Identified Environmental Losses definition
Identified Environmental Losses means any losses, damages or liabilities incurred by the Acquired Companies as a result of (i) environmental conditions identified in a Phase I Report that are not identified in the corresponding Existing Phase I Report, or (ii) environmental conditions identified in a Phase I Report that are identified in the corresponding Existing Phase I Report, which environmental conditions have changed such that additional losses, damages or liabilities are to be incurred by the Acquired Companies.
Examples of Identified Environmental Losses in a sentence
Notwithstanding anything in the Agreement (including provisions of Article X of the Agreement), Seller shall indemnify Purchaser for any Identified Environmental Losses (the “Environmental Reimbursement”).
For the avoidance of doubt and for purposes of determining Identified Environmental Losses and the Environmental Reimbursement, if any, no Existing Phase I Reports were delivered to Purchaser prior to the Effective Time.