Common use of Development Payment Clause in Contracts

Development Payment. Pursuant to Section 2 of the Agreement, Customer hereby agrees to make a Development Payment in the amount of Two Million Dollars ($2,000,000), which payment shall be due as of the Effective Date and payable in the following manner: Effective Date $ 150,000 Ten days following the Effective Date $ 350,000 August 31, 2008 $ 500,000 September 30, 2008 $ 250,000 October 31, 2008 $ 250,000 November 30, 2008 $ 250,000 December 31, 2008 $ 250,000