No Loan Party nor any of its Subsidiaries, nor, to the knowledge of any Loan Party, any officer, director, employee, agent or Affiliate thereof, is in violation of any of the country or list based economic and trade sanctions administered and enforced by any Sanctions Authorities. No Loan Party nor any of its Subsidiaries, nor, to the knowledge of any Loan Party, any officer, director, employee, agent or Affiliate thereof, (a) is a Sanctioned Person or a Sanctioned Entity, (b) has its assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. No proceeds of any Advances made, or Letter of Credit issued, hereunder will be used, directly or indirectly, (i) to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity or (ii) in any manner that would result in the violation of any sanctions instituted by Sanctions Authorities applicable to any Loan Party.