20Poseidon Principles Sample Clauses
The Poseidon Principles clause establishes a framework for assessing and disclosing the climate alignment of shipping finance portfolios. It typically requires parties, such as lenders or lessors, to collect and report data on the carbon intensity of vessels they finance, ensuring that their activities are consistent with global climate goals. By mandating transparency and accountability in environmental performance, this clause helps financial institutions manage climate-related risks and demonstrate their commitment to sustainable shipping practices.
20Poseidon Principles. The Borrower shall, upon the request of any Lender which is a signatory to the Poseidon Principles at the time of such request, on or before July 31 in each calendar year, supply or procure the supply to the Administrative Agent (for transmission to all Lenders) the Average Efficiency Ratio (AER) and Vessel Carbon Intensity Certificate prepared by a Recognized Organization (as defined in the Sustainability Pricing Adjustment Schedule) and relevant Statement(s) of Compliance in order for such Lender to comply with its obligations under the Poseidon Principles in respect of the preceding calendar year, in each case relating to each Collateral Vessel for the preceding calendar year, provided that no Lender shall publicly disclose such information with the identity of the relevant Collateral Vessel without the prior written consent of the Borrower and, for the avoidance of doubt, such information shall be confidential information for purposes of Section 11.12 but the Borrower acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the applicable Lender’s portfolio climate alignment.