Common use of FEE AND DEPOSIT Clause in Contracts

FEE AND DEPOSIT. In consideration of Licensor executing this Agreement and providing Licensee with access to, and use of, the Licensed Area, and in consideration of forgoing other opportunities with other users of the Licensed Area, Licensee shall pay to Licensor a monthly fee as set forth in Schedule 1 (the “Fee”). The Fee is payable in advance on the first day of each month to Licensor at the address from time to time specified by Licensor. The Fee for any partial month shall be prorated on the basis of the number of days in such month and the number of days in such month in the Term. Upon execution of this Agreement, Licensee shall pay to Licensor (i) the first month’s Fee, and (ii) a deposit in the amount specified as the “Deposit” in Schedule 1.