Common use of Payments in Other Currencies Clause in Contracts

Payments in Other Currencies. If by law, regulation, or fiscal policy of a particular country, conversion into United States dollars or transfer of funds of a convertible currency to the United States is restricted or forbidden, Monsanto shall give ArQule prompt written notice of such restriction, which notice shall satisfy the forty-five day payment deadline described in Section 7.4. Monsanto shall pay any amounts due ArQule through whatever lawful methods ArQule reasonably designates; provided, however, that if ArQule fails to designate such payment method within forty-five (45) days after ArQule is notified of the restriction, then Monsanto may deposit such payment in local currency to the credit of ArQule in a recognized banking institution selected by Monsanto and identified by written notice to ArQule, and such deposit shall fulfill all obligations of Monsanto to ArQule with respect to such payment.