Common use of Second Extended Term Clause in Contracts

Second Extended Term. The annual Base Rent for the Second Extended Term, shall be an amount equal to the greater of (1) the Market Rent for the Premises for the Second Extended Term and (2) the product of (A) the annual Base Rent in effect on the last day of the First Extended Term and (B) the greater of (x) 1.03 and (y) the lesser of (aa) 1.06 and (bb) the average annual percentage increase if any, in the CPI between the month preceding the commencement of the First Extended Term and the month preceding the commencement of the Second Extended Term.