Asset Control. (a) Each of the Borrowers is not located in a country or territory that is the subject of Sanctions, is not a Prohibited Person, is not owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person and to the best of its knowledge no director, officer, employee, agent, affiliate or representative of the Borrower is currently the subject of Sanctions; (b) No proceeds of the Advance shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
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Sources: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)
Asset Control. (a) Each of the Borrowers The Borrower is not located in a country or territory that is the subject of Sanctions, is not a Prohibited Person, is not owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and does not own or control a Prohibited Person and to the best of its knowledge no director, officer, employee, agent, affiliate or representative of the Borrower is currently the subject of Sanctions;
(b) No proceeds of the Advance shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.
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