Bermuda Requirements Clause Samples
The Bermuda Requirements clause sets out specific legal or regulatory obligations that must be met in relation to Bermuda, often in the context of insurance or financial services agreements. This clause typically requires parties to comply with Bermuda's laws, such as maintaining certain licenses, adhering to reporting standards, or ensuring that business operations are conducted in accordance with local regulations. Its core practical function is to ensure that all parties remain compliant with Bermuda's jurisdictional requirements, thereby reducing the risk of legal or regulatory penalties and facilitating smooth cross-border operations.
Bermuda Requirements. The Agent shall have received a certificate of compliance issued by the Bermuda regulatory authorities (Registrar of Companies and, if applicable, the Bermuda Monetary Authority) for each of the Parent and the Obligor in form and substance satisfactory to the Agent.
Bermuda Requirements. The Lender shall have received a certificate of compliance issued by the Bermuda Regulatory Authority (Registrar of Companies and the Bermuda Monetary Authority) for each of the Parent, Alternative and Reinsurance, in form and substance satisfactory to the Lender.