Climate Contract Playbook Edition 3
129
Sustainability Objectives means the sustainability objectives as detailed in the Sustainability Strategy. Sustainability Performance Evaluation means an evaluation provided by the Sustainability Coordinator substantially in the form set out in Schedule [x] (Schedule 4 - Form of Sustainability Performance Evaluation). Sustainability Performance Target or SPT means the key performance indicators set out in Schedule [x] (Schedule 2 - Sustainability Performance Targets). Sustainability Performance Test Date means [31 March, 30 June, 30 September and 31 December] in each calendar year. Sustainability Strategy means a report provided by each Sustainability Linked Borrower detailing: (a) its Sustainability Objectives; (b) a business plan detailing how it will achieve its Sustainability Objectives and comply with the Sustainability Performance Targets for the duration of each Sustainability Linked Facility; and (c) the fees, costs and expenses, stamp, registration and other Taxes incurred or to be incurred by it or any other member of the Group in connection with achieving the Sustainability Performance Targets.
1.
Sustainability Linked Facilities
1.1 [Facility/Tranche] [x] and [Facility/Tranche] [x] are each designated as a Sustainability Linked Facility. 1.2 Sustainability Performance Targets Each Sustainability Linked Borrower undertakes to use its [best/all reasonable] endeavours to
achieve its Sustainability Performance Targets. 1.3 Sustainability Performance Evaluations (a)
Within [15] Business Days of receipt of a Sustainability Compliance Certificate pursuant to Clause 3.1(a) (Sustainability Compliance Certificate), the Sustainability Coordinator shall provide the Sustainability Linked Borrower with a Sustainability Performance Evaluation detailing, based on the Sustainability Compliance Certificate provided to it and any further discussions it has had with Sustainability Experts in accordance with Clause 4.1(d), the amount of SPTs which shall be designated as Achieved SPTs for the purposes of calculating a Sustainability Linked Margin Decrease or Sustainability Linked Margin Increase pursuant to Clause 1.3(b) below. (b) Each Sustainability Performance Evaluation shall determine whether a Sustainability Linked Margin Decrease or a Sustainability Linked Margin Increase shall apply during the period from the date of its delivery to the Sustainability Linked Borrower until the delivery of the next Sustainability Performance Evaluation to the Sustainability Linked Borrower, using the following calculations: (i) If the number of Achieved SPTs is over [75%] of the total number of Sustainability Performance Targets as at the most recent Sustainability Performance Test Date then the Sustainability Linked Margin Decrease shall apply; or
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