OFAC Sanctions definition

OFAC Sanctions means any sanctions program administered by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) under authority delegated to the Secretary of the Treasury (the “Secretary”) by the President of the United States or provided to the Secretary by statute, and any order or license issued by, or under authority delegated by, the President or provided to the Secretary by statute in connection with a sanctions program thus administered by OFAC. For ease of reference, and not by way of limitation, OFAC Sanctions programs are described on OFAC’s website at xxx.xxxxx.xxx/xxxx.

OFAC Sanctions means the country or list based economic and trade sanctions administered and enforced by OFAC.

OFAC Sanctions has the meaning given to such term in Section 7.30.

Examples of OFAC Sanctions in a sentence

• Seller shall not, intentionally or knowingly, either directly or indirectly, involve or engage in any manner any person or entity that is on any of the OFAC Sanctions Lists in the performance of this Agreement, whether as an officer, director, employee, agent, lobbyist, representative, contractor, subcontractor, vendor, consultant, supplier, materialman or any other role or relationship of any kind.

• The OFAC Sanctions may pertain, inter alia, to the purpose and end use of the Facilities, goods manufactured in or originated from/through certain countries, shipment from/to/using certain countries, ports, vessels, liners and/or due to involvement of certain persons and entities (including correspondent banks).

• Consequently, disbursement, issuance, payment and/or processing under the Facilities by the Bank may become subjected to the OFAC Sanctions and the Bank shall have the unconditional right to refuse to process any transactions that violate/may violate any OFAC Sanctions, as it exists from time to time.

• For the avoidance of doubt, Seller shall not be in breach of this Section 3.2.16 if any such person or entity that Seller involves or engages in the performance of this Agreement is subsequently placed on the OFAC Sanctions List so long as Seller takes all actions required by Requirements of Law promptly upon learning that such person or entity has been placed on the OFAC Sanctions List.

• For the avoidance of doubt, Seller shall not be in breach of this Section 3.2.15 if any such person or entity that Seller involves or engages in the performance of this Agreement is subsequently placed on the OFAC Sanctions List so long as Seller takes all actions required by Requirements of Law promptly upon learning that such person or entity has been placed on the OFAC Sanctions List.

More Definitions of OFAC Sanctions

OFAC Sanctions means any of the OFAC sanctions programs, laws, rules, and regulations of the Office of Foreign Assets Control of the United States Department of the Treasury (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto.

OFAC Sanctions has the meaning ascribed to it in Section 20.1(a) of Schedule V.

OFAC Sanctions has the meaning ascribed to such term in Section 18.2(a) of Schedule 5.

OFAC Sanctions means any sanctions program administered by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) under authority delegated to the Secretary of the Treasury (the “Secretary”) by the President of the United States or provided to the Secretary by statute, and any order or license issued by, or under authority delegated by, the President or provided to the Secretary by statute in connection with a sanctions program thus administered by OFAC. For ease of reference, and not by way of limitation, OFAC Sanctions programs are described on OFAC’s website at w ww.treas.gov/ofac.

OFAC Sanctions shall have the meaning set forth in Section 4.8.

OFAC Sanctions means sanctions imposed from time to time by the United States Department of the Treasury Office of Foreign Asset Control;

OFAC Sanctions means the designation by OFAC of certain persons and certain companies into the SDN List.