Common use of Impossibility, Illegality Clause in Contracts

Impossibility, Illegality. It becomes impossible or unlawful for the Borrowers or the Guarantor or either of them to fulfill any of the covenants and obligations contained herein, in the Note or in any of the Security Documents to which it is a party or for the Agent or the Lenders to exercise any of the rights vested in them hereunder, under the Note or under any of the Security Documents and such impossibility or illegality, in the reasonable opinion of the Agent or the Majority Lenders, will have a material adverse effect on their rights hereunder, under the Note or under any of the Security Documents or on their right to enforce any thereof; or

Impossibility, Illegality. It becomes impossible or unlawful for the Borrowers Obligors or the Guarantor or either any of them to fulfill any of the covenants and obligations contained herein, in the Note herein or in any of the Security Documents to which it is a party or for the Agent Agent, the Security Trustee or the Lenders Banks to exercise any of the rights vested in any of them hereunder, under the Note hereunder or under any of the Security Documents and such impossibility or illegality, in the reasonable opinion of the Agent Agent, the Security Trustee or the Majority LendersBanks, will have a material adverse effect on their rights hereunder, under the Note hereunder or under any of the Security Documents or on their right to enforce any thereof; or

Impossibility, Illegality. It becomes impossible or unlawful for the Borrowers Borrowers, the Guarantor, Palm Shipping or the Guarantor or either any of them to fulfill any of the covenants and obligations contained herein, in the Note or in any of the Security Documents to which it is a party or for the Agent Agents, the Security Trustee or the Lenders to exercise any of the rights vested in any of them hereunder, under the Note or under any of the Security Documents and such impossibility or illegality, in the reasonable opinion of the Agent Agents, the Security Trustee or the Majority Lenders, will have a material adverse effect on their rights hereunder, under the Note or under any of the Security Documents or on their right to enforce any thereof; or

Impossibility, Illegality. It becomes impossible or unlawful for the Borrowers Obligors or the Guarantor or either any of them to fulfill any of the covenants and obligations contained herein, in the Note herein or in any of the Security Documents to which it is a party or for the Agent Agent, the Security Trustee or the Lenders Banks to exercise any of the rights vested in any of them hereunder, under the Note hereunder or under any of the Security Documents and such impossibility or illegality, in the reasonable opinion of the Agent Agent, the Security Trustee or the Majority LendersBanks, will have a material adverse effect on their rights hereunder, under the Note hereunder or under any of the Security Documents or on their right to enforce any thereof; or