Common use of OLD KENT'S TERMINATION RIGHTS Clause in Contracts

OLD KENT'S TERMINATION RIGHTS. If (a) Old Kent and First Evergreen are unable to agree upon a course of action to promptly complete any investigation and remediation and/or a mutually acceptable modification to this Plan of Merger, and (b) Old Kent cannot be reasonably assured that the after-tax cost of the sum of (i) the actual cost of all investigative and remedial or other corrective actions or measures undertaken pursuant to Section 5.16.4 (OPTIONAL REMEDIATION), (ii) the estimated cost of all investigative and remedial or other corrective actions or measures not undertaken but required by law or necessary to avoid future exposure to material liability, and (iii) all diminution of the value of such properties; in the aggregate, will not exceed $1,000,000; then Old Kent may terminate this Plan of Merger as provided in Section 8.3.3 (ENVIRONMENTAL RISKS).

OLD KENT'S TERMINATION RIGHTS. If (a) Old Kent and First Evergreen Grand Premier are unable to agree upon a course of action to promptly complete any investigation Phase II and remediation III Work and/or a mutually acceptable modification to this Plan of Merger, and (b) Old Kent cannot be reasonably assured that the after-tax cost of the sum of (i) the actual cost of all investigative and remedial or other corrective actions or measures undertaken taken pursuant to Section 5.16.4 5.15.3 (OPTIONAL REMEDIATIONPhase II and III Work), ; (ii) the estimated cost of all investigative actions and remedial or other corrective actions or measures not undertaken but required by law Environmental Laws, or necessary to avoid future exposure to material liability, liability under Environmental Laws; and (iii) all diminution diminutions of the value of such properties; in the aggregate, aggregate will not exceed $1,000,000; 3,000,000, then Old Kent may terminate this Plan of Merger as provided in Section 8.3.3 8.3.2 (ENVIRONMENTAL RISKSEnvironmental Risks).

OLD KENT'S TERMINATION RIGHTS. If (a) Old Kent and First Evergreen Home are unable to agree upon the need for, or upon a course of action to promptly complete complete, any investigation Phase II and remediation III Work, and/or a mutually acceptable modification to this Plan of Merger, and (b) Old Kent cannot be -40- reasonably assured that the after-tax cost of the sum of (i) the actual cost of all investigative and remedial or other corrective actions or measures undertaken desired to be taken pursuant to Section 5.16.4 (OPTIONAL REMEDIATIONPhase II and III Work), ; (ii) the estimated cost of all investigative actions and remedial or other corrective actions or measures not undertaken but required by law Environmental Laws, or necessary to avoid future exposure to material liability, liability under Environmental Laws; and (iii) after taking in account the remediation that would be undertaken under clause (ii) immediately above, all diminution diminutions of the value of such propertiesproperties resulting from an environmental impairment or liability; in the aggregate, aggregate will not exceed $1,000,000; , then Old Kent may terminate this Plan of Merger as provided in Section 8.3.3 (ENVIRONMENTAL RISKSEnvironmental Risks).