Common use of Compliance with Economic Sanctions Laws Clause in Contracts

Compliance with Economic Sanctions Laws. (a) The Lessor is subject to and complies with all laws, regulations, and orders administered by the United States Treasury Department’s Office of Foreign Assets Control or any other governmental authority imposing economic sanctions and trade embargoes (“Economic Sanctions Laws”) against designated countries (including, but not limited to, Iran, Syria, Cuba, North Korea, and Libya), entities, and persons (collectively, “Embargoed Targets”). As such, the Lessor is prohibited from conducting any business, directly or indirectly, with any Embargoed Target. (b) The Lessee is, and for three (3) years prior to the date of the Agreement has been, in compliance with all Economic Sanctions Laws. The Lessee is not an Embargoed Target, nor is the Lessee affiliated in any manner with an Embargoed Target. The Lessee covenants and agrees that it will comply with all Economic Sanctions Laws. Without limiting the generality of the foregoing, the Lessee covenants and agrees that it will not (i) directly or indirectly export, re-export, transship, transport, or otherwise deliver the Equipment or any item of Equipment to an Embargoed Target or (ii) broker, finance, or otherwise facilitate any transaction in violation of any Economic Sanctions Law.

Compliance with Economic Sanctions Laws. (a) The Lessor is subject to and complies with all laws, regulations, and orders administered by the United States Treasury Department’s Office of Foreign Assets Control or any other governmental authority imposing economic sanctions and trade embargoes (“Economic Sanctions Laws”) against designated countries (including, but not limited to, Iran, Syria, Cuba, North Korea, and Libya), entities, and persons (collectively, “Embargoed Targets”). As such, the Lessor is prohibited from conducting any business, directly or indirectly, with any Embargoed Target. (b) The Lessee is, and for three (3) years prior to the date of the Agreement has been, in compliance with all Economic Sanctions Laws. The Lessee is not an Embargoed Target, nor is the Lessee affiliated in any manner with an Embargoed Target. The Lessee covenants and agrees that it will comply with all Economic Sanctions Laws. Without limiting the generality of the foregoing, the Lessee covenants and agrees that it will not not (i) directly or indirectly export, re-export, transship, transport, or otherwise deliver the Equipment or any item of Equipment to an Embargoed Target or (ii) broker, finance, or otherwise facilitate any transaction in violation of any Economic Sanctions Law.