Common use of New Third Party Technology Clause in Contracts

New Third Party Technology. Following the Effective Date, if either party believes that technology related to the Field that is owned or controlled by Third Parties would be necessary or useful for the Research or to achieve the purpose of this Agreement, Geron and P&U will consult regarding licensing or acquiring such technology. The determination of whether such licenses and/or acquisitions shall be sought, the party that shall approach and * Certain portions of this Exhibit have been omitted for which confidential treatment has been requested and filed separately with the Securities and Exchange Commission. negotiate with such Third Parties, and the terms of any agreements with such Third Parties, including, without limitation, payments for sponsored research, shall be made by the JRC. Subject to the Three-Way Agreement, the cost of obtaining any licenses so approved by the JRC and the payment of any fees or royalty obligations thereunder shall be borne by [*]. If the JRC does not approve the license or acquisition of such technology, either party shall be permitted to acquire or obtain a license to any such Third Party technology at its own cost and without the other party's permission. Both parties shall be obligated to inform the other of such licensing or acquisition opportunities. Neither party shall be obligated to grant any sublicense to such Third Party technology to the other party after the Effective Date unless the other party agrees to pay an agreed upon portion of such costs and royalties. Exhibit 1.6 illustrates the parties' intent concerning the meaning of certain provisions of Sections 4.5 and 4.6.