Common use of Notice of Events Relating to Environmental Laws and Claims Clause in Contracts

Notice of Events Relating to Environmental Laws and Claims. Promptly after any officer of the Borrower or Holdings obtains knowledge of any of the following (other than Disclosed Matters, except as provided in clause (iv) below), the Borrower will provide or cause to be provided to the Administrative Agent written notice in reasonable detail of any of the following that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect: (i) any pending or threatened Environmental Claim against the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV or any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV; (ii) any condition or occurrence on any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV that results in noncompliance by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV with any Environmental Law; (iii) the taking of any material remedial action in response to the actual or alleged presence of any Hazardous Material on or released to the environment from any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV; and (iv) any material adverse development or occurrence in respect of any Disclosed Matter occurring or taking place subsequent to the Effective Date which has not been otherwise disclosed pursuant to Section 6.6(a)(iv).

Appears in 4 contracts

Samples: Credit Agreement (Transocean Ltd.), Credit Agreement (Transocean Ltd.), Credit Agreement (Transocean Ltd.)

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Notice of Events Relating to Environmental Laws and Claims. Promptly after any officer of the Borrower or, after the Redomestication Effective Date, any officer of the Borrower or Holdings Holdings, obtains knowledge of any of the following (other than Disclosed Matters, except as provided in clause (iv) below)following, the Borrower will provide or cause to be provided to the Administrative Agent written notice in reasonable detail of any of the following that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect: (i) any pending or threatened Environmental Claim against the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV or any property owned or operated by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV; (ii) any condition or occurrence on any property owned or operated by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV that results in noncompliance by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV with any Environmental Law;; and (iii) the taking of any material remedial action in response to the actual or alleged presence of any Hazardous Material on or released to the environment from any property owned or operated by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV; and (iv) any material adverse development or occurrence SPV other than in respect the ordinary course of any Disclosed Matter occurring or taking place subsequent to the Effective Date which has not been otherwise disclosed pursuant to Section 6.6(a)(iv)business.

Appears in 3 contracts

Samples: Five Year Revolving Credit Agreement (Transocean Inc), Term Credit Agreement (Transocean Inc), 364 Day Revolving Credit Agreement (Transocean Inc)

Notice of Events Relating to Environmental Laws and Claims. Promptly after any officer of the Borrower or Holdings obtains knowledge of any of the following (other than Disclosed Matters, except as provided in clause (iv) below), the Borrower will provide or cause to be provided to the Administrative Agent Lenders written notice in reasonable detail of any of the following that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect: (i) any pending or threatened Environmental Claim against the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV or any property owned or operated by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV; (ii) any condition or occurrence on any property owned or operated by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV that results in noncompliance by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPV with any Environmental Law; (iii) the taking of any material remedial action in response to the actual or alleged presence of any Hazardous Material on or released to the environment from any property owned or operated by the Borrower, Holdings, Borrower or any other Member of the Consolidated Group or any SPVSPV other than in the ordinary course of business; and (iv) any material adverse development or occurrence in respect of any Disclosed Matter occurring or taking place subsequent to the Effective Date which has not been otherwise disclosed pursuant to Section 6.6(a)(iv6.6(a)(iii).

Appears in 2 contracts

Samples: Credit Agreement (Transocean Partners LLC), Credit Agreement (Transocean Partners LLC)

Notice of Events Relating to Environmental Laws and Claims. Promptly after any officer of the Borrower or Holdings obtains knowledge of any of the following (other than Disclosed Matters, except as provided in clause (iv) below), the Borrower will provide or cause to be provided to the Administrative Agent written notice in reasonable detail of any of the following that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect: (i) any pending or threatened Environmental Claim against the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV or any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV; (ii) any condition or occurrence on any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV that results in noncompliance by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV with any Environmental Law; (iii) the taking of any material remedial action in response to the actual or alleged presence of any Hazardous Material on or released to the environment from any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPVSPV other than in the ordinary course of business; and (iv) any material adverse development or occurrence in respect of any Disclosed Matter occurring or taking place subsequent to the Effective Date which has not been otherwise disclosed pursuant to Section 6.6(a)(iv)clause (a)(iv) above.

Appears in 2 contracts

Samples: Credit Agreement (Transocean Ltd.), Credit Agreement (Transocean Ltd.)

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Notice of Events Relating to Environmental Laws and Claims. Promptly after any officer of the Borrower or Holdings obtains knowledge of any of the following (other than Disclosed Matters, except as provided in clause (iv) below), the Borrower will provide or cause to be provided to the Administrative Agent written notice in reasonable detail of any of the following that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect: (i) any pending or threatened Environmental Claim against the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV or any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV; (ii) any condition or occurrence on any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV that results in noncompliance by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPV with any Environmental Law; (iii) the taking of any material remedial action in response to the actual or alleged presence of any Hazardous Material on or released to the environment from any property owned or operated by the Borrower, Holdings, or any other Member of the Consolidated Group or any SPVSPV other than in the ordinary course of business; and (iv) any material adverse development or occurrence in respect of any Disclosed Matter occurring or taking place subsequent to the Restatement Effective Date which has not been otherwise disclosed pursuant to Section 6.6(a)(iv).

Appears in 1 contract

Samples: Credit Agreement (Transocean Ltd.)

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