Access to Records of and Certifications from Financial Institutions Clause Samples
The 'Access to Records of and Certifications from Financial Institutions' clause grants one party the right to review, inspect, or obtain copies of financial records and certifications held by relevant financial institutions. In practice, this may involve the party being able to request bank statements, transaction histories, or official certifications regarding account balances or financial standing. This clause is essential for ensuring transparency, verifying compliance with contractual obligations, and reducing the risk of financial misrepresentation.
Access to Records of and Certifications from Financial Institutions. Before providing any loan, loan guarantee, or other financial assistance using Allocated Funds to a financial institution or any other private entity, the Participating State shall obtain the following:
(a) the binding written agreement of the financial institution or other private entity to make available to the Treasury Inspector General all books and records related to the use of the Allocated Funds, subject to the Right to Financial Privacy Act (12 U.S.C. § 3401 et seq.), including detailed loan records, as applicable;
(b) a certification from the financial institution that the financial institution is in compliance with the requirements of 31 C.F.R. § 103.121; and
(c) a certification from the private entity, including any financial institution, that the Principals of such entity have not been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C. 16911)).