definiens: means al l Environmental Liabilities to the extent relating to, arising out of or resulting from any ( i ) Release of Hazardous Material at, on, under or from any Spinc o Real Properties, or at any other real property in connec tion with the operation of the Spinco Business or t he Spinco Assets ( iii ) noncompliance with Environmental Law i n connection with the operation of the Spinco Busin ess or the Spinco Assets, ( iv ) the offsite transportation storage, disposal, treatment or recycling of Hazard ous Material generated and taken offsite in connection with the operation of the Spinco Business or the Spinco Asse ts or ( v ) exposure by any person ( including any current o r future employee, contractor or customer ) to any H azardous Materials Released into the indoor or outdoor envir onment in connection with the operation of the Spin co Business or the Spinco Assets, in each case ( i ) thr ough ( v ), other than any Excluded Environmental Lia bility