Common use of Sanctions Program Clause in Contracts

Sanctions Program. The Authorized Participant represents, covenants and warrants that it, and any Agent, and shall require appropriate representations and perform appropriate diligence reasonably designed to ensure that such Authorized Participant Client, has adopted, implemented, and shall maintain and comply with a reasonable risk-based program to comply with all applicable economic, trade and financial sanctions laws, resolutions, executive orders and regulations enacted by the United States (including as administered and/or enforced by the Office of Foreign Assets Control), the United Kingdom, United Nations, European Union, and any applicable sanctions authority (collectively, “Sanctions Laws”). The Authorized Participant represents, covenants and warrants that it and any Agent shall maintain and comply, and shall require appropriate representations from and perform appropriate diligence on any Authorized Participant Client reasonably designed to ensure that such Authorized Participant Client shall maintain and comply, with policies, procedures and controls that are reasonably designed to ensure (i) compliance with Sanctions Laws and limit the risk of transactions that could be regarded as circumventing Sanctions Laws and (ii) that it, its affiliates, or its Agents or any Authorized Participant Client, and, to the extent required by law, its and their owners and controllers (a) are not in violation of any Sanctions Laws or on any list of prohibited individuals or entities enacted under Sanctions Laws (collectively, “Sanctions Lists”) and (b) are not located, organized or doing business in a country or territory that is, or whose government is, the target of embargo or countrywide sanctions under any Sanctions Laws. The Authorized Participant represents, covenants, and warrants that (i) it shall require appropriate representations from, and perform appropriate diligence on, any Authorized Participant Client designed to ensure that the Authorized Participant Client shall take reasonable steps to ensure that any Delivery of bitcoin to the Trust performed by the Authorized Participant Client; and (ii) any Delivery of bitcoin to the Trust performed by the Authorized Participant or its Agent; in each case, shall not be directly or indirectly derived from, invested for the benefit of or related in any way to, persons, entities or jurisdictions that are subject to any country embargoes, in violation of any Sanctions Laws or on any Sanctions Lists. The Authorized Participant confirms that any Agent and any Authorized Participant Client has been successfully onboarded and processed through the Authorized Participant’s own Sanctions Laws compliance program.

Sanctions Program. The Authorized Participant represents, covenants and warrants that it, and any Agent, and shall require appropriate representations and perform appropriate diligence reasonably designed to ensure that such Authorized Participant Client, has adopted, implemented, and shall maintain and comply with a reasonable risk-based program to comply with all applicable economic, trade and financial sanctions laws, resolutions, executive orders and regulations enacted by the United States (including as administered and/or enforced by the Office of Foreign Assets Control), the United Kingdom, United Nations, European Union, and any applicable sanctions authority (collectively, “Sanctions Laws”). The Authorized Participant represents, covenants and warrants that it and any Agent shall maintain and comply, and shall require appropriate representations from and perform appropriate diligence on any Authorized Participant Client reasonably designed to ensure that such Authorized Participant Client shall maintain and comply, with policies, procedures and controls that are reasonably designed to ensure (i) compliance with Sanctions Laws and limit the risk of transactions that could be regarded as circumventing Sanctions Laws and (ii) that it, its affiliates, or its Agents or any Authorized Participant Client, and, to the extent required by law, its and their owners and controllers (a) are not in violation of any Sanctions Laws or on any list of prohibited individuals or entities enacted under Sanctions Laws (collectively, “Sanctions Lists”) and (b) are not located, organized or doing business in a country or territory that is, or whose government is, the target of embargo or countrywide sanctions under any Sanctions Laws. The Authorized Participant represents, covenants, and warrants that (i) it shall require appropriate representations from, and perform appropriate diligence on, any Authorized Participant Client designed to ensure that the Authorized Participant Client shall take reasonable steps to ensure that any Delivery of bitcoin to the Trust performed by the Authorized Participant Client; and (ii) any Delivery of bitcoin to the Trust performed by the Authorized Participant or its Agent; in each case, Client shall not be directly or indirectly derived from, invested for the benefit of or related in any way to, persons, entities or jurisdictions that are subject to any country embargoes, in violation of any Sanctions Laws or on any Sanctions Lists. The Authorized Participant confirms that any Agent and any Authorized Participant Client has been successfully onboarded and processed through the Authorized Participant’s own Sanctions Laws compliance program. The Authorized Participant confirms the Authorized Participant Client has formed a reasonable belief that no part of the digital assets it is transferring to the Trust are derived from, held for the benefit of, or related in any way to transactions with or on behalf of any person on any Sanctions Lists or located, organized or doing business in a country or territory that is, or whose government is, the target of embargo or countrywide sanctions under any Sanctions Laws. Authorized Participant confirms that the Authorized Participant Client acknowledges that due to the Bank Secrecy Act and other applicable AML Laws and Sanctions Laws, the Trust, Sponsor, Administrative Trustee, or their affiliates or service providers may require further documentation verifying the Authorized Participant Client's identity. Authorized Participant confirms that Authorized Participant Client agrees to provide the Trust, Sponsor, Administrative Trustee or their affiliates or service providers at any time with such information or certification as the Trust, Sponsor, Administrative Trustee or their affiliates or service providers determine to be necessary or appropriate to verify compliance with the AML Laws of any applicable jurisdiction or to respond to requests for information concerning the identity of Authorized Participant Client from any governmental authority or self-regulatory organization.

Sanctions Program. The Authorized Participant represents, covenants and warrants that it, and any Agent, and shall require appropriate representations and perform appropriate diligence reasonably designed to ensure that such Authorized Participant Client, has adopted, implemented, and shall maintain and comply with a reasonable risk-based program to comply with all applicable economic, trade and financial sanctions laws, resolutions, executive orders and regulations enacted by the United States (including as administered and/or enforced by the Office of Foreign Assets Control), the United Kingdom, United Nations, European Union, and any applicable sanctions authority (collectively, “Sanctions Laws”). The Authorized Participant represents, covenants and warrants that it and any Agent shall maintain and comply, and shall require appropriate representations from and perform appropriate diligence on any Authorized Participant Client reasonably designed to ensure that such Authorized Participant Client shall maintain and comply, with policies, procedures and controls that are reasonably designed to ensure (i) compliance with Sanctions Laws and limit the risk of transactions that could be regarded as circumventing Sanctions Laws and (ii) that it, its affiliates, or its Agents or any Authorized Participant Client, and, to the extent required by law, its and their owners and controllers (a) are not in violation of any Sanctions Laws or on any list of prohibited individuals or entities enacted under Sanctions Laws (collectively, “Sanctions Lists”) and (b) are not located, organized or doing business in a country or territory that is, or whose government is, the target of embargo or countrywide sanctions under any Sanctions Laws. The Authorized Participant represents, covenants, and warrants that (i) it shall require appropriate representations from, and perform appropriate diligence on, any Authorized Participant Client designed to ensure that the Authorized Participant Client shall take reasonable steps to ensure that any Delivery of bitcoin ether to the Trust performed by the Authorized Participant Client; and (ii) any Delivery of bitcoin to the Trust performed by the Authorized Participant or its Agent; in each case, Client shall not be directly or indirectly derived from, invested for the benefit of or related in any way to, persons, entities or jurisdictions that are subject to any country embargoes, in violation of any Sanctions Laws or on any Sanctions Lists. The Authorized Participant confirms that any Agent and any Authorized Participant Client has been successfully onboarded and processed through the Authorized Participant’s own Sanctions Laws compliance program. The Authorized Participant confirms the Authorized Participant Client has formed a reasonable belief that no part of the digital assets it is transferring to the Trust are derived from, held for the benefit of, or related in any way to transactions with or on behalf of any person on any Sanctions Lists or located, organized or doing business in a country or territory that is, or whose government is, the target of embargo or countrywide sanctions under any Sanctions Laws. Authorized Participant confirms that the Authorized Participant Client acknowledges that due to the Bank Secrecy Act and other applicable AML Laws and Sanctions Laws, the Trust, Sponsor, Administrative Trustee, or their affiliates or service providers may require further documentation verifying the Authorized Participant Client's identity. Authorized Participant confirms that Authorized Participant Client agrees to provide the Trust, Sponsor, Administrative Trustee or their affiliates or service providers at any time with such information or certification as the Trust, Sponsor, Administrative Trustee or their affiliates or service providers determine to be necessary or appropriate to verify compliance with the AML Laws of any applicable jurisdiction or to respond to requests for information concerning the identity of Authorized Participant Client from any governmental authority or self-regulatory organization.

Sanctions Program. The Authorized Participant represents, covenants and warrants that it, and any Agent, and shall require appropriate representations and perform appropriate diligence reasonably designed to ensure that such Authorized Participant Client, has adopted, implemented, and shall maintain and comply with a reasonable risk-based program to comply with all applicable economic, trade and financial sanctions laws, resolutions, executive orders and regulations enacted by the United States (including as administered and/or enforced by the Office of Foreign Assets Control), the United Kingdom, United Nations, European Union, and any applicable sanctions authority (collectively, “Sanctions Laws”). The Authorized Participant represents, covenants and warrants that it and any Agent shall maintain and comply, and shall require appropriate representations from and perform appropriate diligence on any Authorized Participant Client reasonably designed to ensure that such Authorized Participant Client shall maintain and comply, with policies, procedures and controls that are reasonably designed to ensure (i) compliance with Sanctions Laws and limit the risk of transactions that could be regarded as circumventing Sanctions Laws and (ii) that it, its affiliates, or its Agents or any Authorized Participant Client, and, to the extent required by law, its and their owners and controllers (a) are not in violation of any Sanctions Laws or on any list of prohibited individuals or entities enacted under Sanctions Laws (collectively, “Sanctions Lists”) and (b) are not located, organized or doing business in a country or territory that is, or whose government is, the target of embargo or countrywide sanctions under any Sanctions Laws. The Authorized Participant represents, covenants, and warrants that (i) it shall require appropriate representations from, and perform appropriate diligence on, any Authorized Participant Client designed to ensure that the Authorized Participant Client shall take reasonable steps to ensure that any Delivery of bitcoin ether to the Trust performed by the Authorized Participant Client; and (ii) any Delivery of bitcoin ether to the Trust performed by the Authorized Participant or its Agent; in each case, shall not be directly or indirectly derived from, invested for the benefit of or related in any way to, persons, entities or jurisdictions that are subject to any country embargoes, in violation of any Sanctions Laws or on any Sanctions Lists. The Authorized Participant confirms that any Agent and any Authorized Participant Client has been successfully onboarded and processed through the Authorized Participant’s own Sanctions Laws compliance program.