Common use of Quarterly Payments Clause in Contracts

Quarterly Payments. The amounts set forth in Section 5.1.1 shall be paid in advance in four equal installments during each year of the Research Program. The initial payment shall be made on or before the 1st day of the month following the Effective Date. Subsequent payments shall be made at three month intervals thereafter on or before the first day of the applicable month for the duration of the Research Program term. It is understood and agreed that all such payments are nonrefundable and noncreditable, except as provided in Article 12.

Quarterly Payments. The amounts set forth to be paid in Section 5.1.1 connection with the Research Program with respect to each twelve (12) month period shall be paid quarterly in advance in four equal installments during each year of the Research Programadvance. The initial payment shall be made on or before the 1st day of the month following the Effective Dateno later than five (5) business days after March 1, 1998. Subsequent payments shall be made at three month intervals thereafter on or before the first day applicable quarterly anniversaries of the applicable month for the duration of the Research Program termMarch 1, 1998. It is understood and agreed that all All such payments are nonrefundable non-refundable and noncreditable, except as provided in Article 12.