40 CFR 265.141 - Definitions of terms as used in this subpart.

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There is 1 rule appearing in the Federal Register for 40 CFR 265. View below or at eCFR (GPOAccess)
§ 265.141 Definitions of terms as used in this subpart.
(a) Closure plan means the plan for closure prepared in accordance with the requirements of § 265.112.
(b) Current closure cost estimate means the most recent of the estimates prepared in accordance with § 265.142 (a), (b), and (c).
(c) Current post-closure cost estimate means the most recent of the estimates prepared in accordance with § 265.144 (a), (b), and (c).
(d) Parent corporation means a corporation which directly owns at least 50 percent of the voting stock of the corporation which is the facility owner or operator; the latter corporation is deemed a “subsidiary” of the parent corporation.
(e) Post-closure plan means the plan for post-closure care prepared in accordance with the requirements of §§ 265.117 through 265.120.
(f) The following terms are used in the specifications for the financial tests for closure, post-closure care, and liability coverage. The definitions are intended to assist in the understanding of these regulations and are not intended to limit the meanings of terms in a way that conflicts with generally accepted accounting practices.
Assets means all existing and all probable future economic benefits -obtained or controlled by a particular entity.
Current assets means cash or other assets or resources commonly identified as those which are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business.
Current liabilities means obligations whose liquidation is reasonably expected to require the use of existing resources properly classifiable as current assets or the creation of other current liabilities.
Current plugging and abandonment cost estimate means the most recent of the estimates prepared in accordance with § 144.62(a), (b), and (c) of this title.
Independently audited refers to an audit performed by an independent certified public accountant in accordance with generally accepted auditing standards.
Liabilities means probable future sacrifices of economic benefits arising from present obligations to transfer assets or provide services to other entities in the future as a result of past transactions or events.
Net working capital means current assets minus current liabilities.
Net worth means total assets minus total liabilities and is equivalent to owner's equity.
Tangible net worth means the tangible assets that remain after deducting liabilities; such assets would not include intangibles such as goodwill and rights to patents or royalties.
(g) In the liability insurance requirements the terms bodily injury and property damage shall have the meanings given these terms by applicable State law. However, these terms do not include those liabilities which, consistent with standard industry practice, are excluded from coverage in liability policies for bodily injury and property damage. The Agency intends the meanings of other terms used in the liability insurance requirements to be consistent with their common meanings within the insurance industry. The definitions given below of several of the terms are intended to assist in the understanding of these regulations and are not intended to limit their meanings in a way that conflicts with general insurance industry usage.
Accidental occurrence means an accident, including continuous or repeated exposure to conditions, which results in bodily injury or property damage neither expected nor intended from the standpoint of the insured.
Legal defense costs means any expenses that an insurer incurs in defending against claims of third parties brought under the terms and conditions of an insurance policy.
Nonsudden accidental occurrence means an occurrence which takes place over time and involves continuous or repeated exposure.
Sudden accidental occurrence means an occurrence which is not continuous or repeated in nature.
(h) Substantial business relationship means the extent of a business relationship necessary under applicable State law to make a guarantee contract issued incident to that relationship valid and enforceable. A “substantial business relationship” must arise from a pattern of recent or ongoing business transactions, in addition to the guarantee itself, such that a currently existing business relationship between the guarantor and the owner or operator is demonstrated to the satisfaction of the applicable EPA Regional Administrator.
[47 FR 16558, Apr. 16, 1982, as amended at 51 FR 16456, May 2, 1986; 53 FR 33959, Sept. 1, 1988]

Title 40 published on 2013-07-01

The following are only the Rules published in the Federal Register after the published date of Title 40.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-02-07; vol. 79 # 26 - Friday, February 7, 2014
    1. 79 FR 7518 - Hazardous Waste Management System; Modification of the Hazardous Waste Manifest System; Electronic Manifests
      GPO FDSys XML | Text
      ENVIRONMENTAL PROTECTION AGENCY
      Final rule.
      This final rule is effective as a final agency action on August 6, 2014. However, the implementation and compliance date for these regulations will be delayed until such time as the e-Manifest system is shown to be ready for operation and the schedule of fees for manifest related services has been announced. EPA will publish a further document subsequent to this rule's effective date to announce the user fee schedule for manifest related activities. This document will also announce the date upon which compliance with this regulation will be required and upon which EPA will be ready to receive electronic manifests through the national e-Manifest system, in accordance with 40 CFR 3.2(a)(2).
      40 CFR Parts 260, 262, 263, 264, 265, and 271

Title 40 published on 2013-07-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 40 CFR 265 after this date.

  • 2014-02-07; vol. 79 # 26 - Friday, February 7, 2014
    1. 79 FR 7518 - Hazardous Waste Management System; Modification of the Hazardous Waste Manifest System; Electronic Manifests
      GPO FDSys XML | Text
      ENVIRONMENTAL PROTECTION AGENCY
      Final rule.
      This final rule is effective as a final agency action on August 6, 2014. However, the implementation and compliance date for these regulations will be delayed until such time as the e-Manifest system is shown to be ready for operation and the schedule of fees for manifest related services has been announced. EPA will publish a further document subsequent to this rule's effective date to announce the user fee schedule for manifest related activities. This document will also announce the date upon which compliance with this regulation will be required and upon which EPA will be ready to receive electronic manifests through the national e-Manifest system, in accordance with 40 CFR 3.2(a)(2).
      40 CFR Parts 260, 262, 263, 264, 265, and 271