Material Environmental Event definition

Material Environmental Event means, with respect to any Unencumbered Property, (a) a violation of any Environmental Law with respect to such Unencumbered Property, or (b) the presence of any Hazardous Materials on, about, or under such Unencumbered Property that, under or pursuant to any Environmental Law, would require remediation, if in the case of either (a) or (b), such event or circumstance could reasonably be expected to have a Material Property Event.

Material Environmental Event means, with respect to any Borrowing Base Property, (a) a violation of any Environmental Law with respect to such Borrowing Base Property, or (b) the presence of any Hazardous Materials on, about, or under such Borrowing Base Property that, under or pursuant to any Environmental Law, would require remediation, if in the case of either (a) or (b), such event or circumstance could reasonably be expected to have a Material Property Event.

Material Environmental Event means, with respect to any Property, (a) a violation of any Environmental Law with respect to such Property, or (b) the presence of any Hazardous Materials on, about, or under such Property that, under or pursuant to any Environmental Law, would require remediation, if in the case of either (a) or (b), such event or circumstance would reasonably be expected to result in a Material Property Event.

Examples of Material Environmental Event in a sentence

• The Credit Parties will give notice to the Agent in writing within five (5) Business Days of becoming aware of any material setoff, claims (including, with respect to the Unencumbered Property, environmental claims), withholdings or other defenses to which any Unencumbered Property or the rights of the Agent or the Lenders with respect to the Unencumbered Property, are subject, which could have a Material Adverse Effect or result in a Material Environmental Event.

• No member of the Consolidated Group: (a) has any knowledge of the occurrence of a Material Environmental Event with respect to such Person’s Properties; and (b) to its knowledge, has threatened or actual liability in connection with the Release or threatened Release of any Hazardous Material into the Environment which, except as specifically disclosed in Schedule 8.09, could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

• Each of Parent and Borrower shall, and shall cause each other member of the Consolidated Group to comply with all Environmental Laws except where the failure to so comply could not reasonably be expected to result in a Material Adverse Effect or a Material Environmental Event.

• Each Borrower shall take prompt and appropriate action to respond to any non-compliance with Environmental Laws which could reasonably be expected to result in a Material Environmental Event, and shall regularly report to the Collateral Agent and the Lenders on such response.

More Definitions of Material Environmental Event

Material Environmental Event means, with respect to any Borrowing Base Property, (a) a violation of any Environmental Law with respect to such Borrowing Base Property, or (b) the presence of any Hazardous Materials on, about, or under such Borrowing Base Property in violation of Environmental Laws, which, in each case, could reasonably be expected to be a Material Property Event.

Material Environmental Event means, with respect to any Property: (a) a violation of any Environmental Law with respect to such Property (including, without limitation, as a result of any use or condition thereof or activity thereon); (b) the presence of any Hazardous Materials (other than routine office, cleaning, janitorial and other materials and supplies necessary to operate, maintain, repair, improve and lease such Property, in each case in commercially reasonable quantities and in compliance with all Environmental Laws) on, about or under such Property; (c) the attachment of any environmental lien to such Property; or (d) the placement, installation, disposal, spilling, leaking, dumping or Release of, as applicable, (i) any Hazardous Material (other than routine office, cleaning, janitorial and other materials and supplies necessary to operate, maintain, repair, improve and lease such Property, in each case in commercially reasonable quantities and in compliance with all Environmental Laws) or (ii) any storage tank (or similar vessel) on such Property; provided that, in the case of either clause (a) or (b) above, such event or circumstance would require remediation under or pursuant to any Environmental Law, or could reasonably be expected to have a Material Adverse Effect or result in a Material Property Event.

Material Environmental Event means, with respect to any Property: (a) a violation of any Environmental Law with respect to such Property (including, without limitation, as a result of any use or condition thereof or activity thereon); (b) the presence of any Hazardous Materials on, about or under such Property; (c) the attachment of any environmental lien to such Property; or (d) the placement, installation, disposal, spilling, leaking, dumping or Release of, any Hazardous Material or storage tank (or similar vessel) on such Property; provided that, in the case of either clause (a) or (b) above, such event or circumstance would require remediation under or pursuant to any Environmental Law, or could reasonably be expected to result in a Material Adverse Effect or in a Material Property Event.

Material Environmental Event with respect to any Borrowing Base Property or Real Property, (a) a violation of any Environmental Law with respect to such Borrowing Base Property or Real Property, or (b) the presence of any Materials of Environmental Concern on, about, or under such Borrowing Base Property or Real Property that, under or pursuant to any Environmental Law, would require remediation, if in the case of either (a) or (b), such event or circumstance could reasonably be expected to have a Material Property Event.

Material Environmental Event means, with respect to any Real Property, (i) a violation of any Environmental Requirement or (ii) the presence of Hazardous Materials on, about or under such Real Property that, under or pursuant to any Environmental Requirement, would require remediation if, in any such case, the total cost to the Borrower and its Subsidiaries of remedying such violation of such Environmental Requirement or remediating such Hazardous Materials reasonably could be expected to exceed $250,000.

Material Environmental Event means, with respect to any Borrowing Base Property, (a) a violation of any Environmental Law with respect to such Borrowing Base Property, or (b) the presence of any Hazardous Substance on, about, or under such Borrowing Base Property that, under or pursuant to any Environmental Law, would require remediation, if in the case of either (A) or (B), such event or circumstance could result in a material adverse affect on the value or operations of such Borrowing Base Property.

Material Environmental Event means an event, occurrence or condition relating to Environmental Laws or other environmental matters which could reasonably be expected to result in liability to a Borrower in excess of $500,000 in any year or to materially and adversely impair the Borrowers' ability to perform their obligations hereunder.