Environmental Remediation. Failure to remediate (or pursue the remediation process with due diligence and good faith) within the time period required by law or governmental order, (or within a reasonable time in light of the nature of the problem if no specific time period is so established), environmental problems in violation of Applicable Law related to Properties of the Borrower and/or its Subsidiaries where the estimated cost of remediation is in the aggregate in excess of Seventy-Five Million Dollars ($75,000,000), in each case after all administrative hearings and appeals have been concluded.
Environmental Remediation. (i) If Borrower is required to undertake any investigation, site monitoring, cleanup, removal, restoration or other remedial work of any kind or nature pursuant to an order or directive of any Governmental Authority or under any applicable Environmental Law, because of or in connection with the current or future presence, suspected presence, Release or suspected Release of a Hazardous Substance on, under or from any Mortgaged Property or any portion thereof (collectively, the “Remedial Work”), Borrower shall promptly commence and diligently prosecute to completion all such Remedial Work, and shall conduct such Remedial Work in accordance with all applicable Environmental Laws. If any fungus, mold, mildew or other biological agent is present at any Mortgaged Property in a manner or at a level that is reasonably likely to materially adversely affect the value or utility of such Mortgaged Property or that poses a significant health risk, the Borrower shall promptly commence and diligently prosecute to completion the remediation of such condition to the reasonable satisfaction of the Lender or its servicer, which shall also constitute Remedial Work. In all events, such Remedial Work shall be commenced within such period of time as required under any applicable Environmental Law; provided, however, that Borrower shall not be required to commence such Remedial Work within the above specified time periods: (x) if prevented from doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time periods would result in Borrower or such Remedial Work violating any Environmental Law or (z) if Borrower, at its expense and after prior notice to Lender, is contesting by appropriate legal, administrative or other proceedings conducted in good faith and with due diligence the need to perform Remedial Work, as long as (1) Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Mortgaged Property nor any part thereof or interest therein shall be sold, forfeited or lost if Borrower does not perform the Remedial Work being contested, and Borrower would have the opportunity to do so, in the event of Borrower’s failure to prevail in the contest, (3) the Lenders would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Borrower has not furnished additional security as provided in clause (4) below, or to any risk of crimin...
Environmental Remediation. (i) If any investigation, site monitoring, cleanup, removal, restoration or other remedial work of any kind or nature is required pursuant to an order or directive of any Governmental Authority or under any applicable Environmental Law, because of or in connection with the current or future presence, suspected presence, Release or suspected Release of a Hazardous Substance on, under or from any Mortgaged Property or any portion thereof (collectively, the “Remedial Work”), Borrower shall promptly commence and diligently prosecute to completion all such Remedial Work, and shall conduct such Remedial Work in accordance with the National Contingency Plan promulgated under the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq. (“CERCLA”), if applicable, and in accordance with other applicable Environmental Laws. In all events, such Remedial Work shall be commenced within such period of time as required under any applicable Environmental Law. If any fungus, mold, mildew or other biological agent is present at any Mortgaged Property in a manner or at a level that is reasonably likely to materially adversely affect the value or utility of such Mortgaged Property or that poses a significant health risk, the Borrower shall promptly commence and diligently prosecute to completion the remediation of such condition to the reasonable satisfaction of the Lender or its servicer.
Environmental Remediation. We currently own or lease, and in the past have owned and leased, properties where hazardous liquids, including hydrocarbons, are or have been handled. These properties and the hazardous liquids or associated wastes disposed thereon may be subject to CERCLA, RCRA and state and Canadian federal and provincial laws and regulations. Under such laws and regulations, we could be required to remove or remediate hazardous liquids or associated wastes (including wastes disposed of or released by prior owners or operators) and to clean up contaminated property (including contaminated groundwater). We maintain insurance of various types with varying levels of coverage that we consider adequate under the circumstances to cover our operations and properties. The insurance policies are subject to deductibles and retention levels that we consider reasonable and not excessive. Consistent with insurance coverage generally available in the industry, in certain circumstances our insurance policies provide limited coverage for losses or liabilities relating to gradual pollution, with broader coverage for sudden and accidental occurrences. In conjunction with our acquisitions, we typically make an assessment of potential environmental exposure and determine whether to negotiate an indemnity, what the terms of any indemnity should be and whether to obtain environmental risk insurance, if available. These contractual indemnifications typically are subject to specific monetary requirements that must be satisfied before indemnification will apply, and have term and total dollar limits. For instance, in connection with the purchase of former Texas New Mexico (“TNM”) pipeline assets from Link in 2004, we identified a number of environmental liabilities for which we received a purchase price reduction from Link and recorded a total environmental reserve of $20 million, of which we agreed in an arrangement with TNM to bear the first $11 million in costs of pre-May 1999 environmental issues. TNM also agreed to pay all costs in excess of $20 million (excluding certain deductibles). TNM’s obligations are guaranteed by Shell Oil Products (“SOP”). As of December 31, 2009, we had incurred approximately $16 million of remediation costs associated with these sites, while SOP’s share has been approximately $6 million. In another example, as a result of our merger with Pacific, we assumed liability for a number of ongoing remediation sites associated with releases from pipeline or storage oper...
Environmental Remediation. Xxxxx acknowledges that Seller is not an expert in environmental remediation and shall not be directed by change order or otherwise to perform any environmental remediation as part of the Product supply, including but not limited to asbestos and lead paint removal. If any environmental remediation becomes necessary, Xxxxx will contract directly with a qualified third party to perform such work.
Environmental Remediation. (a) Any Remediation for which an Indemnified Party seeks indemnification from Sellers under this Section 11 shall be governed by this Section 11.3.
Environmental Remediation. Section 22.0908(p) states that the Sale Transaction shall not impair the City’s ability to continue its plan ofenvironmental remediation of the Real Property and the River Park Property based on the City’s existing agreements with responsible parties. The Parties agree that this Municipal Code provision has no practical significance in the Sale Transaction, as the City is not, and has not recently been, undertaking any environmental remediation e forts with respect to the Real Property or the River Park Property, and that, upon the Closing, the City has no liability or responsibility for same with respect to the CSU Property or the River Park Property (except the City shall be liable or responsible solely for environmental remediation on the River Park Property required as a direct result of environmental conditions determined to have existed on the River Park Property prior to the Closing Date, subject to the City’s ability to seek recovery ofall resulting remediation costs from Xxxxxx Xxxxxx under the Xxxxxx Xxxxxx Settlement Agreement). As of the E fective Date of this Agreement, the City and Xxxxxx Xxxxxx have entered into the Xxxxxx Xxxxxx Right of Entry Permit authorizing Xxxxxx Xxxxxx to perform the Well Removal and Abandonment Work as required by the Cleanup and Abatement Order. CSU entered into the Xxxxxx Xxxxxx Expedited Well Removal Agreement with a Xxxxxx Xxxxxx a filiate to facilitate acceleration of the Well Removal and Abandonment Work. Upon entering into the Xxxxxx Xxxxxx Expedited Well Removal Agreement with CSU, Xxxxxx Xxxxxx commenced and is continuing to perform the Well Removal and Abandonment Work. The Xxxxxx Xxxxxx Expedited Well Removal Agreement does not modify the terms of the Xxxxxx Xxxxxx Right of Entry Agreement or the Cleanup and Abatement Order or relieve Xxxxxx Xxxxxx of any of its obligations thereunder or under any other applicable Law, including Environmental Law, or governmental orders or directives.
Environmental Remediation. Failure to remediate within the time ------------------------- period required by law or governmental order after all administrative hearings and appeals have been concluded (or within a reasonable time in light of the nature of the problem if no specific time period is so established), environmental problems in violation of applicable law related to Properties of the Consolidated Group where the estimated cost of remediation is in the aggregate in excess of $20,000,000.
Environmental Remediation. In the event that Administrative Agent reasonably determines from the environmental reports or information delivered pursuant to Section 5.10(d)(i) or pursuant to any other reasonably reliable information, that remedial action to correct an adverse environmental condition is required under Environmental Law with respect to any Obligor or the Mortgaged Property or any other property of any Obligor, Borrowers shall take such action as is required under Environmental Law to cure any such material violation or potential violation of any Environmental Laws or any such material actual or potential liability under any Environmental Law.
Environmental Remediation. Failure to remediate within the time period permitted by Law or governmental order, after all administrative hearings and appeals have been concluded (or within a reasonable time in light of the nature of the problem if no specific time period is so established), material environmental problems at Projects owned by the Borrower or any other member of the Consolidated Group or Investment Affiliates where aggregate book values are in excess of the Threshold Amount. Table of Contents
