Common use of Sanctions Clause Clause in Contracts

Sanctions Clause. Each party represents and warrants to the other party that: (a) neither it nor any of its subsidiaries or affiliates (collectively, the “Company”) or directors, senior executives or officers, or to the knowledge of the Company, any person on whose behalf the Company is acting in connection with the Agreement, is an individual or entity (“Person”) that is, or is 50 % (fifty percent) or more owned or controlled by, a Person (or Persons) that is the subject of any economic or financial sanctions or trade embargoes administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Departments of State or Commerce, the United Nations Security Council (“UNSC”), the European Union (“EU”), Switzerland or other applicable sanctions authority (collectively “Sanctions”) or based, organized or resident in a country or territory that is the subject of comprehensive (i.e. country-wide or territory-wide) Sanctions (including as of the date of signature of this Agreement, Crimea, Cuba, Iran, North Korea and Syria) (a “Sanctioned Country”) (collectively a “Sanctioned Person”); (b) no Sanctioned Person has any beneficial or other property interest in the Agreement nor will have any participation in or derive any other financial or economic benefit from the Agreement; and (c) it will not use, or make available, the Concentrate or funds (as applicable) provided by Seller in terms of the Agreement to fund or facilitate any activities or business of, with or related to any Sanctioned Country or Sanctioned Person, or in any manner that would result in a violation of Sanctions. If either party has sufficient evidence showing that the other party has breached this clause, it may (without incurring any liability of any nature to the other party whatsoever) terminate or suspend all or any part of the Agreement with immediate effect by notice to the other party or take any other action it deems necessary in order for the other party to comply with applicable sanctions. The defaulting party shall be liable for any and all costs, liabilities and expenses whatsoever incurred by the non-defaulting party due to them exercising their rights under this clause. Any exercise by the party of its right under this clause shall be without prejudice to any other rights or remedies of the other party under the Agreement.

Sanctions Clause. Each party represents and Party represents, warrants to the other party that: : (a) neither it nor any of its subsidiaries or affiliates (collectively, the “Company”) or directors, senior executives or officers, or to the knowledge of the Company, any person on whose behalf the Company is acting in connection with the AgreementContract, is an individual or entity (“Person”) that is, or is 50 50% (fifty percent) or more owned or controlled by, a Person (or Persons) that is the subject of any economic or financial sanctions or trade embargoes administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), ) the U.S. Departments of State or Commerce, the United Nations Security Council (“UNSC”), the European Union (“EU”), Switzerland Switzerland, Her Majesty’s Treasury or other applicable sanctions authority (collectively collectively, “Sanctions”) or based, organized or resident in a country or territory that is the subject of comprehensive (i.e. i.e., country-wide or territory-wide) Sanctions (including including, as of the date of signature of this Agreementcontract, Crimea, Cuba, Iran, North Korea and Syria) (a “"Sanctioned Country”") (collectively collectively, a “"Sanctioned Person”"); ; (b) no Sanctioned Person has any beneficial or other property interest in the Agreement Contract nor will have any participation in or derive any other financial or economic benefit from the Agreement; and Contract, and (c) it will not use, or make available, the Concentrate service, material or funds purchase price (as applicable) provided by Seller the other Party in terms of the Agreement Contract to fund or facilitate any activities or business of, with or related to any Sanctioned Country or Sanctioned Person, or in any manner that would result in a violation of Sanctions. If either party has sufficient evidence showing that ; and (d) it will not engage or employ, or present or load any vessel or other mode of transport, or use an insurance agency or company, for the other party has breached this clausecarriage of material, against which there are, or against the carriers, owners, operators, disponent owners or managers, or their insurance agency or company, of which there are, in each case, directly or indirectly, Sanctions; and (e) it may (without incurring any liability of any nature will not furnish to the other party whatsoeverparty, material that has been sourced, directly or indirectly, in whole or in part from a country, state, territory, region, incorporated entity, natural or other legal person that is directly or indirectly target of Sanctions; and (f) terminate or suspend all or any part of the Agreement with immediate effect by notice to the other party or take any other action best of its knowledge, it deems necessary in order for the other party to will, including anyone acting on their behalf, comply with any applicable sanctions. The defaulting party shall be liable for any import and all costs, liabilities export laws and expenses whatsoever incurred by regulations and licensing requirements such as but not limited to the non-defaulting party due to them exercising their rights under this clause. Any exercise by International Traffic in Arms Regulations (‘ITAR’) and the party of its right under this clause shall be without prejudice to any other rights or remedies of the other party under the AgreementUnited Kingdom Export Control Act.