Common use of Underlying Agreement Clause in Contracts

Underlying Agreement. The parties hereto acknowledge that (i) this Agreement is intended to supersede and therefore, terminate the Underlying Agreement, (ii) that, as of the date hereof, the Underlying Agreement and any and all amendments or addenda thereto shall be of no further force or effect, including any and all provisions therein intended to survive the termination of such agreement and (iii) that neither the Company nor Consultant have any further obligations pursuant to the Underlying Agreement and any and all amendments or addenda thereto. The Company acknowledges and agrees that is shall pay Consultant in accordance with his current payment schedule pursuant to the Underlying Agreement through the Effective Date.