NFA Status definition

NFA Status means either: (a) a written determination or comparable written statement received (including by a posting on its website) from a Governmental Entity or licensed remediation/environmental professional with authority over such matter that no further Remediation Activities are required to meet applicable clean-up standards based on the commercial or industrial use of the applicable Station Property on the Closing Date under Environmental Laws; or (b) when all Remediation Activities have been completed to meet applicable clean-up standards based on the commercial or industrial use of the applicable Station Property on the Closing Date under Environmental Laws if such Environmental Laws do not provide for a mechanism to receive such a written determination; provided that with respect to any Leased Real Property, the Remediation Activities must also meet applicable clean-up standards required by the Real Property Lease for such Leased Real Property.

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NFA Status means either: (a) a Closure Letter has obtained for a Corrective Action or (b) when all necessary or appropriate Corrective Action has been completed under applicable Environmental Laws and the Responsible Government Agency has delayed or refused to provide such a Closure Letter within a period of three (3) years after completion of Corrective Action, but only when such completion has been confirmed by a written report obtained from the Environmental Arbiter (the cost of which will be paid by Seller).

NFA Status means either: (A) a written determination or comparable written statement received (including by a posting on its website) from a governmental entity or licensed remediation/environmental professional with authority over such matter that no further Remediation is required to meet applicable clean-up standards based on the commercial or industrial use of the applicable Property on the Closing Date under Environmental Laws, or (B) when all Remediation has been completed to meet applicable clean-up standards based on the use of the applicable Property as a convenience store (with retail fuel operations in the case of the Fuel Stores) under Environmental Laws if such Environmental Laws do not provide for a mechanism to receive such a written determination; provided, that with respect to any Leased Property, the Remediation must also meet applicable clean-up standards required by the Store Lease for such Leased Property.

Examples of NFA Status in a sentence

For a period of five (5) years after the Closing Date, and thereafter for so long as Seller-Related Parties are performing Corrective Action until NFA Status is obtained, the Buyer-Related Parties shall be responsible to immediately notify Seller in writing of any Release that occurs at a Property, and, upon Seller’s request, provide copies to Seller of all UST System records, Corrective Action materials, and other documents relating to the Properties.
Notwithstanding the foregoing, Sellers shall use commercially reasonable efforts to achieve NFA Status in a manner that minimizes the need for Engineering and Institutional Controls and Sellers shall maintain compliance with all Engineering and Institutional Controls, including consent orders, administrative orders and similar documents; provided that Buyers shall maintain, at Buyers’ cost and expense, already existing grass caps and impervious barriers such as concrete or asphalt.
With respect to any particular Release for which the Seller is responsible pursuant to this Agreement, Seller’s obligation under this Section 6.4.1 and Section 8.1 shall terminate upon the securing of NFA Status.
Buyer-Related Parties acknowledge that Corrective Action that results in NFA Status may allow for the continued presence of Hazardous Substances on, under or emanating to or from a Property.
From and after Closing, with respect to any Pre-Closing Environmental Liabilities, Sellers shall conduct, at their sole cost and expense, any Remediation Activities required under Environmental Law or as directed by the appropriate Governmental Entity, until such time as Sellers’ obtain NFA Status.
With respect to any Corrective Action for which Seller is responsible pursuant to this Agreement, Seller shall use commercially reasonable efforts to pursue NFA Status.
Section 6.2.1 of the Disclosure Schedule identifies each Real Property at which Ongoing Corrective Action is being performed by the Company or Seller on behalf of the Company as of the Effective Date and sets forth the estimated remaining future cost, as of the Effective Date, to achieve NFA Status (“Ongoing Corrective Action Cost Estimates”).
Buyer-Related Parties acknowledge that acceptable Corrective Action by Seller that results in obtaining NFA Status may allow for the continued presence of Hazardous Substances on, under or emanating to or from a Property.
By way of example only, Seller shall have no liability or obligation, including without limitation, any indemnity obligation pertaining to any third party claim, relating to any Release after NFA Status has been obtained for such Release.
Seller shall be permitted to utilize any reasonable method or approach to pursue and obtain NFA Status, including, natural attenuation and Engineering and Institutional Controls.

More Definitions of NFA Status

NFA Status has the meaning ascribed thereto in Section 8.8.

NFA Status means either: (a) a written determination or comparable written statement received from a Governmental Entity (including without limitation a posting on such Governmental Entity’s website) that no further Remediation Activities are required to meet applicable clean-up standards based on the commercial or industrial use of the applicable Station Property on the date of the Agreement under applicable Environmental Laws; or (b) when all necessary Remediation Activities have been completed to meet applicable clean-up standards based on the commercial or industrial use of the applicable Station Property on the date of the Agreement under applicable Environmental Laws, so long as the insurance carrier that has issued the Environmental Insurance Policy determines that coverage under the Environmental Insurance Policy is restored as to the applicable Station Property. It is expressly understood that “NFA Status” shall include no further action determinations subject to Engineering and Institutional Controls that comply in all respects with applicable Environmental Laws.