Based on the provided document context, I cannot find a specific reference to an "operating covenant" as such.

However, the document does contain multiple references to various covenants throughout the lease:

1. Tenant covenants - Referenced in the guarantee provisions (Sources 1 & 2), which the Tenant remains liable for unless released by operation of law

2. Landlord's enforcement rights - The Landlord can recover expenses related to "enforcement or remedying of any breach of the covenants in this Lease on the part of the Tenant or any guarantor" (Source 3)

3. Underlessee covenants - Requirements for covenants from underlessees directly with the Landlord (Source 4)

4. Underlease covenant restrictions - Provisions preventing variation or waiver of underlessee covenants without Landlord consent (Source 5)

Answer: The document context provided does not explicitly mention an "operating covenant" by that specific name. To definitively answer whether such a covenant exists in this lease, I would need to see additional sections of the document, particularly any sections dealing with the Tenant's operational obligations or use of the premises.

Answer

Based on the provided document context, I cannot find specific information that directly answers a clear question, as no specific question was provided in your query.

Available Information from Context

The document appears to be a lease agreement executed on 08/06/2017. From the excerpts provided, I can identify the following elements:

1. Document Structure: Contains a table of contents with clause references and page numbers (Source 2)

2. Hard Services Provisions (Sources 3 & 4):

   • Maintenance and replacement of directional signs and informative notices in Common Parts
   • Operation and maintenance of computer and monitoring apparatus for services

3. External Finishes: Reference to "Facade" (Source 1)

4. Occupancy Information: Mentions "Occupation Density" though specific details are marked as "N/A" (Source 5)

Request for Clarification

Please provide a specific question about this lease document so I can give you a precise answer based on the available context.

Rent Review Timing

Based on the lease document, the rent review is scheduled as follows:

Review Date

The rent review occurs on the fifth anniversary of the Term Commencement Date (referred to as the "Review Date").

When It Takes Effect

The reviewed rent becomes payable on and from the date referred to in clause 2.1.3 (the specific date is referenced in that clause, which is not included in the provided context).

Type of Review

The document indicates this is an "Upward only" rent review, where the new rent will be based on the Market Rent of the Premises at the Review Date.

Note: The exact Term Commencement Date is not specified in the provided excerpts, so the precise calendar date of the rent review cannot be determined from this context alone.

Based on the provided document context, the current rent is £115,540 per annum exclusive of VAT.

This is stated in Source 1 (page 48), which specifies "£115,540 per annum exclusive of VAT" as part of the rent review provisions.

Note: The document also mentions that this rent is subject to upward only rent reviews, with the rent being reviewed to the Market Rent at the Review Date (as indicated in Source 2).