Common use of Creditors’ process Clause in Contracts

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, in accordance with Clause 26.14 (Arrest), is discharged within 30 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, referred to in accordance with Clause 26.14 27.13 (Arrest), ) and is not discharged within 30 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, referred to in accordance with Clause 26.14 27.14 (Arrest), ) and is not discharged within 30 days20 days (or such later period agreed by the Facility Agent acting with the authorisation of the Majority Lenders in their absolute discretion).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction an Obligor (other than any Approved Manager or an arrest or detention of a the Ship which, referred to in accordance with Clause 26.14 7.4 (ArrestMandatory prepayment on sale or Total Loss), is discharged within 30 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any an Approved Manager or Manager) having an aggregate value of $5,000,000 (other than an arrest or detention of a Ship which, referred to in accordance with Clause 26.14 26.15 (Arrest), ) and is not discharged within 30 14 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, in accordance with Clause 26.14 25.14 (Arrest), is discharged within 30 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, in accordance with Clause 26.14 27.14 (Arrest), is discharged within 30 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, in accordance with Clause 26.14 25.14 (Arrest), is discharged within 30 90 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship whichreferred to in paragraph (iii) of Clause 7.5 (Mandatory prepayment on sale, in accordance with Clause 26.14 (Arrestarrest or Total Loss), ) and is not discharged within 30 14 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction an Obligor having an aggregate value of $5,000,000 (other than any Approved Manager or an arrest or detention of a Ship which, referred to in accordance with Clause 26.14 (Arrest), ) and is not discharged within 30 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a the Ship which, referred to in accordance with Clause 26.14 29.14 (Arrest), ) and is not discharged within 30 10 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a the Ship which, referred to in accordance with Clause 26.14 25.14 (Arrest), ) is discharged within 30 days).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, referred to in accordance with Clause 26.14 27.13 (Arrest), ) and is not discharged within 30 daysBusiness Days (or such later period agreed by the Lender).

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of either of the Obligors, or a Transaction Obligor (maritime or other than any Approved Manager lien, arrest, distress or an arrest similar charge is levied upon, or detention of a Ship which, in accordance with Clause 26.14 (Arrest), against the Vessel or the Earnings and is not discharged within 30 days)fourteen (14) Business Days.

Creditors’ process. Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than any Approved Manager or an arrest or detention of a Ship which, referred to in accordance with Clause 26.14 29.13 (Arrest), ) and is not discharged within 30 daysdays (or such longer period the Facility Agent, acting on the instructions of the Majority Lenders, may agree to).. 106 EUROPE/78117511v9