Common use of Term Fees Clause in Contracts

Term Fees. This Agreement shall be for a term of twenty-five years (the “Term”) commencing upon the execution hereof by both Parties. Either Party may seek renewal of this Agreement by providing written notice to the other Party no less than six (6) months prior to expiration of the Term. Any renewal of this Agreement shall be on such terms as the Parties may mutually agree upon in writing. Each Permit shall have an initial term of 90 DAYS and said term shall commence upon execution of said Permit by both Parties (the “Commencement Date”). The Annual License Fee (as defined in Paragraph 6 hereunder) for all facilities installed pursuant to said Permit will commence and be due on the first day of the month following installation (the “License Fee Commencement Date”), provided, however, that the initial Annual License Fee payment for each Permit shall be made thirty (30) days after the License Fee Commencement Date. Thereafter, on each annual anniversary of the License Fee Commencement Date, LICENSEE shall pay the Annual License Fee. The Annual License Fee shall be paid to the CITY in accordance with Paragraphs 6 and 17 below. CITY and LICENSEE agree that they shall acknowledge, in writing, the License Fee Commencement Date of each Permit.

Term Fees. This Agreement shall be for a term of twenty-five years (the “Term”) commencing upon the execution hereof by both Parties. Either Party may seek renewal of this Agreement by providing written notice to the other Party no less than six (6) months prior to expiration of the Term. Any renewal of this Agreement shall be on such terms as the Parties may mutually agree upon in writing. Each Permit shall have an initial term of 90 DAYS and said term shall commence upon execution of said Permit by both Parties (the “Commencement Date”). The Annual License Fee (as defined in Paragraph 6 hereunder) for all facilities installed pursuant to said Permit will commence and be due on the first day of the month following installation (the “License Fee Commencement Date”), provided, however, that the initial Annual License Fee payment for each Permit shall be made thirty (30) days after the License Fee Commencement Date. Thereafter, on each annual anniversary of the License Fee Commencement Date, LICENSEE shall pay the Annual License Fee. The Annual License Fee shall be paid to the CITY in accordance with Paragraphs 6 and 17 below. CITY and LICENSEE agree that they shall acknowledge, in writing, the License Fee Commencement Date of each Permit.