Common use of Environmental Matters; Environmental Reviews Clause in Contracts

Environmental Matters; Environmental Reviews. (a) The Company will comply in all material respects with all Environmental Legal Requirements now or hereafter applicable to the Company, 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 Legal Requirements, all environmental, health and safety permits, licenses and other authorizations necessary for its operations and will maintain such authorizations in full force and effect, except where the failure to obtain such permits, licenses and authorizations would not constitute a Material Adverse Change. The Company will not 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 Legal Requirements, assuming disclosure to the applicable governmental authorities of all relevant facts, conditions and circumstances. Upon Lender's reasonable request, at any time and from time to time, the Company will provide at its own expense an environmental inspection of the Company's material real properties and audit of their environmental compliance procedures and practices, in each case from an engineering or consulting firm approved by Lender. (b) The Company will promptly furnish to Lender all written notices of violation, orders, claims, citations, complaints, penalty assessments, suits or other proceedings received by the Company or otherwise has notice, pending or threatened against the Company by any governmental authority with respect to any alleged violation of or non-compliance with any Environmental Legal Requirements or any permits, licenses or authorizations in connection with the Company's ownership or use of its properties or the operation of its business. (c) The Company will promptly furnish to Lender all requests for information, notices of claim, demand letters, and other notifications, received by the Company in connection with the Company's ownership or use of its properties or the conduct of its business, relating to potential responsibility with respect to any investigation or clean-up of Hazardous Material at any location.

Appears in 2 contracts

Samples: Loan Agreement (Iexalt Inc), Loan Agreement (Iexalt Inc)

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Environmental Matters; Environmental Reviews. (a) The Company Such Obligor and each of its Subsidiaries will comply in all material respects with all Environmental Legal Requirements Laws now or hereafter applicable to the Companysuch 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 Legal RequirementsLaws, all environmental, health and safety permits, licenses and other authorizations necessary for its operations and will maintain such authorizations in full force and effect, except where the failure to obtain such permits, licenses and authorizations would for those which if not constitute obtained could not have a Material Adverse ChangeEffect. The Company Neither such Obligor nor any of its Subsidiaries will not do anything or permit anything to be done that which 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 Legal RequirementsLaws, assuming disclosure to the applicable governmental authorities of all relevant facts, conditions and circumstances. Upon Lender's reasonable request, at any time and from time to time, the Company will provide at its own expense an environmental inspection of the Company's material real properties and audit of their environmental compliance procedures and practices, in each case from an engineering or consulting firm approved by Lender. (b) The Company Such Obligor will promptly furnish to Lender Administrative Agent all written notices of violation, orders, claims, citations, complaints, penalty assessments, suits or other proceedings received by the Company such Borrower or any of its Subsidiaries, or of which such Obligor otherwise has notice, pending or threatened against the Company any such Person by any governmental authority with respect to any alleged violation of or non-compliance with any Environmental Legal Requirements Laws or any permits, licenses or authorizations in connection with the Company's such Person’s ownership or use of its properties or the operation of its business. (c) The Company Such Obligor will promptly furnish to Lender Administrative Agent all requests for information, notices of claim, demand letters, and other notifications, received by the Company such Obligor in connection with the Company's such Borrower’s or its Subsidiaries’ ownership or use of its properties or the conduct of its business, relating to potential responsibility with respect to any investigation or clean-up of Hazardous Material at any location.

Appears in 1 contract

Samples: Loan and Security Agreement (Precision Aerospace Components, Inc.)

Environmental Matters; Environmental Reviews. (a) The Company Each Restricted Person will comply in all material respects with all Environmental Legal Requirements Laws now or hereafter applicable to the Company, as well as all contractual obligations and agreements with respect to environmental remediation or other environmental matters, such Restricted Person and shall obtain, at or prior to the time required by applicable Environmental Legal RequirementsLaws, all environmental, health and safety permits, licenses and other authorizations necessary for its operations and will maintain such authorizations in full force and effect, except where the failure to obtain such permits, licenses and authorizations would not constitute a Material Adverse Change. The Company will not 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 Legal Requirements, assuming disclosure to the applicable governmental authorities of all relevant facts, conditions and circumstances. Upon Lender's reasonable request, at any time and from time to time, the Company will provide at its own expense an environmental inspection of the Company's material real properties and audit of their environmental compliance procedures and practices, in each case from an engineering or consulting firm approved by Lender. (b) The Company Restricted Persons will not dispose of, Release, treat, store, use, recycle or generate or transport Hazardous Material or permit same to occur on their properties other than in the regular course of business in compliance with Environmental Laws in all material respects. (c) Borrower will promptly furnish to Lender Agent all written notices of violation, orders, claims, citations, complaints, penalty assessments, suits or other proceedings received by the Company Borrower, or otherwise of which it has notice, pending or threatened against the Company Borrower, by any governmental authority or any other Person with respect to any alleged violation of or non-compliance with any Environmental Legal Requirements Laws or any permits, licenses or authorizations in connection with the Company's its ownership or use of its properties or the operation of its business, as well as a reasonably entailed files of any material Release or existence involving a Hazardous Material; and Borrower shall conduct and complete any investigation, sampling, monitoring and testing and undertake any action required under Environmental Laws with due diligence and in compliance therewith in all material respects. (cd) The Company Borrower will promptly furnish to Lender Agent all requests for information, notices of claim, demand letters, and other notifications, involving an Environmental Claim in excess of $250,000 received by the Company Borrower in connection with the Company's its ownership or use of its properties or the conduct of its business, relating to potential responsibility with respect to any investigation or clean-up of Hazardous Material at any location. (e) Concurrent with the furnishing of financial statements pursuant to Section 6.2(a), Borrower will furnish to Agent a reasonably detailed written description of all material environmental claims and violation of Environmental Laws.

Appears in 1 contract

Samples: Credit Agreement (Energy Corp of America)

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Environmental Matters; Environmental Reviews. (a) The Company will, and will cause each of its Subsidiaries to, comply in all material respects with all Environmental Legal Requirements Laws now or hereafter applicable to the Company, as well as all contractual obligations and agreements with respect to environmental remediation Company or other environmental matters, any of its Subsidiaries and shall obtain, at or prior to to, the time required by applicable Environmental Legal RequirementsLaws, all environmental, health and safety permits, licenses and other authorizations necessary for its operations and will maintain such authorizations in full force and effect. Company will, except where the failure and will cause each of its Subsidiaries to, promptly take any and all actions necessary to obtain such permits, licenses and authorizations would not constitute a Material Adverse Change. The (i) cure any material violation of applicable Environmental Laws by Company will not do anything or permit anything to be done that will subject any of its properties Subsidiaries, and (ii) make an appropriate response to any remedial material Environmental Claim against Company or any of its Subsidiaries and discharge any obligations underit may have to any Person thereunder. For purposes of this clause (a) and clauses (b) and (d) below, "material" shall mean any violation, claim or circumstance that could reasonably be expected to result in noncompliance with applicable permits losses or liabilities to Company and licenses issued under, any applicable Environmental Legal Requirements, assuming disclosure to the applicable governmental authorities its Subsidiaries of all relevant facts, conditions and circumstances. Upon Lender's reasonable request, at any time and from time to time, the Company will provide at its own expense an environmental inspection of the Company's material real properties and audit of their environmental compliance procedures and practices, in each case from an engineering $100,000 or consulting firm approved by Lendermore. (b) The Company will promptly furnish to Lender Administrative Agent all written notices of violation, orders, claims, citations, complaints, penalty assessments, suits or other proceedings received by the Company or otherwise any of its Subsidiaries, or of which it has notice, pending or threatened against the Company Company, by any governmental authority Governmental Authority with respect to any alleged violation of or non-compliance with any Environmental Legal Requirements Laws or any permits, licenses or authorizations in connection with the Company's its ownership or use of its properties or the operation of its businessbusiness that are material. Company will promptly furnish to Administrative Agent copies of all environmental audits and reports with respect to environmental matters at any property of Company or any of its Subsidiaries or which relate to any environmental liabilities of Company or its Subsidiaries which are material. (c) The Company will promptly furnish to Lender Administrative Agent all requests for information, notices of claim, demand letters, and other notifications, received by the Company or any of its Subsidiaries in connection with the Company's its ownership or use of its properties or the conduct of its business, relating to potential responsibility with respect to any investigation or clean-up of Hazardous Material at any location. (d) Company will promptly furnish to Administrative Agent written notice describing in reasonable detail (1) any proposed acquisition of stock, assets, or property by Company or any of its Subsidiaries that could reasonably be expected to (A) expose Company or any of its Subsidiaries to, or result in, Environmental Claims that are material or (B) affect the ability of Company or any of its Subsidiaries to maintain in full force and effect all material Governmental Authorizations required under any Environmental Laws for their respective operations and (2) any proposed action to be taken by Company or any of its Subsidiaries to modify current operations in a manner that could reasonably be expected to subject Company or any of its Subsidiaries to any additional material obligations or requirements under any Environmental Laws.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Tekoil & Gas Corp)

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