Sanctions and embargo. Notwithstanding anything to the contrary in the policy the following condition shall apply:
Sanctions and embargo. Neither the Issuer, nor, to its knowledge, any Material Subsidiaries or any of the directors, officers or employees of the Issuer or of its Material Subsidiaries are currently the subject of any sanctions administered by the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) or any other relevant U.S. authority or any similar sanctions imposed by the European Union, any member state of the European Union, United Nations Security Council or HM Treasury (collectively, “Economic Sanctions”). Neither the Issuer nor, to its knowledge, any of its directors and employees, Subsidiaries or directors and employees of such Subsidiaries will use any proceeds raised under the Notes to fund any activities or business with, or investments in, or make any payments to, or for the benefit of, any country, region or territory which is itself, or whose government is, the subject or target of any Economic Sanctions (“Sanctioned Country”) or n individual or entity listed in any Economic Sanctions related list of designated persons (“Designated Persons”) (including, if Designated Persons, any of its subsidiaries, joint ventures, joint venture partners or other individual or entity) or in any manner whatsoever to circumvent the sanctions established against the targeted entities by the OFAC or the European Union. The Issuer undertakes to immediately inform the Fiscal Agent if any of the Issuer, any Material Subsidiaries or any of the directors, officers or employees of the Issuer or of its Material Subsidiaries become the subject of Economic Sanctions in the course of execution of this Agreement. The Fiscal Agent agrees and acknowledges that it is not entitled to the benefit of, and the Issuer does not make or repeat, as appropriate, the representations and warranties and/or the undertaking contained above to the extent that those provisions would result in a violation of, or breach of, Council Regulation (EC) 2271/1996, as amended (the “EU Blocking Regulation”) (or any law and/or regulation implementing the EU Blocking Regulation in any member state of the European Union). In connection with the above situations, the Fiscal Agent shall have the right to immediately resign from the present Agreement, without incurring any liability.
Sanctions and embargo. If, by virtue of any law or regulation which is applicable to Tryg at the inception of this Policy or becomes applicable at any time thereafter, providing coverage to the insured is or would be unlawful because it breaches an embargo or sanction imposed by the United Nations, the European Union, Great Britain or the United States of America, Tryg shall provide no coverage and have no liability whatsoever nor provide any defence to the insured or make any payment of defence costs or provide any form of security on behalf of the insured, to the extent that it would be in breach of such law or regulation.
Sanctions and embargo. 14.1.1 Neither the Lessee nor, to the best of its knowledge, any of its director, officer, employee is a Sanctioned Person.
Sanctions and embargo. CLAUSE Notwithstanding anything to the contrary in the Policy the following shall apply: 1. If, by virtue of any law or regulation which is applicable to an Insurer at the inception of this Policy or becomes applicable at any time thereafter, providing coverage to the Insured is or would be unlawful because it breaches an embargo or sanction, that Insurer shall provide no coverage and have no liability whatsoever nor provide any defence to the Insured or make any payment of defence costs or provide any form of security on behalf of the Insured, to the extent that it would be in breach of such law or regulation. 2. In circumstances where it is lawful for an Insurer to provide coverage under this Policy, but the payment of a valid and otherwise collectable claim may breach an embargo or sanction, then the Insurer will take all reasonable measures to obtain the necessary authorisation to make such payment. 3. In the event of any law or regulation becoming applicable during your Certificate period which will restrict the ability of an Insurer to provide coverage as specified in paragraph 1, then both the Insured and the Insurer shall have the right to cancel its participation on this Policy in accordance with the laws and regulations applicable to the Policy provided that in respect of cancellation by the Insurer a minimum of 30 days notice in writing be given. In the event of cancellation by either the Insured or the Insurer, the Insurer shall retain the pro rata proportion of the premium for the period that the Certificate has been in force. However, in the event that the incurred claims at the effective date of cancellation exceed the earned or pro rata premium (as applicable) due to the Insurer, and in the absence of a more specific provision in the Policy relating to the return of premium, any return premium shall be subject to mutual agreement. Notice of cancellation by the Insurer shall be effective even though the Insurer makes no payment or tender of return premium. AVN 111
