Common use of Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws Clause in Contracts

Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. (a) None of the funds or other assets of any of Borrower constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under federal Law, including the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder, with the result that (i) the investment in Borrower (whether directly or indirectly), is prohibited by Law or (ii) the Loan is in violation of Law (any such person, entity or government, an “Embargoed Person”); (b) no Embargoed Person has any interest of any nature whatsoever in Borrower (whether directly or indirectly), with the result that (i) the investment in Borrower (whether directly or indirectly) is prohibited by Law or (ii) the Loan is in violation of Law, (c) none of the funds of Borrower have been derived from any unlawful activity with the result that (i) the investment in Borrower (whether directly or indirectly) is prohibited by Law or (ii) the Loan is in violation of Law and (d) Borrower and its subsidiaries are in material compliance with the PATRIOT Act. Borrower has implemented procedures, and will consistently apply those procedures throughout the term of the Loan, to ensure the foregoing representations and warranties remain true and correct during the term of the Loan. Notwithstanding Section 4.06 to the contrary, the representations and warranties contained in this Section 4.05 shall survive in perpetuity.

Appears in 3 contracts

Samples: Subordinate Loan Agreement (Empire Resorts Inc), Loan Agreement (Empire Resorts Inc), Loan Agreement (Empire Resorts Inc)

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Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. (a) None of the funds or other assets of any of Borrower or Sponsor constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under federal Lawlaw, including including, without limitation, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder, with the result that (i) the investment in Borrower or Sponsor, as applicable (whether directly or indirectly), is prohibited by Law law or (ii) the Loan is in violation of Law law (any such person, entity or government, an “Embargoed Person”); (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Sponsor, as applicable (whether directly or indirectly), with the result that (i) the investment in Borrower or Sponsor, as applicable (whether directly or indirectly) is prohibited by Law law or (ii) the Loan is in violation of Lawlaw, (c) none of the funds of Borrower or Sponsor, as applicable, have been derived from any unlawful activity with the result that (i) the investment in Borrower or Sponsor, as applicable (whether directly or indirectly) is prohibited by Law law or (ii) the Loan is in violation of Law law and (d) Borrower and its subsidiaries are in material compliance with to Borrower’s actual knowledge, no Tenant at | NY\1631294.13 mle xx xxxx Loan Agreement|| any Property is identified on the PATRIOT ActOFAC List. Borrower has implemented procedures, and will consistently apply those procedures throughout the term of the Loan, to ensure the foregoing representations and warranties remain true true, correct and correct complete during the term of the Loan. Notwithstanding Section 4.06 4.40 to the contrary, the representations and warranties contained in this Section 4.05 4.39 shall survive in perpetuity. With respect to direct or indirect interests in Sponsor, Lender acknowledges that Borrower has relied exclusively on its U.S. broker-dealer network to implement the normal and customary investor screening practices mandated by applicable law and FINRA regulations in making the foregoing representation.

Appears in 1 contract

Samples: Loan Agreement (Cole Credit Property Trust III, Inc.)

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Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. (a) None of the funds or other assets of any of Borrower constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under federal Law, including the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder, with the result that (i) the investment in Borrower (whether directly or indirectly), is prohibited by Law or (ii) the Loan is in violation of Law (any such person, entity or government, an “Embargoed Person”); (b) no Embargoed Person has any interest of any nature whatsoever in Borrower (whether directly or indirectly), with the result that (i) the investment in Borrower (whether directly or indirectly) is prohibited by Law or (ii) the Loan is in violation of Law, (c) none of the funds of Borrower have been derived from any unlawful activity with the result that (i) the investment in Borrower (whether directly or indirectly) is prohibited by Law or (ii) the Loan is in violation of Law and (d) Borrower and its subsidiaries Subsidiaries are in material compliance with the PATRIOT Act. Borrower has implemented procedures, and will consistently apply those procedures throughout the term of the Loan, to ensure the foregoing representations and warranties remain true and correct during the term of the Loan. Notwithstanding Section 4.06 4.24 to the contrary, the representations and warranties contained in this Section 4.05 4.17 shall survive in perpetuity.

Appears in 1 contract

Samples: Loan Agreement (Empire Resorts Inc)

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