Common use of Impossibility, Illegality Clause in Contracts

Impossibility, Illegality. It becomes impossible or unlawful for the Borrowers, the Guarantor, Palm Shipping or 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 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 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, the Guarantor, Palm Shipping or 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 AgentsAgent, 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 AgentsAgent, 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