Common use of Environmental Remediation Monetary Limitation Clause in Contracts

Environmental Remediation Monetary Limitation. Notwithstanding any other provision of this Agreement, none of the Buyer Indemnified Parties shall have any claim under Section 15(b)(iv) of this Agreement against Seller or any other member of the BP Group for any Remediation Losses unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Five Million Dollars ($5,000,000), and then only for the excess over Five Million Dollars ($5,000,000) (the "First Threshold"). After the First Threshold has been reached, Buyer Indemnified Parties shall only have a claim under this Agreement against Seller for fifty percent (50%) of the excess of any Remediation Losses incurred or sustained by the Buyer Indemnified Parties over the First Threshold unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Ten Million Dollars ($10,000,000) (the "Second Threshold"). Thereafter, subject to Sections 15(j) and 15(k), Buyer Indemnified Parties shall have a claim under this Agreement against Seller for 100% of the excess of Remediation Losses over the Second Threshold. Notwithstanding the foregoing, Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter shall not be aggregated with any other Remediation Losses for purposes of determining whether and when the First Threshold or the Second Threshold has been reached. After the First Threshold or Second Threshold has been reached, Seller shall have no obligation to indemnify the Buyer Indemnified Parties under this Agreement with respect to such matters for any Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter.

Environmental Remediation Monetary Limitation. Notwithstanding any other provision of this Agreement, none of the Buyer Indemnified Parties shall have any no claim under Section 15(b)(iv) of this Agreement against Seller or any other member of the BP Group for any Remediation Losses by Seller or other members of the BP Group unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Five Million Dollars ($5,000,000), and then only for the excess over Five Million Dollars ($5,000,000) (the "First Threshold"). After the First Threshold has been reached, Buyer Indemnified Parties shall only have a claim under this Agreement against Seller for fifty percent (50%) of the excess of any Remediation Losses incurred or sustained by the Buyer Indemnified Parties over the First Threshold unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Ten Million Dollars ($10,000,000) (the "Second Threshold"). Thereafter, subject to Sections 15(j) and 15(k), Buyer Indemnified Parties shall have a claim under this Agreement against Seller for 100% of the excess of Remediation Losses over the Second Threshold. Notwithstanding the foregoing, (i) Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter shall not be aggregated with any other Remediation Losses for purposes of determining -48- 60 whether and when the First Threshold or the Second Threshold has been reached. After the First Threshold or Second Threshold has been reached, Seller shall have no obligation to indemnify the Buyer Indemnified Parties under this Agreement with respect to such matters for any Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter.

Environmental Remediation Monetary Limitation. Notwithstanding any other provision of this Agreement, none of the Buyer Indemnified Parties shall have any no claim under Section 15(b)(iv) of this Agreement against Seller or any other member of the BP Group for any Remediation Losses by Seller or other members of the BP Group unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Two Million Five Million Hundred Thousand Dollars ($5,000,0002,500,000), and then only for the excess over Two Million Five Million Hundred Thousand Dollars ($5,000,0002,500,000) (the "First Threshold"). After the First Threshold has been reached, Buyer Indemnified Parties shall only have a claim under this Agreement against Seller for fifty percent (50%) of the excess of any Remediation Losses incurred or sustained by the Buyer Indemnified Parties over the First Threshold unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Ten Five Million Dollars ($10,000,0005,000,000) (the "Second Threshold"). Thereafter, subject to Sections 15(j) and 15(k), Buyer Indemnified Parties shall have a claim under this Agreement against Seller for 100% of the excess of Remediation Losses over the Second Threshold. Notwithstanding the foregoing, Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter shall not be aggregated with any other Remediation Losses for purposes of determining whether and when the First Threshold or the Second Threshold has been reached. After the First Threshold or Second Threshold has been reached, Seller shall have no obligation to indemnify the Buyer Indemnified Parties under this Agreement with respect to such matters for any Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter.

Environmental Remediation Monetary Limitation. Notwithstanding any other provision of this Agreement, none of the Buyer Indemnified Parties shall have any no claim under Section 15(b)(iv) of this Agreement against Seller or any other member of the BP Group for any Remediation Losses by Seller or other members of the BP Group unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Five Million Dollars ($5,000,000), and then only for the excess over Five Million Dollars ($5,000,000) (the "First Threshold"). After the First Threshold has been reached, Buyer Indemnified Parties shall only have a claim under this Agreement against Seller for fifty percent (50%) of the excess of any Remediation Losses incurred or sustained by the Buyer Indemnified Parties over the First Threshold unless and until the aggregate of all such Remediation Losses incurred or sustained by the Buyer Indemnified Parties exceeds Ten Million Dollars ($10,000,000) (the "Second Threshold"). Thereafter, subject to Sections 15(j) and 15(k), Buyer Indemnified Parties shall have a claim under this Agreement against Seller for 100% of the excess of Remediation Losses over the Second Threshold. Notwithstanding the foregoing, (i) Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter shall not be aggregated with any other Remediation Losses for purposes of determining whether and when the First Threshold or the Second Threshold has been reached. After the First Threshold or Second Threshold has been reached, Seller shall have no obligation to indemnify the Buyer Indemnified Parties under this Agreement with respect to such matters for any Remediation Losses amounting to less than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate arising out of the same occurrence or matter.have