Common use of Time Charter’s breach Clause in Contracts

Time Charter’s breach. the Time Charterer commits any breach of or omits to observe any of its obligations or undertakings expressed to be assumed by it under (a) any of the Security Documents (and such failure is not remedied within fifteen (15) days after the date the Agent has given notice thereof to the Borrower and the Time Charterer) and/or (b) any of the Project Documents to which it is a party (other than those referred to in clause 5.8.5) unless, where such breach or omission has occurred under a Project Document following expiry of any applicable grace period therein, such breach or omission, in the opinion of the Agent (acting on the instructions of all Lenders (acting reasonably)), does not and will not be likely to have a Material Adverse Effect.