Common use of Definitions, Objectives and Scope Clause in Contracts

Definitions, Objectives and Scope. 457 In the context of this Schedule, Client Readiness is defined as the capability of a Contracting 458 CSD (and their respective communities - including DCP) to fulfil the legal, functional, technical 459 and organisational requirements (i.e. all showstopper are resolved) to start operation in T2S 460 relative to the synchronisation points (CSD-relevant milestones), as specified in the T2S 461 Programme Plan. 462 The term Monitoring of Client Readiness (MCR) defines the framework to ascertain the readiness 463 of a Contracting CSD (and their respective communities- including DCP) to start operation in 464 T2S based on the Contracting CSDs' progress against the agreed milestones and deliverables of 465 the T2S Operational Plan for the current phase of the T2S Programme. As a component of T2S 466 Programme Planning and Monitoring, the parties to this Agreement agree to establish such a 467 framework to allow the Eurosystem to monitor the readiness status of Contracting CSDs to start 468 operation with T2S. 469 The objectives of the MCR Framework are: 470 ▪ to ensure accurate reporting on the progress of a Contracting CSD regarding its readiness 471 level relative to the T2S Programme Plan; 472 ▪ to establish the necessary collaborative measures, rules, procedures and tools to support the 473 monitoring process; and 474 ▪ to xxxxxx the communication between individual Contracting CSDs and the Eurosystem on 475 programme-plan-related issues, with a view to ensure timely and proactive identification and 476 notification of any event that would have a material effect on the T2S Programme Plan and 477 the start operation of T2S. 478 The scope of the MCR includes activities that the Contracting CSDs and their communities 479 (including DCP) must undertake to ensure the required readiness level relative to the T2S 480 Operational Plan and to the successful and timely completion of the Synchronisation Points. 481 MCR covers all phases of the T2S Programme until start of full operation of T2S with the 482 successful implementation of the last of the planned migration waves. It also includes the 483 monitoring of and reporting on the readiness of the Contracting CSD clients, indirectly and 484 directly connected to T2S. It should be noted that the Contracting CSDs are responsible for 485 tracking their own community (including DCP) and accurately reporting to the Eurosystem. 486 MCR encompasses the following activities: 487 ▪ the monitoring of the fulfilment of the mutual obligations, milestones and deliverables; 488 ▪ the monitoring and review of the mutual obligations in regular intervals and for individual 489 periods, as bilaterally agreed, to ascertain their status as compared to the T2S Programme 490 Plan; and 491 ▪ the identification and notification of delays or any event affecting the successful and timely 492 completion of the Synchronisation Points.

Definitions, Objectives and Scope. 457 In the context of this Schedule, Client Readiness is defined as the capability of a Contracting 458 CSD (and their respective communities - including DCP) to fulfil the legal, functional, technical 459 and organisational requirements (i.e. all showstopper are resolved) to start operation in T2S 460 relative to the synchronisation points (CSD-relevant milestones), as specified in the T2S 461 Programme Plan. 462 The term Monitoring of Client Readiness (MCR) defines the framework to ascertain the readiness 463 of a Contracting CSD (and their respective communities- including DCP) to start operation in 464 T2S based on the Contracting CSDs' ’ progress against the agreed milestones and deliverables of 465 the T2S Operational Plan for the current phase of the T2S Programme. As a component of T2S 466 Programme Planning and Monitoring, the parties to this Agreement agree to establish such a 467 framework to allow the Eurosystem to monitor the readiness status of Contracting CSDs to start 468 operation with T2S. 469 The objectives of the MCR Framework are: 470 ▪  to ensure accurate reporting on the progress of a Contracting CSD regarding its readiness 471 level relative to the T2S Programme Plan; 472 ▪  to establish the necessary collaborative measures, rules, procedures and tools to support the 473 monitoring process; and 474 ▪  to xxxxxx the communication between individual Contracting CSDs and the Eurosystem on 475 programme-plan-related issues, with a view to ensure timely and proactive identification and 476 notification of any event that would have a material effect on the T2S Programme Plan and 477 the start operation of T2S. 478 The scope of the MCR includes activities that the Contracting CSDs and their communities 479 (including DCP) must undertake to ensure the required readiness level relative to the T2S 480 Operational Plan and to the successful and timely completion of the Synchronisation Points. 481 MCR covers all phases of the T2S Programme until start of full operation of T2S with the 482 successful implementation of the last of the planned migration waves. It also includes the 483 monitoring of and reporting on the readiness of the Contracting CSD clients, indirectly and 484 directly connected to T2S. It should be noted that the Contracting CSDs are responsible for 485 tracking their own community (including DCP) and accurately reporting to the Eurosystem. 486 MCR encompasses the following activities: 487 ▪  the monitoring of the fulfilment of the mutual obligations, milestones and deliverables; 488 ▪  the monitoring and review of the mutual obligations in regular intervals and for individual 489 periods, as bilaterally agreed, to ascertain their status as compared to the T2S Programme 490 Plan; and 491 ▪  the identification and notification of delays or any event affecting the successful and timely 492 completion of the Synchronisation Points.

Definitions, Objectives and Scope. 457 450 In the context of this Schedule, Client Readiness is defined as the capability of a Contracting 458 CSD CB 451 (and their respective communities - including DCPDCAH) to fulfil the legal, functional, technical 459 and 452 organisational requirements (i.e. all showstopper are resolved) to start operation in T2S 460 relative to 453 the synchronisation points (CSDCB-relevant milestones), as specified in the T2S 461 Programme Plan. 462 454 The term Monitoring of Client Readiness (MCR) defines the framework to ascertain the readiness 463 455 of a Contracting CSD CB (and their respective communities- including DCPDCAH) to start operation in 464 456 T2S based on the Contracting CSDs' CBs’ progress against the agreed milestones and deliverables of 465 the 457 T2S Operational Plan for the current phase of the T2S Programme. As a component of T2S 466 458 Programme Planning and Monitoring, the parties to this Agreement agree to establish such a 467 459 framework to allow the Eurosystem to monitor the readiness status of Contracting CSDs CBs to start 468 460 operation with T2S. 469 461 The objectives of the MCR Framework are: 470 462 ▪ to ensure accurate reporting on the progress of a Contracting CSD CB regarding its readiness 471 level 463 relative to the T2S Programme Plan; 472 464 ▪ to establish the necessary collaborative measures, rules, procedures and tools to support the 473 465 monitoring process; and 474 466 ▪ to xxxxxx the communication between individual Contracting CSDs CBs and the Eurosystem on 475 467 programme-plan-related issues, with a view to ensure timely and proactive identification and 476 468 notification of any event that would have a material effect on the T2S Programme Plan and 477 469 the start operation of T2S. 478 470 The scope of the MCR includes activities that the Contracting CSDs CBs and their communities 479 471 (including DCPDCAH) must undertake to ensure the required readiness level relative to the T2S 480 472 Operational Plan and to the successful and timely completion of the Synchronisation Points. 481 473 MCR covers all phases of the T2S Programme until start of full operation of T2S with the 482 474 successful implementation of the last of the planned migration waves. It also includes the 483 475 monitoring of and reporting on the readiness of the Contracting CSD CB clients, indirectly and 484 directly 476 connected to T2S. It should be noted that the Contracting CSDs CBs are responsible for 485 tracking their own community (including DCP) and accurately reporting to the Eurosystem. 486 MCR encompasses the following activities: 487 ▪ the monitoring of the fulfilment of the mutual obligations, milestones and deliverables; 488 ▪ the monitoring and review of the mutual obligations in regular intervals and for individual 489 periods, as bilaterally agreed, to ascertain their status as compared to the T2S Programme 490 Plan; and 491 ▪ the identification and notification of delays or any event affecting the successful and timely 492 completion of the Synchronisation Points.their

Definitions, Objectives and Scope. 457 450 In the context of this Schedule, Client Readiness is defined as the capability of a Contracting 458 CSD CB 451 (and their respective communities - including DCPDCAH) to fulfil the legal, functional, technical 459 and 452 organisational requirements (i.e. all showstopper are resolved) to start operation in T2S 460 relative to 453 the synchronisation points (CSDCB-relevant milestones), as specified in the T2S 461 Programme Plan. 462 454 The term Monitoring of Client Readiness (MCR) defines the framework to ascertain the readiness 463 455 of a Contracting CSD CB (and their respective communities- including DCPDCAH) to start operation in 464 456 T2S based on the Contracting CSDs' CBs’ progress against the agreed milestones and deliverables of 465 the 457 T2S Operational Plan for the current phase of the T2S Programme. As a component of T2S 466 458 Programme Planning and Monitoring, the parties to this Agreement agree to establish such a 467 459 framework to allow the Eurosystem to monitor the readiness status of Contracting CSDs CBs to start 468 460 operation with T2S. 469 461 The objectives of the MCR Framework are: 470 ▪ 462  to ensure accurate reporting on the progress of a Contracting CSD CB regarding its readiness 471 level 463 relative to the T2S Programme Plan; 472 ▪ 464  to establish the necessary collaborative measures, rules, procedures and tools to support the 473 465 monitoring process; and 474 ▪ 466  to xxxxxx the communication between individual Contracting CSDs CBs and the Eurosystem on 475 467 programme-plan-related issues, with a view to ensure timely and proactive identification and 476 468 notification of any event that would have a material effect on the T2S Programme Plan and 477 469 the start operation of T2S. 478 470 The scope of the MCR includes activities that the Contracting CSDs CBs and their communities 479 471 (including DCPDCAH) must undertake to ensure the required readiness level relative to the T2S 480 472 Operational Plan and to the successful and timely completion of the Synchronisation Points. 481 473 MCR covers all phases of the T2S Programme until start of full operation of T2S with the 482 474 successful implementation of the last of the planned migration waves. It also includes the 483 475 monitoring of and reporting on the readiness of the Contracting CSD CB clients, indirectly and 484 directly 476 connected to T2S. It should be noted that the Contracting CSDs CBs are responsible for 485 tracking their 477 own community (including DCPDCAH) and accurately reporting to the Eurosystem. 486 478 MCR encompasses the following activities: 487 ▪ 479  the monitoring of the fulfilment of the mutual obligations, milestones and deliverables; 488 ▪ 480  the monitoring and review of the mutual obligations in regular intervals and for individual 489 481 periods, as bilaterally agreed, to ascertain their status as compared to the T2S Programme 490 482 Plan; and 491 ▪ 483  the identification and notification of delays or any event affecting the successful and timely 492 484 completion of the Synchronisation Points.. 485 6.3.2 Monitoring of Client Readiness and Reporting