Common use of Phase I Reports Clause in Contracts

Phase I Reports. Prior to closing any acquisition of Oil and Gas Properties where the Borrower's liability for environmental remediation potentially associated with the ownership and/or operation of all such Oil and Gas Properties is expected to exceed $1,000,000, Borrower shall, upon request of Administrative Agent, deliver to Administrative Agent an environmental site assessment report covering such Oil and Gas Properties to be acquired in form and substance satisfactory to Administrative Agent.

Phase I Reports. Prior As soon as available, and in any case within three (3) Business Days prior to closing any acquisition of Oil and Gas Properties where the Borrower's ’s liability for environmental remediation potentially associated with the ownership and/or operation of all such Oil and Gas Properties is expected to exceed $1,000,000100,000, Borrower shall, upon request of Administrative Agent, shall deliver to Administrative Agent an environmental site assessment report covering such Oil and Gas Properties to be acquired in form and substance satisfactory to Administrative Agent.

Phase I Reports. Prior As soon as available, and in any case within three (3) Business Days prior to closing any acquisition of Oil and Gas Properties where the Borrower's or its Subsidiaries' liability for environmental remediation potentially associated with the ownership and/or operation of all such Oil and Gas Properties is expected to exceed $1,000,00050,000, Borrower shall, upon request of Administrative Agent, shall deliver to Administrative Agent an environmental site assessment report covering such Oil and Gas Properties to be acquired in form and substance satisfactory to Administrative AgentAgent and the Banks.