Environmental Default Sample Clauses
The Environmental Default clause defines the consequences and procedures that apply if a party fails to comply with environmental laws or obligations under an agreement. Typically, this clause outlines what constitutes an environmental default, such as contamination, improper disposal of hazardous materials, or failure to obtain necessary permits, and may require the defaulting party to remedy the situation or compensate the other party. Its core function is to allocate responsibility and risk for environmental compliance, ensuring that any breaches are addressed promptly to protect both parties and the environment.
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Environmental Default. Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with any Loan.
Environmental Default. The Borrower or any of its Subsidiaries shall be the subject of any proceeding or investigation pertaining to the release by Borrower or any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, or any violation of any Environmental Law, which, in either case, would reasonably be expected to have a Material Adverse Effect; or
Environmental Default. Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in the Environmental Indemnity which is not cured within the cure period in Section 7.1(b).
Environmental Default. Section 6.4
Environmental Default any of the following by Tenant or any Agent of Tenant: a violation of an Environmental Law; a release, spill or discharge of a Hazardous Material on or from the Premises, the Land or the Building; an environmental condition requiring responsive action; or an emergency environmental condition.
Environmental Default. Failure of any party to comply With or Perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with the Property. False Statements. Any warranty, representation or statement made or furnished to Lender by Granter or on Grantor’s behalf under this Assignment or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.
Environmental Default. Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in the Environmental Indemnity.
Environmental Default. Tenant violates the provisions of Article 5 relating to Hazardous Materials.
Environmental Default. The Borrower or any of its Subsidiaries shall be the subject of any proceeding or investigation pertaining to the release by Borrower or any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, or any violation of any Environmental Law, which, in either case, would reasonably be expected to have a Material Adverse Effect. THEN, and in any such event (except an Event of Default specified in paragraph (g) or (h) of this Section) and at any time thereafter while an Event of Default is continuing, Agent may with the consent of Majority Lenders, and at the direction of the Majority Lenders shall, take one or more of the following actions: (A) declare the Revolving Commitments terminated, whereupon the Revolving Commitment(s) of each Lender hereunder shall terminate immediately and all fees and other amounts accrued in accordance with this Agreement shall forthwith become due and payable without any other notice of any kind; (B) declare all sums then owing by Borrower hereunder and under the Notes to be forthwith due and payable, whereupon all such sums shall become and be immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Borrower; (C) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law and (D) terminate any Letter of Credit which may be terminated in accordance with its terms, (iv) direct Borrower to pay (and Borrower agrees that upon receipt of such notice, or upon the occurrence of any Event of Default specified in SECTION 9.1(e) or SECTION 9.1(f) with respect to Borrower it will pay) to Agent such additional amount of cash, to be held as security by Agent, as is equal to the aggregate Stated Amount of all Letters of Credit issued for the account of Borrower and its subsidiaries and then outstanding, PROVIDED, HOWEVER, that if an Event of Default specified in paragraph (g) or (h) of this Section shall occur, the result which would occur upon the giving of notice by Agent to Borrower, as specified in clauses (A) or (B) above, shall occur automatically without the giving of any such notice. Promptly following the making of any such declaration, Agent shall give notice thereof to Borrower and each Lender, but failure to notify any Person shall not impair the effect of such declaration.
Environmental Default. Failure of any Borrower Party to comply with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with the Loan, and such failure continues for thirty (30) days after any Borrower Party becomes aware of such failure, whether by notice from Lender or otherwise.