ACCEPTANCE BY ABX Clause Samples

ACCEPTANCE BY ABX. Upon the first to occur of (a) ABX giving notice to JTI that no Impediment exists with respect to the Permitted Antigen identified in the Option Notice (an "Acceptance Notice"), or (b) expiration of the Review Period if ABX does not notify JTI of an Impediment prior to such expiration, then ABX shall be deemed to have granted to JTI an Option with respect to such Permitted Antigen, and the Permitted Antigen which is subject of such Option shall be designated a "Product Antigen."