Common use of PROGRESS PAYMENT SCHEDULE Clause in Contracts

PROGRESS PAYMENT SCHEDULE. Seller acknowledges timely receipt from Buyer of the payments shown on Appendix B as due to Seller through August, 1999. Buyer shall make all additional progress payments to Seller in accordance with the payment schedule attached as Appendix B. Prior to Shipment of the first Major Component of a Unit, Buyer shall provide to Seller written evidence, in a form reasonably acceptable to Seller, that Buyer has the financial ability to satisfy Buyer's remaining obligations under this Contract for such Units. Seller shall be entitled to invoice Buyer on or before the fifteenth (15th) calendar day of each calendar month for the progress payment due for the following calendar month. All progress payments shall be made to Seller upon submission of invoices by Seller in accordance with Section 3.5, provided that each invoice submitted by Seller pursuant to the applicable Appendix shall include charges only for those applicable events or durations as described in Appendix B. All payments to be made under this Section 3.3 shall be in accordance with Sections 3.1 and 3.4 of this Contract.