Common use of Obligation of Parties Clause in Contracts

Obligation of Parties. Following issue of Termination Notice by either Party, the Parties shall promptly take all such steps as may be necessary or required to ensure that: i until Termination the Parties shall, to the fullest extent possible, discharge their respective obligations so as to maintain the continued operation of the Project Facilities, ii the termination payment, if any, payable by MCD in accordance with the following sub-article (f) is paid to the Concessionaire on the Termination Date and iii the Existing Project Facilities are handed over to MCD by the Concessionaire on the Termination Date free from any Encumbrance along with any payment that may be due by the Concessionaire to MCD.