Off-Spec Fuel definition
Off-Spec Fuel means used oil included as part of a Company’s inventory which meets all of the Used Oil Specifications, except that such used oil does not meet one or more of the parameters set forth on Exhibit E with respect to “Non-Volatile Residue”, “Caustic Coagulation Test”, “Other Contaminants”, “API Gravity at 60° F” or “Sulfur.”
Off-Spec Fuel means used oil included as part of a Company’s inventory which meets all of the Used Oil Specifications, except that such used oil does not meet one or more of the parameters set forth on Exhibit E with respect to “Non-Volatile Residue”, “Caustic Coagulation Test”, “Other Contaminants”, “API Gravity at 60° F” or “Sulfur.” “On-Spec Used Oil” shall mean used oil included as part of a Company’s inventory which meets all of the Used Oil Specifications but which does not meet the definition of Processed Used Oil. “Other Off-Spec Oil” shall mean used oil included as part of a Company’s inventory which does not meet the Used Oil Specifications and which is not Wet Oil, Oily Water or Off-Spec Fuel. Other Off-Spec Oil includes, without limitation, tank bottom sludge and sediment, used oil mixed with Polychlorinated Biphenyls (i.e., PCBs) or other materials regulated by the Toxic Substances Control Act, used oil mixed with hazardous waste regulated pursuant to the Resource Conservation and Recovery Act, used oil with a flashpoint that is less than 100 degrees Fahrenheit, used oil with a total PCB content equal to or greater than 2 ppm and used oil with a total halogen content equal to or greater than 1,000 ppm. “Owned Real Property” shall have the meaning given in Section 3.7(a). “Parent” shall have the meaning given in the preamble to this Agreement. “Parent Company Guarantees” shall have the meaning given in Section 2.4(b). “Party” and “Parties” shall have the meaning given in the preamble to this Agreement. “Permits” shall have the meaning given in Section 3.15(c). “Permitted Liens” shall mean (a) Liens for Taxes, assessments, water and sewer rents and other governmental charges, in each case, which arise solely by operation of Law and are not yet due and payable, (b) Liens being contested in good faith by appropriate proceedings, (c) Liens that are (i) easements, quasi-easements, licenses, covenants, rights of way, utility agreements and other similar restrictions, (ii) conditions that may be shown by a current survey or (iii) zoning, building and other similar restrictions, that in any case described in this clause (c) do not materially impair the current use or occupancy of the Owned Real Property or Leased Real Property, (d) inchoate, mechanic’s, workmen’s, repairmen’s, warehousemen’s and carriers’ Liens arising in the ordinary course of business if the underlying obligations are not yet due and payable, (e) Liens for which there are adequate reserves on the ...