Common use of Enforceability of Operative Agreements Clause in Contracts

Enforceability of Operative Agreements. (1) the Contribution Agreement has been duly authorized, executed and delivered by Parent, THL and the Company; (2) each of the Subsidiaries’ Organizational Documents has been duly authorized, executed and delivered by the appropriate Subsidiary; (3) the Secured Credit Facility Agreement dated December 17, 2003 among Great Xxxx Xxxx Xx. 0000 X.X.X., Xxxxx Xxxx Xxxx No. 1520 L.L.C., DSME Hull No. 5254 L.L.C., DSME Hull No. 5255 L.L.C., The Export-Import Bank of Korea, Fortis Capital Corporation, and Landesbank Hessen-Thuringen Girozentrale (the “Term Loan Agreement”), has been duly authorized, executed and delivered by each Company Entity that is a party thereto and, assuming the due authorization, execution and delivery by the other parties thereto, is a valid and legally binding agreement of each Company Entity that is a party thereto, enforceable against it in accordance with its terms; (4) the Secured Facility Agreement dated November 28, 2007 among Everest Spirit Holding L.L.C. and the other Borrowers named therein; Nordea Bank Finland PLC, New York Branch, as Agent; and Nordea Bank Norge ASA, Citigroup Global Markets Limited, ING Bank N.V., London Branch, and the other Lenders named therein (the “Revolving Credit Agreement” and, together with the Term Loan Agreement, the “Credit Agreements”), has been duly authorized, executed and delivered by each of the Company Entities that is a party thereto and, assuming the due authorization, execution and delivery by the other parties thereto, is a valid and legally binding agreement of each of the Company Entities that is a party thereto, enforceable against it in accordance with its terms; and (5) each of the following agreements has been duly authorized, executed and delivered by each Teekay Entity that is a party thereto, and is a valid and legally binding agreement of each of them, enforceable against each of them in accordance with its terms: (i) the Management Agreement; (ii) the Registration Rights Agreement dated December 18, 2007, between the Company and the Parent (the “Registration Rights Agreement”); (iii) the Teekay Pooling Agreement; and (iv) the Gemini Pooling Agreement. provided that, with respect to each agreement described in this Section 1(o), the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and, provided further, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and public policy. The Contribution Agreement, the Credit Agreements, the Management Agreement, the Teekay Pooling Agreement, the Gemini Pooling Agreement and the Registration Rights Agreement are herein collectively referred to as the “Operative Agreements.”

Enforceability of Operative Agreements. (1) the Contribution Agreement has been duly authorized, executed and delivered by Parent, THL and the Company; (2) each of the Subsidiaries’ Organizational Documents has been duly authorized, executed and delivered by the appropriate Subsidiary, High-Q or TTOL; (3) the Secured Credit Facility Agreement dated December 17, 2003 among Great Xxxx Xxxx Xx. 0000 X.X.X., Xxxxx Xxxx Xxxx No. 1520 L.L.C., DSME Hull No. 5254 L.L.C., DSME Hull No. 5255 L.L.C., The Export-Import Bank of Korea, Fortis Capital Corporation, and Landesbank Hessen-Thuringen Girozentrale (the “Term Loan Agreement”), has been duly authorized, executed and delivered by each Company Entity that is a party thereto and, assuming the due authorization, execution and delivery by the other parties thereto, is a valid and legally binding agreement of each Company Entity that is a party thereto, enforceable against it in accordance with its terms; (4) the Secured Facility Agreement dated November 28, 2007 among Everest Spirit Holding L.L.C. and the other Borrowers named therein; Nordea Bank Finland PLC, New York Branch, as Agent; and Nordea Bank Norge ASA, Citigroup Global Markets Limited, ING Bank N.V., London Branch, and the other Lenders named therein (the “Revolving Credit Agreement” and, together with the Term Loan Agreement, the “Credit Agreements”), has been duly authorized, executed and delivered by each of the Company Entities that is a party thereto and, assuming the due authorization, execution and delivery by the other parties thereto, is a valid and legally binding agreement of each of the Company Entities that is a party thereto, enforceable against it in accordance with its terms; and (5) each of the following agreements has been duly authorized, executed and delivered by each Teekay Entity that is a party thereto, and is a valid and legally binding agreement of each of them, enforceable against each of them in accordance with its terms: (i) the Management Agreement; (ii) the Registration Rights Agreement dated December 18, 2007, between the Company and the Parent (the “Registration Rights Agreement”); (iii) the Teekay Pooling Agreement; and (iv) the Gemini Pooling Agreement; (v) the Taurus Pooling Agreement; and (vi) the Non-competition Agreement dated June 15, 2012 between Parent and the Company (the “Non-competition Agreement”). provided that, with respect to each agreement described in this Section 1(o), the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and, provided further, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and public policy. The Contribution Agreement, the Credit Agreements, the Management Agreement, the Teekay Pooling Agreement, the Gemini Pooling Agreement, the Taurus Pooling Agreement, the Non-competition Agreement and the Registration Rights Agreement are herein collectively referred to as the “Operative Agreements.”

Enforceability of Operative Agreements. (1) the Contribution Agreement has been duly authorized, executed and delivered by Parent, THL and the Company; (2) each of the Subsidiaries’ Organizational Documents has been duly authorized, executed and delivered by the appropriate SubsidiarySubsidiary or High-Q; (3) the Secured Credit Facility Agreement dated December 17, 2003 among Great Xxxx Xxxx Xx. 0000 X.X.X., Xxxxx Xxxx Xxxx No. 1520 L.L.C., DSME Hull No. 5254 L.L.C., DSME Hull No. 5255 L.L.C., The Export-Import Bank of Korea, Fortis Capital Corporation, and Landesbank Hessen-Thuringen Girozentrale (the “Term Loan Agreement”), has been duly authorized, executed and delivered by each Company Entity that is a party thereto and, assuming the due authorization, execution and delivery by the other parties thereto, is a valid and legally binding agreement of each Company Entity that is a party thereto, enforceable against it in accordance with its terms; (4) the Secured Facility Agreement dated November 28, 2007 among Everest Spirit Holding L.L.C. and the other Borrowers named therein; Nordea Bank Finland PLC, New York Branch, as Agent; and Nordea Bank Norge ASA, Citigroup Global Markets Limited, ING Bank N.V., London Branch, and the other Lenders named therein (the “Revolving Credit Agreement” and, together with the Term Loan Agreement, the “Credit Agreements”), has been duly authorized, executed and delivered by each of the Company Entities that is a party thereto and, assuming the due authorization, execution and delivery by the other parties thereto, is a valid and legally binding agreement of each of the Company Entities that is a party thereto, enforceable against it in accordance with its terms; and (5) each of the following agreements has been duly authorized, executed and delivered by each Teekay Entity that is a party thereto, and is a valid and legally binding agreement of each of them, enforceable against each of them in accordance with its terms: (i) the Management Agreement; (ii) the Registration Rights Agreement dated December 18, 2007, between the Company and the Parent (the “Registration Rights Agreement”); (iii) the Teekay Pooling Agreement; and (iv) the Gemini Pooling Agreement. provided that, with respect to each agreement described in this Section 1(o), the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and, provided further, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and public policy. The Contribution Agreement, the Credit Agreements, the Management Agreement, the Teekay Pooling Agreement, the Gemini Pooling Agreement and the Registration Rights Agreement are herein collectively referred to as the “Operative Agreements.”