Asset Control. (a) The Borrower is not a Prohibited Person, is not owned or controlled by, or, to the best of its knowledge, acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person; (b) No proceeds of any Advance shall be made available, directly or, to the best of the Borrower’s knowledge, 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.
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Sources: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)
Asset Control. (a) The No Borrower is not a Prohibited Person, no Borrower is not owned or controlled by, or, to the best of its knowledge, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own no Borrower owns or control controls a Prohibited Person;; and
(b) No proceeds of any Advance shall be made available, directly or, to the best of the Borrower’s knowledge, 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. (a) The Borrower No Obligor is not a Prohibited Person, and no Obligor is not owned or controlled by, or, to the best of its knowledge, 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;
(b) No proceeds of any Advance Loan has, or shall be be, made available, directly or, to the best of the Borrower’s knowledge, or indirectly, to or for the benefit of a Prohibited Person or otherwise has been or shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
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Asset Control. (a) The Borrower is not a Prohibited Person, is not owned or controlled by, or, to the best of its knowledge, 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;
(b) No proceeds of any Advance shall be made available, directly or, to the best of the Borrower’s knowledge, 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; and
(c) The Security Parties are in compliance with Sanctions.
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