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 ten million Dollars ($10,000,000) or its equivalent in any other currency; or (ii) for TOO, Teekay or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Operator or the Additional Sponsor, 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 ten million Dollars ($10,000,000) or its equivalent in any other currency; or (ii) for TOO, Teekay or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Operator or the Additional Sponsor, 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. (aA) Any Security Party an Obligor 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 in respect of: (i1) for each of (I) the Borrower Charter Guarantor and (II) a Pledgor which is a wholly-owned Subsidiary within the Teekay Group and legally or beneficially (directly or indirectly) owns the Bareboat Charterer entire membership interest of equal to or greater than ten million Dollars ($10,000,000) or its equivalent the Sellers is, in any other currency; or (ii) for TOOeach case, Teekay or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Operator or the Additional Sponsor, of equal to or greater than one hundred million US Dollars ($US$100,000,000) or its equivalent in any other currency or currencies; or (2) the Charterers equals to or is greater than five million US Dollars (US$5,000,000) or its equivalent in any other currency, in each case 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.; or (bB) Any 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 an Obligor in an aggregate amount in respect of: (i1) for each of (I) the Borrower Charter Guarantor and (II) a Pledgor which is a wholly-owned Subsidiary within the Teekay Group and legally or beneficially (directly or indirectly) owns the Bareboat Chartererentire membership interest of the Sellers is, of in each case, equal to or greater than one hundred million US Dollars (US$100,000,000) or its equivalent in any other currency or currencies; or (2) the Charterers equals to or is greater than ten million US Dollars ($US$10,000,000) or its equivalent in any other currency; currency or (ii) for TOOcurrencies, Teekay or any of its Subsidiaries (other than the Borrower and the Bareboat Charterer) or the Operator or the Additional Sponsor, of equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency, each case 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 13.1.9, 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