A Phase. II Participant in default under the Vermont Phase II Agreement is in default or this Agreement; if other Phase II Par- ticipants assume such defaulting Phase II Participants obligations in accordance with the Vermont Phase II Agreement, then such curing Phase II Participants will succeed Pro Rata to such defaulting Phase II Participant's rights as a Participant under this Agreement unless and until such defaulting Participant cures its default as provided thereunder.
A Phase. I environmental survey for the Property prepared by a consultant approved by the Bank (the "Phase I Survey") showing that (i) the Property is not now being used, and has not been used in the past except as disclosed in the Phase I Survey, for any activities involving, directly or indirectly, the use, generation, treatment, storage, or disposal of any hazardous or toxic chemical, material, substance, or waste of any kind or nature (other than in the ordinary course of business and in compliance with all applicable environmental Laws) and (ii) the Property does not represent an environmental risk to the Bank.
A Phase. I environmental survey for the Property prepared by a consultant approved by the Bank (the "Phase I Survey") showing that (i) the 0000 Xxxxx Xxxx Facility is not now being used, and has not been used in the past except as disclosed in the Phase I Survey, for any activities involving, directly or indirectly, the use, generation, treatment, storage, or disposal of any hazardous or toxic chemical, material, substance, or waste of any kind or nature (other than in the ordinary course of business and in compliance with all applicable environmental Laws) and (ii) the 0000 Xxxxx Xxxx Facility does not represent an environmental risk to the Bank.
A Phase. I ESA on each parcel of the Subject Real Property addressed to Buyer and issued by a professional environmental consulting firm reasonably acceptable to Buyer (and performed in a manner that at a minimum satisfies the requirements of ASTM Practice E 1527-94) stating that after due inspection there is no action required to place the particular parcel of the Subject Real Property into compliance with Environmental Laws or if there is any further investigation required or some other action required to place the property into compliance with Environmental Laws, the nature of the condition or suspected condition and the nature of the further investigation or further action required.
A Phase. I environmental survey for any immovable property owned by the Borrower and any of its Subsidiaries, in form and substance satisfactory to the Agent and the Lenders.
A Phase. I environmental audit of the real property encumbered by the Mortgage, the results of which must be satisfactory to Lender at its sole discretion.
A Phase. I environmental report issued by a qualified environmental consultant at Borrower's expense, and, if recommended by the Phase I environmental report, a Phase II environmental report, which conclude that the Substitute Property does not contain any Hazardous Substance except for nominal amounts of such substances commonly incorporated in or used in the operation of properties similar to the Substitute Property (in either case in compliance with all Environmental Laws). If any such report discloses the presence of any Hazardous Substance, such report shall include an estimate of the cost of any related remediation and Borrower shall deposit with Lender an amount equal to one hundred fifty percent (150%) of such estimated cost, which deposit shall constitute additional security for the Loan and shall be released to Borrower upon the delivery to Lender of (A) an update to such report indicating that there is no longer any Hazardous Substance on the Substitute Property except for nominal amounts of such substances commonly incorporated in or used in the operation of properties similar to the Substitute Property (in either case in compliance with all Environmental Laws) and (B) paid receipts indicating that the costs of all such remediation work have been paid;
A Phase. II TRIAL COMPLETION milestone payment of One Hundred Thousand Dollars ($100,000) payable within thirty (30) days of the earlier of
A Phase. 1 Environmental Assessment of each Property prepared by Streamline Environmental dated after April 1, 1998 (individually an "Environmental Report" and collectively the "Environmental Reports");
