Common use of U.S. Economic Sanctions Clause in Contracts

U.S. Economic Sanctions. The Account may be subject to U.S. economic sanction and embargo laws. Client represents that Client has not been designated by the U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") as a Specially Designated National or blocked person, Client has no reason to believe that Client would be considered a blocked person by OFAC, and Client resides in the United States. If Client is a trust, Client represents that none of the beneficiaries of the trust have been designated by the U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") as a Specially Designated National or blocked person, Client has no reason to believe that any of the beneficiaries of the trust would be considered a blocked person by OFAC, and Client resides in the United States. Client also represents, warrants, and covenants that Client is not employed by, acting as agent of, or partially owned or controlled by a government, a government- controlled entity or a government corporation. Client understands that if the application is deemed to fall under any OFAC prohibition, the Account may be declined or restricted from certain activity.