Common use of Continued License Clause in Contracts

Continued License. If Kineta has the right to terminate this Agreement pursuant to Section 10.3, then in lieu of termination, Kineta shall have the right to keep this Agreement in effect and to elect the following consequences upon written notice to GigaGen: (i) the diligence obligations set forth in Section 3.2 shall terminate and (ii) the milestone payments set forth in Sections 4.2 and 4.3 and royalty payments in Section 4.4 shall, with respect to payments accrued after such election, be reduced by fifty percent (50%), and Kineta may offset such payment obligations by any contract damages that are determined to be due to Kineta pursuant to Article 11.

Continued License. If Kineta has the right to terminate this Agreement pursuant to Section 10.3, then in lieu of termination, Kineta shall have the right to keep this Agreement in effect and to elect the following consequences upon written notice to GigaGen: (i) the diligence obligations set forth in Section 3.2 shall terminate and (ii) the milestone payments set forth in Sections 4.2 4.3 and 4.3 4.4 and royalty payments in Section 4.4 4.5 shall, with respect to payments accrued after such election, be reduced by fifty percent (50%), and Kineta may offset such payment obligations by any contract damages that are determined to be due to Kineta pursuant to Article 11.