Common use of COMPANY and Covered Entity Obligations and Rights Clause in Contracts

COMPANY and Covered Entity Obligations and Rights. (a) Covered Entity Obligations. The COMPANY, as the Corporate Parent of the Covered Entity, unconditionally guarantees the performance of all obligations of the Covered Entity in accordance with this Agreement if the Covered Entity does not perform those obligations. If the Covered Entity does not elect to assume general management and overall direction and control of all Response Activities under this Agreement, the COMPANY will assume those functions. first pursuing any remedies for nonperformance against the Covered Entity. Performance by MSRC to a Covered Entity in accordance with this Agreement discharges MSRC’s obligations for performance of the same obligations to the COMPANY. Performance by a Covered Entity in accordance with this Agreement discharges the COMPANY’s obligations for performance of the same obligations to MSRC. The COMPANY is not entitled to any extension of time for performance or any other concession or rights in addition to those set forth in this Agreement with respect to the performance of the Covered Entity’s obligations.