Common use of OWNER OPERATOR Clause in Contracts

OWNER OPERATOR. In the event that Agent is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in Agent’s sole discretion may cause the Agent to be considered an “owner or operator” under any Environmental Laws or otherwise cause the Agent to incur, or be exposed to, any Environmental Liability or any liability under any other federal, state, provincial, territorial or local law, Agent reserves the right, instead of taking such action, either to resign as Agent or to arrange for the transfer of the title or control of the asset to a court appointed receiver, monitor, receiver and manager and interim receiver. The Agent will not be liable to any person for any Environmental Liability or any environmental claims or contribution actions under any federal, state, provincial, territorial or local law, rule or regulation by reason of the Agent’s actions and conduct as authorized, empowered and directed hereunder and relating to any kind of discharge or release or threatened discharge or Release of any Hazardous Materials into the Environment.