Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct such Environmental Defect in the most cost-effective manner reasonably available, consistent with Environmental Laws, taking into account that non-permanent remedies (such as mechanisms to contain or stabilize hazardous materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, caps, dikes, encapsulation, leachate collection systems, etc.) may be the most cost-effective manner reasonably available.
Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect consistent with applicable Environmental Laws.
Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the estimated costs and expenses net to Seller’s interest in the affected portion of the Assets to correct and/or remediate such Environmental Defect in the most cost effective manner reasonably available, consistent with Environmental Laws, taking into account that non-permanent remedies (such as, by way of example but not by limitation or similarity, mechanisms to contain or stabilize hazardous materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls, or other appropriate restrictions on the use of property, caps, dikes, encapsulation, leachate collection systems, etc.) may be the most cost effective manner reasonably available.
Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” means, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct the Environmental Defect in the most cost-effective manner reasonably available, consistent with Environmental Laws, taking into account that non-permanent remedies (such as mechanisms to contain or stabilize hazardous materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, caps, dikes, encapsulation, leachate collection systems, etc.) may be the most cost-effective manner reasonably available. The Environmental Defect Value of an Environmental Defect shall be determined without duplication of any costs or losses included in another Environmental Defect Value. For example, if a matter which constitutes an Environmental Defect affects more than one Asset or the curative work with respect to one Environmental Defect results (or is reasonably expected to result) in the curing of any other Environmental Defect affecting the same or another Asset, the amount of such curative work shall be allocated among the Assets so affected (in the ratios of the respective portions of the Allocated Values of such Assets) and the amount so allocated shall be included only once in the Environmental Defect Value.
Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct such Environmental Defect that would be used by a reasonably prudent operator in a cost-effective manner, consistent with Environmental Laws, taking into account that the value of the estimated costs and expenses for non-permanent remedies (such as mechanisms to contain or stabilize Hazardous Materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, collection systems, etc.) may be used by a reasonably prudent operator in such a cost-effective manner.
Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” means, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct the Environmental Defect, in the most prudent manner reasonably available consistent with Environmental Laws, taking into account (i) that non-permanent remedies (such as mechanisms to contain or stabilize Hazardous Substances, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, caps, dikes, encapsulations, leachate collection systems, etc.) may be the most cost-effective manner reasonably available, (ii) the continuing long-term need to operate the Asset, (iii) customary industry practices, (iv) the net present value of such Environmental Condition, and (v) the requirements of Environmental Laws.
Environmental Defect Value. “Environmental Defect Value” means the amount of Remediation Costs required to bring the Asset subject to the Environmental Defect into material compliance with Environmental Laws.
Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental Defect, the value of the estimated costs and expenses to correct such Environmental Defect in the most cost-effective manner reasonably available, consistent with Environmental Laws, taking into account that non-permanent remedies (such as mechanisms to contain or stabilize hazardous materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, caps, dikes, encapsulation, leachate collection systems, etc.) may be the most cost-effective manner reasonably available, together with all fines, penalties, interest and other similar expenses arising from the Environmental Defect that may have been assessed prior to the Closing Date or that are known will be assessed after the Closing Date and not previously satisfied. Additionally, Sellers shall indemnify and hold harmless Buyer from and against any and all other fines, penalties, interest and other similar expenses arising from the Environmental Defect that may be assessed after the Closing Date, but that are unknown or uncertain as of the Closing Date.
Environmental Defect Value. The “Environmental Defect Value” attributable to any Environmental Defect shall be the lowest estimated cost of remediation designed to meet the least restrictive standard or remedy that complies with applicable Environmental Laws (including, where applicable, engineering or institutional controls or any less stringent standards or remedies resulting from site-specific risk assessment) based on the current nature of use of the relevant facility or property, on a current cost basis, net to Seller’s interest in the relevant Property or portion thereof. Notwithstanding anything to the contrary contained in this Agreement, Buyer shall have no remedy hereunder for any Environmental Defect unless: (i) the Environmental Defect Value for such Environmental Defect exceeds the Threshold, in which event the value of such defect will be taken into account from first dollar; and (ii) the sum of the aggregate Environmental Defect Values for all Environmental Defects together with the aggregate Title Defect Values for all Title Defects, in each case where the defect values exceed the Threshold, exceeds two hundred forty thousand dollars ($240,000.00), and then only to the extent such amount exceeds such two hundred forty thousand dollar ($240,000.00) deductible.
Environmental Defect Value. “Environmental Defect Value” means, with respect to an Environmental Defect, the amount of the Liability and the estimated costs and expenses of Seller (in both cases based on the reasonable proportionate cost to Seller) to Remediate or otherwise cure such Environmental Defect in the lowest cost manner reasonably available, consistent with applicable Environmental Laws, taking into account (i) the nature of the Environmental Defect, (ii) the likelihood that such Environmental Defect actually will result in a Claim or Liability by any Governmental Authority, (iii) any subsequent Remediation or cure of the Environmental Defect by Seller within the time frames permitted under this Agreement and (iv) that non-permanent remedies (including without limitation, mechanisms to contain or stabilize Hazardous Materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls, or other appropriate restrictions on the industrial use of the property, caps, dikes, encapsulation, lechate collection systems, and the like) may be the lowest cost manner reasonably available and, where applicable, to the satisfaction of the applicable Governmental Authorities.
