21Sanctions Laws Sample Clauses

21Sanctions Laws. (a) The Borrower and Subsidiary Guarantors shall: (i) Comply with Sanctions Laws on an ongoing basis; (ii) not fund all or part of any payment under this Agreement out of proceeds derived from business or transactions with an Embargoed Person or from any action which would be prohibited by Sanctions Laws or would otherwise cause any Lender, the Administrative Agent, the Security Trustee, the Collateral Agent or any Loan Party to be in breach of Sanctions Laws; (iii) ensure that any Collateral Vessel owned and controlled by it shall not be used by or for the benefit of any Embargoed Person in violation of Sanctions Laws or in any manner that will cause the Secured Parties to be in breach of Sanctions Laws; (iv) ensure that such Collateral Vessel shall not be used in trading in violation of Sanctions Laws; (v) ensure that such Collateral Vessel shall not be used in trading in any manner which breaches the sanctions limitation or exclusion clause (or similar clause) in the Required Insurance relating to such Collateral Vessel, (vi) use commercially reasonable efforts to ensure that each charter in respect of such Collateral Vessel entered into after the Closing Date shall contain, for the benefit of the relevant Company, language which gives effect to the provisions of this Section 5.21 and permits refusal of employment or voyage orders which would result in a violation of Sanctions Law, (vii) Ensure that each Loan Party institutes and maintains policies and procedures designed to promote and achieve compliance with Sanctions Laws. (b) The Borrower and the Guarantors shall not engage in any significant transaction involving, or use, cause or permit the Collateral Vessels to be used (i) by or for the benefit of a ​ Embargoed Person, (ii) in any country which would result in the violation, by the Borrower or Guarantors, of any Sanctions Laws or (iii) in any other way (including ship to ship transfers) that, in each case of the foregoing, would result in a violation of: (i) the provisions of Article 3n of Council Regulation (EU) No 833/2014, the UK Russia (Sanctions) (EU Exit) Regulations 2019 (as amended) (including Chapter 4IA of Part 5), and US Executive Order 14071 and determinations and implementation guidance thereunder), in each case related to the Russian oil price cap (the “Russian Price Cap Framework”); (ii) the Stop Harboring Iranian Petroleum (SHIP) Act; or (iii) any other restrictions under Sanctions Laws on condensate, oil, petroleum or petrochemic...
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21Sanctions Laws. (a) The Borrower and its Subsidiaries shall ensure that no such entity, or any of its directors, officers or employees, and shall use their best efforts to ensure that none of their agents or representatives or any other person acting on any of their behalf is or will become a Designated Person. (b) The Borrower and Subsidiary Guarantors shall: (i) (i) ensure that any Collateral Vessel owned and controlled by it shall not be used by or for the benefit of any Designated Person in violation of Sanctions Laws; (ii) (ii) ensure that such Collateral Vessel shall not be used in trading in violation of Sanctions Laws; (iii) (iii) ensure that such Collateral Vessel shall not be used in trading in any manner which breaches the sanctions limitation or exclusion clause (or similar clause) in the Required Insurance relating to such Collateral Vessel, (iv) (iv) use commercially reasonable efforts to ensure that each charter in respect of such Collateral Vessel entered into after the Closing Date shall contain, for the benefit of the relevant Company, language which gives effect to the provisions of this Section 5.21 and permits refusal of employment or voyage orders which would result in a violation of Sanctions Law.
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Related to 21Sanctions Laws

  • Anti-Corruption Laws and Sanctions The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.

  • No Conflict with Sanctions Laws Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries (i) is the subject or target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of Commerce or the U.S. Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), (ii) is located, organized or resident in a country or territory that is the subject or target of Sanctions (including, but not limited to, Crimea, Cuba, Iran, North Korea and Syria) (each a “Sanctioned Country”), (iii) is a person or entity (“Person”) on the list of “Specially Designated Nationals and Blocked Persons” or any other Sanctions-related list, or (iv) is owned or otherwise controlled by any Person on a Sanctions-related list. The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds, to any subsidiary, joint venture partner or other person (i) to fund or facilitate any activities of or business with any Person that, at the time of such funding or facilitating, is the subject or target of Sanctions, or is located, organized or resident in a Sanctioned Country, or (ii) in any other manner that will result in a violation by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise) of Sanctions.