Section 1107 Economic Sanctions Sample Clauses
Section 1107 Economic Sanctions is a clause that prohibits parties from engaging in transactions or activities that would violate applicable economic sanctions laws and regulations. In practice, this means that neither party can conduct business with individuals, entities, or countries that are subject to government-imposed sanctions, such as those administered by the U.S. Treasury's Office of Foreign Assets Control (OFAC). The core function of this clause is to ensure legal compliance and mitigate the risk of severe penalties or reputational harm resulting from inadvertent violations of economic sanctions.
Section 1107 Economic Sanctions. Each of the Issuer and the Guarantor represents that neither it nor, to the knowledge of the Issuer or the Guarantor, any of its affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury or the US Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively “Sanctions”);