Common use of RESPONSE ACTION Clause in Contracts

RESPONSE ACTION. The Borrower shall take all appropriate responsive action, including any removal and remedial action (“Response Action”), in the event of a release, emission, discharge or disposal of any Regulated Chemical in, on, under or about the Facilities, so as to remain in compliance with the above, and to keep the Facilities free from, and unaffected by, Regulated Chemicals. The Borrower shall (i) provide the Trustee, with a copy to the Bondholder Representative, within 10 days after providing the notice required‌ under Section 6.07(c) above, with a bond, letter of credit or similar financial assurance which is equal to the cost of the Response Action and which may be drawn upon by the Trustee for the purpose of completing the Response Action if an Event of Default occurs or if the Response Action is not completed within six months of the issuance of the financial assurance and (ii) discharge any assessment, Lien or encumbrance which may be established on the Facilities as a result thereof.

RESPONSE ACTION. The Borrower shall take or cause to be taken all appropriate responsive action, including any removal and remedial action (“Response Action”), in the event of a release, emission, discharge or disposal of any Regulated Chemical in, on, under or about the Facilities, so as to remain in compliance with the above, and to keep or cause the Facilities to be kept free from, and unaffected by, Regulated Chemicals. The Borrower shall (i) provide the Trustee, with a copy to the Bondholder Representative, within 10 days after providing the notice required‌ required under Section 6.07(c6.7(c) above, with a bond, letter of credit or similar financial assurance which is equal to the cost of the Response Action and which may be drawn upon by the Trustee for the purpose of completing the Response Action if an Event of Default occurs or if the Response Action is not completed within six (6) months of the issuance of the financial assurance and (ii) discharge any assessment, Lien or encumbrance which may be established on the Facilities as a result thereof.