Asset Control. Each of the Borrowers shall to the best of its knowledge and ability ensure that: (i) it is not owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person; and (ii) no proceeds of the Advance shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
Appears in 6 contracts
Sources: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)
Asset Control. (a) Each of the Borrowers shall to the best of its knowledge and ability ensure that:
(i) it is not a Prohibited Person, is not owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person; and;
(iib) no No proceeds of the Advance shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
Appears in 4 contracts
Sources: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)
Asset Control. Each of the Borrowers The Borrower shall to the best of its knowledge and ability ensure that:
(i) it is not owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person; and
(ii) no proceeds of the any Advance shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
Appears in 4 contracts
Sources: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)
Asset Control. Each of the Borrowers Borrower shall to the best of its knowledge and ability ensure that:
(i) it is not owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person; and
(ii) no proceeds of the any Advance shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
Appears in 2 contracts
Sources: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Quartet Holdco Ltd.)
Asset Control. Each of the Borrowers The Borrower shall to the best of its knowledge and ability ensure that:
(i) it is not owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person; and
(ii) no proceeds of the Advance shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
Appears in 1 contract