Common use of Technical Services Fee Clause in Contracts

Technical Services Fee. As consideration for the Technical Services provided by Licensor, Licensee shall pay to Licensor $292,800 (the “Technical Services Fee”). The Technical Services Fee will be payable fifty percent (50%) upon the date hereof, with the balance to be paid on or before the fifteenth (15th) day of each month in twenty-four (24) equal monthly installments commencing on the fifteenth (15th) day of the first month after the date hereof. The amount of Technical Services Fee represents the Technical Services Fee for 366 Guest Rooms. If Licensee decides to construct additional Guest Rooms (not to exceed 750 Guest Rooms), an additional Technical Services Fee equal to Eight Hundred Dollars ($800) per additional Guest Room (the “Additional Technical Service Fee”) will be payable as follows: (a) immediately upon determination of the number of additional hotel Guest Rooms, a percentage of the Additional Technical Services Fee equal to the quotient of (i) the number of full calendar months since the Effective Date divided by (ii) twenty-four (24); and (b) the balance in equal monthly installments with the first payment due on the twentieth (20th) day of the month immediately following payment due under (a) hereof, and the last payment due on the twentieth (20th) day of the twenty-fourth (24th) month after the Effective Date.