Clean Audit definition
Clean Audit means a then current Phase I environmental site assessment with respect to the Secured Pool Property (and a follow up Phase II environmental assessment report if required by the Phase I), ordered by Administrative Agent at Borrower’s expense upon the request of Borrower, from an environmental consultant reasonably acceptable to Administrative Agent and certified to Administrative Agent and the Lenders (and, if applicable, the Foreclosing Successor), which is dated not more than ten (10) Business Days prior to the effective date of the transfer of the Secured Pool Property pursuant to the Uncontested Foreclosure or deed-in-lieu, together with such other information and investigations as Administrative Agent may require in its reasonable discretion, which assessments indicate no release, threatened release, discharge, disposal, or presence of any Hazardous Substances in, on, under, about or migrating from the Secured Pool Property, and indicates that the Secured Pool Property is not subject to any risk of contamination from any off site Hazardous Substances, in each case, in violation of the representations, warranties, and covenants set forth in this Agreement, all as determined by Administrative Agent in its reasonable discretion. References in this Section 13.9 to “Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers.
Examples of Clean Audit in a sentence
Good Governance & Public Participation Achievement of Clean Audit No material findings from your Department on Audit report.
Key Performance Area Key Outcomes Activities Means of verification Good Governance & Public Participation Achievement of Clean Audit No material findings from your Department on Audit report.