Bahamas Articles Of Agreement

As a general rule, ship funding agreements are not recorded in any public registry. However, if the debtor is a company incorporated in Bahamian law and the security documents are governed by Bahamas law, it is possible to search the documents in the register of documents relating to these pledges or a search of the company`s documents in the register of companies. These records are located in the offices of the Division of the Chancellor General of the Government of the Bahamas. Yes, a boat can be sold privately by a borrower. The loan agreement or loan agreement would provide for the order in which the proceeds of the sale are to be applied and would likely include the derivation of all previous mortgages and marine mortgages on the vessel; Otherwise, a sale by a mortgage will not be exempt from any pledge. Has your jurisdiction adopted the Model Netting Act of the International Swaps and Derivatives Association (ISDA)? If not, can a swap provider, despite a debtor`s insolvency, exercise its closing network rights under an ISDA management contract? Subject to any restrictions contained in its memorandum or statutes, a company incorporated by the IBCA is entitled, regardless of the advantage of a company, to carry out all the acts and to carry out all the activities necessary or conducive to the conduct, transport or realization of the purposes of the enterprise. Faced with such far-reaching powers and matters, as noted above, it may make or guarantee a debt commitment by issuing a decision of its board of directors without the need for shareholder approval. However, a societal company can grant this financial support only after the conclusion of a decision of the board of directors and without the consent of the shareholders, if the company is not unfavourable, so that the company does not become insolvent after the grant of financial assistance. To avoid any doubt, these companies must obtain the agreement of both directors and shareholders. Shares of Bahamas companies are often assigned as collateral to a lender under an equity guarantee agreement that insures Mortgagor`s debt.