after being instructed. 

	(h)
	The
Umpire's determination is final and binding on the parties. The Umpire must have due regard to evidence submitted by the Valuers as to their assessments of the Licence Fees. The
Umpire's determination must include reasons and be in writing.

	(i)
	In
determining the Licence Fees, the Valuers and the Umpire (who are to act as experts and not as arbitrators) must determine the current Licence Fees as at the particular Licence
Review Date having regard to the terms of this Lease and must:

	(i)
	disregard:

	A.
	the
value of any goodwill attributable to the licensed area, the Premises, and the Lessee's business and the value of the Lessee's Fixtures and Fittings or any other interest in the
licensed area or the Premises created by or permitted under this lease;

	B.
	the
expense to the Lessee of vacating the licensed area and the cost of relocation or removal of the Lessee;

	C.
	any
deleterious condition of the licensed area if that condition results from work carried out on the licensed area by the Lessee or a breach of term of this Lease by the Lessee;

	D.
	any
rental, fee or money received under a sub- lease or other sub- tenancy agreement or occupational arrangement;

	E.
	the
fact that the licensed area is presently occupied; and

	F.
	the
value of any partitioning, fit- out, furnishings and other similar matters so that the licensed area should be regarded as vacant and available for fitting- out; 

	(ii)
	have
regard to the length of the Term disregarding the fact that part of the Term will have elapsed at the Licence Review Date;

	(iii)
	have
regard to the market rental value and Licence Fees of other car parking spaces within the City of Sydney and being carparks of similar quality and
age or reasonably able to be compared to the licensed area and taking Incentives then currently available in the market place into account;

	(iv)
	regard
the licensed area on a whole tenancy basis;

	(v)
	take
account of whether or not all covenants on the part of the Lessor in this lease have been complied with; and

	(vi)
	if
the licensed area, the Premises or the Building have been damaged or destroyed, assume that the licensed area, the Premises or the Building have been
reinstated in accordance with this Lease. 

	(j)
	Despite
any other provision of this Lease, the Licence Fees following a review must never be less than the Licence Fees payable immediately prior to the relevant Licence Review Date.

	(k)
	The
costs incurred in determining the Licence Fees must be paid as follows:

	(i)
	the
costs of each Valuer appointed by a party, by the party so appointing the Valuer; and

	(ii)
	the
costs of the Umpire, as determined by the Umpire. 

	(l)
	Any
change in the Licence Fees following a review under this clause 19.5 is to take effect from the relevant Licence Review Date. 

35

 
	(m)
	Where
a review of the Licence Fees is completed after the relevant Licence Review Date, the Lessee must continue to pay the Licence Fees current immediately before that Licence Review
Date and when the review is completed, the Lessee must pay to the Lessor any deficiency in licence fees within 10 business days after the review is completed together with interest calculated on daily
rests at the Interest Rate from the relevant Licence Review Date until the date of payment to the Lessor. 

19.6    Use of Licensed Areas  

	(a)
	The
Lessee hereby agrees with the Lessor as follows:

	(i)
	to
use the spaces only for the parking of motor cars and to park the said motor cars only in positions in the Car Parking Area from time to time
designated by the Lessor or the Lessor's Manager;

	(ii)
	not
to clean, grease, oil, repair, store or wash such motor cars in the Car Parking Area; and

	(iii)
	to
indemnify and keep the Lessor and the Lessor's Manager indemnified against all claims demands or proceedings for damage to property or injury to
person occurring in the Car Parking Area or any part thereof by reason of any act or default on the part of the Lessee or Persons Under the Control of the Lessee;

	(iv)
	this
licence shall not entitle the Lessee to any right other than to park motor cars as expressly provided in this clause and in particular but without
limitation the Lessee shall not carry on or be concerned with any business or trade in at or from the Car Parking Area;

	(v)
	the
Lessor shall remain responsible for any damage which the motor cars may sustain while entering or leaving the Car Parking Area or whilst within the
Car Parking Area or whilst being moved by any person, to the extent only that it is the result of the negligence or wilful act or omission on the part of the Lessor. Otherwise the Lessee shall remain
responsible for any damage which motor cars may sustain;

	(vi)
	the
Lessor shall remain responsible for any theft of the motor cars while in the Car Parking Area or the theft of any parts, accessories contents
thereof howsoever occurring, to the extent only that it resulted from the negligence or wilful act or omission of the Lessor;

	(vii)
	the
Lessee shall comply with the rules from time to time imposed by the Lessee or the car park owner/operator for the operation of the Car Parking Area
provided those rules do not derogate from the Lessee's rights pursuant to this Lease. 

19.7    Operation by Lessor's Manager  

        The Lessee agrees that the Lessor's Manager shall be entitled to exercise all the rights and privileges of the Lessor and the Lessee shall obey the directions of
the Lessor's Manager subject to the Lessee's rights under this clause 19 and shall if required by the Lessor pay the Licence Fees to the Lessor's
Manager except any direction or notice from the Lessor shall supersede those from the Lessor's Manager to the extent of any inconsistency. 

19.8    Assignment  

        For the avoidance of doubt, the Lessee's rights under this clause 19 may be assigned or sublicensed by the Lessee either simultaneously with an assignment or
sublease in accordance with clause 6 or sublicensed separately in regard to car parking spaces provided that: 

	(a)
	the
Lessee shall procure its sublicensee to comply with the Lessee's obligations pursuant to this clause in so far as they apply to those sublicensed car parking spaces; and 

36

 
	(b)
	the
Lessee must not sublicence its car parking spaces to any person who is not an occupant of the Building. 

19.9    Removal on Termination  

        The Lessee further agrees with the Lessor that, upon the termination of this licence, it will promptly remove its motor cars from the Car Parking Area (and return
any access keys provided to the Lessee by the Lessor) and in default the Lessor shall be entitled to remove the same at the risk and cost of the Lessee. 

19.10    Nature of Lessor's Manager  

        For the purposes of this clause the Lessor's Manager will be deemed to include the Car Parking Area Operator
appointed by the Lessor or by the owner of the Car Parking Area. 

20.    Approval of Tenancies  

20.1    The Lessee:  

	(a)
	warrants
and agrees that it will not assign, sub- lease or agree to assign or sub- lease any part of the Premises to any person that is a Prohibited Lessee;
and

	(b)
	must
comply with the covenants and restrictions contained in the Section 88B Instrument and the Stratum Management Statement. 

20.2    The following Lessees are prohibited Lessees in all parts of the Building, namely:  

	(a)
	doctors
and dentists;

	(b)
	retail
travel agencies ie. those expecting or having large volumes of public traffic;

	(c)
	banks
(as defined in section 5(1) of the Banking Act (Commonwealth) or a State bank or equivalent legislation of a foreign jurisdiction);

	(d)
	automatic
teller machines;

	(e)
	building
societies;

	(f)
	credit
unions;

	(g)
	persons
engaged in home finance lending; and

	(h)
	persons
whose principal business is that of money lending. 

        Without
limiting clause 20.1, the Lessees listed in paragraphs (c) and (d) above are prohibited lessees in the Retail Stratum. 

20.3    In
this clause 20, lease includes licence and any other form of tenancy right. 

21.    Stratum Plan  

21.1    The
Lessor and the Lessee acknowledge that: 

	(a)
	the
Land has been subdivided by the Stratum Plan;

	(b)
	the
Premises are comprised within the Commercial Stratum;

	(c)
	the
Stratum Management Statement govern the arrangements between the owners of the various stratums. 

37

 

21.2    The
Lessor and the Lessee agree that: 

	(a)
	the
Lessor covenants with the Lessee to duly and punctually observe and perform its obligations under the Stratum Management Statement and the Section 88 Instrument and to
enforce for the benefit of the Lessee relevant obligations of other Stratum owners contained in those documents;

	(b)
	the
Lessee agrees to be bound by the terms of the Stratum Management Statement and the Section 88B Instrument to the extent they apply generally to lessees of premises within
the Complex and are not the obligation of the Lessor; and

	(c)
	the
Lessor may vary any of the Stratum Management Statement and the Section 88B Instrument and is not required to obtain the consent of the Lessee to any such variation and the
Lessee will execute any document necessary to effect the variation within 5 business days of any request to do so by the Lessor. 

22.    Limitation of Liability  

22.1    Lessor Capacity  

        The Lessor enters into this Lease as the Custodian of the Assets of the Trust and agent of the Trustee and in no other capacity. The Lessor is authorised to bind
the Trustee in relation to the terms of this Lease. 

22.2    Obligations of the Lessor  

        The parties other than the Lessor acknowledge that the Obligations are incurred by the Lessor solely in its capacity as Custodian of the Assets of the Trust and
as agent of the Trustee and that the Lessor will cease to have any obligation under this Lease if the Lessor ceases for any reason to be Custodian of the Assets of the Trust. 

22.3    No Personal Liability  

        Except in the case of and to the extent of fraud, negligence or breach of duty on the part of the Lessor, the Lessor will not be liable to pay or satisfy any
Obligations except to the extent to which it is actually indemnified by the Trustee or except out of the Assets of the Trust against which it is entitled to be indemnified and is actually indemnified
in respect of any liability incurred by it. The obligation of the Trustee to indemnify the Lessor and the right of the Lessor to be indemnified out of the Assets of the Trust are limited. 

22.4    Limited Recourse  

        Except in the case of and to the extent of fraud, negligence or breach of duty on the part of the Lessor, the parties other than the Lessor may enforce their
rights against the Lessor arising from non-performance of the Obligations only to the extent of the Lessor's indemnity as provided in clause 22.3. 

22.5    Limited Enforcement  

        Except in the case of and to the extent of fraud, negligence or breach of duty on the part of the Lessor, if any party other than the Lessor does not recover all
money owing to it arising from non-performance of the Obligations it may not seek to recover the shortfall by: 

	(a)
	bringing
proceedings against the Lessor in its personal capacity; or

	(b)
	applying
to have the Lessor wound up or proving in the winding up of the Lessor. 

38

   22.6    Release  

        Except in the case of and to the extent of fraud, negligence or breach of duty on the part of the Lessor, the parties other than the Lessor waive their rights and
release the Lessor from any personal liability whatsoever, in respect of any loss or damage: 

	(a)
	which
they may suffer as a result of any:

	(i)
	breach
by the Lessor of any of its Obligations; or

	(ii)
	non-performance
by the Lessor of the Obligations; and 

	(b)
	which
cannot be paid or satisfied from the indemnity set out in clause 22.4 in respect of any liability incurred by it. 

22.7    Override  

	(a)
	The
parties other than the Lessor acknowledge that the whole of this Lease is subject to this clause and except in the case of and to the extent of fraud, negligence or breach of duty
on the part of the Lessor, the Lessor shall in no circumstances be required to satisfy any liability arising under, or for non-performance or breach of any Obligations under or in respect
of this Lease or under or in respect of any other document to which it is expressed to be a party out of any funds, property or assets other than to the extent that this Lease requires satisfaction
out of the Assets of the Trust under the Lessor's control and in its possession as and when they are available to the Lessor to be applied in exoneration for such liability.

	(b)
	The
parties acknowledge that the Trustee is responsible under the trust deed for the Trust for performing a variety of obligations relating to the Trust, including under this Lease.
The parties agree that no act or omission of the Lessor (including any related failure to satisfy any Obligations) will constitute fraud, negligence or breach of duty of the Lessor for the purposes of
clause 22.6 to the extent to which the act or omission was caused or contributed to by any failure of the Trustee or any other person appointed by the Trustee to perform the Trustee's
obligations relating to the Trust to fulfil its obligations relating to the Trust or by any other act or omission of the Trustee or any other person.

	(c)
	The
parties acknowledge that, where the Lessor is permitted or required to do or refrain from doing anything under this Lease or any other document entered into by it in connection
with or arising from its Obligations under this Lease, it need only do so in accordance with the Custody Deed and on receipt of Proper Instructions (as that term is defined in the Custody Deed).

	(d)
	No
attorney, agent or other person appointed in accordance with this Lease has authority to act on behalf of the Lessor in a way which exposes the Lessor to any personal liability and
no act or omission of such a person will be considered fraud, negligence or breach of duty of the Lessor for the purposes of this clause 22. 

22.8    Appointment of Custodian  

        If the Trustee wishes to appoint a replacement custodian to hold the Assets of the Trust, then if requested by the Lessor or the Trustee all of the parties agree
to execute any document reasonably required by the Lessor or the Trustee which will give effect to that appointment. Any cost incurred by the Lessee regarding the execution of such document will be
paid for by or on behalf of the Lessor. 

22.9    Self-custody  

        If the Trustee elects to take on self-custody, such that the Assets of the Trust are held in the name of the Trustee, and notifies the other parties
of that election, then as and from the date specified in the 

39

 

notice, this Lease will be deemed to be varied such that the limitation of liability clause as set out in this clause 22 is deleted and replaced by a clause in the form set out below (with
necessary amendments) limiting the liability of the Trustee: 

	"(a)
	The Trustee enters into this Lease as the Trustee and in no other capacity.

	(b)
	The parties other than the Trustee acknowledge that the Obligations are incurred by the Trustee solely in its
capacity as the Trustee and that on and from the date on which all parties execute a Novation, the Trustee will cease to have any Obligations if the Trustee ceases for any reason to be the trustee of
the Trust.

	(c)
	Except in the case of and to the extent of fraud, negligence or breach of trust, the Trustee will not be liable
to pay or satisfy any Obligations or liability arising out of this Lease except out of the Assets or property against which it is entitled to be indemnified in respect of any liability incurred by it
as the Trustee.

	(d)
	Except in the case of and to the extent of fraud, negligence or breach of trust, the other parties may enforce
their rights against the Trustee arising from non-performance of the Obligations only to the extent of the Trustee's rights of indemnity out of the Assets of the
Trust.

	(e)
	Except in the case of and to the extent of fraud, negligence or breach of trust if the other parties do not
recover all money owing to them arising from non-performance of the Obligations by enforcing the rights referred to in paragraph (d) they may not seek to recover the shortfall
by:

	(i)
	bringing proceedings against the Trustee in its personal capacity;
and

	(ii)
	applying to have the Trustee would up or proving in the winding up of the
Trustee unless another creditor has initiated proceedings to wind up the Trustee.

	(f)
	Except in the case of and to the extent of fraud, negligence or breach of trust on the part of the Trustee, the
other parties release the Trustee from any personal liability whatsoever, in respect of any loss or damage which it may suffer as a result of any:

	(i)
	breach by the Trustee of its duties under this Lease;
and

	(iii)
	non-performance by the Trustee of the
Obligations,

which cannot be paid or satisfied out of the Assets of the Trust of which the Trustee is entitled to be indemnified in respect of any liability incurred by it as the
Trustee

	(g)
	Nothing in paragraphs (d) or (e) is to be taken as derogating from the limitation of the
Trustee's liability contained in paragraphs (c), (f) and (h).

	(h)
	The other parties acknowledge that the whole of this Lease is subject to this clause and the Trustee shall in
no circumstances be required to satisfy any liability of the Trustee arising under, or for breach of any Obligations under or in respect of, any other document to which it is expressed to be a party,
out of any funds, property or Assets other than the Assets of the Trust available to the Trustee to be applied in exoneration of such liability. Despite this, the Trustee will be liable to pay out of
its own funds, property and Assets the unsatisfied amount of that liability to the extent that it is not satisfied because under the trust deed establishing the Trust or by operation of law there is a
reduction in the extent of the Trustee's indemnification out of the Assets of the Trust as a result of the Trustee's fraud, negligence or breach of trust.

	(i)
	No attorney, agent or other person appointed in accordance with this document has authority to act on behalf of
the Trustee in a way which exposes the Trustee to any personal liability (except in accordance with the provisions of this clause), and no act or omission of such a person will be considered fraud,
negligence or breach of trust of the Trustee for the purposes of this clause.

40

 
	(j)
	All parties agree to execute a Novation if the Trustee is replaced as the trustee of the Trust and if requested
by the Trustee."

23.    Bank Guarantee or Insurance Bond  

23.1    Bank Guarantee  

	(a)
	As
security for the performance by the Lessee of its obligations under this Lease, the Lessee shall, on or before the signing hereof, arrange for the issue by a bank licensed under
the Banking Act or other organisation approved by the Lessor, and delivery to the Lessor, of an unconditional guarantee in a form acceptable to the Lessor for an amount equal to the Rent plus the
Lessee's Proportion of the Outgoings payable for the first year of the Lease and shall thereafter cause further guarantees to be delivered to the Lessor so that at any time the Lessor holds guarantees
for an amount equal to the Rent and the Lessee's Proportion of the Outgoings in each year as increased from time to time under clause 3.

	(b)
	The
Lessor shall be entitled without prejudice to its other rights under this Lease and without being limited to the amount of the guarantee to have recourse to such guarantees
whenever any Rent or other money are payable by the Lessee to the Lessor and/or in respect of any failure by the Lessee to perform its obligations imposed or implied under this Lease, without notice
to the Lessee.

	(c)
	To
the extent that the Lessor has had recourse to any guarantee, the Lessee shall forthwith replace such guarantee to the intent that at all times the Lessor shall hold guarantees for
not less than one half of the Rent as increased from time to time under clause 3. 

23.2    Insurance Bond  

	(a)
	While
SeeBeyond Pty Limited is the Lessee, the Lessor will accept an Insurance Bond as security for the performance of the Lessee's obligations under this Lease, in lieu of a bank
guarantee. The provisions of clause 23.1 will apply to the Insurance Bond provided by the Lessee.

	(b)
	In
addition to the Insurance Bond required by clause 23.2(a), as security for the performance by the Lessee of it's obligation under clause 3.6 the Lessee will provide
the Lessor with a reducible Insurance Bond which at the Commencing Date is in the amount calculated under clause 25.11(b) reducible annually by the amounts paid by the Lessee under
clause 3.6.

	(c)
	The
Lessor acknowledges that it will accept a single Insurance Bond from the Lessee to meet the Lessee's obligations under clause 23.2(a) and 23.2(b) if the Insurance Bond
provided by the Lessee has an expiry date or is subject to rollover, the Lessee must provide the Lessor with a replacement insurance bond at least 1 month before the expiry or rollover date of
the insurance bond.

	(d)
	In
this clause 23.2 Insurance Bond means an insurance policy on terms reasonably acceptable to the Lessor, taken out by the
Lessee as policy holder in favour of the Lessor as beneficiary regarding the performance of the Lessee's obligations under this Lease with a reputable insurance company with no less than an AA+ rating
and preferably the institution known as Chubb Insurers.

	(e)
	The
Lessor acknowledges that the Insurance Bond will be issued for the amount calculated under clause 23.2(b) as Australian Dollars and then converted to US Dollars. Should the
value of the Australian Dollar increase in value by more than 10% at any time during the Term, the Lessee agrees to provide the Lessor with a replacement Insurance Bond in the amount required under
clause 23.2(b), calculated in Australian Dollars and then converted to US Dollars within 21 days of receiving Notice from the Lessor. 

41

 

24.    Dispute Resolution  

24.1    First Stage  

        If a dispute arises between the parties in relation to any matter under this Lease except a right to rescind, terminate this Lease, the parties agree that before
exercising any rights they may have at law they must use their best endeavours to resolve the dispute as follows: 

	(a)
	any
party seeking resolution of a dispute must give a notice to any other party in dispute and the parties' representatives must meet within five business days after that notice is
given to attempt to resolve the dispute; and

	(b)
	if
within a further five business days the dispute is not resolved or the parties do not meet as required by clause 24.1(a) then any Director or Vice President of the parties
must meet and use their best endeavours to resolve the dispute within a further five business days after which period, if the dispute is not resolved or if the Directors or Vice Presidents have not
met, any party may refer the dispute for determination under clause 24.2. 

24.2    Expert Determination  

        The following applies in the case of any dispute referred for determination under this clause: 

	(a)
	a
party may not begin legal proceedings in connection with a dispute under this Lease (excluding urgent applications for interlocutory injunctions) unless that dispute has first been
decided by a person appointed under this clause 24.2;

	(b)
	the
dispute must be referred to a person agreed on by the parties but if the parties do not agree within five business days after the notice of dispute is given, then to a person
appropriately qualified to
deal with the dispute appointed at the request of any party by the president of the Law Society of New South Wales;

	(c)
	The
expert will:

	(i)
	act
as an expert and not as an arbitrator;

	(ii)
	proceed
in any manner the expert thinks fit;

	(iii)
	conduct
any investigation which the expert considers necessary to resolve the dispute or difference;

	(iv)
	examine
such documents, and interview such persons, as the expert may require; and

	(v)
	make
such directions for the conduct of the determination as the expert considers necessary. 

	(d)
	The
expert must:

	(i)
	disclose
to the parties any interest the expert has in the outcome of the determination; and

	(ii)
	not
communicate with one party to the determination without the knowledge of the other. 

	(e)
	Each
party will:

	(i)
	bear
its own costs in respect of any expert determination; and

	(ii)
	pay
half the expert's costs in accordance with the expert's direction as to such payment. 

	(f)
	Unless
otherwise agreed between the parties, the expert must Notify the parties of the expert's decision upon an expert determination conducted under this clause 24 within 20 business
days from the acceptance by the expert of the expert's appointment. 

42

 
	(g)
	The
expert will not be liable to the parties arising out of, or in any way in connection with, the expert determination process, except in the case of fraud.

	(h)
	The
determination of the expert:

	(i)
	must
be in writing;

	(ii)
	will
be final and binding. 

24.3    Running of Time  

        Where it has been determined pursuant to clause 24.2 that actions taken by a party were not in compliance with its obligations under this Lease, that party must
thereupon take action which is in compliance with its obligations under this Lease and any time limits applicable to any response to that action by another party shall apply as from the date such
actions were taken in compliance with this Lease. 

25.    Construction of Fit-out Works  

25.1    Approval of Lessor to Fit-Out Works  

	(a)
	Within
20 Business Days from the date of execution of this Lease, the Lessee must submit the Lessee's Drawings and Specifications to the Lessor for its approval.

	(b)
	The
Lessee's Drawings and Specifications must show that the Lessee's Fit-Out Works will consist of the necessary construction and furnishing works required to complete the
Premises to the standards required by all relevant authorities, and to the standards reasonably required by the Lessor, having regard to the quality and style of the Building, the quality of the
Common Areas of the Building and the nature of the Lessee's proposed use of the Premises and the Lessee must provide a structural engineer's report stating that the Lessee's Fit-Out Works
will not cause structural damage to the Building.

	(c)
	If
the Lessor does not approve the Lessee's Drawings and Specifications the Lessee is to prepare and submit such amended Lessee's Drawings and Specifications as are necessary to
obtain the Lessor's approval.

	(d)
	Upon
demand by the Lessor the Lessee is to reimburse to the Lessor all reasonable costs and fees incurred by the Lessor in approving the Lessee's Drawings and Specifications. 

25.2    Lessee to apply for approvals  

	(a)
	If
the Lessor grants its approval under clause 25.1, the Lessee is to immediately make application (at the Lessee's expense) to the Council and all other competent authorities
(including water and sewerage, electricity, telephone and planning authorities) for approval of the Lessee's Fit-Out Works, if required, and is to do all acts and things necessary to
obtain approvals from the authorities.

	(b)
	No
amendment is to be made to the Lessee's Drawings or Specifications (whether required by the Council or otherwise) without the approval of the Lessor, which consent is not to be
unreasonably withheld.

	(c)
	The
Lessee is to diligently proceed with every application to a competent authority and use all proper and reasonable means to obtain all necessary approvals. 

43

 

25.3    Lessee's contractors  

	(a)
	The
Lessee may appoint contractors to carry out the Lessee's Fit-Out Works provided that the Lessor has given prior written approval to each appointment.

	(b)
	Where
any contractor is reputable and financially responsible the Lessor's approval is not to be unreasonably withheld.

	(c)
	Any
contractor must have current insurance as follows:

	(i)
	public
liability insurance for a sum not less than $10,000,000;

	(ii)
	contractor's
all risk insurance to the full value of the Lessee's Fit-Out Works; and

	(iii)
	an
unlimited policy of workers compensation insurance. 

	(d)
	Any
contractor appointed under this clause is under contract to the Lessee. 

25.4    Lessee accepts risk  

        The Lessee agrees that the Lessee's use and occupation of the Premises during the period of the Lessee's Fit-Out Works will at all times be at the
risk of the Lessee. The Lessee releases the Lessor from all Claims which arise directly or indirectly from any accident, damage or injury which occurs to or on the Premises as a consequence of the
Lessee's use and occupation of the Premises. This release does not apply to the extent that any Claim is caused by the wilful or negligent act or omission of the Lessor. 

25.5    Indemnity  

        The Lessee indemnifies the Lessor against any Claim due to damage, loss, injury or death caused by: 

	(a)
	the
Lessee's negligent act or omission; or

	(b)
	the
Lessee's Fit-Out Works, 

during
the period of the Lessee's Fit-Out Works, except to the extent that any Claim is caused by the wilful or negligent act or omission of the Lessor. 

25.6    Workers during Period of Fit-Out Works  

        During the period of the Lessee's Fit-Out Works the Lessee must ensure that all employees and contractors in the Building: 

	(a)
	are
paid up members of their respective trade unions (if applicable);

	(b)
	comply
with any arrangement the Lessor's Consultant enters into with any trade union in respect of the Building; and

	(c)
	comply
with all health safety and other industrial regulations relating to the Building. 

25.7    Access after hours  

        If the Lessee or its contractors require access to the Building outside normal industry working hours, it is the responsibility of the Lessee or its contractors
to obtain the consent of the Lessor (which may be withheld in the Lessor's absolute discretion) and to pay to the Lessor any additional expenses which the Lessor may incur by consenting to access. 

44

 

25.8    Rules and by-laws  

        The Lessee and its contractors are (at the expense of the Lessee) to comply with all the rules, regulations, by-laws, orders and directions of every
competent authority relating to the Lessee's Fit-out Works. 

25.9    Lessee responsible for damage  

        If any damage is caused to the Building as a result of the Lessee's Fit-Out Works, at the option of the Lessor, the Lessee is to either: 

	(a)
	repair
and make good the damage to the reasonable satisfaction of the Lessor; or

	(b)
	reimburse
the Lessor for the cost incurred by the Lessor in having the damage made good by its own contractors, within 10 Business Days of service by the Lessor on the Lessee of
written notice of the amount due. 

25.10    Lessor's inspection of Lessee's Works  

        At all times during the carrying out of the Lessee's Fit-Out Works, the Lessor reserves the right (with no obligation to give written notice to the
Lessee) to require the Lessee to permit the Lessor to inspect the Lessee's Fit-Out Works and if necessary to rectify any defects. Any rectification is to be carried out at the expense of
the Lessee. 

25.11    Lessor's Contribution  

25.11.1    The
Lessor will, in consideration of the Lessee's covenant in clause 3.6 and provided the Lessee complies with this clause 25 provide to the Lessee a contribution to
fit out up to that amount expended by the Lessee on such fit out. 

25.11.2    The
fit out rent referred to in clause 3.6 is the amount of funds advanced pursuant to clause (a) together with interest at the rate of 8.5% reducible over the Term
and divided by the number of years in the Term. 

25.11.3    To
the extent that the Lessee complies with it's obligations to pay fit out rent under clause 3.6, the Lessee will own such of the fit out for which it pays pursuant to
paragraph (b) at the Termination Date. 

25.12    Occupation under Licence  

        Despite the Commencing Date, following the completion of the Lessee's Fit-Out Works, the Lessor will permit the Lessee to occupy the Premises under
licence during the period from when all such works are complete until the Commencing Date on the same terms and conditions as this Lease except that such licence shall be personal only and shall
create no leasehold interest. 

26.    General  

26.1    Waiver  

        A waiver by the Lessor of a breach of any provision of this Lease does not operate as a waiver of another breach of the same type or of any other provision in
this Lease. 

26.2    Costs of lease  

	(a)
	Each
party will pay its own legal costs and disbursements of and incidental to the negotiation, preparation and completion of this Lease. The Lessee will pay all stamp duty and
registration fees and mortgagee's consent fees in relation to this Lease. 

45

 
	(b)
	The
Lessee will pay, within thirty (30) days of demand in writing, for the proper and reasonable legal costs and disbursements of the Lessor:

	(i)
	on
any application for the approval or consent of the Lessor under this Lease;

	(ii)
	of
or incidental to any and every breach or default by the Lessee under this Lease;

	(iii)
	of
or incidental to the valid exercise or valid attempted exercise of any right, power or remedy of the Lessor under or by virtue of this Lease; and 

26.3    Notices  

        All notices or communications to be given, served or made under or in connection with this Lease will be: 

	(a)
	in
writing;

	(b)
	addressed
to a party and marked for the attention of the person or officer on behalf of a party set out in Item 9 or to such other address or facsimile number as shall be notified
from time to time;

	(c)
	signed
by the party giving, serving or making the communication or (on its behalf) by the solicitor for, or by any attorney, director, secretary, or authorised agent of, that party;

	(d)
	deemed
to have been duly given, served or made in relation to a party if it is delivered or posted by prepaid post to the address, or sent by fax to the number of that party, in
accordance with paragraph (b); and

	(e)
	deemed
to be given, served or made:

	(i)
	(in
the case of prepaid post) on the second business day after the date of posting;

	(ii)
	(in
the case of fax) on receipt of a transmission report confirming successful transmission, unless the transmission of that fax is received on a non
business day, or after 5.00 pm (local time) on a business day, when that communication will be deemed to have been given, served or made on the next business day; and

	(iii)
	(in
the case of delivery by hand) on delivery at the address of the recipient as provided in paragraph (b) of this clause, unless that delivery
is made on a non business day, or after 5.00 pm (local time) on a business day, when that communication will be deemed to have been given, served or made on the next business day. 

26.4    "For Sale" and "To Let" notices  

	(a)
	The
Lessee must:

	(i)
	throughout
the Term at all reasonable times and upon reasonable notice (which shall never be less than 24 hours permit the Lessor, in the company
of an officer of the Lessee (if made available by the Lessee) to exhibit the Premises to prospective purchasers; and

	(ii)
	at
all reasonable times during the 6 months immediately preceding the date of termination of this Lease (unless the Lessee has exercised its
right (if any) to a further term) to affix and exhibit upon any reasonable part of the Premises the usual "To Let" or "For Sale" notices. 

	(b)
	In
inspecting the Premises and in affixing the notices referred to in paragraph (a), the Lessor must not cause any unnecessary inconvenience to the Lessee or unduly interfere
with the conduct of the Lessee's business upon the Premises. 

46

 

26.5    Non- merger  

        The provisions of this Lease and anything done under this Lease do not operate as a merger of any of the rights and remedies of the parties under this Lease, all
of which continue in full force and effect. 

26.6    Persons Under the Control of the Lessee  

        The Lessee will procure that the Persons Under the Control of the Lessee comply with the Lessee's obligations hereunder in relation to the Premises and the Common
Areas. 

47

   Annexure A

Plan of Premises  

48

 

 Annexure B

Outgoings of the Building  

	Statutory or regulatory	1.	 	All rates, taxes (excluding income tax, capital gains tax and other taxes of a similar nature) charges and levies payable to any authority in respect of the Building or the Commercial Stratum (excluding any tax on the
Lessor's income) other than rates, taxes, charges or levies which may be assessed directly in respect of the Premises or directly in respect of any other premises whether occupied or not.
	

Water & Sewerage	

2.	
 	

Land tax on the taxable value of the Commercial Stratum on a single holding basis.
	

 	

3.	
 	

All rates charges and costs payable to any Authority for the provision, reticulation or discharge of water and/or sewerage and/or drainage, including excess water charges and meter rents.
	

Insurances	

4.	
 	

All insurance premiums and amounts payable in respect of premiums:
	

 	

 	
 	

(a)	
 	

on the Building for its full insurable value (including a subrogation wavier in favour of the Lessee);
	

 	

 	
 	

(b)	
 	

for loss of rents (whether separate or otherwise) resulting from damage or destruction of the Building or any part thereof or other like causes (including Annual Rent, Lessee's Proportion of Outgoings) but excluding loss of rents arising from normal
vacancies during letting up periods;
	

 	

 	
 	

(c)	
 	

for public liability insurance;
	

 	

 	
 	

(d)	
 	

for workers' compensation insurance for all employees of the Lessor engaged in employment in connection with the Building. Where any such employee is engaged on less than a full time basis in connection with the Building the cost of workers'
compensation insurance shall be equitably apportioned by the Lessor; and
	

 	

 	
 	

(e)	
 	

for such other insurable risks (including machinery breakdown and boiler explosion) as the Lessor reasonably deems appropriate from time to time.

49

 

	

Refuse and garbage disposal	

5.	
 	

Charges for costs in relation to supply of water, sewerage and drainage services to and the removal of all waste sullage (to the extent that the same are not included elsewhere in this Annexure) and the removal of all other general garbage from the
Building including the cost of operating and maintaining any plant and equipment provided for such purpose whether such plant or equipment is located within the Building or otherwise.
	

Pest Control	

6.	
 	

All charges for and costs in relation to the control of pest, vermin, insect or other like infestation.
	

Security and caretaking	

7.	
 	

The cost of providing security or caretaking services including the cost of policing and regulating traffic in the Building and the Commercial Stratum.
	

Miscellaneous operational costs	

8.	
 	

All costs, including rental and hiring charges for providing music amplification systems, telephones, indoor plants and other similar equipment servicing the Building.
	

Air conditioning	

9.	
 	

The cost of the repairs, maintenance, servicing and all other running costs of the air- conditioning equipment in the Building including any fees or premiums payable to specialist contractors but excluding any costs payable independently by any
Lessees or occupiers in relation to a particular area occupied by them.
	

Repairs and maintenance	

10.	
 	

The cost of repairs and/or maintenance of the Building, including the cost of operating, supplying, maintaining and repairing all Services from time to time provided by the Lessor for Lessees and occupiers of the Building including loading docks,
storage areas, lifts, escalators, fire services, and the plant and equipment required for any such services.
	

Light fuel and power	

11.	
 	

All costs and charges incurred (including the cost of electricity and other sources of power consumed) in providing lighting fuel and power to the Building and plant rooms, security lighting, heating and other services and systems in and for the
operation of the Building.
	

After hours	

12.	
 	

All costs incurred in providing access to the Building and Services to the Common Areas outside the Building Operating Hours.

50

 

	

Management	

13.	
 	

All reasonable and proper management costs in connection with the Building including salaries, wages, superannuation, payroll tax and workers' compensation insurance premiums in respect of employees or managing agents engaged full time in respect of
the Building or, if engaged on a part time basis, a fair and reasonable proportionate part thereof, but not to exceed those costs which would be the total management costs incurred in respect of a frugally and efficiently run premium grade
Building.
	

Audit statements	

14.	
 	

Costs and fees incurred in order to provide the audit statements of outgoings referred to in clause 4.
	

General expenditure	

15.	
 	

Any other expenditure properly and reasonably incurred by the Lessor in the management, operation and maintenance of the Building or the Commercial Stratum.
	

Stratum Management Contribution	

16.	
 	

Those amounts payable by the Lessor as a contribution to the cost of Shared Facilities and Shared Services for the Complex pursuant to the Stratum Management Statement.
	

Exclusions	

17.	
 	

In relation to each of the above there must be excluded:
	

 	

 	
 	

(a)	
 	

all items of a capital or structural nature;
	

 	

 	
 	

(b)	
 	

any costs and expenses referable to a particular Lessee or particular premises in the Building;
	

 	

 	
 	

(c)	
 	

sinking fund expenses of any kind and howsoever called;
	

 	

 	
 	

(d)	
 	

all expenditure relating to structural maintenance or repair of the Building or arising as a result of an inherent or latent defect in the Building or arising within the period of 12 months immediately following the Commencing Date;
	

 	

 	
 	

(e)	
 	

costs of expenses referable solely to the operation and maintenance of the car parking area (including mechanical ventilation, security, cleaning, lighting and power).

51

   Annexure C

Rules of the Building  

	1.
	 The Services to be provided subject to the terms of the Lease:  

        Lifts and Escalators—all lifts and escalators to be operating 24 hours a day 7 days a
week. 

        Air- conditioning—to operate Monday to Friday between 7.00 am and 7.00 pm, Public Holidays excepted. Outside those
hours, air- conditioning to be provided to the Premises at the request and at the cost of the Lessee in accordance with the Lease. 

        Access to the Building—public entry doors to the Building to be open daily between 7.00 am and 7.00 pm, Saturdays, Sundays and
Public Holidays excepted. Outside those hours, access to be available through a nominated entry and exit point for the Lessee and in accordance with the operations of the Lessor's security system for
the Building. 

52

 

Annexure D

Mortgagee's Consent  

53

 

 ITEM SCHEDULE  

	Item 1

Commercial Stratum	 	Lot 112 in Deposited Plan 1014769 being the land in part folio identifier 12/881083
	

Item 2

Premises	
 	

Part Level 41 of the Office Tower known as Citigroup Centre, 2 Park Street, Sydney erected in the Commercial Stratum as shown on Annexure A and being approximately 727.7 square metres (to be confirmed by survey under the PCA
Method)
	

Item 3

Commencing Date	
 	

1 July 2001
	

Item 4

Termination Date	
 	

30 June 2005
	

Item 5

Term	
 	

4 years
	

Item 6

Lessee's percentage
 (Clause 4)	
 	

1% on the basis that the Commercial Component of the Office Tower has a Lettable Area of 72,631.0 square metres
	

Item 7

Initial Annual Rent
 (Clause 3.1)	
 	

$595.00 per square metre per annum (being a total of $432,981.50 per annum based on an area of 727.7 square metres subject to survey)
	

Item 8

Review Dates
 (Clauses 3.2 & 3.3)	
 	

 	
 	

(a)	
 	

Rent Adjustment Dates: 1 July 2002, 1 July 2004 and if option is exercised 1 July 2006
	

 	
 	

 	
 	

(b)	
 	

Percentage increase: 5%
	

 	
 	

 	
 	

(c)	
 	

Review Dates: 1 July 2003 and if option is exercised 1 July 2005
	

Item 9

Notices
 (Clause 24.3)	
 	

Name:

       

Address:	
 	

 	
 	

 
	

          	
 	

 	
 	

 	
 	

 
	

 	
 	

Attention:

Fax Number:	
 	

 	
 	

 
	

 	

 	

Name:	

 	

Lessor

Trust Company of Australia Limited, ACN 004 027 749
	

 	
 	

Address:	
 	

80-84 New South Head Road

EDGECLIFF NSW 2028
	

 	
 	

Attention:	
 	

Mike Britton
	

 	
 	

Fax Number:	
 	

(02) 9362 4022
	

 	

 	

 	

 	

 	

 	

 
	

 	
 	

With a copy to:	
 	

James Fielding Investments Limited  

54

 

	

 	
 	

Address:	
 	

Level 22, 56 Pitt Street

SYDNEY NSW 2000
	

 	
 	

Attention:	
 	

 	
 	

 
	

 	
 	

Fax Number:	
 	

(02) 9274 7700
	

 	

 	

 	

 	

 	

 	

 
	

Item 10

Permitted use of

Premises
 (Clause 5.1)	
 	

Commercial Offices
	

Item 11

Public risk insurance
 (Clause 9.1(a))	

 	

Ten Million Dollars ($10,000,000)
	

Item 12

Term of renewed lease
 (Clause 17)	

 	

18 months
	

Item 13

Licence Fee for car

parking
 (Clause 19.1)	

 	

$7,800 per car space per annum
	

Item 14

No. of cars
 (Clause 19.1)	

 	

Two(2)
	

Item 15

Licence Review Date
 (Clause 19.4)	

 	

On each anniversary of the Commencement Date

55

 

	Signed sealed and delivered for and on behalf of TRUST COMPANY OF AUSTRALIA LIMITED, ACN 004 027 749 by its Attorney under a Power
of Attorney dated                                  and registered
Book                       No.                 
  and the Attorney declares that the Attorney has not received any notice of the revocation of such Power of Attorney in the presence of:	 	      

      

      

      

/s/  TRUST COMPANY OF AUSTRALIA LIMITED      
 Signature
	

 	
 	

 
	
 Signature of Witness	 	 
	

 	
 	

 
	
 Name of Witness in full	 	 
	

 	
 	

 
	Executed by (TENANT) Pty Limited by or in the presence of:	 	 
	

 	
 	

 
	

 	
 	

 
	/s/  SEEBEYOND TECHNOLOGY CORPORATION      
 Signature of Director	 	    
 Signature of Secretary/other Director
	

 	
 	

 
	
 Name of Director in full	 	
 Name of Secretary/other Director in full

56

  

 
 

Table of Contents    
  

	1.	 	INTERPRETATION	 	1
	 	

1.1	
 	

DEFINITIONS	
 	

1
	 	1.2	 	SINGULAR/PLURAL, GENDER ETC.	 	6
	 	1.3	 	COVENANTS—JOINT AND SEVERAL	 	6
	 	1.4	 	STATUTES	 	7
	 	1.5	 	HEADINGS AND UNDERLININGS	 	7
	 	1.6	 	MANNER OF REQUESTING AND PROVIDING APPROVAL	 	7
	 	1.7	 	BODIES AND ASSOCIATIONS	 	7
	 	1.8	 	ITEMS	 	7
	 	1.9	 	INDEMNITIES	 	7
	
2.	
 	

EXCLUSION OF IMPLIED COVENANTS	
 	

7
	 	

2.1	
 	

IMPLIED STATUTORY COVENANTS	
 	

7
	 	2.2	 	WHOLE OF AGREEMENT IN THIS LEASE	 	8
	
3.	
 	

MONEYS PAYABLE UNDER THIS LEASE	
 	

8
	 	

3.1	
 	

RENT	
 	

8
	 	3.2	 	ADJUSTMENT OF RENT	 	8
	 	3.3	 	MARKET RENT REVIEW	 	8
	 	3.4	 	GOODS AND SERVICES TAX	 	10
	 	3.5	 	ABATEMENT ON DAMAGE	 	10
	 	3.6	 	AMORTISATION OF FIT OUT COST	 	11
	
4.	
 	

OUTGOINGS	
 	

11
	 	

4.1	
 	

LESSEE TO PAY PROPORTION OF BUILDING OUTGOINGS	
 	

11
	 	4.2	 	PAYMENTS ON ACCOUNT OF OUTGOINGS	 	11
	 	4.3	 	OUTGOINGS STATEMENT	 	11
	 	4.4	 	ADJUSTMENT OF OUTGOINGS	 	12
	 	4.5	 	CHANGE TO LESSEE'S PROPORTION	 	12
	
5.	
 	

USE OF THE PREMISES	
 	

12
	 	

5.1	
 	

PERMITTED USE	
 	

12
	 	5.2	 	WARRANTY	 	12
	 	5.3	 	NO NOXIOUS USE	 	13
	 	5.4	 	COMMON AREAS	 	13
	 	5.5	 	RESERVATIONS TO LESSOR	 	13
	 	5.6	 	USE OF FIT OUT	 	13
	
6.	
 	

ASSIGNMENT, SUB-LEASING ETC.	
 	

13
	 	

6.1	
 	

RESTRICTION ON ASSIGNMENT	
 	

13
	
7.	
 	

MAINTENANCE, REPAIR AND ALTERATIONS	
 	

15
	 	

7.1	
 	

REPAIR	
 	

15
	 	7.2	 	REDECORATION	 	15
	 	7.3	 	CLEANING	 	15
	 	7.4	 	BREAKAGES	 	16
	 	7.5	 	BROKEN GLASS	 	16
	 	7.6	 	LESSOR MAY INSPECT	 	16  

i

 

	 	7.7	 	LESSOR MAY REPAIR	 	16
	 	7.8	 	STRUCTURAL ALTERATIONS	 	17
	 	7.9	 	PEST CONTROL	 	17
	 	7.10	 	ALTERATIONS TO FITOUT	 	17
	
8.	
 	

GENERAL LESSEE'S COVENANTS	
 	

18
	 	

8.1	
 	

SERVICES	
 	

18
	 	8.2	 	REQUIREMENTS OF PUBLIC AUTHORITIES	 	18
	 	8.3	 	FLOOR OVERLOADING	 	18
	 	8.4	 	USE OF LAVATORIES	 	18
	 	8.5	 	NOTICE OF DEFECTS	 	18
	 	8.6	 	FIRE DRILLS	 	19
	 	8.7	 	HEATING AND COOLING	 	19
	 	8.8	 	FIRE REGULATIONS	 	19
	
9.	
 	

INSURANCE	
 	

19
	 	

9.1	
 	

PUBLIC RISK POLICY AND THIRD PARTY POLICY	
 	

19
	 	9.2	 	LESSEE NOT TO VOID INSURANCES	 	19
	 	9.3	 	APPROVED INSURERS	 	20
	 	9.4	 	DISCLOSURES	 	21
	 	9.5	 	TOTAL DESTRUCTION	 	21
	
10.	
 	

RELEASES AND INDEMNITIES	
 	

22
	 	

10.1	
 	

RELEASE BY LESSEE	
 	

22
	 	10.2	 	INDEMNITY BY LESSEE	 	22
	
11.	
 	

LESSOR'S GENERAL COVENANTS	
 	

22
	 	

11.1	
 	

QUIET ENJOYMENT	
 	

22
	 	11.2	 	ONGOING WORKS	 	22
	 	11.3	 	LESSOR TO PAY RATES AND COMPLY WITH ORDERS	 	23
	 	11.4	 	ACKNOWLEDGMENT AS TO OWNERSHIP OF FIXTURES AND FITTINGS	 	23
	 	11.5	 	REMOVAL OF LESSEE'S FIXTURES AND FITTINGS	 	23
	 	11.6	 	MORTGAGEE'S CONSENT AND REGISTRATION	 	23
	 	11.7	 	LESSOR'S INSURANCE	 	23
	
12.	
 	

LESSOR'S OBLIGATIONS TO REPAIR AND MAINTAIN	
 	

24
	 	

12.1	
 	

LESSOR'S REPAIR AND MAINTENANCE OF THE BUILDING AND THE PREMISES	
 	

24
	 	12.2	 	LESSOR'S REPAIR AND MAINTENANCE OF PLANT AND EQUIPMENT	 	24
	 	12.3	 	LESSOR TO CLEAN AND MAINTAIN COMMON AREAS	 	24
	 	12.4	 	LESSOR TO MAINTAIN AND REPAIR STATUTORY SERVICES IN THE BUILDING	 	24
	 	12.5	 	LESSOR TO KEEP SPRINKLERS AND FIRE WARNING SYSTEM IN GOOD REPAIR	 	25
	 	12.6	 	RESTRICTION ON LESSOR'S OBLIGATIONS	 	25
	 	12.7	 	OCCUPATIONAL HEALTH AND SAFETY	 	25
	
13.	
 	

SERVICES TO BE PROVIDED BY LESSOR	
 	

26
	 	

13.1	
 	

SERVICES TO BE PROVIDED BY LESSOR	
 	

26
	 	13.2	 	AIR CONDITIONING	 	26
	 	13.3	 	ELEVATORS	 	26
	 	13.4	 	MAINTENANCE OF COMMON AREAS	 	27  

ii

 

	
14.	
 	

LESSOR'S RIGHTS	
 	

27
	 	

14.1	
 	

CONTROL OF COMMON AREAS	
 	

27
	 	14.2	 	MANAGER	 	27
	 	14.3	 	GRANT OF EASEMENTS	 	27
	 	14.4	 	RULES	 	28
	
15.	
 	

24 HOUR ACCESS AND SECURITY	
 	

28
	 	

15.1	
 	

24 HOUR ACCESS	
 	

28
	 	15.2	 	CLOSURE OF BUILDING	 	28
	 	15.3	 	OUT OF HOURS COSTS	 	29
	 	15.4	 	SECURITY SERVICE FOR THE COMPLEX	 	29
	
16.	
 	

DEFAULT: TERMINATION, ETC.	
 	

29
	 	

16.1	
 	

TERMINATION, RE-ENTRY OR SURRENDER ON DEFAULT	
 	

29
	 	16.2	 	OPPORTUNITY TO RECTIFY DEFAULT	 	30
	 	16.3	 	LESSOR MAY REMEDY LESSEE'S DEFAULTS	 	30
	 	16.4	 	DAMAGES	 	30
	 	16.5	 	ESSENTIAL TERMS	 	30
	 	16.6	 	INTEREST ON OVERDUE MONEYS	 	31
	 	16.7	 	YIELDING UP	 	31
	 	16.8	 	HOLDING OVER	 	31
	
17.	
 	

OPTION TO RENEW	
 	

32
	 	

17.1	
 	

OPTION	
 	

32
	 	17.2	 	LESSOR'S NOTICE	 	32
	
18.	
 	

NAMING AND SIGNAGE RIGHTS	
 	

32
	 	

18.1	
 	

SCOPE OF NAMING AND SIGNAGE RIGHTS	
 	

32
	
19.	
 	

CAR PARKING	
 	

33
	 	

19.1	
 	

NON-EXCLUSIVE LICENCE	
 	

33
	 	19.2	 	TERM OF LICENCE	 	33
	 	19.3	 	PAYMENT OF LICENCE FEES	 	33
	 	19.4	 	PARKING SPACE LEVY	 	34
	 	19.5	 	REVIEW OF LICENCE FEES	 	34
	 	19.6	 	USE OF LICENSED AREAS	 	36
	 	19.7	 	OPERATION BY LESSOR'S MANAGER	 	36
	 	19.8	 	ASSIGNMENT	 	36
	 	19.9	 	REMOVAL ON TERMINATION	 	37
	 	19.10	 	NATURE OF LESSOR'S MANAGER	 	37
	
20.	
 	

APPROVAL OF TENANCIES	
 	

37
	
21.	
 	

STRATUM PLAN	
 	

37
	
22.	
 	

LIMITATION OF LIABILITY	
 	

38
	 	

22.1	
 	

LESSOR CAPACITY	
 	

38
	 	22.2	 	OBLIGATIONS OF THE LESSOR	 	38
	
23.	
 	

BANK GUARANTEE OR INSURANCE BOND	
 	

41
	 	

23.1	
 	

BANK GUARANTEE	
 	

41  

iii

 

	 	23.2	 	INSURANCE BOND	 	41
	
24.	
 	

DISPUTE RESOLUTION	
 	

42
	 	

24.1	
 	

FIRST STAGE	
 	

42
	 	24.2	 	EXPERT DETERMINATION	 	42
	 	24.3	 	RUNNING OF TIME	 	43
	
25.	
 	

CONSTRUCTION OF FIT-OUT WORKS	
 	

43
	 	

25.1	
 	

APPROVAL OF LESSOR TO FIT-OUT WORKS	
 	

43
	 	25.2	 	LESSEE TO APPLY FOR APPROVALS	 	43
	 	25.3	 	LESSEE'S CONTRACTORS	 	44
	 	25.4	 	LESSEE ACCEPTS RISK	 	44
	 	25.5	 	INDEMNITY	 	44
	 	25.6	 	WORKERS DURING PERIOD OF FIT-OUT WORKS	 	44
	 	25.7	 	ACCESS AFTER HOURS	 	44
	 	25.8	 	RULES AND BY-LAWS	 	45
	 	25.9	 	LESSEE RESPONSIBLE FOR DAMAGE	 	45
	 	25.10	 	LESSOR'S INSPECTION OF LESSEE'S WORKS	 	45
	 	25.11	 	LESSOR'S CONTRIBUTION	 	45
	 	25.12	 	OCCUPATION UNDER LICENCE	 	45
	
26.	
 	

GENERAL	
 	

45
	 	

26.1	
 	

WAIVER	
 	

45
	 	26.2	 	COSTS OF LEASE	 	45
	 	26.3	 	NOTICES	 	46
	 	26.4	 	"FOR SALE" AND "TO LET" NOTICES	 	46
	 	26.5	 	NON-MERGER	 	47
	 	26.6	 	PERSONS UNDER THE CONTROL OF THE LESSEE	 	47

iv

QuickLinks

ANNEXURE "A" TO LEASE DATED BETWEEN TRUST COMPANY OF AUSTRALIA LIMITED, ACN 004 027 749 (AS LESSOR) AND SEEBEYOND PTY LTD ACN 074 256 965 (AS LESSEE) PREMISES: PART LEVEL 41 CITIGROUP CENTRE, 2 PARK STREET,
SYDNEY

Table of Contents

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