How does an exclusion restrict a person's involvement in covered transactions?

With the exceptions stated in §§ 1508.120, 1508.315, and 1508.420, a person who is excluded by the African Development Foundation or any other Federal agency may not: (a) Be a participant in a(n) ADF transaction that is a covered transaction under subpart B of this part; (b) Be a participant in a transaction of any other Federal agency that is a covered transaction under that agency's regulation for debarment and suspension; or (c) Act as a principal of a person participating in one of those covered transactions.