Federal Lien definition

Federal Lien has the meaning set forth in Section 8.7(a).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Federal Lien. A lien in favor of the United States authorized by CERCLA § 107(l) that may be imposed on a PRP's property subject to a response action. The lien arises when the PRP receives written notice of its potential liability for response costs under CERCLA, or the Agency actually incurs response costs at a particular site. The lien continues until the PRP's liability is fully satisfied or the claim becomes unenforceable by operation of the statute of limitations.

Federal Lien means the lien perfected by EPA on the Property at ▇▇▇-▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ of Maywood and Township of ▇▇▇▇▇▇▇▇ Park, Bergen County, New Jersey, designated as Block 124, Lot 30 in Borough of Maywood and Block 17.02, Lot 1 in Township of ▇▇▇▇▇▇▇▇ Park on the tax map of Bergen County, New Jersey, on or about December 14, 2020.

Examples of Federal Lien in a sentence

• Questions as to whether a recorded Abstract of Judgment Lien, Federal Lien or State Tax Lien applies to a prior owner or has been satisfied or released.

• In the event the Internal Revenue Service shall not have discharged the Federal Lien on the Shares arising under Section 6324(a) of the Internal Revenue Code by the third anniversary of this Agreement, either the Company or the Seller may elect to terminate this Agreement by providing written notice of termination to the other party.

• Seller shall use its commercially reasonable efforts to obtain from the Internal Revenue Service a discharge of the Federal Lien arising under Section 6324(a) of the Internal Revenue Code as promptly as possible.

• The “Closing Conditions” shall consist solely of the following: (i) the Internal Revenue Service shall have discharged the Federal Lien on the Shares arising under Section 6324(a) of the Internal Revenue Code and a copy of such discharge shall have been furnished to the Company and (ii) Seller shall have performed in all material respects the covenants set forth in Section 4.04 hereof.

• NONE I know of no action or proceeding, whatever, which is now pending in any State of Federal Court in the United States, to which I am a party, nor do I know of any Federal Court Judgment, Federal Tax Lien, or any Federal Lien of any kind or nature whatever which now constitutes a Lien or charge upon the above described real property.

• Per the terms of the Consent Decree, EPA filed a Notice of Federal Lien Release on July 25, 2011.

• As part of the Consent Decree, EPA agreed to release the Notice of Federal Lien filed against the Site on November 19, 2002.

More Definitions of Federal Lien

Federal Lien has the meaning set forth in SECTION 8.7(A).

Federal Lien has the meaning set forth in Section 6.1(l).

Federal Lien means the lien perfected by EPA on the property of DSC at 333 Hamilton Boulevard, South Plainfield, New Jersey, identified as District 22, Block 256, Lot 1 on the tax map of Middlesex County, on or about January 25, 2005.