Common use of Remedial Actions Clause in Contracts

Remedial Actions. (a) Except as permitted under Section 3 above, if any Hazardous Material is discovered on the Property at any time, prior to the Cut-Off Date, and regardless of the cause, Obligors shall promptly at Obligors’ sole risk and expense and solely under the names of Obligors or any of them: (i) remove, treat, and dispose of the Hazardous Material in compliance with all applicable Environmental Requirements, or if such removal is prohibited by any Environmental Requirement, take whatever action as is required by any Environmental Requirement; and (ii) take such other action as is necessary to have the full use and benefit of the Property as contemplated by the Loan Documents. Obligors at their sole expense shall provide Lender with satisfactory evidence of the actions taken as required in this clause (a). Obligors shall provide to Lender within thirty (30) days of Lender’s request a bond, letter of credit or other financial assurance evidencing to Lender’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by this clause (a) and to discharge any assessments or liens established against the Property as a result of the presence of the Hazardous Material on the Property.

Remedial Actions. (a) Except as permitted under Section 3 above, if any Hazardous Material is discovered on the Property at any time, prior to the Cut-Off Date, and regardless of the cause, Obligors shall promptly at Obligors’ sole risk and expense and solely under the names of Obligors or any of them: (i) remove, treat, and dispose of the Hazardous Material in compliance with all applicable Environmental Requirements, or if such removal is prohibited by any Environmental Requirement, take whatever action as is required by any Environmental Requirement; and (ii) take such other action as is necessary to have the full use and benefit of the Property as contemplated by the Loan Documents. Obligors at their sole expense shall provide Lender Administrative Agent with satisfactory evidence of the actions taken as required in this clause (a). Obligors shall provide to Lender Administrative Agent within thirty (30) days of LenderAdministrative Agent’s request a bond, letter of credit or other financial assurance evidencing to LenderAdministrative Agent’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by this clause (a) and to discharge any assessments or liens established against the Property as a result of the presence of the Hazardous Material on the Property.