Common use of Security for Costs Clause in Contracts

Security for Costs. If the potential costs associated with the actions required in Section 4.1, the release of any unpermitted lien against all or any portion of the Property and/or the release or other satisfaction of the liability, if any, of Indemnitors with respect to all or any portion of the Property arising under or related to any of the applicable Environmental Laws or any Environmental Enforcement Action are determined by Agent, in good faith, to exceed $1,000,000.00, Agent shall have the right (in addition to any other right or remedy) to require Indemnitors to provide, and Indemnitors shall provide within thirty (30) days after written request therefor, a bond, letter of credit or other similar financial assurance, in form, amount and substance reasonably satisfactory to Agent, in its good faith judgment based on the reasonably estimated costs for such matter, evidencing to Agent’s reasonable satisfaction that the necessary financial resources will be unconditionally available to pay for all of the foregoing.