Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) Comply, and cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided that none of Holdings, the Borrower or any of their Subsidiaries shall be required to undertake any such investigation, study, sampling, testing, cleanup, removal, remedial or other responsive action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP. (b) At the reasonable request of the Required Lenders, based upon a reasonable belief that Holdings, the Borrower or any of their Subsidiaries is in material breach of its obligations under this Section 5.10 or at any other time if an Event of Default has occurred and is continuing provide to the Lenders within 60 Business Days after such request, at the expense of the Borrower, an environmental site assessment report for any properties owned, leased or operated by it described in such request, prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing the Release and any response or other corrective action to address any Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting the generality of the foregoing, if the Borrower has not provided such environmental site assessment report within the time referred to above, the Lenders may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment.
Appears in 3 contracts
Samples: Credit Agreement (Pacific Investment Management Co LLC), Credit Agreement (Pacific Investment Management Co LLC), Credit Agreement (FreightCar America, Inc.)
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) Comply, and cause require all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated to the extent required by and it in accordance with the requirements of all Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower Ultimate Parent or any of their its Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where the failure to do so could would not reasonably be expected to result in have a Material Adverse Effect; provided that none of Holdings, neither the Borrower or Ultimate Parent nor any of their its Subsidiaries shall be required to undertake any such investigation, study, sampling, testing, cleanup, removal, remedial or other responsive action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.
(b) At After the reasonable request occurrence and during the continuance of the Required Lendersan Event of Default, or based upon a reasonable belief that Holdings, a material Environmental Liability may exist (described in writing to the Borrower or any of their Subsidiaries is in material breach of its obligations under this Section 5.10 reasonable detail), or at any other time if an Event (but not more frequently than one time per year) at the request of Default has occurred and is continuing the Administrative Agent or the Required Lenders, provide to the Lenders within 60 Business Days days after such request, at the expense of the Borrower, an environmental site assessment report for any such properties owned, leased or operated by it described in such request, prepared by an environmental consulting firm reasonably acceptable to the Required LendersAdministrative Agent, describing indicating the Release presence or absence of Materials of Environmental Concern or noncompliance with Environmental Law and the estimated cost of any compliance, response or other corrective action to address any such Materials of Environmental Concern on such properties and the estimated cost thereofor noncompliance; without limiting the generality of the foregoing, if the Borrower has Administrative Agent reasonably determines at any time that a material risk exists that any such report will not be provided such environmental site assessment report within the time referred to above, the Lenders Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower Ultimate Parent hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the LendersAdministrative Agent, such firm the Lenders and any their consultants, agents or representatives thereof reasonable accessan irrevocable non-exclusive license, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment.
Appears in 3 contracts
Samples: Credit Agreement (B. Riley Financial, Inc.), Credit Agreement (B. Riley Financial, Inc.), Credit Agreement (B. Riley Financial, Inc.)
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) ComplyThe Borrower will, and will cause each Subsidiary to, comply, and use its best efforts to cause all lessees and other Persons operating persons occupying the properties owned or occupying its properties leased by the Borrower and the Subsidiaries to comply, in all material respects with all environmental laws and environmental permits applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for to its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated properties except to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where that the failure to do so comply therewith could not reasonably be expected to result in a Material Adverse Effectliability in excess of $500,000; provided that none of Holdingsobtain and renew all material environmental permits necessary for its operations and properties; and conduct any remedial action required under, the Borrower or any of their Subsidiaries shall be required to undertake any such investigationand in accordance with, studyenvironmental laws, sampling, testing, cleanup, removal, remedial or other responsive action except to the extent that its obligation that: (i) the cost of such remedial action could not reasonably be expected to do so exceed $500,000; or (ii) the necessity of any such remedial action is being contested in good faith by appropriate proceedings timely instituted and diligently pursued and in the manner provided by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAPapplicable law.
(b) At If a Default or Event of Default caused by reason of a breach of Section 3.17 or 5.11(a) shall have occurred and be continuing, or if the reasonable request laws of the Required Lenders, based upon a reasonable belief that Holdings, United States or any state in which the Borrower or any of their the Subsidiaries is in material breach leases or owns property provide that a Lien upon the property of its obligations under this Section 5.10 the Borrower or any of the Subsidiaries may be obtained for the removal of Hazardous Materials which have been released, at any other time if an Event the request of Default has occurred and is continuing the Required Lenders through the Administrative Agent, the Borrower will provide to the Lenders within 60 Business Days 45 days after such request, at the expense of the Borrower, an environmental site assessment report for any the properties owned, leased which are the subject of such Default or operated by it described in such request, Event of Default prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing Agents and indicating the Release and any response presence or other corrective action to address any absence of Hazardous Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting of any compliance or remedial action in connection with such properties. To the generality extent any such Hazardous Materials are located therein or thereunder that either (i) subjects a property to Lien or (ii) requires removal to safeguard the health of any person, the Borrower shall, and shall cause each of the foregoingSubsidiaries to, if the Borrower has not provided remove, or cause to be removed, such environmental site assessment report within the time referred to above, the Lenders may retain an environmental consulting firm to prepare Lien and such report Hazardous Materials at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment's expense.
Appears in 3 contracts
Samples: Credit Agreement (Robbins & Myers Inc), Credit Agreement (Robbins & Myers Inc), Credit Agreement (Robbins & Myers Inc)
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) Comply, and cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided that none of Holdings, the Borrower or any of their Subsidiaries shall be required to undertake any such investigation, study, sampling, testing, cleanup, removal, remedial or other responsive action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.
(b) At the reasonable request of the Required Lenders, based upon a reasonable belief that Holdings, the Borrower or any of their Subsidiaries is in material breach of its obligations under this Section 5.10 or at any other time if an Event of Default has occurred and is continuing provide to the Lenders within 60 Business Days after such request, at the expense of the Borrower, an environmental site assessment report for any properties owned, leased or operated by it described in such request, prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing the Release and any response or other corrective action to address any Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting the generality of the foregoing, if the Borrower has not provided such environmental site assessment report within the time referred to above, the Lenders may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment.
Appears in 2 contracts
Samples: Credit Agreement (FreightCar America, Inc.), Credit Agreement (FreightCar America, Inc.)
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) ComplyThe Borrower will, and will cause each Subsidiary to, and the Parent will, comply, and use its best efforts to cause all lessees and other Persons operating persons occupying the properties owned or occupying its properties leased by the Borrower and the Subsidiaries (the "Properties") to comply, in all material respects with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for applicable to its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated Properties except to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where that the failure to do so comply therewith could not reasonably be expected to result in a Material Adverse Effectliability in excess of $250,000; provided that none of Holdingsobtain and renew all material Environmental Permits necessary for its operations and Properties; and conduct any Remedial Action required under, the Borrower or any of their Subsidiaries shall be required to undertake any such investigationand in accordance with, studyEnvironmental Laws, sampling, testing, cleanup, removal, remedial or other responsive action except to the extent that its obligation that: (i) the cost of such Remedial Action could not reasonably be expected to do so exceed $250,000; or (ii) the necessity of any such Remedial Action is being contested in good faith by appropriate proceedings timely instituted and diligently pursued and in the manner provided by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAPapplicable law.
(b) At If a Default or Event of Default caused by reason of a breach of Section 3.09(c) or 5.11(a) shall have occurred and be continuing, or if the reasonable request laws of the Required Lenders, based upon a reasonable belief that Holdings, United States or any state in which the Borrower or any of their the Subsidiaries is in material breach leases or owns property provide that a Lien upon the property of its obligations under this Section 5.10 the Borrower or any of the Subsidiaries may be obtained for the removal of Hazardous Materials which have been released, at any other time if an Event the request of Default has occurred and is continuing the Required Lenders through the Agent, the Borrower will provide to the Lenders within 60 Business Days 45 days after such request, at the expense of the Borrower, an environmental site assessment report for any properties owned, leased the Properties which are the subject of such Default or operated by it described in such request, Event of Default prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing Agent and indicating the Release and any response presence or other corrective action to address any absence of Hazardous Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting of any compliance or Remedial Action in connection with such Properties. To the generality extent any such Hazardous Materials are located therein or thereunder that either (i) subject the property to Lien or (ii) require removal to safeguard the health of any person, the Borrower shall, and shall cause each of the foregoingSubsidiaries to, remove, or cause to be removed, such Lien and such Hazardous Materials at the Borrower's expense. The Borrower acknowledges and agrees that if the Borrower has not provided such environmental site assessment report within the time referred fails to aboveperform its obligations under this Section 5.11(b), the Lenders may retain an environmental consulting firm Agent shall have the right to prepare such report at do so for the expense of the Borrower, Borrower and the Subsidiaries. The Borrower hereby grants further acknowledges and agrees to cause that if the Borrower or any Subsidiary that owns fails to cooperate (e.g., by allowing access to any premises or leases any property described in such request to grant permitting the Lendersdrilling of core samples, such firm etc.), the Agent and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such Lenders will not have an assessmentadequate remedy at law.
Appears in 1 contract
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) ComplyThe Borrower will, and will cause each Subsidiary to, comply, and use its best efforts to cause all lessees and other Persons operating persons occupying the properties owned or occupying its properties leased by the Borrower and the Subsidiaries to comply, in all material respects with all environmental laws and environmental permits applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for to its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated properties except to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where that the failure to do so comply therewith could not reasonably be expected to result in a Material Adverse Effectliability in excess of $2,000,000; provided that none of Holdingsobtain and renew all material environmental permits necessary for its operations and properties; and conduct any remedial action required under, the Borrower or any of their Subsidiaries shall be required to undertake any such investigationand in accordance with, studyenvironmental laws, sampling, testing, cleanup, removal, remedial or other responsive action except to the extent that its obligation that: (i) the cost of such remedial action could not reasonably be expected to do so exceed $2,000,000; or (ii) the necessity of any such remedial action is being contested in good faith by appropriate proceedings timely instituted and diligently pursued and in the manner provided by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAPapplicable law.
(b) At If a Default or Event of Default caused by reason of a breach of Section 3.17 or 5.11(a) shall have occurred and be continuing, or if the reasonable request laws of the Required Lenders, based upon a reasonable belief that Holdings, United States or any state in which the Borrower or any of their the Subsidiaries is in material breach leases or owns property provide that a Lien upon the property of its obligations under this Section 5.10 the Borrower or any of the Subsidiaries may be obtained for the removal of Hazardous Materials which have been released, at any other time if an Event the request of Default has occurred and is continuing the Required Lenders through the Administrative Agent, the Borrower will provide to the Lenders within 60 Business Days 45 days after such request, at the expense of the Borrower, an environmental site assessment report for any the properties owned, leased which are the subject of such Default or operated by it described in such request, Event of Default prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing Administrative Agent and indicating the Release and any response presence or other corrective action to address any absence of Hazardous Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting of any compliance or remedial action in connection with such properties. To the generality extent any such Hazardous Materials are located therein or thereunder that either (i) subjects a property to Lien or (ii) requires removal to safeguard the health of any person, the Borrower shall, and shall cause each of the foregoingSubsidiaries to, if the Borrower has not provided remove, or cause to be removed, such environmental site assessment report within the time referred to above, the Lenders may retain an environmental consulting firm to prepare Lien and such report Hazardous Materials at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment’s expense.
Appears in 1 contract
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) ComplyThe Borrower will, and will cause each Subsidiary to, comply, and use its best efforts to cause all lessees and other Persons operating persons occupying the properties owned or occupying its properties leased by the Borrower and the Subsidiaries to comply, in all material respects with all environmental laws and environmental permits applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for to its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated properties except to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where that the failure to do so comply therewith could not reasonably be expected to result in a Material Adverse Effectliability in excess of $500,000; provided that none of Holdingsobtain and renew all material environmental permits necessary for its operations and properties; and conduct any remedial action required under, the Borrower or any of their Subsidiaries shall be required to undertake any such investigationand in accordance with, studyenvironmental laws, sampling, testing, cleanup, removal, remedial or other responsive action except to the extent that its obligation that: (i) the cost of such remedial action could not reasonably be expected to do so exceed $500,000; or (ii) the necessity of any such remedial action is being contested in good faith by appropriate proceedings timely instituted and diligently pursued and in the manner provided by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAPapplicable law.
(b) At If a Default or Event of Default caused by reason of a breach of Section 3.17 or 5.11(a) shall have occurred and be continuing, or if the reasonable request laws of the Required Lenders, based upon a reasonable belief that Holdings, United States or any state in which the Borrower or any of their the Subsidiaries is in material breach leases or owns property provide that a Lien upon the property of its obligations under this Section 5.10 the Borrower or any of the Subsidiaries may be obtained for the removal of Hazardous Materials which have been released, at any other time if an Event the request of Default has occurred and is continuing the Required Lenders through the Administrative Agent, the Borrower will provide to the Lenders within 60 Business Days 45 days after such request, at the expense of the Borrower, an environmental site assessment report for any the properties owned, leased which are the subject of such Default or operated by it described in such request, Event of Default prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing Administrative Agent and indicating the Release and any response presence or other corrective action to address any absence of Hazardous Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting of any compliance or remedial action in connection with such properties. To the generality extent any such Hazardous Materials are located therein or thereunder that either (i) subjects a property to Lien or (ii) requires removal to safeguard the health of any person, the Borrower shall, and shall cause each of the foregoingSubsidiaries to, if the Borrower has not provided remove, or cause to be removed, such environmental site assessment report within the time referred to above, the Lenders may retain an environmental consulting firm to prepare Lien and such report Hazardous Materials at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment’s expense.
Appears in 1 contract
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) ComplyThe Borrower will, and will cause each Subsidiary to, and the Parent will, comply, and use its best efforts to cause all lessees and other Persons operating persons occupying the properties owned or occupying its properties leased by the Borrower and the Subsidiaries (the "Properties") to comply, in all material respects with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for applicable to its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated Properties except to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where that the failure to do so comply therewith could not reasonably be expected to result in a Material Adverse Effectliability in excess of $250,000; provided that none of Holdingsobtain and renew all material Environmental Permits necessary for its operations and Properties; and conduct any Remedial Action required under, the Borrower or any of their Subsidiaries shall be required to undertake any such investigationand in accordance with, studyEnvironmental Laws, sampling, testing, cleanup, removal, remedial or other responsive action except to the extent that its obligation that: (i) the cost of such Remedial Action could not reasonably be expected to do so exceed $250,000; or (ii) the necessity of any such Remedial Action is being contested in good faith by appropriate proceedings timely instituted and diligently pursued and in the manner provided by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAPapplicable law.
(b) At If a Default or Event of Default caused by reason of a breach of Section 3.17 or 5.11(a) shall have occurred and be continuing, or if the reasonable request laws of the Required Lenders, based upon a reasonable belief that Holdings, United States or any state in which the Borrower or any of their the Subsidiaries is in material breach leases or owns property provide that a Lien upon the property of its obligations under this Section 5.10 the Borrower or any of the Subsidiaries may be obtained for the removal of Hazardous Materials which have been released, at any other time if an Event the request of Default has occurred and is continuing the Required Lenders through the Agent, the Borrower will provide to the Lenders within 60 Business Days 45 days after such request, at the expense of the Borrower, an environmental site assessment report for any properties owned, leased the Properties which are the subject of such Default or operated by it described in such request, Event of Default prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing Agent and indicating the Release and any response presence or other corrective action to address any absence of Hazardous Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting the generality of the foregoing, if the Borrower has not provided such environmental site assessment report within the time referred to above, the Lenders may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns compliance or leases any property described Remedial Action in such request to grant the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment.connection with such
Appears in 1 contract
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) ComplyThe Borrower will, and will cause each Subsidiary to, comply, and use its best efforts to cause all lessees and other Persons operating persons occupying the properties owned or occupying its properties leased by the Borrower and the Subsidiaries to comply, in all material respects with all environmental laws and environmental permits applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for to its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated properties except to the extent required by and in accordance with Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower or any of their Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where that the failure to do so comply therewith could not reasonably be expected to result in a Material Adverse Effectliability in excess of $500,000; provided that none of Holdingsobtain and renew all material environmental permits necessary for its operations and properties; and conduct any remedial action required under, the Borrower or any of their Subsidiaries shall be required to undertake any such investigationand in accordance with, studyenvironmental laws, sampling, testing, cleanup, removal, remedial or other responsive action except to the extent that its obligation that: (i) the cost of such remedial action could not reasonably be expected to do so exceed $500,000; or (ii) the necessity of any such remedial action is being contested in good faith by appropriate proceedings timely instituted and diligently pursued and in the manner provided by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAPapplicable law.
(b) At If a Default or Event of Default caused by reason of a breach of Section 3.17 or 5.11(a) shall have occurred and be continuing, or if the reasonable request laws of the Required Lenders, based upon a reasonable belief that Holdings, United States or any state in which the Borrower or any of their the Subsidiaries is in material breach leases or owns property provide that a Lien upon the property of its obligations under this Section 5.10 the Borrower or any of the Subsidiaries may be obtained for the removal of Hazardous Materials which have been released, at any other time if an Event the request of Default has occurred and is continuing the Required Lenders through the Administrative Agent, the Borrower will provide to the Lenders within 60 Business Days 45 days after such request, at the expense of the Borrower, an environmental site assessment report for any the properties owned, leased which are the subject of such Default or operated by it described in such request, Event of Default prepared by an environmental consulting firm reasonably acceptable to the Required Lenders, describing Administrative Agent and indicating the Release and any response presence or other corrective action to address any absence of Hazardous Materials of Environmental Concern on such properties and the estimated cost thereof; without limiting of any compliance or remedial action in connection with such properties. To the generality extent any such Hazardous Materials are located therein or thereunder that either (i) subjects a property to Lien or (ii) requires removal to safeguard the health of any person, the Borrower shall, and shall cause each of the foregoingSubsidiaries to, if the Borrower has not provided remove, or cause to be removed, such environmental site assessment report within the time referred to above, the Lenders may retain an environmental consulting firm to prepare Lien and such report Hazardous Materials at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment's expense.
Appears in 1 contract
Compliance with Environmental Laws; Preparation of Environmental Reports. (a) (i) Comply, and cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for its operations and properties; (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address any Releases of Materials of Environmental Concern at, on, under or emanating from any property owned, leased or operated to the extent required by and it in accordance with the requirements of all Environmental Laws, and as necessary to avoid any material restrictions on ownership, occupancy, use or transferability or any material impairment of the value of the impacted property and (iv) make an appropriate response to any investigation, notice, demand, claim, suit or other proceeding asserting Environmental Liability against Holdings, the Borrower Primary Guarantor or any of their its Subsidiaries and discharge any obligations it may have to any Person thereunder, except in the case of each of clauses (i) through (iv), where the failure to do so could would not reasonably be expected to result in have a Material Adverse Effect; provided that none of Holdings, neither the Borrower or Primary Guarantor nor any of their its Subsidiaries shall be required to undertake any such investigation, study, sampling, testing, cleanup, removal, remedial or other responsive action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.
(b) At After the reasonable request occurrence and during the continuance of the Required Lendersan Event of Default, or based upon a reasonable belief that Holdingsa material Environmental Liability may exist (described in writing to Borrower in reasonable detail), the Borrower or any of their Subsidiaries is in material breach of its obligations under this Section 5.10 or at any other time if an Event (but not more frequently than one time per year) at the request of Default has occurred and is continuing the Administrative Agent or the Required Lenders, provide to the Lenders within 60 Business Days days after such request, at the expense of the Borrower, an environmental site assessment report for any such properties owned, leased or operated by it described in such request, prepared by an environmental consulting firm reasonably acceptable to the Required LendersAdministrative Agent, describing indicating the Release presence or absence of Materials of Environmental Concern or noncompliance with Environmental Law and the estimated cost of any compliance, response or other corrective action to address any such Materials of Environmental Concern on such properties and the estimated cost thereofor noncompliance; without limiting the generality of the foregoing, if the Borrower has Administrative Agent determines at any time that a material risk exists that any such report will not be provided such environmental site assessment report within the time referred to above, the Lenders Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower Primary Guarantor hereby grants and agrees to cause any Subsidiary that owns or leases any property described in such request to grant the LendersAdministrative Agent, such firm the Lenders and any their consultants, agents or representatives thereof reasonable accessan irrevocable non-exclusive license, subject to the rights of tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment.
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