Common use of Execution or Distress Clause in Contracts

Execution or Distress. (a) Any Security Party fails to comply with or pay any sum due from it (within 30 days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent jurisdiction, subject to the amount due being in an aggregate amount (i) for the Borrower or the Bareboat Charterer of equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Shareholder, of equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency, being a judgment or order against which there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. (b) Any execution or distress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party, subject to the amount in question being in an aggregate amount (i) for the Borrower or the Bareboat Charterer, of equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Shareholder, of equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency, other than any execution or distress which is being contested in good faith and which is either discharged within 30 days or in respect of which adequate security has been provided within 30 days to the relevant court or other authority to enable the relevant execution or distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this clause 13.1.9, any levy of any distress on or any arrest, condemnation, confiscation, requisition for title or use, compulsory acquisition, seizure, detention or forfeiture of the Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against the Vessel where the release of or discharge of the lien or claim on or against the Vessel has not been procured within 30 days; or

Execution or Distress. (a) Any Security Party fails to comply with or pay any sum due from it (within 30 thirty (30) days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent jurisdiction, subject to the amount due being jurisdiction in an aggregate amount (i) for in respect of the Borrower or the Bareboat Charterer of Guarantor equal to or greater than five fifty million Dollars ($5,000,00050,000,000) or its equivalent in any other currency; or (ii) for TOO or in respect of any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Shareholder, of Borrowers is equal to or greater than one two million five hundred million thousand Dollars ($100,000,0002,500,000) or its equivalent in any other currency, being a judgment or order against which there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. (b) Any execution or distress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party, subject to the amount in question being Party in an aggregate amount (i) for in respect of the Borrower or the Bareboat Charterer, of Guarantor equal to or greater than five fifty million Dollars ($5,000,00050,000,000) or its equivalent in any other currency; or (ii) for TOO or in respect of any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Shareholder, of Borrowers is equal to or greater than one two million five hundred million thousand Dollars ($100,000,0002,500,000) or its equivalent in any other currency, other than any execution or distress which is being contested in good faith and which is either discharged within 30 thirty (30) days or in respect of which adequate security has been provided within 30 thirty (30) days to the relevant court or other authority to enable the relevant execution or distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this clause 13.1.9Clause 10.2.10, any levy of any distress on or any arrest, condemnation, confiscation, requisition for title or use, compulsory acquisition, seizure, detention or forfeiture of the a Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against the a Vessel where the release of or discharge of the lien or claim on or against the such Vessel has not been procured within 30 thirty (30) days; or

Execution or Distress. (a) Any Security Party fails to comply with or pay any sum due from it (within 30 days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent jurisdiction, subject to the amount due being in an aggregate amount (i) for the Borrower or the Bareboat Charterer of equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the ShareholderOperator, of equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency, being a judgment or order against which there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. (b) Any execution or distress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party, subject to the amount in question being in an aggregate amount (i) for the Borrower or the Bareboat Charterer, of equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the ShareholderOperator, of equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency, other than any execution or distress which is being contested in good faith and which is either discharged within 30 days or in respect of which adequate security has been provided within 30 days to the relevant court or other authority to enable the relevant execution or distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this clause 13.1.9, any levy of any distress on or any arrest, condemnation, confiscation, requisition for title or use, compulsory acquisition, seizure, detention or forfeiture of the Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against the Vessel where the release of or discharge of the lien or claim on or against the Vessel has not been procured within 30 days; or

Execution or Distress. (a) Any Security Party or a Material Subsidiary fails to comply with or pay any sum due from it (within 30 days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent jurisdiction, subject to the amount due being jurisdiction in an aggregate amount (i) for in respect of the Borrower or the Bareboat Charterer of equal to or greater than five fifty million Dollars ($5,000,00050,000,000) or its equivalent in any other currency; or (ii) for TOO in respect of the Guarantor or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Shareholder, of a Material Subsidiary equal to or greater than one hundred twenty five million Dollars ($100,000,00025,000,000) or its equivalent in any other currency, being a judgment or order against which there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. (b) Any execution or distress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party, subject to the amount in question being Party or a Material Subsidiary in an aggregate amount (i) for in respect of the Borrower or the Bareboat Charterer, of equal to or greater than five fifty million Dollars ($5,000,00050,000,000) or its equivalent in any other currency; or (ii) for TOO in respect of the Guarantor or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Shareholder, of a Material Subsidiary equal to or greater than one hundred twenty five million Dollars ($100,000,00025,000,000) or its equivalent in any other currency, other than any execution or distress which is being contested in good faith and which is either discharged within 30 days or in respect of which adequate security has been provided within 30 days to the relevant court or other authority to enable the relevant execution or distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this clause Clause 13.1.9, any levy of any distress on or any arrest, condemnation, confiscation, requisition for title or use, compulsory acquisition, seizure, detention or forfeiture of the a Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against the a Vessel where the release of or discharge of the lien or claim on or against the such Vessel has not been procured within 30 days; or

Execution or Distress. (a) Any Security Party fails to comply with or pay any sum due from it (within 30 days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent jurisdiction, subject to the amount due being in an aggregate amount (i) for the Borrower or the Bareboat Charterer Borrower, of equal to or greater than five ten million Dollars ($5,000,00010,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat ChartererBorrower) or the ShareholderOperator, of equal to or greater than one hundred fifty million Dollars ($100,000,000US$50,000,000) or its equivalent in any other currency, being a judgment or order against which there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. (b) Any execution or distress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party, subject to the amount in question being in an aggregate amount (i) for the Borrower or the Bareboat ChartererBorrower, of equal to or greater than five ten million Dollars ($5,000,00010,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat ChartererBorrower) or the ShareholderOperator, of equal to or greater than one hundred fifty million Dollars ($100,000,000US$50,000,000) or its equivalent in any other currency, other than any execution or distress which is being contested in good faith and which is either discharged within 30 days or in respect of which adequate security has been provided within 30 days to the relevant court or other authority to enable the relevant execution or distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this clause 13.1.9, any levy of any distress on or any arrest, condemnation, confiscation, requisition for title or use, compulsory acquisition, seizure, detention or forfeiture of the Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against the Vessel where the release of or discharge of the lien or claim on or against the Vessel has not been procured within 30 days; or

Execution or Distress. (a) Any Security Party fails to comply with or pay any sum due from it (within 30 days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent jurisdiction, subject to the amount due being in an aggregate amount (i) for the Borrower Teekay or the Bareboat Charterer any of its Subsidiaries, of equal to or greater than five one hundred million Dollars ($5,000,000100,000,000) or its equivalent in any other currency, and for the Borrower of equal to or greater than ten million Dollars ($10,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the ShareholderBorrower), of equal to or greater than one hundred fifty million Dollars (US$50,000,000) or its equivalent in any other currency, and for the Borrower of equal to or greater than ten million Dollars ($100,000,00010,000,000) or its equivalent in any other currency, being a judgment or order against which there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. (b) Any execution or distress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party, subject (other than in the case of the Borrower) to the amount in question being in an aggregate amount (i) for the Borrower Teekay or the Bareboat Chartererany of its Subsidiaries, of equal to or greater than five one hundred million Dollars ($5,000,000100,000,000) or its equivalent in any other currency, and for the Borrower of equal to or greater than ten million Dollars ($10,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the ShareholderBorrower), of equal to or greater than one hundred fifty million Dollars (US$50,000,000) or its equivalent in any other currency, and for the Borrower of equal to or greater than ten million Dollars ($100,000,00010,000,000) or its equivalent in any other currency, other than any execution or distress which is being contested in good faith and which is either discharged within 30 days or in respect of which adequate security has been provided within 30 days to the relevant court or other authority to enable the relevant execution or distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this clause Clause 13.1.9, any levy of any distress on or any arrest, condemnation, confiscation, requisition for title or use, compulsory acquisition, seizure, detention or forfeiture of the Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against the Vessel where the release of or discharge of the lien or claim on or against the Vessel has not been procured within 30 days; or

Execution or Distress. (a) Any Security Party fails to comply with or pay any sum due from it (within 30 days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent jurisdiction, subject to the amount due being in an aggregate amount (i) for each of the Borrower or the Bareboat Charterer of Borrowers is equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the ShareholderBorrowers), of equal to or greater than one hundred million Dollars ($US$100,000,000) or its equivalent in any other currency, being a judgment or order against which there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. (b) Any execution or distress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party, subject to the amount in question being in an aggregate amount (i) for each of the Borrower or the Bareboat ChartererBorrowers, of equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency; or (ii) for TOO or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the ShareholderBorrowers), of equal to or greater than one hundred million Dollars ($US$100,000,000) or its equivalent in any other currency, other than any execution or distress which is being contested in good faith and which is either discharged within 30 days or in respect of which adequate security has been provided within 30 days to the relevant court or other authority to enable the relevant execution or distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this clause Clause 13.1.9, any levy of any distress on or any arrest, condemnation, confiscation, requisition for title or use, compulsory acquisition, seizure, detention or forfeiture of the a Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against the a Vessel where the release of or discharge of the lien or claim on or against the a Vessel has not been procured within 30 days; or