Regulatory Closure definition

Regulatory Closure means the approval and acceptance by the proper Governmental Authority or Governmental Authorities of certain cleanup, closure, or remediation work at or offsite of a Property in connection with a Release, as evidenced by written letter or similar formal communication affirming such approval and acceptance, including but not limited to “case closure” or “no further action” letters or communications of similar import and finality; provided, however, that any requirements for additional work set forth in any such communication as a condition of such approval and acceptance shall first have been first satisfied in full and confirmed in writing by the applicable Governmental Authority evidencing such satisfaction before Regulatory Closure is deemed to occur.
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Regulatory Closure has the meaning set forth in Section 3.17(g).
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Regulatory Closure means written confirmation from the EPA, the TCEQ, and each other environmental regulatory agency having jurisdiction over the Real Property, as applicable under Environmental Laws, that (i) all Required Remediation Actions have been performed and completed in compliance with all applicable Environmental Laws or other applicable governmental regulations and no further action is required for the Required Remediation Actions, and (ii) Plant Shutdown and Decommissioning and all other Response Actions or Environmental Compliance required pursuant to applicable Environmental Law have been performed and completed in compliance with all applicable Environmental Laws or other applicable governmental regulations and no further action is required for the Purchased Assets.
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Examples of Regulatory Closure in a sentence

  • Seller and Purchaser agree that $13,600,000 is the mutually-agreed estimated cost to obtain Preliminary Regulatory Closure of the Site F landfill.

  • SPP Refining agrees to cooperate with MPC to place any land and groundwater use restrictions on the ▇▇▇▇▇▇ Products Site to effectuate such ▇▇▇▇▇▇ Products Regulatory Closure.

  • Purchaser shall use the cash paid to Purchaser pursuant to Section 2.04(f) solely to fund Purchaser's obligations arising under this Agreement with respect to the Required Remediation Actions, Plant Shutdown and Decommissioning, and other actions necessary to achieve Regulatory Closure of the Purchased Assets, including any Environmental Compliance and Response Actions.

  • If, upon Preliminary Regulatory Closure of the Site F landfill, the aggregate costs actually incurred by Purchaser to obtain Preliminary Regulatory Closure of the Site F landfill is less than $13,600,000, Purchaser shall pay such difference to Seller within thirty (30) days of Seller’s written request for such amount, which amount may, at Seller’s election, be paid in whole or in part to Seller as a distribution from the Escrowed Amount in accordance with the terms of the Escrow Agreement.

  • SPP Refining agrees to cooperate with MPC to place any land and groundwater use restrictions on the Park Penta Site to effectuate such Park Penta Regulatory Closure.

  • Seller has prepared and Buyer has approved the Regulatory Closure Plan that is attached as Exhibit D to this Agreement.

  • Purchaser will obtain and deliver to Seller in connection with the Closing the original of the Regulatory Closure Bond and will maintain the Regulatory Closure Bond, as potentially modified or adjusted in accordance with this Section 9.06, until released by Seller.

  • Except for the amounts payable by Seller at Closing pursuant to Section 2.04, all costs of the Regulatory Closure Bond and the Environmental Insurance Policy shall be payable by Purchaser.


More Definitions of Regulatory Closure

Regulatory Closure based upon the applicable Real Property’s current use as an industrial facility, and (ii) ensure that the completed remedy will not materially and adversely affect the value or operation of the applicable Real Property in respect of its current uses.
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