Common use of Workshop Deposit Clause in Contracts

Workshop Deposit. 3.1.4.1. Insmed shall pay to Therapure the Workshop Deposit as follows, receipt of which shall be acknowledged by Therapure in writing in the manner provided in Section 24.1: (i) concurrently upon execution of this Agreement, in an amount equal to $1.5 million; and (ii) within [***] days of the issuance of the first purchase order for Equipment, in an amount equal to $[***] million. 3.1.4.2. The Workshop Deposit shall be credited as follows: (i) $[***] of the Workshop Deposit shall be credited in equal instalments of $[***] per calendar month against each Workshop Construction Invoice or Equipment Invoice under this Agreement (starting with the first Workshop Construction Invoice or Equipment Invoice such that the full $[***] amount is credited in [***] months); provided, that if a Workshop Construction Invoice or Equipment Invoice is not issued in a calendar month during such [***] month period, then the excess credit shall be carried forward and applied against the next issued Workshop Construction Invoice or Equipment Invoice; and (ii) $[***] of the Workshop Deposit shall be credited against the last of the Workshop Construction Invoices or Equipment Invoices under this Agreement.