Common use of Transfer of Project Benefits and Responsibilities to a New Owner Clause in Contracts

Transfer of Project Benefits and Responsibilities to a New Owner. The Project Signatories expect that the implementing mechanisms will allow for a transfer of a sponsor’s benefits and responsibilities under the agreement to any future owner or operator upon request of the sponsor and the new owner or operator, provided that the following conditions are met: 1. The sponsor will provide written notice of any such proposed transfer to the EPA and any relevant authorities at least ninety (90) days before the effective date of the transfer. The notice is expected to include identification of the proposed new owner or operator, a description of its financial and technical capability to assume the obligations associated with the agreement, and a statement of the new owner or operator’s intention to take over the responsibilities in the agreement of the existing owner or operator. 2. Within forty-five (45) days of receipt of the written notice, the Project Signatories expect that EPA and any relevant authorities, in consultation with stakeholders will determine whether: 1) the new owner or operator has demonstrated adequate capability to meet EPA’s requirements for carrying out the XL agreement; 2) is willing to take over the responsibilities in the XL agreement of the existing owner or operator; and 3) is otherwise an appropriate sponsor. Other relevant factors, including the new owner or operator’s record of compliance with Federal, State and local environmental requirements, may be considered as well. It will be necessary to modify the Agreement to reflect the new owner and it may also be necessary for EPA and any relevant authorities to amend appropriate rules, permits, or other implementing mechanisms (subject to applicable public notice and comment) to transfer the legal rights and obligations of the sponsor under this agreement to the proposed new owner or operator.”

Transfer of Project Benefits and Responsibilities to a New Owner. The Project Signatories parties expect that the implementing mechanisms will allow for a transfer of a sponsorIBM’s benefits and responsibilities under the agreement Project to any future owner or operator upon request of the sponsor IBM and the new owner or operator, provided that the following conditions are met: 1. The sponsor A. IBM will provide written notice of any such proposed transfer to the EPA and any relevant authorities NYSDEC at least ninety (90) days before the effective date of the transfer. The notice is expected to include identification of the proposed new owner or operator, a description of its financial and technical capability to assume the obligations associated with the agreementProject, and a statement of the new owner or operator’s intention to take over the responsibilities in the agreement XL Project of the existing owner or operator. 2. B. Within forty-five (45) days of receipt of the written notice, the Project Signatories parties expect that EPA and any relevant authoritiesNYSDEC, in consultation with interested stakeholders will determine whether: 1) the new owner or operator has demonstrated adequate capability to meet EPA’s requirements for carrying out the XL agreementProject; 2) is willing to take over the IBM’s responsibilities in the XL agreement of the existing owner or operatorProject; and 3) is otherwise an appropriate sponsorProject XL partner. Other relevant factors, including the new owner or operator’s record of compliance with Federal, State and local environmental requirements, may be considered as well. It will be necessary to modify the Agreement to reflect the new owner and it may also be necessary for EPA and any relevant authorities NYSDEC to amend appropriate rules, permits, or other implementing mechanisms (subject to applicable public notice and comment) to transfer the legal rights and obligations of the sponsor IBM under this agreement Project to the proposed new owner or operator.”

Transfer of Project Benefits and Responsibilities to a New Owner. The Project Signatories Parties expect that the implementing mechanisms will allow for a transfer of a sponsorOMP’s benefits and responsibilities under the agreement Project to any future owner or operator upon request of the sponsor OMP and the new owner or operator, provided that the following conditions are met: 1. The sponsor A. OMP will provide written notice of any such proposed transfer to the EPA and any relevant authorities PADEP at least ninety (90) days before the effective date of the transfer. The notice is expected to include identification of the proposed new owner or operator, a description of its financial and technical capability to assume the obligations associated with the agreementProject, and a statement of the new owner or operator’s intention to take over the responsibilities in the agreement XL Project of the existing owner or operator. 2. B. Within forty-five (45) days of receipt of the written notice, the Project Signatories Parties expect that EPA and any relevant authoritiesPADEP, in consultation with stakeholders all stakeholders, will determine whether: 1) the new owner or operator has demonstrated adequate capability to meet EPA’s requirements for carrying out the XL agreementProject; 2) is willing to take over the responsibilities in the XL agreement Project of the existing owner or operator; and 3) is otherwise an appropriate sponsorProject XL partner. Other relevant factors, including the new owner or operator’s record of compliance with Federal, State and local environmental requirements, may be considered as well. It will be necessary to modify the Agreement to reflect the new owner and it may also be necessary for EPA and any relevant authorities PADEP to amend the appropriate rules, permits, or other implementing mechanisms (subject to applicable public notice and comment) to transfer the legal rights and obligations of the sponsor OMP under this agreement Project to the proposed new owner or operator.”

Transfer of Project Benefits and Responsibilities to a New Owner. The Project Signatories expect that the implementing mechanisms will allow for a transfer of a sponsorIBM’s benefits and responsibilities under the agreement Project to any future owner or operator upon request of the sponsor IBM and the new owner or operator, provided that the following conditions are met: 1. The sponsor A. IBM will provide written notice of any such proposed transfer to the EPA and any relevant authorities VTDEC at least ninety (90) days before the effective date of the transfer. The notice is expected to include identification of the proposed new owner or operator, a description of its financial and technical capability to assume the obligations associated with the agreementProject, and a statement of the new owner or operator’s intention to take over the responsibilities in the agreement XL Project of the existing owner or operator. 2. B. Within forty-five (45) days of receipt of the written notice, the Project Signatories expect that EPA and any relevant authoritiesVTDEC, in consultation with stakeholders stakeholders, will determine whether: 1) the new owner or operator has demonstrated adequate capability to meet EPA’s requirements for carrying out the XL agreementProject; 2) is willing to take over the responsibilities in the XL agreement Project of the existing owner or operator; and 3) is otherwise an appropriate sponsorProject XL partner. Other relevant factors, including the new owner or operator’s record of compliance with Federal, State and local environmental requirements, may be considered as well. It will be necessary to modify the Agreement to reflect the new owner and it may also be necessary for EPA and any relevant authorities VTDEC to amend appropriate rules, permits, or other legal implementing mechanisms (subject to applicable public notice and comment) to transfer the legal rights and obligations of the sponsor IBM under this agreement Project to the proposed new owner or operator.”