Common use of Phase I Reports Clause in Contracts

Phase I Reports. In the event such is obtained in connection with the acquisition of Oil and Gas Properties directly or indirectly through a Subsidiary, each Loan Party shall deliver to the Lenders a copy of a Phase I Report covering such Oil and Gas Properties, and in the event such is not obtained, each Loan Party will provide a Phase I Report upon request by Administrative Agent or any Lender and no more than once per year in the absence of any Event of Default (or as otherwise required to be obtained by Administrative Agent or any Lender by any Governmental Authority), in connection with any future acquisition of any Oil and Gas Properties.