The following words and terms, when used in the chapter, shall have the following meanings, unless the context clearly indicates otherwise.

1. (1) Assets--All existing and all probable future economic benefits obtained or controlled by a particular entity.
2. (2) Current assets--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.
3. (3) Current closure cost estimate--The most recent of the estimates prepared for closure and approved by the executive director.
4. (4) Current liabilities--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.
5. (5) Current plugging and abandonment cost estimate--The most recent of the estimates prepared in accordance with Chapter 331 of this title (relating to Underground Injection Control).
6. (6) Entity--For the purposes of this chapter, means a legal organization engaged in lawful business or purpose, such as a corporation, partnership, sole proprietorship, limited liability company, limited liability partnership, or limited partnership or similar business organization.
7. (7) Face amount--The total amount the insurer is obligated to pay under an insurance policy.
8. (8) Financial responsibility--This term shall mean the same as financial assurance.
9. (9) Independent audit--An audit performed by an independent certified public accountant in accordance with generally accepted auditing standards.
10. (10) Liabilities--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.
11. (11) Net working capital--Current assets minus current liabilities.
12. (12) Net worth--Total assets minus total liabilities and equivalent to owner's equity.
13. (13) Program area--Texas Natural Resource Conservation Commission areas under which the facility is permitted, licensed, or registered to operate, including, but not limited to, Industrial and Hazardous Waste, Underground Injection Control, Municipal Solid Waste, or Petroleum Storage Tanks.
14. (14) Standby trust--An unfunded trust established to meet the requirements of this chapter.
15. (15) Substantial business relationship--A relationship where the guarantor is a corporation and owns at least 50% of the entity guaranteed.
16. (16) Tangible net worth--The tangible assets that remain after deducting liabilities; such assets would not include intangibles such as goodwill and rights to patents or royalties.

Source Note:The provisions of this §37.11 adopted to be effective December 30, 1996, 21 TexReg 12297; amended to be effective November 2, 1998, 23 TexReg 11159; amended to be effective October 7, 1999, 24 TexReg 8555.