Common use of Phase I Environmental Reports Clause in Contracts

Phase I Environmental Reports. Within 90 days after the Closing Date, a Phase I environmental assessment for each Facility (other than Facilities listed on Schedule 4.1K and Leasehold Properties at which Borrower and its Subsidiaries do not conduct any manufacturing activities), which shall (a) substantially conform to the ASTM Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process, E 1527, (b) be conducted by one or more environmental consulting firms reasonably satisfactory to Administrative Agent, and (c) include a visual assessment of suspect asbestos-containing materials at such Facilities, all to the reasonable satisfaction of Administrative Agent.