Books and Records Concerning the Sweep Program Clause Samples

Books and Records Concerning the Sweep Program. Aspiration will maintain the information set forth in Section 7.7(a) with respect to the amount of each Customer’s beneficial interest in the Sweep Destination Account, and will maintain the information set forth in Section 7.7(b) with respect to the Sweep Destination Account and the amount of each Customer’s beneficial interest in such account. (a) As agent and custodian for each Customer, Aspiration will maintain, in good faith and in the regular course of business, and in accordance with applicable published requirements of the FDIC (including, without limitation, FDIC requirements for pass-through deposit insurance coverage), books and records setting forth the daily balance and accrued interest for each of Aspiration’s Customers and identifying with respect to such Customer’s beneficial interest the accounts the name, address and social security or tax identification number of the Customer and any representative capacity in which the Customer may be acting. Aspiration shall maintain such documentation in a form to permit it to provide Coastal Bank or the FDIC as receiver or conservator or Coastal Bank with a copy of such within 24 hours of any request. (b) Aspiration will maintain, for each Customer, records of that Customer’s beneficial interest in the Sweep Operating Account and Sweep Destination Account, including records of the amounts on deposit in the accounts, and of all deposits to and withdrawals from and transfers among the accounts. Such records may be used to evidence that the accounts which are money market deposit accounts are maintained in accordance with the definition of “savings deposit” in 12 C.F.R. Section 204.2(d)(2) and applicable interpretations of the Federal Reserve Board thereunder. Aspiration will allow Coastal’s federal and state banking examiners, Coastal’s independent outside auditors and other authorized representatives of the federal and state bank or securities regulatory agencies that have appropriate jurisdiction over Coastal or Aspiration reasonable access from time to time upon request to, and an opportunity to audit, the books and records of Aspiration with respect to the Sweep Program, and Aspiration shall cooperate with Coastal and such agencies to the extent necessary to enable Coastal to comply with its obligations under Regulation D and other laws and regulations with regard to such requests for access.