Environmental Property definition
Examples of Environmental Property in a sentence
Environmental Property records must be retained for fifty (50) years, regardless of DEMIL Code (Chemicals, Batteries, Hazardous Material / Hazardous Waste).
If Purchaser’s Environmental Consultant and Seller’s Environmental Consultant are unable to agree whether any RECs exist on the Environmental Property within such five (5) business day period, Purchaser’s Environmental Consultant and Seller’s Environmental Consultant will in turn select a third environmental consultant within five (5) days to make a final determination regarding the existence of any RECs on the Environmental Property.
Schedule 2.21 further contains a list of the names and addresses of all persons or entities involved in the transportation and disposal of Hazardous Materials on behalf of the Company or any Subsidiary of the Company or from the Environmental Property since the Company’s or any such Subsidiary’s inception and an estimate of the amount of such Hazardous Materials handled by each such person or entity.
In the event of subsection (i) immediately above, within five (5) business days following the delivery of Sellers’ written notice, Sellers and Purchaser shall cause Sellers’ Environmental Consultant and Purchaser’s Environmental Consultant to discuss, in good faith, each consultant’s findings to reach a final determination as to whether any RECs exist on the Environmental Property.
If the third environmental consultant has not given its final determination by the Closing Date, then Purchaser shall deposit with the Escrow Agent an amount equal to the portion of the Purchase Price due with respect to the Environmental Property as determined by reference to the Value Table and the Environmental Property shall be removed from the Property for purposes of the Closing on the remaining portion of the Property by the Closing Date.