Common use of Environmental Condition of Property Clause in Contracts

Environmental Condition of Property. The property and assets of the Borrower and each of its Restricted Subsidiaries is not, to the knowledge of the Borrower, subject to any outstanding claim, charge or order from any Governmental Authority alleging violation of Environmental Law which would have a Material Adverse Effect or, if subject to any such claim, charge or order, the Borrower has notified the Lenders thereof and is taking or causing to be taken, with respect to itself and its Restricted Subsidiaries, all such remedial, corrective or other action required under the claim, charge or order or is diligently and in good faith contesting or causing it or its Restricted Subsidiaries, as applicable, to contest the validity thereof; and such property and assets complies, with respect to each of its use and operation, in all respects with Environmental Law and with the terms and conditions of all Governmental Authorizations which are required to be obtained by it under applicable Environmental Law, except to the extent that the failure to so comply would not have a Material Adverse Effect.

Appears in 3 contracts

Samples: Credit Agreement (Nova Chemicals Corp /New), Credit Agreement (Nova Chemicals Corp /New), Credit Agreement (Nova Chemicals Corp /New)

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Environmental Condition of Property. The property and assets of or any part thereof owned, operated or controlled by the Borrower and each of its Restricted Subsidiaries Subsidiaries: (A) is not, to the knowledge of the Borrower, the subject to of any outstanding claim, charge or order from any an Governmental Authority alleging violation of Environmental Law Laws which has had or would reasonably be expected to have a Material Adverse Effect or, Effect; or (B) if subject to any such claim, charge or order, the Borrower has notified the Lenders thereof and is taking or causing to be taken, with respect to itself and its Restricted Subsidiaries, all such remedial, corrective or other action required under the claim, charge or order or is diligently and in good faith contesting or causing it or its Restricted Subsidiariessuch Subsidiary, as applicable, to contest the validity thereof; and such property and assets and (ii) complies, with respect to each of its use and operation, in all respects with Environmental Law Laws and with the terms and conditions of all Governmental Authorizations permits, licenses and other authorizations which are required to be obtained by it each of them under applicable Environmental LawLaws, except to the extent that the failure to so comply would not and would not reasonably be expected to have a Material Adverse Effect.

Appears in 1 contract

Samples: Credit Agreement (Hammerhead Energy Inc.)

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Environmental Condition of Property. The property and assets of the Borrower and each of its Restricted Subsidiaries is not, to the knowledge of the Borrower, subject to any outstanding claim, charge or order from any Governmental Authority alleging violation of Environmental Law which would have a Material Adverse Effect or, if subject to any such claim, charge or order, the Borrower has notified the Lenders Lender thereof and is taking or causing to be taken, with respect to itself and its Restricted Subsidiaries, all such remedial, corrective or other action required under the claim, charge or order or is diligently and in good faith contesting or causing it or its Restricted Subsidiaries, as applicable, to contest the validity thereof; and such property and assets complies, with respect to each of its use and operation, in all respects with Environmental Law and with the terms and conditions of all Governmental Authorizations which are required to be obtained by it under applicable Environmental Law, except to the extent that the failure to so comply would not have a Material Adverse Effect.

Appears in 1 contract

Samples: Credit Agreement (Nova Chemicals Corp /New)

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