Document:

Lease, DIFA

 Exhibit 10.33 
  
 LEASE 
  

			
	Between:	  	 DIFA Deutsche Immobilien Fonds AG
 Caffamacherreihe
8
 20355 Hamburg

		
	 	  	referred to below as the landlord
		
	and:	  	 TRX Germany GmbH i.G.
 Am Borsigturm 15
 13507 Berlin

		
	 	  	referred to below as the tenant

  
 Lease number: 
 (Please quote in all correspondence and payments) 
  
 Subject: [illegible] 
  

 CONTENTS 
 of lease 
  
 between 
  
 DIFA Deutsche Immobilien Fonds AG 
 Caffamacherreihe 8, 20355 Hamburg 
  
 and 
  
 TRX Germany GmbH i.G., Am Borsigturm 15, 13507 Berlin 
  

			
	 	  	 Page

	 §1
	  	Leased premises
	 §2
	  	Handover of leased premises and purpose of lease
	 §3
	  	Lease start and duration
	 §4
	  	Notice
	 §5
	  	Rent and value guarantee
	 §6
	  	Payment of rent – rent insurance
	 §7
	  	Incidental costs
	 §8
	  	Heating costs
	 §9
	  	Maintenance and use of building and premises
	 §10
	  	Subletting
	 §11
	  	Installations and conversions by the tenant plus advertisements and special plant and equipment
	 §12
	  	Improvements and structural changes by the landlord
	 §13
	  	Landlord’s responsibility – nuisance by third parties
	 §14
	  	Insurance
	 §15
	  	Access to premises
	 §16
	  	Termination of lease
	 §17
	  	Disposal of building
	 §18
	  	General conditions
	 §19
	  	Additional conditions

  

 §1 
 Leased premises 
  

	(1)	The landlord is the owner of the premises at 13507 Berlin, Am Borsigturm 15, referred to below as “the premises”. 

  

	(2)	The landlord will rent the tenant the following areas in the premises (rented areas), plus vehicle parking places, also referred to below as “the premises”, whose location
(except those belonging to common areas) can be seen in the enclosed plans in 

  
 ANNEXES 1.1 and 1.2 
  

	1.	Office space on the 5th floor, incl. common areas: 1127,33 m2 

  

	2.	Storage space on the - 

  

	3.	Service space on the - 

  

	4.	in the underground garage (nos. 132, 133, 134, 135, 136) 5 

  

	(3)	The size of the above leased spaces is as shown in the enclosed plan, 

  
 ANNEX 2 
  

	(4)	Any variation in the leased space referred to in par. (2) up to 1% (one percent) from the actual proportions of all the leased spaces cited in par. (2) will not be the basis of any
claim for a change in the rent paid, either by the landlord or the tenant. If said variation is in excess of 1%, the rent will be adjusted to reflect the full extent of the variation. Neither the landlord nor the tenant can make such an adjustment
to the rent more than one year after the leased premises have been handed over. 

  

	(5)	The furnishings and fittings of the premises can be seen in 

  
 ANNEX 3 
  
 This will serve as a description of the furniture and fittings. It does not contain any warrant of quality. 
  

 §2 
 Handover of premises and rental purpose 
  

	(1)	The landlord will hand over the premises at the start of the rental period. A joint handover report will be prepared at handover, in which a note will be made of any defects and
remaining work to be carried out promptly by the landlord. If no defects or remaining work are noted, the tenant, by affixing his signature to the handover report, acknowledges the state of the premises, excluding any hidden defects.

  

	(2)	At handover, the tenant will receive 3 sets of keys/key cards which provide access to the premises (not including the keys to the doors inside the premises), and a key card for each
underground parking place. Any additional keys or key cards required by the tenant will be provided at his own cost. 

  

	(3)	Company plaques in the central entrance area will be designed to a uniform standard and displayed. The landlord will take the wishes of the tenant into account to the extent that
the required uniform design allows. The same applies to any directional signs. The cost of such uniform company signage, any directional signs and their installation will be borne by the landlord. The cost of any changes or special requests will be
borne by the tenant. 

  

	(4)	The tenant wishes to operate the premises as offices (rental purpose) and will continue to do so for the duration of the lease. Any change to the type of trade/profession exercised
in the premises will require the advance written approval of the landlord. The tenant is alone responsible for ensuring that the premises are commercially viable for the rental purpose. 

  

	(5)	The tenant has opted for VAT for the premises in accordance with §9, par. (2) of the taxation law. The tenant will use the premises only for business which will conform to the
current legal requirements covering input tax deductions at the time this lease is terminated. Should the tenant carry on any business in the premises which is contrary to this provision and, upon termination of this lease, will contravene the
applicable regulations covering the deduction of input tax, he undertakes to inform the landlord immediately. In that case, he is responsible for compensating the landlord for any disadvantages incurred through the loss of input tax deductions. In
addition, and on the basis of a justified request from the landlord, the tenant will provide the landlord with written confirmation that he will use the premises only for purposes which do not exclude the deduction of input tax. If the landlord is
obliged to provide the Taxation Office with comprehensive proof, the tenant undertakes to provide the landlord with such proof or – inasmuch as it satisfies the obligations of the landlord – send same directly to the Taxation Office.

  

	(6)	Official requirements and conditions which affect only the general nature and/or state of the premises are the responsibility of the landlord. If official conditions or the
observance/maintenance of official permits are based on the personal or specific circumstances of the tenant or on specific circumstances of his business, any associated procedures and costs are the exclusive responsibility of the tenant. The tenant
must also meet the costs of any future official requirements and conditions in relation to the use of the premises, even if they are directed to the landlord. 

  

	(7)	The landlord is entitled to lease other spaces in the premises to third parties for the same or similar purposes as the tenant. The tenant is not guaranteed protection from
competitors. 

  
 §3 
 Lease start and duration 
  

	(1)	The lease agreement starts on the day the premises are handed over (lease start). The handover will occur on 01.04.2001. If the tenant declines to take over the premises in the
state specified in the agreement, the lease agreement will start at the time of delayed acceptance by the tenant. 

  

	(2)	If the provisional handover date mentioned in par. (1) is exceeded by more than 1 month, the tenant may withdraw from the agreement. Any further claims by the tenant are excluded
unless the landlord has acted in a malicious or grossly negligent manner. 

  

	(3)	The lease agreement will run for five years, calculated from the first day of the month following the start of the lease (fixed lease period). The tenant has the right to extend the
fixed lease period once by a further five years (optional lease period) under the same conditions as those of this lease agreement. The tenant is to exercise the right of option by advising the landlord in writing at the latest 13 (thirteen) months
before the end of the fixed lease period. The option provision does not apply if the tenant has sublet the greater part of the premises at the time of exercising the option. 

  

	(4)	If the tenant does not exercise his right of option, the lease agreement will be extended by an unspecified period if one of the parties to the contract has not given notice at the
latest 12 (twelve) months before the end of the fixed lease period. If the tenant does exercise his right of option, the lease agreement will be extended for an indefinite period beyond the end of the option period unless one of the parties to the
agreement has given notice at the latest 12 (months) before the end of the option period. If the lease agreement is extended for an indefinite period, it too can be terminated by giving notice 12 (twelve) months before the end of a calendar month.

  

	(5)	If the tenant continues to make use of the premises beyond the end of the lease period, the lease agreement is not regarded as having been extended and §568 of German Law
applies. 

  

	(6)	In the event of the destruction of all or the greater part of the premises by an event for which the landlord is not responsible (e.g. fire, etc.), the landlord is entitled to
decide whether to rebuild the premises or not. If the landlord decides to rebuild, the tenant remains bound by the lease agreement if the premises can be made available to him again within 12 (twelve) months of the of the destructive/damaging event.
The obligation to pay rent, however, is suspended or reduced so long as the tenant cannot or can only partly use the premises in accordance with the lease. 

  
 §4 
 Giving notice 
  

	(1)	Notice to terminate the lease agreement must be given in writing. The period of notice will date from the time the notice is received, not from when it is dispatched.

  

	(2)	The landlord and tenant may terminate the lease agreement without giving notice by presenting serious grounds for so doing. The landlord may terminate the lease agreement without
notice: 

  

	 	1.	the tenant is in arrears with paying the rent or a substantial part of it for two consecutive payment periods (§554, par. (1), item 1 German Law), or 

 

	 	2.	if, for more than two payment periods, the tenant is late paying rent amounting to the sum payable for two months (§554, par. (1), item 2 German Law), or

  

	 	3.	the tenant submits a statutory declaration in accordance with §807 of the ZPO, is served with an extra judicial settlement of debts order or has ceased making payments, or

  

	 	4.	the tenant is in arrears with agreed rent insurance obligations and has not rectified the matter within a two week period of grace. 

  
 §5 
 Rent amount and value guarantee 
  

	(1)	The monthly rental amount consists of the following components: 

  

													
	1.	  	1127.33	  	m2	  	Office area on 1st floor, incl. part common areas at €12.78/m2 (DM25/m2)	  	€	  	14,407.28	  	DM28,183.25
							
	2.	  	 	  	m2	  	Office area on - floor, incl. part	  	 	  	 	  	 

  

													
	 	  	 	  	 	  	common areas at €-/m2 (DM-/m2)	  	 	  	 	  	 
							
	3.	  	 	  	m2	  	Office area on - floor, incl. part common areas at €-/m2 (DM-/m2)	  	 	  	 	  	 
							
	4.	  	 	  	m2	  	Storage space on – floor, €-/m2 (DM-/m2)	  	 	  	 	  	 
							
	5.	  	 	  	m2	  	Service space on - , incl. part common areas at €-/m2 (DM-/m2)	  	 	  	 	  	 
							
	6.	  	5	  	 	  	Parking places in underground garage/car park at €66.47 (DM130)	  	€	  	332.05	  	DM650
							
	7.	  	1127.33	  	 	  	Subtotal I	  	€	  	14,739.63	  	DM28,833.25
							
	8.	  	 	  	 	  	Incidentals (§7) €2.4 (DM4.69/m2) to item 1	  	€	  	2705.59	  	DM5287.18
							
	9.	  	 	  	 	  	Heating costs advance payment (§8) €0.41 (DM 0.80/m2) to item 1)	  	€	  	462.21	  	DM901.86
							
	10.	  	 	  	 	  	Flat charge (§9, par. (3) €0.23 (DM 0.45/m2) to item 1	  	€	  	259.29	  	DM507.30
							
	11.	  	 	  	 	  	Subtotal II	  	€	  	3427.08	  	DM6696.34
							
	12.	  	 	  	 	  	Totals I + II	  	€	  	18,166.71	  	DM35,529.59
							
	13.	  	 	  	 	  	VAT	  	€	  	2906.67	  	DM5684.73

  

 See also §18, par. (3). 
  

	(2)	The tenant’s obligation to pay rent starts on the day the lease begins. This also applies if the tenant, despite the landlord correctly observing the handover date, does not
occupy the premises or does not arrange for rent insurance. 

  

	(3)	If the landlord’s VAT option as per §9, par. (2) of the taxation legislation does not apply because the tenant does not use the premises in whole or in part in accordance
with the agreement in §2, par. (5) of this agreement, the landlord is not obliged to show the VAT separately. In addition, in this case, the gross rental (previous monthly rent without incidental and heating costs but including statutory VAT)
will in future be levied as a (new) monthly rent without VAT being shown. Should the missing optional provision only come to light later, the landlord is entitled to amend invoices issued to that time in such a way as to show that the previously
paid gross rent corresponds to the monthly rent (without VAT). Further claims by the landlord in accordance with §2, par. (5) of this agreement remain unaffected. 

  

	(4)	The rent (excl. incidental and heating costs) and the flat charge agreed in §9, par. (3) of this agreement are subject to an escalator clause as follows:

  

	 	1.	The rent (excl. incidental and heating costs) and the flat charge will be amended with effect at the start of the 13th month from the start of the lease (beginning of the second
rent year) in accordance with the previously (i.e. up to an including the last month of the first rent year) imposed change based on the cost of living price index from the Federal Statistical Office for all domestic households in Germany (1995 =
100; all Germany) as opposed to the status in the month the lease begins (first basis month). 

  

	 	2.	Thus, the amounts mentioned in 1. will change for each subsequent rent year in line with changes between the last applicable index and the index for the last month of the previous
year, with effect at the start of the first month of the new rent year. 

  

	 	3.	The changes will be automatic, with the amount matched to the changed index being applied without any special notice being given at the start of the new rent year. However, unless
the tenant receives a new calculation in writing from the landlord, the new payment schedule cannot come into effect. 

  

	(5)	 Both parties to the agreement concur that the current value guarantee clause in accordance with §4, par. (1) of the pricing conditions of 23 September 1998 are
accepted and that neither party is unduly 

  

	 	 
disadvantaged in relation to §2 of those conditions. Should §4, par. (1) of the conditions prove inapplicable and/or the required approval not be
granted, the parties undertake to come to an acceptable arrangement which closely approaches the agreed escalator clause in this agreement. 

  

	(6)	If the index cited in par. 4 is abandoned, replaced by another index or is based on different criteria, the changed index will replace the former index. In addition, the parties to
the agreement undertake here, too, to come to an arrangement which closely approaches the existing agreement in commercial terms. 

  
 §6 
 Rent payment – Rent guarantee

  

	(1)	The rent is to be paid monthly in advance and without charge to the landlord at the latest on the 3rd working day of the month to his account (no. 100 959 70 at the DG Bank in
Hamburg, sort code 200 600 00), quoting the tenant’s ID number. The time of payment will be based on the time the amount is credited, not the time it is dispatched. 

  

	(2)	If there is a delay in payment, the parties are entitled to impose interest in accordance with §288, par. 1 of German Law. The landlord’s right to terminate the agreement
in accordance with §4 remains unaffected. 

  

	(3)	The tenant will provide a rent guarantee lodged with a German or major foreign bank equal to 3 times the monthly rent, including advance incidental and heating costs, plus statutory
VAT in the amount of 

  
 €63,220.14 

(in words: sixty-three thousand two hundred and twenty euros and 14 cents) 
 (+DM123,642.96) 
 (one hundred and twenty-three thousand six hundred and forty-two 
 deutschmarks and 96 pfennigs) 
  
 in accordance with 
  
 ANNEX 4 
  
 If the rent guarantee is not lodged on time, the tenant will not be given any access to the premises before handover. The tenant will be responsible for any resultant delays. He will not be absolved of his contractual obligations, including
the obligation to pay rent. §4, par. (2), item 4 remains unaffected. 
  

	(4)	In the event of the disposal of the premises, the landlord is entitled and obliged to transfer the rent guarantee to the purchaser. 

  

	(5)	The legal regulations apply to the landlord’s mortgage. 

  

 §7 
 Incidentals 
  

	(1)	The amount for incidentals agreed in §5 will be used as a basis for the premise’s incidental costs described below. The tenant will pay the following incidental costs each
month in advance 

  
 €2705.59 
 (two thousand seven hundred and five euros ad fifty-nine cents) 
 = DM5787.18 
 (five thousand seven hundred and eighty-seven deutschmarks and 18 pfennigs) 
  
 plus the statutory VAT. 
  

	(2)	Incidentals in the sense of this agreement are deductions, amounts, fees and costs to the extent that these are to the existing or new account of the landlord as a result of his
ownership of/rental rights in the premises and/or his official use of land, buildings or commercial units (the latter including adjoining buildings, parking stations/underground garages, facilities and equipment) especially costs

  

	 	1.	for all current imposts, land tax, rental interest, waste disposal, recyclables collection, chimney cleaning, sewage, water supply and drainage (including rain and surface water),
plus the corresponding measuring equipment, their rental and calibration; 

  

	 	2.	for street cleaning, snow and ice removal/dispersal, cleaning and care of stairs, paths, parking places, parking stations/underground garages, including maintenance of equipment
used to maintain and clean all external facilities and recreation areas, lawn and garden areas, including the replacement or addition of plants and trees; 

  

	 	3.	for the cleaning of the building, including common areas, rooms and equipment, entry foyers, lifts, stairways and other common-use parts of the building, cleaning and maintenance of
external glazing and facades, as well as combating vermin; 

  

	 	4.	for managing and lighting common areas and spaces, common and external facilities, entry halls, lifts, stairways, parking places, parking stations/underground garages and other
commonly used sections of the building, including replacing failed lighting and arranging regular safety checks; 

  

	 	5.	 for managing and maintaining shared technical equipment and facilities (especially signage, people and goods lifts, including lift emergency equipment and its
leasing, stairs, fire detectors, CO2 warning devices, sprinklers, butterfly dampers and smoke vents, air conditioning, ventilation equipment, external inspection equipment, fuel valves, lifting and pressure booster equipment, 

  

	 	 
and the like), plus all gauges, their rental and calibration, and the use of shared communications systems (broadband cable, and the like);

  

	 	6.	for all-risk insurance of the property (all-risk cover including rent loss insurance), for all necessary public liability insurance and for the required safety-related inspections;

  

	 	7.	for caretakers or other kinds of caretaker services, security services and porters; 

  

	 	8.	for miscellaneous costs which, in accordance with Annex 3 to §27. par. (1) of the 2nd Calculation Ordinance1 in the version applicable to occurring costs, are defined as operating costs. 

  

	(3)	Also included as incidental costs in the sense of this agreement are the costs of property management. A flat monthly rate will be agreed for this, amounting to 3% (three per cent)
of the rent (excluding incidentals and heating costs, the flat rate in §9, par. (3) and VAT), plus the statutory VAT (“management fee”). The management fee will also be due without further proof of costs even if the tenant manages the
premises himself. 

  

	(4)	If new or increased incidental costs arise in the sense of par. (2), they may be added by the landlord to the tenant’s rent for the premises from the time they occur/increase,
with appropriate advance payment also being imposed. If the landlord does not provide current property tax rate advice, a provisional rate will take its place. 

  

	(5)	If the incidental costs are shared by the tenants of the premises, the criterion for allocating them and the accounting period will be determined by the landlord at his discretion
without prejudice to the principle of equal treatment of all tenants and in accordance with official regulations. If there is any doubt, the calculation of these incidental costs will be based on the size of individual rented areas in the premises.

  

	1	Ordinance on housing industry calculations. 

  

	(6)	Notwithstanding existing regulations, the landlord is entitled, where technically possible, to request from the tenant the precise amount of individual incidental cost items (e.g.
water consumption) from the service provider and/or to apportion the costs corresponding to individual call upon those services by the tenant of the premises. The tenant is obliged to maintain counters and other measuring devices in good operating
condition. 

  

	(7)	 The regular removal of refuse not appropriate for the residential refuse collection (in particular special waste and dangerous substances, plus bulky waste such as
packaging) is the responsibility of the tenant. The 

  

	 	 
temporary and orderly storage of this waste until it is removed is also the tenant’s responsibility. However, the landlord will also give assistance
here, depending on local circumstances. Neither refuse containers nor waste or recycled materials may be stored anywhere except in areas designated by the landlord for this purpose. 

  

	(8)	The landlord will calculate the advance payments due by the tenant on a yearly basis. Any difference between the anticipated and the actual amount borne by the landlord/tenant will
be settled by the tenant/landlord within one month of receipt of the invoice. If the tenant moves out during the accounting period, the apportionment will occur at the time of the next calculation and, if there is any doubt, based on the duration
the premises were rented during the accounting period. Objections to the accuracy of the calculation must be made within one year of submission of the account. 

  

	(9)	If the calculation by the landlord leads to an increase or decrease in the incidental costs, prepayments for the subsequent period are to be raised or lowered appropriately.

  
 §8 
 Heating costs 
  

	(1)	The prepayment agreed in §5 for heating costs will be directed towards the heating costs described below. They will be paid monthly in advance as follows:

  
 €462.21 
 (four hundred and sixty-two euros and twenty-one cents) 
 (= DM901.86) 
 (nine hundred and one deutschmarks and eighty-six pfennigs) 
  
 plus statutory VAT. 
  

	(2)	To the extent that the following costs affect the premises, heating costs in the sense of this agreement are the costs for fuels and their delivery, electricity, servicing,
maintenance, supervision and care of the heating, fuel and exhaust gas equipment, regular testing of operation and safety, including regulation by a specialist technician, cleaning of the equipment and surrounding areas, monitoring in accordance
with the Federal Emissions Protection law, rental or other kinds of usage provision of equipment needed to provide heating, plus the costs of use of this equipment in addition to its calibration, including the costs of accounting and distribution.
In the case of zone heating, the heating costs will include the total cost of heat supply and the costs associated with operating the facility, plus the aforementioned costs. 

  

	(3)	If the landlord provides the premises with hot water, the costs of the hot water supply equipment will form part of the heating costs. Par. (2), sentence 2 applies to zone hot
water. 

  

	(4)	An annual calculation of prepayment amounts will be made in accordance with the Heating Costs Ordinance. In the case of zone heating provision, the partial use of the heating supply
will be determined exclusively on the basis of gauges calibrated according to official regulations. For the rest, the provisions of §7 apply. 

  

§9 
 Maintenance and use of the
premises and rented premises 
  

	(1)	The landlord will be responsible for the overall maintenance of the premises (external maintenance) and will bear the associated costs. Here, “overall” means the roof and
building covering, and any associated plumbing work (gutters), including maintenance of the front and sides, glass roofs, and access to and from the roof. It also includes the load-bearing portions of the building (all foundations, load-bearing
walls, supports, pillars and ceilings), the facade, facade cladding and chimneys. 

  

	(2)	The landlord is also responsible for 

  

	 	1.	the maintenance and repair of common areas, shared equipment and facilities outside the rented premises and the replacement of broken outside glass; 

  

	 	2.	the rectification of damage to the building and/or grounds caused by third parties such as visitors or clients of the tenant; 

  

	 	3.	the provision (including depreciation for wear and tear) of equipment for cleaning, snow and ice removal, and maintenance of grounds and building, including the parking
station/underground garage, plus the care and cleaning of all external facilities such as lawns and gardens; 

  

	 	4.	the maintenance and repair of shared bell, speaker and door-opening equipment. 

  

	(3)	The tenant will contribute to the costs borne by the landlord in association with the measures cited in par. (2) to the extent of an annual amount of maximum 5% (five per cent) of
the rent (excluding incidentals and heating cost prepayments, and VAT) plus statutory VAT and amounting to at least a monthly flat rate of €0.23/m2, adjusted in accordance with §5, par. (4), plus statutory VAT. The minimum amount to be
paid will be levied without further proof of cost by the tenant. Additional costs are to be listed individually by the landlord. Any claims for replacement against the tenant by the landlord on the basis of contractual or statutory provisions
regarding liability remain unaffected. 

  

	(4)	Servicing, maintenance and repairs inside the rented premises are the responsibility of the tenant, who will bear the associated costs. This refers specifically to the servicing,
maintenance and repair of electrical power and lighting equipment, bathroom equipment, gas supplies and the like, kitchen equipment, plumbing equipment, locks, windows (internal), sun-protection devices (internal and external), dividing walls, air
conditioners and ventilation facilities (if inside the rented premises). Lights and light sources within the rented premises are to be replaced at the tenant’s cost. The tenant is further responsible for the regular inspection, servicing and
replacement of fire extinguishers inside the rented premises. 

  

	(5)	The rented premises are to be decorated by the tenant at regular intervals. 

  

	(6)	In the case of the erection and modification to technical equipment which, because of its effects (e.g. vibration, noise, smell, shaking, dangerous emissions, x-rays, dust, gases,
electrical interference) is likely to disturb third parties or damage the grounds and building, the tenant is to inquire into the applicable regulations (including those from the unions) and standards, and to provide this information in order to
obtain the written permission of the landlord. If this permission is granted, claims against the tenant in the event of disadvantageous effects on third parties, grounds or buildings are excluded. However, if such technical equipment does bring
about disturbances to third parties or disadvantageous effects to grounds or building, the landlord may withdraw permission and request the removal of the equipment. If the circumstances result in damage to the grounds and/or building, the tenant
must make this good. The same applies in the event of the installation in the rented premises of heavy equipment, machinery, safes or similar with regard to any resultant hazards. 

  

	(7)	Inasmuch as the tenant is involved with dangerous substances or preparations in the sense of §3 a of the Chemical Law and/or §4 of the Dangerous Substances Ordinance, the
tenant is responsible for observing all regulations covering the handling of these dangerous substances and preparations, and absolving the landlord of responsibility from all associated risks and statutory requirements. The landlord is entitled to
require the tenant to take out and maintain suitable liability insurance covering the handling of these substances and preparations. The tenant is to provide the landlord with evidence of the taking out, coverage and continuation of this coverage
upon request at any time. The tenant is to rectify all damage brought about by his use or dangerous substances and preparations (including their keeping/storage). 

  

	(8)	Any damage to the grounds and building are to be pointed out to the landlord as soon as the tenant notices same. The tenant is to take the necessary precautions – where
possible – to avoid imminent danger. 

  

	(9)	The tenant absolves the landlord of responsibility for all damage caused by infringement of the tenant’s above duty of care, especially for the improper handling of the
facilities, equipment and substances mentioned in pars (6) and (7). 

  

	(10)	The tenant will rectify any damage for which he is responsible immediately and in consultation with the landlord. If he does not meet this responsibility within a specified period,
despite a written reminder, the landlord may undertake the required work at the tenant’s cost. In the case of imminent danger, the written warning and specified period are not necessary. 

  
 §10 
 Subletting 
  

	(1)	In the event of the complete or partial subletting of the premises to third parties for the purposes described in §2, the tenant requires the landlord’s written permission
and is to provide him with an advance copy of the subletting agreement. The landlord can only withhold his permission by advancing serious reasons. The landlord may withdraw permission once given if there are reasons because of the person or
behaviour of third parties which, if they were to occur in the case of the tenant, would entitle the landlord to terminate the agreement without notice. The refusal to grant or decision to withdraw permission do not entitle the tenant to any form of
compensation. 

  

	(2)	In the case of landlord-permitted or unauthorized subletting or other transfer of use, the tenant, by signing the lease agreement, for the safety of all claims by the landlord
resulting from this lease agreement, assigns his own claims against the subtenant, including liens, to the landlord, who accepts this assignment. If the tenant obtains rent from the subtenant which is higher than the rent agreed in §5, he is
obliged to make over 50% (fifty percent) of the additional amount to the landlord in each subsequent month. 

  

	(3)	In the case of subletting or other transfer of use, the tenant assumes responsibility for all actions and omissions on the part of the subtenant/user as if his own actions were
involved. 

  
 §11 
 Installation and conversion by the tenant, as well as advertisements and 
 special plant and equipment 
  

	(1)	 The tenant requires the written permission of the landlord, to whom he is to provide suitable plans in advance, for any installations or conversions in the
premises, including the introduction/modification of fixed equipment. The same applies to the introduction/modification of standard advertisements, plaques and other special plant and equipment outside the premises. The landlord can only decline to
give his permission for these kinds of measures by presenting serious reasons, and may withdraw permission only under the same 

  

	 	 
conditions. He may make agreement to devices outside the premises dependent on payment of a usage fee. Refer also to §9, pars (6) to (10).

  

	(2)	The tenant is responsible for obtaining the necessary official permissions to provide and maintain the above measures. He also agrees to bear all costs associated with carrying out
these measures. If technical facilities require acceptance tests and/or regular checking (by the TUV, for example), these are to be arranged by the tenant at his own expense, and their execution and results advised to the landlord. The greatest
possible consideration is to be paid to the interests of the other tenants of the premises when these procedures are carried out. Noisy or other procedures which could disadvantage the commercial activities of other tenants and only to be carried
out before 9am, at weekends or public holidays. The current official regulations are also to be observed by the tenant. At the end of the lease agreement – at the landlord’s discretion – the original condition of the premises is to be
restored or the installation and conversion work or other plant and equipment gifted to the landlord without compensation. 

  
 §12 
 Improvements and structural
changes by the landlord 
  

	(1)	Provided he gives timely notice, the landlord may, without the agreement of the tenant, undertake improvements and structural changes needed to maintain the grounds, building or
economic entity, to prevent imminent dangers or to rectify damage. This applies also to work and construction which are not necessary but which are advisable, especially modernization (in the sense of bringing the building up to current building
standards), improved use or extension (including adding extra storeys). Also included is conversion work associated with new leasing of individual areas or the new design of the premises. 

  

	(2)	When carrying out the work, the landlord will take the interests of the tenant into appropriate consideration. He will inform the tenant of the work and structural changes well
before they start and will show him the conversion and/or extension plans. The tenant will provide reasonable access to the spaces and areas in the premises affected by these activities 

  

	(3)	If the landlord carries out work or construction in the sense of par. (1) which later result in savings in heating costs or other incidentals cited in §7, the tenant agrees
upon signing this lease to contribute to the investment costs, taking into account and in proportion to his savings. The parties will formalize the tenant’s share of the costs in a codicil to the lease. 

  

	(4)	 The tenant may reduce the rent or exercise his right to withhold payment if the work involved prevents or seriously hinders his use of 

  

	 	 
the premises for the agreed purpose, in whole or in part, §541, par. (2) of German Law applies. Claims for damages by the tenant are limited to the
provisions of §13. 

  

	(5)	The tenant will allow modernization and improvement activities if given adequate advance notice where this is possible. Pars (1) and (4) apply. 

  

	(6)	If, because of the activities described in par. (1), it is necessary to provide the tenant with other rental spaces on a temporary basis, the parties to this lease will come to a
separate agreement obliging the landlord’s to bear the moving costs. 

  

	(7)	The landlord is entitled to lease the outer facades and roof areas of the premises to third parties for advertising and the like while bearing in mind the interests of the tenant.

  
 §13 
 Landlord’s responsibility – nuisance by third parties 
  

	(1)	Claims for damages by the tenant, including those deriving from pre-lease contractual obligations and unacceptable treatment can only be declared valid if based on

  

	 	1.	malice or gross negligence by the landlord or his servants, or 

  

	 	2.	negligent violation of an important contractual obligation by the landlord or his servants, or 

  

	 	3.	by the lack of a guaranteed feature of the premises. 

  

	(2)	The landlord is not responsible for disturbance to the use of the premises brought about by third parties, including other tenants of the premises. He will, however, endeavour to
take remove nuisance brought to his attention, bearing in mind the interests of his tenants. 

  

	(3)	Restrictions to the use of the premises by external conditions not under the control of the landlord (e.g. traffic detours, digging work, road blockages, demonstrations, noise,
smell and dust nuisance, and vibrations) may only form the basis for claims by the tenant under warranty if the contractual use of the premises is significantly affected and the landlord is not in a position to limit these restrictions to a
reasonable extent. Short-term restrictions of the kind cited above do not constitute grounds for claim. The tenant is advised that new construction work is currently being carried out in the vicinity of the premises, which could cause temporary
restriction to the use of said premises and which the landlord is not in a position to prevent. These restrictions are accepted by the tenant. The right to reduce the rent or to make other claims based on these circumstances are denied the tenant
unless the contractual use of the premises is seriously affected and the landlord is not in a position to provide relief within a reasonable time. 

  

	(4)	All exemptions from liability and liability limitations contained in this agreement apply equally to the landlord’s servants. 

  
 §14 
 Insurance 
  

	(1)	The landlord is entitled to include in the incidental costs under §7, par. (2.6) all-risk insurance for the building (including rent loss insurance) and liability insurance to
the extent justified by the risks. 

  

	(2)	The tenant undertakes to advise the landlord immediately and in writing of any installation and modification work in or to the premises which increase its value in the sense of the
insurance conditions set out under par. (1), especially any changes to risk protection in the sense of the fire and public liability insurance conditions. The tenant will bear the expense of any additional insurance premiums.

  

	(3)	The tenant is responsible for insuring equipment, technical facilities, advertising devices and installations against damage of any kind. In addition, the tenant is to take out
commercial liability insurance and a burglary policy for the duration of the rental arrangement. 

  
 §15 
 Access to the premises 
  
 The landlord and his representatives may enter the premises with interested parties, expert
advisors or witnesses during normal business hours to exercise their mortgagee rights, to check the structural condition of the premises, as well as the functionality and safety of technical equipment, for continued leasing of the premises, its sale
or in other similar circumstances. Reasonable notice is required except in case of imminent danger. 
  
 §16 
 Lease termination 
  

	(1)	Before the lease terminates, the tenant is to rectify any damage caused by his use of the premises and to remove from the premises any dangerous substances and preparations, to
carry out any refurbishments and, under the conditions given in §11, par. (2), return the premises to their original condition. A joint report will be prepared at the latest one month before termination of the lease, in which are noted any
damage resulting from use, any refurbishments (to floor coverings, as well), and installations and modifications introduced by the tenant, advertising devices and/or miscellaneous equipment to be removed. 

  

	(2)	 If the premises were handed over to the tenant in renovated condition at the start of the lease or the landlord has credited the renovation costs to the tenant
– in addition to the provisions in par. (1) – the tenant is obliged to fully renovate the premises (except his share of common areas). This obligation to renovate covers renewing wallpaper and/or 

  

	 	 
wall and ceiling paint, as well as carpets and similar floor coverings in the same quality as existed when the premises were handed over.

  
 Carpets and similar floor coverings not
older than five years, however, need only be professionally cleaned. Colours and samples of carpets and wallpaper/wall and ceiling paint require the landlord’s approval. Instead of having the renovation carried out by the tenant, the landlord
is entitled to request an amount from the tenant equivalent to the renovation costs of having the work done by a specialist firm. If the parties cannot agree on the amount of these renovation costs, an expert from the local trades organization
should be enlisted as arbitrator. The cost of the arbitrator will be shared equally by the parties. 
  

	(3)	When the lease expires, the tenant will leave the premises in an orderly condition in accordance with the provisions of the lease, and return all keys, including copies made by the
tenant, and all key cards at a time agreed with the landlord. If, despite a reminder and the granting of a period of grace, this does not happen, the landlord is entitled to replace the locks at the tenant’s expense and have new keys and cards
made. When the premises are handed back, the landlord will prepare a detailed report on their condition. The tenant or his representative will take part personally in the preparation of the report. 

  

	(4)	If work to be carried out on the premises by the tenant is not complete when the lease expires, the rent and incidentals are to be paid until the end of the month in which the work
is completed. Other claims by the landlord remain unaffected. 

  

	(5)	If the tenant moves out prematurely, the landlord is entitled to have maintenance and renovation work carried out without giving the tenant credit for the rent and the like.

  
 §17 
 Disposal of premises 
  

	(1)	The landlord reserves the right to dispose of the premises. In doing so, he will arrange for the purchaser to assume all rights and obligations associated with the lease on the day
the premises are handed over. Once this is done, by signing this lease the tenant waives his rights under §571, par. (2) of German Law (Obligation of the landlord disposing of the premises for the continued observance of the lease agreement by
the purchaser). 

  

	(2)	In the event of the premises being disposed of, the landlord is entitled to request a letter of representation from the tenant, enclosing a copy of the lease documents. The tenant
is then obliged to indicate in writing within four weeks whether the landlord’s copy is full and accurate. 

  

 §18 
 General provisions 
  

	(1)	Several natural and legal persons are liable jointly and severally for all liabilities arising from this lease. 

  

	(2)	If one or more provisions of this lease become unworkable for any reason, this will not affect the validity of the rest of the lease. In these circumstances, the parties undertake
to find a workable agreement which closely approaches the commercial purpose of the unworkable provision(s). 

  

	(3)	Verbal subagreements are without validity. Amendments and additions to this lease as well as all declarations of intent against the other partner to the lease must be in writing to
be valid. 

  

	(4)	The parties to the agreement both agree to undertake all negotiations and to provide all clarifications needed to satisfy the written statutory requirements, especially as they
relate to concluding, changing and augmenting agreements, and until then not to cancel the agreement ahead of time by citing the non-observance of written forms. The parties further agree that any non-observance of the written form different from
that covered by §125, par. 2 of German Law will not affect the validity of the agreement. 

  
 §19 
 Additional conditions 
  

	(1)	In the interests of a cooperative relationship between tenant and landlord, the landlord proposes meeting with the tenant each annually as an on-site contact person.

  

	(2)	The landlord is entitled to lease the underground garage/parking station to an outside operator. Allowing that this might happen, the tenant agrees from the outset to conversion of
the lease conditions covering parking spaces in the underground garage/parking station to a sublease arrangement with the underground garage/parking station operator. 

  
 The landlord/outside operator reserves the right to include the parking spaces for the premises in a parking area management
arrangement. It may then only be possible to provide a non-permanent local parking space in the premises. If that happens, the rent will be adapted to match the parking spaces affected. By signing this lease, the tenant gives his basic agreement to
such a change to the lease and his preparedness to come to the necessary agreements with the landlord/outside operator at the relevant time. 
  

	(3)	All euro amounts cited in this lease can until 31 December 2001 also be paid in the DM equivalent. The rent given in euros in §5 is the equivalent of the following in DM:

  

									
	 1.
	  	1127.33	  	m2	  	Office area on 1st floor, incl. part common areas at €12.78/m2 (DM25/m2)	  	DM28,183.25
					
	 2.
	  	 	  	m2	  	Office area on - floor, incl. part common areas at €-/m2 (DM-/m2)	  	 
					
	 3.
	  	 	  	m2	  	Office area on - floor, incl. part common areas at €-/m2 (DM-/m2)	  	 
					
	 4.
	  	 	  	m2	  	Storage space on - floor, €-/m2 (DM-/m2)	  	 
					
	 5.
	  	 	  	m2	  	Service space on -, incl. part common areas at €-/m2 (DM-/m2)	  	 
					
	 6.
	  	5	  	 	  	Parking places in underground garage/car park at €66.47 (DM130)	  	DM650
					
	 7.
	  	1127.33	  	 	  	Subtotal I	  	DM28,833.25
					
	 8.
	  	 	  	 	  	Incidentals (§7) €2.4 (DM4.69/m2) to item 1	  	DM5287.18
					
	 9.
	  	 	  	 	  	Heating costs advance payment (§8) €0.41 (DM 0.80/m2) to item 1)	  	DM901.86
					
	 10.
	  	 	  	 	  	Flat charge (§9, par. (3) €0.23 (DM 0.45/m2) to item 1	  	DM507.30
					
	 11.
	  	 	  	 	  	Subtotal II	  	DM6696.34
					
	 12.
	  	 	  	 	  	Totals I + II	  	DM35,529.59
					
	 13.
	  	 	  	 	  	VAT	  	DM5684.73

  

	(4)	As well as the current lease provisions, the landlord and tenant agree to the following special conditions which in each case take precedence over other conditions in the lease. In
the event of contradictions, omissions or unclear items, this lease should be so formulated that the intent of the following special conditions is carried out as far as possible and for the rest as if the parties to the agreement had agreed to this
if they were to notice and consider there to be a contradiction, omission or lack of clarity when they came to sign the agreement. 

  

	 	1.	The landlord will fit out the leased premises described in §1 in accordance with the enclosed plan at his own expense. The standard description (Annex 3) will be used as the
basis for the standard of the fit-out. 

  

	 	2.	Varying §5, par. 2, the tenant will be granted a rent-free period of 4 months from the start of the rental period in as per §3, par. 1. This not include incidental costs
as per §7, heating costs as per §8 and the flat rate as per §9, par. 3, all of which become payable from the start of the lease. The escalator clause as per §5, par. 4 applies, regardless of the present condition.

  

	 	3.	Varying the standard fit-out description (Annex 3), the landlord will install a refrigerator and a dishwasher in the tenant’s pantry kitchen in the premises.

  

	 	4.	Supplementing §2, par. 4, it is also agreed that any change to the usage purpose may only be refused by the landlord for factually serious reasons. 

  

	 	5.	Varying §3, par. 2, sentence 1, the parties agree that servicing, maintenance and repairs inside the premises, to the extent that they affect the series of items described in
§9, par. 4, sentence 2 or equipment/installations introduced by the tenant, are the tenant’s responsibility and will be undertaken at his expense. The terms “specifically” and “gas supplies” care to be deleted from the
items described in §9, par. 4, sentence 2. The minor repairs cited are the tenant’s responsibility so long as they do not amount individually to more than DM800 or an annual total of DM8000. 

  

	 	6.	Supplementing §10, it is further agreed that the transfer of use by the tenant to associated companies does not constitute subletting. The provisions of §10 apply to
subletting to external companies. 

  

	 	7.	Supplementing §11, par. 1, the landlord agrees to the fit-out and equipment plans provided in the annex and which the tenant has proposed. 

  

	 	8.	If the tenant demonstrates that he has carried out decorative repairs in the year before termination of the lease, the landlord is not entitled to request a final renovation or
assumption of renovation costs by the tenant as per §16, par. 2. 

  

	 	9.	Sentences 4 to 8 are deleted from §19, par. 2 without replacement. 

  

	 	10.	The period of notice in §3, par. 6 is reduced from 12 to 3 months. 

  

	 	11.	Supplementing §12, par. 2, it is agreed that the tenant will be informed by the landlord of the nature and extent of any construction work at the latest 2 months before it
starts. 

  

	 	12.	Supplementing §12, par. 3, it is agreed that the amount of savings to be made in heating and/or incidental costs will be advised to the tenant before any work is carried out
for which he must pay the costs. 

  

	 	13.	The word “gross” is deleted from §13, par. 1, sentence 1. 

  

	 	14.	The word “significantly” in §13, par. 3 is replaced by the phrase “not just trivially”. 

  

	 	15.	Supplementing §16, par. 5, it is agreed that the time needed by the landlord for miscellaneous maintenance and refurbishment work during which the tenant continues to pay rent
will not exceed 2 months. 

  

	(5)	The following ANNEXES 1.1 and 1.2 to 4 form part of this lease agreement. 

  

					
	 Hamburg, 15.05.2001
	 	 	 	Zurich, 14.02.01
			
	  	 	 	 	  
	 [signatures]
	 	 	 	 
			
	 Tenant
	 	 	 	LandlordLease, Hogg Group

 Exhibit 10.34 
  
 DATED 28 September 2000 
  
 (1) HOGG GROUP PLC 
  
 - and - 
  
 (2) e-TRX LIMITED 
  
 - and - 
  
 (3) HOGG
ROBINSON PLC 
  

  
 LEASE 
 relating to 
  
 3rd Floor, Pegasus House, Leicester 
  

  
 

 

 CONTENTS 
  

					
	 1.
	  	PARTICULARS	  	1
			
	 2.
	  	DEFINITIONS AND INTERPRETATION	  	2
			
	 3.
	  	THE DEMISE	  	9
			
	 4.
	  	TENANT’S COVENANTS	  	10
			
	 5.
	  	PROVISOS	  	35
			
	 6.
	  	LANDLORD’S COVENANTS	  	40
			
	 7.
	  	SURETY’S COVENANTS	  	43
			
	 8.
	  	SERVICE CHARGE	  	44
			
	 9.
	  	TENANT’S BREAK CLAUSE	  	46
		
	SCHEDULE 1	  	46
			
	 	  	Description of the Demised Premises	  	46
		
	SCHEDULE 2	  	47
			
	 	  	Rights granted to the Tenant	  	47
		
	SCHEDULE 3	  	48
			
	 	  	Exceptions and reservations	  	48
		
	SCHEDULE 4	  	49
			
	 	  	Services as referred to in clause 6	  	49
		
	SCHEDULE 5	  	50
			
	 	  	Items of Expenditure as referred to in clause 8	  	50
		
	SCHEDULE 6	  	54
			
	 	  	Deeds and documents containing matters to which the Demised Premises are subject	  	54
		
	SCHEDULE 7	  	54
			
	 	  	Requirements of authorised guarantee agreement	  	54

 THIS LEASE is made on 28 September 2000 
  
 BETWEEN the Landlord the Tenant and the Surety named in the Particulars hereunder 
  
 WITNESSES as follows: 
  

					
	 1.
	  	PARTICULARS	  	 
			
	 	  	Landlord:	  	HOGG GROUP PLC (company number 688743 England) whose registered office is at Lloyds Chambers Portsoken Street, London E1 8DF
			
	 	  	Tenant:	  	e-TRX LIMITED (company number 3841799) whose registered office is at Abbey House, 282 Farnborough Road, Farnborough, Hampshire GU14 7NJ
			
	 	  	Surety:	  	HOGG ROBINSON PLC (company number 2107443) whose registered office is at Abbey House aforesaid
			
	 	  	Demised Premises:	  	the property described in schedule 1
			
	 	  	Building:	  	the Landlord’s building known as Pegasus House, Leicester
			
	 	  	Contractual Term:	  	from 30 June 2000 and expiring on 27 July 2007
			
	 	  	Rent commencement date:	  	24 March 2001
			
	 	  	Initial Rent:	  	Thirty seven thousand eight hundred and eighteen pounds (£37,818) per annum (exclusive of value added tax)
			
	 	  	Review date:	  	30 June 2005
			
	 	  	Permitted use:	  	use of the Demised Premises as offices within class B(l) of the Schedule to the Town and Country Planning (Use Classes) Order 1987

  

 1 

	2.	DEFINITIONS AND INTERPRETATION 

  

	 	2.1	Definitions 

  
 In this Lease the following words and expressions shall where the context so admits be deemed to have the following meanings: 
  
 “1995 Act” means the Landlord and Tenant (Covenants) Act
1995. 
  
 “Apparatus” means all lifts lift
shafts escalators water treatment plant boilers heating and ventilation systems generators and all other plant machinery and equipment belonging to or in the control of the Landlord in or about or serving the Building including (without prejudice to
the generality of the foregoing) the Conduits. 
  
 “Approval Date” means in relation to an application to the Landlord for consent hereunder the date on which such consent is formally granted in writing. 
  
 “arbitration” means the following procedure: 
  

	 	(a)	where this Lease provides that in case of dispute the matter shall be referred to arbitration either party may by giving written notice to the other invoke this procedure;

  

	 	(b)	the matter in question shall be determined at the option of the Landlord either by an arbitrator or by an expert who shall be an independent valuer having experience of property
being put to the same or similar use as the Demised Premises and of property in the same region in which the Demised Premises are situate such arbitrator or expert to be appointed in the absence of agreement by the President for the time being of
the Royal Institution of Chartered Surveyors on the application of either party; 

  

	 	(c)	in the case of an arbitration it shall be conducted in accordance with the Arbitration Act 1996 and the costs of the arbitration shall be in the award of the arbitrator whose
decisions shall be final and binding on the parties hereto with the further provision that if the arbitrator shall die or decline to act the President for the time being of the Royal Institution of Chartered Surveyors or the person acting on his
behalf may on the application of either the Landlord or the Tenant by writing discharge the arbitrator and appoint another in his place; 

  

 2 

	 	(d)	in the case of reference to an expert: 

  

	 	(i)	the costs of the reference shall be in the award of the expert whose decision shall be final and binding on the parties; 

  

	 	(ii)	the expert shall afford to each of the parties an opportunity to make representations and counter representations to him; and 

  

	 	(iii)	if he shall die or delay or become unwilling, unfit or incapable of acting or if for any other reason the President for the time being of the Royal Institution of Chartered
Surveyors or the person acting on his behalf shall in his absolute discretion think fit the President on the application of either party may by writing discharge him and appoint another expert in his place. 

  
 “Building” means the land and buildings known as Pegasus
House, Burleys Way, Leicester which is registered at H M Land Registry under title number LT114381. 
  
 “Business Hours” means the usual business or working hours of the Building which shall be 8.00am to 6.30pm on Mondays to Fridays
(inclusive) (exclusive of Christmas Day, Good Friday and all bank or public holidays) and such additional hours as may from time to time be specified by the Landlord in its absolute discretion. 
  
 “Conduits” means drains, sewers, conduits, flues, gutters,
gullies, channels, ducts, shafts, watercourses, pipes, cables, wires, mains and other conducting media or any of them. 
  
 “common parts” means the access ways, pedestrian ways, courtyards, forecourts, entrance halls, passageways, staircases, lobbies,
landings, lifts and any other amenities in the Building or within the curtilage thereof which are from time to time provided or designated by the Landlord for common use by the tenants and occupiers of the Building and all persons expressly or by
implication authorised by them but excluding the Lettable Areas. 
  

 3 

 “Demised Premises” means the property described in schedule 1 and refers to each and
every part of the Demised Premises including: 
  

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

  

	 	(b)	the flooring, raised floors and floor screeds so that the lower limit of the Demised Premises shall include such flooring, raised floors and floor screeds but shall not extend to
anything below them; 

  

	 	(c)	the ceiling and ceiling finishes (including the whole of any false ceiling) so that the upper limit of the Demised Premises shall include such ceiling and ceiling finishes but shall
not extend to anything above them; 

  

	 	(d)	all internal walls of the Demised Premises; 

  

	 	(e)	all walls of the Demised Premises which divide the Demised Premises from the remainder of the Building up to one half of their depth severed vertically;

  

	 	(f)	all structures now or at any time during the Term erected or in course of erection therein and each and every part thereof; 

  

	 	(g)	all alterations, additions and improvements from time to time made during the Term; 

  

	 	(h)	all the Landlord’s fixtures and fittings now or hereafter on the Demised Premises or any part thereof and fixtures of every kind which shall from time to time be in or upon the
Demised Premises (whether originally affixed or fastened to or upon the same or otherwise) except such Tenant’s fixtures as can be removed from the Demised Premises without defacing the same; 

  

	 	(i)	all sanitary and hot and cold water apparatus and equipment and the radiators (if any) therein; 

  

	 	(j)	the window frames, glass, sash cords, doors, conducting media and electrical and heating installations within the confines of the Demised Premises; 

  

 4 

	 	(k)	any conducting media that exclusively serve the Demised Premises but that are not within the provisions of (i) above. 

  
 “Encumbrances” means the restrictions, stipulations,
covenants, rights, reservations, provisions and other matters contained imposed by or referred to in the Property and Charges “Register of title number LT114381, the Headlease and the deed of variation, brief particulars of which are set out in
schedule 6. 
  
 “Environmental Protection Act”
means the Environmental Protection Act 1990 and any Act or Acts amending replacing or modifying such Act for the time being in force or of a similar nature and all orders and regulations thereunder for the time being in force. 
  
 “Group Company” means a company which is a member of the
same group of companies as the Tenant (as defined in section 42 of the Landlord and Tenant Act 1954 (as amended)) 
  
 “Headlease” means the superior lease under which the Landlord holds the Building dated 7 June 1973 and made between (1) The Lord Mayor
Aldermen and Citizens of the City of Leicester and (2) Surplus Lands Development Company Limited as varied by a deed of variation dated 10 November 1980 and made between (1) Leicester City Council and (2) Hogg Robinson Group Limited. 
  
 “Insured Risks” means fire storm tempest flood earthquake
lightning explosion impact aircraft (other than hostile aircraft) and other aerial devices and articles dropped therefrom riot civil commotion and, malicious damage bursting or overflowing of water tanks apparatus or pipes and such other risks as
the Landlord may in its reasonable discretion from time to time determine subject to such exclusions excesses and limitations as may be imposed by the insurers and are normal for such policy. 
  
 “Landlord” means the person for the time being entitled to
the reversion immediately expectant upon the determination of the Term (being at the date hereof the party stated as such in the Particulars). 
  
 “Lease” means this lease and includes any instruments supplemental to it. 
  

 5 

 “Lettable Areas” means those parts of the Building leased or intended to be leased to
occupational tenants. 
  
 “Outgoings” means all
general rates, water rates, water charges and all existing and future rates, taxes, charges, assessments, impositions and outgoings whatsoever (whether parliamentary, municipal, parochial or otherwise) which are now or may at any time in the future
be payable, charged or assessed on property or the owner or occupier of property (other than taxes imposed on the Landlord in respect of the yearly rent reserved by this Lease or in respect of a disposal or dealing with the reversionary interest in
the Demised Premises). 
  
 “Particulars” means
the particulars in clause 1. 
  
 “Permitted
Use” means the use stated as such in the Particulars. 
  
 “Perpetuity Period” means the period of 80 years commencing on the date of this Lease being the perpetuity period for the purposes of section 1 of the Perpetuities and Accumulations Act 1964 applicable to this Lease.

  
 “Plan” means the plan or plans annexed
hereto. 
  
 “Planning Acts” means the Town and
Country Planning Act 1990 the Planning (Listed Buildings and Conservation Areas) Act 1990 the Planning (Hazardous Substances) Act 1990 the Planning (Consequential Provisions) Act 1990 and the Planning and Compensation Act 1991 and any Act or Acts
amending replacing or modifying any of such Acts for the time being in force or of a similar nature and all orders and regulations thereunder for the time being in force. 
  
 “Rent Commencement Date” means the date stated as such in the Particulars. 
  
 “Rent Days” means 25 March 24 June 29 September and 25
December in each year and “Rent Day” shall mean any of such days as the context requires. 
  
 “Retained Parts” means all parts of the Building which do not comprise Lettable Areas including but not limited to: 
  

	 	(a)	the common parts; 

  

 6 

	 	(b)	office and residential or other accommodation which may from time to time be reserved in the Building for staff; 

  

	 	(c)	any parts of the Building reserved by the Landlord for the housing of plant, machinery and equipment or otherwise in connection with or required for the provision of services;

  

	 	(d)	all conduits in upon over or under or exclusively serving the Building except any that form part of the Lettable Areas; 

  

	 	(e)	the main structure of the Building and in particular but not by way of limitation the roof, foundations, external walls, internal load bearing walls and the structural parts of the
roofs, ceilings and floors, all party structures, boundary walls, railings and fences and all exterior parts of the Building and all roads, pavements, pavement lights and car parking areas (if any) within the curtilage of the Building.

  
 “Stipulated Rate” means in
relation to interest the rate of four per cent over the base rate of Barclays Bank PLC for the time being and from time to time prevailing (as well after as before judgment) or such other comparable rate as the Landlord may reasonably designate if
the base rate shall cease to be published. 
  
 “Superior
Landlord” means the Leicester City Council and includes all its successors in title. 
  
 “Surety” means the party stated as such in the Particulars and includes the personal representatives of the Surety and any other person
who may from time to time guarantee all or any of the Tenant’s obligations under this Lease. 
  
 “Surveyor” means any person appointed by the Landlord (including an employee of the Landlord or a group company and the person appointed
by the Landlord to collect the rents and manage the Building) to perform the function of a surveyor for the purpose of this Lease. 
  
 “Tenant” means the party stated as such in the Particulars and shall include such party’s successors in title to this Lease.

  

 7 

 “Term” means the Contractual Term together with any continuation or extension •
thereof (whether statutory or by the Tenant holding over or for any other reason). 
  
 “VAT” means value added tax or any tax of a similar nature that may be substituted for it or levied in addition to it. 
  

	 	2.2	Interpretation 

  
 In this Lease unless there be something in the subject or context inconsistent therewith: 
  

	 	2.2.1	Where the expressions the “Tenant” or the “Surety” (if any) include two or more persons they shall include the plural number and obligations expressed or implied
to be made by or with any of such persons shall be deemed to be made by or with such persons jointly and severally 

  

	 	2.2.2	Any covenant by the Tenant not to do or omit to do an act or thing shall be deemed to include an obligation not to permit or suffer such act or thing to be done or omitted to be
done as the case may be 

  

	 	2.2.3	Any reference to parting with possession shall be deemed to include sharing possession and any occupation whatsoever by a licensee 

  

	 	2.2.4	Any reference in this Lease to the Landlord’s consent shall include where necessary the consent of both the Landlord and all superior landlords (if any)

  

	 	2.2.5	Any references to a right exercisable by the Landlord shall include where necessary the exercise of such right by all superior landlords (if any) and all persons authorised by the
Landlord or any superior landlord 

  

	 	2.2.6	Any reference to a statute shall include any statutory extension or modification or re-enactment of such statute and any order instrument plan regulation permission or direction
made or issued thereunder or deriving validity therefrom 

  

 8 

	 	2.2.7	Words importing the singular meaning shall include the plural meaning and vice versa and words importing the masculine feminine and neuter genders shall include the other or others
of such genders 

  

	 	2.2.8	The clause and paragraph headings and the index are for convenience only and shall not affect the construction of this Lease 

  

	 	2.2.9	For the avoidance of any doubt expressions used in the Particulars shall have the same meanings when used elsewhere in this Lease 

  

	 	2.2.10	Any reference to a clause paragraph or schedule shall be a reference to the clause or paragraph of or schedule to this Lease so numbered 

  

	3.	THE DEMISE 

  
 In consideration of the rent and the covenants reserved by and contained in this Lease and at the request of the Surety: 
  

	 	3.1	the Landlord demises to the Tenant: 

  

	 	3.1.1	all the Demised Premises; 

  

	 	3.1.2	together with so far as the Landlord can grant the same the rights set out in schedule 2; and 

  

	 	3.1.3	except and reserved to the Landlord and all persons authorised by the Landlord or entitled thereto as stated in schedule 3; 

  

	 	3.1.4	subject to the encumbrances referred to in schedule 6; 

  

	 	3.2	for the Contractual Term; and 

  

	 	3.3	the Tenant yielding and paying during the Term and so in proportion for any less period than a year without any deduction 

  

	 	3.3.1	the yearly rent being the Initial Rent 

  

	 	3.3.2	as additional rent on demand the monies payable by the Tenant under clause 4.3 

  

 9 

	 	3.3.3	as additional rent the sums calculated and payable at the times and in accordance with clause 8 hereof 

  

	 	3.3.4	the monies referred to in Clause 4.1.2 and clause 4.21 on demand. 

  

	4.	TENANT’S COVENANTS 

  
 The Tenant covenants with the Landlord as follows: 
  

	 	4.1	Rent 

  

	 	4.1.1	To pay the several rents reserved by this Lease at the times and in the manner aforesaid together with any interim rent or rents at any time agreed or ordered without any deductions
and not to exercise or seek to exercise any right or claim to withhold rent or any right or claim to legal or equitable set-off. 

  

	 	4.1.2	If and whenever the Tenant shall fail to pay the rents or any other monies due under this Lease on the due date (whether formally demanded or not) or the Landlord shall with good
reason refuse to accept the same then (without prejudice to any other right or remedy of the Landlord including the right of re-entry hereinafter contained) the Tenant shall pay to the Landlord (whether formally demanded or not) interest at the
Stipulated Rate on such rents or other monies as the case may be from the date when the same became due until payment thereof (as well after as before judgment). 

  

	 	4.2	Outgoings 

  

	 	4.2.1	To pay and discharge all Outgoings in respect of the Demised Premises. 

  

	 	4.2.2	To refund to the Landlord on demand (in case any of the Outgoings are payable, charged or assessed on other property including Demised Premises) a fair and proper proportion
attributable to the Demised Premises such proportion to be fairly and properly determined by the Landlord or the Landlord’s Surveyor. 

  

 10 

	 	4.2.3	If the Landlord shall suffer any loss of rating relief which may be applicable to empty premises after the end of the Term by reason of such relief being allowed to the Tenant in
respect of any period before the end of the Term to make good such loss to the Landlord. 

  

	 	4.2.4	To pay for all gas and electricity consumed on the Demised Premises and all connection charges, charges for meters and all standing charges. 

  

	 	4.3	Insurance premium 

  

	 	4.3.1	To pay to the Landlord the due proportion to be determined fairly and properly by the Landlord or the Landlord’s Surveyor of the insurance premiums incurred with respect to the
Insured Risks as to which the following provisions shall apply: 

  

	 	4.3.1.1	the insurance premiums shall include all monies expended or required to be expended by the Landlord in effecting and/or maintaining cover against the Insured Risks (including the
cost of valuations for insurance purposes); 

  

	 	4.3.1.2	the Tenant’s liability shall include the whole of any increase in the insurance premiums or expense of renewal payable by reason of any act or omission of the Tenant or any
person deriving possession, occupation or enjoyment of the Demised Premises through the Tenant and also the whole of any increase in the insurance premiums for the Demised Premises attributable to the character of the Tenant or to the particular use
of the Demised Premises made by the Tenant and those deriving title under the Tenant or to the condition of the Demised Premises; 

  

	 	4.3.1.3	the due proportion to be determined fairly and properly by the Landlord or the Landlord’s Surveyor of insurance premiums shall be payable by the Tenant to the Landlord on
demand. 

  

 11 

	 	4.4	Repair 

  

	 	4.4.1	To repair, cleanse and maintain and keep in good and substantial repair and condition fully cleansed and maintained the Demises Premises (damage by the Insured Risks excepted save
to the extent that payment of the insurance monies shall be withheld by reason of any act, neglect or default of the Tenant or any undertenant or any person under its or their control). 

  

	 	4.4.2	The obligations in clause 4.4.1 extend to all improvements and additions made by the Tenant to the Demised Premises and all Landlord’s fixtures, fittings and appurtenances of
whatever nature affixed or fastened to the Demised Premises. 

  

	 	4.4.3	The obligations in clause 4.4.1 do not extend to damage by Insured Risks unless and to the extent that the policies of insurance in respect of Insured Risks effected by the Landlord
are vitiated or the policy monies are withheld by reason of any act or omission of the Tenant, its employees or agents. 

  

	 	4.4.4	To maintain in good and serviceable repair and condition the Landlord’s fixtures and fittings and all apparatus plant machinery and equipment (including but without prejudice
to the generality of the foregoing any lifts or lift shafts and any heating or air conditioning systems and any sprinkler system) in or upon the Demised Premises and to replace such of them as may become worn out lost unfit for use or destroyed by
substituting others of a like or more modern nature and of good quality and if the Landlord shall at any time so require to enter into agreements upon terms first approved in writing by the Landlord with the manufacturers thereof or with approved
maintenance contractors for the regular inspection and servicing of the same. 

  

	 	4.4.5	 To remedy any breach of covenant and to repair and make good all defects decays and wants of repair in respect of the Demised Premises of which notice in writing
shall be given by the Landlord to the Tenant and for which the Tenant may be liable hereunder within one calendar month 

  

 12 

	 	 
after the giving of such notice provided that in the case of default by the Tenant it shall be lawful for (but not obligatory upon) the Landlord (but without
prejudice to the right of re-entry hereinafter contained or other rights of the Landlord with regard thereto) to enter upon the Demised Premises and remedy the breach and/or make good such defects decays and wants of repair and the cost thereof and
all expenses (including surveyors’ and other professional fees) together with interest thereon at the Stipulated Rate from the date of expenditure by the Landlord until payment by the Tenant as well after as before judgment shall be a debt due
from the Tenant to the Landlord and be forthwith recoverable by action. 

  

	 	4.4.6	To keep the Demised Premises clean and in a neat and tidy condition and keep all rubbish and waste in enclosed receptacles on the Demised Premises or where the Landlord directs and
to empty the same at least once a week. 

  

	 	4.4.7	To clean as often as may be requisite the inside of the window panes and frames of the Demised Premises. 

  

	 	4.4.8	To pay on demand the sum equivalent to the loss of rent incurred by the Landlord during such period as is reasonably required for the carrying out of works after the end of this
Lease by reason of any breach of this clause 4.4 without prejudice to any other rights of the Landlord. 

  

	 	4.5	Decorations 

  
 In every fifth year of the Term and in the last three months of the Term howsoever determined to decorate the inside of the Demised Premises with two
coats of good quality paint and with paper for those parts normally papered or other suitable and appropriate materials of good quality in a workmanlike manner such decorations in the last three months of the Term to be executed in such colours,
patterns and materials as the Landlord may reasonably and properly require. 
  

 13 

	 	4.6	Landlord’s right of inspection and right of repair 

  
 To permit the Landlord and its servants or agents at all reasonable times upon reasonable prior notice (except in emergency) to enter into, inspect and
view the Demised Premises and examine their condition and also to take a schedule of fixtures in the Demised Premises. 
  

	 	4.7	Yield up in repair at the end of the Term 

  
 At the expiration or earlier determination of the Term or at such later time as the Landlord recovers possession of the Demised Premises from the Tenant:

  

	 	4.7.1	quietly to yield up the Demised Premises (together with all additions and improvements to the Demised Premises and all fixtures which during the Term may be fixed or fastened to or
upon the Demised Premises other than tenant’s fixtures removable by the Tenant) decorated, repaired, cleansed and kept in accordance with the Tenant’s covenants contained in this Lease (damage by Insured Risks excepted unless and to the
extent that the policies of insurance in respect of Insured Risks effected by the Landlord are vitiated or the policy monies are withheld by reason of any act or omission of the Tenant, its employees or agents); 

  

	 	4.7.2	if so requested by the Landlord to remove from the Demised Premises all the Tenant’s belongings - that is to say trade, fixtures and fittings and all notices, notice boards and
signs bearing the name of or otherwise relating to the Tenant (including in this context any persons deriving title to the Demises Premises under the Tenant) or its business; 

  

	 	4.7.3	to make good to the satisfaction of the Landlord all damage to the Demised Premises resulting from the removal of the Tenant’s belongings from the Demised Premises; and

  

	 	4.7.4	unless otherwise required by the Landlord: 

  

	 	4.7.4.1	to remove and make good all alterations or additions made to the Demised Premises during the Term to the reasonable satisfaction of the Landlord; and 

  

 14 

	 	4.7.4.2	well and substantially to reinstate the Demised Premises to open plan offices in such manner as the Landlord shall direct and to its reasonable satisfaction.

  

	 	4.8	Landlord’s right of entry for repairs etc 

  

	 	4.8.1	To permit the Landlord and the agents, workmen and others employed by the Landlord or by the other owners, tenants or occupiers of any adjoining or neighbouring property at
reasonable times after giving to the Tenant written notice (except in an emergency) to enter upon the Demised Premises: 

  

	 	4.8.1.1	to examine the state of repair and condition thereof 

  

	 	4.8.1.2	to alter, maintain or repair adjoining premises or property of the Landlord or persons so entering; or 

  

	 	4.8.1.3	to construct, alter, maintain, repair or fix anything serving such property and running through or on the Demised Premises; or 

  

	 	4.8.1.4	to comply with an obligation to any third party having legal rights over the Demised Premises; or 

  

	 	4.8.1.5	in exercise of a right or to comply with an obligation of the Landlord under this Lease; or 

  

	 	4.8.1.6	in connection with the development of any adjoining or neighbouring land or premises including the right to build on or onto or in prolongation of any boundary wall of the Demised
Premises, 

  
 provided that in exercising
the foregoing right the Landlord (or other person entering) shall cause as little interference as possible to the Demised Premises or the Tenant’s fixtures and fittings therein and shall as soon as reasonably practicable make good any damage
caused to the Demised Premises or the fixtures and fittings by the exercise of the said right. 
  

 15 

	 	4.8.2	Upon becoming aware of any defects in the building which are “relevant defects” for the purposes of section 4 of the Defective Premises Act 1972 to give notice of them to
the Landlord. 

  

	 	4.9	Alterations 

  

	 	4.9.1	Not to alter, divide, cut, maim, injure or remove any of the principal or load bearing walls, floors, beams or columns of or enclosing the Demised Premises nor to make any other
alterations or additions of a structural nature nor to make any alteration or addition (whether structural or non-structural) to the exterior of the Demised Premises or to the external appearance of the Demised Premises. 

  

	 	4.9.2	Not to make any alterations or additions to the Landlord’s fixtures not to make any internal non-structural alterations or additions whatsoever of in or to the Demised Premises
except 

  

	 	4.9.2.1	with the prior written consent of the Landlord (which shall not be unreasonably withheld or delayed) 

  

	 	4.9.2.2	prior to the commencement of any such alterations or additions the Tenant shall obtain all town planning, bye-law and other necessary consents, permissions, certificates and
approvals at its own expense which are or may be necessary for the carrying out of works and will carry out the works fully in compliance with such consents 

  

	 	4.9.2.3	on condition that prior to the commencement of the works the Tenant will inform the Landlord of the works and pay any increase in insurance premiums which may result or be required
by reason thereof 

  

	 	4.9.2.4	in accordance with drawings and specifications previously submitted in triplicate to and approved in writing by or on behalf of the Landlord (such approval not to be unreasonably
withheld or delayed) 

  

 16 

	 	4.9.2.5	the Tenant will indemnify and keep the Landlord indemnified against any loss, claims, damages or expenses whatsoever arising by reason of the carrying out of the works

  

	 	4.9.2.6	the Tenant will carry out the works and complete the same in a good and workmanlike manner to the reasonable satisfaction of the Surveyor and also in compliance with any reasonable
recommendation of the Surveyor and 

  

	 	4.9.2.7	where the Landlord grants any such consent as aforesaid it may require the Tenant to enter into such covenants as may be required regarding the execution of such works and the
reinstatement of the Demised Premises at the end or sooner determination of the Term. 

  

	 	4.9.3	Not to make or carry out any alteration addition or extension to any of the water gas electricity and other public utility service systems serving the Demised Premises except with
the prior written consent of the Landlord (which shall not be unreasonably withheld or delayed) and in accordance with the relevant codes of practice of the statutory undertaker concerned and to supply to the Landlord upon request an adequate
drawing or drawings showing the actual position of all pipes wires cables and other services within the Demised Premises installed amended or extended by the Tenant 

  

	 	4.9.4	In the event of the Tenant failing to observe this covenant it shall be lawful for the Landlord and its agents or surveyors with or without workmen and others and all persons
authorised by the Landlord with any necessary materials and appliances to enter upon the Demised Premises and remove any alterations or additions and execute such works as may be necessary to restore the Demised Premises to their former state and
the cost thereof and all expenses (including surveyors’ and other professional fees) together with interest thereon at the Stipulated Rate from the date of expenditure by the Landlord until payment by theTenant as well after as before judgment
shall be a debt due from the Tenant to the Landlord and be forthwith recoverable by action 

  

 17 

	 	4.10	Alienation 

  

	 	4.10.1	Not to assign underlet or charge part only of the Demised Premises 

  

	 	4.10.2	Save for an underletting in accordance with the succeeding provisions of this clause not to underlet the whole of the Demised Premises or to part with possession of or share
occupation of the whole or any part of the Demised Premises and not to permit any person deriving title under the Tenant by way of permitted underlease so to do in respect of the Demised Premises 

  

	 	4.10.3	Not under any circumstances to create or permit the creation of any interest derived out of this Lease whether mediate or immediate and however remote or inferior

  

	 	4.10.3.1	at a fine or premium or other capital sum (and so that no such fine premium or other capital sum shall be taken) 

  

	 	4.10.3.2	except at a rent which is not less than the open market rental value of the Demised Premises or the rent hereby reserved at the time of such underletting whichever is the higher

  

	 	4.10.3.3	except on terms which prohibit the commutation of rent 

  

	 	4.10.4	Not to assign part with possession or charge the whole of the Demised Premises nor permit any person deriving title under the Tenant so to do without the prior written consent of
the Landlord which shall not be unreasonably withheld but so that for the purposes of section 19(1A) of the Landlord and Tenant Act 1927 (as amended by the 1995 Act) it is agreed that it shall be reasonable for the Landlord to withhold consent to an
assignment of the whole of the Demised Premises unless: 

  

	 	4.10.4.1	the assignee is not a Group Company 

  

 18 

	 	4.10.4.2	the assignee shall by deed enter into a direct covenant with the Landlord to observe and perform the covenants and provisions of and to pay the rents reserved by this Lease for
(subject to the provisions of the 1995 Act) the remainder of the Term and a guarantor or guarantors acceptable to the Landlord (if more than one jointly and severally) shall if the Landlord reasonably so requires enter into a covenant and guarantee
with and to the Landlord in the terms set out in clause 7 as if references therein to the “Tenant” were references to the assignee and 

  

	 	4.10.4.3	the Tenant together with any other person in whom the term created by this Lease shall previously have been vested and who has not been released from liability hereunder by virtue
of section 11 of the 1995 Act shall by deed enter into an authorised guarantee agreement in respect of the assignee which shall satisfy the requirements set out in schedule 7 and 

  

	 	4.10.4.4	each person who is guarantor of the Tenant under this Lease immediately prior to the assignment shall enter into a guarantee in the same terms (mutatis mutandis) as clause 7 in
respect of the liability of the Tenant under any authorised guarantee agreement and 

  

	 	4.10.4.5	the Tenant permits every rent deposit or other security held by the Landlord immediately prior to the assignment in respect of any liability of the Tenant under this Lease to be
held as security for the liability of the Tenant under any authorised guarantee agreement and 

  

	 	4.10.4.6	at the Approval Date no rent or other monies are due to the Landlord under this Lease and unpaid and 

  

	 	4.10.4.7	the Tenant and/or the assignee complies with such other conditions as the Landlord may reasonably impose 

  

 19 

	 	4.10.5	Subject as aforesaid not to underlet the whole of the Demised Premises without the prior written consent of the Landlord (which shall not be unreasonably withheld)

  

	 	4.10.6	To procure in the case of any permitted underletting of the Demised Premises (whether mediate or immediate) that on or before the grant of the relevant underlease:

  

	 	4.10.6.1	the underlessee shall covenant with the Landlord by deed to observe and perform the Tenant’s covenants and conditions in this Lease (except the covenant to pay rent) and those
of the underlessee in the relevant underlease 

  

	 	4.10.6.2	if the Landlord shall so require a guarantor or guarantors acceptable to the Landlord shall covenant (if more than one jointly and severally) with the Landlord to guarantee the
observance and performance by the underlessee of its covenants to be contained in such underlease such guarantee to be given (mutatis mutandis) in the form of the provisions contained in clause 7 

  

	 	4.10.7	To procure that any permitted immediate or mediate underlease is in a form approved by the Landlord (such approval not to be unreasonably withheld or delayed) and in particular
contains: 

  

	 	4.10.7.1	covenants by the underlessee with the underlessor prohibiting the underlessee from doing or allowing any act or thing on or in relation to the premises demised by such underlease
inconsistent with or in breach of the Tenant’s obligations in this Lease 

  

	 	4.10.7.2	a condition for re-entry by the underlessor on breach of any covenant by the underlessee 

  

	 	4.10.7.3	the same restrictions on assignment underletting parting with possession and sharing of occupation and the same provisions for direct covenants and registration as in this Lease

  

 20 

	 	4.10.7.4	a prohibition on any assignment of the whole of the premises demised by the underlease without the consent of the Landlord 

  

	 	4.10.7.5	an agreement duly authorised by an order of a court of competent jurisdiction excluding in relation to that underlease the provisions of sections 24 to 28 of the Landlord and Tenant
Act 1954 (as amended) or any modification or re-enactment thereof 

  

	 	4.10.8	To enforce performance by every such underlessee of the covenants and conditions in its underlease and not to release or waive any such covenants or conditions

  

	 	4.10.9	To operate and enforce all provisions for the review of rent contained in any underlease but not to agree the amount of any revised rent arising as a result of any such review of
rent without the prior written consent of the Landlord (such consent not to be unreasonably withheld) 

  

	 	4.10.10	Upon every application for consent required by this clause to disclose to the Landlord such information as to the terms proposed as the Landlord may require

  

	 	4.10.11	Not to enter into any variation of the terms of any underlease nor to accept a surrender of the same in respect of part only (as opposed to the whole) of the premises underlet

  

	 	4.10.12	Notwithstanding the foregoing provisions of this clause 4.10 the Tenant shall be entitled without the Landlord’s consent to share occupation of the Premises with any Group
Company provided that 

  

	 	4.10.12.1	no relationship of landlord and tenant is thereby created 

  

	 	4.10.12.2	such company vacates the Premises forthwith upon ceasing to be a Group Company and 

  

 21 

	 	4.10.12.3	the Landlord is notified of the name and address of such company within seven days of the commencement of its occupation 

  

	 	4.11	Registration of documents 

  

	 	4.11.1	Within one month after any assignment or underlease or any transmission or other devolution relating to the Demised Premises or any part thereof to give notice thereof to the
Landlord’s solicitor and to furnish him with a certified copy of any document relating thereto and to pay to the Landlord’s solicitor a reasonable fee (not being less than £30) plus VAT thereon 

  

	 	4.11.2	To supply to the Landlord on request the names and addresses of any tenant deriving title from the Tenant (whether mediately or immediately) together with details of the rent
payable by any such tenant and the other terms of such tenancy 

  

	 	4.11.3	To supply to the Landlord any details required by the Landlord pursuant to section 40 of the Landlord and Tenant Act 1954 and to supply the Landlord with full details of any notices
given pursuant to section 25 of the Landlord and Tenant Act 1954 by the Tenant to any sub-tenant and full details of any notices received by the Tenant from any sub-tenant pursuant to section 26 of the Landlord and Tenant Act 1954

  

	 	4.12	Enforcement of underleases 

  

	 	4.12.1	Not without the consent of the Landlord to vary the terms or waive the benefit of any covenant on the part of a sub-tenant or condition contained in an underlease of the Demised
Premises. 

  

	 	4.12.2	Not without the consent of the Landlord to accept a surrender of any underlease of the Demised Premises. 

  

	 	4.12.3	Diligently to enforce the covenants on the part of a sub-tenant and the conditions contained in an underlease of the Demised Premises and (if so required by the Landlord) to
exercise by way of enforcement the powers of re-entry contained in the underlease. 

  

 22 

	 	4.12.4	Not without the consent of the Landlord to accept any sum or payment in kind by way of commutation of the rent payable by a sub-tenant of the Demised Premises.

  

	 	4.12.5	Not to accept the payment of rent from a sub-tenant of the Demised Premises otherwise than by regular quarterly (or more frequent) payments in advance. 

  

	 	4.12.6	Duly and punctually to exercise all rights to revise the rent reserved by an underlease of the Demised Premises. 

  

	 	4.13	User 

  

	 	4.13.1	To use the Demised Premises for the Permitted Use and not for any other purposes. 

  

	 	4.13.2	Nothing contained in this Lease shall imply or be treated as a warranty to the effect that the use of the Demised Premises for the purposes above mentioned is in compliance with all
town planning laws and regulations now or from time to time in force. 

  

	 	4.13.3	To ensure that at all times the Landlord has written notice of the names, home addresses and home telephone numbers of at least two key holders of the Demised Premises.

  

	 	4.13.4	To provide the Landlord with a set of keys to the Demised Premises to enable the Landlord or its agents and others authorised by the Landlord to enter the Demised Premises for
security purposes or in case of emergency. 

  

	 	4.14	Restrictions affecting use of the Demised Premises 

  

	 	4.14.1	Not to store in the Demised Premises any petrol or other specially inflammable, explosive or combustible substance. 

  

 23 

	 	4.14.2	Not to use the Demised Premises for any noxious, noisy or offensive trade or business nor for any illegal or immoral act or purpose. 

  

	 	4.14.3	Not to hold in or on the Demised Premises any exhibition, public meeting or public entertainment. 

  

	 	4.14.4	Not to do in or upon the Demised Premises anything which may be or grow to be a nuisance, annoyance, disturbance, inconvenience or damage to the Landlord or to the owners, tenants
and occupiers of adjoining and neighbouring properties. 

  

	 	4.14.5	Not to load or use the floors, walls, ceilings or structure of the Demised Premises in any manner which will cause strain, damage or interference with the structural parts,
loadbearing framework, roof, foundations, joists and external walls of the Demised Premises. 

  

	 	4.14.6	Not to overload the electrical installation or Conduits in the Demised Premises. 

  

	 	4.14.7	Not to do to omit to do anything which interferes with or which imposes an additional loading on any ventilation, heating, air conditioning or other plant or machinery serving the
Demised Premises. 

  

	 	4.14.8	Not to do anything whereby any policy of insurance on, including or in any way relating to the Demised Premises taken out by the Landlord may become void or voidable or whereby the
rate of premium thereon may be increased but to provide efficient fire extinguishers of a type approved by the Landlord and to take such other precautions against fire as may be deemed necessary by the Landlord or its insurers.

  

	 	4.14.9	Not to permit the drains to be obstructed by oil, grease or other deleterious matter but to keep the Demised Premises thoroughly cleaned and to clean the drains serving the Demised
Premises as often as may be necessary. 

  

 24 

	 	4.14.10	Not to give any bill of sale or other preferential security on the stock-in- trade or personal chattels of the Tenant for the time being on or about the Demised Premises.

  

	 	4.14.11	Not to permit the common parts to be obstructed. 

  

	 	4.14.12	Not to leave the Demised Premises continuously unoccupied for more than 30 days without: 

  

	 	4.14.12.1	notifying the Landlord; and 

  

	 	4.14.12.2	providing and paying for such caretaking or security arrangements as the Landlord shall reasonably require in order to protect the Demised Premises from vandalism, theft or unlawful
occupation. 

  

	 	4.15	Advertisements and signs 

  

	 	4.15.1	Not to place or display on the exterior of the Demised Premises or on the windows or inside the Demised Premises so as to be visible from the exterior of the Demised Premises any
name, writing, notice, sign, illuminated sign, display of lights, placard, poster, sticker or advertisement provided that the Tenant may display on the entrance door to the Demised Premises a suitable sign of a size and kind first approved by
the Landlord or the Landlord’s Surveyor showing the Tenant’s name and business or profession. 

  

	 	4.15.2	If any name, writing, notice, sign, placard, poster, sticker or advertisement shall be placed or displayed in breach of these provisions to permit the Landlord to enter the Demised
Premises and remove such name, writing, notice, sign, placard, poster, sticker or advertisement and to pay to the Landlord on demand the expense of so doing. 

  

	 	4.16	Encumbrances 

  
 To observe and perform the obligations and liability comprising the Encumbrances so far as they relate to the Demised Premises and are capable of being
enforced and to indemnify and keep indemnified the Landlord against any liability whatsoever arising out of the breach, non-observance or non-performance of such obligations and liabilities. 
  

 25 

	 	4.17	Compliance with statutes etc 

  

	 	4.17.1	To comply in all respects with the provisions of all statutes and instruments pursuant to them for the time being in force and requirements of any competent authority relating to
the Demised Premises or anything done in or upon them by the Tenant and to indemnify the Landlord against all actions, proceedings, claims or demands which may be brought or made by reason of such statutes or requirements or any default in
compliance with them. 

  

	 	4.17.2	In particular but without prejudice to the generality of clause 4.17.1: 

  

	 	4.17.2.1	to comply with all requirements under any present or future Act of Parliament, order, bye-law or regulation as to the use or occupation of or otherwise concerning the Demised
Premises; 

  

	 	4.17.2.2	to execute with all due diligence (commencing work within two months or sooner if necessary and then proceeding continuously) all works to the Demised Premises for which the Tenant
is liable in accordance with this clause 4.17 and of which the Landlord has given notice to the Tenant; and 

  

	 	4.17.2.3	if the Tenant shall not comply with clause 4.17.2.2 to permit the Landlord to enter the Demised Premises to carry out such works and to pay to the Landlord on demand the expense of
so doing (including surveyors’ and other professional advisers’ fees) together with interest at the Stipulated Rate from the date of expenditure until payment by the Tenant to the Landlord (such monies to be recoverable as if they were
rent in arrear); 

  

	 	4.17.2.4	 to pay to the Landlord on demand a due proportion of the amount (such proportion and amount to be certified by the 

  

 26 

	 	 
Landlord’s surveyors whose certificate shall be conclusive) of any expense incurred by the Landlord in complying with the requirements of any statute or
instrument pursuant thereto or the requirements of any competent authority in relation to the Building and to give notice forthwith to the Landlord of any notice or order or proposal for a notice or order served thereunder on the Landlord or any
undertenant and if so required by the Landlord to produce the same and at the joint expense of the parties join in making such representations in respect thereof as the Landlord may require. 

  

	 	4.18	Planning permissions 

  

	 	4.18.1	Not without the consent in writing of the Landlord to make any application under the Planning Acts to any local planning authority for permission to develop (including change to use
of) the Demised Premises. 

  

	 	4.18.2	To indemnify the Landlord against any development charges, other charges and expenses payable in respect of such applications and to reimburse to the Landlord the costs it may
properly incur in connection with such consent. 

  

	 	4.18.3	To pay to the Landlord on demand any sum or sums which may become payable in consequence of the use of the Demised Premises reverting to that existing prior to such application
being made. 

  

	 	4.18.4	Forthwith to give to the Landlord full particulars in writing of the grant of planning permission. 

  

	 	4.18.5	Not to implement any planning permission if the Landlord shall make reasonable objection to any of the conditions subject to which it has been granted. 

  

 27 

	 	4.18.6	Notwithstanding any consent which may be granted by the Landlord under this Lease not to carry out or make any alteration or addition to the Demised Premises or any change of use
until: 

  

	 	4.18.6.1	all necessary notices under the Planning Acts have been served and copies produced to the Landlord; 

  

	 	4.18.6.2	any necessary permission under the Planning Acts has been obtained and produced to the Landlord; and 

  

	 	4.18.6.3	the Landlord has acknowledged that the planning permission is acceptable to it; 

  
 provided that the Landlord may refuse to acknowledge its acceptance of a planning permission on the grounds that any
condition contained in it or anything omitted from it or the period referred to in it would in the reasonable opinion of the Landlord be or be likely to be prejudicial to the Landlord’s interest in the Demised Premises or the Building whether
during or following the expiration of the Term. 
  

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

  

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

  

	 	4.18.7.2	any Development begun upon the Demised Premises in respect of which the Landlord shall or may be or become liable for any charge or levy under the Planning Acts.

  

	 	4.19	Compliance with town planning requirements 

  

	 	4.19.1	To perform and observe all the provisions and requirements of all statutes and regulations relating to town and country planning in relation to the Demised Premises and to obtain
any development or other consent which may be requisite by reason of the development of or on the Demised Premises by the Tenant. 

  

 28 

	 	4.19.2	To indemnify the Landlord from and against any loss or expense suffered by the Landlord by reason of the Tenant’s failure to obtain any necessary development or other consents
as aforesaid. 

  

	 	4.19.3	To give full particulars to the Landlord of any notice or proposal for a notice or order or proposal for an order made, given or issued to the Tenant under or by virtue of any
statute or regulation relating to town and country planning or otherwise within seven days of the receipt of any such by the Tenant and if so required by the Landlord to produce such notice or proposal for a notice or order to the Landlord.

  

	 	4.19.4	Forthwith to take all reasonable and necessary steps to comply with any such notice or order. 

  

	 	4.19.5	At the request and cost of the Landlord to make or join with the Landlord in making such objections or representations against or in respect of any proposal for such a notice or
order as the Landlord may deem expedient. 

  

	 	4.20	Claims made by third parties 

  
 To indemnify the Landlord against any claims, proceedings or demands and the costs and expenses so incurred which may be brought against the Landlord by
any employees, workpeople, agents or visitors of the Tenant in respect of any accident loss or damage whatsoever to person or property howsoever caused or occurring in or upon the Demised Premises. 
  

	 	4.21	Expenses of the Landlord 

  
 To pay all expenses (including solicitors’ costs and surveyors’ fees) incurred by the Landlord: 
  

	 	4.21.1	 incidental to or in contemplation of the preparation and service of a schedule of dilapidations and/or a notice 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 a notice served on the 

  

 29 

	 	Tenant has been complied with or the Tenant has enjoyed relief under the provisions of the said Act or forfeiture is avoided otherwise than by relief granted by the court);

  

	 	4.21.2	in the preparation and service upon the Tenant of any notice (whether statutory or otherwise) and the preparation of any schedule to accompany such notice in relation to any breach
of any covenant on the part of the Tenant hereunder whether served during or after termination of the Term and taking steps subsequent to any such notice; 

  

	 	4.21.3	in the effecting of any forfeiture not requiring such notices; 

  

	 	4.21.4	in connection with the recovery or attempted recovery of arrears of rent or other sums due from the Tenant and in the levy or attempted levy of any distress;

  

	 	4.21.5	in connection with every application for any consent or approval made under this Lease whether or not such consent or approval shall be granted or given. 

 

	 	4.22	Obstruction of windows or lights 

  

	 	4.22.1	Not to stop up, darken or obstruct any windows or lights belonging to the Demised Premises or any other buildings belonging to the Landlord nor permit any new windows, light
opening, doorway, path, passage, drain or other restriction, encroachment or easement to be made. 

  

	 	4.22.2	Not to permit any easement to be made or acquired into, against or upon the Demised Premises. 

  

	 	4.22.3	Where any such window, light, opening, doorway, path, passage, drain or other restriction, encroachment or easement shall be made or attempted to be made or acquired forthwith to
give notice of the circumstances to the Landlord and at the request and cost of the Landlord to adopt such course as may be reasonably required or deemed proper by the Landlord for preventing any such restriction, encroachment or the acquisition of
any such easement. 

  

 30 

	 	4.23	Cleaning and insurance of windows 

  

	 	4.23.1	To clean the glass in the windows of the Demised Premises in each month. 

  

	 	4.23.2	To keep the plate glass in the windows of the Demised Premises insured in a sum equal to the full replacement cost against damage in a reputable office determined by the Landlord in
the joint names of the Landlord and the Tenant. 

  

	 	4.23.3	Whenever required to produce to the Landlord the policy and the receipt for the last premium in respect of such insurance. 

  

	 	4.23.4	In case of the destruction of or damage to the plate glass windows to lay out the monies received in respect of such insurance in replacement with glass of the same quality and
thickness as before and in such case monies shall be insufficient for such purpose to make good the deficiency out of the Tenant’s own monies. 

  

	 	4.24	Value added tax 

  

	 	4.24.1	Where by virtue of any of the provisions of this Lease or at the Landlord’s election the Tenant is required to pay, repay or reimburse to the Landlord or any person or persons
any rent, premium, cost, fee, charge, insurance, expense or other sum or amount whatsoever in respect of the supply of any goods and/or services by the Landlord or any other person or persons the Tenant shall also be required in addition to pay as
additional rent or (as the case may be) keep the Landlord indemnified against: 

  

	 	4.24.1.1	the amount of any value added tax which may be chargeable in respect of such supply; 

  

	 	4.24.1.2	a sum or sums equal to the amount of value added tax charged (for whatever reason or whether directly or indirectly) to the Landlord or such person or persons in connection with
such supply. 

  

 31 

	 	4.24.2	If at any time this Lease or any supply made under it is capable of being positive-rated for the purposes of value added tax with or without the Tenant’s consent or whether or
not at the Tenant’s election (whether or not the Landlord’s consent or election is also required) if required in writing by the Landlord so to do to give that consent or make that election and to complete such documentation as may be
necessary or desirable to effect the same. 

  

	 	4.24.3	References in this Lease to value added tax shall include any other tax replacing or supplementing the same. 

  

	 	4.25	Notices “To Let” and “For Sale” 

  
 To allow the Landlord or its agents to enter on the Demised Premises at any time: 
  

	 	4.25.1	within six months next before the expiration or earlier determination of the Term to fix upon the Demised Premises a notice board for re-letting the Demised Premises;

  

	 	4.25.2	to fix on some part of the Demised Premises a notice board for the sale of the interest of the Landlord; 

  

	 	4.25.3	not to remove or obscure any such notice board; and 

  

	 	4.25.4	to permit all persons authorised by the Landlord or its agents to view the Demised Premises at reasonable hours upon prior appointment without interruption in connection with any
such letting or sale. 

  

	 	4.26	Irrecoverability of insurance 

  
 In the event of the Demised Premises, the Building or any such adjoining or contiguous property or any part thereof being destroyed or damaged by any of
the Insured Risks and the insurance money under any insurance effected against the same by the Landlord being wholly or partly irrecoverable by reason solely or in part of any act or default of the Tenant then and in every such case the Tenant will
forthwith pay to the Landlord the sum so irrecoverable. 
  

 32 

	 	4.27	Floor covering 

  
 To keep the floors of the Demised Premises covered with carpet and maintain the same in good condition, replacing it as necessary to the satisfaction of
the Landlord and at the end or sooner determination of the Term to yield up the Demised Premises with such carpet in such condition. 
  

	 	4.28	Cleaners 

  
 Not to employ or continue to employ in or about the Demised Premises any office cleaners or window cleaners other than those approved by the Landlord
such approval not to be unreasonably withheld. 
  

	 	4.29	Common parts 

  
 Not to use: 
  

	 	4.29.1	the passenger lifts (“lifts”) for the carrying of more persons than is indicated on the notices in the lifts or for the carrying of goods without the previous
consent of the Landlord and not in any event to use the lifts for carrying loads (including passengers) exceeding the weight recommended by the manufacturers and to comply with all the requirements of the Landlord to which any consent for the
carrying of goods in the lifts may be made subject; 

  

	 	4.29.2	the common parts for the bringing in or removal of any goods or articles which might occasion damage to such common parts or any part thereof without first providing adequate
protection for the same; 

  

	 	4.29.3	the common parts other than in a proper and careful manner and to make good any damage caused by improper or careless use and to indemnify the Landlord in respect thereof.

  

	 	4.30	Fire precautions and equipment 

  

	 	4.30.1	To comply with the requirements and recommendations of the fire authority, the insurers of the Building and the Landlord in relation to fire precautions affecting the Demised
Premises. 

  

 33 

	 	4.30.2	To keep the Demised Premises supplied and equipped with such fire fighting and extinguishing appliances as shall be required by any statute, the fire authority or the insurers of
the Building or as shall be reasonably required by the Landlord (or at the Landlord’s option to pay to the Landlord on demand the cost of providing and installing any of the same) and such appliances shall be open to inspection by prior
appointment and shall be maintained to the reasonable satisfaction of the Landlord. 

  

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

  

	 	4.31	To keep the Landlord fully indemnified from and against all actions, proceedings, claims, demands, losses, costs, expenses, damages and liability arising in any way directly or
indirectly out of the state of repair or user of the Demised Premises or any breach of the Tenant’s covenants contained in this Lease. 

  

	 	4.32	Landlord’s regulations 

  
 To comply with all reasonable regulations made by the Landlord and notified to the Tenant in writing from time to time for the general management and
security of the Building, common parts and other areas used or to be used in common with others. 
  

	 	4.33	Taxation 

  

	 	4.33.1	Notwithstanding anything contained in this Lease not to do on or in relation to the Demised Premises or any part thereof any act or thing in breach of its obligations hereunder
(other than the payment of the rent reserved by this Lease) which shall render the Landlord liable for any tax, levy, charge or other fiscal imposition of whatsoever nature and not to dispose of or deal with this Lease in such a way that the
Landlord shall become liable for any such tax, levy, charge or fiscal imposition. 

  

	 	4.33.2	 To indemnify the Landlord against all liability for any tax, levy, charge or other fiscal imposition of whatever nature including but not limited to penalties and
interest on overdue tax and penalties for failure to give 

  

 34 

	 	 
appropriate notices and information for which the Landlord shall be liable as aforesaid and shall on demand pay to the Landlord the amount of the tax, levy,
charge or fiscal imposition which in default of payment shall be recoverable from the Tenant as rent in arrear. 

  

	 	4.34	Observe Headlease covenants 

  
 To perform and observe all the covenants on the part of the Landlord contained in the deeds and documents listed in schedule 6 so far as they relate to
the Demised Premises and not expressly assumed by the Landlord in this Lease and to keep the Landlord indemnified against all actions, claims, demands, costs, expenses, damages and liabilities in any way relating thereto. 
  

	5.	PROVISOS 

  
 The parties agree to the following provisos: 
  

	 	5.1	Provisos for re-entry 

  

	 	5.1.1	If: 

  

	 	5.1.1.1	any or any part of the rents reserved by the Lease shall be unpaid for 14 days after any of the days when they become due for payment (whether or not they shall have been lawfully
demanded); or 

  

	 	5.1.1.2	the Tenant shall at any time fail or neglect to perform or observe any of the covenants, conditions or agreements contained in this Lease to be performed or observed by the Tenant
or shall allow any distress or execution to be levied on the Tenant’s goods; or 

  

	 	5.1.1.3	an event of insolvency shall occur in relation to the Tenant or one of the tenants or any guarantor of the Tenant or one of the tenants, 

  
 then and in any such case it shall be lawful for the Landlord or any person
or persons duly authorised by the Landlord for that purpose to re-enter 

  

 35 

 
the Demised Premises or any part of them in the name of the whole and peaceably to repossess and enjoy the Demised Premises as if this Lease had not been
made. 
  

	 	5.1.2	Re-entry in exercise of the rights contained in clause 5.1.1 shall be without prejudice to any right of action or remedy of the Landlord in respect of any antecedent breach of any
of the covenants by the Tenant contained in the Lease. 

  

	 	5.1.3	The expression “event of insolvency” in clause 5.1.1.3 includes (in relation to a company or other corporation which is the Tenant or one of the Tenants or a guarantor)
inability of the company to pay its debts, entry into liquidation either compulsory or voluntary (except for the purpose of amalgamation or reconstruction), the passing of a resolution for a creditors’ winding up, the making of a proposal to
the company and its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs, the application to the court for an administration order, and the appointment of a receiver or an administrative receiver, and
(in relation to an individual who is the Tenant or a guarantor) inability to pay or having no reasonable prospect of being able to pay his debts, the presentation of a bankruptcy petition, the making of a proposal to his creditors for a composition
in satisfaction of his debts or a scheme of arrangement of his affairs, the application to the court for an interim order, and the appointment of a receiver or interim receiver, and in relation to the various events of insolvency they shall wherever
appropriate be interpreted in accordance and in conjunction with the relevant provisions of the Insolvency Act 1986. 

  

	 	5.2	Rent Abatement in case of Damage by Insured Risks 

  

	 	5.2.1	 In case the Demised Premises or the Building or any part thereof shall be destroyed or damaged by any of the Insured Risks so as to render the Demised Premises or
any part of them unfit for use and occupation or not reasonably accessible and the insurance shall not have been vitiated or payment of the policy monies refused in whole or in part as a result of some act or default of the Tenant or any undertenant
or any person under 

  

 36 

	 	 
its or their control then the rent first reserved by this Lease or a fair proportion thereof according to the nature and extent of the damage sustained shall
be suspended until the Demised Premises or the part destroyed or damaged shall be again rendered fit for use and occupation and accessible or until the expiration of three years from the date of the destruction or damage (whichever is the earlier).

  

	 	5.2.2	Any dispute as to the amount or extent of such cesser of rent shall be referred to arbitration. 

  

	 	5.3	Power for Landlord to deal with adjoining property 

  
 The Landlord may deal as it may think fit with other property belonging to the Landlord adjoining or nearby and to erect or suffer to be erected on such
property any buildings whatsoever whether or not such buildings shall affect or diminish the light or air which may now or at any time be enjoyed by the Tenant in respect of the Demised Premises. 
  

	 	5.4	Arbitration of disputes between tenants 

  
 Any dispute arising between the Tenant and the other tenants or occupiers of the Building as to any easement, quasi-easement, right, privilege or Conduit
in connection with the Demised Premises or the Building shall be fairly and reasonably determined by the Surveyor. 
  

	 	5.5	Accidents 

  
 The Landlord shall not be responsible to the Tenant or the Tenant’s licensees nor to any other person for any accident, happening or injury suffered
in the Demised Premises. 
  

	 	5.6	Compensation for disturbance 

  
 Except to the extent that any statutory provision prohibits the Tenant’s right to compensation being reduced or excluded by agreement the Tenant
shall not be entitled on quitting the Demised Premises to claim from the Landlord any compensation under the Landlord and Tenant Act 1954. 
  

 37 

	 	5.7	Removal of property after determination of Term 

  

	 	5.7.1	If at such time as the Tenant has vacated the Demised Premises after the determination of this Lease any property of the Tenant shall remain in or on the Demised Premises and the
Tenant shall fail to remove the same within 14 days after being requested by the Landlord so to do by a notice to that effect then the Landlord may as the agent of the Tenant sell such property and shall then hold the proceeds of sale after
deducting the costs and expenses or removal, storage and sale reasonably and properly incurred by it to the order of the Tenant. 

  

	 	5.7.2	The Tenant shall indemnify the Landlord against any liability incurred by it to any third party whose property shall have been sold by the Landlord in the bona fide mistaken belief
(which shall be presumed unless the contrary be proved) that such property belonged to the Tenant and was liable to be dealt with as such pursuant to this clause 5.7. 

  

	 	5.8	Notices, consents and approvals 

  

	 	5.8.1	Any notice served under or in connection with this Lease shall be in writing and be properly served if compliance is made with the provisions of section 196 of the Law of Property
Act 1925 (as amended by the Recorded Delivery Service Act 1962). 

  

	 	5.8.2	Any consent or approval under this Lease shall be required to be obtained before the act or event to which it applies is carried out or done and shall be effective only when the
consent or approval is given in writing. 

  

	 	5.9	Waiver 

  
 No acceptance or receipt of the rent by the Landlord in the knowledge of any breach of any of the Tenant’s covenants hereunder shall be or operate
as a waiver wholly or partially of any such breach but such breach shall be a continuing breach of covenant and neither the Landlord nor any person taking any estate or interest under the Tenant shall be entitled to set up any such acceptance or
receipt of rent by the Landlord as a defence in any action or proceedings by the Landlord. 
  

 38 

	 	5.10	No building scheme 

  
 Any covenants herein contained of a restrictive nature do not form part of a building or letting scheme so as to be enforceable as such by the owners or
occupiers of any other premises. 
  

	 	5.11	Restriction of easements 

  
 The Tenant shall not at any time during the Term be or become entitled to any right or easement over any neighbouring property which would interfere with
the user for any purpose of such property by the Landlord or any persons claiming title under the Landlord. 
  

	 	5.12	Premises unfit for use 

  

	 	5.12.1	If during the Term the Demised Premises or the Building shall be so destroyed or damaged by any of the Insured Risks as to render the Demised Premises or the Building completely
unfit for use and occupation then the Landlord or the Tenant may determine this Lease by giving to the other not less than six months’ written notice to be given not later than 12 months after such destruction or damage and such determination
to be without prejudice to any claim by either party against the other in respect of any antecedent breach of covenant provided always that if this Lease shall be determined then the Landlord shall not be required to lay out the net proceeds
of such insurance and shall be solely entitled to all insurance monies. 

  

	 	5.12.2	If for any reason whatsoever the Landlord is prevented from rebuilding or reinstating the Demised Premises or the Building the Landlord shall be relieved from such obligation and
shall be solely entitled to all the insurance monies and if such rebuilding and reinstatement shall continue to be so prevented for six months after the date of the destruction or damage and if this Lease has not at that time been terminated by
frustration the Landlord or the Tenant may at any time after the expiry of such six months by written notice given to the other determine this demise but without prejudice to any claim by either party against the other in respect of any antecedent
breach of covenant. 

  

 39 

	 	5.12.3	Any dispute concerning the fitness of the Demised Premises for use by the Tenant shall be determined by reference to arbitration. 

  

	 	5.13	Representation 

  
 The Tenant acknowledges that this Lease has not been entered into in reliance wholly or partly on any statement or representation made by or on behalf of
the Landlord except any such statement or representation that is expressly set out in this Lease. 
  

	 	5.14	Status of lease 

  
 For the purposes of the 1995 Act this Lease is a new tenancy. 
  

	 	5.15	Exclusion of rights under the Contracts (Rights of Third Parties) Act 1999 

  
 A person who is not party to this Lease shall have no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce any term of this Lease. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act. 
  

	 	5.16	Stamp duty 

  
 It is hereby certified that there is no agreement for lease to which this Lease gives effect. 
  

	6.	LANDLORD’S COVENANTS 

  
 The Landlord covenants with the Tenant as follows: 
  

	 	6.1	Quiet enjoyment 

  
 That the Tenant paying the rents and performing the Tenant’s covenants reserved by and contained in this Lease may lawfully and peaceably enjoy the
Demised Premises throughout the Term without any lawful suit, eviction or interruption by the Landlord or by any person lawfully claiming through, under or in trust for the Landlord. 
  

 40 

	 	6.2	Insurance 

  

	 	6.2.1	To keep insured at all times throughout the Term with an insurance office of repute or with Lloyd’s Underwriters and through such agency as the Landlord shall from time to time
determine: 

  

	 	6.2.1.1	in such a sum as shall be determined from time to time by the Landlord to be the reinstatement value of the Building (excluding plate glass insured by the Tenant) and all fixtures
of an insurable nature (other than those which the Tenant is entitled to remove) against loss or damage by fire and any other risks, perils and contingencies (and incidental cover, costs, fees and expenses) as the Landlord may deem expedient
together with architects’, surveyors’ and other requisite professional advisers’ fees in relation to the reinstatement of the Building; 

  

	 	6.2.1.2	three years’ loss of rent in respect of the Demised Premises; 

  

	 	6.2.1.3	at the request and cost of the Tenant the Landlord shall produce to the Tenant reasonable evidence of the terms of the insurance policy and the fact that the policy is subsisting
and in effect. 

  

	 	6.2.2	Whenever the whole or any part of the Demised Premises shall in consequence of the occurrence of any of the Insured Risks be destroyed or damaged so as to render the whole or part
of the Demised Premises unfit for occupation or use then: 

  

	 	6.2.2.1	unless payment of the insurance monies shall be refused in whole or in part by reason of any act or default of the Tenant or any undertenant or any person under its or their
control; and 

  

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

  

 41 

	 	6.2.2.3	subject to the necessary labour and materials being and remaining available in respect of which the Landlord shall use its reasonable endeavours to obtain as soon as practicable
with all due diligence to apply the monies received for that purpose by virtue of the policy of insurance (or to require the monies to be laid out) towards the rebuilding, repairing and reinstating the Demised Premises with all convenience speed.

  

	 	6.2.3	The Landlord’s obligation under this clause 6.2 shall cease if and to the extent that the insurance shall be vitiated or the policy monies withheld by any act or default of the
Tenant. 

  

	 	6.3	Services 

  

	 	6.3.1	Provision of Services 

  
 Subject to the Tenant paying the Advance Payment of Service Charge when due and unless prevented or restricted by any circumstances beyond its control
the Landlord will provide in accordance with the principals of good estate management the services set out in schedule 4 hereto provided always that the Landlord may from time to time withhold, add to or vary the services or any of them or
the times at which they are supplied if it is reasonably necessary for the more efficient management of the Building as a whole and does not materially interfere with the Tenant’s use and occupation of the Demised Premises provided
however that: 
  

	 	6.3.1.1	the Landlord shall not in any event be liable to the Tenant in respect of any failure of the Landlord to perform any of the services referred to in this Lease whether express or
implied unless the Tenant has notified the Landlord and the Landlord has failed within a reasonable time to remedy the same and then in such case the Landlord shall be liable to compensate the Tenant for loss or damage sustained by the Tenant; and

  

 42 

	 	6.3.1.2	provided further that the Landlord shall not in any circumstances be under any liability for any failure or interruption in any of the services provided by the Landlord or
for any inconvenience or injury to person or property arising from such failure or interruption due to mechanical breakdown, failure or malfunction, overhauling, maintenance, repair or replacement, strikes, labour, disputes, shortages or any cause
or circumstances beyond the control of the Landlord provided that the Landlord shall use its reasonable endeavours to cause the service in question to be reinstated with the minimum of delay. 

  

	 	6.3.2	To pay the rents reserved by the Headlease as and when the same become due and to observe and perform the covenants on the part of the tenant thereunder except insofar as the Tenant
covenants hereunder to observe and perform such covenants. 

  

	7.	SURETY’S COVENANTS 

  

	 	7.1	Guarantee 

  
 The Surety guarantees to the Landlord that the Tenant will pay the rents reserved by and perform and observe all the covenants and stipulations on the
Tenant’s part contained in this Lease only for so long as the Term remains vested in the Tenant. 
  

	 	7.2	No waiver of liability 

  
 The Surety shall not be released from liability under these provisions by reason of any forbearance, the granting of time or any other indulgence on the
part of the Landlord. 
  

	 	7.3	Surety to accept new lease upon disclaimer 

  
 If a liquidator or trustee in bankruptcy of the Tenant shall disclaim this Lease the Surety will, if the Landlord shall by notice within three months
after such disclaimer 

  

 43 

 
so require, take from the Landlord a lease of the Demised Premises for a term commensurate with the residue of the Term which would have remained had there
been no disclaimer at the same rents and subject to the same covenants and conditions as are reserved by and contained in this Lease (with the exception of this clause) such lease to take effect from the date of the disclaimer and in such case the
Surety shall pay the costs of such new lease and execute and deliver to the Landlord a counterpart of the new lease. 
  

	8.	SERVICE CHARGE 

  

	 	8.1	For the purpose of this Lease the following expressions shall have the following meanings: 

  
 “Service Charge” means 20.40% of the Expenditure; 
  
 “Service Charge Commencement Date” means 30 June 2000;

  
 “Provisional Quarterly Service Charge
Payment” means £7184 (exclusive of value added tax); 
  
 “Expenditure” means: 
  

	 	(a)	the aggregate of all costs, fees, expenses and outgoings whatsoever reasonably and properly incurred by the Landlord in complying with its obligations in clause 6.3 and in respect
of the items set out in schedule 5 (whether or not the Landlord is obliged by this Lease to incur the same) 

  

	 	(b)	such sums as the Landlord shall in its reasonable discretion consider desirable to set aside from time to time for the purpose of providing for periodically recurring items of
expenditure whether recurring at regular or irregular intervals; 

  
 “Financial Year” means the period from the first day of January in every year to the 31st day of December of the following year or such other period as the Landlord may in its absolute discretion from
time to time reasonably determine; 
  
 “Accountant” means any person appointed by the Landlord (including an employee of the Landlord or a group company) to perform the function of an accountant in relation to the Expenditure provided that any such person
shall be an associate or fellow of the Institute of Chartered Accountants in England and Wales. 
  

 44 

	 	8.2	The Landlord shall as soon as convenient after the end of each Financial Year prepare an account showing the Expenditure for that Financial Year and containing a fair summary of the
various items comprising the Expenditure and upon such account being certified by the Accountant (a copy of which shall be supplied to the Tenant) the same shall be conclusive evidence for the purposes of this Lease of all matters of fact referred
to in the account save for manifest error. 

  

	 	8.3	On each of the usual quarter days in every year during the Term the Tenant shall pay to the Landlord such a sum (“Advance Payment”) in advance and on account of the
Service Charge for the Financial Year then current as the Landlord shall from time to time specify as being in its reasonable discretion a fair and reasonable assessment of one-quarter of the likely Service Charge for that particular Financial Year
provided that the Advance Payment for the period between the Service Charge Commencement Date and the quarter day next after the date hereof shall be a proportionate sum calculated by reference to the Provisional Quarterly Service Charge
Payment payable on a daily basis from and including the Service Charge Commencement Date to the day before the quarter day following the date hereof and shall be paid on the date hereof. 

  

	 	8.4	If the Service Charge for any Financial Year shall: 

  

	 	8.4.1	exceed the Advance Payment for that Financial Year the excess shall be paid by the Tenant to the Landlord on demand; or 

  

	 	8.4.2	be less than the Advance Payment for that Financial Year the overpayment shall be credited to the Tenant against the next quarterly payment of the Service Charge.

  

	 	8.5	Any omission by the Landlord to include in any Financial Year a sum expended or a liability incurred in that Financial Year shall not preclude the Landlord from including such sum
or the amount of such liability in any subsequent Financial Year as the Landlord shall reasonably determine except from any liability incurred before the commencement of the Tenant’s occupation of the Demised Premises whether as a Tenant under
the term of this Lease or any period of occupation prior to the commencement of the Term. 

  

 45 

	 	8.6	If at any time during the Term circumstances shall arise making the calculation of the Service Charge proportion on the basis specified in this clause unreasonable or inequitable in
the opinion of the Landlord the Landlord shall recalculate the Service Charge payable by the Tenant on some other basis which is fair and reasonable in all the circumstances. 

  

	 	8.7	The Landlord may at its discretion withhold, add to, extend, vary or make any alterations to any of the services from time to time if the Landlord shall reasonably deem it desirable
to do so for the more efficient management, security and operation of the Building or for the comfort of the tenants in the Building. 

  

	 	8.8	The provisions of this clause shall continue to apply notwithstanding the expiration or sooner determination of the Term but only in respect of the period down to such expiration or
sooner determination the Service Charge for that Financial Year being apportioned for the said period on a daily basis. 

  

	9.	TENANT’S BREAK CLAUSE 

  
 The Tenant shall be entitled by giving not less than six months’ notice in writing to the Landlord to terminate this lease on 26 July 2004
(“Termination Date”) this Lease shall absolutely cease and determine on the Termination Date but without prejudice to any right or remedy of the Landlord in respect of any antecedent breach by the Tenant of the provisions of this
Lease. 
  
 SCHEDULE 1 
  
 Description of the Demised Premises 
  
 The whole of the third floor of the Building amounting to 6051 square feet which is shown for
identification only edged red on the Plan numbered “I” (“Plan I”) annexed hereto. 
  

 46 

 

 
  
  

 SCHEDULE 2 
  

Rights granted to the Tenant 
  

	1.	The right for the Tenant and all persons expressly or by implication authorised by the Tenant (in common with the Landlord and all persons having a like right) but subject to any
existing or future reasonable regulations made by the Landlord: 

  

	 	1.1	to use the common parts for all proper purposes in connection with the use and enjoyment of the Demised Premises; 

  

	 	1.2	to use such of the passenger lifts in the Building as shall from time to time be designated for the Tenant’s use for the purpose only of obtaining access to and egress from the
Demised Premises; 

  

	 	1.3	to use such sufficient lavatories as shall from time to time be designated by the Landlord for the Tenant’s use. 

  

	2.	The free passage and running of the services (subject to temporary interruption for repair alteration or replacement) to and from the Demised Premises through the Conduits which are
now laid or (within the Perpetuity Period) shall be laid in under or through other parts of the Building so far as any of the same are necessary for the reasonable use and enjoyment of the Demised Premises. 

  

	3.	The right of support and protection for the benefit of the Demised Premises as is now enjoyed from all other parts of the Building. 

  

	4.	The right to park two private cars in the spaces designated from time to time by the Landlord subject to reasonable rules and regulations to be issued from time to time by the
Landlord (or as may be set out in a schedule to the Lease) and subject to the right of the Landlord from time to time to change the position of the car parking spaces to such new positions as the Tenant may agree such agreement not to be
unreasonably withheld. 

  

 47 

 SCHEDULE 3 
  

Exceptions and reservations 
  
 The following rights and easements are excepted and reserved out of the Demised Premises to the Landlord, the Superior Landlord and the tenants and occupiers of the
Building and the Adjoining Property and all other persons authorised by the Landlord or the Superior Landlord or having the like rights and easements: 
  

	1.	The free and uninterrupted passage and running of services through the Conduits which are now or may at any time be in, under or passing through or over the Demised Premises.

  

	2.	The right at all reasonable times upon reasonable prior notice except in cases of emergency to enter (or in cases of emergency or after the giving of reasonable notice during the
Tenant’s absence to break and enter) the Demised Premises in order to: 

  

	 	2.1	inspect, cleanse, maintain, repair, connect, remove, lay, renew, re-lay, replace with others, alter or execute any works whatever to or in connection with the Conduits and any other
services; 

  

	 	2.2	execute repairs, decorations, alterations and any other works and to make installations to the Demised Premises, the Building or the Adjoining Property or to do anything whatsoever
which the Landlord may or must do under this Lease without payment of compensation for any nuisance annoyance inconvenience or damage caused provided that the Landlord or the person exercising the foregoing rights shall make good as soon as
reasonably practicable any damage thereby caused to the Demised Premises or the Tenant’s fixtures and fittings and stock. 

  

	3.	The right to erect scaffolding for the purpose of repairing or cleaning the Building and any buildings now or hereafter erected on the Adjoining Property or in connection with the
exercise of any of the rights mentioned in this schedule notwithstanding that such scaffolding may temporarily restrict the access to or enjoyment and use of the Demised Premises. 

  

	4.	The rights of light, air, support, protection and shelter and all other easements and rights now or hereafter belonging to or enjoyed by other parts of the Building or the Adjoining
Property. 

  

	5.	 Full right and liberty for the Superior Landlord at any time hereafter to raise the height of or make any alterations or additions or execute any other works
whatsoever to the Building or 

  

 48 

	 	 
any buildings on the Adjoining Property or to erect any new buildings of any height on the Adjoining Property in such manner as the Superior 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 Demised Premises or otherwise affect any other liberties, privileges, easements and
quasi-easements or other advantage which may from time to time benefit or reputedly benefit the Demised Premises. 

  

	6.	The right to enter the Demised Premises (in time of emergency or during fire-drills) for the purpose of obtaining access to or using any of the fire escapes or routes of escape in
the Building whether or not in existence at the date hereof. 

  
 SCHEDULE 4 
  
 Services
as referred to in clause 6 
  

	1.	REPAIRS 

  
 So far as may be necessary for the reasonable use and enjoyment by the Tenant of the Demised Premises and the Building to keep the Retained Parts in good
repair and condition. 
  

	2.	COMMON PARTS 

  
 To keep clean and maintained in a proper manner the common parts including the windows thereof and any lavatories of which the Tenant has the use and to
keep the same adequately lighted where appropriate during the Business Hours. 
  

	3.	LIFTS 

  
 During the Business Hours to provide a lift service by the operation of the lifts now installed or by such substituted lifts as the Landlord in its
absolute discretion may from time to time decide to install. 
  

	4.	HOT AND COLD WATER 

  
 During the Business Hours to provide an adequate supply of hot and cold water to the wash basins in the lavatories and of which the Tenant shall have the
use. 
  

 49 

	5.	HEATING 

  
 During the Business Hours to provide heating to the Demised Premises and the Common Parts to such temperatures as the Landlord may from time to time
consider adequate and for such periods of the year as the Landlord shall deem desirable. 
  

	6.	AIR CONDITIONING 

  
 During the Business Hours to provide air conditioning to the Demised Premises to such a standard as the air conditioning system is capable of providing.

  

	7.	STAFF 

  
 To employ such staff including qualified professionals as the Landlord may in its absolute discretion deem desirable or necessary to enable it to provide
all or any of the services in the Building and for the general management and security of the Building. 
  

	8.	NAME BOARDS 

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

	9.	OPEN AREAS 

  
 To repair and maintain those parts of the Retained Parts which are not built upon and to keep the same clear of all rubbish and free from weeds and to
provide and maintain at the Landlord’s discretion such plants, shrubs, trees or garden or grassed areas as may be appropriate and to keep the same planted, free from weeds and the grass cut. 
  
 SCHEDULE 5 
  
 Items of Expenditure as referred to in clause 8 
  

	1.	RETAINED PARTS 

  
 Repairing, maintaining, replacing (always provided that any replacement shall be of equivalent standard to the item replaced), decorating and (where
appropriate) cleaning, washing down, lighting, heating, servicing, furnishing, carpeting and equipping and (as 

  

 50 

 
necessary) altering, renewing, rebuilding and reinstating the Retained Parts including but not limited to the provision in the main entrance halls and lift
lobby areas of floral decorations, desks, tables, chairs and other fixtures and fittings. 
  

	2.	WINDOW CLEANING 

  
 Cleaning the windows and window frames and all other glass in the Retained Parts. 
  

	3.	PLANT AND MACHINERY 

  
 Operating, inspecting, replacing (always provided that any replacement shall be of equivalent standard to the Item replaced), servicing, overhauling,
repairing, maintaining, cleaning and lighting all plant machinery apparatus and equipment within the Retained Parts from time to time including but not limited to all boilers and items relating to the ventilation, heating, air conditioning and hot
and cold water systems, the lifts, lift shafts and lift motor rooms and all fuel and electricity for the same and any necessary maintenance contracts and insurance in respect thereof and with full credit being given for the disposable value of any
such plant and machinery so replaced. 
  

	4.	SECURITY AND EMERGENCY SYSTEMS 

  
 Providing, maintaining and repairing and (as necessary) renewing or replacing (always provided that any renewal or replacement shall be of equivalent
standard to the item renewed or replaced) all access, security and emergency systems for the Building including but not limited to alarm systems, generators, emergency lighting, fire detection and prevention systems and any fire escapes for the
Building and all fire fighting and fire prevention equipment and appliances (other than those for which a tenant is responsible). 
  

	5.	STAFF 

  
 The provision of staff (including such direct or indirect labour as the Landlord deems appropriate) for the day-to-day running of the installations and
plant and the provision of other services to the Building and for the general management operation and security of the Building and all other incidental expenditure including but not limited to: 
  

	 	5.1	insurance, health, pension, welfare, severance and other payments, contributions and premiums; 

  

 51 

	 	5.2	the provision of uniforms, working clothes, tools, appliances, materials and equipment (including telephones) for the proper performance of the duties of any such staff;

  

	 	5.3	providing, maintaining, repairing, decorating and lighting any accommodation and facilities for staff including any residential accommodation for staff employed in the Building and
all rates, gas and electricity charges in respect thereof and any actual or notional rent for such accommodation. 

  

	6.	SIGNS 

  
 Providing maintaining and renewing name boards and signs in the main entrance halls, lift, lobby areas and other parts of the Building and all directional
signs and fire regulation notices. 
  

	7.	REFUSE 

  
 Providing and maintaining any dustbins or other receptacles for refuse for the Building and the cost of collecting storing and disposing of refuse.

  

	8.	LANDSCAPING 

  
 Providing and maintaining floodlighting (if any) and any plants, shrubs, trees or garden or grassed areas in the Retained Parts. 
  

	9.	COMMON FACILITIES 

  
 The amount which the Landlord shall be properly called upon to pay as a contribution towards the costs, charges, fees and expenses in making, laying,
repairing, maintaining, rebuilding, decorating, cleansing and lighting as the case may be any roads, ways, forecourts, passages, pavements, party walls or fences, party structures, Conduits or other conveniences and easements whatsoever which may
belong to or be capable of being used or enjoyed by the Building in common with any adjoining property. 
  

	10.	OUTGOINGS 

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

 52 

	11.	STATUTORY REQUIREMENTS 

  
 The cost to the Landlord of carrying out any works to the Building required to comply with any statute (other than works for which any tenant or occupier
is responsible). 
  

	12.	REPRESENTATIONS 

  
 The cost of taking any steps deemed desirable or expedient by the Landlord for complying with making representations against or otherwise contesting the
incidence of the provisions of any statute concerning town planning, public health, highways, streets, drainage and all other matters relating or alleged to relate to the Building or any part of it for which any tenant is not directly responsible.

  

	13.	MANAGEMENT 

  

	 	13.1	The proper and reasonable fees, costs, charges, expenses and disbursements (including any value added tax payable thereon) of the Surveyor, the Accountant and any other persons
employed or retained by the Landlord for or in connection with surveying or accounting functions or the performance of the services and any other duties in and about the Building or any part of it relating to the general management, administration,
security, maintenance, repair, protection and cleanliness of the Building. 

  

	 	13.2	The proper and reasonable fees and expenses (to include overheads) of the Landlord or a group company in connection with the management of the Building and any of the functions and
duties referred to in this paragraph that may be undertaken by the Landlord or a group company. 

  

	14.	DEPRECIATION 

  
 Such annual provision as shall be proper and reasonable and in the interest of good estate management for the depreciation and future replacement of any
boilers, plant, machinery, apparatus and equipment relating to the heating, ventilation and air conditioning, the hot and cold water system and lifts. 
  

 53 

	15.	GENERALLY 

  
 Any costs and expenses (not referred to above) which the Landlord may incur in providing such other services and in carrying out such other works as the
Landlord in its reasonable discretion may deem necessary for the benefit of the Building or any part of it (other than Lettable Areas) or the tenants (including the Tenant) or occupiers thereof or for securing or enhancing any amenity of or within
the Building for the benefit of the tenants (including the Tenant) or occupiers thereof or in the interest of good estate management. 
  
 SCHEDULE 6 
  
 Deeds and documents containing matters to which the Demised Premises are subject 
  

					
	 Document

	 	 Date

	 	 Details of parties

	 Lease
	 	7 June 1973	 	The Lord Mayor Aldermen and Citizens of the City of Leicester (1) Surplus Lands Development Co Ltd (2)
			
	 Deed of Variation
	 	10 November 1980	 	Leicester City Council (1) Hogg Robinson Group Limited (2)

  
 SCHEDULE 7

  
 Requirements of authorised guarantee agreement

  

	1.	The agreement shall be prepared by the Landlord’s solicitors at the expense of the Tenant and shall be executed and take effect as a deed 

  

	2.	The agreement shall contain a clause to the effect that insofar as any provision of the agreement would prevent it being an authorised guarantee agreement within the meaning of the
1995 Act the agreement shall be read and construed and shall take effect as though that provision had not been included 

  

	3.	In the agreement the Tenant shall covenant with the Landlord for the benefit of the Landlord and its successors in title and assigns the owners for the time being of the reversion
immediately expectant upon the determination of the Term and those entitled to the benefit of the agreement by virtue of the 1995 Act that: 

  

 54 

	 	3.1	at all times during the period (“Relevant Period”) beginning with the date on which the assignment of this Lease to the proposed assignee
(“Assignee”) takes effect and ending when the Assignee is released by virtue of section 5 of the 1995 Act from observance and performance thereof the Assignee will duly observe and perform all the terms conditions and covenants
which by reference to the tenancy created by this Lease are tenant covenants within the meaning of the 1995 Act (“Relevant Covenants”) 

  

	 	3.2	if the Assignee shall default in any respect duly to observe and perform the Relevant Covenants or any of them the Tenant will on demand fully observe perform and discharge the
same 

  

	 	3.3	if the Assignee (being a corporation) shall go into liquidation and the liquidator disclaims this Lease or is dissolved or struck off the register and the Crown disclaims this Lease
or (being an individual) shall become bankrupt and the trustee in bankruptcy disclaims this Lease the Landlord may within six months following any such event by notice in writing require the Tenant to enter into a lease in the like form as this
Lease for the residue of the Contractual Term unexpired at the date of such event (or which but for any such disclaimer would have remained unexpired) but with the Tenant as tenant thereunder at the same rents and subject to the like covenants
provisions and conditions as are applicable thereto at the date of such event as a substitute in all respects for the Assignee and so that every Review Date thereunder shall occur on the same date as every Review Date under this Lease shall occur or
would but for any such disclaimer have occurred (the said new lease and the rights and liabilities thereunder to take effect as from the date of such disclaimer) and the Tenant shall thereupon execute and deliver to the Landlord a counterpart of the
new lease in exchange for the relevant lease executed by the Landlord and contemporaneously therewith the Tenant as tenant under the new lease shall pay the first instalments of the rents due thereunder and the Landlord’s solicitors’
proper and reasonable costs of and in connection with the preparation and completion of such new lease 

  

	4.	Without prejudice to the generality of the foregoing the Tenant shall further covenant with the Landlord by way of primary obligation and not merely as a guarantor of or collateral
to the liability of the Assignee to pay and make good to the Landlord forthwith on demand any losses costs damages and expenses occasioned to the Landlord arising out of or by reason of any default of the Assignee in respect of any of its
obligations under the Relevant Covenants during the Relevant Period 

  

 55 

	5.	The agreement shall contain an agreement and declaration to the effect that any neglect or forbearance on the part of the Landlord in enforcing or giving time for or other
indulgence in respect of the observance or performance of any of the Relevant Covenants (other than a release given under seal) and (subject to the provisions of the 1995 Act) any variation of the terms of the Lease shall not release the Tenant from
its liability under the covenants or guarantee to be entered into by it in the agreement 

  

			
	 EXECUTED as a Deed (but not
	  	)
	 delivered until the date hereof) by
	  	)
	 HOGG GROUP PLC in the presence
	  	)
	 of:
	  	)
	
	                 Director      /s/ Director

	
	                 Secretary    /s/ Secretary

  

 56

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