Sanctions Authorities Clause Samples
The Sanctions Authorities clause defines the parties' obligations to comply with applicable sanctions laws and regulations imposed by governmental or international authorities. In practice, this clause typically requires that neither party engage in transactions or activities that would violate sanctions imposed by entities such as the United Nations, the European Union, or the U.S. government. It may also require parties to confirm that they are not listed on any sanctions lists and to notify the other party if they become subject to such restrictions. The core function of this clause is to ensure legal compliance and mitigate the risk of penalties or legal consequences arising from inadvertent dealings with sanctioned individuals, entities, or countries.
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Sanctions Authorities. The United States government; (b) the United Nations; (c) the European Union; (d) the United Kingdom; (e) Hong Kong; or (f) any other relevant sanctions authorities.
Sanctions Authorities. None of the Teekay Entities is, and, to the knowledge of the Company, no director, officer, agent, employee or affiliate of any of the Teekay Entities is, currently the subject of, or in possession of written notice from a governmental authority asserting that it may become the subject of, any sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority; and the Teekay Entities will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (“Person”), for the purpose of financing the activities of or with any Person, or in any country or territory that, at the time of such funding or facilitation, is the subject of any sanctions administered or enforced by such authorities, in each case in a manner that violates any Sanctions Laws and Regulations.
Sanctions Authorities. None of the Teekay Entities is, and, to the knowledge of the Teekay Parties, no director, officer, agent, employee or affiliate of any of the Teekay Entities is, currently the subject of, or in possession of written notice from a governmental authority asserting that it may become the subject of, or is owned or controlled by the subject of or is, organized or resident in a country or territory that is the subject of, any sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”); and the Teekay Entities will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person, individual, vessel or entity (“Person”), to fund or facilitate the activities or business of or with any Person, or in any country or territory that, at the time of such funding or facilitation, is the subject of any Sanctions (collectively, “Sanctioned Persons” and each, a “Sanctioned Person”), in each case, where such trade, business or other activity is prohibited or restricted by applicable Sanctions. Except as disclosed in the Disclosure Package and the Prospectus, none of the Teekay Entities is engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory (collectively, “Sanctioned Countries” and each, a “Sanctioned Country”), in the preceding 3 years, nor do any of the Teekay Entities have any plans to increase its dealings or transactions with or for the benefit of Sanctioned Persons, or with or in Sanctioned Countries.
Sanctions Authorities. None of the Company or any of its subsidiaries, affiliates, directors, officers or, to the Company’s knowledge, any agent, employee or any person acting on behalf of the Company or any of its subsidiaries: (i) is an individual or entity that has engaged in any activity sanctionable by (or under), or is currently the subject of any sanctions administered or enforced by (A) the U.S. Department of State and the U.S. Department of the Treasury (including the Office of Foreign Assets Control (“OFAC”)), including, but not limited to, sanctions pursuant to the Iran Sanctions Act of 1996, Public Law 104-172, as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, Public Law 111-195 (collectively, the “Iran Sanctions Act”), in the U.S., (B) Her Majesty’s Treasury in the United Kingdom, (C) the United Nations Security Council, (D) the European Union or (E) any other relevant sanctions authority (collectively, “Sanctions”); (ii) is an individual or entity whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC (or any similar list maintained by, or any sanctions designation made by, the U.S. Department of State or any other U.S. government entity) (a “Listed Person”); (iii) is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, (x) any Listed Person or (y) any individual or entity (“Person”), organization, foreign country or regime that is the subject of any Sanctions; or (d) engages in any dealings or transactions with any such Person described in subsections (a), (b) or (c) of this Section 2(xl).
Sanctions Authorities. None of the Company or any of its subsidiaries, affiliates, directors, officers or, to the Company’s knowledge, any agent, employee or any person acting on behalf of the Company or any of its subsidiaries or the Acquired Business, any of its subsidiaries, affiliates, directors or officers or any agent, employee or any person acting on behalf of the Acquired Business: (i) is an individual or entity that is currently the subject of any sanctions administered or enforced by (A) the U.S. Department of State and the U.S. Department of the Treasury (including the Office of Foreign Assets Control (“OFAC”)), including, but not limited to, sanctions pursuant to the Iran Sanctions Act of 1996, Public Law 104-172, as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, Public Law 111-195 (collectively, the “Iran Sanctions Act”), in the U.S., (B) Her Majesty’s Treasury in the United Kingdom, (C) the United Nations Security Council, (D) the European Union or (E) any other relevant sanctions authority (collectively, “Sanctions”); (ii) is an individual or entity whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC (or any similar list maintained by, or any sanctions designation made by, the U.S. Department of State or any other U.S. government entity) (a “Listed Person”); (iii) is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, (x) any Listed Person or (y) any individual or entity (“Person”), organization, foreign country or regime that is the subject of any Sanctions; or (iv) engages in any dealings or transactions with any such Person described in subsections (i), (ii) or (iii) of this Section 2(xl).