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 in an aggregate (i) in respect of Guarantor B equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency; or (ii) in respect of Guarantor A equal to or greater than twenty five million Dollars ($25,000,000) or its equivalent in any other currency; or (iii) in respect of each Borrower equal to or greater than five million Dollars ($5,000,000) 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 in an aggregate amount (i) in respect of Guarantor B equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency; or (ii) in respect of Guarantor A equal to or greater than twenty five million Dollars ($25,000,000) or its equivalent in any other currency; or (iii) in respect of each Borrower equal to or greater than five million Dollars ($5,000,000) 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 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 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 in an aggregate (i) in respect of the Guarantor B 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 Guarantor A the Pledgor equal to or greater than twenty five fifty million Dollars ($25,000,00050,000,000) or its equivalent in any other currency; , or (iii) in respect of each Borrower equal to or greater than five ten million Dollars ($5,000,00010,000,000) 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 in an aggregate amount (i) in respect of the Guarantor B 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 Guarantor A the Pledgor equal to or greater than twenty five fifty million Dollars ($25,000,00050,000,000) or its equivalent in any other currency; , or (iii) in respect of each Borrower equal to or greater than five ten million Dollars ($5,000,00010,000,000) 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 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 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 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 in an aggregate (i) in respect of the Guarantor B 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 Guarantor A equal to or greater than twenty five million Dollars ($25,000,000) or its equivalent in any other currency; or (iii) in respect of each Borrower equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency 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 in an aggregate amount (i) in respect of the Guarantor B 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 Guarantor A equal to or greater than twenty five million Dollars ($25,000,000) or its equivalent in any other currency; or (iii) in respect of each Borrower equal to or greater than five million Dollars ($5,000,000) or its equivalent in any other currency 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 13.1.912.2.10, 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 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 in an aggregate (i) in respect of the Guarantor B 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 Guarantor A any of the Borrowers is equal to or greater than twenty two million five million hundred thousand Dollars ($25,000,0002,500,000) or its equivalent in any other currency; or (iii) in respect of each Borrower equal to or greater than five million Dollars ($5,000,000) 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 in an aggregate amount (i) in respect of the Guarantor B 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 Guarantor A any of the Borrowers is equal to or greater than twenty two million five million hundred thousand Dollars ($25,000,0002,500,000) or its equivalent in any other currency; or (iii) in respect of each Borrower equal to or greater than five million Dollars ($5,000,000) 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 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 13.1.910.2.10, 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 30 thirty (30) days; or