Document:

Lease between Bytec Group Limited and Monotype Imaging Limited

 Exhibit 10.1 
 DATED 
  
  
 LEASE 

 relating to 
 UNIT 2 PERRYWOOD BUSINESS PARK, HONEYCROCK LANE, SALFORDS, 
 REDHILL, SURREY, RH1 5DZ 
 between

 BYTEC GROUP LIMITED 
 and 
 MONOTYPE IMAGING LIMITED

 

 

 CONTENTS 
  

					
	 CLAUSE
	  	
			
	 1.
	  	Interpretation	  	3
			
	 2.
	  	Grant	  	5
			
	 3.
	  	Ancillary rights	  	6
			
	 4.
	  	Rights excepted and reserved	  	6
			
	 5.
	  	Third Party Rights	  	7
			
	 6.
	  	The Annual Rent	  	8
			
	 8.
	  	Insurance	  	8
			
	 9.
	  	Rates and taxes	  	10
			
	 10.
	  	Utilities	  	10
			
	 11.
	  	Common items	  	11
			
	 12.
	  	VAT	  	11
			
	 13.
	  	Default interest and interest	  	11
			
	 14.
	  	Costs	  	12
			
	 15.
	  	Compensation on vacating	  	12
			
	 16.
	  	No deduction, counterclaim or set-off	  	12
			
	 18.
	  	Assignments	  	12
			
	 19.
	  	Underlettings	  	13
			
	 20.
	  	Sharing occupation	  	15
			
	 21.
	  	Charging	  	15
			
	 22.
	  	Prohibition of other dealings	  	15
			
	 23.
	  	Registration and notification of dealings and occupation	  	15
			
	 25.
	  	Repairs	  	16
			
	 26.
	  	Decoration	  	16
			
	 27.
	  	Alterations	  	17
			
	 28.
	  	Signs	  	17
			
	 29.
	  	Returning the Property to the Landlord	  	17
			
	 30.
	  	Use	  	18
			
	 31.
	  	Compliance with laws	  	18
			
	 32.
	  	Encroachments, obstructions and acquisition of rights	  	19
			
	 33.
	  	Remedy breaches	  	20
			
	 34.
	  	Indemnity	  	20
			
	 35.
	  	Landlord’s covenant for quiet enjoyment	  	20
			
	 36.
	  	Guarantee and indemnity	  	21
			
	 37.
	  	Condition for re-entry	  	21
			
	 38.
	  	Liability	  	22
			
	 39.
	  	Entire agreement and exclusion of representations	  	23
			
	 40.
	  	Notices, consents and approvals	  	23
			
	 41.
	  	Governing law and jurisdiction	  	24
			
	 42.
	  	Exclusion of sections 24-28 of the 1954 Act	  	24
			
	 43.
	  	Contracts (Rights of Third Parties) Act 1999	  	24
			
	 44.
	  	Landlord and Tenant (Covenants) Act 1995	  	24

					
	 SCHEDULE
	  	
			
	 SCHEDULE
	  	        GUARANTEE AND INDEMNITY	  	26
			
	1.	  	Guarantee and indemnity	  	26
			
	2.	  	Guarantor’s liability	  	26
			
	3.	  	Variations and supplemental documents	  	27
			
	 4.
	  	Guarantor to take a new lease or make payment	  	28
			
	 5.
	  	Rent at the date of forfeiture or disclaimer	  	29
			
	 6.
	  	Payments in gross and restrictions on the Guarantor	  	29
			
	7.	  	Other securities	  	29

 PRESCRIBED CLAUSES 
 LR1. Date of lease 
 2008 
 LR2. Title number
SY604180 
 LR2.1 Landlord ́s title number(s) 
 SY604180 
 LR2.2 Other title numbers 
 None 
 LR3. Parties to this lease 
 Landlord 
 BYTEC Group Limited 
 Unit 1 Perrywood Business Park, Salfords, Surrey, RH1 5JP 
 6281179 
 Tenant 
 Monotype Imaging Limited 
 Unit 2 Perrywood Business Park, Honeycrock Lane, Salfords, Redhill, Surrey, RH1
5DZ 
 02663485 
 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.

 See the definition of “Property” in clause 1.1 of this lease. 
 LR5. Prescribed statements etc. 
 None. 
 LR6. Term for which the Property is leased 
 The term as specified in this lease at clause 1.1 in the definition of
“Contractual Term”. 
 LR7. Premium 
 None.

 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 
 None. 
 LR9.2 Tenant’s covenant to (or offer to) surrender this lease 
 None. 
 LR9.3 Landlord’s contractual rights to acquire this lease 
 None. 
 LR10. Restrictive covenants given in this lease by
the Landlord in respect of land other than the Property 
 None. 
 LR11. Easements 
 LR11.1 The easements as specified in clause 3 of this lease. 
 LR11.2 Easements granted or reserved by this lease over the Property for the benefit of other property 
 The easements as specified in clause 4 of this lease. 
 LR12. Estate rent charge burdening the Property 
 None. 
 LR13. Application for standard form of restriction 
 None. 
 LR14. Declaration of trust where there is more than one person comprising the Tenant 
 None. 
 THIS LEASE is dated                    2008 
 PARTIES 
  

	(1)	            BYTEC Group Limited, incorporated and registered in England and Wales with company number 6281179 whose
registered office is at Unit 1 Perrywood Business Park Salfords Surrey RH1 5JP (Landlord). 

  

	(2)	            Monotype Imaging Limited, incorporated and registered in England and Wales with company number 02663485 whose
registered office is at Unit 2 Perrywood Business Park Honeycrock Lane Salfords Redhill Surrey RH1 5DZ (Tenant). 

 AGREED TERMS 
  

	1.	INTERPRETATION 

  

	1.1	The definitions and rules of interpretation set out in this clause apply to this lease. 

 Annual Rent: rent at the rate of £63,000 per annum. 
 Contractual Term: a term of years beginning on, and including 7th April 2008 and ending on and including
6th April 2013. 
 CDM
Regulations: the Construction (Design and Management) Regulations 2007. 
 Default Interest Rate: four percentage points above the
Interest Rate. 
 Insurance Rent: the aggregate in each year of the gross cost of the premium before any discount or commission for the
insurance of: 
  

	 	(a)	the Property, other than any plate glass, for its full reinstatement cost (taking inflation of building costs into account) against loss or damage by or in consequence of the
Insured Risks, including costs of demolition, site clearance, site protection and shoring-up, professionals ́ and statutory fees and incidental expenses, the cost of any work which may be required under any law and VAT in respect of all those
costs, fees and expenses; 

  

	 	(b)	loss of Annual Rent of the Property for three years; and 

  

	 	(c)	any insurance premium tax payable on the above. 

 Insured Risks: means fire, explosion, lightning, earthquake, storm, flood, bursting and overflowing of water tanks, apparatus or pipes, impact by aircraft and articles dropped from them, impact by vehicles, riot, civil commotion and
any other risks against which the Landlord decides to insure against from time to time and Insured Risk means any one of the Insured Risks. 
 Interest Rate: interest at the base lending rate from time to time of Barclays Bank plc, or if that base lending rate stops being used or published then at a comparable commercial rate reasonably determined by the Landlord.

 Landlord’s Neighbouring Property: each and every part of the adjoining and neighbouring property in which the Landlord has an
interest known as Unit 1 Perrywood Park Salfords registered at HM Land Registry with title number SY604180. 
 Permitted Use: Any use
within Use Class B1 of the Town and Country Planning (Use Classes) Order 1987 as at the date this lease is granted. 
 Property: the
land and building at Unit 2 Perrywood Business Park Salfords Redhill Surrey shown edged red on the attached plan. 
 Rent Commencement
Date: The date hereof. 
 Rent Payment Dates: The first day of each month. 

 Reservations: all of the rights excepted, reserved and granted to the Landlord by this lease.

 Service Media: All media for the supply or removal of heat, electricity, gas, water, sewage, energy, telecommunications, data and
all other services and utilities and all structures, machinery and equipment ancillary to those media. 
 Third Party Rights: all
rights, covenants and restrictions affecting the Property including the matters referred to at the date of this lease in the property and charges registers of title number SY604180. 
 VAT: value added tax chargeable under the Value Added Tax Act 1994 or any similar replacement or additional tax. 
 1954 Act: Landlord and Tenant Act 1954. 
  

	1.2	A reference to this lease, except a reference to the date of this lease or to the grant of this lease, is a reference to this deed and any deed, licence, consent, approval or
other instrument supplemental to it. 

  

	1.3	A reference to the Landlord includes a reference to the person entitled to the immediate reversion to this lease. A reference to the Tenant includes a reference to its
successors in title and assigns. A reference to a guarantor includes a reference to the Guarantor and to any other guarantor of the tenant covenants of this lease including a guarantor who has entered into an authorised guarantee agreement.

  

	1.4	In relation to any payment, a reference to a fair proportion is to a fair proportion of the total amount payable, determined conclusively (except as to questions of law) by
the Landlord. 

  

	1.5	The expressions landlord covenant and tenant covenant each has the meaning given to it by the Landlord and Tenant (Covenants) Act 1995. 

  

	1.6	Unless the context otherwise requires, a reference to the Property is to the whole and any part of it. 

  

	1.7	A reference to the term is to the Contractual Term. 

  

	1.8	A reference to the end of the term is to the end of the term however it ends. 

  

	1.9	References to the consent of the Landlord are to the consent of the Landlord given in accordance with clause 37.4 and references to the approval of the Landlord are to
the approval of the Landlord given in accordance with clause 37.5. 

	1.10	A working day is any day which is not a Saturday, a Sunday, a bank holiday or a public holiday in England. 

  

	1.11	Unless otherwise specified, a reference to a particular law is a reference to it as it is in force for the time being, taking account of any amendment, extension, application or
re-enactment and includes any subordinate laws for the time being in force made under it and all orders, notices, codes of practice and guidance made under it. 

  

	1.12	A reference to laws in general is to all local, national and directly applicable supra-national laws in force for the time being, taking account of any amendment, extension,
application or re-enactment and includes any subordinate laws for the time being in force made under them and all orders, notices, codes of practice and guidance made under them. 

  

	1.13	Any obligation in this lease on the Tenant not to do something includes an obligation not to agree to or suffer that thing to be done and an obligation to use best endeavours to
prevent that thing being done by another person. 

  

	1.14	Unless the context otherwise requires, where the words include(s) or including are used in this lease, they are deemed to have the words “without limitation”
following them. 

  

	1.15	A person includes a corporate or unincorporated body. 

  

	1.16	References to writing and written do not include faxes. 

  

	1.17	Except where a contrary intention appears, a reference to a clause or Schedule, is a reference to a clause of, or Schedule to, this lease and a reference in a Schedule to a
paragraph is to a paragraph of that Schedule. 

  

	1.18	Clause, Schedule and paragraph headings do not affect the interpretation of this lease. 

  

	2.	GRANT 

  

	2.1	The Landlord with full title guarantee lets the Property to the Tenant for the Contractual Term. 

  

	2.2	The grant is made together with the ancillary rights set out in clause 3, excepting and reserving to the Landlord the rights set out in clause 4, and subject to the Third Party
Rights. 

  

	2.3	The grant is made with the Tenant paying the following as rent to the Landlord: 

	 	(a)	the Annual Rent and all VAT in respect of it, 

  

	 	(b)	the Insurance Rent; and 

  

	 	(c)	all interest payable under this lease; and 

  

	 	(d)	all other sums due under this lease. 

  

	3.	ANCILLARY RIGHTS 

  

	3.1	Except as mentioned in clause 3.2, neither the grant of this lease nor anything in it confers any right over neighbouring property nor is to be taken to show that the Tenant may
have any right over neighbouring property, and section 62 of the Law of Property Act 1925 does not apply to this lease. 

  

	3.2.1	The right of support and protection from the Landlord’s neighbouring Property. 

  

	3.2.2	The benefit of the rights more particularly referred to in the property register of title number SY604180. 

  

	3.2.3	The right to use and to connect into any Service Media at the Landlord’s Neighbouring Property that belong to the Landlord and serve (but do not form part of) the Property
which are in existence at the date of this lease or are installed during the perpetuity period together with the right to enter upon the Landlord’s Neighbouring Property with or without workmen for the purposes of inspecting, cleaning,
maintaining and repairing the Property and any Service Media which serve the Property. 

  

	4.	RIGHTS EXCEPTED AND RESERVED 

  

	4.1	The following rights are excepted and reserved from this lease to the Landlord for the benefit of the Landlord’s Neighbouring Property and to the extent possible for the
benefit of any neighbouring or adjoining property in which the Landlord acquires an interest during the term: 

  

	 	(a)	rights of light, air, support and protection to the extent those rights are capable of being enjoyed at any time during the term; 

  

	 	(b)	the right to use and to connect into Service Media at the Property which are in existence at the date of this lease or which are installed or constructed during the period of 80
years from the commencement of the term (and that period is the perpetuity period for the purposes of section 1 of the Perpetuities and Accumulations Act 1964); 

  

	 	(c)	at any time during the term, the full and free right to develop the Landlord’s Neighbouring Property as the Landlord may think fit; 

	 	(d)	the right to erect scaffolding at the Property and attach it to any building or structure on the Property in connection with any of the Reservations; 

  

	 	(e)	the right to build on or into any boundary wall of the Property in connection with any of the Reservations; and 

  

	 	(f)	the right to re-route any Service Media at or serving the Property or re-route any means of access to or egress from the Property; 

  

	4.2	The Landlord reserves the right to enter the Property: 

  

	 	(a)	to repair, maintain or replace any Service Media or structure relating to any of the Reservations; and 

  

	 	(b)	for any other purpose mentioned in or connected with: 

  

	 	(i)	this lease; 

  

	 	(ii)	the Reservations; and 

  

	 	(iii)	the Landlord ́s interest in the Property. 

  

	4.3	The Reservations may be exercised by the Landlord and by anyone else who is or becomes entitled to exercise them, and by anyone authorised by the Landlord. 

 

	4.4	The Tenant shall allow all those entitled to exercise any right to enter the Property, to do so with their workers, contractors, agents and professional advisors, and to enter the
Property at any reasonable time (whether or not during usual business hours) and, except in the case of an emergency, after having given reasonable notice (which need not be in writing) to the Tenant. 

  

	4.5	No party exercising any of the Reservations, nor its workers, contractors, agents and professional advisors, shall be liable to the Tenant or to any undertenant or other occupier of
or person at the Property for any loss, damage, injury, nuisance or inconvenience arising by reason of its exercising any of those Reservations except for: 

  

	 	(a)	physical damage to the Property; or 

  

	 	(b)	any loss, damage, injury, nuisance or inconvenience in relation to which the law prevents the Landlord from excluding liability. 

  

	5.	THIRD PARTY RIGHTS 

  

	5.1	The Tenant shall comply with all obligations on the Landlord relating to the Third Party Rights (insofar as those obligations relate to the Property) and shall not do anything (even
if otherwise permitted by this lease) that may interfere with any Third Party Right. 

	 	5.2	The Tenant shall allow the Landlord and any other person authorised by the terms of the Third Party Right to enter the Property in accordance with its terms.

  

	6.	THE ANNUAL RENT 

  

	6.1	The Tenant shall pay the Annual Rent and any VAT in respect of it by twelve equal instalments in advance on or before the Rent Payment Dates. The payments shall be made by
banker ́s standing order or by any other method that the Landlord requires at any time by giving notice to the Tenant. 

  

	6.2	The first instalment of the Annual Rent and any VAT in respect of it shall be made on the Rent Commencement Date and shall be the proportion, calculated on a daily basis, in respect
of the period from the Rent Commencement Date until the day before the next Rent Payment Date. 

  

	7.	INSURANCE 

  

	7.1	Subject to clause 7.2, the Landlord shall keep the Property (other than any plate glass at the Property) insured against loss or damage by the Insured Risks for the sum which the
Landlord considers to be its full reinstatement cost (taking inflation of building costs into account). The Landlord shall not be obliged to insure any part of the Property installed by the Tenant. 

  

	7.2	The Landlord ́s obligation to insure is subject to: 

  

	 	(a)	any exclusions, limitations, excesses and conditions that may be imposed by the insurers; and 

  

	 	(b)	insurance being available in the London insurance market on reasonable terms acceptable to the Landlord. 

  

	7.3	The Tenant shall pay to the Landlord on demand: 

  

	 	(a)	the Insurance Rent; 

  

	 	(b)	any amount that is deducted or disallowed by the insurers pursuant to any excess provision in the insurance policy; and 

  

	 	(c)	any costs that the Landlord incurs in obtaining a valuation of the Property for insurance purposes. 

 If the Landlord insures the Property together with other land, the amount of the Insurance Rent shall be a fair proportion of the total for the Property
and the other land. 
  

	7.4	The Tenant shall: 

	 	(a)	give the Landlord notice immediately any matter occurs that any insurer or underwriter may treat as material in deciding whether or on what terms to insure or to continue to insure
the Property; 

  

	 	(b)	not do or omit anything as a result of which any policy of insurance of the Property or any neighbouring property may become void or voidable or otherwise prejudiced, or the payment
of any policy money may be withheld, nor (unless the Tenant has previously notified the Landlord and has paid any increased or additional premium) anything as a result of which any increased or additional insurance premium may become payable;

  

	 	(c)	comply at all times with the requirements and recommendations of the insurers relating to the Property; 

  

	 	(d)	give the Landlord immediate notice of the occurrence of any damage or loss relating to the Property arising from an Insured Risk or of any other event that might affect any
insurance policy relating to the Property; 

  

	 	(e)	not effect any insurance of the Property (except any plate glass) at the Property, but if it becomes entitled to the benefit of any insurance proceeds in respect of the Property
(other than in respect of plate glass) pay those proceeds or cause them to be paid to the Landlord; and 

  

	 	(f)	pay the Landlord an amount equal to any insurance money that the insurers of the Property refuse to pay by reason of any act or omission of the Tenant or any undertenant, their
workers, contractors or agents or any person at the Property with the actual or implied authority of any of them. 

  

	7.5	The Landlord shall, subject to obtaining all necessary planning and other consents, use all insurance money received (other than for loss of rent) to repair the damage for which the
money has been received or (as the case may be) in rebuilding the Property. The Landlord shall not be obliged to: 

  

	 	(a)	provide accommodation identical in layout or design so long as accommodation reasonably equivalent to that previously at the Property is provided; or 

  

	 	(b)	repair or rebuild if the Tenant has failed to pay any of the Insurance Rent; or 

  

	 	(c)	repair or rebuild the Property after a notice has been served pursuant to clause 7.7 or clause 7.8. 

  

	7.6	 If the Property is damaged or destroyed by the Insured Risks so as to be unfit for occupation and use then, unless the policy of insurance of the Property has been
vitiated in whole or in part in consequence of any act or omission of the Tenant, any undertenant or their respective workers, contractors or agents or any other person on the Property with the actual or implied authority of any of them, payment of
the Annual Rent, or a fair proportion of it according to the nature and extent of the damage, shall be suspended until the Property has been reinstated and made fit for 

	 	 
occupation and use, or until the end of three years from the date of damage or destruction, if sooner. 

  

	7.7	If, following damage to or destruction of the Property, the Landlord considers that it is impossible or impractical to reinstate the Property, the Landlord may terminate this lease
by giving notice to the Tenant. On giving notice this lease shall determine but this shall be without prejudice to any right or remedy of the Landlord in respect of any breach of the tenant covenants of this lease. Any proceeds of the insurance
(other than any insurance for plate glass) shall belong to the Landlord. 

  

	7.8	Provided that the Tenant has complied with its obligations in this clause, the Tenant may terminate this lease by giving notice to the Landlord if, following damage or destruction
by an Insured Risk, the Property has not been reinstated so as to be fit for occupation and use within three years after the date of damage or destruction. On giving this notice this lease shall determine but this shall be without prejudice to any
right or remedy of the Landlord in respect of any breach of the tenant covenants of this lease. Any proceeds of the insurance (other than any insurance for plate glass) shall belong to the Landlord. 

  

	8.	RATES AND TAXES 

  

	8.1	The Tenant shall pay all present and future rates, taxes and other impositions payable in respect of the Property, its use and any works carried out there, other than:

  

	 	(a)	any taxes payable by the Landlord in connection with any dealing with or disposition of the reversion to this lease; or 

  

	 	(b)	any taxes, other than VAT and insurance premium tax, payable by the Landlord by reason of the receipt of any of the rents due under this lease. 

  

	8.2	If any rates, taxes or other impositions are payable in respect of the Property together with other property, the Tenant shall pay a fair proportion of the amount payable.

  

	8.3	The Tenant shall not make any proposal to alter the rateable value of the Property or that value as it appears on any draft rating list, without the approval of the Landlord.

  

	8.4	If, after the end of the term, the Landlord loses rating relief (or any similar relief or exemption) because it has been allowed to the Tenant, then the Tenant shall pay the
Landlord an amount equal to the relief or exemption that the Landlord has lost. 

  

	9.	UTILITIES 

  

	9.1	The Tenant shall pay all costs in connection with the supply and removal of electricity, gas, water, sewage, telecommunications, data and other services and utilities to or from the
Property. 

	9.2	If any of those costs are payable in relation to the Property together with other property, the Tenant shall pay a fair proportion of all those costs. 

  

	9.3	The Tenant shall comply with all laws and with any recommendations of the relevant suppliers relating to the use of those services and utilities. 

  

	10.	COMMON ITEMS 

  

	10.1	The Tenant shall pay the Landlord on demand a fair proportion of all costs payable for the maintenance, repair, lighting, cleaning and renewal of all Service Media, structures and
other items used or capable of being used by the Property in common with other property including any private road yard forecourt or passage way. 

  

	10.2	The Tenant shall comply with all reasonable regulations the Landlord may make from time to time in connection with the use of any of those Service Media, structures or other items.

  

	11.	VAT 

  

	11.1	All sums payable by the Tenant are exclusive of any VAT that may be chargeable. The Tenant shall pay VAT in respect of all taxable supplies made to it in connection with this lease
on the due date for making any payment or, if earlier, the date on which that supply is made for VAT purposes. 

  

	11.2	Every obligation on the Tenant, under or in connection with this lease, to pay the Landlord or any other person any sum by way of a refund or indemnity, shall include an obligation
to pay an amount equal to any VAT incurred on that sum by the Landlord or other person, except to the extent that the Landlord or other person obtains credit for such VAT under the Value Added Tax Act 1994. 

  

	12.	DEFAULT INTEREST AND INTEREST 

  

	12.1	If any Annual Rent or any other money payable under this lease has not been paid by the date it is due, whether it has been formally demanded or not, the Tenant shall pay the
Landlord interest at the Default Interest Rate (both before and after any judgment) on that amount for the period from the due date to and including the date of payment. 

  

	12.2	If the Landlord does not demand or accept any Annual Rent or other money due or tendered under this lease because the Landlord reasonably believes that the Tenant is in breach of
any of the tenant covenants of this lease, then the Tenant shall, when that amount is accepted by the Landlord, also pay interest at the Interest Rate on that amount for the period from the date the amount (or each part of it) became due until the
date it is accepted by the Landlord. 

	13.	COSTS 

  

	13.1	The Tenant shall pay the reasonable costs and expenses of the Landlord including any solicitors’ or other professionals’ costs and expenses (reasonably incurred both
during and after the end of the term) in connection with or in contemplation of: 

  

	 	(a)	the enforcement of the tenant covenants of this lease; 

  

	 	(b)	serving any notice in connection with this lease under section 146 or 147 of the Law of Property Act 1925 or taking any proceedings under either of those sections, notwithstanding
that forfeiture is avoided otherwise than by relief granted by the court; 

  

	 	(c)	serving any notice in connection with this lease under section 17 of the Landlord and Tenant (Covenants) Act 1995; 

  

	 	(d)	the preparation and service of a schedule of dilapidations in connection with this lease; and 

  

	 	(e)	any consent or approval applied for under this lease, whether or not it is granted. 

  

	13.2	Where the Tenant is obliged to pay or indemnify the Landlord against any solicitors’ or other professionals’ costs and expenses (whether under this or any other clause of
this lease) that obligation extends to those costs and expenses assessed on a full indemnity basis. 

  

	14.	COMPENSATION ON VACATING 

 Any right of the Tenant or anyone deriving title under the Tenant to claim compensation from the Landlord on leaving the Property under the Landlord and Tenant Act 1927 or the 1954 Act is excluded, except to the
extent that the legislation prevents that right being excluded. 
  

	15.	NO DEDUCTION, COUNTERCLAIM OR SET-OFF 

 The Annual Rent and all other money due under this lease are to be paid by the Tenant or any guarantor (as the case may be) without deduction,
counterclaim or set-off. 
  

	16.	ASSIGNMENTS 

  

	16.1	The Tenant shall not assign the whole of this lease without the consent of the Landlord, such consent not to be unreasonably withheld or delayed. 

  

	16.2	The Tenant shall not assign part only of this lease. 

	16.3	The Landlord and the Tenant agree that for the purposes of section 19(1A) of the Landlord and Tenant Act 1927 the Landlord may give its consent to an assignment subject to any or
all of the following conditions: 

  

	 	(a)	a condition that the assignor (and any former tenant who because of section 11 of the Landlord and Tenant (Covenants) Act 1995 has not been released from the tenant covenants of
this lease) enters into an authorised guarantee agreement which: 

  

	 	(i)	is in respect of all the tenant covenants of this lease; 

  

	 	(ii)	is in respect of the period beginning with the date the assignee becomes bound by those covenants and ending on the date when the assignee is released from those covenants by virtue
of section 5 of the Landlord and Tenant (Covenants) Act 1995; 

  

	 	(iii)	imposes principal debtor liability on the assignor (and any former tenant); 

  

	 	(iv)	requires (in the event of a disclaimer of liability of this lease) the assignor (or former tenant as the case may be) to enter into a new tenancy for a term equal to the unexpired
residue of the Contractual Term, and is otherwise in a form reasonably required by the Landlord; 

  

	 	(b)	a condition that a person of standing acceptable to the Landlord enters into a guarantee and indemnity in the form set out in the Schedule (with such amendments and additions as the
Landlord may reasonably require); and 

  

	16.4	The Landlord and the Tenant agree that for the purposes of section 19(1A) of the Landlord and Tenant Act 1927 the Landlord may refuse its consent to an assignment if any Annual Rent
or other money due under this lease is outstanding. 

  

	16.5	Nothing in this clause shall prevent the Landlord from giving consent subject to any other reasonable condition, nor from refusing consent to an assignment in any other circumstance
where it is reasonable to do so. 

  

	17.	UNDERLETTINGS 

  

	17.1	The Tenant shall not underlet the whole of the Property except in accordance with this clause nor without the consent of the Landlord, such consent not to be unreasonably withheld
or delayed. 

  

	17.2	The Tenant shall not underlet part only of the Property. 

  

	17.3	The Tenant shall not underlet the Property: 

  

	 	(a)	together with any property or any right over property that is not included within this lease; 

	 	(b)	at a fine or premium or reverse premium; nor 

  

	 	(c)	allowing any rent free period to the undertenant that exceeds the period as is then usual in the open market in respect of such a letting. 

  

	17.4	The Tenant shall not underlet the Property unless, before the underlease is granted, the Tenant has given the Landlord: 

  

	 	(a)	a certified copy of the notice served on the undertenant, as required by section 38A(3)(a) of the 1954 Act, applying to the tenancy to be created by the underlease; and

  

	 	(b)	a certified copy of the declaration or statutory declaration made by the undertenant in accordance with the requirements of section 38A(3)(b) of the 1954 Act.

  

	17.5	Any underletting by the Tenant shall be by deed and shall include: 

  

	 	(a)	an agreement between the Tenant and the undertenant that the provisions of sections 24 to 28 of the 1954 Act are excluded from applying to the tenancy created by the underlease;

  

	 	(b)	the reservation of a rent which is not less than the full open market rental value of the Property at the date the Property is underlet and which is payable at the same times as the
Annual Rent under this lease (but this shall not prevent an underlease providing for a rent-free period of a length permitted by clause 17.3(c)); 

  

	 	(c)	provisions for the review of rent at the same dates and on the same basis as the review of rent in this lease, unless the term of the underlease does not extend beyond the next
Review Date; 

  

	 	(d)	a covenant by the undertenant, enforceable by and expressed to be enforceable by the Landlord (as superior landlord at the date of grant) and its successors in title in their own
right, to observe and perform the tenant covenants in the underlease and any document that is supplemental or collateral to it and the tenant covenants in this lease, except the covenants to pay the rents reserved by this lease; and

  

	 	(e)	provisions requiring the consent of the Landlord to be obtained in respect of any matter for which the consent of the Landlord is required under this lease,

 and shall otherwise be consistent with and include tenant covenants no less onerous (other than as to the Annual Rent) than
those in this lease and in a form approved by the Landlord, such approval not to be unreasonably withheld. 
  

	17.6	In relation to any underlease granted by the Tenant, the Tenant shall: 

	 	(a)	not vary the terms of the underlease nor accept a surrender of the underlease without the consent of the Landlord, such consent not to be unreasonably withheld;

  

	 	(b)	enforce the tenant covenants in the underlease and not waive any of them nor allow any reduction in the rent payable under the underlease; 

  

	18.	SHARING OCCUPATION 

 The Tenant may share occupation of the Property with any company that is a member of the same group (within the meaning of section 42 of the 1954 Act) as the Tenant for as long as that company remains within that group and provided that no
relationship of landlord and tenant is established by that arrangement. 
  

	19.	CHARGING 

  

	19.1	The Tenant shall not charge the whole of this lease without the consent of the Landlord, such consent not to be unreasonably withheld. 

  

	19.2	The Tenant shall not charge part only of this lease. 

  

	20.	PROHIBITION OF OTHER DEALINGS 

 Except as expressly permitted by this lease, the Tenant shall not assign, underlet, charge, part with or share possession or share occupation of this
lease or the Property or hold the lease on trust for any person (except pending registration of a dealing permitted by this lease at HM Land Registry or by reason only of joint legal ownership). 
  

	21.	REGISTRATION AND NOTIFICATION OF DEALINGS AND OCCUPATION

  

	21.1	In this clause a Transaction is: 

  

	 	(a)	any dealing with this lease or the devolution or transmission of, or parting with possession of any interest in it; or 

  

	 	(b)	the creation of any underlease or other interest out of this lease, or out of any interest, underlease derived from it, and any dealing, devolution or transmission of, or parting
with possession of any such interest or underlease; or 

  

	 	(c)	the making of any other arrangement for the occupation of the Property. 

  

	21.2	 In respect of every Transaction that is registrable at HM Land Registry, the Tenant shall promptly following completion of the Transaction apply to register it (or

	 	 
procure that the relevant person so applies). The Tenant shall (or shall procure that) any requisitions raised by HM Land Registry in connection with an
application to register a Transaction are dealt with promptly and properly. Within [one month] of completion of the registration, the Tenant shall send the Landlord official copies of its title (and where applicable of the undertenant’s title).

  

	21.3	No later than one month after a Transaction the Tenant shall: 

  

	 	(a)	give the Landlord’s solicitors notice of the Transaction; and 

  

	 	(b)	deliver two certified copies of any document effecting the Transaction to the Landlord’s solicitors; and 

  

	 	(c)	pay the Landlord’s solicitors a registration fee of £30 (plus VAT). 

  

	21.4	If the Landlord so requests, the Tenant shall promptly supply the Landlord with full details of the occupiers of the Property and the terms upon which they occupy it.

  

	22.	REPAIRS 

  

	22.1	The Tenant shall keep the Property clean and tidy and in good repair and condition provided however that the Tenant shall not be required to keep the Property in any better state of
repair than evidenced by a Schedule of Condition dated 21 December 1994 a copy of which is annexed hereto. 

  

	22.2	The Tenant shall not be liable to repair the Property to the extent that any disrepair has been caused by an Insured Risk, unless and to the extent that: 

 

	 	(a)	the policy of insurance of the Property has been vitiated or any insurance proceeds withheld in consequence of any act or omission of the Tenant, any undertenant or their respective
workers, contractors or agents or any person on the Property with the actual or implied authority of any of them; or 

  

	 	(b)	the insurance cover in relation to that disrepair is excluded, limited, is unavailable or has not been extended, as mentioned in clause 7.2. 

  

	23.	DECORATION 

  

	23.1	The Tenant shall decorate the outside and the inside of the Property as often as is reasonably necessary and also in the last three months before the end of the term.

  

	23.2	All decoration shall be carried out in a good and proper manner using good quality materials that are appropriate to the Property and the Permitted Use and shall include all
appropriate preparatory work. 

	23.3	All decoration carried out in the last three months of the term shall also be carried out to the satisfaction of the Landlord and using materials, designs and colours approved by
the Landlord. 

  

	24.	ALTERATIONS 

  

	24.1	The Tenant shall not make any external or structural alteration or addition to the Property and shall not make any opening in any boundary structure of the Property.

  

	24.2	The Tenant shall not install any Service Media on the exterior of the Property nor alter the route of any Service Media at the Property without the consent of the Landlord, such
consent not to be unreasonably withheld. 

  

	24.3	The Tenant shall not make any internal, non-structural alteration to the Property without the consent of the Landlord, such consent not to be unreasonably withheld.

  

	25.	SIGNS 

  

	25.1	In this clause Signs include signs, fascia, placards, boards, posters and advertisements. 

  

	25.2	The Tenant shall not attach any Signs to the exterior of the Property or display any inside the Property so as to be seen from the outside without the consent of the Landlord, such
consent not to be unreasonably withheld Provided That this clause shall not prevent the Tenant from retaining in place such signs as were in place at the date of this lease. 

  

	25.3	Before the end of the term, the Tenant shall remove any Signs placed by it at the Property and shall make good any damage caused to the Property by that removal.

  

	25.4	The Tenant shall allow the Landlord to fix to and keep at the Property any sale or re-letting board as the Landlord reasonably requires. 

  

	26.	RETURNING THE PROPERTY TO THE LANDLORD 

  

	26.1	At the end of the term the Tenant shall return the Property to the Landlord in the repair and condition required by this lease. 

  

	26.2	If the Landlord gives the Tenant notice no later than three months before the end of the term, the Tenant shall remove items it has fixed to the Property, remove any alterations it
has made to the Property and make good any damage caused to the Property by that removal. 

	26.3	At the end of the term, the Tenant shall remove from the Property all chattels belonging to or used by it. 

  

	26.4	The Tenant irrevocably appoints the Landlord to be the Tenant’s agent to store or dispose of any chattels or items it has fixed to the Property and which have been left by the
Tenant on the Property for more than ten working days after the end of the term. The Landlord shall not be liable to the Tenant by reason of that storage or disposal. The Tenant shall indemnify the Landlord in respect of any claim made by a third
party in relation to that storage or disposal. 

  

	26.5	If the Tenant does not comply with its obligations in this clause, then, without prejudice to any other right or remedy of the Landlord, the Tenant shall pay the Landlord an amount
equal to the Annual Rent at the rate reserved immediately before the end of the term for the period that it would reasonably take to put the Property into the condition it would have been in had the Tenant performed its obligations under this
clause. The amount shall be a debt due on demand from the Tenant to the Landlord. 

  

	27.	USE 

  

	27.1	The Tenant shall not use the Property for any purpose other than the Permitted Use. 

  

	27.2	The Tenant shall not use the Property for any illegal purpose nor for any purpose or in a manner that would cause loss, damage, injury, nuisance or inconvenience to the Landlord,
its other tenants or any other owner or occupier of neighbouring property. 

  

	27.3	The Tenant shall not overload any structural part of the Property nor any machinery or equipment at the Property nor any Service Media at or serving the Property.

  

	28.	COMPLIANCE WITH LAWS 

  

	28.1	The Tenant shall comply with all laws relating to: 

  

	 	(a)	the Property and the occupation and use of the Property by the Tenant; 

  

	 	(b)	the use of all Service Media and machinery and equipment at or serving the Property; 

  

	 	(c)	any works carried out at the Property; and 

  

	 	(d)	all materials kept at or disposed from the Property. 

  

	28.2	Without prejudice to any obligation on the Tenant to obtain any consent or approval under this lease, the Tenant shall carry out all works that are required under any law to be
carried out at the Property whether by the owner or the occupier. 

	28.3	Within five working days after receipt of any notice or other communication affecting the Property (and whether or not served pursuant to any law) the Tenant shall:

  

	 	(a)	send a copy of the relevant document to the Landlord; and 

  

	 	(b)	take all steps necessary to comply with the notice or other communication and take any other action in connection with it as the Landlord may require. 

  

	28.4	The Tenant shall not apply for any planning permission for the Property without the Landlord’s consent not to be unreasonably withheld. 

  

	28.5	The Tenant shall comply with its obligations under the CDM Regulations, including all requirements in relation to the provision and maintenance of a health and safety file. The
Tenant shall maintain the health and safety file for the Property in accordance with the CDM Regulations and shall give it to the Landlord at the end of the term. 

  

	28.6	The Tenant shall supply all information to the Landlord that the Landlord reasonably requires from time to time to comply with the Landlord’s obligations under the CDM
Regulations. 

  

	28.7	As soon as the Tenant becomes aware of any defect in the Property, it shall give the Landlord notice of it. The Tenant shall indemnify the Landlord against any liability under the
Defective Premises Act 1972 in relation to the Property by reason of any failure of the Tenant to comply with any of the tenant covenants in this lease. 

  

	28.8	The Tenant shall keep the Property equipped with all fire prevention, detection and fighting machinery and equipment and fire alarms which are required under all relevant laws or
required by the insurers of the Property or reasonably recommended by them or reasonably required by the Landlord and shall keep that machinery, equipment and alarms properly maintained and available for inspection. 

  

	29.	ENCROACHMENTS, OBSTRUCTIONS AND ACQUISITION OF RIGHTS 

  

	29.1	The Tenant shall not grant any right or licence over the Property to a third party. 

  

	29.2	If a third party makes or attempts to make any encroachment over the Property or takes any action by which a right may be acquired over the Property, the Tenant shall:

  

	 	(a)	immediately give notice to the Landlord; and 

  

	 	(b)	take all steps (including any proceedings) the Landlord reasonably requires to prevent or license the continuation of that encroachment or action. 

  

	29.3	The Tenant shall not obstruct the flow of light or air to the Property nor obstruct any means of access to the Property. 

	29.4	The Tenant shall not make any acknowledgement that the flow of light or air to the Property or that the means of access to the Property is enjoyed with the consent of any third
party. 

  

	29.5	If any person takes or threatens to take any action to obstruct the flow of light or air to the Property or obstruct the means of access to the Property, the Tenant shall:

  

	 	(a)	immediately notify the Landlord; and 

  

	 	(b)	take all steps (including proceedings) the Landlord reasonably requires to prevent or secure the removal of the obstruction. 

  

	30.	REMEDY BREACHES 

  

	30.1	The Landlord may enter the Property to inspect its condition and state of repair and may give the Tenant a notice of any breach of any of the tenant covenants in this lease relating
to the condition or repair of the Property. 

  

	30.2	If the Tenant has not begun any works needed to remedy that breach within two months following that notice (or if works are required as a matter of emergency, then immediately) or
if the Tenant is not carrying out the works with all due speed, then the Landlord may enter the Property and carry out the works needed. 

  

	30.3	The costs incurred by the Landlord in carrying out any works pursuant to this clause (and any professional fees and any VAT in respect of those costs) shall be a debt due from the
Tenant to the Landlord and payable on demand. 

  

	30.4	Any action taken by the Landlord pursuant to this clause shall be without prejudice to the Landlord’s other rights, including those under clause 34. 

 

	31.	INDEMNITY 

 The Tenant shall keep the
Landlord indemnified against all expenses, costs, claims, damage and loss (including any diminution in the value of the Landlord’s interest in the Property and loss of amenity of the Property) arising from any breach of any tenant covenants in
this lease, or any act or omission of the Tenant, any undertenant or their respective workers, contractors or agents or any other person on the Property with the actual or implied authority of any of them. 
  

	32.	LANDLORD’S COVENANT FOR QUIET ENJOYMENT 

 The Landlord covenants with the Tenant, that, so long as the Tenant pays the rents reserved by and complies with its obligations in this lease, the Tenant
shall have quiet enjoyment of the Property without any lawful interruption by the Landlord or any person claiming under the Landlord. 

	33.	GUARANTEE AND INDEMNITY 

  

	33.1	The provisions of the Schedule apply. 

  

	33.2	If any of the events mentioned in clause 34.1(c) occurs in relation to a guarantor that is a corporation, or if any of the events mentioned in clause 34.1(d) occurs in relation to
one or more individuals that is a guarantor or if one or more of those individuals dies or becomes incapable of managing its affairs the Tenant shall, if the Landlord requests, procure that a person of standing acceptable to the Landlord enters into
a replacement or additional guarantee and indemnity of the tenant covenants of this lease in the same form as that entered into by the former guarantor. 

  

	33.3	Clause 33.2 shall not apply in the case of a person who is guarantor by reason of having entered into an authorised guarantee agreement. 

  

	33.4	For so long as any guarantor remains liable to the Landlord, the Tenant shall, if the Landlord requests, procure that guarantor joins in any consent or approval required under this
lease and consents to any variation of the tenant covenants of this lease. 

  

	34.	CONDITION FOR RE-ENTRY 

  

	34.1	The Landlord may re-enter the Property (or any part of the Property in the name of the whole) at any time after any of the following occurs: 

  

	 	(a)	any rent is unpaid 21 days after becoming payable whether it has been formally demanded or not; 

  

	 	(b)	any breach of any condition of, or tenant covenant, in this lease; 

  

	 	(c)	where the Tenant or any guarantor is a corporation: 

  

	 	(i)	the taking of any step in connection with any voluntary arrangement or any other compromise or arrangement for the benefit of any creditors of the Tenant or guarantor; or

  

	 	(ii)	the making of an application for an administration order or the making of an administration order in relation to the Tenant or guarantor; or 

  

	 	(iii)	the giving of any notice of intention to appoint an administrator, or the filing at court of the prescribed documents in connection with the appointment of an administrator, or the
appointment of an administrator, in any case in relation to the tenant or the guarantor; or 

  

	 	(iv)	the appointment of a receiver or manager or an administrative receiver in relation to any property or income of the Tenant or guarantor; or 

	 	(v)	the commencement of a voluntary winding-up in respect of the Tenant or guarantor, except a winding-up for the purpose of amalgamation or reconstruction of a solvent company in
respect of which a statutory declaration of solvency has been filed with the Registrar of Companies; or 

  

	 	(vi)	the making of a petition for a winding-up order or a winding-up order in respect of the Tenant or guarantor; or 

  

	 	(vii)	the striking-off of the Tenant or guarantor from the Register of Companies or the making of an application for the Tenant or the guarantor to be struck-off; or

  

	 	(viii)	the Tenant or guarantor otherwise ceasing to exist, 

  

	 	(d)	where the Tenant or any guarantor is an individual: 

  

	 	(i)	the taking of any step in connection with any voluntary arrangement or any other compromise or arrangement for the benefit of any creditors of the Tenant or guarantor; or

  

	 	(ii)	the presentation of a petition for a bankruptcy order or the making of a bankruptcy order against the Tenant or guarantor. 

  

	34.2	If the Landlord re-enters the Property (or any part of the Property in the name of the whole) pursuant to this clause, this lease shall immediately end, but without prejudice to any
right or remedy of the Landlord in respect of any breach of covenant by the Tenant or any guarantor. 

  

	35.	LIABILITY 

  

	35.1	At any time when the Landlord, the Tenant or a guarantor is more than one person, then in each case those persons shall be jointly and severally liable for their respective
obligations arising by virtue of this lease. The Landlord may release or compromise the liability of any one of those persons or grant any time or concession to any one of them without affecting the liability of any other of them.

  

	35.2	The obligations of the Tenant and any guarantor arising by virtue of this lease are owed to the Landlord and the obligations of the Landlord are owed to the Tenant.

  

	35.3	In any case where the facts are or should reasonably be known to the Tenant, the Landlord shall not be liable to the Tenant for any failure of the Landlord to perform any landlord
covenant in this lease unless and until the Tenant has given the Landlord notice of the facts that give rise to the failure and the Landlord has not remedied the failure within a reasonable time. 

	36.	ENTIRE AGREEMENT AND EXCLUSION OF REPRESENTATIONS 

  

	36.1	This lease constitutes the entire agreement and understanding of the parties relating to the transaction contemplated by the grant of this lease and supersedes any previous
agreement between the parties relating to the transaction. 

  

	36.2	The Tenant and the Guarantor acknowledge that in entering into this lease neither has relied on, nor shall have any remedy in respect of, any statement or representation made by or
on behalf of the Landlord. 

  

	36.3	Nothing in this lease constitutes or shall constitute a representation or warranty that the Property may lawfully be used for any purpose allowed by this lease.

  

	36.4	Nothing in this clause shall, however, operate to limit or exclude any liability for fraud. 

  

	37.	NOTICES, CONSENTS AND APPROVALS 

  

	37.1	Except where this lease specifically states that a notice need not be in writing, or where notice is given in an emergency, any notice given pursuant to this lease shall be in
writing. 

  

	37.2	A written notice shall be delivered by hand or sent by pre-paid first class post or registered post. A correctly addressed notice sent by pre-paid first class post shall be deemed
to have been delivered at the time at which it would have been delivered in the normal course of the post. 

  

	37.3	Section 196 of the Law of Property Act 1925 shall otherwise apply to notices given under this lease. 

  

	37.4	Where the consent of the Landlord is required under this lease, a consent shall only be valid if it is given by deed, unless: 

  

	 	(a)	it is given in writing and signed by a person duly authorised on behalf or the Landlord; and 

  

	 	(b)	it expressly states that the Landlord waives the requirement for a deed in that particular case. 

 If a waiver is given, it shall not affect the requirement for a deed for any other consent. 
  

	37.5	Where the approval of the Landlord is required under this lease, an approval shall only be valid if it is in writing and signed by or on behalf of the Landlord, unless:

	 	(a)	the approval is being given in a case of emergency; or 

  

	 	(b)	this lease expressly states that the approval need not be in writing. 

  

	37.6	If the Landlord gives a consent or approval under this lease, the giving of that consent or approval shall not imply that any consent or approval required from a third party has
been obtained, nor shall it obviate the need to obtain any consent or approval from a third party. 

  

	38.	GOVERNING LAW AND JURISDICTION 

  

	38.1	This lease shall be governed by and construed in accordance with the law of England and Wales. 

  

	38.2	The Landlord, the Tenant, the Guarantor (and any other guarantor) irrevocably agree to submit to the exclusive jurisdiction of the courts of England and Wales over any claim or
matter arising under or in connection with this lease or the legal relationships established by it. 

  

	39.	EXCLUSION OF SECTIONS 24-28 OF THE 1954 ACT 

  

	39.1	The parties confirm that: 

  

	 	(a)	the Landlord served a notice on the Tenant, as required by section 38A(3)(a) of the 1954 Act, applying to the tenancy created by this lease, before this lease was entered into;

  

	 	(b)	who was duly authorised by the Tenant to do so made a [statutory] declaration dated in accordance with the requirements of section 38A(3)(b) of the 1954 Act; and

  

	 	(c)	there is no agreement for lease to which this lease gives effect. 

  

	39.2	The parties agree that the provisions of sections 24 to 28 of the 1954 Act are excluded in relation to the tenancy created by this lease. 

  

	40.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

 No term of this lease shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a third party [but this does not affect any right or
remedy of a third party which exists or is available apart from under that Act]. 
  

	41.	LANDLORD AND TENANT (COVENANTS) ACT 1995 

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

 This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 Schedule        Guarantee and indemnity 
  

	1.	GUARANTEE AND INDEMNITY 

  

	1.1	The Guarantor guarantees to the Landlord that the Tenant shall: 

  

	 	(a)	pay the rents reserved by this lease and observe and perform the tenant covenants of this lease and that if the Tenant fails to pay any of those rents or to observe or perform any
of those tenant covenants, the Guarantor shall pay or observe and perform them; and 

  

	 	(b)	observe and perform any obligations the Tenant enters into in an authorised guarantee agreement made in respect of this lease (the Authorised Guarantee Agreement) and that if
the Tenant fails to do so, the Guarantor shall observe and perform those obligations. 

  

	1.2	The Guarantor covenants with the Landlord as a separate and independent primary obligation to indemnify the Landlord against any failure by the Tenant: 

  

	 	(a)	to pay any of the rents reserved by this lease or any failure to observe or perform any of the tenant covenants of this lease; and 

  

	 	(b)	to observe or perform any of the obligations the Tenant enters into in the Authorised Guarantee Agreement. 

  

	2.	GUARANTOR’S LIABILITY 

  

	2.1	The liability of the Guarantor under paragraphs 1.1(a) and 1.2(a) shall continue until the end of the term, or until the Tenant is released from the tenant covenants of this lease
by virtue of the Landlord and Tenant (Covenants) Act 1995, if earlier. 

  

	2.2	The liability of the Guarantor shall not be affected by: 

  

	 	(a)	any time or indulgence granted by the Landlord to the Tenant; or 

  

	 	(b)	any delay or forbearance by the Landlord in enforcing the payment of any of the rents or the observance or performance of any of the tenant covenants of this lease (or the
Tenant’s obligations under the Authorised Guarantee Agreement) or in making any demand in respect of any of them; or 

  

	 	(c)	any refusal by the Landlord to accept any rent or other payment due under this lease where the Landlord believes that the acceptance of such rent or payment may prejudice its
ability to re-enter the Property; or 

  

	 	(d)	the Landlord exercising any right or remedy against the Tenant for any failure to pay the rents reserved by this lease or to observe or perform the tenant covenants of this lease
(or the Tenant’s obligations under the Authorised Guarantee Agreement); or 

	 	(e)	the Landlord taking any action or refraining from taking any action in connection with any other security held by the Landlord in respect of the Tenant’s liability to pay the
rents reserved by this lease or observe and perform the tenant covenants of the lease (or the Tenant’s obligations under the Authorised Guarantee Agreement) including the release of any such security; or 

  

	 	(f)	a release or compromise of the liability of any one of the persons who is the Guarantor, or the grant of any time or concession to any one of them; or 

  

	 	(g)	any legal limitation or disability on the Tenant or any invalidity or irregularity of any of the tenant covenants of the lease (or the Tenant’s obligations under the Authorised
Guarantee Agreement) or any unenforceability of any of them against the Tenant; or 

  

	 	(h)	the Tenant being dissolved, or being struck off the register of companies or otherwise ceasing to exist, or, if the Tenant is an individual, by the Tenant dying or becoming
incapable of managing its affairs; or 

  

	 	(i)	without prejudice to paragraph 4, the disclaimer of the Tenant’s liability under this lease or the forfeiture of this lease; or 

  

	 	(j)	the surrender of part of the Property, except that the Guarantor shall not be under any liability in relation to the surrendered part in respect of any period after the surrender;
or 

 by any other act or omission except an express release of the Guarantor by the Landlord. 
  

	2.3	The liability of each of the persons making up the Guarantor is joint and several. 

  

	2.4	Any sum payable by the Guarantor shall be paid without any deduction, set-off or counter-claim against the Landlord or the Tenant. 

  

	3.	VARIATIONS AND SUPPLEMENTAL DOCUMENTS 

  

	3.1	The Guarantor shall, at the request of the Landlord, join in and give its consent to the terms of any consent, approval, variation or other document that may be entered into by the
Tenant in connection with this lease (or the Authorised Guarantee Agreement). 

  

	3.2	The Guarantor shall not be released by any variation of the rents reserved by, or the tenant covenants in, this Lease (or the Tenant’s obligations under the Authorised
Guarantee Agreement) whether or not: 

  

	 	(a)	the variation is material or prejudicial to the Guarantor; or 

  

	 	(b)	the variation is made in any document; or 

  

	 	(c)	the Guarantor has consented, in writing or otherwise, to the variation. 

	3.3	The liability of the Guarantor shall apply to the rents reserved by and the tenant covenants in this lease (and the Tenant’s obligations under the Authorised Guarantee
Agreement) as varied except to the extent that the liability of the Guarantor is affected by section 18 of the Landlord and Tenant (Covenants) Act 1995. 

  

	4.	GUARANTOR TO TAKE A NEW LEASE OR MAKE
PAYMENT 

  

	4.1	If this lease is forfeited or the liability of the Tenant under this lease is disclaimed and the Landlord gives the Guarantor notice not later than [six] months after the forfeiture
or the Landlord having received notice of the disclaimer, the Guarantor shall enter into a new lease of the Property on the terms set out in paragraph 4.2. 

  

	4.2	The rights and obligations under the new lease shall take effect from the date of the forfeiture or disclaimer and the new lease shall: 

  

	 	(a)	be granted subject to the right of any person to have this lease vested in them by the court and to the terms on which any such order may be made and subject to the rights of any
third party existing at the date of the grant; 

  

	 	(b)	be for a term that expires at the same date as the end of the Contractual Term of this lease had there been no forfeiture or disclaimer; 

  

	 	(c)	reserve as an initial annual rent an amount equal to the Annual Rent payable under this lease at the date of the forfeiture or disclaimer or which would be payable but for any
abatement or suspension of the Annual Rent or restriction on the right to collect it (subject to paragraph 5) and which is subject to review on the same terms and dates provided by this lease; [and] 

  

	 	(d)	be excluded from sections 24 to 28 of the 1954 Act; and 

  

	 	(e)	otherwise be on the same terms as this lease (as varied if there has been any variation). 

  

	4.3	The Guarantor shall pay the Landlord’s solicitors’ costs and disbursements (on a full indemnity basis) and any VAT in respect of them in relation to the new lease and
shall execute and deliver to the Landlord a counterpart of the new lease within one month after service of the Landlord’s notice. 

  

	4.4	The grant of a new lease and its acceptance by the Guarantor shall be without prejudice to any other rights which the Landlord may have against the Guarantor or against any other
person or in respect of any other security that the Landlord may have in connection with this lease. 

  

	4.5	The Landlord may, instead of giving the Guarantor notice pursuant to paragraph 4.1 but in the same circumstances and within the same time limit, require the Guarantor to pay an
amount equal to [six] months Annual Rent and the Guarantor shall pay that amount on demand. 

	5.	RENT AT THE DATE OF FORFEITURE OR DISCLAIMER

 If at the date of the forfeiture or disclaimer there is a rent review pending under this lease, then the initial annual
rent to be reserved by the new lease shall be the greater of: 
  

	 	(a)	the Annual Rent previously payable (or which would have been payable but for any abatement or suspension of the Annual Rent or restriction on the right to collect it) under the
lease prior to forfeiture or disclaimer; and 

  

	 	(b)	the open market rent of the Property at the relevant Review Date, as determined by the Landlord before the grant of the new lease. 

  

	6.	PAYMENTS IN GROSS AND RESTRICTIONS ON THE GUARANTOR 

  

	6.1	Any payment or dividend that the Landlord receives from the Tenant (or its estate) or any other person in connection with any insolvency proceedings or arrangement involving the
Tenant shall be taken and applied as a payment in gross and shall not prejudice the right of the Landlord to recover from the Guarantor to the full extent of the obligations that are the subject of this guarantee and indemnity.

  

	6.2	The Guarantor shall not claim in competition with the Landlord in any insolvency proceedings or arrangement of the Tenant in respect of any payment made by the Guarantor pursuant to
this guarantee and indemnity. If it otherwise receives any money in such proceedings or arrangement, it shall hold that money on trust for the Landlord to the extent of its liability to the Landlord. 

  

	6.3	The Guarantor shall not, without the consent of the Landlord, exercise any right or remedy that it may have (whether against the Tenant or any other person) in respect of any amount
paid or other obligation performed by the Guarantor under this guarantee and indemnity unless and until all the obligations of the Guarantor under this guarantee and indemnity have been fully performed. 

  

	7.	OTHER SECURITIES 

  

	7.1	The Guarantor warrants that it has not taken and covenants that it shall not take any security from or over the assets of the Tenant in respect of any liability of the Tenant to the
Guarantor. If it does take or hold any such security it shall hold it for the benefit of the Landlord. 

  

	7.2	This guarantee and indemnity is in addition to any other security that the Landlord may at any time hold from the Guarantor or the Tenant or any other person in respect of the
liability of the Tenant to pay the rents reserved by this lease and to observe and perform the tenant covenants of this lease. It shall not merge in or be affected by any other security. 

	7.3	The Guarantor shall not be entitled to claim or participate in any other security held by the Landlord in respect of the liability of the Tenant to pay the rents reserved by this
lease or to observe and perform the tenant covenants of this lease. 

			
	 Signed as a deed by BYTEC GROUP LIMITED
 acting
by
	 	  
 Director

		
		 	  

		 	Director/SecretarySecond Amendment to Credit Agreement and Consent

 Exhibit 10.1 
 SECOND AMENDMENT TO CREDIT AGREEMENT AND CONSENT 
 THIS SECOND AMENDMENT TO CREDIT AGREEMENT AND
CONSENT (this “Second Amendment”) is made and entered into as of the 6th day of August, 2008, by and among 
 (i)
RADIAN GROUP INC., a Delaware corporation, and its successors and assigns (the “Borrower”); 
 (ii) THE FINANCIAL
INSTITUTIONS as signatory lender parties hereto and their successors and assigns (collectively, the “Lenders”, with each individually a “Lender”); 
 (iii) KEYBANK NATIONAL ASSOCIATION, a national banking association, in its capacity as Administrative Agent for the Lenders under the
Credit Agreement (as defined below), and its successors and assigns (the “Administrative Agent”); and 
 (iv)
KEYBANK NATIONAL ASSOCIATION, a national banking association, in its capacity as Collateral Agent for the Lender Parties, as defined in the Credit Agreement, and its successors and assigns (the “Collateral Agent”). 
 Recitals: 
 A. The Borrower, the
Lenders, the Administrative Agent and certain other parties are the parties to that certain Credit Agreement dated as of December 13, 2006, as amended by that certain Limited Conditional Waiver Agreement dated April 9, 2008, as further
amended by that certain First Amendment to Credit Agreement dated as of April 30, 2008 (the “Credit Agreement”), pursuant to which, inter alia, the Lenders agreed, subject to the terms and conditions thereof, to advance
Loans (as this and other capitalized terms used herein and not otherwise defined herein are defined in the Credit Agreement) to the Borrower. 
 B. As of the date hereof, the aggregate unpaid principal balance of Revolving Loans is Two Hundred Million Dollars ($200,000,000). 

 G. The Borrower has requested certain modifications to the Credit Agreement, and, subject to the terms
and conditions of this Second Amendment, the Lenders have agreed to grant such request. 
 Agreements: 
 NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual agreements hereinafter set forth, the Borrower, the Lenders, the Administrative
Agent and the Collateral Agent, intending to be legally bound, hereby agree as follows: 
 1. Amendment to Credit Agreement.

 (a) Effective as of the Second Amendment Effective Date (defined below), the aggregate amount of the Commitments shall be permanently
reduced from $250,000,000 to $150,000,000 and the last sentence of the definition of “Commitment” in Section 1.01 (defined Terms) of the Credit Agreement is amended and restated in its entirety to provide: “The aggregate amount
of the Commitments as of the Second Amendment Effective Date is $150,000,000.” 
 (b) The amount of each Lender’s Commitment as of
the Second Amendment Effective Date is set forth on the amended and restated Schedule 2.01(a) hereto, which replaces the existing Schedule 2.01(a) to the Credit Agreement. 
 (c) The definition of “Full Pay-Down Issuance” in Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended and restated in
its entirety to provide as follows: 
 “Full Pay-down Issuance” means the issuance (or series of related
issuances consummated during a period of not more that fifteen (15) days) of Equity Interests in the Borrower under which both (a) the Net Proceeds of such issuance (or such series of related issuances) are in an amount that equals or
exceeds the Total Outstanding Amount on the close of business of the Business Day immediately preceding the date of such issuance (or the date of the first issuance in such series of related issuances) and (b) immediately upon receipt of such
Net Proceeds, pursuant to Section 2.11(b)(ii)(A)(y), the Borrower pays to the Administrative Agent an amount equal to 100% of such Net Proceeds to the extent necessary to prepay the Total Outstanding Amount in full. 
  

 -2- 

 (d) Section 2.09(d) (Termination or Reduction of Commitments) is amended and restated in its
entirety to provide as follows: 
 (d) Until such time as the Total Commitment has been reduced to $100,000,000, the
Commitment of each Lender shall be reduced permanently, without premium or penalty, at the time that any mandatory prepayment of Revolving Loans would be made pursuant to Section 2.11(b) if the Revolving Loans of such Lender were then
outstanding in the full amount of such Lender’s Commitment then in effect, in an amount equal to the required prepayment of principal of such Lender’s Revolving Loans that would be required to be made in such circumstance. Any such
reduction shall apply to reduce proportionately and permanently the Commitment of each of the Lenders. The Borrower will provide at least three Business Days’ (or such shorter period to which the Administrative Agent may in its discretion agree
in writing) prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent of any reduction of the Commitments pursuant to this Section 2.09(d), specifying the date and amount of the reduction. 
 (e) Paragraph (ii) of Section 2.11(b) (Mandatory Prepayments) is amended and restated in its entirety to provide as follows: 
 (ii) (A) If at any time: the Borrower or any Subsidiary (for the purposes of this clause (A), the “Initial Subsidiary”)
(x) receives Net Proceeds of a Prepayment Sale, or (y) receives Net Proceeds of any sale or issuance of Equity Interests, convertible, trust preferred and other so-called ‘hybrid’ securities, or Debt securities or other
incurrence of Debt of the type described in clauses (a) and (b) of the definition of such term, other than (I) Debt under this Agreement, (II) all net obligations of the Borrower or any Subsidiary under any Hedging Agreement, (III)
Debt of the Borrower or any Subsidiary to any Subsidiary or the Borrower, (IV) Debt permitted pursuant to Section 6.01 of this Agreement (other than pursuant to clause (ix) thereof), (V) Equity Interests issued to management
personnel, directors, consultants, or advisors of, or pursuant to an employee incentive plan of, the Borrower or a Subsidiary, and (VI) Equity Interests issued to the Borrower or a Subsidiary, then, in the case of either clause (x) or
(y) above, immediately upon receipt thereof, the Borrower shall pay to the Administrative Agent, an amount equal to 100% of the Net Proceeds from such sale, issuance, incurrence or Prepayment Sale (or such lesser amount that is sufficient to
pay in full the Total Outstanding Amount on such date), which payment shall be applied as a mandatory prepayment of the principal of the Revolving Loans as provided in this Section 2.11; provided however, that if the Initial Subsidiary
or any Subsidiary that is the direct or indirect parent of such Initial Subsidiary (an “Intervening Subsidiary”) is an Insurance Subsidiary, the amount of such prepayment shall be reduced by the portion of such Net Proceeds that, if paid
by, as applicable, the Initial Subsidiary or an Intervening Subsidiary to, as applicable, the Borrower or an Intervening Subsidiary as a dividend or other distribution or expense reimbursement, would (1) violate any Applicable Regulatory Law
(as defined in the 

  

 -3- 

 
Facility Security Agreement) or contravene any directive of an Applicable Insurance Regulatory Authority for the Initial Subsidiary or such Intervening
Subsidiary or (2) in the judgment of the Administrative Agent, based on evidence provided to the Administrative Agent by the Rating Agencies, cause a material adverse effect on the financial strength rating of, as applicable, the Initial
Subsidiary or such Intervening Subsidiary. 
 (B) The Borrower shall make commercially reasonable best efforts to cause any
applicable Insurance Subsidiary, (i) to obtain the approval, to the extent required for the payment to the Borrower or any Intervening Subsidiary of any such Net Proceeds, of the Applicable Insurance Regulatory Authority for such Insurance
Subsidiary, and (ii) to take such actions as may reverse the Rating Agencies’ determination that the payment to the Borrower or any Intervening Subsidiary of any such Net Proceeds would have a material adverse effect on the financial
strength rating of such Insurance Subsidiary. For purposes of the foregoing sentence only, “commercially reasonable best efforts” shall be deemed to mean a diligent and good faith effort on the part of the Borrower to comply with the
foregoing requirements but shall not include (i) the expenditure of material unreimbursed expenses by the Borrower or such Insurance Subsidiary, (ii) any additional material investments in or loans to any Person by the Borrower or such
Insurance Subsidiary, (iii) the instigation of formal judicial action against any Person or (iv) the movement or reorganization of assets (including Equity Interests) or liabilities, to the extent such movement or reorganization would not
be immaterial or non-burdensome to the business of the Borrower. 
 (C) To the extent that any of the above-described
conditions (relating to Applicable Regulatory Laws, directives of Applicable Insurance Regulatory Authorities or financial strength ratings) reduces the amount of a prepayment that would otherwise be payable pursuant to the provisions of this clause
(ii) (each a “Reduced Prepayment”) ceases to exist as to all or any portion thereof (and such Reduced Prepayment would not be prevented by another such condition then existing), the Borrower shall promptly (and in any event within 15
days of such cessation) pay such Reduced Prepayment (or the portion thereof to which such conditions cease to apply) to the Administrative Agent for application as a mandatory prepayment of the principal of the Revolving Loans as provided in this
Section 2.11. 
 2. Consent. 
 (a) Subject to the terms and conditions of this Second Amendment, including, without limitation, Paragraph 3, below, the Lenders hereby consent to the transfer from time to time of some or all of the Equity Interests of (i) Radian
Asset Assurance Inc. (“RAA”) (with any or all of its Subsidiaries as of the date hereof (which the Borrower represents and warrants are the same as are 

  

 -4- 

 
identified on the corporate structure chart attached hereto as Annex I) to the Borrower or to Radian Guaranty Inc. (“Radian Guaranty”) and
(ii) if such transfer is made to Radian Guaranty, also Radian Asset Securities Inc. (“RASI”) to Radian Guaranty, including, in each case, by way of dividend, contribution or otherwise, without any Collateral Agent determination that
otherwise would be required by Section 6.05 of the Credit Agreement or any other provision of the Credit Agreement to the contrary. For the sake of clarity, if the Borrower determines that it is in its best interest to cause some or all of the
Equity Interests of RAA to be distributed to it and then contributed to Radian Guaranty (or some other transfer arrangement whereby the Equity Interests of RAA are held for a time by the Borrower as part of the transfer process), the Equity
Interests of RAA held by the Borrower will not be required to be pledged pursuant to the Loan Documents; provided, however, that if the Equity Interests of RAA are transferred to the Borrower and held for a period in excess of twenty
(20) Business Days (or such longer period as the Collateral Agent may agree to in its sole discretion), the Borrower shall, promptly thereafter, grant a perfected first priority security interest in such Equity Interests of RAA and the Equity
Interests of RASI to, as applicable, the Collateral Trustee or the Collateral Agent, in each case pursuant to Section 2.21(a) of the Credit Agreement. For the avoidance of doubt, it is understood and agreed that until such perfected first
priority security interest is granted after the expiration of such twenty (20) Business Day period (or such longer period as the Collateral Agent may agree to in its sole discretion), neither the Collateral Agent nor the Collateral Trustee
shall be construed to have a security interest in such Equity Interests. 
  

 -5- 

 Prior to effecting the transfer of any Equity Interests of RAA or RASI, the Borrower shall cause the
Collateral Agent to receive (i) a perfected first priority security interest in any and all of the Equity Interests of Sherman held by Radian Asset Management Inc. (which shall be documented in a pledge agreement reasonably satisfactory in form
and substance to the Collateral Agent) and (ii) evidence satisfactory to the Collateral Agent that the limited liability company agreement of Sherman has been amended or any necessary consents thereunder have been obtained, such that the
forgoing security interest and pledge are permissible thereunder and do not breach such limited liability company agreement or any other agreement to which such Equity Interests are subject. It is understood that the Collateral Agent shall release
its Lien on such Equity Interests of Sherman at such time as such Equity Interests are sold so long as such sale is made in accordance with the terms of this Agreement and the proceeds are used in a manner consistent with this Agreement, including,
if applicable, the repayment of the Revolving Loans and reduction of the Total Commitment. 
 The Borrower agrees that, within fifteen
(15) days after the date on which the Equity Interests of RAA (and if applicable RASI) are initially so transferred (or such longer period as the Collateral Agent may agree to in its sole discretion), the Borrower shall grant to, as applicable,
the Shared Collateral Trustee (if, after giving effect to such transfer, Enhance Financial remains a Designated Subsidiary) or the Collateral Agent (if, after giving effect to such transfer, Enhance Financial has ceased to be a Designated
Subsidiary), a perfected first priority security interest in any and all of the capital stock of Enhance Financial that is then owned by the Borrower, in each case pursuant to Section 2.21(a) of the Credit Agreement (it being understood that
(i) such fifteen (15) day or longer period shall replace the various time deadlines provided for in Section 2.21(a) of the Credit Agreement and (ii) so long as RASI’s sole purpose remains being the obligor and obligee under
put options relating to RAA’s ‘soft capital’ money market 

  

 -6- 

 
committed trust securities programs (as those programs are documented on the date hereof, or modified hereafter with the reasonable approval of the
Administrative Agent, and more fully described in Section 8 on page 197 of the Borrower’s 2007 Form 10-K filed with the SEC on March 14, 2008), the Borrower shall not be required to take any of the actions described in
Section 2.21(a) of the Credit Agreement with respect to the Equity Interests of RASI). 
 The Lenders hereby further consent that,
following the completion of the transactions described above, the Borrower or Radian Guaranty may, at a later date, return the ownership of RAA and RASI, through a subsequent transaction or series of transactions, back in accordance corporate
structure chart attached hereto as Annex I, so long as (i) the Borrower shall give the Administrative Agent at least fifteen (15) days prior written notice of such transaction or series of transactions and (ii) such transaction
or series of transactions is conducted such that the Borrower shall be in full compliance with the various requirements of the Credit Agreement and the Security Documents (including, without limitation, any supplemental documentation necessary for
the Borrower to be in compliance with the terms thereof). For the purposes of clarity, it is understood that in any such supplemental transaction or series of transactions, the Borrower shall have the benefit of the twenty (20) Business Day (or
longer period to which the Collateral Agent may agree in its sole discretion) grace period described in the first paragraph of this sub-paragraph (a). 
 (b) The consent provided for pursuant to sub-paragraph (a) above, (i) is limited to its express terms, (ii) shall not be deemed to be a consent to any other action of the Borrower, (iii) is not
intended to, and shall not, establish any course of dealing between or among any or all of the Borrower, the Agents, and the Lenders that is inconsistent with the express terms of the Credit Agreement, 

  

 -7- 

 
and (iv) shall not be construed as an agreement or understanding by any or all of the Agents and the Lenders to grant any other consent or other
accommodation in the future with respect to any provision of the Credit Agreement or any of the other Loan Documents. 
 3. Amendment
Effective Date; Conditions Precedent. The amendment set forth in Paragraph 1, above, and the consent set forth in Paragraph 2, above, shall not be effective unless and until the later of the date on which all of the following conditions
precedent have been satisfied and the date when the Escrow Period has terminated without the delivery of a Rescission Notice (defined below) (such date of effectiveness being the “Second Amendment Effective Date”): 
 (a) Officer’s Certificate. On the date hereof, the Second Amendment Effective Date and after giving effect to the amendment set forth in
Paragraph 1, above, and the consent set forth in Paragraph 2, above, (i) there shall exist no Default, and a Senior Officer, on behalf of the Borrower, shall have delivered to the Administrative Agent written confirmation thereof dated as of
the date hereof and the Second Amendment Effective Date, and (ii) the representations and warranties of the Borrower under Article 3 of the Credit Agreement shall have been reaffirmed in writing as being true and correct in all material
respects as of the date hereof and the Second Amendment Effective Date (unless and to the extent that any such representation and warranty is stated to relate solely to an earlier date, in which case such representation and warranty shall be true
and correct as of such earlier date). 
 (b) Second Amendment. The Administrative Agent (or its counsel) shall have received from the
Borrower and the Required Lenders either (i) a counterpart of this Second Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed
signature page of this Second Amendment) that such party has signed a counterpart of this Second Amendment. 
  

 -8- 

 (c) Corporate Authorization. The Borrower shall have delivered to the Administrative Agent a copy,
certified by its Secretary or Assistant Secretary, of its Board of Directors’ resolutions authorizing the execution and delivery of this Second Amendment and the transactions contemplated hereby. 
 (d) Prepayment of Revolving Loans. On or before the date hereof, the Borrower shall have deposited with the Administrative Agent, in immediately
available funds, for application to the Revolving Loans, such amount as is required to reduce the total outstanding principal amount of the Loans to $150,000,000. 
 (e) Arranger Fees; Agent Expenses. The Borrower shall have paid or caused to be paid to (i) KeyBank National Association, in its capacity as lead arranger, for its own account, the fee payable pursuant to
the fee letter agreement dated July 28, 2008 and (ii) the Administrative Agent and the Collateral Agent all fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced,
reimbursement or payment of all reasonable out-of-pocket expenses (including fees, charges and disbursements of the Special Counsel) required to be reimbursed or paid by the Borrower hereunder, under any other Loan Document or under said fee letter
agreement. 
 (f) Legal Matters. All legal matters incident to this Second Amendment and the consummation of the transactions
contemplated hereby shall be reasonably satisfactory to Squire, Sanders & Dempsey L.L.P., Cleveland, Ohio, special counsel to the Administrative Agent and the Collateral Agent (the “Special Counsel”). 
  

 -9- 

 (g) Other Matters. The Administrative Agent and the Lenders shall have received such other
certificates, opinions and documents, in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative Agent may reasonably request. 
 Notwithstanding the foregoing, the Borrower may deliver its signature page and other items referred to in this Paragraph 3 (other than clause (e) hereof) to the Administrative Agent in escrow for a period not to
exceed 90 days from the date of this Second Amendment (the “Escrow Period”). If prior to the expiration of the Escrow Period, the Borrower shall notify the Administrative Agent in writing (a “Rescission Notice”) that the Borrower
has failed to obtain the approval of each of the Pennsylvania Insurance Department, the New York State Insurance Department, the Financial Services Authority, The Federal Home Loan Mortgage Corporation (“Freddie Mac”) and The Federal
National Mortgage Association (“Fannie Mae”) (collectively, the “Approval Parties”), for the transfer of Equity Interests of RAA contemplated by Paragraph 2(a) above, this Second Amendment (other than Paragraphs 5 and 6 hereof
which shall be effective on the date hereof) shall be null and void and of no effect, and the Administrative Agent shall return the items so deposited in escrow to the Borrower, and if no Rescission Notice is delivered, upon the expiration of the
Escrow Period this Second Amendment shall immediately become effective. Any time during the Escrow Period that the Borrower shall obtain such required approvals from the Approval Parties, or it shall be determined by the Borrower that such approvals
(including those relating to “Tier I” status as described below) shall no longer be required for any reason, the Borrower shall immediately so notify the Administrative Agent; and this Second Amendment shall immediately become effective
(it being understood that the failure to notify the Administrative Agent shall in no way limit the effectiveness of this Second Amendment at the end of the Escrow Period if no Rescission Notice is delivered). For purposes of this paragraph,
the approval of Fannie Mae and Freddie Mac shall be deemed to have 

  

 -10- 

 
been obtained unless the Borrower or Radian Guaranty is informed by such Person that it no longer considers Radian Guaranty a “Tier I” mortgage
insurer under its applicable eligibility guidelines, in which case approval shall be deemed not to have been obtained. For the avoidance of doubt, it is understood and agreed that the provisions of this Second Amendment, other than Paragraphs 5 and
6, (including, without limitation, Paragraphs 1 and 2 hereof) shall not be effective until the Second Amendment Effective Date. 
 4. No
Modifications. Except as expressly provided in this Second Amendment, all of the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged and in full force and effect. 
 5. Confirmation of Obligations; Release. 
 (a) The Borrower hereby confirms that the Borrower is indebted to the Lenders for the Loans in the amounts and as of the date set forth in Recital B, above, and is also obligated to the Lenders in respect of other obligations as set forth
in the Credit Agreement and the other Loan Documents. The Borrower further acknowledges and agrees that as of the date hereof, it has no claim, defense or set-off right against any Lender or the Administrative Agent of any nature whatsoever, whether
sounding in tort, contract or otherwise, and has no claim, defense or set-off of any nature whatsoever to the enforcement by any Lender or the Administrative Agent of the full amount of the Loans and other obligations of the Borrower under the
Credit Agreement and the other Loan Documents. 
 (b) Notwithstanding the foregoing, to the extent that any claim, cause of action, defense
or set-off against any Lender or the Administrative Agent or their enforcement of the Credit Agreement, any note, or any other Loan Document, of any nature whatsoever, known or unknown, fixed or contingent, does nonetheless exist or may exist on the
date hereof, in consideration of the 

  

 -11- 

 
Lenders’ and the Administrative Agent’s entering into this Second Amendment, the Borrower irrevocably and unconditionally waives and releases fully
each and every such claim, cause of action, defense and set-off which exists or may exist on the date hereof. 
 6. Administrative
Agent’s Expense. The Borrower agrees to reimburse the Administrative Agent promptly for its reasonable documented out-of-pocket costs and expenses incurred in connection with this Second Amendment and the transactions contemplated hereby,
including, without limitation, the reasonable fees and expenses of the Special Counsel. 
 7. Governing Law; Binding Effect. This
Second Amendment shall be governed by and construed in accordance with the laws of the State of New York and shall be binding upon and inure to the benefit of the Borrower, the Lenders and the Administrative Agent and their respective successors and
assigns. 
 8. Counterparts. This Second Amendment may be executed in any number of counterparts, each of which when so executed shall
be deemed to be an original, but all such counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart. Any party hereto may execute and deliver a counterpart of this Second Amendment by
delivering by facsimile or email transmission a signature page of this Second Amendment signed by such party, and any such facsimile or email signature shall be treated in all respects as having the same effect as an original signature. Any party
delivering by facsimile or email transmission a counterpart executed by it shall promptly thereafter also deliver a manually signed counterpart of this Second Amendment. 
  

 -12- 

 9. Miscellaneous. 
 (a) Upon the effectiveness of this Second Amendment, this Second Amendment shall be a Loan Document. 
 (b)
The invalidity, illegality, or unenforceability of any provision in or Obligation under this Second Amendment in any jurisdiction shall not affect or impair the validity, legality, or enforceability of the remaining provisions or obligations under
this Second Amendment or of such provision or obligation in any other jurisdiction. 
 (c) This Second Amendment and all other agreements and
documents executed in connection herewith have been prepared through the joint efforts of all of the parties. Neither the provisions of this Second Amendment or any such other agreements and documents nor any alleged ambiguity shall be interpreted
or resolved against any party on the ground that such party’s counsel drafted this Second Amendment or such other agreements and documents, or based on any other rule of strict construction. Each of the parties hereto represents and declares
that such party has carefully read this Second Amendment and all other agreements and documents executed in connection herewith and therewith, and that such party knows the contents thereof and signs the same freely and voluntarily. The parties
hereby acknowledge that they have been represented by legal counsel of their own choosing in negotiations for and preparation of this Second Amendment and all other agreements and documents executed in connection therewith and that each of them has
read the same and had their contents fully explained by such counsel and is fully aware of their contents and legal effect. 
 10. Waiver
of Jury Trial. EACH OF THE PARTIES TO THIS SECOND AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS
SECOND AMENDMENT, 

  

 -13- 

 
THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS SECOND AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATION IN THIS SECTION. 
 [SIGNATURES FOLLOW ON
NEXT PAGE] 
  

 -14- 

 IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have hereunto set their hands as of the date
first above written. 
  

			
	BORROWER
	
	RADIAN GROUP INC.
		
	By:	 	 /s/ Terry Latimer

	Name:	 	Terry Latimer
	Title:	 	Treasurer and Senior Vice President

  

 -15- 

			
	KEYBANK NATIONAL ASSOCIATION, as
	Administrative Agent, Collateral Agent and Lender
		
	By:	 	 /s/ Thomas J. Purcell

	Name:	 	Thomas J. Purcell
	Title:	 	Senior Vice President

  

 -16- 

			
	JPMORGAN CHASE BANK, N.A., as Lender
		
	By:	 	 /s/ Mark M. Cisz

	Name:	 	 Mark M. Cisz

	Title:	 	 Executive Director

  

 -17- 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Troy Jefferson

	Name:	 	 Troy Jefferson

	Title:	 	 Vice President/Principal

  

 -18- 

			
	THE NORTHERN TRUST COMPANY, as Lender
		
	By:	 	 /s/ Michael J. Kingsley

	Name:	 	 Michael J. Kingsley

	Title:	 	 Vice President

  

 -19- 

			
	CITIBANK, N.A., as Lender
		
	By:	 	 /s/ Binbin Li

	Name:	 	 Binbin Li

	Title:	 	 Senior Vice President

  

 -20- 

			
	BANK OF AMERICA, N.A., as Lender
		
	By:	 	 /s/ H.G. Wheelock

	Name:	 	 H.G. Wheelock

	Title:	 	 Senior Vice President

  

 -21- 

			
	BEAR STEARNS CORPORATE LENDING INC., as Lender
		
	By:	 	JPMorgan Chase Bank, N.A.,
		 	authorized signatory
		
	By:	 	 /s/ Mark M. Cisz

	Name:	 	 Mark M. Cisz

	Title:	 	 Executive Director

  

 -22- 

			
	FIFTH THIRD BANK, as Lender
		
	By:	 	 /s/ Randolph J. Stierer

	Name:	 	 Randolph J. Stierer

	Title:	 	 Vice President

  

 -23- 

			
	THE ROYAL BANK OF SCOTLAND plc, as Lender
	
	By Greenwich Capital Markets, Inc., as agent
		
	By:	 	 /s/ George Urban

	Name:	 	 George Urban

	Title:	 	 VP

  

 -24- 

 Schedule 2.01(a) 
 Commitment Schedule 
  

				
	 Name of Lender
	  	Commitment
	 KeyBank National Association
	  	$	28,125,000
	 JPMorgan Chase Bank, NA
	  	$	20,625,000
	 Wells Fargo Bank, National Association
	  	$	20,625,000
	 The Northern Trust Company
	  	$	15,000,000
	 Citibank, N.A.
	  	$	13,125,000
	 Bank of America, N.A.
	  	$	13,125,000
	 Bear Sterns Corporate Lending Inc.
	  	$	13,125,000
	 The Royal Bank of Scotland plc
	  	$	13,125,000
	 Fifth Third Bank
	  	$	13,125,000
		  	 	 
	 Total
	  	$	150,000,000

  

 -25- 

 Annex I 
 Current Subsidiaries of the Borrower 
  

 -26-

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