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 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.
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. "Pre-Approved Classification Society" means any of DNV GL, Lloyds Register, America Bureau of Shipping (ABS) or Bureau Veritas or such other classification society that is a member of the International Association of Classification Societies and is approved by the Majority Lenders, acting reasonably. "Pre-Approved Flag" means Xxxxxxxx Islands, Norwegian International Ship Registry, Liberia, Cayman Islands, Panama, Isle of Man, Bermuda, Bahamas, Malta or Singapore. "Proportionate Share" means, at any time, the proportion which a Xxxxxx's Commitment (whether or not advanced) then bears to the aggregate Commitments of all the Lenders (whether or not advanced) being on the Execution Date the percentage indicated against the name of that Lender in Schedule 1. "Protected Party" means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation to a sum required or receivable (or any sum deemed for the purpose of Tax to be received or receivable) under a Finance Document. "Quotation Day" means, in relation to any period for which an interest rate is to be determined two (2) 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 will be determined by the Agent in accordance with that market practice (and if quotations would normally be on more than one day, the Quotation Day will be the last of those days). "Reduction Date" means, in relation to each Collateral Vessel Tranche, each date on which the Maximum Amount of that Collateral Vessel Tranche shall be reduced in accordance with Clause 3.6. "Reference Rate" means, in relation to any Drawing: (a) the applicable Term SOFR as of the Quotation Day and for a period equal in length to that Interest Period; or (b) as otherwise determined pursuant to Clause 7.9, and if, in either case, that rate is less than zero, the Reference Rate shall be deemed to be zero. "Related Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same investme...
Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published on xxx.xxxxxxxxxxxxxxxxxx.xxx 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. Purchase Contract means, in respect of the Owners, the agreement dated 26 January 2022 and made between the Borrower and GLNG for the acquisition by the Borrower of the entire issued and outstanding share capital of the Owners. Quantum Pacific Shipping means Quantum Pacific Shipping Ltd, a company incorporated under the laws of the Republic of Liberia, with registered number C-75624 and registered address at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx xx Xxxxxxx. Quiet Enjoyment Letter means, in respect of a Ship where required by the terms of any Charter, a letter by the Security Agent (in a form approved by all the Lenders) addressed to, and acknowledged by, the relevant Owner and Charterer under such Charter of the Ship in an agreed form. 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 Supplement means a document which: (a) is agreed in writing by the Borrower, the Agent (in its own capacity) and the Agent (acting on the instructions of all the Lenders); (b) specifies the terms which are expressed in this Agreement to be determined by reference to the Reference Rate Terms; and (c) has been made available to the Borrower and each Finance Party. Reference Rate Terms means the terms set out in Schedule 8 (Reference Rate Terms) or in any Reference Rate Supplement. Reformed Basel III means the agreements contained in “Basel III: Finalising post-crisis reforms” published by the Basel Committee on Banking Supervision in December 2017, as amended, supplemented or restated. Reformed Basel III Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any other law or regulation which implements Reformed Basel III (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates. Registry means, in relation to each Ship, such registrar, commissioner or representative of the relevant Flag State who is duly authorised and empowered to re...
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 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.
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 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. Potential Event of Default means any event or circumstance specified in Clause 29 (Events of Default) which would (with the expiry of a grace period or the giving of notice) be an Event of Default. Projected Debt Service means, at any time, the projected aggregate amount of the amounts payable (excluding any prepayments) by the Borrower under this Agreement plus the net amount payable (or, as the case may be, minus the net amount receivable) by the Borrower under the Hedging Contracts during the twelve (12) month period following the relevant quarter period end date.
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: