Common use of No Liability for Clean Up of Hazardous Materials Clause in Contracts

No Liability for Clean Up of Hazardous Materials. In the event that the Beneficiary is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Beneficiary's sole discretion may cause the Beneficiary to be considered an "owner or operator" under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C. §9601. et seq., or otherwise cause the Beneficiary to incur liability under CERCLA or any other federal, state or local law, the Beneficiary reserves the right to, instead of taking such action, either resign as Beneficiary or arrange for the transfer of the title or control of the asset to a court appointed receiver. The Beneficiary shall not be liable to the Trustor or the Holders or any other person for any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Beneficiary's actions and conduct as authorized, empowered and directed hereunder or relating to the discharge, release or threatened release of hazardous materials into the environment.

No Liability for Clean Up of Hazardous Materials. In the event that the Beneficiary Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the BeneficiaryTrustee's sole discretion may cause the Beneficiary Trustee to be considered an "owner or operator" under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C. §Section 9601. , et seq., or otherwise cause the Beneficiary Trustee to incur liability under CERCLA or any other federal, state or local law, the Beneficiary Trustee reserves the right to, to instead of taking such action, either to resign as Beneficiary Trustee or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Beneficiary Trustee shall not be liable to the Trustor Company or the Holders or any other person for any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the BeneficiaryTrustee's actions and conduct as authorized, empowered and directed hereunder or relating to the discharge, release or threatened release of hazardous materials into the environment.

No Liability for Clean Up of Hazardous Materials. In the event that the Beneficiary Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the BeneficiaryTrustee's sole discretion may cause the Beneficiary Trustee to be considered an "owner or operator" under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C. §Section 9601. , et seq., or otherwise cause the Beneficiary Trustee to incur liability under CERCLA or any other federal, state or local law, the Beneficiary Trustee reserves the right toright, instead of taking such action, either to resign as Beneficiary Trustee or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Beneficiary Trustee shall not be liable to the Trustor Company or the Holders or any other person for any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the BeneficiaryTrustee's actions and conduct as authorized, empowered and directed hereunder or relating to the discharge, release or threatened release of hazardous materials into the environment.