Common use of Payment Exchange Rate Clause in Contracts

Payment Exchange Rate. All royalty payments due hereunder shall be paid in United States dollars by wire transfer to a bank account designated by AMBRX. Any payments or portions thereof due hereunder which are not paid on the date such payments are due under this Agreement shall bear interest at a rate equal to the lesser of prime rate as reported by Citibank, New York, New York (or its successor in interest) or the maximum rate permitted by law, calculated on the number of days such payment is delinquent. If the royalty payments are paid in United States Dollar, the Parties shall apply the middle exchange rate between RenMinBi and United States Dollar announced by the People’s Bank of China on the date of occurrence of payment of the royalty during the calendar quarter giving rise to the payment of royalty in United States Dollar.