Common use of OFAC Check Clause in Contracts

OFAC Check. FMER agrees that, in regards to all Services provided to SunTrust, it will perform all necessary actions to ensure that FMER and SunTrust are both in, and remain in, compliance with all applicable Executive Orders, laws, rules, regulations and sanctions administered, enforced or implemented by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) or any other Governmental Authority’s rules, regulations and sanctions related to foreign asset control (collectively, the “Sanctions”). As part of its obligations, FMER will perform, prior to originating any Loan, all necessary reviewing and scanning of an Applicant against the List of Specially Designated Nationals and Blocked Persons administered by OFAC. If originating a Loan would violate any of the Sanctions, FMER agrees to not originate any such Loan. If FMER becomes aware that the name of an Applicant is potentially or actually the subject of one or more Sanctions, FMER will promptly notify SunTrust of such a fact by following the notification provisions provided in Section 19.1 below, the Program Guidelines, and the Servicing Guidelines, and FMER will provide SunTrust with any requested information and documentation related to any such violation or potential violation. At the request of SunTrust, FMER shall provide SunTrust with a data file or report with information regarding all or a selected group of Loans that have been applied for or established, as well as any other data and information reasonably requested by SunTrust. Such a data file or report will contain the requested information in a form, format and at intervals reasonably requested by SunTrust.

OFAC Check. FMER agrees that, in regards to all Services provided to SunTrust, it will perform all necessary actions to ensure that FMER and SunTrust are both in, and remain in, compliance with all applicable Executive Orders, laws, rules, regulations and sanctions administered, enforced or implemented by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) or any other Governmental Authority’s rules, regulations and sanctions related to foreign asset control (collectively, the “Sanctions”). As part of its obligations, FMER will perform, prior to originating any Loan, all necessary reviewing and scanning of an the Primary Applicant or both Applicants, as applicable, against the List of Specially Designated Nationals and Blocked Persons administered by OFAC. If originating a Loan would violate any of the Sanctions, FMER agrees to not originate any such Loan. If FMER becomes aware that the name of an the Primary Applicant or the Secondary Applicant, as applicable is potentially or actually the subject of one or more Sanctions, FMER will promptly notify SunTrust of such a fact by following the notification provisions provided in Section 19.1 below, below and in the Program Guidelines, and the Servicing Guidelines, Guidelines and FMER will provide SunTrust with any requested information and documentation related to any such violation or potential violation. At the request of SunTrust, FMER shall provide SunTrust with a data file or report with information regarding all or a selected group of Loans that have been applied for or established, as well as any other data and information reasonably requested by SunTrust. Such a data file or report shall be provided by FMER on a daily basis and will contain the requested information in a form, form and format and at intervals reasonably as requested by SunTrust unless otherwise specified by SunTrust.