Common use of Payment Method; Late Payment Clause in Contracts

Payment Method; Late Payment. Licensee shall pay all amounts due hereunder in United States Dollars by wire transfer of immediately available funds to the bank account Inhibrx designates in writing from time to time. Payments based on Net Sales in currencies other than United States Dollars shall be converted by Licensee into United States Dollars using reasonable procedures consistent with Licensee’s global practices, with the conversion ratio based on the date of payment from Licensee to Inhibrx. If any payment is not made when due, simple interest shall thereafter accrue on the sum due until the date of payment at the per annum rate of [***] percent ([***]%) or, if lower, the maximum rate permitted by applicable law.

Payment Method; Late Payment. Licensee shall pay all amounts due hereunder in United States Dollars by wire transfer of immediately available funds to the bank account Inhibrx designates in writing from time to time. Payments based on Net Sales in currencies other than United States Dollars shall be converted by Licensee into United States Dollars using reasonable procedures consistent with Licensee’s global practices, with the conversion conversation ratio based on the date of payment from Licensee to Inhibrxpayment. If any payment is not made when due, simple interest shall thereafter accrue on the sum due until the date of payment at the per annum rate of [***] percent ([***]%) or, if lower, the maximum rate permitted by applicable law.