Common use of Hazardous Wastes, Substances and Petroleum Products Clause in Contracts

Hazardous Wastes, Substances and Petroleum Products. The Borrowers received all permits and filed all notifications necessary to carry on their business; and are in compliance in all material respects with all Environmental Control Statutes. The Borrowers have not given any written or oral notice, nor have they failed to give required notice, to the Environmental Protection Agency ("EPA") or any state or local agency with regard to any actual or imminently threatened Release of Hazardous Substances on properties owned, leased or operated by them or used in connection with the conduct of their business and operations. The Borrowers have not received notice that they are potentially responsible for costs of clean-up or remediation of any actual or imminently threatened Release of Hazardous Substances pursuant to any Environmental Control Statute. To the best of the Borrowers' knowledge, no real property owned or leased by them is in violation of any Environmental Laws and no Hazardous Substances are present on said real property in violation of applicable law. The Borrowers have not received any notice to the effect that they have been identified in any litigation, administrative proceedings or investigation as a potentially responsible party for any liability under any Environmental Laws. In the event that any Borrower becomes aware of any information indicating that either (i) any real property owned or leased by any Borrower is in violation of any Environmental Laws or any Hazardous Substances are present on said real property in violation of applicable law, or (ii) any Borrower has been identified in any litigation, administrative proceedings or investigation as a potentially responsible party for liability under any Environmental Laws, then the Borrowers shall update their representations, in accordance with the requirements of Section 3.20, and the Banks shall not be required to make further Loans or Standby Letters of Credit under this Credit Facility until the Borrowers establish adequate reserves (in the reasonable judgment of the Majority Banks) for any liability (including cleanup costs) and deliver revised financial statements to the Banks showing such reserves; provided, however, that no reserve shall be required for any such liabilities to the extent that they aggregate to less than $1,000,000.

Appears in 2 contracts

Samples: Credit Agreement (Willis Lease Finance Corp), Credit Agreement (Willis Lease Finance Corp)

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Hazardous Wastes, Substances and Petroleum Products. The Borrowers Borrower received all permits and filed all notifications necessary to carry on their its business; and are is in compliance in all material respects with all Environmental Control Statutes. The Borrowers have Borrower has not given any written or oral notice, nor have they has it failed to give required notice, to the Environmental Protection Agency ("EPA") or any state or local agency with regard to any actual or imminently threatened Release of Hazardous Substances on properties owned, leased or operated by them it or used in connection with the conduct of their its business and operations. The Borrowers have Borrower has not received notice that they are it is potentially responsible for costs of clean-up or remediation of any actual or imminently threatened Release of Hazardous Substances pursuant to any Environmental Control Statute. To the best of the Borrowers' Borrower’s knowledge, no real property owned or leased by them it is in violation of any Environmental Laws and no Hazardous Substances are present on said real property in violation of applicable law. The Borrowers have Borrower has not received any notice to the effect that they have it has been identified in any litigation, administrative proceedings or investigation as a potentially responsible party for any liability under any Environmental Laws. In the event that any the Borrower becomes aware of any information indicating that either (i) any real property owned or leased by any the Borrower is in violation of any Environmental Laws or any Hazardous Substances are present on said real property in violation of applicable law, or (ii) any the Borrower has been identified in any litigation, administrative proceedings or investigation as a potentially responsible party for liability under any Environmental Laws, then the Borrowers Borrower shall update their its representations, in accordance with the requirements of Section 3.20, and the Banks shall not be required to make further Loans or Standby Letters of Credit under this Credit Facility Agreement until the Borrowers establish Borrower establishes adequate reserves (in the reasonable judgment of the Majority Banks) for any liability (including cleanup costs) and deliver revised financial statements to the Banks showing such reserves; provided, however, that no reserve shall be required for any such liabilities to the extent that they aggregate to less than $1,000,000.

Appears in 1 contract

Samples: Credit Agreement (Willis Lease Finance Corp)

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Hazardous Wastes, Substances and Petroleum Products. The Borrowers Borrower received all permits and filed all notifications necessary to carry on their its business; and are is in compliance in all material respects with all Environmental Control Statutes. The Borrowers have Borrower has not given any written or oral notice, nor have they has it failed to give required notice, to the Environmental Protection Agency ("EPA") or any state or local agency with regard to any actual or imminently threatened Release of Hazardous Substances on properties owned, leased or operated by them it or used in connection with the conduct of their its business and operations. The Borrowers have Borrower has not received notice that they are it is potentially responsible for costs of clean-up or remediation of any actual or imminently threatened Release of Hazardous Substances pursuant to any Environmental Control Statute. To the best of the Borrowers' Borrower’s knowledge, no real property owned or leased by them it is in violation of any Environmental Laws and no Hazardous Substances are present on said real property in violation of applicable law. The Borrowers have Borrower has not received any notice to the effect that they have it has been identified in any litigation, administrative proceedings or investigation as a potentially responsible party for any liability under any Environmental Laws. In the event that any the Borrower becomes aware of any information indicating that either (i) any real property owned or leased by any the Borrower is in violation of any Environmental Laws or any Hazardous Substances are present on said real property in violation of applicable law, or (ii) any the Borrower has been identified in any litigation, administrative proceedings or investigation as a potentially responsible party for liability under any Environmental Laws, then the Borrowers Borrower shall update their its representations, in accordance with the requirements of Section 3.20, and the Banks shall not be required to make further Loans or Standby Letters of Credit under this Credit Facility until the Borrowers establish Borrower establishes adequate reserves (in the reasonable judgment of the Majority Banks) for any liability (including cleanup costs) and deliver revised financial statements to the Banks showing such reserves; provided, however, that no reserve shall be required for any such liabilities to the extent that they aggregate to less than $1,000,000.

Appears in 1 contract

Samples: Credit Agreement (Willis Lease Finance Corp)

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