Common use of Commencing on Clause in Contracts

Commencing on. (i) the first day of the second (2nd), third (3rd) fourth (4th) and fifth (5th) Lease Years, the Annual Base Rent payable for such Lease Year shall be increased over the escalated Annual Base Rent in effect during the preceding Lease Year by two percent (2%), (ii) the first day of the sixth (6th), seventh (7th), eighth (8th), ninth (9th) and tenth (10th) Lease Years the Annual Base Rent payable for such Lease Year shall be increased over the escalated Annual Base Rent in effect during the preceding Lease Year by two and one-half percent (2.5%) and (iii) the first day of the eleventh (11th), twelfth (12th), thirteenth (13th), fourteenth (14th) and fifteenth (15th) Lease Years the Annual Base Rent payable for such Lease Year shall be increased over the escalated Annual Base Rent in effect during the preceding Lease Year by three percent (3%).

Appears in 1 contract

Sources: Lease Agreement (Orbital Sciences Corp /De/)

Commencing on. (i) the first day of the second (2nd), third (3rd) ), fourth (4th) and fifth (5th) Lease Years, the Annual Base Rent payable for such Lease Year shall be increased over the escalated Annual Base Rent in effect during the preceding Lease Year by two percent (2%), (ii) the first day of the sixth (6th), seventh (7th), eighth (8th), ninth (9th) and tenth (10th) Lease Years the Annual Base Rent payable for such Lease Year shall be increased over the escalated Annual Base Rent in effect during the preceding Lease Year by two and one-half percent (2.5%) and (iii) the first day of the eleventh (11th), twelfth (12th), thirteenth (13th), ) fourteenth (14th) and fifteenth (15th) Lease Years the Annual Base Rent payable for such Lease Year shall be increased over the escalated Annual Base Rent in effect during the preceding Lease Year by three percent (3%).

Appears in 1 contract

Sources: Lease Agreement (Orbital Sciences Corp /De/)