5Foreign Assets Control Sample Clauses
The 'Foreign Assets Control' clause establishes requirements for compliance with laws and regulations related to economic sanctions and trade restrictions imposed by governmental authorities, such as the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). This clause typically prohibits parties from engaging in transactions with individuals, entities, or countries subject to sanctions, and may require parties to certify that they are not on any restricted lists. Its core function is to ensure that contractual activities do not violate sanctions laws, thereby protecting the parties from legal penalties and reputational harm associated with prohibited dealings.
5Foreign Assets Control. Lender may disclose any and all information regarding Borrower and a Purchaser in connection with any regulatory examination of Lender or to the extent Lender deems advisable to disclose such information to such applicable regulatory agencies involving matters relating to the Trading With the Enemy Act, the Foreign Assets Control Regulations or the Executive Order; provided, however, that if Lender is legally permitted to do so, no such disclosure shall be made prior to the Lender (x) giving the Borrower prior written notification within one (1) Business Day after Lender's receipt of notice of any such required disclosure or decision of the Lender to make such disclosure, that explains in reasonable detail (if known to Lender), the basis for such disclosure, which notification shall include the following: (i) the contents of the disclosure, (ii) the Person to whom the disclosure must be made, and (iii) if known to Lender, the legal basis for the disclosure; (y) using commercially reasonable efforts to require that any recipient of such disclosure maintain such information on a confidential basis in accordance with all Legal Requirements, including all applicable consumer privacy laws; and (z) if Lender is legally permitted to do so, providing Borrower with an opportunity to redact all of the names, social security numbers and bank account numbers of, and all non-public personal information pertaining to, any Purchasers.