OFAC/BSA Provision Clause Samples

The OFAC-BSA provision requires parties to comply with U.S. laws and regulations related to anti-money laundering and sanctions, specifically those enforced by the Office of Foreign Assets Control (OFAC) and the Bank Secrecy Act (BSA). In practice, this means that parties must not engage in transactions with individuals or entities that are subject to U.S. sanctions, and must implement procedures to detect and prevent money laundering activities. This clause ensures that all parties adhere to legal requirements, thereby reducing the risk of illegal transactions and protecting both parties from potential legal and financial penalties.
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OFAC/BSA Provision. Borrower shall (a) cause each Subsidiary to ensure that no person who owns a controlling interest in or otherwise controls any Subsidiary is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury, or included in any Executive Orders, (b) not use or permit the use of proceeds of the loans to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto, and (c) comply, and cause each Subsidiary to comply, with all applicable Bank Secrecy Act (“BSA”) laws and regulations, as amended.
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OFAC/BSA Provision. The Borrowers shall (a) ensure, and cause each Restricted Subsidiary to ensure, that no Person who directly owns a ten percent (10%) or greater interest in any Borrower or any Restricted Subsidiary is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury, or included in any Executive Orders, (b) not use or permit the use of the proceeds of the credit extensions hereunder to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto, and (c) use commercially reasonable efforts to comply, and cause each Restricted Subsidiary to use commercially reasonable efforts to comply, with all applicable Bank Secrecy Act laws and regulations, as amended.
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OFAC/BSA Provision. Borrowers shall (a) ensure, and cause each Subsidiary to ensure, that no person who owns a controlling interest in or otherwise controls any Borrower or any Subsidiary is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury, or included in any Executive Orders, (b) not use or permit the use of proceeds of the loans to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto, and (c) comply, and cause each Subsidiary to comply, with all applicable Bank Secrecy Act (“BSA”) laws and regulations, as amended.
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OFAC/BSA Provision. Each Borrower shall (a) ensure that neither it nor any Person who owns a controlling interest in or otherwise controls such Borrower is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury, or included in any Executive Orders, (b) not use or permit the use of the proceeds of the Loans to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto, and (c) comply, and cause each Person who owns a controlling interest in or otherwise controls the Borrower to comply, with all applicable Bank Secrecy Act (“BSA”) laws and regulations, as amended.”
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Related to OFAC/BSA Provision

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  • Most-favoured-nation Provisions 1. Each Contracting Party shall ensuOx fair and equitable treatment of the investments of nationals of the other Contracting Party and shall not impair, by unreasonable or discriminatory measures, the operation, management, maintenance, use, enjoyment or disposal thereof by those nationals. Each Contracting Party shall accord to such investments adequate physical security and protection. 2. More particularly, each Contracting Party shall accord to such investments treatment which in any case shall not be less favourable than that accorded to investments of nationals of any third State. 3. If a Contracting Party has accorded special advantages to nationals of any third State by virtue of agreements establishing customs unions, economic unions, monetary unions or similar institutions, or on the basis of interim agreements leading to such unions of institutions, that Contracting Party shall not be obliged to aecord such advantages to nationals of the other Contracting Party.

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