Environmental laws.

[Add introductory clause as in §5.6472.]

Borrower shall conduct its business so as to comply in all material respects with all Environmental Laws. If Borrower shall (a) receive notice that any violation of any Environmental Law may have been committed or is about to be committed by Borrower, (b) receive notice that any administrative or judicial complaint or order has been filed or is about to be filed against Borrower alleging violations of any Environmental Law or requiring Borrower to take any action in connection with the release of toxic or hazardous substances into the environment, (c) receive any notice from a federal, state, or local governmental agency or private party alleging that Borrower may be liable or responsible for costs associated with a response to or cleanup of a release of a toxic or hazardous substance into the environment or any damages caused by that release, or (d) receive notice that Borrower's properties, or any site which includes Borrower's properties, has been listed as a "Superfund" site and placed on the National Priorities List for cleanup, then Borrower shall provide Bank with a copy of that notice within _________ days of Borrower's receipt of that notice. Provided, however, that in spite of the above, Borrower shall not be required to provide notice under this sentence unless the potential liability to Borrower which may arise in connection with the matter as to which the notice would relate exceeds $_____. Within _________ days of Borrower having learned that the prior enactment or promulgation of any Environmental Law may result in a material adverse change in the condition, financial or otherwise, of Borrower, Borrower shall provide Bank with notice of that information.

 

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