Common use of GRANT OF THE FIRST OPTION Clause in Contracts

GRANT OF THE FIRST OPTION. 3.1 ICRT hereby grants to Introgen, on and subject to the terms of this Agreement, the exclusive option to obtain an exclusive, world-wide licence (to the extent that ICRT is able to grant such a licence under any applicable law) in respect of the Existing Patents relating to any one or more of the Genes and any Materials or other Existing Technology referred to in clause 5.4, in respect of the Gene or Genes in question, on the terms referred to in clause 4.1. 3.2 The First Option shall be exercisable by Introgen, in respect of any one or more of the Genes, subject to payment of the sum referred to in clause 3.3, by giving written notice to ICRT at any time during the First Option Period, specifying the Gene or Genes in respect of which it is exercised. If Introgen so exercises the First Option in respect of one or more but not all of the Genes it may do so at any subsequent time within the First Option Period in respect of the remaining Gene or Genes. 3.3 In consideration of the grant of the First Option, Introgen shall pay to ICRT the sum of [*] on the Effective Date. 3.4 The sum referred to in clause 3.3 shall not be refunded in any circumstances. [*] Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 3.5 If Introgen does not duly exercise the First Option during the First Option Period in respect of one or more of the Genes, it shall forthwith lapse in respect of the Gene or Genes in question for which Introgen did not so exercise the First Option.