Material Environmental Condition means any Environmental Condition(s) existing as of the Effective Date that (a) is or would be required to be remediated pursuant to Applicable Law, or would increase the cost of development (over that in the absence of such Environmental Condition) of either or both of the Undeveloped Tracts for Timeshare Development (as defined in the Declaration) or residential use, at an estimated cost in either case (including all costs, expenses, damages, losses, investigative costs, fines, penalties and potential liabilities) exceeding, in the aggregate, $500,000.00 as determined by Purchaser’s Environmental Consultant, (b) is or would be required to be remediated under Applicable Law (or would be required to be remediated under Applicable Law to permit Timeshare or residential development on either or both of the Undeveloped Tracts), and which remediation would not, in Purchaser’s Environmental Consultant’s estimation, be completed within one year of the date of Closing, or (c) constitutes or is reasonably likely to constitute a Development Impairment.
Material Environmental Condition means an environmental condition in the soil or groundwater that materially impacts a Station Property or exposes a Buyer to potential Liability arising from such condition, in each case from (a)(i) the existence or likelihood of migration of Contamination onto the Station Property from an offsite location in amounts or concentrations that exceed reportable or actionable levels for remediation established pursuant to Environmental Law, (ii) the existence or likelihood of migration of Contamination from a Station Property to an offsite location other than in trace or naturally occurring background amounts or concentrations, (iii) the existence of Contamination of an aquifer or drinking water system or (iv) the presence of MTBE or (b) potentially material business disruption at the Station Property in connection with Remediation Activities (it being understood that in no event shall any shutdown of a Station Property for less than fifteen (15) days to permit Remediation Activities, in and of itself, be considered a material business disruption at a Station Property); provided, however, that for the purposes of this paragraph, a “likelihood” refers to something that is “more likely than not.”
Material Environmental Condition is defined in Section 14.3 of the Lease.
Examples of Material Environmental Condition in a sentence
Each Release constituting a Material Environmental Condition and any Environmental Violation shall be remedied prior to the Expiration Date unless the Leased Property has been purchased by Lessee in accordance with ARTICLE XV or SECTION 19.1. Nothing in this ARTICLE XIV shall reduce or limit Lessee's obligations elsewhere in this Lease or under the Participation Agreement.
ESA indicates the reasonable likelihood of a Material Environmental Condition.
A draft POM—which includes the FM Manual—will be developed by the TFSU to guide Program participants, particularly IAs, in the management of project activities implementation.
In addition, Lessee shall provide to Lessor, within ten (10) Business Days of receipt, copies of all written communications with any Governmental Authority relating to any such Material Environmental Condition.
More Definitions of Material Environmental Condition
Material Environmental Condition means an environmental condition in the soil or groundwater that materially impacts a Station Property or exposes a Buyer to potential Liability arising from such condition, in each case from (a)(i) the existence or likelihood of migration of Contamination onto the Station Property from an offsite location in amounts or concentrations that exceed reportable or actionable levels for remediation established pursuant to Environmental Law, (ii) the existence or likelihood of migration of Contamination from a Station Property to an offsite location other than in trace or naturally occurring background amounts or concentrations, (iii) the existence of Contamination of an aquifer or drinking water system or (iv) the presence of MTBE or (b) potentially material business disruption at the Station Property in connection with Remediation Activities (it being understood that in no event shall any shutdown of a Station Property for less than fifteen(15) days to permit Remediation Activities, in and of itself, be considered a material business disruption at a Station Property); provided , however , that for the purposes of this paragraph, a “likelihood” refers to something that is “more likely than not.”
Material Environmental Condition means a condition on, at or under an Asset (whether one or more), with respect to the air, land, soil, surface, subsurface strata, surface water, ground water or sediments which requires investigation, remediation or other action under Environmental Laws, including without limitation, the release, threat of release or presence of any hazardous substance or waste to or in any environmental media such that investigation, remediation or other action is required under Environmental Laws.
Material Environmental Condition as used herein, shall mean an environmental condition affecting a particular Property which (i) constitutes a violation of Environmental Law or a condition for which remediation is required (or if known, would be required) under Environmental Law; (ii) will cost, together with all such other conditions affecting the same Property, in excess of $50,000 (net to the applicable Seller’s interest) to remediate, as determined by the estimated net present value of the most cost effective remedy reasonably available that satisfies the minimum applicable clean-up requirements under Environmental Law; and (iii) is not listed on Schedule 5.16 to this Agreement. Notwithstanding the preceding sentence, in the event Buyer reasonably requests and Seller denies consent for Buyer to conduct any surface or subsurface invasive or intrusive sampling of the Assets, the applicable environmental condition shall be deemed to qualify as a Material Environmental Condition.
Material Environmental Condition means the use, presence, storage, handling, or disposal of any Hazardous Materials at or about the Land or Improvements in violation of any Environmental Laws, which is anticipated to cost, in the aggregate, more than $5,000,000 to remove or remediate.
Material Environmental Condition means a condition that exists prior to the Effective Date, and only to the extent in existence as of the Effective Date, with respect to the air, land, soil, surface, subsurface strata, surface water, ground water or sediments which causes an Interest to be subject to remediation under Environmental Laws in effect as of the Effective Date, but only to the extent that (i) the condition was not otherwise know to the Buyer prior to the execution of this Agreement, (ii) the cost to remediate such condition to lawfully acceptable levels will exceed, net to Buyer’s share, the sum of $50,000, and (iii) the cumulative cost to remediate all conditions qualifying under (i) and (ii) above exceeds the Environmental Deductible (as hereinafter defined). As used herein, Material Environmental Condition does not include the obligation to plug and abandon existing wellbores on the Leases. As used herein, the term “Environmental Laws” means all laws, statutes, treaties, rules, codes, ordinances, regulations, certificates, orders, interpretations, licenses and permits of any governmental body, including the common or civil law, and all judgments, decrees, injunctions, writs, orders or like action of any court, arbitrator or other governmental body of competent jurisdiction and all contracts and agreements relating to pollution, the protection of the environment, public health or safety or the release or disposal of waste materials.
Material Environmental Condition means a matter identified in any environmental site assessment received by Buyer with respect to a Golf Course Property: (a) that was not disclosed by any of the environmental site assessments, due diligence reports or other materials made available to Buyer by Sellers as part of the document delivery referred to in Section 8.1, (b) that such environmental site assessment identifies as a “recognized environmental condition” for which the consultant recommends additional investigation or remediation and (c) that, in terms of remediation costs or any resulting inability to use the Golf Course Property as currently conducted, could reasonably be expected to have a Material Adverse Effect.
Material Environmental Condition shall exist if Metropolitan in good faith determines, based on its review of the Questionnaire, any supplement thereto, any Phase I ESA and/or any other report prepared in connection with the Property, that an environmental condition exists with respect to the Property that could materially adversely affect Metropolitan's investment in the Notes or the Property as collateral therefor or could materially adversely affect the Company's business, prospects or financial condition. Upon receipt of written notice from Metropolitan that a Material Environmental Condition exists, the Company will purchase and pay for the Notes in accordance with the terms of this Agreement.