Environmental Matters; Environmental Reviews. (a) The Borrower and each Restricted Subsidiary will comply and Borrower will cause each Included Joint Venture to comply in all material respects with all Environmental Laws now or hereafter applicable to the Borrower or such Restricted Subsidiary or Included Joint Venture and shall obtain, at or prior to the time required by applicable Environmental Laws, all environmental permits, licenses and other authorizations required under Environmental Laws and necessary for its operations and will maintain such authorizations as necessary in full force and effect, whereby the failure to comply could reasonably be expected to result in liability in excess of $20,000,000. (b) The Borrower, the Restricted Subsidiaries and the Included Joint Ventures will not Release any Hazardous Materials on, under or from any of their real properties, or permit others to Release any Hazardous Materials on, under or from any of their real properties, in a manner that could reasonably be expected to result in liability in excess of $20,000,000 under Environmental Laws. (c) The Borrower will promptly, but in no event later than five (5) Business Days after the occurrence thereof, notify the Administrative Agent in writing of Bxxxxxxx’s initial written receipt of a citation, civil or criminal penalty assessment or compliance order from any Tribunal or of a lawsuit from any Person with respect to an alleged violation of Environmental Law or an alleged violation of a permit, license or other authorizations required under Environmental Law by the Borrower, the Restricted Subsidiaries or any Included Joint Venture for their respective businesses or with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower, the Restricted Subsidiaries and Included Joint Ventures (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles. (d) The Borrower will provide to Administrative Agent environmental assessments and tests in accordance with the most current version of applicable American Society of Testing Materials standards upon the reasonable request by the Administrative Agent upon an Event of Default under this Agreement (or as otherwise required to be obtained by the Administrative Agent or the Lenders by any Tribunal), in connection with any material real properties of the Borrower and Restricted Subsidiaries. (e) Concurrent with the furnishing of financial statements pursuant to Section 6.2(a), Borrower will furnish to Administrative Agent a reasonably detailed written description of all material: (i) citations, civil or criminal penalty assessments, or compliance orders with respect to violations of Environmental Laws for which the Borrower reasonably anticipates will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles; and (ii) lawsuits with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower and the Restricted Subsidiaries (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles.
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Samples: Credit Agreement (W&t Offshore Inc), Credit Agreement (W&t Offshore Inc)
Environmental Matters; Environmental Reviews. (a) The Borrower and each Each Restricted Subsidiary Person will comply and Borrower will cause each Included Joint Venture to comply in all material respects with all Environmental Laws now or hereafter applicable to the Borrower or such Restricted Subsidiary or Included Joint Venture Person and shall obtain, at or prior to the time required by applicable Environmental Laws, all environmental permits, licenses and other authorizations required under Environmental Laws and necessary for its operations and will maintain such authorizations as necessary in full force and effect, whereby the failure to comply could reasonably be expected to result in liability in excess of $20,000,000.
(b) The Borrower, the Restricted Subsidiaries and the Included Joint Ventures Persons will not Release any Hazardous Materials on, under or from any of their real properties, or permit others to Release any Hazardous Materials on, under or from any of their real properties, in a manner that could reasonably be expected to result in material liability in excess of $20,000,000 under Environmental Laws.
(c) The Borrower will promptly, but in no event later than five (5) Business Days after the occurrence thereof, notify the Administrative Agent in writing of BxxxxxxxBorrower’s initial written receipt of a citation, civil or criminal penalty assessment or compliance order from any Tribunal or of a lawsuit from any Person with respect to an alleged violation of Environmental Law or an alleged violation of a permit, license or other authorizations required under Environmental Law by the Borrower, the Restricted Subsidiaries or any Included Joint Venture Persons for their respective businesses or with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower, the Restricted Subsidiaries and Included Joint Ventures Persons (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries Persons of $20,000,000 5,000,000 or more, not fully covered by insurance, subject to normal deductibles.
(d) The Borrower will provide to Administrative Agent environmental assessments and tests in accordance with the most current version of applicable American Society of Testing Materials standards upon the reasonable request by the Administrative Agent upon an Event of Default under this Agreement (or as otherwise required to be obtained by the Administrative Agent or the Lenders by any Tribunal), in connection with any material real properties of the Borrower and Restricted SubsidiariesPersons.
(e) Concurrent with the furnishing of financial statements pursuant to Section 6.2(a), Borrower will furnish to Administrative Agent a reasonably detailed written description of all material: (i) citations, civil or criminal penalty assessments, or compliance orders with respect to violations of Environmental Laws for which the Borrower reasonably anticipates will result in liability to the Borrower and the Restricted Subsidiaries Persons of $20,000,000 5,000,000 or more, not fully covered by insurance, subject to normal deductibles; and (ii) lawsuits with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower and the Restricted Subsidiaries Persons (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries Persons of $20,000,000 5,000,000 or more, not fully covered by insurance, subject to normal deductibles.
Appears in 1 contract
Samples: Credit Agreement (W&t Offshore Inc)
Environmental Matters; Environmental Reviews. (a) The Borrower and each Each Restricted Subsidiary Person will comply and Borrower will cause each Included Joint Venture to comply in all material respects with all Environmental Laws now or hereafter applicable to the Borrower or such Restricted Subsidiary or Included Joint Venture Person and shall obtain, at or prior to the time required by applicable Environmental Laws, all environmental permits, licenses and other authorizations required under Environmental Laws and necessary for its operations and will maintain such authorizations as necessary in full force and effect, whereby the failure to comply could reasonably be expected to result in liability in excess of $20,000,000.
(b) The Borrower, the Restricted Subsidiaries and the Included Joint Ventures Persons will not Release any Hazardous Materials on, under or from any of their real properties, or permit others to Release any Hazardous Materials on, under or from any of their real properties, in a manner that could reasonably be expected to result in liability in excess of $20,000,000 under Environmental Laws.
(c) The Borrower will promptly, but in no event later than five (5) Business Days after the occurrence thereof, notify the Administrative Agent in writing of BxxxxxxxBorrower’s initial written receipt of a citation, civil or criminal penalty assessment or compliance order from any Tribunal or of a lawsuit from any Person with respect to an alleged violation of Environmental Law or an alleged violation of a permit, license or other authorizations required under Environmental Law by the Borrower, the Restricted Subsidiaries or any Included Joint Venture Persons for their respective businesses or with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower, the Restricted Subsidiaries and Included Joint Ventures Persons (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries Persons of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles.
(d) The Borrower will provide to Administrative Agent environmental assessments and tests in accordance with the most current version of applicable American Society of Testing Materials standards upon the reasonable request by the Administrative Agent upon an Event of Default under this Agreement (or as otherwise required to be obtained by the Administrative Agent or the Lenders by any Tribunal), in connection with any material real properties of the Borrower and Restricted SubsidiariesPersons.
(e) Concurrent with the furnishing of financial statements pursuant to Section 6.2(a), Borrower will furnish to Administrative Agent a reasonably detailed written description of all material: (i) citations, civil or criminal penalty assessments, or compliance orders with respect to violations of Environmental Laws for which the Borrower reasonably anticipates will result in liability to the Borrower and the Restricted Subsidiaries Persons of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles; and (ii) lawsuits with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower and the Restricted Subsidiaries Persons (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries Persons of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles.
Appears in 1 contract
Samples: Credit Agreement (W&t Offshore Inc)
Environmental Matters; Environmental Reviews. (a) The Borrower and each Each Restricted Subsidiary Person will comply and Borrower will cause each Included Joint Venture to comply in all material respects with all Environmental Laws now or hereafter applicable to the Borrower or such Restricted Subsidiary Person, as well as all contractual obligations and agreements with respect to environmental remediation or Included Joint Venture other environmental matters, and shall obtain, at or prior to the time required by applicable Environmental Laws, all environmental environmental, health and safety permits, licenses and other authorizations required under Environmental Laws and necessary for its operations and will maintain such authorizations as necessary in full force and effect, whereby except, in each case, to the extent that the failure to comply could do so would not reasonably be expected to cause a Material Adverse Change. No Restricted Person will do anything or permit anything to be done that will subject any of its properties to any remedial obligations under, or result in noncompliance with applicable permits and licenses issued under, any applicable Environmental Laws, assuming disclosure to the applicable governmental authorities of all relevant facts, conditions and circumstances, except to the extent that the failure to do so would not reasonably be expected to cause a Material Adverse Change. Upon Administrative Agent’s reasonable request, at any time, Administrative Agent has a reasonable basis to believe that Restricted Persons are not conducting their operations or maintaining their real properties in material compliance with Environmental Law, but no more frequently than once per year, Borrower will provide at its own expense an environmental inspection of any of the Restricted Persons’ material real properties and audit of their environmental compliance procedures and practices, in each case from an engineering or consulting firm reasonably approved by Administrative Agent.
(b) Borrower will promptly (and in any event within 30 days after receipt thereof) furnish to Administrative Agent copies of all written notices of violation, orders, claims, citations, complaints, penalty assessments, suits or other proceedings received by any Restricted Person, or 90 CREDIT AGREEMENT of which Borrower otherwise has notice, pending or threatened against any Restricted Person by any Governmental Authority with respect to any alleged violation of or non-compliance with any Environmental Laws or any permits, licenses or authorizations in connection with any Restricted Person’s ownership or use of its properties or the operation of its business, which with regard to any of the foregoing would reasonably be expected to result in liability to the Restricted Persons in excess of $20,000,000the Threshold Amount in the aggregate.
(bc) The BorrowerBorrower will promptly (and in any event within 30 days after receipt thereof) furnish to Administrative Agent all requests for information, notices of claim, demand letters, and other notifications, received by Borrower in connection with any Restricted Person’s ownership or use of its properties or the Restricted Subsidiaries and the Included Joint Ventures will not Release conduct of its business, relating to potential responsibility with respect to any investigation or clean-up of Hazardous Materials onMaterial at any location, under or from any of their real properties, or permit others to Release any Hazardous Materials on, under or from any of their real properties, in a manner that could which would reasonably be expected to result in liability to the Restricted Persons in excess of $20,000,000 under Environmental Lawsthe Threshold Amount in the aggregate.
(c) The Borrower will promptly, but in no event later than five (5) Business Days after the occurrence thereof, notify the Administrative Agent in writing of Bxxxxxxx’s initial written receipt of a citation, civil or criminal penalty assessment or compliance order from any Tribunal or of a lawsuit from any Person with respect to an alleged violation of Environmental Law or an alleged violation of a permit, license or other authorizations required under Environmental Law by the Borrower, the Restricted Subsidiaries or any Included Joint Venture for their respective businesses or with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower, the Restricted Subsidiaries and Included Joint Ventures (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles.
(d) The Borrower will provide to Administrative Agent environmental assessments and tests in accordance with the most current version of applicable American Society of Testing Materials standards upon the reasonable request by the Administrative Agent upon an Event of Default under this Agreement (or as otherwise required to be obtained by the Administrative Agent or the Lenders by any Tribunal), in connection with any material real properties of the Borrower and Restricted Subsidiaries.
(e) Concurrent with the furnishing of financial statements pursuant to Section 6.2(a), Borrower will furnish to Administrative Agent a reasonably detailed written description of all material: (i) citations, civil or criminal penalty assessments, or compliance orders with respect to violations of Environmental Laws for which the Borrower reasonably anticipates will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles; and (ii) lawsuits with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower and the Restricted Subsidiaries (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles.
Appears in 1 contract
Environmental Matters; Environmental Reviews. (a) The Borrower and each Each Restricted Subsidiary Person will comply and Borrower will cause each Included Joint Venture to comply in all material respects with all Environmental Laws now or hereafter applicable to the Borrower or such Restricted Subsidiary Person, as well as all contractual obligations and agreements with respect to environmental remediation or Included Joint Venture other environmental matters, and shall obtain, at or prior to the time required by applicable Environmental Laws, all environmental permitsenvironmental, licenses health and safety Permits and other authorizations required under Environmental Laws and necessary for its operations and will maintain such authorizations as necessary in full force and effect, whereby except to the extent that a failure to comply do any of the foregoing could not reasonably be expected to result in Environmental Liabilities, individually or in the aggregate, in excess of $1,000,000. No Restricted Person will do anything or permit anything to be done which will subject any of its properties to any remedial obligations under, or result in noncompliance with applicable Permits issued under, any applicable Environmental Laws, assuming disclosure to the applicable governmental authorities of all relevant facts, conditions and circumstances to the extent such action could reasonably be expected to result in liability Environmental Liabilities, individually or in the aggregate, in excess of $20,000,000.
(b) The Borrower1,000,000. In the event any facts, conditions or circumstances affecting or relating to the Restricted Subsidiaries and Persons’ properties are reasonably likely to give rise to the Included Joint Ventures will not Release any Hazardous Materials on, liabilities or costs under or from any of their real properties, or permit others to Release any Hazardous Materials on, under or from any of their real properties, in a manner Environmental Laws that could reasonably be expected to result in liability Environmental Liabilities, individually or in the aggregate, in excess of $20,000,000 under Environmental Laws1,000,000, upon Administrative Agent’s request, Borrower will provide at its own expense an environmental inspection of any of the Restricted Persons’ real properties and audit of their environmental compliance procedures and practices, in each case from an engineering or consulting firm approved by Administrative Agent and in scope and content satisfactory to Administrative Agent.
(cb) The Borrower will promptly, promptly but in no event later than five three (53) Business Days after the occurrence its receipt thereof, notify the furnish to Administrative Agent in writing copies of Bxxxxxxx’s initial all written receipt notices of a citationviolation, civil orders, claims, citations, complaints, penalty assessments, suits or criminal penalty assessment or compliance order from other proceedings received by any Tribunal Restricted Person, or of a lawsuit from which Borrower otherwise has notice, pending or threatened against any Restricted Person by any Governmental Authority with respect to an any alleged violation of or non-compliance with any Environmental Law or an alleged violation of a permit, license or other authorizations required under Environmental Law by the Borrower, the Restricted Subsidiaries Laws or any Included Joint Venture Permits or authorizations in connection with any Restricted Person’s ownership or use of its properties or the operation of its business that may result in a Restricted Person being liable for their respective businesses $500,000 or more.
(c) Borrower will promptly but in no event later than three days furnish to Administrative Agent all requests for information, notices of claim, demand letters, and other notifications, received by Borrower in connection with any Restricted Person’s ownership or use of its properties or the conduct of its business, relating to potential responsibility with respect to an alleged Release any investigation or clean-up of Hazardous Materials arising out of the operations of Material at any of the Borrower, the Restricted Subsidiaries and Included Joint Ventures (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates location that any of such actions will may result in liability to the Borrower and the a Restricted Subsidiaries of Person being liable for $20,000,000 500,000 or more, not fully covered by insurance, subject to normal deductibles.
(d) The Borrower will provide shall conduct an environmental compliance audit of Restricted Persons’ Oil and Gas Properties and operations on an annual basis, such audit to be in scope and content satisfactory to Administrative Agent environmental assessments and tests in accordance with the most current version of applicable American Society of Testing Materials standards upon the reasonable request by the Administrative Agent upon an Event of Default under this Agreement (or as otherwise required to be obtained by the Administrative Agent or the Lenders by any Tribunal), in connection with any material real properties of the Borrower and Restricted SubsidiariesAgent.
(e) Concurrent with the furnishing of financial statements pursuant to Section 6.2(a), Borrower will furnish to Administrative Agent a reasonably detailed written description of all material: (i) citations, civil or criminal penalty assessments, or compliance orders with respect to violations of Environmental Laws for which the Borrower reasonably anticipates will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles; and (ii) lawsuits with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower and the Restricted Subsidiaries (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles.
Appears in 1 contract
Environmental Matters; Environmental Reviews. (a) The Borrower Each Loan Party and each Restricted Subsidiary its respective Subsidiaries will comply and Borrower will cause each Included Joint Venture to comply in all material respects with, and will use commercially reasonable efforts to seek compliance in all material respects by any operator of its properties, if any, with, all applicable Environmental Laws, as well as all contractual obligations and agreements with all Environmental Laws now respect to environmental remediation or hereafter applicable to the Borrower or such Restricted Subsidiary or Included Joint Venture other environmental matters, and shall obtain or use commercially reasonable efforts to require that any operator of its properties, if any, obtain, at or prior to the time required by applicable Environmental Laws, all environmental material environmental, health and safety permits, licenses and other authorizations required under Environmental Laws and necessary for its operations and will maintain such authorizations as necessary in full force and effecteffect as required by Environmental Law. No Loan Party nor any of its respective Subsidiaries will do anything or knowingly permit anything to be done that will subject any of its properties to any Lien or investigatory or remedial obligations under, whereby or result in noncompliance with applicable permits and licenses issued under, any applicable Environmental Laws, in each case except as could not, individually or in the failure to comply could aggregate, reasonably be expected to result in liability Liability of the Loan Parties or any of their respective Subsidiaries with respect thereto in excess of $20,000,000the Environmental Threshold Amount. Upon the Majority Lenders’ reasonable request, at any time and from time to time, Borrowers will provide at their own expense an environmental inspection of any of the Loan Parties’ or any of their respective Subsidiaries’ material real properties and audit of their environmental compliance procedures and practices, in each case from an engineering or consulting firm approved by the Majority Lenders (such approval not to be unreasonably withheld or delayed).
(b) The BorrowerBorrowers will promptly furnish to Lenders (with a copy to the Administrative Agent) copies of all written notices of violation, the Restricted Subsidiaries and the Included Joint Ventures will not Release orders, claims, citations, complaints, penalty assessments, suits or other proceedings received by any Hazardous Materials on, under Loan Party or from any of their real propertiesits respective Subsidiaries, or permit others to Release of which they have notice, pending or threatened against any Hazardous Materials on, under Loan Party or from any of their real propertiesits respective Subsidiaries, by any Governmental Authority with respect to any alleged violation of or non-compliance with any Environmental Laws or any permits, licenses or authorizations in connection with any Loan Party’s or any of its respective Subsidiaries’ ownership or use of its properties or the operation of its business, in a manner that could reasonably be expected each case, to result in liability in excess the extent such notices of violation, orders, claims, citations, complaints, penalty assessments, suits or other proceedings exceed $20,000,000 under Environmental Laws10,000.
(c) The Borrower Borrowers will promptly, but in no event later than five promptly furnish to Lenders (5) Business Days after the occurrence thereof, notify with a copy to the Administrative Agent Agent) all requests for information, notices of claim, demand letters, and other notifications, received by any Loan Party or any of its respective Subsidiaries in writing connection with its ownership or use of Bxxxxxxx’s initial written receipt its properties or the conduct of a citationits business, civil or criminal penalty assessment or compliance order from any Tribunal or of a lawsuit from any Person relating to potential responsibility with respect to an alleged violation of Environmental Law any investigation or an alleged violation of a permit, license or other authorizations required under Environmental Law by the Borrower, the Restricted Subsidiaries or any Included Joint Venture for their respective businesses or with respect to an alleged Release clean-up of Hazardous Materials arising out of the operations of Material at any of the Borrower, the Restricted Subsidiaries and Included Joint Ventures (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibleslocation.
(d) The Borrower will provide Each Loan Party and its respective Subsidiaries shall conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and to Administrative Agent environmental assessments avoid subjecting the Properties to any Lien and tests promptly comply in accordance all material respects with the most current version all lawful orders and directives of applicable American Society all Governmental Authorities regarding Environmental Laws. If any Loan Party or any of Testing Materials standards upon the reasonable request by the Administrative Agent upon an Event of Default under this Agreement (or as otherwise required its respective Subsidiaries shall fail to be obtained by the respond promptly to such matters, Administrative Agent or the Majority Lenders may, but without the obligation to do so, for the sole purpose of protecting Administrative Agent’s interest in the Collateral, enter onto the properties (or authorize third parties to enter onto the properties) and take such actions as Administrative Agent or the Majority Lenders (or such third parties as directed by Administrative Agent or Majority Lenders) deem reasonably necessary or advisable to clean up, remove, mitigate or otherwise remedy any Tribunal), such matter after providing Borrower with reasonable notice and opportunity to cure. All reasonable costs and expenses incurred by Administrative Agent or Majority Lenders (or such third parties) in connection with the exercise of any material real properties of such rights shall be paid upon demand by the Borrower and Restricted SubsidiariesLoan Parties.
(e) Concurrent with Without limiting the furnishing foregoing, if an Event of financial statements pursuant to Section 6.2(a), Borrower will furnish to Administrative Agent a Default is continuing or if the Majority Lenders at any time reasonably detailed written description believe that any violations of all material: (i) citations, civil or criminal penalty assessments, or compliance orders Liabilities under any Environmental Laws exist with respect to any of the Loan Parties or any of their respective Subsidiaries, their business, or their properties that are not being adequately addressed by any Loan Party or any of its respective Subsidiaries in the reasonable judgment of the Majority Lenders, then each Loan Party and its respective Subsidiaries shall, promptly upon receipt of request from the Majority Lenders or their representatives, cause the performance of, and allow the Majority Lenders or their representatives access to the properties for the purpose of conducting, environmental audits and assessments reasonably related to the violation or Liability (including subsurface sampling of soil and groundwater if reasonably warranted), with a copy of any such audit, assessment or report provided to Borrower; and cause the preparation of such reports, in each case as the Majority Lenders may from time to time reasonably request, at the sole expense of Borrowers (which shall not exceed one per year unless there is an Event of Default that has occurred and is continuing or the Majority Lenders reasonably believe that any violations of or Liabilities under any Environmental Laws for which the Borrower reasonably anticipates will result in liability to the Borrower and the Restricted Subsidiaries of $20,000,000 or more, not fully covered by insurance, subject to normal deductibles; and (ii) lawsuits exist with respect to an alleged Release of Hazardous Materials arising out of the operations of any of the Borrower Loan Party, Subsidiary thereof, their business, or their properties). Such audits, assessments and the Restricted Subsidiaries (including any costs to investigate or remediate such Release) if the Borrower reasonably anticipates that any of such actions will result in liability reports, to the Borrower extent not conducted by Administrative Agent, shall be conducted and the Restricted Subsidiaries of $20,000,000 or more, not fully covered prepared by insurance, subject reputable environmental consulting firms reasonably acceptable to normal deductiblesMajority Lenders and shall be in form and substance reasonably acceptable to Majority Lenders.
Appears in 1 contract
