Right to Replace Payment Structure Clause Samples

Right to Replace Payment Structure. Notwithstanding anything in this Agreement to the contrary, Kinex agrees that Hanmi shall have a one-time option to replace the payment structure of this Agreement with the payment structure more fully described in Schedule 1.3. In the event Hanmi should so elect, the Parties agree to execute the amendment agreement attached hereto as Schedule 1.3, which provides that only the payment structure in this Article 4 shall be replaced and all other terms and conditions of this Agreement shall remain in full force and effect against the Parties. Hanmi shall deliver written notice of such election to Kinex, and such election shall be effective as of January 1 of the Calendar Year beginning immediately following the date of receipt of such notice by Kinex.