Common use of Governmental Sanctions Clause in Contracts

Governmental Sanctions. The Authorized Participant acknowledges and agrees on behalf of itself and any Authorized Participant Client that, if a deposit of bitcoin (as defined in the Procedures) made by the Authorized Participant, its Agent, or any Authorized Participant Client with the Prime Execution Agent (as defined in the Procedures) in connection with a Purchase Order includes any bitcoin which is subject to governmental sanctions applicable to bitcoin, including, without limitation, sanctions of The Office of Foreign Assets Control of the Department of Treasury of the United States applicable to bitcoin, the Prime Execution Agent will block or reject the applicable Purchase Order for the Shares and will take necessary steps to comply with applicable laws.

Governmental Sanctions. The Authorized Participant acknowledges and agrees on behalf of itself and any Authorized Participant Client that, if a deposit of bitcoin (as defined in the Procedures) made by the Authorized Participant, its Agent, or any Authorized Participant Client with the Prime Execution Agent (as defined in the Procedures) in connection with a Purchase Order includes any bitcoin which is subject to governmental sanctions applicable to bitcoin, including, without limitation, sanctions of The Office of Foreign Assets Control of the Department of Treasury of the United States applicable to bitcoin, the Prime Execution Agent will block or reject the applicable Purchase Order for the Shares and will take necessary steps to comply with applicable laws.