EYE » Topics » 7.15 Environmental Matters; Preparation of Environmental Reports .

This excerpt taken from the EYE 8-K filed Apr 3, 2007.

7.15 Environmental Matters; Preparation of Environmental Reports.

(a) Without limiting the generality of anything contained in this Agreement, (i) conduct its operations and keep and maintain its Real Estate in compliance with all Environmental Laws other than noncompliance that could not reasonably be expected to have a Material Adverse Effect and (ii) promptly forward to the Administrative Agent a copy of any order, notice, request for information or any communication or report received by any Loan Party in connection with any violation of Environmental Laws or release of any Hazardous Material or any other matter relating to any Environmental Laws that could reasonably be expected to result in a Material Adverse Effect.

 

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(b) If the Administrative Agent reasonably believes that there is or is reasonably likely to be a violation of an Environmental Law by the Borrower or any Subsidiary that could reasonably be expected to have a Material Adverse Effect and requests in writing a report thereof, provide to the Administrative Agent (who shall provide to the Lenders) within 60 days after such request, at the expense of the Borrower, a report pertaining to such alleged violation for any of its or its Subsidiaries’ properties described in such request, prepared by an environmental consulting firm reasonably acceptable to the Administrative Agent, assessing such alleged violation and the estimated cost of any action required under applicable Environmental Laws to bring such matter into compliance with applicable Environmental Laws; without limiting the generality of the foregoing, if the Borrower does not provide to the Administrative Agent within the 60-day period the requested report and the alleged violation could reasonably be likely to result in a Material Adverse Effect, the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower hereby grants and agrees to cause any Subsidiary that owns any property described in such request to grant at the time of such request to the Administrative Agent, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of tenants, to enter onto their respective properties to undertake such an assessment upon reasonable advance notice to the Borrower.

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