ISRA Compliance definition
ISRA Compliance means (i) the issuance of a Response Action Outcome of any kind, including a Restricted Use Response Action Outcome or a Limited Restricted Use Response Action Outcome by the Company’s LSRP; or (ii) the approval by the NJDEP of a de minimis quantity exemption, in each case as applicable to the Company’s lease of and operations at the B▇▇▇ Lake Facility. Within ten (10) Business Days of signing the Agreement, the Company’s LSRP shall file a General Information Notice with NJDEP for the B▇▇▇ Lake Facility. The Company will then implement commercially reasonable measures to diligently pursue ISRA Compliance. If the Company does not achieve ISRA Compliance prior to Closing, the Company agrees to use commercially reasonable measures to complete and duly file on or before Closing (i) a Remediation Certification in accordance with N.J.A.C. 7:26B-3.3, and, if required, establish a Remediation Funding Source (as such terms are defined under ISRA) and file an RFS/FA form to permit the consummation of the Merger contemplated by this Agreement or (ii) such other ISRA filing which authorizes the Company to complete this transaction (“Closing Approval”) without having first achieved ISRA Compliance. Parent Group Member and Parent shall and shall cause its Subsidiaries and Representatives to provide any commercially reasonable cooperation and to take commercially reasonable actions as reasonably requested by the Company in writing in connection with the ISRA Compliance for the B▇▇▇ Lake Facility or, if the Company does not achieve ISRA Compliance for the B▇▇▇ Lake Facility prior to Closing, the Closing Approval. Notwithstanding anything to the contrary contained herein, the covenants set forth in this Section 5.5(c) shall be the sole covenants with respect to matters contained in this Section 5.5(c), including with respect to ISRA Compliance or the Closing Approval.
ISRA Compliance as used herein shall mean that Seller shall have received (i) a Response Action Outcome (“R▇▇”) from a Licensed Site Remediation Professional (“LSRP”) or an NFA from the DEP, approving Seller’s negative declaration; (ii) a R▇▇ from an LSRP or NFA letter from the DEP approving the Remedial Action Report or similar report setting forth the remedial action undertaken to implement the approved ISRA Remedial Action Workplan, but subject to satisfying any initial Remedial Action (“RA”) permit requirements arising post-R▇▇ or post-NFA from the approved RAWP (but not any Remedial Action permit requirements after securing the RA permit and undertaking any initial requirements in connection therewith); or (iii) a De Minimis Quantity Exemption, subject to and in accordance with applicable ISRA regulations. For purposes of this Section 6(k), the term “Hazardous Substances” shall have the same meaning as defined in ISRA. After Closing, Buyer shall not take any action, including without limitation any construction activity, which materially interferes with or prohibits the achievement of ISRA Compliance or UST Case Closure without Seller’s approval. Subject to Buyer’s right to review in advance and comment upon Seller’s proposed remediation workplan(s), Buyer agrees to allow Seller to use any method available at law to achieve ISRA Compliance and UST Case Closure, including, without limitation, engineering controls or institutional controls as defined in N.J.S.A. 58:10B-1, classification exception areas, or well restriction areas, provided such engineering controls, institutional controls, classification exception areas and well restriction areas do not adversely impact Buyer’s full use of the Real Property as used on the date of this Agreement. Buyer agrees to execute any document necessary or helpful in the effort to achieve the goals of this Section 6(k), whether before or after Closing. Once Seller has achieved ISRA Compliance and UST Case Closure, Buyer shall be responsible, at its sole cost and expense, for complying with any and all further requirements of Environmental Laws, including without limitation any monitoring, reporting or other conditions of the ISRA Compliance, subject to the provisions of subsection 6(k)(vi) below concerning funding sources for such monitoring, reporting and conditions of ISRA Compliance and UST Case Closure. Notwithstanding the foregoing, compliance with any additional remediation requirements arising from a DEP audit undertaken pur...
ISRA Compliance is defined in Section 5.4 of the Agreement.
Examples of ISRA Compliance in a sentence
In the event that Buyer is unable to deliver to Seller, prior to the Closing Date, evidence of ISRA Compliance in one of the forms described in clauses (a) through (d) herein, Buyer may adjourn the Closing Date for a reasonable period of time sufficient to permit Vivus, Inc.
In connection with the Company’s obligation to keep Parent informed of the ISRA Compliance progress, at times mutually convenient for Parent, the Company and the Licensed Site Remediation Professional prior to the consummation of the Transactions, the Company will make available to Parent and its Representatives, with participation by Company Representatives, the Licensed Site Remediation Professional retained by the Company in connection with the ISRA Compliance.
If applicable, the Company will establish the necessary Remediation Funding Source in connection with the ISRA Compliance.
At Closing, a portion of the Purchase Price equal to TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00), together with the accrued interest on such portion, shall be placed in escrow with the Escrow Agent out of the Deposit pursuant to the Escrow Agreement, which amount shall be held in escrow (the “Environmental Escrow”) as prescribed in Paragraph 3 of the Escrow Agreement, until three (3) years from the date both ISRA Compliance and UST Case Closure are achieved.
Subject to Alliant's obligation to indemnify Hercules pursuant to Article VIII of this Environmental Agreement for post-Closing Releases, as such obligation shall be modified by any agreement of the Parties described in Section 12.1 of this Environmental Agreement, Hercules shall take all actions and pay all other fees, costs and expenses to achieve Compliance with ISRA in connection with such ISRA Compliance Matter.
More Definitions of ISRA Compliance
ISRA Compliance as used herein shall mean that Seller shall have received (i) a No Further Action Letter from the NJDEP approving Seller's negative declaration; or (ii) a No Further Action letter from the NJDEP approving the implementation of the Remedial Action Workplan. After Closing, Purchaser shall not take any action, including without limitation any construction activity, which materially interferes with or prohibits the achievement of ISRA Compliance. Purchaser agrees that Seller may complete ISRA remedial requirements at the Property to any level acceptable to the New Jersey Department of Environmental Protection ("NJDEP") and the Purchaser agrees to the imposition of Institutional and Engineering controls and Classification Exception Areas as part of Seller's efforts to satisfy remedial requirements with respect to the Property so long as same do not preclude use of the Property for purposes of warehousing, packaging and assembly.
ISRA Compliance has the meaning given to such term in Section 5.7(a).
ISRA Compliance as used herein shall mean a no further action letter from the NJDEP approving the Company’s negative declaration or the Company’s implementation of a remedial action workplan. The Indemnifying Party shall not be liable for any Losses in connection with this Section 6.5 arising directly or indirectly from Hazardous Substances released after the Closing Date; provided, however, that continued migration of Hazardous Substances released prior to the Closing Date shall not be considered a “release after the Closing Date.”
ISRA Compliance has the meaning set forth in 0 below.
ISRA Compliance means obtaining a no further action letter from the NJDEP or a response action outcome statement from a Licensed Site Remediation Professional, approving the Selling Companies’ negative declaration or ISRA Remedial Action Workplan implementation with respect to Hazardous Substances Released on, at, under or from the Owned Real Property prior to the Closing. The Real Property Purchaser and the Selling Companies agree that ISRA Compliance shall be obtained to standards applicable to non-residential properties which may be subject to “engineering controls” or “institutional controls,” as those terms are defined under applicable Environmental Laws, and the Real Property Purchaser agrees to reasonably cooperate with that approach at no cost to the Purchasers (other than internal overhead or legal expenses or consulting expenses or similar expenses to review the Selling Companies’ compliance) including by assuring written consent as may be required from the Real Property Purchaser to effectuate that approach. Notwithstanding anything contained herein, Purchasers acknowledge that the Selling Companies may record a remediation agreement in the title record for the Owned Real Property to the extent required pursuant to Environmental Laws including ISRA, and the Real Property Purchaser shall cooperate with such requirement including by signing any consent required therefore.
ISRA Compliance as used herein shall mean that CTI shall have received (a) a no further action letter from the DEP approving CTI's negative declaration; or (b) a no further action letter from the DEP approving the implementation of the ISRA remedial action workplan (either (a) or (b) the "No Further Action Letter"). After Closing, SYRIX shall not unreasonably interfere with or prohibit the achievement of ISRA Compliance.
ISRA Compliance means compliance with the requirements of ISRA.