OFAC definition
Examples of OFAC in a sentence
Each Loan Party shall not permit (i) the admission of any Investor, or (ii) the transfer of any Investor’s interest to an assignee as a substitute Investor and any admission of a Person as a new Investor, in each case to a Person which (x) is named on a list published by OFAC or is a Person with whom dealings are prohibited under Sanctions, including any OFAC Regulation or (y) is not in KYC Compliance.
To the extent required, the Investor maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List.
To the knowledge of each Loan Party, none of the Investors’ names are contained on any Sanctions list and none of the Investors are known or suspected terrorists OFAC, nor are they citizens or residents of any country that is subject to Sanctions.
To the best of the Collateral Manager’s knowledge, no Borrower Entity owns, and the Collateral Manager will not knowingly cause any Borrower Entity to own or Acquire, any security issued by, or interest in, any country, territory, or entity whose direct ownership by U.S. persons or persons 92 under the jurisdiction of the U.S. would be or is prohibited under any OFAC regulation or other applicable federal law.
It shall not utilize directly or indirectly the proceeds of any Advance for the benefit of any Person whose name appears on the List of Specially Designated Nationals and Blocked Persons maintained by OFAC, and shall maintain and require that the Servicer maintain, internal controls and procedures designed to ensure its continued compliance with the applicable provisions of the Subject Laws.