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 and any Materials or other Existing Technology referred to in clause 5.4, on the terms referred to in clause 4.1. 3.2 The First Option shall be exercisable by Introgen, 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. 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. 3.5 If Introgen does not duly exercise the First Option during the First Option Period, it shall forthwith lapse.