Common use of Commercial Option Exercise Clause in Contracts

Commercial Option Exercise. Within [***], Baxalta may (but shall not be required to) provide notice to Precision that it intends to exercise the Commercial Option, and, after provision of such notice [***]. In the event such notice is provided, upon the first date on which [***] and any required Antitrust Clearance has been obtained, (a) the Commercial Option for [***] shall be deemed exercised [***], and (b) unless Baxalta has previously paid to Precision the Commercial License Fee with respect to a Licensed Product Candidate or [***] with respect to [***].

Commercial Option Exercise. Within [***], Baxalta may (but shall not be required to) provide notice to Precision that it intends to exercise the Commercial Option, and, after provision of such notice [***]. In the event such notice is provided, upon the first date on which [***] and any required Antitrust Clearance has been obtained, (a) the Commercial Option for [***] shall be deemed exercised [***], and (b) unless Baxalta has previously paid to Precision the Commercial License Fee with respect to a Licensed Product Candidate or [***] ], Baxalta shall pay to Precision the Commercial License Fee with respect to [***].