Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in Applicable Law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from time to time.
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published on June 18, 2019, available at http://www.poseidonprinciples.org, as the same may be amended or replaced, including but not limited to, to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from time to time.
Examples of Poseidon Principles in a sentence
For the avoidance of doubt, such information shall be “Confidential lnformation” for the purposes of clause 42 (Confidentiality) but the Borrower acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender’s portfolio climate alignment.
The Poseidon Principles for Marine Insurance are founded on the methodology used in the Poseidon Principles for Financial Institutions and were developed in an effort spearheaded by leading marine insurers and industry stakeholders with expert support provided by the Global Maritime Forum, Swiss Re Institute, and UMAS.
The Poseidon Principles for Marine Insurance are a framework to quantitatively assess and disclose the climate alignment of marine insurers’ underwriting portfolios.
For the avoidance of doubt, such information shall be “Confidential Information” for the purposes of clause 45 (Confidential Information) but the Borrower (on behalf of each Owner) acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender’s portfolio climate alignment.
By a membership agreement (the "Agreement") dated made between all the parties to the Agreement, the parties to the Agreement have agreed that the affairs of the Poseidon Principles Marine Insurance Association (the "Association") and the relationship between the Signatory members of the Association shall be regulated by the terms of the Agreement.
More Definitions of Poseidon Principles
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published on 18 June 2019 as the same may be amended or replaced (to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization) from time to time. Quarter Date means, subject to clauses 35.12 and 35.13 (Business Days), each of 31 March, 30 June, 30 September and 31 December of each calendar year. RCF Fraction means, at any time following the sale or Total Loss of a Ship, a fraction of which the numerator is a number equal to the most recently obtained in accordance with this Agreement Fair Market Value in dollars of that Ship and the denominator is a number equal to the aggregate of the most recently obtained in accordance with this Agreement Fair Market Values in dollars of all the Ships which were Mortgaged Ships immediately prior to that sale or Total Loss.
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published on 18 June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time xxxxx://xxx.xxxxxxxxxxxxxxxxxx.xxx at the date of this Agreement. "Quotation Day" means, in relation to any period for which an interest rate is to be determined two (2) Business Days before the first day of that period. "Reference Banks" means those of the Commercial Facility Lenders which are able to act in such capacity and/or such other banks as may be appointed by the Agent. "Reference Bank Rate" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks, as the rate at which the relevant Reference Bank could borrow funds in the applicable interbank market in the relevant currency and for the relevant period, were it to obtain interbank offers for deposits in that currency and for that period, and if a Reference Bank does not supply a quotation by 12:00 hours on the Quotation Day, the applicable rate shall be determined on the basis of the quotations of the remaining Reference Banks. "Relevant Jurisdiction" means in relation to any Party: (a) its jurisdiction of incorporation; (b) any jurisdiction where any asset subject to or intended to be subject to Security Interest under a Security Document to be created by it is situated or registered, as applicable; (c) any jurisdiction where it conducts its business; and (d) the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it. "Relevant Percentage" means: (a) in relation to the Commercial Facility, 39.746 per cent; (b) in relation to the KEXIM Facility, 30.187 per cent; and (c) in relation to the KEXIM Guaranteed Facility, 30.067 per cent. "Repeating Representations" means each of the representations set out in Clause 19 (Representations and warranties), except for Clauses 19.3 (Binding obligations), 19.4 (No conflict with other obligations), 19.6 (Governing law and enforcement), 19.8 (Taxes) and 19.9 (No filing or stamp taxes). "Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers. BD-#34696673-v11 13
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced (to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization) from time to time. Quarter Date means, subject to clauses 35.12 and 35.13 (Business Days), each of 31 March, 30 June, 30 September and 31 December of each calendar year. Quotation Day means, in relation to any period for which an interest rate is to be determined, two (2) London Business Days before the first day of that period unless market practice differs in the Interbank Market for a currency, in which case the Quotation Day for that currency shall be determined by the Agent in accordance with market practice in the Interbank Market (and if quotations would normally be given by leading banks in the Interbank Market on more than one day, the Quotation Day will be the last of those days).
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time, having representative office at Xxxxxxxxxx 00 X, 0xx xxxxx, 0000 Xxxxxxxxxx X, Xxxxxxx. Poseidon Princiles Guideline means the documents issued by Poseidon Principles as Version 3.0 in September 2020( and any amendments or replacement thereto) containing the detailed information including, but not limited to the technical guidance on the calculation of vessel carbon intensity and assessment of climate alignment. Process Agent means (i) for the Charterer and Pangaea, Xxxxxx Xxxxx Xxxxxxxxx LLP, Summit House, 00 Xxx Xxxx Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx (attn: Xxxx Xxxxxxxxx), and email: xxxx.xxxxxxxxx@xxxxxxxxxxxxxx.xxx and xxxxxx@xxxxxxxxxxxxxx.xxx), and (ii) for the Owner, Law Debenture Corporate Services Limited, currently of Xxxxx Xxxxx, 000 Xxxx Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx.
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time. "Potential Event of Default" means an event or circumstance which, with the giving of any notice, the lapse of time, a reasonable determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default. "Qualifying Green Project" means a project of a type described in Schedule 11 (Qualifying Green Projects) in respect of any vessel owned by the Borrower or any subsidiary of it. "Qualifying Replacement Ship" means a vessel that is: (a) a crude tanker; (b) having DWT between 150,000 and 330,000; (c) not older than the Existing Ship that it is to replace as an Existing Ship for the purposes of this Agreement; (d) classed with an Approved Classification Society; (e) registered in the name of the Borrower on an Approved Flag; and (f) having a Fair Market Value equal to or higher than the Existing Ship that it is to replace as an Existing Ship for the purposes of this Agreement.
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from time to time. Quotation Day means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period unless market practice differs in the relevant syndicated loan market, in which case the Quotation Day shall be determined by the Agent in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days). Receiver means a receiver or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any Charged Property under any relevant Security Document. Reference Rate means, in relation to a Loan or any part of a Loan: