Document:

Exhibit
10.31.2

 

AMENDMENT OF LEASE

 

THIS AGREEMENT, made as of
the 23 day of July, 2003, by and between BOSTON WHARF CO., a Massachusetts
general partnership (hereinafter referred to as “Landlord”) and INVESTMENT
TECHNOLOGY GROUP, INC., a Delaware corporation, formerly known as Jefferies
Group, Inc. (hereinafter referred to as “Tenant”)

 

WITNESSETH  
THAT:

 

WHEREAS, Landlord has leased
to Tenant and Tenant has hired from Landlord certain Demised Premises contained
in the Building known and numbered as 44 Farnsworth Street, Boston,
Massachusetts, all as more particularly described and set forth in a certain
leased dated March 10, 1995, as the same may from time to time have been
amended (hereinafter referred to as the “Lease”); and

 

WHEREAS, the Termination Date
on which the term of the Lease is scheduled to expire is April 30,2005;
and

 

WHEREAS, the parties wish to
amend the Lease by expanding the Demised Premises, subject to the provisions
hereof;

 

NOW THEREFORE, for good and
valuable consideration by each party paid to the other, and in further
consideration of the foregoing recitals and the mutual obligations set forth
herein, the parties hereby agree as follows:

 

1.            The entire third (3rd) floor of the Building
(hereinafter referred to as the “Expansion Area”) shall be added to and
included in the Demised Premises and shall become subject to all the terms and
conditions of the Lease as fully as if the Expansion Area had originally been a
part of the Demised Premises, except as otherwise hereinafter set forth.

 

 

 

2.             As used with respect to the Expansion Area, the
following Lease terms shall be defined as hereinafter set forth:

 

	
   

  	
  Broker:

  	
  GVA
  Thomson Doyle

  
	
   

  	
   

  	
  Hennessey &
  Stevens, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  Rentable
  Area:

  	
  10,663
  square feet

  
	
   

  	
   

  	
   

  
	
   

  	
  Term
  Commencement Date:

  	
  February 1,
  2004

  
	
   

  	
   

  	
   

  
	
   

  	
  Termination
  Date:

  	
  April 30,
  2005

  
	
   

  	
   

  	
   

  
	
   

  	
  Yearly
  Fixed Rent:

  	
  $263,909.28

  

 

3.             Tenant shall accept
occupancy of the Expansion Area “as is”, in its existing condition as of the
Term Commencement Date applicable thereto. All work necessary to prepare the
Expansion Area for occupancy by Tenant shall be performed by Tenant at its own
expense pursuant to Article 10 and the other applicable provisions of the
Lease, and Landlord shall have no responsibility therefor, nor shall Landlord
be obligated to grant any allowance or other credit on account of the cost
thereof.

 

4.             Tenant’s proportionate share of taxes and operating
expenses pursuant to Sections 6.2 and 6.3 of the Lease (subject to adjustment
in accordance with Section 6.4 thereof) shall be 11.56% with respect to
the Expansion Area. 

 

5.             The
base amount for purposes of computing real estate tax escalation pursuant to Section 6.2
of the Lease with respect to the Expansion Area shall be the amount of all real
estate taxes (as defined in said Section) imposed with respect to the fiscal
year ending June 30, 2005.

 

6.             The base amount for
purposes of computing operating expense escalation pursuant to Section 6.3
of the Lease with respect to the Expansion Area shall be the amount of
operating expenses (as defined in said Section) incurred with respect to the
calendar year ending December 31, 2005.

 

2

 

7.             Notwithstanding any
other provision of the Lease as herein modified to the contrary, Tenant shall
have no obligation to pay Additional Rent under Sections 6.2 and 6.3 of the
Lease with respect to the period through and including April 30, 2005.

 

8.             Effective as of the
Term Commencement Date applicable to the Expansion Area, the number of
unreserved parking spaces to be allocated by Landlord to Tenant pursuant to the
provisions of Section 27.8 of the Lease in the garage owned by Landlord at
17 Farnsworth Street, Boston, Massachusetts, shall be increased by two (2),
which additional spaces shall be the same as those presently available to
Tenant as a subtenant of the Expansion Area.

 

9.             It is expressly
understood and agreed that Tenant’s option to extend the term of the Lease for
five (5) years shall apply to the Expansion Area together with the
remainder of the Demised Premises, provided however that Yearly Fixed Rent
payable by Tenant during such extension period with respect to the Demised
Premises in their entirety shall in no event be less than $512,727.36.

 

10.           Landlord warrants
and represents that the Property is not subject to any Mortgage as of the date
hereof.

 

11.           The parties
acknowledge that Tenant’s Address is currently 380 Madison Avenue, 4th
Floor, New York, New York 10017, Attention: General Counsel.

 

12.           Except as modified
by this instrument, the Lease remains in full force and effect in accordance
with its provisions. Unless the context requires otherwise, all terms used
herein shall be construed in conformity with the applicable provisions of the
Lease.

 

3

 

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

 

	
   

  	
  BOSTON
  WHARF CO.

  
	
   

  	
   

  
	
   

  	
  By

  	
   P & O Properties
  Boston LLC and

  
	
   

  	
   

  	
  Summer St. Properties LLC, its sole

  
	
   

  	
   

  	
  general partners

  
	
   

  	
   

  
	
   

  	
   

  	
  By.

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
  PRESIDENT

  
	
   

  	
   

  
	
   

  	
  INVESTMENT
  TECHNOLOGY GROUP, INC. 

  
	
   

  	
  By

  	
  P. Mats Goebels

  
	
   

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  
	
   

  	
  title (duly-authorized)

  
	
   

  	
   

  
	
   

  	
  P.MATS GOEBELS

  
	
   

  	
  MANAGING DIRECTOR

  
	
   

  	
  GENERAL COUNSEL AND
  SECRETARY

  
					

 

4Exhibit 10.32

 

	
  C L I
  F F O R D

  	
  LIMITED
  LIABILITY PARTNERSHIP

  
	
  C H A N C E

  	
   

  

 

DATED 7 February 2007

 

	
   

  	
  (1)

  	
   

  	
  LANDLORD:

  	
   

  	
  MIZUHO CORPORATE BANK, LTD.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (2)

  	
   

  	
  TENANT:

  	
   

  	
  INVESTMENT TECHNOLOGY GROUP EUROPE LIMITED

  

 

OCCUPATIONAL LEASE

-OF-

PART 6TH FLOOR, RIVER PLATE
HOUSE,

7/11 FINSBURY CIRCUS, LONDON EC2

 

1

 

CONTENTS

 

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 1 - Definitions And Interpretation

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  Interpretation

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2 - Grant Of Lease 

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Grant,
  Rights And Other Matters

  	
   

  	
  9

  
	
   

  	
  3.1

  	
  Demise
  And Term

  	
   

  	
  9

  
	
   

  	
  3.2

  	
  Rights
  And Easements

  	
   

  	
  9

  
	
   

  	
  3.3

  	
  Exceptions
  And Reservations

  	
   

  	
  9

  
	
   

  	
  3.4

  	
  Third
  Party Rights

  	
   

  	
  9

  
	
   

  	
  3.5

  	
  No
  Implied Easements

  	
   

  	
  10

  
	
   

  	
  3.6

  	
  Covenants
  Affecting Reversion

  	
   

  	
  10

  
	
   

  	
  3.7

  	
  Encroachments
  And Easements

  	
   

  	
  10

  
	
   

  	
  3.8

  	
  Covenants
  Relating To Other Property

  	
   

  	
  10

  
	
   

  	
  3.9

  	
  Landlord’s
  Covenants

  	
   

  	
  10

  
	
   

  	
  3.10

  	
  Rights
  Of Entry By Landlord

  	
   

  	
  10

  
	
   

  	
  3.11

  	
  Terms
  Of Entry By Landlord

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3 - Financial Provisions 

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  Rents

  	
   

  	
   

  	
  11

  
	
   

  	
  4.1

  	
  Tenant’s
  Obligation To Pay

  	
   

  	
  11

  
	
   

  	
  4.2

  	
  Dates
  Of Payment Of Principal Rent

  	
   

  	
  12

  
	
   

  	
  4.3

  	
  Method
  Of Payment Of Principal Rent

  	
   

  	
  12

  
	
   

  	
  4.4

  	
  Dates
  Of Payment Of Insurance Rent And Additional Rent

  	
   

  	
  12

  
	
   

  	
  4.5

  	
  Dates
  Of Payment Of Service Charge

  	
   

  	
  12

  
	
   

  	
  4.6

  	
  No
  Right Of Set-Off

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  Rent
  Review

  	
   

  	
  12

  
	
   

  	
  5.1

  	
  Definitions

  	
   

  	
  12

  
	
   

  	
  5.2

  	
  Rent
  Reviews

  	
   

  	
  14

  
	
   

  	
  5.3

  	
  Agreement
  Or Determination Of The Reviewed Rent

  	
   

  	
  14

  
	
   

  	
  5.4

  	
  Appointment
  Of Review Surveyor

  	
   

  	
  14

  
	
   

  	
  5.5

  	
  Functions
  Of Review Surveyor

  	
   

  	
  14

  
	
   

  	
  5.6

  	
  Fees
  Of Review Surveyor

  	
   

  	
  15

  
	
   

  	
  5.7

  	
  Appointment
  Of New Review Surveyor

  	
   

  	
  15

  
	
   

  	
  5.8

  	
  Interim
  Payments Pending Determination

  	
   

  	
  15

  
	
   

  	
  5.9

  	
  Rent
  Restrictions

  	
   

  	
  15

  
	
   

  	
  5.10

  	
  Memoranda
  Of Reviewed Rent

  	
   

  	
  16

  
	
   

  	
  5.11

  	
  Time
  Not Of The Essence

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  Interest

  	
   

  	
  16

  
	
   

  	
  6.1

  	
  Interest
  On Late Payments

  	
   

  	
  16

  
	
   

  	
  6.2

  	
  Interest
  On Refused Payments

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
  Outgoings

  	
   

  	
  17

  
	
   

  	
  7.1

  	
  Tenant’s
  Obligation To Pay

  	
   

  	
  17

  
	
   

  	
  7.2

  	
  Indemnity
  Against Void Rating Relief

  	
   

  	
  17

  
						

 

 

	
   

  	
  7.3

  	
  Costs
  Of Utilities Etc.

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Value
  Added Tax

  	
   

  	
  17

  
	
   

  	
  8.1

  	
  Sums
  Exclusive Of Vat

  	
   

  	
  17

  
	
   

  	
  8.2

  	
  Tenant
  To Pay Vat

  	
   

  	
  17

  
	
   

  	
  8.3

  	
  Vat
  Incurred By Landlord

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Taxation

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Landlord’s
  Costs

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  Section 4 - Repairs, Alterations And Signs

  	
   

  	
  19

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Repairs,
  Decoration Etc.

  	
   

  	
  19

  
	
   

  	
  11.1

  	
  Repairs

  	
   

  	
  19

  
	
   

  	
  11.2

  	
  Damage
  By The Insured Risks

  	
   

  	
  19

  
	
   

  	
  11.3

  	
  Decorations

  	
   

  	
  19

  
	
   

  	
  11.4

  	
  Cleaning

  	
   

  	
  19

  
	
   

  	
  11.5

  	
  Carpeting

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
  Yield
  Up

  	
   

  	
  20

  
	
   

  	
  12.1

  	
  Reinstatement
  Of Premises

  	
   

  	
  20

  
	
   

  	
  12.2

  	
  Yielding
  Up In Good Repair

  	
   

  	
  20

  
	
   

  	
  12.3

  	
  Notice
  Of Selling Or Re-Letting

  	
   

  	
  21

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Compliance
  With Notices

  	
   

  	
  21

  
	
   

  	
  13.1

  	
  Tenant
  To Remedy Breaches Of Covenant

  	
   

  	
  21

  
	
   

  	
  13.2

  	
  Failure
  Of Tenant To Repair

  	
   

  	
  21

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Alterations

  	
   

  	
  21

  
	
   

  	
  14.1

  	
  No
  Structural Alterations Or New Building

  	
   

  	
  21

  
	
   

  	
  14.2

  	
  Non-Structural
  Alterations

  	
   

  	
  21

  
	
   

  	
  14.3

  	
  Covenants
  By Tenant And Security Deposit

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Signs
  And Advertisements

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 5 - Use

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Use
  Of Premises

  	
   

  	
  22

  
	
   

  	
  16.1

  	
  Permitted
  Use

  	
   

  	
  22

  
	
   

  	
  16.2

  	
  Tenant
  Not To Leave Premises Unoccupied

  	
   

  	
  22

  
	
   

  	
  16.3

  	
  Details
  Of Keyholders

  	
   

  	
  22

  
	
   

  	
  16.4

  	
  Keys
  To Be Given To Landlord

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Use
  Restrictions

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Landlord’s
  Regulations

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Use
  Of Premises Outside Business Hours

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Exclusion
  Of Warranty As To User

  	
   

  	
  23

  
	
   

  	
  20.1

  	
  No
  Warranty By Landlord

  	
   

  	
  23

  
	
   

  	
  20.2

  	
  Tenant’s
  Acknowledgement

  	
   

  	
  23

  
	
   

  	
  20.3

  	
  Tenant
  To Remain Bound

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 6 - Disposals

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  21.

  	
  General
  Restrictions

  	
   

  	
  23

  
	
   

  	
  21.1

  	
  Alienation
  Generally

  	
   

  	
  23

  
	
   

  	
  21.2

  	
  Sharing
  With A Group Company

  	
   

  	
  24

  

 

 

	
  22.

  	
  Assignment

  	
   

  	
  24

  
	
   

  	
  22.1

  	
  No
  Assignment Of Part

  	
   

  	
  24

  
	
   

  	
  22.2

  	
  Circumstances
  In Which Consent To Assignment May Be Withheld

  	
   

  	
  24

  
	
   

  	
  22.3

  	
  Conditions
  For Landlord’s Consent

  	
   

  	
  24

  
	
   

  	
  22.4

  	
  Assignment
  Of The Whole

  	
   

  	
  25

  
	
   

  	
  22.5

  	
  S.144
  Lpa l925

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  23.

  	
  Underletting

  	
   

  	
  26

  
	
   

  	
  23.1

  	
  Underletting
  Of Part

  	
   

  	
  26

  
	
   

  	
  23.2

  	
  Underletting
  Of The Whole

  	
   

  	
  26

  
	
   

  	
  23.3

  	
  Underletting
  Rent

  	
   

  	
  27

  
	
   

  	
  23.4

  	
  Direct
  Covenants From Undertenant

  	
   

  	
  27

  
	
   

  	
  23.5

  	
  Contents
  Of Underlease

  	
   

  	
  28

  
	
   

  	
  23.6

  	
  Tenant
  To Obtain Landlord’s Consent

  	
   

  	
  28

  
	
   

  	
  23.7

  	
  Tenant
  To Enforce Obligations

  	
   

  	
  28

  
	
   

  	
  23.8

  	
  Review
  Of Underlease Rent

  	
   

  	
  28

  
	
   

  	
  23.9

  	
  No
  Variation Of Terms

  	
   

  	
  28

  
	
   

  	
  23.10

  	
  No
  Reduction In Rent

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  24.

  	
  Registration
  Of Dispositions

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7 - Legal Requirements

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25.

  	
  Statutory
  Requirements

  	
   

  	
  29

  
	
   

  	
  25.1

  	
  Tenant
  To Comply With Statutes

  	
   

  	
  29

  
	
   

  	
  25.2

  	
  Tenant
  To Execute Necessary Works

  	
   

  	
  29

  
	
   

  	
  25.3

  	
  Tenant
  To Refrain From Certain Acts

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  26.

  	
  Planning
  Acts

  	
   

  	
  30

  
	
   

  	
  26.1

  	
  Tenant’s
  Obligation To Comply

  	
   

  	
  30

  
	
   

  	
  26.2

  	
  No
  Application For Planning Permission Without Consent

  	
   

  	
  30

  
	
   

  	
  26.3

  	
  Tenant
  To Obtain All Permissions

  	
   

  	
  30

  
	
   

  	
  26.4

  	
  Tenant
  To Pay Planning Charges

  	
   

  	
  30

  
	
   

  	
  26.5

  	
  No
  Implementation Of Permission Without Approval

  	
   

  	
  30

  
	
   

  	
  26.6

  	
  Tenant
  To Carry Out Works Before End Of Term

  	
   

  	
  30

  
	
   

  	
  26.7

  	
  Plans
  Etc. To Be Produced

  	
   

  	
  31

  
	
   

  	
  26.8

  	
  Planning
  Conditions

  	
   

  	
  31

  
	
   

  	
  26.9

  	
  Planning
  Refusal

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  27.

  	
  Statutory
  Notices

  	
   

  	
  31

  
	
   

  	
  27.1

  	
  Notices
  Generally

  	
   

  	
  31

  
	
   

  	
  27.2

  	
  Party
  Wall Etc. Act 1996

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  28.

  	
  Fire
  Precautions And Equipment

  	
   

  	
  32

  
	
   

  	
  28.1

  	
  Compliance
  With Requirements

  	
   

  	
  32

  
	
   

  	
  28.2

  	
  Fire
  Fighting Appliances To Be Supplied

  	
   

  	
  32

  
	
   

  	
  28.3

  	
  Access
  To Be Kept Clear

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  29.

  	
  Defective
  Premises

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8 - Insurance

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  30.

  	
  Insurance
  Provisions

  	
   

  	
  32

  
	
   

  	
  30.1

  	
  Buildings
  Insurance

  	
   

  	
  32

  
	
   

  	
  30.2

  	
  Noting
  Of Interest

  	
   

  	
  33

  
	
   

  	
  30.3

  	
  Option
  To Determine

  	
   

  	
  33

  

 

 

	
   

  	
  30.4

  	
  Payment
  Of Insurance Money Refused

  	
   

  	
  33

  
	
   

  	
  30.5

  	
  Suspension
  Of Rent Payments

  	
   

  	
  33

  
	
   

  	
  30.6

  	
  Benefit
  Of Other Insurances

  	
   

  	
  33

  
	
   

  	
  30.7

  	
  Insurance
  Becoming Void

  	
   

  	
  34

  
	
   

  	
  30.8

  	
  Requirements
  Of Insurers

  	
   

  	
  34

  
	
   

  	
  30.9

  	
  Notice
  By Tenant

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9 - Default Of Tenant And Rights Of Re-Entry

  	
   

  	
  34

  
	
   

  	
   

  	
   

  
	
  31.

  	
  Default
  Of Tenant

  	
   

  	
  34

  
	
   

  	
  31.1

  	
  Re-Entry

  	
   

  	
  34

  
	
   

  	
  31.2

  	
  Events
  Of Default

  	
   

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 10 - Landlord’s Services And Service Charge

  	
   

  	
  36

  
	
   

  	
   

  	
   

  
	
  32.

  	
  Landlord’s
  Services

  	
   

  	
  36

  
	
   

  	
  32.1

  	
  Provision
  Of Services

  	
   

  	
  36

  
	
   

  	
  32.2

  	
  Appointment
  Of Agents

  	
   

  	
  37

  
	
   

  	
  32.3

  	
  Variation
  Of Services

  	
   

  	
  37

  
	
   

  	
  32.4

  	
  Failure
  By Landlord To Provide Services

  	
   

  	
  37

  
	
   

  	
  32.5

  	
  Exclusion
  Of Landlord’s Liability

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  33.

  	
  Service
  Charge

  	
   

  	
  37

  
	
   

  	
  33.1

  	
  Definitions

  	
   

  	
  37

  
	
   

  	
  33.2

  	
  Account
  Of Expenditure

  	
   

  	
  39

  
	
   

  	
  33.3

  	
  Advance
  Payment

  	
   

  	
  39

  
	
   

  	
  33.4

  	
  Balancing
  Payment

  	
   

  	
  39

  
	
   

  	
  33.5

  	
  Omissions

  	
   

  	
  39

  
	
   

  	
  33.6

  	
  Continuing
  Application Of Provisions

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11 - Superior Lease

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  34.

  	
  Obligations
  And Consents Under Superior Lease

  	
   

  	
  40

  
	
   

  	
  34.1

  	
  Obligations
  By Tenant

  	
   

  	
  40

  
	
   

  	
  34.2

  	
  Obligations
  By Landlord

  	
   

  	
  40

  
	
   

  	
  34.3

  	
  Consents
  Under Superior Lease

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 12 - Miscellaneous

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  35.

  	
  Quiet
  Enjoyment

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  36.

  	
  Exclusion
  Of Implied Covenants By Landlord

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  37.

  	
  Disclosure
  Of Information

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  38.

  	
  Indemnity

  	
   

  	
  41

  
	
   

  	
   

  	
   

  
	
  39.

  	
  Representations

  	
   

  	
  41

  
	
   

  	
   

  	
   

  
	
  40.

  	
  Effect
  Of Waiver

  	
   

  	
  41

  
	
   

  	
   

  	
   

  
	
  41.

  	
  Notices

  	
   

  	
  41

  
	
   

  	
  41.1

  	
  Notices
  To Tenant Or Guarantor

  	
   

  	
  41

  
	
   

  	
  41.2

  	
  Notices
  To Landlord

  	
   

  	
  41

  
	
   

  	
   

  	
   

  
	
  42.

  	
  Exclusion
  Of Statutory Compensation

  	
   

  	
  41

  
	
   

  	
   

  	
   

  
	
  43.

  	
  Exclusion
  Of Sections 24 To 28 (Inclusive) Of The 1954 Act

  	
   

  	
  42

  
	
   

  	
  43.1

  	
  Tenant’s
  Confirmation

  	
   

  	
  42

  
	
   

  	
  43.2

  	
  Tenant’s
  Authorisation Of Person Making Declaration

  	
   

  	
  42

  

 

 

	
   

  	
  43.3

  	
  Exclusion
  Of Sections 24 To 28

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  44.

  	
  New
  Tenancy

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  45.

  	
  Invalidity
  Of Certain Provisions

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  46.

  	
  Third
  Party Rights

  	
   

  	
  42

  
	
   

  	
  46.1

  	
  Exclusion
  Of Rights

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  47.

  	
  Closure
  Of Title At The Land Registry

  	
   

  	
  42

  
	
   

  	
  47.1

  	
  Applications
  To Close Title And Cancel Notice

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  Schedule
  1

  	
  RIGHTS
  AND EASEMENTS GRANTED

  	
   

  	
  43

  
	
   

  	
   

  	
   

  
	
  Schedule
  2

  	
  EXCEPTIONS
  AND RESERVATIONS

  	
   

  	
  44

  
	
   

  	
   

  	
   

  
	
  Schedule
  3

  	
  USE
  RESTRICTIONS

  	
   

  	
  45

  
	
   

  	
   

  	
   

  
	
  Schedule
  4

  	
  COVENANTS
  BY GUARANTOR

  	
   

  	
  47

  
	
   

  	
   

  	
   

  
	
  Schedule
  5

  	
  ITEMS
  OF EXPENDITURE AS REFERRED TO IN CLAUSE 33

  	
   

  	
  50

  
	
   

  	
   

  	
   

  
	
  Schedule
  6

  	
  DEEDS
  AND DOCUMENTS CONTAINING MATTERS TO WHICH THE PREMISES ARE SUBJECT

  	
   

  	
  54

  
	
   

  
	
   

  	
   

  	
   

  
	
  Schedule
  7

  	
  AUTHORISED
  GUARANTEE AGREEMENT TO BE GIVEN BY TENANT PURSUANT TO CLAUSE 22.3.2

  	
   

  	
  55  

  
	
   

  
						

 

 

PRESCRIBED
CLAUSES

 

LR1.      Date of lease 7 February 2007

 

LR2.      Title number

 

LR2.1     Landlord’s title number          NGL632309

 

LR2.2     Other title numbers

 

LR3.      Parties to this lease

 

Landlord              MIZUHO CORPORATE BANK, LTD. Incorporated in Japan whose registered office
is at Bracken House, One Friday Street, London EC4M 9JA (Foreign Company
Registration No. FC004234)

 

Tenant                   INVESTMENT TECHNOLOGY GROUP
EUROPE LIMITED, incorporated
in Ireland whose registered office is at Dublin Exchange Facility, Second
Floor, Mayor Street, International Financial Services Centre, Dublin 1, Ireland
(Company Registration No.283939)

 

LR4.       Property

 

In the case of a conflict between this clause and the
remainder of this lease then, for the purposes of registration, this clause
shall prevail.

 

Defined in clause 1.35 of this lease.

 

LR5.       Prescribed statements etc.

 

LR5.1  Statements prescribed under rules 179
(dispositions in favour of a charity), 180 (dispositions by a charity) or 196
(leases under the Leasehold Reform, Housing and Urban Development Act 1993) of
the Land Registration Rules 2003.

 

-

 

LR5.2  This lease is made under, or by
reference to, provisions of:

 

-

 

LR6.       Term for which the Property is leased

 

The term is as follows:   from 8 January 2007 up to and
including 27 September 2013.

 

LR7.       Premium

 

-

 

1

 

LR8.       Prohibitions or restrictions on
disposing of this lease

 

This lease contains a provision that prohibits or restricts
dispositions.

 

LR9.       Rights of acquisition etc

 

LR9.1 Tenant’s contractual rights to renew this lease, to acquire the
reversion or another lease of the Property, or to acquire an interest in other
land

 

-

 

LR9.2 Tenant’s covenant to (or offer to) surrender the lease

 

-

 

LR9.3 Landlord’s contractual rights to acquire this lease

 

-

 

LR10.    Restrictive covenants given in
this lease by the Landlord in respect of land other than the Property

 

-

 

LR11.     Easements

 

LR11.1 Easements granted by this lease for the benefit of the Property

 

See clause 3.2 of this lease.

 

LR11.2 Easements granted or reserved by this lease over the Property
for the benefit of other property

 

See clause 3.3 of this lease.

 

LR12.     Estate rentcharge burdening the
Property

 

-

 

LR13.     Application for standard form of
restriction

 

-

 

LR14.     Declaration of trust where there
is more than one person comprising the Tenant.

 

-

 

2

 

THIS UNDERLEASE is made on the  7th  day of February 2007

 

BETWEEN:-

 

(1)                           MIZUHO CORPORATE BANK, LTD. (Foreign Company Registration No. FC004234)
whose registered office is at Bracken House, One Friday Street, London EC4M 9JA
(the “Landlord”); and

 

(2)                           INVESTMENT TECHNOLOGY GROUP
EUROPE LIMITED (Company
Registration No. 283939) whose registered office is at Dublin Exchange
Facility, Second Floor, Mayor Street, International Financial Services Centre,
Dublin 1, Ireland (the “Tenant”).

 

NOW THIS DEED WITNESSES as follows:-

 

SECTION 1

DEFINITIONS AND INTERPRETATION

 

1.             DEFINITIONS

 

In this Lease, unless the context requires
otherwise, the following expressions shall have the following meanings:-

 

1.1          “1954 Act” means
the Landlord and Tenant Act 1954;

 

1.2                         “1954 Act Notice” means a notice in a form complying with the
requirements of section 38A(3)(a) of the 1954 Act;

 

1.3                         “1954 Act Statutory Declaration”
means a statutory
declaration in a form complying with the requirements of section 38A(3)(b) of
the 1954 Act;

 

1.4                         “Additional Rent” means all sums referred to in clause 6, and
all sums which are recoverable as rent in arrear or stated in this Lease to be
due to the Landlord;

 

1.5                         “Adjoining Property” means any land and/or buildings adjoining or
neighbouring the Premises;

 

1.6                         “Base Rate” means the base rate for the time being of
Barclays Bank plc or some other London clearing bank nominated from time to
time by the Landlord or, in the event of base rate being abolished, such other
comparable rate of interest as the Landlord shall reasonably specify;

 

1.7                         “Building” means the land situated at 7-11 Finsbury
Circus, London EC2M 7DH together with the building erected on it or on part of
it and known as River Plate House and for the purpose of identification only
shown edged red on Plan No. 1 as the same are registered at the Land
Registry under title number NGL632309 and each and every part of the land and
building, including:-

 

1.7.1                          all landlord’s fixtures, fittings, plant,
machinery, apparatus and equipment now or after the date of this Lease in or
upon the same; and

 

1.7.2         any additions, alterations and improvements;

 

3

 

1.8                         “Business Hours” means the usual business or working hours of
the Building which shall be 7.00 a.m. to 7.00 p.m. on Mondays to
Fridays (inclusive) (excluding usual bank or public holidays);

 

1.9                         “Code of Measuring Practice”
means the current RICS Code
of Measuring Practice, 5th edition published on behalf of the Royal
Institution of Chartered Surveyors;

 

1.10                   “Common Parts” means any entrance halls, corridors,
passages, lobbies, landings, staircases, lifts, pedestrian ways, courtyards,
forecourts, and any other amenities in, or forming part of, the Building which
are or may from time to time be 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;

 

1.11                   “Conduits” means all drains, pipes, gullies, gutters,
sewers, ducts, mains, channels, subways, wires, cables, conduits, flues and any
other conducting media of whatsoever nature;

 

1.12                   “Decoration Year” means the year ending on the date five (5) years
after the date hereof;

 

1.13                   “Demise 1” means the part of the Premises edged and
hatched blue and as identified as “Demise 1” on Plan No. 2;

 

1.14                   “Demise 2” means the part of the Premises edged and hatched
blue and as identified as “Demise 2” on Plan No. 2;

 

1.15                   “Demise 1 Initial Rent” means two hundred and fifty three thousand
five hundred and forty eight pounds (£253,548) per annum;

 

1.16                   “Demise 2 Initial Rent” means seventy-seven thousand, two hundred and
forty pounds (£77,240) per annum;

 

1.17                     “Demise 1 Rent Commencement
Date” means 24 October, 2007

 

1.18                   “Demise 2 Rent Commencement
Date” means 8 October, 2007

 

1.19                   “Demise 2 Schedule of
Condition” means the
schedule of condition in relation to Demise 2 annexed hereto;

 

1.20                   “Development” means development as defined in section 55 of
the Town and Country Planning Act 1990;

 

1.21                   “Former Premises” means the premises described in the
Surrendered Lease (being part of Demise 1);

 

4

 

1.22                   “Group Company” means any company which is, for the time
being a member of the same group as defined in Section 42 of the Landlord
and Tenant Act 1954;

 

1.23                   “Guarantor” means the party (if any) named as ‘Guarantor’
in this Lease and includes the person from time to time guaranteeing the
obligations of the Tenant under this Lease and, in the case of an individual,
includes his personal representatives;

 

1.24        “Initial Rent” means the total of the Demise 1 Initial Rent and the Demise 2 Initial
Rent;

 

1.25                   “Insurance Charge” means the cost to the Superior Landlord of
effecting and maintaining insurance against the Insured Risks in respect of the
Building or any part thereof including any plant and machinery therein and the
Conduits and all fees and expenses paid or payable to professionals or other
advisers or consultants in connection with effecting and maintaining the same
and claims arising thereunder together with the amount expended by the Superior
Landlord in effecting and maintaining insurance against loss of rent in
accordance with its covenants in the Superior Lease;

 

1.26                   “Insurance Rent” means a due proportion (to be fairly and
properly determined by the Landlord or the Surveyor) of the Insurance Charge
which the Landlord shall from time to time pay to the Superior Landlord, a
proportion of such sums in respect of the period from the Term Commencement
Date to the end of the period covered by such insurance to be paid on the date
hereof;

 

1.27                   “Insured Risks” means (to the extent that any of the same are
insurable in the London insurance market at reasonable cost and on reasonable
terms) fire, storm, tempest, flood, lightning, explosion, aircraft and articles
dropped from them, riot, civil commotion, and such other risks as the Superior
Landlord may from time to time in accordance with the provisions of the
Superior Lease, determine or which the Landlord (in its reasonable discretion)
shall request the Superior Landlord to insure against subject to such
exclusions, excesses and limitations as are from time to time imposed by or
agreed by the Superior Landlord with the insurers or underwriters;

 

1.28                   “Landlord” means the person for the time being entitled
to the reversion immediately expectant on the determination of the Term;

 

1.29                   “this Lease” means this Underlease and any document which
is supplemental to it, whether or not it is expressly stated to be so;

 

1.30                   “Lettable Areas” means those parts of the Building leased or
intended to be leased to occupational tenants;

 

1.31                   “Net Internal Area” means the total floor area (expressed in
Units of Measurement) measured in accordance with the Code of Measuring
Practice;

 

1.32                   “Permitted Use” means good class offices within Class Bl
(Business) of the Town and Country Planning (Use Classes) Order 1987 only and
not any amendment or re-enactment of such Order made after the date of this
Lease and purposes ancillary to such use (but excluding offices for a turf
accountancy, pools promoter, estate agency, travel agency, staff agency, employment
agency, job centre, government department,

 

5

 

diplomatic or embassy purposes and any other use to which the Landlord
may reasonably object on the grounds of good estate management);

 

1.33                    “Plan No. 1” and “Plan No. 2”
mean respectively the plans or drawings numbered 1 and 2 annexed to
this Lease;

 

1.34                    “Planning Acts” means the Town and Country Planning Act 1990,
the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning
(Hazardous Substances) Act 1990, the Planning (Consequential Provisions) Act
1990, and the Planning and Compensation Act 1991, the Planning and Compulsory
Purchase Act 2004 and any other town and country planning or related
legislation;

 

1.35                    “Premises” means those parts of the sixth floor of the
Building shown edged hatched blue on Plan No. 2 including:-

 

1.35.1                    the internal plaster surfaces and finishes of
any structural or load bearing walls and columns in or which enclose them, but
not any other part of such walls and columns;

 

1.35.2                    the entirety of any non-structural or
non-load bearing walls and columns in them;

 

1.35.3                    the inner half (severed medially) of any
internal non-load bearing walls which divide them from any other part of the
Building;

 

1.35.4                    the floor finishes of them and all carpets
but the lower limit of the Premises shall not extend to anything below the
floor finishes other than raised floors and the cavity below them which shall
be included;

 

1.35.5                    the ceiling finishes of them, including suspended
ceilings (if any) and light fittings but the upper limit of the Premises shall
not extend to anything above the ceiling finishes other than the cavity above
any suspended ceilings which shall be included;

 

1.35.6                    all internal window frames and window
furniture and all glass in the windows and all doors, door furniture and door
frames;

 

1.35.7                    all sanitary and hot and cold water apparatus
and equipment and any radiators in them and all fire fighting equipment and
hoses in them;

 

1.35.8                    all Conduits in them and exclusively serving
the same, except those of any utility company;

 

1.35.9                    all landlord’s fixtures, fittings, plant,
machinery, apparatus and equipment at any time in or on them (but not any air
conditioning units, sprinklers and ducting and ancillary plant, machinery,
apparatus or equipment);

 

1.35.10     any
additions, alterations and improvements;

 

1.36         “Prescribed Rate” means four per cent (4%) per annum above the
Base Rate;

 

6

 

1.37                   “Present Tenant” means (in Schedule
4) the Tenant at the time the covenants on the part of the Guarantor
are entered into and (in Schedule 7) the
Tenant at the time the covenants on the part of the Present Tenant therein
referred to are entered into;

 

1.38                   “President” means the President for the time being of the
Royal Institution of Chartered Surveyors (or in the event that such Institution
ceases to exist such other independent body as the Landlord may reasonably
nominate) and includes the duly appointed deputy of the President or any person
authorised by the President or by the Institution or nominated body to make
appointments on his or its behalf;

 

1.39       “Principal Rent” means the rent payable under clause 4.1.1;

 

1.40       “Rents” means
the sums payable by the Tenant under clause 4;

 

1.41                   “Retained Parts” means all parts of the Building which do not
comprise Lettable Areas, including:-

 

1.41.1                   the Common Parts;

 

1.41.2                   office and residential or other accommodation
which may, from time to time, be reserved in the Building for staff;

 

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

 

1.41.4                   all Conduits in, on, over or under, or
exclusively serving the Building, except any that form part of the Lettable
Areas;

 

1.41.5                   the main structure of the Building, including
the roof and its structural parts, the foundations, all external walls, any
internal structural or load bearing walls and columns, the structural slabs of
the ceilings and floors, any party structures, boundary walls, railings and
fences, and all exterior parts of the Building and any pavements, pavement
lights, roads and car parking areas (if any) which form part of the Building;

 

1.42                  “Review Date” means 29 September 2008;

 

1.43                  “Schedule of Condition” means the schedule of condition annexed
hereto;

 

1.44                  “Service Charge” has the meaning given to that expression in
clause 33;

 

1.45                   “Superior Landlord” means the person for the time being entitled
to any estate in the Building which is reversionary (whether immediate or
mediate) upon the Landlord’s estate;

 

1.46                   “Superior Lease” means the lease of the Building dated 20 December 1988
and made between Hammerson (Amethyst) Properties Limited and Taisei Europe
Limited (1) and the Landlord (then known as The Fuji Bank Limited) (2) for
the term of 25 years from 29 September 1988 and any other lease of the
Building which is reversionary (whether immediate or mediate) upon this Lease;

 

7

 

1.47                 “Surrendered Lease” means the lease dated 25 July 1995 made
between the Landlord (1) TMG Financial Products (Europe) Limited (2) and
The Mutual Life Assurance Company of Canada (3) which was assigned to the
Tenant by an assignment dated 1 July 1998 and which the Tenant surrendered
on 30 November 2004;

 

1.48                 “Surveyor” means any person appointed by the Landlord to
perform the function of a surveyor or an accountant for any purpose of this
Lease and includes any employee of the Landlord or of a Group Company of the
Landlord appointed for that purpose and any person appointed by the Landlord to
collect the rents or to manage the Building but does not include the Review
Surveyor as defined in clause 5;

 

1.49                 “Tenant” means the party named as ‘Tenant’ in this
Lease and includes the Tenant’s successors in title and assigns and, in the
case of an individual, his personal representatives;

 

1.50                 “Term” means the term of years specified in clause
3.1;

 

1.51                 “Term Commencement Date” means 8 January, 2007;

 

1.52                    “Unit/s of Measurement” means the unit/s of square measurement
determined in accordance with the Code of Measuring Practice;

 

1.53                    “Utilities” means water, soil, steam, air, gas,
electricity, radio, television, telegraphic, telephone, telecommunications and
other services and supplies of whatsoever nature;

 

1.54                    “Utilities Charges” means those utilities described in clause
7.3.1 which the Landlord incurs the cost of;

 

1.55                    “Value Added Tax” means value added tax as defined in the Value
Added Tax Act 1994 and any tax of a similar nature substituted for, or levied
in addition to, such value added tax;

 

1.56                    “Working Day” means any day, other than a Saturday or
Sunday, on which clearing banks in the United Kingdom are open to the public
for the transaction of business.

 

2.             INTERPRETATION

 

Unless there is something in the subject or context
inconsistent with the same:-

 

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

 

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

 

2.3                          any covenant by the Tenant not to do any act
or thing shall include an obligation not to permit or suffer such act or thing
to be done;

 

2.4                          any reference to the right of the Landlord to
have access to, or to enter, the Premises shall be construed as extending to
the Superior Landlord and to any mortgagee of the Landlord or the Superior
Landlord and to all persons authorised by them, including agents, professional
advisers, contractors, workmen and others;

 

8

 

 

 

 

 

2.5                           any requirement that the Tenant must obtain
the approval or consent of the Landlord in respect of any matter mentioned in
this Lease includes a requirement that, where necessary under the Superior
Lease, the approval or consent of the Superior Landlord must also be obtained
in respect of that matter;

 

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

 

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

 

2.8                           the word “assignment” includes equitable
assignment and the words “assign” and “assignee” shall be construed
accordingly;

 

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

 

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

 

2.11                           any reference to a clause or schedule shall
mean a clause or schedule of this Lease.

 

SECTION 2

GRANT OF LEASE

 

3.                                     GRANT, RIGHTS AND OTHER
MATTERS

 

3.1                                Demise and Term

In consideration of the rents, covenants and
agreements reserved by, and contained in, this Lease to be paid and performed
by the Tenant, the Landlord leases the Premises to the Tenant from and
including the Term Commencement Date for the term expiring on 27 September 2013
paying the Rents to the Landlord in accordance with clause 4.

 

3.2                                Rights and Easements

There are granted the rights and easements set out
in Schedule 1.

 

3.3                                Exceptions and reservations

There are excepted and reserved out of this Lease
the rights and easements set out in Schedule
2.

 

3.4                                Third party rights

This Lease is granted subject to any rights,
easements, reservations, privileges, covenants, restrictions, stipulations and
other matters of whatever nature affecting the Premises including any
exceptions or reservations and other matters contained or referred to in the
Superior Lease and any matters contained or referred to in the deeds and
documents listed in Schedule 6 so
far as any of them relate to the Premises and are still subsisting and capable
of taking effect.

 

9

 

3.5         No implied
easements

Nothing contained in this Lease shall confer on, or
grant to, the Tenant any easement, right or privilege, other than those
expressly granted by this Lease.

 

3.6         Covenants affecting reversion

The Tenant shall perform and observe the
agreements, covenants, restrictions and stipulations contained or referred to
in the deeds and documents listed in Schedule 6
so far as any of them relate to the Premises and are still
subsisting and capable of taking effect.

 

3.7         Encroachments and easements

The Tenant shall not stop up or obstruct any of the
windows, lights, doorways, passages, openings, gratings or drains belonging to
the Premises and shall not do or allow to be done anything which may interfere
with the access of light or air to any part of the Premises or any
Adjoining Property and shall not permit any new window, light, opening,
doorway, passage, grating, drain, Conduit or other encroachment or easement to
be made or acquired into, on or over the Premises or any part of them. If
any person shall attempt to make or acquire any encroachment or easement
whatsoever, the Tenant shall give written notice of that fact to the Landlord
immediately it shall come to the notice of the Tenant and, at the request of
the Landlord and at the cost of the Landlord, adopt such means as may be
reasonably required by the Landlord for preventing any encroachment or the
acquisition of any easement.

 

3.8         Covenants relating to other property

Nothing contained in, or implied by, this Lease
shall give the Tenant the benefit of, or the right to enforce or prevent the
release or modification of, any covenant or agreement entered into by any
tenant of the Landlord in respect of any property not comprised in this Lease.

 

3.9         Landlord’s Covenants

Covenants on the part of the Landlord are
covenants to do or not to do that which is covenanted for so long only as the
Landlord remains entitled to the reversion immediately expectant on the
determination of the Term.

 

3.10       Rights of entry by Landlord

The Tenant shall permit the Landlord with all
necessary materials and appliances to enter and remain on the Premises:-

 

3.10.1       to examine the condition of the Premises and to take details of the
landlord’s fixtures in them;

 

3.10.2        to exercise reasonably any of the rights excepted and reserved by this
Lease;

 

3.10.3       for any purpose that, in the reasonable opinion of the Landlord, is
necessary to enable it to comply with any covenant on its part contained
in the Superior Lease even though the obligation to comply with such covenant may be
imposed on the Tenant by this Lease;

 

10

 

 

3.10.4       inspecting, constructing, laying down, altering, repairing, cleansing,
maintaining, replacing, removing or making connections to any Conduits used or
to be used in connection with Adjoining Property;

 

3.10.5       for any other reasonable purpose connected with the interest of the
Landlord in the Premises or the Building, including valuing or disposing of the
Landlord’s interest in them and taking any measurements, plans and sections of
the Premises.

 

3.11       Terms of entry by Landlord

In exercising any of the rights mentioned in clause
3.10, the Landlord or the person exercising the right shall:-

 

3.11.1       only exercise it at reasonable times on prior notice (except in an
emergency, when no notice need be given and when it can be exercised at any
time);

 

3.11.2       cause as little inconvenience as practicable to the Tenant or any other
permitted occupier of any part of the Premises; and

 

3.11.3       make good, as soon as practicable and to the reasonable satisfaction of
the Tenant, any damage caused to the Premises,

 

but, in the case of the Superior Landlord exercising
such right, without any obligation to pay any compensation for any damage,
nuisance, annoyance or inconvenience thereby caused other than in circumstances
of breach of the obligations in clauses 3.11.1, 3.11.2 and 3.11.3.

 

SECTION 3

FINANCIAL PROVISIONS

 

4.           RENTS

 

4.1         Tenant’s obligation to pay

The Tenant covenants to pay to the Landlord at all
times during the Term:-

 

4.1.1         yearly, and proportionately for any fraction of a year, the Initial
Rent and from and including the Review Date, such yearly rent as shall become
payable under clause 5;

 

4.1.2         the Insurance Rent;

 

4.1.3         the Service Charge;

 

4.1.4         the Additional Rent;

 

4.1.5         the Utilities Charges; and

 

4.1.6         any Value Added Tax which may be chargeable in respect of the
Principal Rent, the Insurance Rent, the Service Charge, the Additional Rent and
the Utilities Charges.

 

11

 

4.2         Dates of payment of
Principal Rent

The Principal Rent and any Value Added Tax
chargeable on it shall be paid in 4 equal instalments in advance on each 25th
March, 24th June, 29th September and 25th December in every year,
provided that:

 

4.2.1         the first payment of the Demise 1 Initial Rent, being a proportionate
sum in respect of the period from and including the Demise 1 Rent Commencement
Date to the day before the quarter day following the Demise 1 Rent Commencement
Date, to be made on the Demise 1 Rent Commencement Date; and

 

4.2.2         the first payment of the Demise 2 Initial Rent, being a proportionate
sum in respect of the period from and including the Demise 2 Rent Commencement
Date to the day before the quarter day following the Demise 2 Rent Commencement
Date, to be made on the Demise 2 Rent Commencement Date.

 

4.3         Method of payment of Principal Rent

The Principal Rent and any Value Added Tax
chargeable on it shall be paid in such manner as the Landlord may, from time to
time, determine so that the Landlord shall receive full value in cleared funds
on the date when payment is due.

 

4.4         Dates of payment of Insurance Rent and Additional Rent

The Insurance Rent and the Additional Rent and any
Value Added Tax chargeable on either of them shall be paid on demand, the first
payment of the Insurance Rent to be made on the date hereof.

 

4.5         Dates of payment of Service Charge

The Service Charge and any Value Added Tax
chargeable on it shall be paid on demand in accordance with clause 33.

 

4.6         No
right of
set-off

Subject to any contrary statutory right, the Tenant
shall not exercise any legal or equitable rights of set-off, deduction,
abatement or counterclaim which it may have to reduce its liability for
Rents.

 

5.           RENT REVIEW

 

5.1         Definitions

 

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

 

5.1.1          “Open Market Rent” means the yearly rent which might reasonably
be expected to become payable in respect of the Relevant Premises upon a
letting of the Relevant Premises for office purposes in the open market with
vacant possession at the Review Date by a willing landlord to a willing tenant
as a whole (or, where the Relevant Premises comprise the whole of the Premises,
in two parts) and without a premium being paid by either party for the grant of
the lease for a term of 15 years with 5 yearly rent reviews commencing on the
Review Date and otherwise on the terms and conditions and subject to the
covenants and provisions contained in this Lease (other than the amount of the rent
payable under this Lease and any rent free period allowed to the Tenant at

 

12

 

the commencement of the term of this Lease and
making the Assumptions but disregarding the Disregarded Matters;

 

5.1.2         “Assumptions” means the following assumptions (if not
facts) at the Review Date:-

 

(a)       that the Relevant Premises are fit for immediate occupation and use and
that all services required for occupation and use are connected to the Relevant
Premises;

 

(b)      that (save for any work carried out by the Landlord after the date
hereof) no work has been carried out to the Relevant Premises which has
diminished the rental value of the Relevant Premises;

 

(c)       that if the Relevant Premises have been destroyed or damaged, they have
been fully restored;

 

(d)      that all the covenants on the part of the Tenant and the Landlord
contained in this Lease have been fully performed and observed;

 

(e)       that there are no statutory rent restrictions; and

 

(f)       that, where appropriate, the Net Internal Area of the Premises is 8,974
square feet, of Demise 1 is 7,043 square feet and Demise 2 is 1,931 square
feet;

 

5.1.3         “Disregarded Matters” means:-

 

(a)      any effect on rent of the fact that the Tenant or any permitted
undertenant has been in occupation of the Relevant Premises;

 

(b)      any goodwill attached to the Relevant Premises by reason of carrying on
there of the business of the Tenant or any permitted undertenant;

 

(c)      any effect on the rental value of the Relevant Premises attributable to
the existence, at the Review Date, of any improvement to the Relevant Premises
carried out by the Tenant or any permitted undertenant during the Term or
during the term of the Surrendered Lease otherwise than in pursuance of any
obligation to the Landlord (unless such obligation is imposed under a licence
consenting to the making of such improvement or by a statute or regulation) and
thereafter with the written consent of the Landlord where required and without
any liability on the part of the Landlord to reimburse the cost of such
improvement or any part thereof;

 

(d)      any discount or abatement of the rent to allow for any concessionary
rent or rent free period which a willing landlord would grant to a willing
tenant on the hypothetical letting hereinbefore mentioned in respect of the
willing tenant’s fitting out works.

 

5.1.4         “Relevant Premises” means the Premises, Demise 1 or Demise 2, as
the case may be;

 

13

 

5.1.5         “Review Surveyor” means an independent chartered surveyor of
not less than 10 years standing, who is experienced in valuing and leasing
property similar to the Premises and is acquainted with the market in the area
in which the Premises are located appointed from time to time under this clause
to determine the Open Market Rent.

 

5.2         Rent reviews

The Principal Rent shall be reviewed at the Review Date in accordance
with the provisions of this clause and from and including the Review Date the
Principal Rent shall equal the highest of:-

 

5.2.1         the Principal Rent contractually payable immediately before the Review
Date (or which would be payable but for any suspension of rent (in whole or in
part) under this Lease); and

 

5.2.2         the Open Market Rent of the Premises on the Review Date as agreed or
determined pursuant to this clause; and

 

5.2.3          the
aggregate of:-

 

(a)      the higher of the Demise 1 Initial Rent and the Open Market Rent of
Demise 1 on the Review Date as agreed or determined pursuant to this clause;
and

 

(b)      the higher of the Demise 2 Initial Rent and the Open Market Rent of
Demise 2 on the Review Date as agreed or determined pursuant to this clause.

 

5.3         Agreement or determination of the reviewed rent

The Open Market Rent at the Review Date may be
agreed in writing at any time between the Landlord and the Tenant but if, for
any reason, they have not so agreed, either party may (whether before or
after the Review Date) by notice in writing to the other require the Open
Market Rent to be determined by the Review Surveyor.

 

5.4         Appointment of Review Surveyor

In default of agreement between the Landlord and the
Tenant on the appointment of the Review Surveyor, the Review Surveyor shall be
appointed by the President on the written application of either party, such
application to be made not earlier than 3 months before the Review Date.

 

5.5         Functions of Review Surveyor

The Review Surveyor shall:-

 

5.5.1         act as an arbitrator in accordance with the Arbitration Act 1996;

 

5.5.2         have power to order on a provisional basis any relief which he would
have power to grant in a final award;

 

5.5.3         within 60 days of the later of his appointment and the Review Date, or
within such extended period as the Landlord and the Tenant may jointly
agree in

 

14

 

writing, give to each of them written notice of the
amount of the Open Market Rent as determined by him.

 

5.6         Fees of Review Surveyor

5.6.1         The fees and expenses of the Review Surveyor, including the fee payable
for his nomination, shall be in the award of the Review Surveyor but, failing
such award, the same shall be payable by the Landlord and the Tenant in equal
shares who shall each bear their own costs, fees and expenses.

 

5.6.2         If either party fails to pay that party’s share of the fees and
expenses of the Review Surveyor, including the fee payable for his nomination,
within 5 Working Days after being required in writing to do so, the other party
may pay such fees and expenses, and the share of the defaulting party
shall become a debt payable to the other party on written demand (and, if the
defaulting party is the Tenant, recoverable by the Landlord as rent in arrear)
with interest on such share at the Prescribed Rate from and including the date
of payment by the other party to the date of reimbursement by the defaulting party.

 

5.7         Appointment of new Review Surveyor

If the Review Surveyor fails to give notice of his
determination within the allotted time, or if he dies, is unwilling to act, or
becomes incapable of acting, or if, for any other reason, he is unable to act,
the Landlord or the Tenant may request the President to discharge the
Review Surveyor and appoint another Review Surveyor in his place to act in the
same capacity, which procedure may be repeated as many times as necessary.

 

5.8         Interim payments pending determination

If the amount of the reviewed rent has not been
agreed or determined by the Review Date (the date of agreement or determination
being called the “Determination Date”),  then:-

 

5.8.1         in respect of the period (the “Interim
Period”) beginning
with the Review Date and ending on the day before the quarter day following the
Determination Date, the Tenant shall pay to the Landlord the Principal Rent at
the yearly rate payable immediately before the Review Date together with such
further amounts (if any) as may be awarded by the Review Surveyor; and

 

5.8.2         within 14 days after the Determination Date, the Tenant shall pay to
the Landlord as arrears of rent the amount by which the reviewed rent exceeds
the rent actually paid during the Interim Period (apportioned on a daily basis)
together with interest on such amount at the Base Rate, such interest to be
calculated on the amount of each quarterly shortfall on a day-to-day basis from
the date on which it would have been payable if the reviewed rent had then been
agreed or determined to the Determination Date.

 

5.9         Rent Restrictions

If, at any time during the Term, restrictions are
imposed by any statute for the control of rent which prevent or prohibit wholly
or partly the operation of the rent review provisions contained in this clause
or which operate to impose any limitation, whether in

 

15

 

time or amount, on the collection and retention of
any increase in the Principal Rent or any part then and in each case respectively:-

 

5.9.1         the operation of the rent review provisions contained in this clause
shall be postponed to take effect on the first date on which such operation
(whether wholly or partially and with or without limited effect) may occur
and in the case of restrictions which partially prevent or prohibit such
operation and/or limit its effect on each such date;

 

5.9.2         the collection of any increase in the rent shall be postponed to take
effect on the first date on which such increase may be collected and/or
retained in whole or in part and on as many occasions as shall be required
to ensure the collection of the whole increase

 

and, until such restrictions shall be relaxed either
wholly or partially, the Principal Rent shall be the maximum sum from time to time
permitted by such restrictions.

 

5.10       Memoranda of reviewed rent

Within 10 Working Days after the amount of any
reviewed rent has been agreed or determined, memoranda recording that fact
shall be prepared by the Landlord or its solicitors and shall be signed by or
on behalf of the Landlord and the Tenant and any Guarantor and annexed to this
Lease and its counterpart. The parties shall each bear their own costs in
relation to the preparation and signing of such memoranda.

 

5.11      Time not of the essence

For the purpose of this clause, time shall not be of
the essence.

 

6.           INTEREST

 

6.1         Interest on late payments

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

 

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

 

6.1.2         in the case of any other Rents or sums, within 10 Working Days of the
date when payment is due

 

the Tenant shall pay interest on such Rents and/or
sums at the Prescribed Rate from but excluding the date when payment was due to
the date of payment to the Landlord (both before and after any judgment).

 

6.2         Interest on refused payments

Without prejudice to any other right, remedy or
power contained in this Lease or otherwise available to the Landlord, if the
Landlord shall decline to accept any of the Rents so as not to waive any
existing breach or alleged breach of covenant, the Tenant shall pay interest on
such Rent at the Base Rate from and including the date when

 

16

 

payment was due (or, where applicable, would have
been due if demanded on the earliest date on which it could have been demanded)
to the date when payment is accepted by the Landlord.

 

7.          OUTGOINGS

 

7.1         Tenant’s obligation to pay

The Tenant shall pay, or indemnify the Landlord
against, all existing and future rates, taxes, duties, charges, assessments,
impositions and other 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) which are now or may at
any time during the Term be charged, levied, assessed or imposed upon, or
payable in respect of, the Premises or upon the owner or occupier of them
(excluding any tax payable by the Landlord occasioned by any disposition of, or
dealing with, the reversion of this Lease) and, in the absence of a direct
assessment on the Premises, shall pay to the Landlord a fair proportion (to be
reasonably determined by the Landlord) of any such outgoings.

 

7.2         Indemnity against void rating relief

The Tenant shall indemnify the Landlord against any
loss to the Landlord of void rating relief which might have been applicable to
the Premises by reason of the Premises being vacant after the end of the Term
(or any earlier termination of it) on the ground that such relief has already
been allowed to the Tenant.

 

7.3         Costs of utilities etc.

The Tenant shall:-

 

7.3.1         pay all charges for electricity, gas and water consumed in the
Premises, including any connection and hiring charges and meter rents; and

 

7.3.2         perform and observe all present and future regulations and
requirements of the electricity, gas and water supply companies or boards in
respect of the supply and consumption of electricity, gas and water on the
Premises provided always that the Tenant shall not hereby be liable for any
failure by the Landlord prior to the date of the Surrendered Lease to comply
with any such regulations and requirements.

 

8.           VALUE ADDED TAX

 

8.1         Sums exclusive of VAT

All sums payable under this Lease by the Tenant to
the Landlord (with the exception of the rent reserved in clause 4.1.6) shall be
deemed to be exclusive of Value Added Tax.

 

8.2         Tenant to pay VAT

Where pursuant to the terms of this Lease the
Landlord makes a supply to the Tenant (other than a supply made in
consideration for the payment of the Rents) and Value Added Tax is payable in
respect of such supply, the Tenant shall pay to the Landlord on the date that
payment in relation to such sum is due a sum equal to the amount of Value Added
Tax so payable subject to the Landlord providing a valid VAT invoice and any

 

17

 

penalty or interest incurred by the Landlord for any
late payment of such Value Added Tax.

 

8.3        VAT incurred by Landlord

Where the Tenant is required by the terms of this
Lease to reimburse the Landlord for the costs or expenses of any supplies made
to the Landlord, the Tenant shall also at the same time pay or, as the case may be,
indemnify the Landlord against all Value Added Tax input tax incurred by the
Landlord in respect of those supplies save to the extent that the Landlord is
entitled to repayment or credit in respect of such Value Added Tax input tax.

 

9.          TAXATION

 

Notwithstanding anything contained in this Lease,
the Tenant shall:-

 

9.1         not do on, or in relation to, the Premises or any part of them, or
in relation to any interest of the Tenant in the Premises, any act or thing
(other than the payment of the Rents) which shall render the Landlord liable
for any tax, levy, charge or other fiscal imposition of whatsoever nature; and

 

9.2         not dispose of, or deal with, this Lease in such a way that the
Landlord shall be or become liable for any such tax, levy, charge or fiscal
imposition provided that in the event the Landlord consents to a change of use
of the Premises the Tenant shall not be liable for any such tax, levy, charge
or fiscal imposition payable as a consequence of such consent.

 

10.        LANDLORD’S COSTS

 

Within 10 Working Days of written demand, the Tenant
shall pay, or indemnify the Landlord, the Superior Landlord and any mortgagee
against, all reasonable costs, fees, charges, disbursements and expenses
properly incurred by them, including those payable to solicitors, counsel,
surveyors, architects and bailiffs:-

 

10.1      in relation to, or in contemplation of, the preparation and service of
a notice under section 146 of the Law of Property Act 1925 or any
proceedings under section 146 or section 147 of that Act (whether or
not any right of re-entry or forfeiture has been waived by the Landlord or a
notice served under section 146 is complied with by the Tenant or the
Tenant has been relieved under the provisions of that Act and even though
forfeiture may be avoided otherwise than by relief granted by the court);

 

10.2      in relation to, or in contemplation of, the preparation and service of
all notices and schedules relating to any wants of repair, whether served
during or after the expiration of the Term (but relating in all cases only to
such wants of repair which accrued not later than the expiration or earlier
determination of the Term);

 

10.3      in connection with the recovery or attempted recovery of arrears of
rent or other sums due from the Tenant, or in procuring the remedying of the
breach of any covenant by the Tenant;

 

10.4      in relation to any application for consent required or made necessary
by this Lease (such costs to include reasonable management fees and expenses)
whether or not it is granted (except in cases where the Landlord is obliged not
to withhold its consent unreasonably

 

18

 

and the withholding of its consent is held to be
unreasonable), or the application is withdrawn provided that all costs incurred
in relation to obtaining the Superior Landlord’s consent to this Lease shall be
paid by the Landlord;

 

10.5        in responding to any request made by the
Tenant.

 

SECTION 4

REPAIRS, ALTERATIONS AND SIGNS

 

11.        REPAIRS, DECORATION ETC.

 

11.1      Repairs

Subject to clause 11.2, the Tenant shall:-

 

11.1.1       keep Former Premises in no worse state of repair and condition than
that detailed in the Schedule of Condition and otherwise keep in good
repair and condition the remainder of Demise 1, and keep Demise 2 in no worse
state of repair and condition than that specified in the Demise 2 Schedule of
Condition and, as often as may be necessary, reinstate, rebuild or renew
each part of them; and

 

11.1.2       as and when necessary, replace any of the landlord’s fixtures and
fittings which may be or become beyond repair with new ones which are
similar in type and quality.

 

11.2      Damage by the Insured Risks

There shall be excepted from the obligations
contained in clause 11.1 any damage caused by the Insured Risks save to the
extent that payment of the insurance monies shall be withheld by reason of any
act, neglect or default of the Tenant, any undertenant or occupier or any of
their respective agents, licensees, visitors or contractors or any person under
the control of any of them.

 

11.3      Decorations

The Tenant shall:-

 

11.3.1      whenever requisite, but in any event not less frequently than in the
Decoration Year and also in the last 3 months of the Term (whether determined
by passage of time or otherwise), in a good and workmanlike manner prepare and
decorate with at least two coats of good quality paint or otherwise treat, as
appropriate, all parts of the Premises, such decorations and treatment in the
last 3 months of the Term to be executed in such colours and materials as the
Landlord may reasonably require;

 

11.3.2       as often as may be reasonably necessary, wash down all tiles,
glazed bricks and similar washable surfaces.

 

11.4      Cleaning

The Tenant shall:-

 

11.4.1       keep the Premises in a clean and tidy
condition and employ only competent and respectable persons as cleaners;

 

19

 

11.4.2
     at least once
in every month properly clean both sides of the windows or window frames and
all other glass in the Premises.

 

11.5         Carpeting

The Tenant shall maintain the carpets now, or from time to time, laid
in the Premises and, when necessary, replace them with new carpets of
equivalent quality and value.

 

12.           YIELD UP

 

12.1         Reinstatement of Premises

Immediately prior to the expiration or earlier determination of the
Term, the Tenant shall at its cost:-

 

12.1.1       replace any of the landlord’s fixtures and fittings which shall be
missing, damaged or destroyed (damage by the Insured Risks excepted save to the
extent that payment of the insurance money shall be withheld by reason of any
act, neglect or default of the Tenant or any person under its control), with
new ones of similar kind and quality or (at the option of the Landlord) pay to
the Landlord (acting reasonably) the cost of replacing any of them;

 

12.1.2       remove from the Premises any sign, writing or painting of the name or
business of the Tenant or any occupier of them and all tenant’s fixtures,
fittings, furniture and effects and make good, to the reasonable satisfaction
of the Landlord, all damage caused by such removal;

 

12.1.3       if so required by the Landlord, but not otherwise, remove and make good
any alterations or additions made to the Premises during the Term (or made by
the Tenant during any period of occupation prior to the commencement of the
Term whether pursuant to a previous lease or otherwise), and well and
substantially reinstate the Premises in such manner as the Landlord (acting
reasonably) shall direct and to the Landlord’s reasonable satisfaction.

 

12.2         Yielding up in good repair

At the expiration or earlier determination of the Term, the Tenant
shall quietly yield up the Premises to the Landlord:

 

12.2.1       in respect of the Former Premises in no worse state of repair and
condition than that detailed in the Schedule of Condition;

 

12.2.2       in respect of the remainder of Demise 1, in good and substantial repair
and condition in accordance with its covenants in this Lease. For the avoidance
of doubt this obligation shall include, but is not limited to, the following:-

 

(a)            all
internal walls shall be painted white;

 

(b)            there
shall be timber skirting around the perimeter;

 

(c)            there
shall be blinds at all windows (south elevation);

 

(d)            there
shall be net curtains to the atrium;

 

(e)            the
carpet shall be left in situ;

 

20

 

(f)       any internal partitioning or refurbishment  specific to 
ITG shall be reinstated;

 

(g)      any dividing walls between the Former Premises and the remainder of the
Premises shall be reinstated complete with white paint and skirting; and

 

(h)      all IT and communication cabling shall be removed from within the floor
and associated floor trunkings; and

 

12.2.3       in respect of Demise 2 in no worse state of repair and condition than
that specified in the Demise 2 Schedule of Condition.

 

12.3         Notice of selling or
re-letting

To allow the Landlord at any time during the last 6 months of the Term
(howsoever determined) to enter the Premises to fix and retain without
interference upon any part of the Premises (but not so as to obscure the
windows of the Premises) a notice for selling or re-letting and to allow
persons with written authority from the Landlord or Superior Landlord at
reasonable times of the day and after reasonable notice at all times during the
Term to view the Premises.

 

13.           COMPLIANCE WITH NOTICES

 

13.1         Tenant to remedy breaches of
covenant

Whenever the Landlord shall give written notice to the Tenant of any
defects, wants of repair or breaches of covenant, the Tenant shall, within 30
Working Days of such notice, or sooner if reasonably requisite, make good such
defects or wants of repair and remedy the breach of covenant to the reasonable
satisfaction of the Landlord and in accordance with its obligations under this
Lease.

 

13.2         Failure of Tenant to repair

If the Tenant shall fail within 20 Working days of such notice, or as
soon as reasonably possible in the case of emergency, to commence and then
diligently and expeditiously to continue to comply with such notice, the
Landlord may enter the Premises and carry out, or cause to be carried out, any
of the works referred to in such notice and all costs and expenses incurred as
a result shall be paid by the Tenant to the Landlord on demand and, in default
of payment, shall be recoverable as rent in arrear.

 

14.           ALTERATIONS

 

14.1         No structural alterations or
new building

The Tenant shall not erect or allow to be erected on the Premises any
new or additional building nor make any external alteration or addition to the
Premises nor make any structural alteration or addition to the Premises nor
alter, cut into or remove any of the principal or load-bearing walls, floors,
beams or columns in or enclosing the Premises.

 

14.2         Non-structural alterations

The Tenant shall not make any alteration or addition of a
non-structural nature to the Premises or any of the Landlord’s fixtures or to
the internal design or construction thereof or to the electrical wiring,
installation, heating plant and equipment or Conduits without the prior written
consent of the Landlord (such consent (in the case of the

 

21

 

Landlord only) not to be unreasonably withheld or delayed), but may
install, alter or remove demountable partitioning in the Premises without the
prior written consent of the Landlord.

 

14.3         Covenants by Tenant and
Security Deposit

The Tenant shall enter into such covenants as the Landlord may reasonably
require regarding the execution of any works to which the Landlord consents
under this clause and the reinstatement of the Premises at the end or earlier
determination of the Term and, if reasonably required by the Landlord or
Superior Landlord, the Tenant shall provide adequate security in the form of a
deposit of money as assurance that the works shall be properly completed.

 

15.           SIGNS AND ADVERTISEMENTS

The Tenant shall not erect or display on the exterior of the Premises
or in the windows of them so as to be visible from the exterior, any figure,
letter, bill, advertisement, poster, notice, pole, flag, aerial, satellite
dish, placard, signboard or any other sign or thing but the Tenant may display
on the entrance door to the Premises a sign stating the Tenant’s name and
business or profession on obtaining the prior written approval of the Landlord
to the size, style and position and the materials to be used, such approval not
to be unreasonably withheld or delayed.

 

SECTION 5

USE

 

16.           USE OF PREMISES

 

16.1         Permitted use

The Tenant shall not use the Premises or any part of them except for
the Permitted Use.

 

16.2         Tenant not to leave Premises
unoccupied

The Tenant shall not leave the Premises continuously unoccupied for
more than 30 days without notifying the Landlord and providing, or paying for,
such caretaking or security arrangements as the Landlord shall reasonably
require in order to protect the Premises from vandalism, theft or unlawful
occupation.

 

16.3         Details of keyholders

The Tenant shall ensure that, at all times, the Landlord has
particulars of the name, home address and home telephone number of at least two
keyholders of the Premises.

 

16.4         Keys to be given to Landlord

The Tenant shall provide the Landlord with a set of keys to the Premises
to enable the Landlord or its agents and others authorised by the Landlord to
enter the Premises for security purposes or in cases of emergency.

 

17.           USE RESTRICTIONS

 

The Tenant shall perform and observe the obligations set out in Schedule 3.

 

22

 

18.           LANDLORD’S REGULATIONS

 

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

 

19.           USE OF PREMISES OUTSIDE BUSINESS HOURS

 

If from time to time the Tenant wants to use the Premises outside
Business Hours, then the Tenant shall be entitled to use the Premises and to
have access to them on the following terms:-

 

19.1         the Tenant shall pay to the Landlord on written demand the whole of the
expenses attributable to the provision of any such staff, services and security
to the Premises outside Business Hours; and

 

19.2         the Landlord shall not be obliged to provide any services to the
Building in general or to the Premises in particular if the Landlord, having
used its reasonable endeavours, is unable to do so.

 

20.           EXCLUSION OF WARRANTY AS TO USER

 

20.1         No warranty by
Landlord

Nothing contained in this Lease, or in any consent or approval granted
by the Landlord under this Lease, shall imply or warrant that the Premises may
be used under the Planning Acts for the purpose permitted by this Lease or any
purpose subsequently permitted.

 

20.2         Tenant’s acknowledgement

The Tenant acknowledges that neither the Landlord nor any person acting
on behalf of the Landlord has at any time made any representation or given any
warranty that any use permitted by this Lease is, will be, or will remain, a
use authorised under the Planning Acts.

 

20.3         Tenant to remain bound

Even though any such use may not be a use authorised under the Planning
Acts, the Tenant shall remain fully liable to the Landlord in respect of the
obligations undertaken by the Tenant in this Lease without being entitled to
any compensation, recompense or relief of any kind.

 

SECTION 6

DISPOSALS

 

21.           GENERAL RESTRICTIONS

 

21.1         Alienation generally

The Tenant shall not assign, charge, underlet or part with possession
or share the occupation of, or permit any person to occupy, or create any trust
in respect of the Tenant’s interest in, the whole or any part of the Premises,
except as may be expressly permitted by this clause and clauses 22 and 23.

 

23

 

21.2         Sharing with a Group Company

Nothing in this clause or clauses 22 and 23 shall prevent the Tenant
from sharing occupation of the whole or any part of the Premises with any
company which is, for the time being, a Group Company of the Tenant subject to (a) the
Tenant giving to the Landlord written notice of the sharing of occupation and
the name of the Group Company concerned within 5 Working Days after the sharing
begins (b) the Tenant and that Group Company remaining in the same
relationship whilst the sharing lasts and (c) the sharing not creating the
relationship of landlord and tenant between the Tenant and that Group Company.

 

22.           ASSIGNMENT

 

22.1         No Assignment of Part

The Tenant shall not assign any part or parts (as distinct from the
whole) of the Premises.

 

22.2         Circumstances in which
consent to Assignment may be withheld

For the purposes of Section 19(1A) of the Landlord and Tenant Act
1927 it is agreed that the Landlord may withhold its consent to an assignment
of the whole of the Premises in the following circumstances:-

 

22.2.1       Where the proposed assignee is not resident in, or in the case of a
body corporate, is not incorporated in the United Kingdom.

 

22.2.2       Where the proposed assignee is a Group Company of the Tenant save where
the Landlord (acting reasonably) is satisfied of the financial standing of the
proposed assignee considered independently of the Tenant.

 

22.2.3       Where the proposed assignee is any person or entity who has the right
to claim sovereign or diplomatic immunity or exemption from liability from the
covenants on the part of the Tenant contained in this Lease.

 

22.2.4       Where the proposed assignee is any person or entity in relation to whom
any of the events mentioned in Clause 31.2 of this Lease would have occurred if
that person or entity were the Tenant under this Lease.

 

22.2.5       Where any Rents or other payment due under this Lease has not been paid
prior to completion of the assignment.

 

22.3         Conditions for Landlord’s
Consent

For the purposes of Section 19(1A) of the Landlord and Tenant Act
1927 it is further agreed that any consent of the Landlord to an assignment of
the whole of the Premises may where reasonable be subject to:-

 

22.3.1       a condition requiring the proposed assignee upon completion of the
proposed assignment either:-

 

(a)       to deposit in such account as may be specified by the Landlord a sum
equivalent to the Rents reasonably estimated by the Landlord to be
prospectively payable for a period of 2 years from the date of completion of
the proposed assignment and to deliver to the Landlord a duly executed Deed of
Deposit in such form as the Landlord may reasonably require; or

 

24

 

(b)       to deliver to the Landlord a guarantee in favour of the Landlord by one
of the English London Clearing Banks in a form first approved in writing by the
Landlord (such approval not to be unreasonably withheld) covering the Rents
reasonably estimated by the Landlord to be prospectively payable for a period of
2 years from the date of completion of the proposed assignment.

 

22.3.2       a condition that the Tenant shall, prior to the proposed assignment
being completed, execute and deliver to the Landlord a deed which shall be
prepared by the Landlord’s solicitors containing covenants on the part of the
Tenant in the form of those contained in Schedule
7 (therein defined as the “Present Tenant”).

 

22.3.3       a condition that the Guarantor shall, prior to the proposed assignment
being completed, execute and deliver to the Landlord a deed which shall be
prepared by the Landlord’s solicitors containing covenants on the part of the
Guarantor in the form of those contained in Schedule
7.

 

22.3.4       a condition that the Tenant (having received a 1954 Act Notice from the
Landlord) shall make a 1954 Act Statutory Declaration in relation to the new
lease of the Premises referred to in paragraph 4 of Schedule 7;

 

22.3.5       a condition that the Guarantor (having received a 1954 Act Notice from
the Landlord) shall make a 1954 Act Statutory Declaration in relation to the
new lease of the Premises referred to in paragraph 8 of Schedule 7;

 

22.3.6       a condition that any guarantor of the assignee (having received a 1954
Act Notice from the Landlord) shall make a 1954 Act Statutory Declaration in relation
to the new lease of the Premises referred to in paragraph 7 of Schedule 4.

 

22.4         Assignment of the whole

Without prejudice to the provisions of clauses 21 to 22.3 inclusive the
Tenant shall not assign the whole of the Premises without the prior written
consent of the Landlord any Superior Landlord and any mortgagee whose consent
to an assignment of the Premises may be required and except in relation to the
circumstances mentioned in clause 22.2 and the conditions mentioned in clause
22.3 such consent (by the Landlord only) shall not be unreasonably withheld.
The parties agree that in considering whether or not the Landlord is reasonably
withholding such consent due and proper regard shall be had to the provisions
and effect of the Landlord and Tenant (Covenants) Act 1995.

 

22.5         S.144 LPA 1925

To the extent (if any) necessary to make the foregoing provisions of
this Lease effective but not further or otherwise) Section 144 of the Law
of Property Act 1925 shall not apply.

 

25

 

23.           UNDERLETTING

 

23.1         Underletting of part

23.1.1      For the purpose of this clause, “Subletting
Unit” means a part of the Premises which is capable of being
occupied and used as a separate and self-contained unit with all necessary and proper
services.

 

23.1.2      The Tenant shall not underlet any part of the Premises other than on
condition that:-

 

(a)       the Premises shall not at any time be in the occupation of more than
two persons, the Tenant together with any Group Company which is permitted to
share occupation under clause 21.2 counting as one;

 

(b)      the part of the premises to be underlet shall comprise a Subletting
Unit only;

 

(c)       if the Landlord shall reasonably so require, the Tenant shall obtain an
acceptable guarantor for any proposed undertenant and such guarantor shall
execute and deliver to the Landlord a deed containing covenants by that
guarantor (or, if more than one, joint and several covenants) with the
Landlord, as a primary obligation, in the terms contained in Schedule 4 (with any necessary changes
reasonably required by the Landlord) or in such other terms as the Landlord may
reasonably require;

 

(d)      before the underlease is completed, or, if earlier, before the
undertenant becomes contractually bound to enter the lease and, if appropriate,
any guarantor becomes contractually bound to enter into a new lease of the
underlet premises pursuant to the terms set out in the guarantee, the
underlease and the guarantee are validly excluded from the operation of
sections 24 to 28 (inclusive) of the 1954 Act, in accordance with the
provisions of section 38A of the 1954 Act and the Tenant provides to the
Landlord such written evidence as shall be reasonably satisfactory to the
Landlord of such valid exclusions;

 

(e)       the underlease incorporates the agreement or a reference to the
agreement between the parties under section 38A(1) of the 1954 Act for the
exclusion of sections 24 to 28 of the 1954 Act in relation to such underlease
and any guarantor who may be required to take a lease, and the form of the 1954
Act Notice served by the Tenant on the undertenant and any guarantor of the
undertenant (who may be required to take a lease) and the 1954 Act Statutory
Declaration made by the undertenant and any guarantor of the undertenant (who
may be required to take a lease).

 

23.2         Underletting of the whole

The Tenant shall not underlet the whole of the Premises other than on
condition that:-

 

23.2.1      if the Landlord shall reasonably so require, the Tenant obtains an
acceptable guarantor for any proposed undertenant and such guarantor shall
execute and deliver to the Landlord a deed containing covenants by that
guarantor (or, if

 

26

 

more than one, joint and several covenants) with the
Landlord, as a primary obligation, in the terms contained in Schedule 4 (with any necessary changes) or
in such other terms as the Landlord may reasonably require; and

 

23.2.2       before the underlease is completed, or, if earlier, before the
undertenant becomes contractually bound to enter the lease and any guarantor
(who may be required to take a lease) becomes contractually bound to enter into
a new lease of the underlet premises pursuant to the terms set out in the
guarantee, the underlease and the guarantee are validly excluded from the
operation of sections 24 to 28 (inclusive) of the 1954 Act, in accordance with
the provisions of section 38A of the 1954 Act and the Tenant provides to the
Landlord such written evidence as shall be reasonably satisfactory to the
Landlord of such valid exclusions; and

 

23.2.3       the underlease incorporates the agreement or a reference to the
agreement between the parties under section 38A(1) of the 1954 Act for the
exclusion of Sections 24 to 28 of the 1954 Act in relation to such underlease
and any guarantor (who may be required to take a lease), and a reference to the
1954 Act Notice served by the Tenant on the undertenant and any guarantor of
the undertenant (who may be required to take a lease) and to the 1954 Act
Statutory Declaration made by the undertenant and any guarantor of the
undertenant (who may be required to take a lease).

 

23.3         Underletting rent

The Tenant shall not underlet the whole of the Premises or a Subletting
Unit at a fine or premium or at a rent less than the higher of the rent payable
under this Lease or, in the case of a Subletting Unit, pro rata on an area
basis and the open market rent of the Premises or, in the case of a Subletting
Unit, of the Subletting Unit in question, in each case, at the time of such
underlease.

 

23.4         Direct covenants from
undertenant

Prior to any permitted underlease, the Tenant shall procure that the
undertenant enters into the following direct covenants with the Landlord:-

 

23.4.1       an unqualified covenant by the undertenant not to assign or charge any
part (as distinct from the whole) of the premises to be underlet;

 

23.4.2       an unqualified covenant by the undertenant not to underlet the whole or
any part of the premises to be underlet nor (save by way of an assignment of
the whole of the premises to be underlet) part with possession or share the
occupation of the whole or any part of the premises to be underlet or permit
any person to occupy them;

 

23.4.3       a covenant by the undertenant not to assign, or charge the whole of the
premises to be underlet without the prior written consent of the Landlord, such
consent (in the case of the Landlord only) not to be unreasonably withheld (or
delayed);

 

27

 

23.4.4       a covenant by the undertenant to perform and observe all the tenant’s
covenants contained in (a) this Lease (other than the payment of the
Rents) insofar as they relate to the Premises to be underlet and (b) the
permitted underlease.

 

23.5         Contents of underlease

Every permitted underlease (a final copy of which shall be supplied to,
and approved by, the Landlord prior to its grant, such approval not to be
unreasonably withheld) shall contain: -

 

23.5.1       provisions for the review of the rent payable under it on an upwards
only basis corresponding both as to terms and dates with the rent review
provisions in this Lease;

 

23.5.2       a covenant by the undertenant (which the Tenant covenants to enforce)
prohibiting the undertenant from doing or suffering any act or thing on, or in
relation to, the premises underlet inconsistent with, or in breach of, this
Lease;

 

23.5.3       a condition for re-entry on breach of any covenant by the undertenant;

 

23.5.4        the same restrictions as to assignment, underletting, charging and
parting with or sharing the possession or occupation of the premises underlet,
and the same provisions for direct covenants and registration, as are in this
Lease (with any necessary changes).

 

23.6         Tenant to obtain Landlord’s
consent

Without prejudice to the other provisions of this clause, the Tenant
shall not underlet the whole of the Premises or underlet a Subletting Unit
without the prior written consent of the Landlord, such consent (in the case of
the Landlord only), not to be unreasonably withheld or delayed.

 

23.7         Tenant to enforce
obligations

The Tenant shall enforce the performance and observance of the
covenants by the undertenant contained in any permitted underlease and shall
not, at any time, either expressly or by implication, waive any breach of them.

 

23.8         Review of underlease rent

The Tenant shall:-

 

23.8.1       procure that the rent under any permitted underlease is reviewed in
accordance with its terms but shall not agree any reviewed rent with the
undertenant nor any rent payable on any renewal of it without the prior written
consent of the Landlord (such consent not to be unreasonably withheld); and

 

23.8.2       procure that the Landlord’s representations as to the rent payable
under that underlease are made to the independent person appointed to determine
the rent under the underlease to the reasonable satisfaction of the Landlord.

 

23.9         No variation of terms

The Tenant shall not vary the terms of any permitted underlease,
without the prior written consent of the Landlord, such consent not to be
unreasonably withheld.

 

28

 

23.10       No reduction in rent

The Tenant shall procure that the rent payable under any permitted
underlease is not commuted or made payable more than one quarter in advance,
and shall not permit any reduction of that rent.

 

24.           REGISTRATION OF DISPOSITIONS

Within 10 Working Days of every assignment, transfer, assent,
underlease, assignment of underlease, mortgage, charge or any other
disposition, whether mediate or immediate, of or relating to the Premises, the
Tenant shall provide the Landlord or its solicitors with 2 copies (certified as
true) of the deed, instrument or other document evidencing or effecting such
disposition and, on each occasion, shall pay to the Landlord or its solicitors
a fee of £25.00 or such larger sum as may be reasonable.

 

SECTION 7

LEGAL
REQUIREMENTS

 

25.           STATUTORY REQUIREMENTS

 

25.1         Tenant to comply with
statutes

The Tenant shall, at its expense, comply in all respects with every
statute now in force or which may, after the date of this Lease, be in force
and any other obligation imposed by law and all regulations laws or directives
made or issued by or with the authority of The European Commission and/or The
Council of Ministers relating to the Premises or their use by the Tenant,
including (but without limitation) the Offices, Shops and Railway Premises Act
1963, the Fire Precautions Act 1971, the Defective Premises Act 1972, the
Health and Safety at Work etc. Act 1974, the Environmental Protection Act 1990,
the Water Resources Act 1991, the Environment Act 1995 and the Disability
Discrimination Act 1995.

 

25.2         Tenant to execute necessary
works

The Tenant shall execute all works and provide and maintain all
arrangements on or in respect of the Premises which are directed or required as
a result of the Tenant’s use of the Premises and which are required by any
statute now in force or which may after the date of this Lease be in force or
by any government department, local, public or other competent authority or
court of competent jurisdiction acting under or in pursuance of any statute,
whether any of the same are required to be carried out by the landlord, tenant
or occupier, and shall indemnify the Landlord against all reasonable costs,
charges, fees and expenses of, or incidental to, the execution of any works or the
provision or maintenance of any arrangements so required.

 

25.3         Tenant to refrain from
certain acts

The Tenant shall not do, or omit to be done, in or near the Premises,
any act or thing by reason of which the Landlord may, under any statute, incur
or have imposed upon it, or become liable to pay, any damages, compensation,
costs, charges, expenses or penalty provided always that the Tenant shall not
hereby be liable for any failure by the Landlord prior to the date of the
Surrendered Lease to comply with any statute now in force relating to the
Building or Premises.

 

29

 

26.           PLANNING
ACTS

 

26.1         Tenant’s obligation to
comply

The
Tenant shall comply with provisions and requirements of the Planning Acts which
arise as a result of the Tenant’s occupation and use of the Premises and with
any planning permission relating to, or affecting, the Premises, and indemnify
the Landlord against all actions, proceedings, claims, demands, losses, costs,
expenses, damages and liability whatsoever in respect of any non-compliance
provided that the Tenant shall not be liable hereby for any failure by the
Landlord prior to the date of the Surrendered Lease to comply with such
planning permission or the Planning Acts.

 

26.2         No application for planning
permission without consent

The
Tenant shall not make any application for planning permission or for other
consents required under the Planning Acts in respect of the Premises without
the prior written consent of the Landlord, such consent (in the case of the
Landlord only) not to be unreasonably withheld or delayed where the application
does not include a change of use.

 

26.3         Tenant to obtain all
permissions

The
Tenant shall, at its expense, obtain and, if appropriate, renew any planning
permission and any other consent and serve all necessary notices required for
the carrying out by the Tenant of any operations or the commencement or
continuance of any use on the Premises.

 

26.4         Tenant to pay planning
charges

The
Tenant shall pay and satisfy any charge or levy imposed under the Planning Acts
in respect of any Development by the Tenant on the Premises.

 

26.5         No implementation of
permission without approval

The
Tenant shall not implement any planning permission or consent required under
the Planning Acts before it has been produced to, and approved in writing by,
the Landlord, such approval (in the case of the Landlord only) not to be
unreasonably withheld but the Landlord may refuse to approve such planning
permission or consent on the grounds that any condition contained in it, or
anything omitted from it, or the period referred to in it, would, in the
reasonable opinion of the Landlord, be or be likely to be prejudicial to the
Landlord’s interest in the Premises or the Building or in any Adjoining
Property, whether during or following the expiration or earlier determination
of the Term.

 

26.6         Tenant to carry out works
before end of Term

Unless
the Landlord shall otherwise direct in writing, the Tenant shall carry out and
complete before the expiration or earlier determination of the Term:-

 

26.6.1       any
works required to be carried out to the Premises as a condition of any planning
permission granted during the Term and implemented by the Tenant whether or not
the date by which the planning permission requires such works to be carried out
is within the Term; and

 

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

 

30

 

26.7         Plans etc. to be produced

The
Tenant shall produce to the Landlord on demand all plans, documents and other
evidence as the Landlord may reasonably require in order to satisfy itself that
this clause 26 has been complied with.

 

26.8         Planning conditions

Where
a planning permission has been granted subject to conditions, the Landlord
shall be entitled, where it is reasonable to do so, to require the Tenant to
provide security for compliance with such conditions, and the Tenant shall not
implement the planning permission until security shall have been provided to
the reasonable satisfaction of the Landlord.

 

26.9         Planning refusal

If
reasonably required by the Landlord but at the cost of the Tenant, the Tenant
shall appeal against any refusal of planning permission or the imposition of
any condition in a planning permission relating to the Premises following an
application made by the Tenant.

 

27.
          STATUTORY NOTICES

 

27.1         Notices Generally

The
Tenant shall:-

 

27.1.1       within 5
days (or sooner if necessary having regard to the requirements of the notice or
order in question or the time limits stated in it) of receipt of any notice or
order or proposal for a notice or order given to the Tenant and relevant to the
Premises or any occupier of them by any government department, local, public or
other competent authority or court of competent jurisdiction, provide the
Landlord with a true copy of it and any further particulars required by the
Landlord;

 

27.1.2       without
delay, and at the Tenant’s cost, take all necessary steps to comply with the
notice or order; and

 

27.1.3       at the
request of the Landlord and cost of the Landlord, make or join with the
Landlord in making such objection, complaint, representation or appeal against
or in respect of any such notice, order or proposal as the Landlord shall deem
expedient.

 

27.2         Party Wall etc. Act 1996

The
Tenant shall:-

 

27.2.1       Forthwith
after receipt by the Tenant of any notice served on the Tenant under the Party
Wall etc. Act 1996 provide the Landlord with a true copy of it and of any
further particulars required by the Landlord;

 

27.2.2       At the
request of the Landlord and at the cost of the Landlord make or join with the
Landlord in making such objection complaint representation and in serving such
counter notice against or in respect of any such notice as the Landlord shall
deem expedient;

 

31

 

27.2.3       At the
request of the Landlord and at the cost of the Landlord make or join with the
Landlord in serving any such notice on any adjoining owner under the Party Wall
etc. Act 1996 as the Landlord may from time to time require.

 

28.           FIRE PRECAUTIONS AND
EQUIPMENT

 

28.1         Compliance with requirements

The
Tenant shall comply with the requirements and recommendations of the fire
authority and the insurers of the Building and the reasonable requirements of
the Landlord in relation to fire precautions affecting the Premises provided
that the Tenant shall not be liable hereby for any failure by the Landlord
prior to the date of the Surrendered Lease to comply with such requirements and
recommendations.

 

28.2         Fire fighting appliances to
be supplied

The
Tenant shall keep the Premises equipped with such fire fighting 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 the Superior Landlord
(or, at the Landlord’s option, the Tenant shall pay to the Landlord on demand
the cost of providing and installing any such appliances) and the Tenant shall
keep such appliances open to inspection and maintained to the reasonable
satisfaction of the Landlord and cause any sprinkler system and other fire
fighting equipment to be inspected at reasonable intervals by a competent
person.

 

28.3         Access to be kept clear

The
Tenant shall not obstruct the access to, or means of working, any fire fighting
appliances or the means of escape from the Premises or the Building in case of
fire or other emergency.

 

29.           DEFECTIVE PREMISES

Immediately
upon becoming aware of the same, the Tenant shall give written notice to the
Landlord of any defect in the Premises which might give rise to an obligation
on the Landlord to do, or refrain from doing, any act or thing so as to comply
with any duty of care imposed on the Landlord under the Defective Premises Act
1972, and shall display and maintain in the Premises all notices which the
Landlord may, from time to time, reasonably require to be displayed in relation
to any such matters.

 

SECTION 8

INSURANCE

 

30.           INSURANCE PROVISIONS

 

30.1         Buildings insurance

The
Landlord shall use reasonable endeavours to procure that the Building is
insured and kept insured by the Superior Landlord against loss or damage by the
Insured Risks in accordance with the Superior Landlord’s covenants in that
behalf contained in the Superior Lease.

 

32

 

30.2         Noting of Interest

The
Landlord shall use its reasonable endeavours to secure the noting of the Tenant’s
interest upon the policy or policies of insurance and to ensure the insurers
waive any rights of subrogation which they may have against the Tenant.

 

30.3         Option to determine

If
the Premises or the Building shall be so damaged or destroyed by any of the
Insured Risks as to render them substantially unfit for use and occupation or
inaccessible and if the Superior Landlord does not reinstate or rebuild them at
the end of 4 years and 11 months from the date of damage or destruction,
then the Landlord or the Tenant may at any time thereafter determine this Lease
by giving to the other not less than 1 month’s written notice to be given at
any time but such determination shall be without prejudice to any claim which
the Landlord may have against the Tenant or any Guarantor or which the Tenant
may have against the Landlord for any previous breach of covenant or sum
previously accrued due.

 

30.4         Payment of insurance money
refused

If
payment of any insurance money is refused as a result of some act or default of
the Tenant, any undertenant or occupier of any part of the Premises or any of
their respective agents, licensees, visitors or contractors or any person under
the control of any of them, the Tenant shall pay to the Landlord, on written
demand, the amount so refused with interest on that amount at the Prescribed
Rate from and including the date of such refusal to the date of payment by the
Tenant.

 

30.5         Suspension of rent payments

If
the Premises or the Building or any part of them shall be damaged or destroyed
by any of the Insured Risks so as to render the Premises unfit for use and
occupation or inaccessible, the Principal Rent, or a fair proportion of it
according to the nature and extent of the damage sustained, shall not be
payable until the Premises or the part damaged or destroyed shall be again
rendered fit for use and occupation and accessible or for a period equal to the
number of years for which insurance against loss of rent has been effected
pursuant to the Superior Lease (whichever is the earlier). Such suspension of
rent shall be conditional upon the insurance not having been vitiated or
payment of the policy monies refused wholly or partly as a result of some act
or default of the Tenant, any undertenant or occupier of any part of the
Premises or any of their respective agents, licensees, visitors or contractors
or any person under the control of any of them. Any dispute regarding the
suspension of payment of the Principal Rent shall be referred to a single
arbitrator to be appointed, in default of agreement, upon the application of
either party, by the President in accordance with the Arbitration Act 1996
PROVIDED that if the circumstances envisaged by Clause 30.5 occur before the
Rent Commencement Date the period during which the Principal Rent ceases to be
payable pursuant to Clause 30.5 shall be extended by the number of days from
and including the date of damage or destruction to and including the day before
the Rent Commencement Date.

 

30.6         Benefit of other insurances

If
the Tenant shall become entitled to the benefit of any insurance covering any
part of the Premises which is not effected or maintained in pursuance of the
obligations contained in this Lease, the Tenant shall apply any money received
from such insurance

 

33

 

(in
so far as it extends) in making good the loss or damage in respect of which it
shall have been received.

 

30.7         Insurance becoming void

The
Tenant shall not do, or omit to do:-

 

30.7.1       anything
which could cause any policy of insurance covering the Premises or the Building
or any Adjoining Property owned by the Landlord or the Superior Landlord to
become wholly or partly void or voidable; or

 

30.7.2       anything
whereby any abnormal or loaded premium may become payable in respect of the
policy,

 

and,
in any event, the Tenant shall pay to the Landlord on written demand all
expenses incurred by the Superior Landlord in renewing any such policy.

 

30.8         Requirements of insurers

The
Tenant shall, at all times, comply with any known requirements and
recommendations of the insurers of the Building so far as such requirements
relate to the Premises and the use thereof by the Tenant.

 

30.9         Notice by Tenant

The
Tenant shall give notice to the Landlord immediately on the happening of any
event or thing which might affect any insurance policy relating to the Premises
or the Building.

 

SECTION 9

DEFAULT OF TENANT AND RIGHTS OF RE-ENTRY

 

31.           DEFAULT OF TENANT

 

31.1         Re-entry

Without
prejudice to any other right, remedy or power contained in this Lease or
otherwise available to the Landlord, on or at any time after the happening of
any of the events mentioned in clause 31.2, the Landlord may re-enter the
Premises or any part of them in the name of the whole, and the Term shall then
end, but without prejudice to any claim which the Landlord may have against the
Tenant or any Guarantor for any previous breach of covenant or sum previously
accrued due.

 

31.2         Events of default

The
events referred to in clause 31.1 are the following:-

 

31.2.1       if the
Rents or any part of them shall be unpaid for 10 Working Days after becoming
payable (whether formally demanded or not); or

 

31.2.2       if any
of the covenants by the Tenant contained in this Lease shall not be performed
and observed; or

 

31.2.3       if the
Tenant, for the time being, and/or the Guarantor (if any) (being a body
corporate or a partnership):-

 

(a)       calls,
or a nominee on its behalf calls, a meeting of any of its creditors; or makes
an application to the Court under Section 425 of the Companies

 

34

 

Act
1985; or submits to any of its creditors a proposal under Part I of the
Insolvency Act 1986; or enters into any arrangement, scheme, compromise,
moratorium or composition with any of its creditors (whether under Part I of
the Insolvency Act 1986 or otherwise); or

 

(b)       has an
administrative receiver or a receiver or a receiver and manager appointed in
respect of the Tenant’s or the Guarantor’s property or assets or any part; or

 

(c)       resolves
or any person resolves to present a petition or application for the making of
an administration order or to appoint an administrator in respect of the Tenant
or the Guarantor (as the case may be) or a person (who is entitled to do so)
gives notice of its intention to appoint an administrator to it or files such a
notice with the court; or

 

(d)       has an
administrator appointed in respect of it; or

 

(e)       has a
winding-up petition or petition or application for the making of an
administration order presented against it; or passes a winding-up resolution
(other than a voluntary winding-up whilst solvent for the purposes of an
amalgamation or reconstruction which has the prior written approval of the
Landlord); or calls a meeting of its creditors for the purposes of considering
a resolution that it be wound-up voluntarily; or resolves to present its own
winding-up petition; or is wound-up (whether in England or elsewhere); or has a
liquidator or provisional liquidator appointed; or

 

(f)        shall
cease for any reason to maintain its corporate existence; or is struck off the
register of companies; or otherwise ceases to exist; or

 

31.2.4       if any
person gives notice of that person’s intention to appoint an administrator to
the Tenant and/or Guarantor (if any) (the Tenant, for the time being, and/or
the Guarantor (if any) being a body corporate or a partnership);or

 

31.2.5       if the
Tenant, for the time being, and/or the Guarantor (if any) (being an individual,
or if more than one individual, then any one of them) makes an application to
the Court for an interim order under Part VIII of the Insolvency

Act 1986; or convenes a meeting of, or enters into any arrangement, scheme,
compromise, moratorium or composition with, any of his creditors (whether under
Part VIII of the Insolvency Act 1986 or otherwise); or has a bankruptcy
petition presented against him or is adjudged bankrupt (whether in England or
elsewhere); or has a receiver appointed in respect of the Tenant’s or the
Guarantor’s property or assets or any part; or

 

31.2.6       if
analogous proceedings or events to those referred to in this clause shall be
instituted or occur in relation to the Tenant, for the time being, and/or the
Guarantor (if any) elsewhere than in the United Kingdom; or

 

31.2.7       if the
Tenant, for the time being, and/or the Guarantor (if any) suffers any distress
or execution to be levied on the Premises which is not discharged in full

 

35

 

within
21 days after the levy has been made; or becomes unable to pay its debts as and
when they fall due.

 

SECTION 10

LANDLORD’S SERVICES AND SERVICE CHARGE

 

32.           LANDLORD’S SERVICES

 

32.1         Provision of Services

Subject
to the Tenant paying the Service Charge, the Landlord covenants with the Tenant
that it shall use reasonable endeavours to provide the following services in
accordance with the principles of good estate management:-

 

32.1.1      Repairs

 

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

 

32.1.2      Common Parts

 

To
keep clean and maintained in a proper manner the Common Parts, including their
windows, and any lavatory or kitchen of which the Tenant has the use, and,
where appropriate, to keep them adequately lighted during Business Hours;

 

32.1.3      Lift(s)

 

During
Business Hours, to provide a lift service by the operation of the lifts now
installed in the Building or by such substituted lifts as the Landlord may, in
its discretion, from time to time install and to keep such lifts in working
order and to carry out any repairs to the lifts as soon as reasonably
practicable;

 

32.1.4      Hot and cold water

 

During
Business Hours, to provide an adequate supply of hot water and cold water to
the wash basins in any lavatory or kitchen in Demise 1 of which the Tenant has
the use;

 

32.1.5      Heating

 

During
Business Hours, to provide to the Premises and the Common Parts heating to such
temperature as the Landlord may from time to time consider adequate and for
such periods of the year as the Landlord may consider desirable;

 

32.1.6      Air Conditioning

 

During
Business Hours, to provide air conditioning to the Premises to such standard as
the air conditioning system was designed to achieve;

 

36

 

32.1.7      Staff

 

To
employ such staff as the Landlord may, in its discretion, deem desirable or
necessary to enable it to provide any of the services in the Building and for
its general management and security;

 

32.1.8      Name Boards

 

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

 

32.2         Appointment of agents

In
performing its obligations under this clause, the Landlord shall be entitled to
employ such agents, contractors or other persons as it may think fit, and to
delegate its duties and powers to them and their fees and expenses shall form
part of the Expenditure (as defined in clause 33).

 

32.3         Variation of services

The
Landlord may, at its discretion, add to, extend, vary or withhold from time to
time any of the services referred to in this clause if the Landlord shall reasonably
consider it desirable to do so for the more efficient management, operation or
security of the Building, or for the comfort of the tenants in the Building but
so that the quality of the services in Clause 32 above shall not be materially
diminished.

 

32.4         Failure by Landlord to
provide services

The
Landlord shall not be liable to the Tenant in respect of any failure by the
Landlord to perform any of the services referred to in this clause unless the
Tenant has given to the Landlord written notice of the failure in question and
the Landlord has failed within a reasonable time to remedy it, and then the
Landlord shall be liable to compensate the Tenant only for any loss or damage
sustained by the Tenant after that reasonable time has elapsed.

 

32.5         Exclusion of Landlord’s
liability

The
Landlord shall not incur any liability for any failure or interruption in any
of the services to be provided by the Landlord or for any inconvenience or
injury to person or property arising from that failure or interruption, in
either case due to any maintenance, servicing, repair, replacement, mechanical
breakdown, failure, malfunction, shortages, labour disputes or any cause or
circumstance beyond the control of the Landlord, but the Landlord shall use
reasonable endeavours to cause the service in question to be reinstated with
the minimum of delay.

 

33.           SERVICE CHARGE

 

33.1         Definitions

In
this Lease:-

 

33.1.1       “Accountant” means
any person appointed by the Landlord (including any employee of the Landlord or
of a Group Company of the Landlord) to perform the function of an accountant in
relation to the Expenditure;

 

37

 

33.1.2      “Advance Payment” means the Service Charge Percentage of the
Estimated Expenditure;

 

33.1.3      “Estimated Expenditure” means, for any Financial Year during the
Term, such sum as the Landlord may, from time to time, specify as being a fair
and reasonable estimate of the Expenditure for the current Financial Year based
on a budget prepared by the Landlord and submitted to the Tenant, and includes,
for the Financial Year in question, any revised budget of the Landlord’s
estimate of the Expenditure for that Financial Year;

 

33.1.4      “Expenditure” means:-

 

(a)       the
aggregate of all costs, expenses and outgoings whatsoever incurred by the
Landlord in complying with its covenants under clause 32 and in respect of the
items set out in Schedule 5, whether
the Landlord is obliged by this Lease to incur them or not; and

 

(b)       such
sums or provision as the Landlord may, in its discretion, consider fair and
reasonable in the circumstances 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 or for anticipated expenditure in respect of
any of the services to be provided by the Landlord or any of the items set out
in Schedule 5;

 

33.1.5       “Financial Year” means the period from 29 September in every year to 28 September of the
following year, or such other period as the Landlord may, in its discretion,
from time to time determine;

 

33.1.6       “Retail Price Index” means the all items index number published by the office of National
Statistics (or any successor ministry or department) or in the event that such
index ceases to exist or there is a change to the basis on which the index is
calculated such other index as the parties may agree such index to be
determined in the absence of agreement between the parties by the president for
the time being of the Royal Institute of Chartered Surveyors on the application
of either party;

 

33.1.7       “Service Charge” means the Service Charge Percentage of the Expenditure;

 

33.1.8       “Service Charge Percentage” means that proportion of the Expenditure
which the Net Internal Area of the Premises bears to the aggregate of the Net
Internal Area of the Lettable Area;

 

33.1.9       “Service Charge Commencement Date” means the Term Commencement Date;

 

33.1.10     “Provisional Quarterly Service Charge Payment” twenty thousand, one hundred and ninety-one
pounds and fifty pence (£20,191.50) exclusive of VAT.

 

38

 

33.2         Account of Expenditure

The
Landlord shall, as soon as practical 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
on such account being certified by the Accountant and a copy of it supplied to
the Tenant, such supply to be no later than three months after the end of the
relevant Financial Year, it shall be conclusive evidence, for the purposes of
this Lease, of all matters of fact referred to in the account (save in the case
of manifest error).

 

33.3         Advance Payment

The
Tenant shall pay to the Landlord on account of the Service Charge:-

 

33.3.1       for the
period beginning on the Service Charge Commencement Date to the end of the
Financial Year current at the date of this Lease the Advance Payment for that
Financial Year; and

 

33.3.2       for each
Financial Year following that current at the date of this Lease the Advance
Payment,

 

all
such payments to be made by equal quarterly payments in advance on the same
dates as the Principal Rent is payable and to be subject to adjustment if the
Estimated Expenditure is revised as contemplated by its definition, the first
instalment, being a proportion of the Provisional Quarterly Service Charge
Payment for the period beginning on the Service Charge Commencement Date and
ending on the day before the quarter day following the Service Charge Commencement
Date, to be made on the date of this Lease.

 

33.4         Balancing payment

If
the Service Charge for any Financial Yean:-

 

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

 

33.4.2       shall 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, or, if there is none, refunded to the Tenant without delay.

 

33.5         Omissions

Any
omission by the Landlord to include in the account of the Expenditure in any
Financial Year a sum expended or a liability incurred in that Financial Year
shall not preclude the Landlord from including that sum or the amount of that
liability in any subsequent Financial Year as the Landlord shall determine.

 

33.6         Continuing application of
provisions

This
clause shall continue to apply notwithstanding the expiration or earlier
determination of the Term but only in respect of the period down to such
expiration or earlier determination, the Service Charge for that Financial Year
for that period being apportioned on a daily basis.

 

39

 

SECTION 11

SUPERIOR LEASE

 

34.           OBLIGATIONS AND CONSENTS
UNDER SUPERIOR LEASE

 

34.1         Obligations by Tenant

The
Tenant shall perform and observe the tenant’s covenants in the Superior Lease
(other than the covenant to pay rents) so far as any of them relate to the
Premises but not any tenant’s covenant which is expressly assumed by the
Landlord under this Lease.

 

34.2         Obligations by Landlord

The
Landlord shall pay the rents reserved by the Superior Lease and, by way of
indemnity only, perform and observe the tenant’s covenants contained in the
Superior Lease to the extent that the Superior Landlord requires any such
covenant to be performed but excluding any tenant’s covenants which are to be
performed and observed by the Tenant under this Lease.

 

34.3         Consents under Superior
Lease

Where
the Tenant applies to the Landlord for any consent in respect of any matter
mentioned in this Lease and, under the Superior Lease, the consent of the
Superior Landlord is also required in respect of that matter then, at the written
request and at the cost of the Tenant, the Landlord shall use reasonable
endeavours to obtain that consent of the Superior Landlord but only in those
cases where the Landlord is willing to give its consent or where the Landlord’s
consent is not to be unreasonably withheld.

 

SECTION 12

MISCELLANEOUS

 

35.           QUIET ENJOYMENT

The
Landlord covenants with the Tenant that the Tenant, paying the Rents and
performing and observing the covenants on the part of the Tenant contained in
this Lease, shall and may peaceably hold and enjoy the Premises during the Term
without any interruption by the Landlord or any person lawfully claiming
through, under, or in trust for it.

 

36.           EXCLUSION OF IMPLIED
COVENANTS BY LANDLORD

Any
covenants on the part of the Landlord which would otherwise be implied by law
are hereby expressly excluded.

 

37.           DISCLOSURE OF INFORMATION

Upon
making any application or request in connection with the Premises or this
Lease, or upon written request by the Landlord from time to time, the Tenant
shall disclose to the Landlord such information as the Landlord may reasonably
require and, whenever the Landlord shall reasonably request, the Tenant shall
supply full particulars of all occupations and derivative interests in the
Premises, however remote or inferior.

 

40

 

38.           INDEMNITY

 

The
Tenant shall keep the Landlord fully indemnified from and against all actions,
proceedings, claims, demands, losses, costs, expenses, damages and liability
arising in any way out of:-

 

38.1         any act, omission, neglect or default of the
Tenant or any persons in the Premises expressly or impliedly with the Tenant’s
authority; or

 

38.2         any breach of any covenant by the Tenant
contained in this Lease.

 

39.           REPRESENTATIONS

 

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

 

40.           EFFECT OF WAIVER

 

Each
covenant by the Tenant shall remain in full force even though the Landlord may
have waived or released it temporarily or waived or released (temporarily or
permanently, revocably or irrevocably) a similar covenant affecting other property
belonging to the Landlord.

 

41.           NOTICES

 

41.1         Notices to Tenant or
Guarantor

 

Any
demand or notice required to be made, given to, or served on, the Tenant or the
Guarantor (if any) under this Lease shall be duly and validly made, given or
served if addressed to the Tenant or the Guarantor respectively (and, if there
shall be more than one of them, then any one of them) and delivered personally,
or sent by pre-paid registered or recorded delivery mail, or sent by fax
addressed (in the case of a company) to its registered office, or (whether a
company or individual) its last known address, or (in the case of a notice to
the Tenant) the Premises.

 

41.2         Notices to Landlord

 

Any
notice required to be given to, or served on, the Landlord shall be duly and validly
given or served if sent by pre-paid registered or recorded delivery mail, or
sent by fax addressed to the Landlord at its registered office.

 

42.           EXCLUSION OF STATUTORY
COMPENSATION

 

Except
where any statute prohibits or modifies the right of the Tenant to compensation
being reduced or excluded by agreement, neither the Tenant nor any undertenant
(whether immediate or not) shall be entitled, on quitting the Premises or any
part of them, to claim any compensation from the Landlord under the Landlord and
Tenant Act 1954.

 

41

 

43.           EXCLUSION OF SECTIONS 24 TO
28 (INCLUSIVE) OF THE 1954 ACT

 

43.1         Tenant’s confirmation

The
Tenant confirms that before it became contractually bound to enter into the
tenancy created by this Lease the Landlord served on the Tenant a 1954 Act
Notice dated                                2006 in relation to such tenancy and the
Tenant, or a person duly authorised by the Tenant, made a 1954 Act Statutory Declaration
dated                                2006 in response to such 1954 Act Notice.

 

43.2         Tenant’s authorisation of
person making declaration

The
Tenant further confirms that, where the above 1954 Act Statutory Declaration
was made by a person other than the Tenant, the declarant was duly authorised
by the Tenant to make this 1954 Act Statutory Declaration on behalf of the
Tenant.

 

43.3         Exclusion of Sections 24 to
28

The
Landlord and the Tenant agree that the provisions of sections 24 to 28 of the
1954 Act shall be excluded in relation to the tenancy created by this Lease.

 

44.           NEW TENANCY

 

This
Lease constitutes a new tenancy for the purposes of the Landlord and Tenant
(Covenants) Act 1995.

 

45.           INVALIDITY OF CERTAIN
PROVISIONS

 

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

 

46.           THIRD PARTY RIGHTS

 

46.1         Exclusion of rights

Subject
to any provisions of this Lease under which rights are granted to third parties
by express reference to the Contracts (Rights of Third Parties) Act 1999, a
person who is not a party to this Lease (in this clause a “third party”) has no
right under that Act to enforce any term of this Lease but this does not affect
any right or remedy of a third party which exists or is available apart from
that Act.

 

47.           CLOSURE OF TITLE AT THE LAND
REGISTRY

 

47.1         Applications to close title
and cancel notice

The
Tenant covenants with the Landlord that immediately upon expiry or sooner
determination of the Term, the Tenant shall use its reasonable endeavours to
assist the Landlord with any application by the Landlord to determine the
registration of the Lease at the Land Registry.

 

IN WITNESS whereof this Deed has been executed by the parties and is intended to
be and is hereby delivered on the date first written above.

 

42

 

SCHEDULE 1

 

RIGHTS AND EASEMENTS GRANTED

 

1.           Subject to any existing or future regulations
made by the Landlord and to any temporary interruption for repairs, alterations
or replacements, 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 similar right):-

 

1.1        to use
such of the Common Parts as shall be designated from time to time for use by
the Tenant for all proper purposes in connection with the use and enjoyment of
the Premises;

 

1.2        to use
the passenger lifts in the Building for the purpose only of obtaining access to
and egress from the Premises;

 

1.3        to use
such of the lavatories and the kitchens in the Building as shall be designated
from time to time for use by the Tenant;

 

2.          Subject to any temporary interruption for
repairs, alterations or replacements, the right to the passage of any of the
Utilities to and from the Premises through any relevant Conduits which are now
or (within a period of 80 years after the date of this Lease) may be in, under,
or over any other part of the Building, in each case so far as any of the same
are necessary for the reasonable use and enjoyment of the Premises;

 

3.          The right of support and protection from all
other parts of the Building as is now enjoyed by the Premises;

 

4.          The right for the Tenant to have displayed on
any name board provided by the Landlord in the main entrance to the Building
the name and location within the Building of the offices of the Tenant (in a
style previously approved by the Landlord);

 

5.          The right, in emergencies or during fire
drills, to enter and use other parts of the Building designated by the Landlord
as a means of escape

 

43

 

SCHEDULE 2

 

EXCEPTIONS AND RESERVATIONS

 

1.           There are excepted and reserved to the
Landlord the Superior Landlord and the tenants and occupiers of the Building
and any Adjoining Property and all other persons authorised by the Landlord or
having similar rights:-

 

1.1        the
right to the passage and running of the Utilities through any relevant Conduits
which are now, or may at any time be in, under, or over the Premises;

 

1.2        the
right at all reasonable times and upon prior notice, except in the cases of
emergency, to enter the Premises in order to:-

 

1.2.1         inspect,
clean, maintain, repair, connect, remove, lay, renew, relay, replace, alter or
execute any works whatsoever to, or in connection with, any of the Conduits or
any other services;

 

1.2.2         execute
repairs, decorations, alterations or any other works, and to make installations
to, the Premises, the Building or to any Adjoining Property; or

 

1.2.3         do
anything which the Landlord may do under this Lease;

 

1.3        the
right to erect scaffolding for the purpose of repairing or cleaning the
Building or any building now, or after the date of this Lease, erected on any
Adjoining Property, or in connection with the exercise of any of the rights
mentioned in this Schedule even though such scaffolding may temporarily
restrict the access to, or enjoyment or use of, the Premises;

 

1.4        any
rights of light, air, support, protection and shelter or other easements and
rights now, or after the date of this Lease, belonging to, or enjoyed by, other
parts of the Building or any Adjoining Property;

 

1.5        full
right and liberty at any time after the date of this Lease to raise the height
of, or make any alterations or additions or execute any other works to, the
Building or any buildings on any Adjoining Property, or to erect any new
buildings of any height on any Adjoining Property in such manner as the
Landlord or the person exercising the right shall think fit and even though
they may obstruct, affect or interfere with the amenity of, or access to, the
Premises or the passage of light and air to the Premises, but not so that the
Tenant’s use and occupation of them is materially affected;

 

1.6        the
right, in emergencies or during fire drills, to enter the Premises and use any
designated escape route;

 

2.          Any rights or easements excepted and reserved
in paragraph 1 over anything which is not in being at the date of this Lease
shall be effective only in relation to any such thing which comes into being
before the expiry of 80 years from today, which shall be the perpetuity period
applicable to this Lease.

 

44

 

SCHEDULE 3

 

USE RESTRICTIONS

 

1.          Dangerous materials and use
of machinery

 

The
Tenant shall not:-

 

1.1        bring
into the Building or keep in the Premises any article or thing which is or may
become combustible, dangerous, explosive, inflammable, offensive or
radio-active, or which might increase the risk of fire or explosion;

 

1.2        keep or
operate in the Premises any machinery which is unduly noisy or causes
vibration, or which is likely to annoy or disturb any other tenant or occupier
of the Building.

 

2.          Overloading floors and
services

 

The
Tenant shall not:-

 

2.1         overload
the floors of the Premises or the Building nor suspend any excessive weight
from any ceiling, roof, stanchion, structure or wall of the Building nor
overload any Utility in or serving it;

 

2.2         do
anything which may subject the Premises or the Building to any strain beyond
that which they are designed to bear (with due margin for safety), and shall
pay to the Landlord, on written demand, any expense reasonably incurred by the
Landlord in obtaining the opinion of a qualified structural engineer as to
whether the structure of the Premises or the Building is being, or is about to
be, overloaded;

 

2.3         exceed
the weight limits prescribed for any lift in the Building.

 

3.          Discharges into Conduits

 

The
Tenant shall not discharge into any Conduit any oil or grease or any noxious or
deleterious effluent or substance which may cause an obstruction or might be or
become a source of danger, or which might damage any Conduit or the drainage
system of the Building or any Adjoining Property.

 

4.          Disposal of refuse

 

The
Tenant shall not deposit in the Common Parts any refuse, rubbish or trade
empties of any kind other than in proper receptacles and as may be designated
by the Landlord, and shall not burn any refuse or rubbish on the Premises.

 

5.          Obstruction of Common Parts

 

The
Tenant shall not do anything as a result of which the Common Parts or other
area over which the Tenant may have rights of access or use may be damaged, or
their fair use by others may be obstructed in any way and shall not park any vehicle
on any road or open area forming part of the Building.

 

45

 

6.           Prohibited uses

 

The
Tenant shall not use the Premises for any public or political meeting, or
public exhibition or public entertainment, show or spectacle; or for any
dangerous, noisy, noxious or offensive business, occupation or trade; or for
any illegal or immoral purpose; or for residential or sleeping purposes; or for
betting, gambling, gaming or wagering; or as a betting office; or as a club; or
for the sale of any beer, wines or spirits; or for any auction.

 

7.           Nuisance

 

The
Tenant shall not:-

 

7.1         do
anything in the Premises or the Building which may be or become a nuisance, or
which may cause annoyance, damage, disturbance or inconvenience to, the
Landlord or any other tenant or occupier in the Building or any owner or
occupier of any Adjoining Property, or which may be injurious to the amenity,
character, tone or value of the Building or prejudicially affect or depreciate
the Premises or any Adjoining Property or damage any Conduits on or near the
Premises nor do anything which may be or become dangerous, noxious or offensive
nor suffer or permit any waste, spoil or destruction;

 

7.2         play
any musical instrument, or use any loudspeaker, radio, tape recorder, record or
compact disc player or similar apparatus in such a manner as to be audible
outside the Premises;

 

7.3         place
outside the Premises or in the Common Parts or expose from any window of the
Premises any articles, goods or things of any kind.

 

46

 

SCHEDULE 4

 

COVENANTS BY GUARANTOR

 

1.           Covenant and indemnity by
Guarantor

 

The
Guarantor:-

 

1.1        covenants
with the Landlord, as a primary obligation, that the Present Tenant or the
Guarantor shall, at all times during the Term (including any continuation or
renewal of this Lease), duly perform and observe all the covenants on the part
of the Tenant contained in this Lease, including the payment of the Rents and
all other sums payable under this Lease in the manner and at the times
specified in this Lease;

 

1.2        indemnifies,
as a primary obligation, the Landlord against all claims, demands, losses,
damages, liability, costs, fees and expenses whatsoever sustained by the
Landlord by reason of or arising in any way directly or indirectly out of any
default by the Present Tenant in the performance and observance of any of its
obligations or the payment of any rent and other sums; and

 

1.3        indemnifies,
as a primary obligation, the Landlord against any loss sustained by the
Landlord as a result of any of the obligations of the Present Tenant contained
in this Lease being or becoming void, voidable, unenforceable or ineffective
for any reason whatsoever and whether or not known to the Landlord, the amount
of such loss being the amount which the Landlord would otherwise have been able
to recover from the Present Tenant.

 

2.           Guarantor’s liability

 

The
Guarantor further covenants with the Landlord, as a primary obligation, that
the Guarantor shall be liable (whether before or after any disclaimer by a
liquidator or trustee in bankruptcy) for the fulfilment of all the obligations
of the Present Tenant under this Lease and agrees that the Landlord, in the
enforcement of its rights under this Lease, may proceed against the Guarantor
as if the Guarantor was named as the Tenant in this Lease.

 

3.           Waiver by Guarantor

 

The
Guarantor waives any right to require the Landlord to proceed against the
Present Tenant or to pursue any other remedy whatsoever which may be available
to the Landlord before proceeding against the Guarantor.

 

4.           Postponement of claims by
Guarantor against Tenant

 

The
Guarantor further covenants with the Landlord that the Guarantor shall:-

 

4.1         not
claim in any liquidation, bankruptcy, composition or arrangement of the Present
Tenant in competition with the Landlord and shall remit to the Landlord the
proceeds of all judgments and all distributions it may receive from any
liquidator, trustee in bankruptcy or supervisor of the Present Tenant;

 

47

 

4.2         hold
for the benefit of the Landlord all security and rights the Guarantor may have
over assets of the Present Tenant whilst any liabilities of the Present Tenant
or the Guarantor to the Landlord remain outstanding; and

 

4.3         not
exercise any right or remedy in respect of any amount paid or any liability
incurred by the Guarantor in performing or discharging its obligations
contained in this Schedule, or claim any contribution from any other guarantor.

 

5.           Postponement of
participation by Guarantor in security

 

The
Guarantor shall not be entitled to participate in any security held by the
Landlord in respect of the Tenant’s obligations to the Landlord under this
Lease or to stand in the place of the Landlord in respect of any such security
until all the obligations of the Present Tenant or the Guarantor to the
Landlord under this Lease have been performed or discharged.

 

6.           No release of Guarantor

 

None
of the following, or any combination of them, shall release, determine,
discharge or in any way lessen or affect the liability of the Guarantor as
principal obligor under this Lease or otherwise prejudice or affect the right
of the Landlord to recover from the Guarantor to the full extent of this
guarantee:-

 

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

 

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

 

6.3         any
extension of time given by the Landlord to the Tenant;

 

6.4         any
variation of the terms of this Lease (including any reviews of the rent payable
under this Lease) or the transfer of the Landlord’s reversion or the assignment
of this Lease;

 

6.5         any
change in the constitution, structure or powers of either the Tenant, the
Guarantor or the Landlord or the liquidation, administration or bankruptcy (as
the case may be) of either the Tenant or the Guarantor;

 

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

 

6.7         any
other act, omission, matter or thing whatsoever as a result of which, but for
this provision, the Guarantor would be exonerated either wholly or partly
(other than a release executed and delivered as a deed by the Landlord).

 

7.           Disclaimer or forfeiture of
Lease

 

The
Guarantor further covenants with the Landlord that:-

 

48

 

7.1         if a
liquidator or trustee in bankruptcy shall disclaim or surrender this Lease; or

 

7.2         if
this Lease shall be forfeited; or

 

7.3         if the
Present Tenant shall cease to exist

 

the
Guarantor shall, if the Landlord by notice in writing given to the Guarantor
within six (6) months after such disclaimer or other event so requires accept
from, and execute and deliver to, the Landlord a counterpart of a new lease of
the Premises for a term commencing on the date of the disclaimer or other event
and continuing for the residue then remaining unexpired of the Term, such new
lease to be at the cost of the Guarantor and to be at the same Rents and
subject to the same covenants and provisions as are contained in this Lease.

 

8.           Guarantor to pay sum equal
to rents

 

If
the Landlord shall not require the Guarantor to take a new lease pursuant to
paragraph 7, the Guarantor shall nevertheless upon demand pay to the Landlord a
sum equal to the Rents and other sums that would have been payable under this
Lease but for the disclaimer or other event in respect of the period from and
including the date of such disclaimer or other event until the expiration of
six (6) months from such date or until the Landlord shall have granted a lease
of the Premises to a third party (whichever shall occur first).

 

9.           Benefit of guarantee

 

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

 

10.         Guarantor to join in Authorised Guarantee Agreement

 

The
Guarantor covenants with the Landlord, and as a separate covenant with the
Present Tenant, that the Guarantor will join in, and execute and deliver to the
Landlord, any deed which the Present Tenant is required to execute and deliver
to the Landlord pursuant to clause 22.3.2, so as to give the covenants on the
part of the Guarantor contained in that deed.

 

11.         Invalidity of certain provisions

 

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

 

49

 

SCHEDULE 5

 

ITEMS OF EXPENDITURE AS REFERRED TO IN CLAUSE 33

 

1.             Repairs and maintenance

 

1.1           Repairing, maintaining, decorating and (where
appropriate) cleaning, lighting, heating, servicing and (as and when necessary)
altering, reinstating, renewing or rebuilding each part of the Retained Parts;

 

1.2           Carpeting, furnishing and equipping the
Retained Parts as the Landlord may determine, including providing floral
decorations, desks, tables, chairs and other fixtures and fittings in the main
entrance halls and lift lobby areas.

 

2.             Plant and machinery

 

Providing,
maintaining, repairing, operating, inspecting, servicing, cleaning, lighting
and (as and when necessary) renewing or replacing any plant, machinery,
apparatus and equipment in the Retained Parts, including any boiler and items
relating to the ventilation, heating, air conditioning and hot and cold water
systems, any lift, lift shaft and lift motor room, any fuel and electricity for
them and any necessary maintenance contracts and insurance in respect of them.

 

3.             Security and emergency
systems

 

Providing,
maintaining, repairing, operating, inspecting, servicing, cleaning and (as and
when necessary) renewing or replacing any security or emergency systems for the
Building, including alarm systems, internal telephone systems, closed circuit
television systems, generators, emergency lighting, fire detection or
prevention systems, sprinkler systems, any fire escapes for the Building and
fire fighting and fire prevention equipment and appliances (other than those
for which a tenant is responsible) and any traffic barriers, car park and
traffic control and security systems.

 

4.             Staff

 

Providing
staff (including such direct or indirect labour as the Landlord considers
appropriate) for the day-to-day running of the installations and plant in, and
the provision of other services to, the Building and for its general
management, operation and security and all other incidental expenditure,
including:-

 

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

 

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

 

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

 

50

 

5.             Signs etc.

 

Providing,
maintaining and renewing name boards and signs in the main entrance halls, lift
lobby areas and any other parts of the Building, and any directional signs and
fire regulation notices and any flags, flag poles, television and radio aerials
and satellite dishes.

 

6.             Refuse

 

Providing
and (when necessary) renewing or replacing any palladins, compactors or other
receptacles for refuse for the Building and the cost of collecting, storing and
disposing of refuse.

 

7.             Landscaping

 

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

 

8.             Miscellaneous items

 

8.1           Leasing or hiring any of the items referred to in this Schedule.

 

8.2           Interest, commission and fees in respect of
any monies borrowed to finance the provision of services and any of the items
referred to in this Schedule.

 

8.3           Enforcing for the general benefit of the
tenants of the Building (as determined by the Landlord) the covenants in any of
the other leases of the Building.

 

9.             Insurance

 

9.1           Periodic valuations of the Building for
insurance purposes.

 

9.2           Works required to the Building in order to
satisfy the requirements of any insurer of the Building.

 

9.3           Property owner’s liability, third party
liability and employer’s liability and such other insurances as the Landlord
may, from time to time, determine.

 

9.4           Any amount which may be deducted or
disallowed by any insurer of the Building under any excess provision in the
insurance policy on settlement of any claim by the Landlord.

 

10.           Common facilities

 

Making,
laying, repairing, maintaining, rebuilding, decorating, cleaning and lighting
(as the case may require), 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.

 

11.           Outgoings

 

All
existing or future rates (including water rates) taxes, duties, charges,
assessments, impositions and outgoings whatsoever (whether parliamentary,
parochial, local or of 

 

51

 

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
of them.

 

12.           Statutory requirements

 

Carrying
out any works to the Building required to comply with any statute (other than
works for which any tenant or occupier is responsible).

 

13.           Representations

 

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

 

14.           Management

 

14.1         The proper and reasonable fees, costs, expenses
and disbursements of the Accountant or any other person employed or retained by
the Landlord for, or in connection with, surveying and accounting functions,
the collection of rents, the performance of the services and any other duties
in and about the Building or any part of it, and relating to the general
management, administration, security, maintenance, protection and cleanliness
of the Building.

 

14.2         The proper and reasonable fees and expenses
of the Landlord or a Group Company of the Landlord in connection with the
management of the Building and any of the functions and duties referred to in
paragraph 14.1 that may be undertaken by the
Landlord or that Group Company, such fees and expenses to include overheads and
profits commensurate with current market practice of property companies
providing management services.

 

15.           Adjoining/Neighbouring
Property

 

Any
payments made by the Landlord as tenant under the Superior Landlord pursuant to
clause 7(5) of the Superior Lease.

 

16.           Reserve Fund

 

Such
annual provision as the Landlord may, in its discretion, determine as being
proper and reasonable and in the interest of good estate management for the
establishment and maintenance of a reserve fund for the replacement of any
boilers, plant, machinery, apparatus and equipment in the Retained Parts.

 

17.           Generally

 

Any
other costs and expenses which the Landlord incurs in providing such other
services and in carrying out such other works as the Landlord may, in its
discretion, consider desirable or necessary for the benefit of the Building or
any part of it or the tenants or occupiers of it, or for securing or enhancing
any amenity of, or within, the Building, or in the interest of good estate
management.

 

52

 

18.           Value Added Tax

 

Value
Added Tax in respect of any item of expenditure referred to in this Schedule to
the extent that it is not otherwise recoverable by the Landlord.

 

53

 

SCHEDULE 6

 

DEEDS AND DOCUMENTS CONTAINING MATTERS TO WHICH THE PREMISES ARE SUBJECT

 

1.              Property and Charges Register of Title No.
NGL66474 and Title Number NGL632309

 

2.              Lease dated 18 October 1988 made between
Hammerson (Amethyst) Properties Limited and Taisei Europe Limited (1) and the
London Electricity Board (2)

 

3.              Superior Lease

 

4.              Party Wall Award dated 20 March 1989

 

5.              Party Wall Award dated 22 June 1989

 

6.              Deed dated 12 November 1992 between Yasuda
Properties (UK) Limited (1) The Fuji Bank Limited (2) and MEPC plc (3)

 

54

 

SCHEDULE 7

 

AUTHORISED
GUARANTEE AGREEMENT TO BE GIVEN
BY TENANT PURSUANT TO CLAUSE 22.3.2

 

THIS DEED is made the [             ]
day of [              ]

 

BETWEEN:-

 

1.             [                                                                     ]
whose registered office is at [              ]
(registered number: [                                             ])
(the “Present Tenant”) [and]

 

2.             [                                                                 ]
whose registered office is at [        ]
(registered number: [                                       ])
(the “Landlord”) [and]

 

3-             [[                                                                          ]
whose registered office is at [                   ]
(registered number: [                                 ])
(the “Guarantor”)]

 

WHERE AS:-

 

(A)          This Agreement is made pursuant to the lease
dated [                          ]
and made between Mizuho Corporate Bank, Ltd. (1) and ITG Europe (2) (the “Lease”)  which expression
shall include (where the context so admits) all deeds and documents
supplemental to it (whether expressed to be so or not) relating to the premises
at part of the 6th Floor, River Plate House, 7/11 Finsbury Circus,
London EC2M 7DH (the “Premises”).

 

(B)           The Present Tenant holds the Premises under
the Lease and wishes to assign the Lease to [                         ]
(the “Assignee”), and
pursuant to the Lease the Landlord’s consent is required to such assignment
(the “Assignment”)  and
such consent is given subject to a condition that the Present Tenant [and the
Guarantor] [is/are] to enter into a deed in the form of this Deed .

 

NOW THIS DEED WITNESSES as follows:-

 

1.             Definitions

 

In
this Deed the following expressions shall have the following meanings:

 

“1954 Act” means the Landlord and Tenant Act 1954.

 

“1954 Act Notice” means a notice in a form complying with the requirements of section
38A(3)(a) of the 1954 Act.

 

“1954 Act Statutory Declaration” means a statutory declaration in a form
complying with the requirements of section 38A(3)(b) of the 1954 Act.

 

“Tenancy” means in relation to the Present Tenant, the tenancy to be created
pursuant to paragraph 4 and in relation to the Guarantor, the tenancy to be
created pursuant to paragraph 8.

 

2.             Authorised Guarantee

 

Pursuant
to the condition referred to above, the Present Tenant covenants with the
Landlord, as a primary obligation, that the Assignee or the Present Tenant
shall, at all 

 

55

 

times during the period (the
“Guarantee Period”) from the
completion of the Assignment until the Assignee shall have ceased to be bound
by the tenant covenants (which in
this Deed shall have the meaning attributed by section 28(1) of the Landlord
and Tenant (Covenants) Act 1995 (the “1995
Act”)) contained in the Lease (including the payment of the rents
and all other sums payable under the Lease in the manner and at the times
specified in the Lease), duly perform and observe the tenant covenants.

 

3.             Present Tenant’s liability

 

3.1           The Present Tenant agrees that the Landlord,
in the enforcement of its rights under this Deed, may proceed against the
Present Tenant as if the Present Tenant were the sole or principal debtor in
respect of the tenant covenant in question.

 

3.2           For the avoidance of doubt, notwithstanding
the termination of the Guarantee Period the Present Tenant shall remain liable
under this Deed in respect of any liabilities which may have accrued prior to
such termination.

 

3.3           For the avoidance of doubt the Present Tenant
shall be liable under this Deed for any costs and expenses incurred by the
Landlord in enforcing the Present Tenant’s obligations under this Deed.

 

4.             Disclaimer of Lease

 

The
Present Tenant further covenants with the Landlord that if the Crown or a
liquidator or trustee in bankruptcy shall disclaim the Lease during the
Guarantee Period the Present Tenant shall, if the Landlord by notice in writing
given to the Present Tenant within 6 months after such disclaimer so requires,
accept from and execute and deliver to, the Landlord a counterpart of a new
lease of the Premises for a term commencing on the date of the disclaimer and
continuing for the residue then remaining unexpired of the term of the Lease,
such new lease to be at the same rents and subject to the same covenants and
provisions as are contained in the Lease.

 

5.             Exclusion of sections 24 to
28 (inclusive) of the 1954 Act

 

5.1           The present Tenant confirms that before it
became contractually bound to enter into the Tenancy, the Landlord served on
the Present Tenant a 1954 Act Notice dated [ ] in relation to the Tenancy and
the Present Tenant, or a person duly authorised by the Present Tenant, in
relation to the 1954 Act Notice made a 1954 Act Statutory Declaration dated [   ].

 

5.2           The Present Tenant further confirms that,
where the above 1954 Act Statutory Declaration was made by a person other than
the Present Tenant, the declarant was duly authorised by the Present Tenant to
make this 1954 Act Statutory Declaration on behalf of the Present Tenant.

 

5.3           The Present Tenant was not prior to the date
of this Deed contractually bound to enter into the Tenancy.

 

5.4           The Landlord and the Present Tenant agree
that the provisions of Sections 24 to 28 of the Landlord and Tenant Act 1954
shall be excluded in relation to the Tenancy.

 

56

 

6.             Supplementary provisions

 

By
way of provision incidental or supplementary to clauses 2, 3 and 4 of this
Deed:-

 

6.1           Postponement of claims by
Present Tenant

 

The
Present Tenant further covenants with the Landlord that the Present Tenant
shall:-

 

6.1.1         not
claim in any liquidation, bankruptcy, composition or arrangement of the
Assignee in competition with the Landlord and shall remit to the Landlord the
proceeds of all judgments and all distributions it may receive from any
liquidator, trustee in bankruptcy or supervisor of the Assignee;

 

6.1.2         hold
for the benefit of the Landlord all security and rights the Present Tenant may
have over assets of the Assignee whilst any liabilities of the Present Tenant
or the Assignee to the Landlord remain outstanding; and

 

6.1.3         not
exercise any right or remedy in respect of any amount paid or any liability
incurred by the Present Tenant in performing or discharging its obligations
contained in this Deed, or claim any contribution from any other guarantor.

 

6.2           Postponement of
participation by Present Tenant in security

 

The
Present Tenant shall not be entitled to participate in any security held by the
Landlord in respect of the Assignee’s obligations to the Landlord under the
Lease or to stand in the place of the Landlord in respect of any such security
until all the obligations of the Present Tenant or the Assignee to the Landlord
under the Lease have been performed or discharged.

 

6.3           No release of Present Tenant

 

None
of the following, or any combination of them, shall release, determine,
discharge or in any way lessen or affect the liability of the Present Tenant as
principal obligor under this Deed or otherwise prejudice or affect the right of
the Landlord to recover from the Present Tenant to the full extent of this
guarantee:-

 

6.3.1          any
neglect, delay or forbearance of the Landlord in endeavouring to obtain payment
of any rents or other amounts required to be paid by the Assignee or in
enforcing the performance or observance of any of the obligations of the
Assignee under the Lease;

 

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

 

6.3.3          any
extension of time given by the Landlord to the Assignee;

 

6.3.4          any
reviews of the rent payable under the Lease and (subject to Section 18 of the
1995 Act) any variation of the terms of the Lease or the transfer of the
Landlord’s reversion;

 

57

 

6.3.5         any
change in the constitution, structure or powers of either the Present Tenant,
the Assignee or the Landlord or the liquidation, administration or bankruptcy
(as the case may be) of either the Present Tenant or the Assignee;

 

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

 

6.3.7         any
other deed, act, omission, failure, matter or thing whatsoever as a result of
which, but for this provision, the Present Tenant would be exonerated either
wholly or partly (other than a release executed and delivered as a deed by the
Landlord or a release effected by virtue of the 1995 Act).

 

6.4           Costs of new lease

 

The
Landlord’s reasonable costs in connection with any new lease granted pursuant
to clause 3 of this Deed shall be borne by the Present Tenant and paid to the
Landlord (together with Value Added Tax) upon completion of such new lease.

 

7.             [Guarantee

 

[If there is a guarantor, repeat the provisions set out in
paragraphs 1 to 9 (inclusive) of Schedule 4].

 

8.             Guarantor to join in new
lease

 

If
the Present Tenant shall be required to take up a new lease pursuant to clause
3 of this Deed, the Guarantor shall join in, and execute and deliver to the Landlord
a counterpart of, such new lease in order to guarantee the obligations of the
Present Tenant under it in the terms of Schedule
4 to the Lease.]

 

9.             Invalidity of certain
provisions

 

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

 

IN WITNESS whereof this deed has been executed by the Present Tenant and is
intended to be and is hereby delivered on the date first above written.

 

58

 

	
  Executed as a Deed

  	
  )

  
	
  by MIZUHO
  CORPORATE BANK, LTD

  	
  )

  
	
  in the presence of:

  	
  )

  

 

 

	
   

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Director/Secretary

  	
   

  

 

 

59

 

	
  PRESENT when the Common Seal

  	
  )

  
	
  of
  INVESTMENT TECHNOLOGY

  	
  )

  
	
  GROUP EUROPE LIMITED

  	
  )

  
	
  was affixed hereto:

  	
  )

  

 

	
   

  	
  Director

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
   

  	
   

  
	
   

  	
  Director/Secretary

  	
  /s/ [ILLEGIBLE]

  

 

60

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