CPM Program payout NET-45 what is this mean ?

I have become a publisher for this CPM program since july 2011 and i have reach 25 $ minimum payment since 17 october.this is the terms and conditions :
"Payments will be sent within 45 days (NET-45 policy) from the end of each calendar month, either by PayPal, Bank Wire or through AlertPay by special agreement. We guarantee on-time payments.Paypal requires a minimum 25 US$ in earnings".
what is this mean "payments will be sent within 45 days from the end of each month" ?
i have reach 25$ for minimum payout since 17 october 2011,so when will i get paid ?

See original post by Alvin31