Affected Alberta PPSA Units definition
Affected Alberta PPSA Units means Units leased under a Lease, the applicable Sublessee of which is Nova Chemicals Corporation ("Nova") or Plains Marketing Canada LP ("Plains"), and as to which there exists in favor of an Acknowledgment Party or a Release Party (as defined below), as applicable, a filing made under the Personal Property Security Act (Alberta) (the "Alberta PPSA") against Nova or Plains, which filing perfects or could perfect a "security interest" (as such term is defined in the Alberta PPSA) in any of such Units and which filing has been recorded prior to the filing against such Sublessee with respect to such Units made in favor of TILC (and TILC's further identified assignees with respect to such filing);
Examples of Affected Alberta PPSA Units in a sentence
TILC agrees to cause the Lessee under the Lease to use its best efforts, within 120 days of the Closing Date, (a) in the case of each Acknowledgment Party (as defined below), to obtain an Acknowledgment, and (b) in the case of each Release Party (as defined below), to obtain a Release (as defined below) and cause to be filed a related Alberta PPSA Release Filing (as defined below), in each case with respect to the applicable Affected Alberta PPSA Units leased by the Lessee under the Lease.