Common use of Environmental Indemnifications Clause in Contracts

Environmental Indemnifications. (i) The Borrowers hereby agree to indemnify and hold the Agent and the Banks jointly and severally harmless from and against any and all claims, losses, liability, damages and injuries of any kind whatsoever asserted against the Agent and the Banks with respect to or as a direct result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from any Rig or other properties owned or operated by the Borrowers or any Subsidiary of any Hazardous Substance, including without limitation, any claims asserted or arising under any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder of all Governmental Authorities, regardless of whether or not caused by or within the control of the Borrowers or any Subsidiary. (ii) It is the parties' understanding that the Agent, and the Banks do not now, have never and do not intend in the future to exercise any operational control or maintenance over the Rigs or any other properties and operations owned or operated by the Borrowers or any Subsidiary, nor have they in the past, presently, or intend in the future to, maintain an ownership interest in the Rigs or any other properties owned or operated by the Borrowers or any Subsidiary except as may arise upon enforcement of the Agent's rights under the First Naval Mortgage. (iii) Should, however, the Agent or the Banks hereafter exercise any ownership interest in or operational control over the Rigs or any other properties owned or operated by the Borrowers or any Subsidiary, e.g., including but not limited to, through foreclosure, then the above stated indemnity and hold harmless shall be limited with respect to any actions or failures to act by the Agent or the Banks subsequent to exercising such interest or operational control, to the extent such action or inaction by the Agent or the Banks is admitted by the Agent or the Banks is found by a court of competent jurisdiction to have caused or made worse any condition for which liability is asserted, including but not limited to, the presence, escape, seepage, spillage, leaking, discharge or migration on or from the Rigs or other properties owned or operated by the Borrowers or any Subsidiary of any Hazardous Substance.

Environmental Indemnifications. (i) The Borrowers Borrower hereby agree agrees to indemnify and hold the Agent and the Banks jointly and severally harmless from and against any and all claims, losses, liability, damages and injuries of any kind whatsoever asserted against the Agent and the Banks with respect to or as a direct result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from any Rig or other properties owned or operated by the Borrowers Borrower or any Subsidiary of any Hazardous Substance, including without limitation, any claims asserted or arising under any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder of all Governmental Authorities, regardless of whether or not caused by or within the control of the Borrowers Borrower or any Subsidiary. (ii) It is the parties' understanding that the Agent, Agent and the Banks do not now, have never and do not intend in the future to exercise any operational control or maintenance over the Rigs Rig or any other properties and operations owned or operated by the Borrowers Borrower or any Subsidiary, nor have they in the past, presently, or intend in the future to, maintain an ownership interest in the Rigs Rig or any other properties owned or operated by the Borrowers Borrower or any Subsidiary except as may arise upon enforcement of the Agent's rights under the First Naval Mortgage. (iii) Should, however, the Agent or the Banks hereafter exercise any ownership interest in or operational control over the Rigs Rig or any other properties owned or operated by the Borrowers Borrower or any Subsidiary, e.g., including but not limited to, through foreclosure, then the above stated indemnity and hold harmless shall be limited with respect to any actions or failures to act by the Agent or the Banks subsequent to exercising such interest or operational control, to the extent such action or inaction by the Agent or the Banks is admitted by the Agent or the Banks is found by a court of competent jurisdiction to have caused or made worse any condition for which liability is asserted, including but not limited to, the presence, escape, seepage, spillage, leaking, discharge or migration on or from the Rigs Rig or other properties owned or operated by the Borrowers Borrower or any Subsidiary of any Hazardous Substance.

Environmental Indemnifications. (i) The Borrowers hereby agree to indemnify and hold the Agent, the Co-Agent and the Banks jointly and severally harmless from and against any and all claims, losses, liability, damages and injuries of any kind whatsoever asserted against the Agent, the Co-Agent and the Banks with respect to or as a direct result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from any Rig or other properties owned or operated by the Borrowers or any Subsidiary of any Hazardous Substance, including without limitation, any claims asserted or arising under any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder of all Governmental Authorities, regardless of whether or not caused by or within the control of the Borrowers or any Subsidiary. (ii) It is the parties' understanding that the Agent, the Co-Agent, and the Banks do not now, have never and do not intend in the future to exercise any operational control or maintenance over the Rigs or any other properties and operations owned or operated by the Borrowers or any Subsidiary, nor have they in the past, presently, or intend in the future to, maintain an ownership interest in the Rigs or any other properties owned or operated by the Borrowers or any Subsidiary except as may arise upon enforcement of the Agent's rights under the First Naval Mortgage. (iii) Should, however, the Agent, the Co-Agent or the Banks hereafter exercise any ownership interest in or operational control over the Rigs or any other properties owned or operated by the Borrowers or any Subsidiary, e.g., including but not limited to, through foreclosure, then the above stated indemnity and hold harmless shall be limited with respect to any actions or failures to act by the Agent, the Co-Agent or the Banks subsequent to exercising such interest or operational control, to the extent such action or inaction by the Agent, the Co-Agent or the Banks is admitted by the Agent, the Co-Agent or the Banks is found by a court of competent jurisdiction to have caused or made worse any condition for which liability is asserted, including but not limited to, the presence, escape, seepage, spillage, leaking, discharge or migration on or from the Rigs or other properties owned or operated by the Borrowers or any Subsidiary of any Hazardous Substance.

Environmental Indemnifications. (i) The Borrowers Borrower and each Guarantor hereby agree agrees to indemnify and hold the Agent and the Banks jointly and severally harmless from and against any and all claims, losses, liability, damages and injuries of any kind whatsoever asserted against the Agent and the Banks with respect to or as a direct result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from any Rig Rigs or other properties owned or operated by the Borrowers Borrower, any Guarantor or any Subsidiary of any Hazardous Substance, including without limitation, any claims asserted or arising under any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder of all Governmental Authorities, regardless of whether or not caused by or within the control of the Borrowers Borrower, any Guarantor or any Subsidiary. (ii) . It is the parties' understanding that the Agent, Agent and the Banks do not now, have never and do not intend in the future to exercise any operational control or maintenance over the Rigs or any other properties and operations owned or operated by the Borrowers Borrower, any Guarantor or any Subsidiary, nor have they in the past, presently, or intend in the future to, maintain an ownership interest in the Rigs or any other properties owned or operated by the Borrowers Borrower, any Guarantor or any Subsidiary except as may arise upon enforcement of the Agent's rights under the First Naval Mortgage and the First Ship Mortgage. (iii) . Should, however, the Agent or the Banks hereafter exercise any ownership interest in or operational control over the Rigs or any other properties owned or operated by the Borrowers Borrower, any Guarantor or any Subsidiary, e.g., including but not limited to, through foreclosure, then the above stated indemnity and hold harmless shall be limited with respect to any actions or failures to act by the Agent or the Banks subsequent to exercising such interest or operational control, to the extent such action or inaction by the Agent or the Banks is admitted by the Agent or the Banks is found by a court of competent jurisdiction to have caused or made worse any condition for which liability is asserted, including but not limited to, the presence, escape, seepage, spillage, leaking, discharge or migration on or from the Rigs or other properties owned or operated by the Borrowers Borrower, any Guarantor or any Subsidiary of any Hazardous Substance.