OFAC definition

OFAC means the Office of Foreign Assets Control of the United States Department of the Treasury.

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OFAC shall have the meaning ascribed to such term in Section 3.1(kk).

OFAC has the meaning set forth in Section 3.23.

Examples of OFAC in a sentence

• To the extent that either party knows or becomes aware that any involved customer’s assets must be blocked, rejected or otherwise reported to OFAC, the parties will notify each other.

• The Company shall use the net proceeds from the sale of the Securities hereunder for general corporate purposes, which shall include repayment of principal on the Company’s indebtedness, capital expenditures, and funding its working capital needs, but shall not use such proceeds in violation of FCPA or OFAC regulations.

• Neither the Company nor any of its Subsidiaries nor any director, officer or controlled Affiliate of the Company or any of its Subsidiaries, has ever had funds blocked by a United States bank or financial institution, temporarily or otherwise, as a result of OFAC concerns.

More Definitions of OFAC

OFAC the Office of Foreign Assets Control of the United States Department of the Treasury and any successor thereto.

OFAC has the meaning assigned to such term in Section 3.17(a).

OFAC shall have the meaning provided in Section 3.25(b).

OFAC is the U.S. Department of Treasury Office of Foreign Assets Control. “OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

OFAC is defined in Section 5.16(a).

OFAC shall have the meaning set forth in Section 4.38 hereof.

OFAC has the meaning specified in Section 5.17.