Common use of Notification of Environmental Claims Clause in Contracts

Notification of Environmental Claims. Borrower shall immediately advise Lender in writing of (i) any and all enforcement, cleanup, remedial, removal, or other governmental or regulatory actions instituted, completed or threatened pursuant to any applicable federal, state, or local laws, ordinances or regulations relating to any Hazardous Materials affecting Borrower's business operations which is likely to result in a Material Adverse Effect; and (ii) all claims made or threatened by any third party against Borrower relating to damages, contribution, cost recovery, compensation, loss or injury resulting from any Hazardous Materials which is likely to result in a Material Adverse Effect. Borrower shall immediately notify Lender of any material remedial action taken by Borrower with respect to Borrower's business operations.