Common use of Environmental Defect Value Clause in Contracts

Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct such Environmental Defect that would be used by a reasonably prudent operator in a cost-effective manner, consistent with Environmental Laws, taking into account that the value of the estimated costs and expenses for non-permanent remedies (such as mechanisms to contain or stabilize Hazardous Materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, collection systems, etc.) may be used by a reasonably prudent operator in such a cost-effective manner.