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) the Termination Payment, if any, payable by ULB in accordance with the following sub-article (d) is paid to the Concessionaire on the Termination Date; and (ii) the Project Facilities is handed over to ULB by the Concessionaire on the Termination Date free from any Encumbrance.

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) the Termination Payment, if any, payable by Grantor ULB in accordance with the following sub-article Clause (d) is paid to the Concessionaire on the Termination Date; and (ii) the Project Facilities is Regional MSW Facility are handed over to Grantor ULB by the Concessionaire on the Termination Date free from any Encumbranceall Encumbrances in accordance with the provisions of this Agreement.

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) the Termination Payment, if any, payable by ULB State Govt. in accordance with the following sub-article Clause (d) is paid to the Concessionaire on the Termination Date; and (ii) the Project Facilities is Regional MSW Facility are handed over to ULB State Govt. by the Concessionaire on the Termination Date free from any Encumbranceall Encumbrances in accordance with the provisions of this Agreement.

Obligation of Parties. Following issue of Termination Notice either by either PartyULB or the Concessionaire, the Parties shall promptly take all such steps as may be necessary or required to ensure that: (i) the Termination Payment, if any, payable by the ULB in accordance with the following sub-article (d) is paid to the Concessionaire on the Termination Date; and (ii) the Project Facilities is handed over to the ULB by the Concessionaire on the Termination Date free from any Encumbrance.