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10 <br />If Licensee fails to pay any License Fee, Additional Fee, or other amount payable to the <br />City under this Master License within 10 days after the City’s delivery of notice that the same is <br />due and unpaid, such unpaid amounts will be subject to a late charge equal to 6% of the unpaid <br />amounts. For example, if a License Fee in the amount of $40,000 is not paid on its due date and <br />remains unpaid after the 10-day cure period has expired, the late charge would be $2,400. <br />4.5 Default Interest. <br />Any License Fee, Additional Fee, and other amount payable to the City (except late <br />charges), if not paid within 10 days after the due date, will bear interest from the due date until <br />paid at the default rate of 10% per year. Payment of default interest and the applicable late <br />charge alone will not excuse or cure any default by Licensee. <br />4.6 Master License Application Processing Payments. <br />Licensee shall deposit funds with the City to cover the City’s ordinary processing and <br />other administrative costs related to the Master License application. Such funds shall <br />compensate the City for all of the reasonable and actual costs of processing the Master License <br />application, including, but not limited to, all time and materials costs of City employees, agents, <br />consultants, and the City Attorney’s office. <br />4.6.1 Initial Payment. Licensee shall deposit with the City an initial payment in <br />the amount of $4,000 upon delivery of a partially executed counterpart of this Master <br />License to the City. The City will not be obligated to process the Master License until the <br />initial payment is submitted. The initial payment, and any subsequent payments, as <br />provided below, shall be held by City in a Customer Number account for the <br />reimbursement of City’s reasonable and actual costs incurred in processing the Master <br />License application. Upon Licensee’s request, City shall provide to Licensee a monthly <br />accounting of the account with a description of City’s costs and expenses withdrawn from <br />the account. <br />4.6.2 Subsequent Payments. If there is a reasonable need for additional funds <br />to facilitate review and processing of the Master License application as requested by City, <br />Licensee shall submit payment to the City for the anticipated cost of such extra work. If <br />Licensee refuses or fails to submit payment for the extra work upon City's written request, <br />City shall have the right to cease all processing of Licensee’s application until such time <br />as the funds are received. <br />4.6.3 Early Termination. Licensee shall have the right to terminate processing of <br />the application by providing written notice to the City. Upon receipt of such notice by City <br />(for purposes of this section, “Termination Date”), City shall cease all processing on <br />Licensee’s application as of the Termination Date and Licensee shall pay all costs <br />reasonably and actually incurred by City prior to such Termination Date from the account. <br />4.6.4 Refunding of Excess Amounts. Any funds remaining in the account will be <br />refunded to Licensee. No refunds will occur until a 90-day period has passed without <br />processing costs. <br />4.7 Pole License Administrative Processing Payments. <br />Licensee shall deposit funds with the City to cover the City’s costs to review and <br />administer the Pole License application process (the “Administrative Payments”). Such funds <br />shall compensate the City for all of the reasonable and actual costs of processing each Pole <br />License application, including, but not limited to, all time and materials costs of City employees, <br />agents, consultants, and the City Attorney’s office. <br />4.7.1 Initial Payment. Licensee shall pay to City an initial Administrative <br />Payment in the amount of $1,865 which includes a $65 non-refundable Administrative <br />Fee (subject to increase annually according to the City’s adopted Fee Schedule) upon