Common use of Execution or Distress Clause in Contracts

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 in an aggregate (i) in respect of the Guarantor equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency; or (ii) in respect of the Borrower equal to or greater than twenty million Dollars ($20,000,000) or its equivalent in any other currency; or (iii) in respect of any other Security Party or any Material Subsidiary, ten million Dollars ($10,000,000) 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.

Appears in 2 contracts

Samples: Loan Agreement (Teekay LNG Partners L.P.), www.lw.com

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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 in an aggregate (i) in respect of the Guarantor or any of its Subsidiaries (other than the Borrower) equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency; or (ii) in respect of the Borrower equal to or greater than twenty five million Dollars ($20,000,0005,000,000) or its equivalent in any other currency; or (iii) in respect of any other Security Party equal to or any Material Subsidiary, ten greater than fifty million Dollars ($10,000,00050,000,000) 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.

Appears in 2 contracts

Samples: Teekay LNG Partners L.P., Teekay LNG Partners L.P.

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 in an aggregate (i) in respect of the Guarantor Borrower equal to or greater than one hundred fifty million Dollars ($100,000,00050,000,000) or its equivalent in any other currency; or (ii) in respect of the Borrower Guarantor or a Material Subsidiary equal to or greater than twenty five million Dollars ($20,000,000) or its equivalent in any other currency; or (iii) in respect of any other Security Party or any Material Subsidiary, ten million Dollars ($10,000,00025,000,000) 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.

Appears in 2 contracts

Samples: Loan Agreement (Teekay Shipping Corp), Loan Agreement (Teekay Offshore Partners L.P.)

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Execution or Distress. (a) Any 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 in an aggregate (i) in respect of the Guarantor equal to or greater than one hundred fifty million Dollars ($100,000,00050,000,000) or its equivalent in any other currency; or (ii) in respect of the Borrower equal to or greater than twenty million Dollars ($20,000,000) or its equivalent in any other currency; or (iii) in respect of any other Security Party or any Material Subsidiary, ten million Dollars ($10,000,000) 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.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement (Teekay LNG Partners L.P.)

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