Common use of Remedial Actions Clause in Contracts

Remedial Actions. (a) Except as permitted under Section 3 above, if any Hazardous Material is discovered on the Property at any time, prior to the Cut-Off Date, and regardless of the cause, Obligors shall promptly at Obligors’ sole risk and expense and solely under the names of Obligors or any of them: (i) remove, treat, and dispose of the Hazardous Material in compliance with all applicable Environmental Requirements, or if such removal is prohibited by any Environmental Requirement, take whatever action as is required by any Environmental Requirement; and (ii) take such other action as is necessary to have the full use and benefit of the Property as contemplated by the Loan Documents. Obligors at their sole expense shall provide Lender with satisfactory evidence of the actions taken as required in this clause (a). Obligors shall provide to Lender within thirty (30) days of Lender’s request a bond, letter of credit or other financial assurance evidencing to Lender’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by this clause (a) and to discharge any assessments or liens established against the Property as a result of the presence of the Hazardous Material on the Property. (b) All remedial actions shall be conducted (i) in a diligent and timely fashion by licensed contractors acting under the supervision of a consultant or consulting environmental engineer, and (ii) in accordance with all Environmental Requirements and all other applicable governmental requirements. The selection of the contractors and consultant or consulting environmental engineer for the remedial actions, the contracts entered into with such parties, any disclosures to or agreements with any public or private agencies or parties relating to the remedial actions and any written plan for the remedial actions (and any changes thereto) shall each, at the option of Lender, be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. Within fifteen (15) days after completion of such remedial actions, Obligors shall obtain and deliver to Lender an Environmental Assessment of the Property made after such completion which shall confirm to Lender’s satisfaction that all required remedial action as stated above has been taken and successfully completed and that there is no evidence or suspicion of any contamination or risk of contamination on the Property or any adjacent property or of violation of any Environmental Requirement with respect to any such Hazardous Material. (c) After the occurrence and during the continuance of a Default, Lender may, but shall never be obligated to, remove or cause the removal of any Hazardous Material from the Property (or if removal is prohibited by any Environmental Requirement, take or cause the taking of such other action as is required by any Environmental Requirement) if Obligors fail to promptly commence such remedial actions following discovery and thereafter diligently prosecute the same to the satisfaction of Lender (without limitation of Lender’s rights to declare a Default under any of the Loan Documents and to exercise all rights and remedies available by reason thereof). After the occurrence and during the continuance of a Default, Lender and its designees are hereby granted access to the Property at any time or times, upon reasonable notice (which may be written or oral), and a license which is coupled with an interest and irrevocable, to remove or cause such removal or to take or cause the taking of any such other action.

Remedial Actions. (a) Except as permitted under Section 3 above, if any Hazardous Material is discovered on the Property at any time, prior to the Cut-Off Date, and regardless of the cause, Obligors shall promptly at Obligors’ sole risk and expense and solely under the names of Obligors or any of them: (i) remove, treat, and dispose of the Hazardous Material in compliance with all applicable Environmental Requirements, or if such removal is prohibited by any Environmental Requirement, take whatever action as is required by any Environmental Requirement; and (ii) take such other action as is necessary to have the full use and benefit of the Property as contemplated by the Loan Documents. Obligors at their sole expense shall provide Lender Administrative Agent with satisfactory evidence of the actions taken as required in this clause (a). Obligors shall provide to Lender Administrative Agent within thirty (30) days of LenderAdministrative Agent’s request a bond, letter of credit or other financial assurance evidencing to LenderAdministrative Agent’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by this clause (a) and to discharge any assessments or liens established against the Property as a result of the presence of the Hazardous Material on the Property. (b) All remedial actions shall be conducted (i) in a diligent and timely fashion by licensed contractors acting under the supervision of a consultant or consulting environmental engineer, and (ii) in accordance with all Environmental Requirements and all other applicable governmental requirements. The selection of the contractors and consultant or consulting environmental engineer for the remedial actions, the contracts entered into with such parties, any disclosures to or agreements with any public or private agencies or parties relating to the remedial actions and any written plan for the remedial actions (and any changes thereto) shall each, at the option of LenderAdministrative Agent, be subject to the prior written approval of LenderAdministrative Agent, which approval shall not be unreasonably withheld, conditioned or delayed. Within fifteen (15) days after completion of such remedial actions, Obligors shall obtain and deliver to Lender Administrative Agent an Environmental Assessment of the Property made after such completion which shall confirm to LenderAdministrative Agent’s satisfaction that all required remedial action as stated above has been taken and successfully completed and that there is no evidence or suspicion of any contamination or risk of contamination on the Property or any adjacent property or of violation of any Environmental Requirement with respect to any such Hazardous Material. (c) After the occurrence and during the continuance of a Default, Lender Administrative Agent may, but shall never be obligated to, remove or cause the removal of any Hazardous Material from the Property (or if removal is prohibited by any Environmental Requirement, take or cause the taking of such other action as is required by any Environmental Requirement) if Obligors fail to promptly commence such remedial actions following discovery and thereafter diligently prosecute the same to the satisfaction of Lender Administrative Agent (without limitation of LenderAdministrative Agent’s rights to declare a Default under any of the Loan Documents and to exercise all rights and remedies available by reason thereof). After the occurrence and during the continuance of a Default, Lender Administrative Agent and its designees are hereby granted access to the Property at any time or times, upon reasonable notice (which may be written or oral), and a license which is coupled with an interest and irrevocable, to remove or cause such removal or to take or cause the taking of any such other action.

Remedial Actions. (a) Except as permitted under Section 3 above, if any Hazardous Material is discovered on the Property at any time, prior to the Cut-Off Date, time and regardless of the cause, Obligors shall promptly at Obligors’ sole risk and expense and solely under the names of Obligors or any of them: (i) remove, treat, and dispose of the Hazardous Material in compliance with all applicable Environmental Requirements, or if such removal is prohibited by any Environmental Requirement, take whatever action as is required by any Environmental Requirement; and (ii) take such other action as is necessary to have the full use and benefit of the Property as contemplated by the Loan Documents. Obligors at their sole expense shall provide Lender Administrative Agent with reasonably satisfactory evidence of the actions taken as required in this clause (a). Obligors shall provide to Lender Administrative Agent within thirty (30) days of LenderAdministrative Agent’s request a bond, letter of credit or other financial assurance evidencing to LenderAdministrative Agent’s reasonable satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by this clause (a) and to discharge any assessments or liens established against the Property as a result of the presence of the Hazardous Material on the Property. (b) All remedial actions shall be conducted (i) in a diligent and timely fashion by licensed contractors acting under the supervision of a consultant or consulting environmental engineer, and (ii) in accordance with all Environmental Requirements and all other applicable governmental requirements. The selection of the contractors and consultant or consulting environmental engineer for the remedial actions, the contracts entered into with such parties, any disclosures to or agreements with any public or private agencies or parties relating to the remedial actions and any written plan for the remedial actions (and any changes thereto) shall each, at the option of LenderAdministrative Agent, be subject to the prior written approval of LenderAdministrative Agent, which approval shall not be unreasonably withheld, conditioned withheld or delayed. Within fifteen (15) business days after completion of such remedial actions, Obligors shall obtain and deliver to Lender Administrative Agent an Environmental Assessment of the Property made after such completion which shall confirm to LenderAdministrative Agent’s reasonable satisfaction that all required remedial action as stated above has been taken and successfully completed and that there is no evidence or suspicion of any contamination or risk of contamination on the Property or any adjacent property or of violation of any Environmental Requirement with respect to any such Hazardous Material. (c) After the occurrence and during the continuance of a Default, Lender Administrative Agent may, but shall never be obligated to, remove or cause the removal of any Hazardous Material from the Property (or if removal is prohibited by any Environmental Requirement, take or cause the taking of such other action as is required by any Environmental Requirement) if Obligors fail to promptly commence such remedial actions following discovery and thereafter diligently prosecute the same to the reasonable satisfaction of Lender Administrative Agent (without limitation of LenderAdministrative Agent’s rights to declare a Default under any of the Loan Documents and to exercise all rights and remedies available by reason thereof). After the occurrence and during the continuance of a Default, Lender Administrative Agent and its designees are hereby granted access to the Property at any time or times, upon reasonable notice (which may be written or oral), and a license which is coupled with an interest and irrevocable, to remove or cause such removal or to take or cause the taking of any such other action.

Remedial Actions. (a) Except as permitted under Section 3 abovefor Hazardous Material (i) existing on the Property prior to Indemnitor’s ownership of the Property, and (ii) the liability for which Indemnitor is currently indemnified by one or more prior owners of the Property, if any Hazardous Material is discovered on the Property at any time, prior to the Cut-Off Date, time and regardless of the cause, Obligors Indemnitor shall promptly at Obligors’ sole risk and expense and solely under the names of Obligors or any of them: (i) remove, treat, and monitor, or dispose of the Hazardous Material in compliance with with, and as directed by, all applicable Environmental Requirements, Requirements and solely under Indemnitor’s name (or if such removal is prohibited by any Environmental Requirement, take whatever action as is required by any Environmental Requirement; and (ii) take ), in addition to taking such other action as is necessary to have the full use and benefit of the Property as contemplated by the other Loan Documents. Obligors at their sole expense shall , and provide Lender with satisfactory evidence of the actions taken as required in this clause (a). Obligors shall provide to Lender within thirty (30) days of Lender’s request a bond, letter of credit or other financial assurance evidencing to Lender’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by this clause (a) and to discharge any assessments or liens established against the Property as a result of the presence of the Hazardous Material on the Property. (b) All remedial actions shall be conducted (i) in a diligent and timely fashion by licensed contractors acting under the supervision of a consultant or consulting environmental engineer, and (ii) in accordance with all Environmental Requirements and all other applicable governmental requirements. The selection of the contractors and consultant or consulting environmental engineer for the remedial actions, the contracts entered into with such parties, any disclosures to or agreements with any public or private agencies or parties relating to the remedial actions and any written plan for the remedial actions (and any changes thereto) shall each, at the option of Lender, be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayedthereof. Within fifteen (15) days after completion of such remedial actions, Obligors Indemnitor shall obtain and deliver to Lender an Environmental Assessment of any environmental report or correspondence to the Property made after EPA, TCEQ or any other Governmental Authority relative to such completion which shall confirm confirming to Lender’s 's reasonable satisfaction that all required remedial action required under the Environmental Requirements, have been completed as stated above has been taken and successfully completed and that there is no evidence or suspicion of any contamination or risk of contamination on directed by the Property EPA, TCEQ or any adjacent property or of violation of any Environmental Requirement with respect to any such Hazardous Materialother applicable Governmental Authority. (cb) After the occurrence and during the continuance of a Default, Lender may, but shall never be obligated to, remove or cause the removal of any Hazardous Material from the Property (or if removal is prohibited by any Environmental Requirement, take or cause the taking of such other action as is required by any Environmental Requirement) if Obligors fail Indemnitor fails to promptly commence such remedial actions following discovery and thereafter diligently prosecute the same to the satisfaction of Lender (without limitation of Lender’s rights to declare a Default default under any of the other Loan Documents and to exercise all rights and remedies available by reason thereof). After the occurrence ; and during the continuance of a Default, Lender and its designees are hereby granted access to the Property at any time or times, upon reasonable notice (which may be written or oral), and a license which is coupled with an interest and is irrevocable, to remove or cause such removal or to take or cause the taking of any such other action.