Common use of Impossibility, Illegality Clause in Contracts

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties to fulfill any of the covenants and obligations contained herein or in any Transaction Document, or for any of the Lenders to exercise any of the rights vested in any of them hereunder or under the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lender, will have a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereof; or

Appears in 10 contracts

Samples: Agreement (International Shipholding Corp), Senior Secured Loan Facility Agreement (International Shipholding Corp), Senior Secured Loan Facility Agreement (International Shipholding Corp)

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Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties to fulfill any of the covenants and obligations contained herein or in any Transaction Document, or for any of the Lenders to exercise any of the rights vested in any of them hereunder or under the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lender, will have a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofDocuments; or

Appears in 3 contracts

Samples: Agreement (International Shipholding Corp), Credit Agreement (International Shipholding Corp), Account Pledge Agreement (International Shipholding Corp)

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties to fulfill any of the covenants and obligations contained herein or in any Transaction Document, or for any of the Lenders to exercise any of the rights vested in any of them hereunder or under the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lender, will have a Material Adverse Effect Change on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereof; or

Appears in 2 contracts

Samples: Senior Secured Revolving Credit Facility Agreement (OSG America L.P.), Credit Facility Agreement (OSG America L.P.)

Impossibility, Illegality. It it becomes impossible or unlawful for any of the Security Parties Party to fulfill any of the covenants and obligations contained herein herein, under the Note or in under any Transaction Documentof the Security Documents, or for any of the Lenders Lender to exercise any of the rights vested in it hereunder, under the Note or under any of them hereunder or under the other Transaction Documents Security Documents, and such impossibility or illegality, illegality in the reasonable opinion of such Lender, the Majority Lenders will have give rise to a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofEffect; or

Appears in 1 contract

Samples: Secured Credit Facility Agreement (Teekay Shipping Corp)

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties Party to fulfill any of the covenants and obligations contained herein or in any of the Transaction Document, Documents to which it is a party or for any of the Lenders L/C Provider to exercise any of the rights vested in any of them hereunder or under any of the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lenderthe L/C Provider, will have a Material Adverse Effect material adverse effect on any of its their rights hereunder or under any of the other Transaction Documents or on any of its rights their right to enforce any thereof; or;

Appears in 1 contract

Samples: Facility Agreement (B Plus H Ocean Carriers LTD)

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties to fulfill any of the covenants and obligations contained herein or in any Transaction Document, of the Loan Documents or for any of the Lenders to exercise any of the rights vested in any of them hereunder or under the other Transaction Loan Documents and such impossibility or illegality, illegality in the reasonable opinion of such Lender, the Majority Lenders will have give rise to a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofChange; or

Appears in 1 contract

Samples: Credit Agreement (Era Group Inc.)

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties Party to fulfill any of the covenants and its obligations contained herein or in under any Transaction Document, Document or for any of the Lenders Creditor to exercise any of the rights vested in it under any of them hereunder or under the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lender, will have a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofDocument; or

Appears in 1 contract

Samples: Senior Secured Bridge Loan Agreement (Dorian LPG Ltd.)

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties Party to fulfill any of the covenants and its obligations contained herein or in under any Transaction Document, Document or for any of the Lenders Creditor to exercise any of the rights vested in it under any of them hereunder Transaction Document; or under the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lender, will have a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereof; or(e)

Appears in 1 contract

Samples: Senior Secured Bridge Loan Agreement

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Impossibility, Illegality. It it becomes impossible or unlawful for any of the Security Parties Party to fulfill any of its covenants or obligations hereunder, under the covenants Note, the Subordination and obligations contained herein Intercreditor Agreement, or in under any Transaction Document, of the Security Documents or for any of the Lenders Creditors to exercise any of the rights vested in any of them hereunder or hereunder, under the other Transaction Documents and such impossibility or illegalityNote, in the reasonable opinion of such Lender, will have a Material Adverse Effect on under any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofSecurity Documents; or

Appears in 1 contract

Samples: Term Loan Credit Facility Agreement (SEACOR Marine Holdings Inc.)

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties Party to fulfill any of the its covenants and or obligations contained herein or in under any Transaction Document, Document or for any of the Lenders Creditor to exercise any of the rights vested in it under any of them hereunder or under the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lender, will have a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofDocument; or

Appears in 1 contract

Samples: Consent and Agreement (SEACOR Marine Holdings Inc.)

Impossibility, Illegality. It becomes impossible or unlawful for any of the Security Parties to fulfill any of the covenants and obligations contained herein herein, in the Notes or in any Transaction Document, of the Security Documents or for any of the Lenders to exercise any of the rights vested in any of them hereunder hereunder, under the Notes or under the other Transaction Security Documents and such impossibility or illegality, illegality in the reasonable opinion of such Lender, the Majority Lenders will have give rise to a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofChange; or

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Seacor Holdings Inc /New/)

Impossibility, Illegality. It it becomes impossible or unlawful for any of the Security Parties to fulfill any of its covenants or obligations hereunder, under the covenants and obligations contained herein Note or in under any of the Transaction Document, Documents or for any of the Lenders Finance Parties to exercise any of the rights vested in any of them hereunder hereunder, under the Note or under any of the other Transaction Documents and such impossibility or illegality, in the reasonable opinion of such Lender, will have a Material Adverse Effect on any of its rights hereunder or under the other Transaction Documents or on any of its rights to enforce any thereofDocuments; or

Appears in 1 contract

Samples: Senior Secured Term Credit Facility Agreement (Top Ships Inc.)

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