Maintenance and Modification of the Project Facility by the Company. (a) The Company shall operate and maintain the Project Facility in accordance with all applicable governmental laws, ordinances, approvals, rules and regulations and requirements, including, but not limited to, zoning, sanitary, pollution, environmental and safety ordinances, laws and rules and regulations promulgated thereunder and in accordance with the terms of the riparian grant from the State of New Jersey to the Company dated December 22, 1983 as recorded January 23, 1984, in Deed Book 3947, Page 279 in the Office of the Camden County Register of Deeds. (b) The Company shall (1) maintain, preserve and keep the Project Facility or cause the Project Facility to be maintained, preserved and kept in good repair, working order and condition, (2) from time to time, make or cause to be made all necessary and proper repairs, replacements and renewals thereto and (3) from time to time, make such substitutions, additions, modifications and improvements as may be necessary and as shall not impair the structural integrity, operating efficiency and economic value of the Project Facility. Any alterations, replacements, renewals or additions made pursuant to this Section shall become and constitute a part of the Project Facility and shall be performed in accordance with Section 5.2(a). (c) The Company shall operate or cause the Project to be operated as an authorized project for a purpose and use as provided for under the Act until the expiration or earlier termination of this Agreement. (d) [Intentionally Omitted] (e) The Company shall not remove, relocate, discontinue the use of or sell, fail to restore, or otherwise dispose of any part of the Project except as may be permitted pursuant to Section 8.1 hereof. (f) The Company shall not relocate the Project or any part thereof outside the State.
Appears in 2 contracts
Samples: Loan Agreement (Sjit Inc), Loan Agreement (NPR Inc)
Maintenance and Modification of the Project Facility by the Company. (a) The Company shall operate and maintain the Project Facility in accordance with all applicable governmental laws, ordinances, approvals, rules and regulations and requirements, including, but not limited to, zoning, sanitary, pollution, environmental and safety ordinances, laws and rules and regulations promulgated thereunder and in accordance with the terms of the riparian grant from the State of New Jersey to the Company dated December 22, 1983 as recorded January 23, 1984, in Deed Book 3947, Page 279 in the Office of the Camden County Register of Deeds.
(b) The Company shall (1) maintain, preserve and keep the Project Facility or cause the Project Facility to be maintained, preserved and kept in good repair, working order and condition, (2) from time to time, make or cause to be made all necessary and proper repairs, replacements and renewals thereto and (3) from time to time, make such substitutions, additions, modifications and improvements as may be necessary and as shall not impair the structural integrity, operating efficiency and economic value of the Project Facility. Any alterations, replacements, renewals or additions made pursuant to this Section shall become and constitute a part of the Project Facility and shall be performed in accordance with Section 5.2(a).
(c) The Company shall operate or cause the Project to be operated as an authorized project for a purpose and use as provided for under the Act until the expiration or earlier termination of this Agreement.
(d) [Intentionally Omitted]The Company shall not relocate the Project or any part thereof out of the State.
(e) The Company shall not remove, relocate, discontinue the use of or sell, fail to restore, or otherwise dispose of any part of the Project Facility except as may be permitted pursuant to Section 8.1 hereof.
(f) The Company shall not relocate cause to be performed a supplemental environmental site assessment to supplement the Preliminary Environmental Site Assessment performed by EEC Environmental Inc. dated January 27, 1992. Such supplemental assessment shall be performed by an independent environmental consultant reasonably accepted to the Purchaser and shall include a review of currently available federal, state and local governmental and regulatory information with respect to releases or threats of release of oil or hazardous materials (as such terms are defined in applicable federal, state and local laws and regulations) which may affect the Project Facility and with respect to compliance of the Project Facility with regulations governing storage of such oil or hazardous materials. In addition, such supplemental assessment shall include subsurface investigation of the Project Facility, and related testing of soil and groundwater, as deemed necessary in the reasonable judgment of the environmental consultant to determine whether the Project Facility has been affected by any part thereof outside release or threat of release of oil or hazardous materials. Such supplemental assessment shall be completed reasonably promptly and, in any event, within six months of the Statedate of issuance of the Series G Bonds. In the event such supplemental assessment determines that the Project Facility has been affected by any such release or threat of release, the Company shall promptly cause such actions to be taken as may be required by applicable federal, state or local laws and regulations, including without limitation any giving of notice or remedial action or response action, as the case may be. The Company shall provide a copy of the supplemental assessment to the Purchaser promptly upon its receipt by the Company, and shall give prompt notice to the Purchaser of all actions to be taken by the Company in response to such supplemental assessment and the estimated costs thereof.
Appears in 1 contract
Samples: Loan Agreement (Sjit Inc)
Maintenance and Modification of the Project Facility by the Company. (a) The Company shall operate and maintain the Project Facility in accordance with all applicable governmental laws, ordinances, approvals, rules and regulations and requirements, including, but not limited to, zoning, sanitary, pollution, environmental and safety ordinances, laws and rules and regulations promulgated thereunder and in accordance with the terms of the riparian grant from the State of New Jersey to the Company dated December 22, 1983 as recorded January 23, 1984, in Deed Book 3947, Page 279 in the Office of the Camden County Register of Deeds.
(b) The Company shall (1) maintain, preserve and keep the Project Facility or cause the Project Facility to be maintained, preserved and kept in good repair, working order and condition, (2) from time to time, make or cause to be made all necessary and proper repairs, replacements and renewals thereto and (3) from time to time, make such substitutions, additions, modifications and improvements as may be necessary and as shall not impair the structural integrity, operating efficiency and economic value of the Project Facility. Any alterations, replacements, renewals or additions made pursuant to this Section shall become and constitute a part of the Project Facility and shall be performed in accordance with Section 5.2(a).
(c) The Company shall operate or cause the Project to be operated as an authorized project for a purpose and use as provided for under the Act until the expiration or earlier termination of this Agreement.
(d) [Intentionally Omitted]The Company shall not relocate the Project or any part thereof out of the State.
(e) The Company shall not remove, relocate, discontinue the use of or sell, fail to restore, or otherwise dispose of any part of the Project Facility except as may be permitted pursuant to Section 8.1 hereof.
(f) The Company shall not relocate cause to be performed a supplemental environmental site assessment to supplement the Preliminary Environmental Site Assessment performed by EEC Environmental dated January 27, 1992. Such supplemental assessment shall be performed by an independent environmental consultant reasonably accepted to the Purchaser and shall include a review of currently available federal, state and local governmental and regulatory information with respect to releases or threats of release of oil or hazardous materials (as such terms are defined in applicable federal, state and local laws and regulations) which may affect the Project Facility and with respect to compliance of the Project Facility with regulations governing storage of such oil or hazardous materials. In addition, such supplemental assessment shall include subsurface investigation of the Project Facility, and related testing of soil and groundwater, as deemed necessary in the reasonable judgment of the environmental consultant to determine whether the Project Facility has been affected by any part thereof outside release or threat of release of oil or hazardous materials. Such supplemental assessment shall be completed reasonably promptly and, in any event, within six months of the Statedate of issuance of the Series H Bonds. In the event such supplemental assessment determines that the Project Facility has been affected by any such release or threat of release, the Company shall promptly cause such actions to be taken as may be required by applicable federal, state or local laws and regulations, including without limitation any giving of notice or remedial action or response action, as the case may be. The Company shall provide a copy of the supplemental assessment to the Purchaser promptly upon its receipt by the Company, and shall give prompt notice to the Purchaser of all actions to be taken by the Company in response to such supplemental assessment and the estimated costs thereof.
Appears in 1 contract
Samples: Loan Agreement (Sjit Inc)
