Destination Institution Exclusions Clause Samples
The "Destination Institution Exclusions" clause defines specific institutions or categories of institutions to which certain contractual obligations, such as non-solicitation or non-compete restrictions, do not apply. For example, in an employment or academic agreement, this clause might list universities, research centers, or other organizations that are exempt from restrictions on where an individual can work or collaborate after leaving their current position. Its core practical function is to provide flexibility by allowing parties to pursue opportunities with designated institutions without breaching the agreement, thereby addressing concerns about overly broad or restrictive covenants.
Destination Institution Exclusions. (a) You may enter the name of any depository institution on a list of exclusions from eligibility to receive deposits we place for you through ICS (“Exclusions List”).
(b) We may ask you to provide your initial Exclusions List by entering exclusions in Section 3(c) of Schedule 2 or by giving us notice of your Exclusions List in another manner we specify.
(c) An Exclusions List will be effective within one Business Day after the first Business Day on which we have received the Exclusions List from you.
(d) You may add to or subtract from your Exclusions List by giving us notice in a manner we specify or by using functionality provided within the Depositor Control Panel. If you do so, the revised Exclusions List will be effective within one Business Day after the first Business Day on which we have received the notice or you have used the functionality.
Destination Institution Exclusions. (a) You may enter the name of any depository institution on a list of exclusions from eligibility to receive your funds through ICS (the “List of Exclusions”). The initial List of Exclusions appears in Schedule 4 to this Agreement.
(b) An exclusion in Schedule 4 is effective when we have signed the Agreement. You may later add exclusions to your List of Exclusions, or subtract exclusions from your List of Exclusions, by contacting us in a manner we specify. If you add an exclusion in this manner, the new exclusion will be effective within one Business Day after the first Business Day on which we have received the notice from you.
(c) If, on a Business Day, you have outstanding deposits that we have placed for you using Promontory Network’s CDARS service, and you have provided the same taxpayer identification number to us for purposes of CDARS and ICS, our allocation of your funds at Destination Institutions for that Business Day in ICS:
(i) will not include allocation to a Destination Institution that is the subject of a then-effective designation by you as ineligible to receive your funds through CDARS, and
(ii) will not cause the balance in your Deposit Accounts at a Destination Institution, together with the outstanding deposits, if any, that we have placed for you at that Destination Institution through CDARS, to exceed the SMDIA.
Destination Institution Exclusions. You may enter the name of any depository institution on a list of exclusions from eligibility to receive deposits we place for you through the CD Option (“Exclusions List”). We may ask you to provide your initial Exclusions List by entering exclusions in Section 3(c) of Schedule 2 or by giving us notice of your Exclusions List in another manner we specify. An Exclusions List will be effective within one Business Day after the first Business Day on which we have received the Exclusions List from you. You may add to or subtract from your Exclusions List by giving us notice in a manner we specify. If you add an exclusion in this manner, the new exclusion will be effective within one Business Day after the first Business Day on which we have received the notice from you. Review and Approval of Proposed Placements After the deadline for submitting CD Orders for a CD Order Date, IntraFi will prepare a proposed allocation of your funds to Destination Institutions through CD (“CD Proposed Allocation”). You may obtain the CD Proposed Allocation from us at or after the notification time set forth in Schedule 1 (“CD Allocation Notification Time”) up to the response time set forth in Schedule 1 (“CD Allocation Response Time”). To reject any one or more of the Destination Institutions identified in the CD Proposed Allocation, you must inform a CD Allocation Contact of the rejection by the CD Allocation Response Time. If you reject a Destination Institution by the CD Allocation Response Time, we will add the rejected Destination Institution to your List of Exclusions. Subject to the other provisions of this Agreement, including those concerning limits on placements, your funds will be placed at Destination Institutions identified in a CD Proposed Allocation that you do not reject by the CD Allocation Response Time. If you reject one or more of the Destination Institutions by the CD Allocation Response Time, or if one or more of them becomes unavailable for placement for any reason, a result may be that only a portion of your funds, or none of your funds, will be placed at Destination Institutions. We will inform you of the amount of your funds that will not be placed, and you may request that we submit a CD Order for your unplaced funds on another CD Order Date. We do not guarantee that funds you submit for placement will be placed at Destination Institutions, in whole or in part. Issuance; Confirmation and Statements On the date for settlement of CD placements for a CD...
Destination Institution Exclusions. (a) You may inform us of any depository institution you wish to exclude from eligibility to receive deposits we place for you through the Column Sweep Program (“Exclusions List”).
(b) We may require you to provide your initial Exclusions List by giving us notice in any manner we specify, which may include providing a list by email or contacting us in accordance with your Account Agreement, or by using tools provided through the APIs or Servicer App, if made available to you.
(c) An Exclusions List will be effective within three Business Days after the first Business Day on which we have received the Exclusions List from you.
(d) You may add to or subtract from your Exclusions List by giving us notice in a manner we specify, which may include providing such additions or subtractions by email or contacting us in accordance with your Account Agreement, or by using tools provided through the APIs or Servicer App, if made available to you. If you do so, the revised Exclusions List will be effective within three Business Days after the first Business Day on which we have received the notice.
Destination Institution Exclusions. You may enter the name of any depository institution on a list of exclusions from eligibility to receive deposits we place for you through ICS (“Exclusions List”).