Environmentally Satisfactory definition
Environmentally Satisfactory means, with respect to a Financed Property, that the Administrative Agent has determined in its reasonable discretion that all Environmental Issues for such Financed Property have been resolved by any or, if applicable, all of the following actions: (i) further investigation by an Environmental Professional has determined that there has been no release of Hazardous Materials on such Financed Property with respect to which investigation or remediation is required under any applicable Environmental Laws, or (ii) further investigation by an Environmental Professional has determined that an Environmental Issue noted in an environmental report obtained by Borrower prior to the Property Closing Date no longer exists with respect to such Financed Property, (iii) the Environmental Issue has been remediated to the point where no further action is required under applicable Environmental Laws, or (iv) all monitoring w▇▇▇▇ on such Financed Property relating to an Environmental Issue for which Borrower is responsible have been closed in a manner that complies with all Environmental Laws.
Examples of Environmentally Satisfactory in a sentence
In the event such Financed Property has not been determined by the Administrative Agent to be Environmentally Satisfactory on or before the Environmental Completion Date, the Borrower shall make a principal prepayment on the Loans for such Existing Holdback Property in the amount of the Existing Holdback Property Paydown.