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 fifty million Dollars ($50,000,000) 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. (b) any execution, distress, expropriation, attachment or sequestration affects, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party or a Material Subsidiary in an aggregate amount (i) in respect of the Guarantor equal to or greater than fifty million Dollars ($50,000,000) 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 other than any execution, distress, expropriation, attachment or sequestration 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, distress, expropriation, attachment or sequestration to be lifted or released; or

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 fifty one hundred million Dollars ($50,000,000100,000,000) 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. (b) any Any execution, distress, expropriation, attachment or sequestration affects, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party or a Material Subsidiary in an aggregate amount (i) in respect of the Guarantor equal to or greater than fifty one hundred million Dollars ($50,000,000100,000,000) 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 other than any execution, distress, expropriation, attachment or sequestration 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, distress, expropriation, attachment or sequestration to be lifted or released; or

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 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 in an aggregate aggregate: (i) in respect of the Guarantor or the Shareholder equal to or greater than fifty million Dollars ($50,000,000) or its equivalent in any other currency; or or (ii) in respect of any of the Borrower Borrowers equal to or greater than twenty five million Dollars ($20,000,0005,000,000) or its equivalent in any other currency; or , or (iii) in respect of any other Security Party equal to or any Material Subsidiary, ten greater than twenty five 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. (b) any execution, distress, expropriation, attachment Any execution or sequestration affectsdistress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party or a Material Subsidiary in an aggregate amount amount: (i) in respect of the Guarantor or the Shareholder equal to or greater than fifty million Dollars ($50,000,000) or its equivalent in any other currency; or (ii) in respect of any of the Borrower Borrowers equal to or greater than twenty five million Dollars ($20,000,0005,000,000) or its equivalent in any other currency; or , or (iii) in respect of any other Security Party equal to or any Material Subsidiary, ten greater than twenty five million Dollars ($10,000,00025,000,000) or its equivalent in any other currency currency, other than any execution, distress, expropriation, attachment execution or sequestration 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, distress, expropriation, attachment execution or sequestration distress to be lifted or released. (c) Notwithstanding the foregoing paragraphs of this Clause 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 a Vessel (or any part thereof) or any exercise or purported exercise of any lien or claim on or against a Vessel where the release of or discharge the lien or claim on or against such Vessel has not been procured within thirty (30) days; or

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 jurisdiction, subject to the amount due being in an aggregate (i) in respect for Teekay or any of the Guarantor its Subsidiaries, of equal to or greater than fifty one hundred million Dollars ($50,000,000100,000,000) 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) in respect for TOO or any of its Subsidiaries (other than the Borrower Borrower), of equal to or greater than twenty fifty million Dollars ($20,000,000US$50,000,000) or its equivalent in any other currency; , and for the Borrower of equal to or (iii) in respect of any other Security Party or any Material Subsidiary, greater than 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. (b) any execution, distress, expropriation, attachment Any execution or sequestration affectsdistress is levied against, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party or a Material Subsidiary Party, subject (other than in the case of the Borrower) to the amount in question being in an aggregate amount (i) in respect for Teekay or any of the Guarantor its Subsidiaries, of equal to or greater than fifty one hundred million Dollars ($50,000,000100,000,000) 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) in respect for TOO or any of its Subsidiaries (other than the Borrower Borrower), of equal to or greater than twenty fifty million Dollars ($20,000,000US$50,000,000) or its equivalent in any other currency; , and for the Borrower of equal to or (iii) in respect of any other Security Party or any Material Subsidiary, greater than ten million Dollars ($10,000,000) or its equivalent in any other currency currency, other than any execution, distress, expropriation, attachment execution or sequestration 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, distress, expropriation, attachment execution or sequestration 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