Common use of Environmental Defect Clause in Contracts

Environmental Defect. An Asset shall be deemed to have an “Environmental Defect” if Buyer discovers that such Asset is subject to a condition constituting a violation of Environmental Laws with respect to which the Lowest Cost Response therefor is reasonably estimated to require an expenditure in excess of $25,000; provided that an Environmental Defect shall not be deemed to exist with respect to NORM in connection with in-use equipment or with respect to any issues disclosed in Schedule 5.02.

Environmental Defect. An Asset shall be deemed to have an “Environmental Defect” if Buyer Xxxxx discovers that such Asset is subject to a condition constituting a violation of Environmental Laws with respect to which the Lowest Cost Response therefor is reasonably estimated to require an expenditure in excess of $25,000; provided that an Environmental Defect shall not be deemed to exist with respect to NORM in connection with in-use equipment or with respect to any issues disclosed in Schedule 5.02.

Environmental Defect. An Asset shall be deemed to have an “Environmental Defect” if Buyer discovers that such Asset it is subject to a condition constituting a violation of Environmental Laws with respect to which the Lowest Cost Response therefor is reasonably estimated to require an expenditure in excess of $25,000; provided that an Environmental Defect 100,000. Notwithstanding the foregoing or anything else herein to the contrary, Buyer shall not be deemed entitled to exist with respect to NORM assert as a Environmental Defect hereunder any of the matters described as adverse or as a violation of any Environmental Law in connection with in-use equipment or with respect to any issues disclosed in Schedule 5.02the Environmental Report.

Environmental Defect. An Asset shall be deemed to have an “Environmental Defect” if Buyer discovers that such Asset is subject to a an individual condition (i) constituting a violation of Environmental Laws or (ii) consisting of soil and/or groundwater contamination that is required to be remediated at the present time pursuant to applicable Environmental Laws, in the case of either (i) or (ii) with respect to which the net present value (using a 10% discount rate) of the Lowest Cost Response therefor is reasonably estimated to require an expenditure expenditures in excess of $25,000; provided that an Environmental Defect shall not be deemed to exist with respect to NORM in connection with in-use equipment or with respect to any issues disclosed in Schedule 5.0250,000.