Common use of Licensee Right to Terminate License on an API Basis Clause in Contracts

Licensee Right to Terminate License on an API Basis. Licensee shall have the right at its sole discretion, to terminate the licenses granted under Article 2 with respect to any particular API at any time by notifying Gilead and MPP in writing. Any such written notice shall expressly identify the API or APIs for which Licensee desires to terminate its license from Gilead and MPP (each, a “Terminated API”). Any such termination shall become effective immediately upon receipt of such written notice by both Gilead and MPP (the “API Termination Date”). In the event of any such termination, and with respect to any such Terminated API, and in each case subject to Section 10.8, the following terms shall apply as of the API Termination Date.