Environmental Matters; Environmental Reviews. (a) Each Related Person will comply in all material respects with all Environmental Laws now or hereafter applicable to such Related Person as well as all contractual obligations and agreements with respect to environmental remediation or other environmental matters and shall obtain, at or prior to the time required by applicable Environmental Laws, all environmental, health and safety permits, licenses and other authorizations necessary for its operations and will maintain such authorizations in full force and effect. (b) Borrower will promptly notify Administrative Agent of all violations, orders, claims, citations, complaints, penalty assessments, suits or other proceedings of which a Responsible Officer has notice, pending or threatened against any Related Person by any governmental authority with respect to (i) any alleged violation of or non-compliance with any Environmental Laws or any permits, licenses or authorizations in connection with its ownership or use of its properties or the operation of its business or (ii) any potential responsibility with respect to any investigation or clean-up of Hazardous Material at any location, in each such case (i) or (ii) where such Responsible Officer has concluded that it is reasonable to expect either (A) the same would cause a Material Adverse Change if resolved adversely against any Related Person or (B) the potential liability of which exceeds, when aggregated with all other such violations, orders, claims, citations, complaints, penalty assessments, suits or other proceedings, $10,000,000 in a Fiscal Year.
Appears in 2 contracts
Samples: Credit Agreement (Pacific Energy Partners Lp), Credit Agreement (Pacific Energy Partners Lp)
