Common use of Sanctions Authorities Clause in Contracts

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 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 isis located, 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, except as disclosed in the Pricing Disclosure Package and the Prospectus, 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 Pricing 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.