Common use of Other Technology Clause in Contracts

Other Technology. (a) For a period of five (5) years after the Effective Date, ETI and ▇▇. ▇▇▇▇▇▇▇ (each, a "Licensor") hereby grant to Pegas a right of first refusal with respect to the grant of any license or other rights by either Licensor to any technology that either Licensor develops or owns during such period and that is not licensed to Pegas under this Agreement. If during such period, either Licensor proposes to grant such a license or right, it shall notify Pegas in writing, with the terms and conditions on which such Licensor proposes to grant such license or rights, together with the name of the party to whom such license or rights would be granted. Pegas shall have a period of ninety (90) days to elect to acquire the license or rights on the terms and conditions specified in the notice, and both Licensors agree to be available to Pegas during such period and to provide all reasonable assistance to enable Pegas to evaluate the subject technology. If Pegas does not notify the proposing Licensor in writing that Pegas wishes to acquire such license or rights during the ninety (90) day period, the Licensor may grant the license or other rights to the party named in such initial notice; provided that such license or other rights are granted on terms that are not materially, less favorable to the Licensor (or materially more favorable to the third party) than those offered to Pegas.