105-68.425—When do I check to see if a person is excluded or disqualified?
         As an agency official, you must check to see if a person is excluded or disqualified before you—
    
    
    
    
        
        (c) 
         Approve a lower tier participant if agency approval of the lower tier participant is required; or
    
    
        
        (d) 
         Approve a principal in connection with a lower tier transaction if agency approval of the principal is required.