Document ID: 15768

Text:
Section 4.24.Embargoed Person. Each Borrower Party and each Affiliated Manager has performed and shall perform reasonable due diligence to insure that at all times throughout the term of the Loan, including after giving effect to any Sale or Pledge or other transfer permitted pursuant to the Loan Documents, (a)none of the funds or other assets of any Borrower Party and/or any Affiliated Manager constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b)no Embargoed Person has any interest of any nature whatsoever in any Borrower Party or any Affiliated Manager, as applicable, with the result that the investment in any Borrower Party or any Affiliated Manager, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c)none of the funds of any Borrower Party or any Affiliated Manager, as applicable, have been derived from, or are the proceeds of, any unlawful activity, including money laundering, terrorism or terrorism activities, with the result that the investment in any Borrower Party or any such Affiliated Manager, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause the Property (or any portion thereof) to be subject to forfeiture or seizure. Notwithstanding the foregoing, the representations, warranties and covenants above are made only to Borrowers knowledge with respect to the direct or indirect ownership of any shares of stock in ARCNYC REIT that are listed on the New York Stock Exchange, NASDAQ Global Select Market or another nationally recognized stock exchange. Any violation of the foregoing shall, at Lenders option, constitute an Event of Default hereunder.

Named Entities:
287
288
Shares

Tokenized Text:
Section
4
.
24
.
Embargoed
Person
.
Each
Borrower
Party
and
each
Affiliated
Manager
has
performed
and
shall
perform
reasonable
due
diligence
to
insure
that
at
all
times
throughout
the
term
of
the
Loan
,
including
after
giving
effect
to
any
Sale
or
Pledge
or
other
transfer
permitted
pursuant
to
the
Loan
Documents
,
(
a
)
none
of
the
funds
or
other
assets
of
any
Borrower
Party
and
/
or
any
Affiliated
Manager
constitute
property
of
,
or
are
beneficially
owned
,
directly
or
indirectly
,
by
any
Embargoed
Person
;
(
b
)
no
Embargoed
Person
has
any
interest
of
any
nature
whatsoever
in
any
Borrower
Party
or
any
Affiliated
Manager
,
as
applicable
,
with
the
result
that
the
investment
in
any
Borrower
Party
or
any
Affiliated
Manager
,
as
applicable
(
whether
directly
or
indirectly
)
,
is
prohibited
by
law
or
the
Loan
is
in
violation
of
law
;
and
(
c
)
none
of
the
funds
of
any
Borrower
Party
or
any
Affiliated
Manager
,
as
applicable
,
have
been
derived
from
,
or
are
the
proceeds
of
,
any
unlawful
activity
,
including
money
laundering
,
terrorism
or
terrorism
activities
,
with
the
result
that
the
investment
in
any
Borrower
Party
or
any
such
Affiliated
Manager
,
as
applicable
(
whether
directly
or
indirectly
)
,
is
prohibited
by
law
or
the
Loan
is
in
violation
of
law
,
or
may
cause
the
Property
(
or
any
portion
thereof
)
to
be
subject
to
forfeiture
or
seizure
.
Notwithstanding
the
foregoing
,
the
representations
,
warranties
and
covenants
above
are
made
only
to
Borrowers
knowledge
with
respect
to
the
direct
or
indirect
ownership
of
any
shares
of
stock
in
ARCNYC
REIT
that
are
listed
on
the
New
York
Stock
Exchange
,
NASDAQ
Global
Select
Market
or
another
nationally
recognized
stock
exchange
.
Any
violation
of
the
foregoing
shall
,
at
Lenders
option
,
constitute
an
Event
of
Default
hereunder
.