Common use of Disaster Recovery Facilities Clause in Contracts

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); (b) as a last resort, request the Service Provider to provide manual backup services if and when: (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours shall not affect the cut-off time for cheque, IBG and FAST clearing and SGSMB transactions, but shall extend the MCB funding period correspondingly; and

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: : (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); ; (b) as a last resort, request the Service Provider to provide manual backup services if and when: : (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); ; (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours shall not affect the cut-off time for cheque, IBG and FAST clearing and SGSMB transactions, but shall extend the MCB funding period correspondingly; and

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. . 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); ; (b) as a last resort, request the Service Provider to provide manual backup services if and when: (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours shall not affect the cut-off time for cheque, IBG and FAST clearing and SGSMB transactions, but shall extend the MCB funding period correspondingly; andand (e) submit a preliminary letter of explanation to the Service Provider within one business day after the event, and a detailed report within two weeks of the event. 21. Emergencies 21.1 In the event that, for any reason, the host system is shut down, or there is any interference with or interruption to the operation of MEPS+ due to any cause whatsoever, Transactions which would otherwise be carried out under MEPS+ shall be carried out by the Service Provider in accordance with Offline Contingency Modules or such procedures and facilities as the Service Provider may from time to time or at the material time by written notices provide, and the participant or participants concerned shall comply with such notices.

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); (b) as a last resort, request the Service Provider to provide manual backup services if and when: (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours shall not affect the cut-off time for cheque, IBG and FAST clearing and SGSMB transactions, but shall extend the MCB funding period correspondingly; and (e) submit a preliminary letter of explanation to the Service Provider within one business day after the event, and a detailed report within two weeks of the event.

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: : (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); ; (b) as a last resort, request the Service Provider to provide manual backup services if and when: : (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); ; (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; ; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours shall not affect the cut-off time for cheque, IBG and FAST clearing and SGSMB transactions, but shall extend the MCB funding period correspondingly; and (e) submit a preliminary letter of explanation to the Service Provider within one business day after the event, and a detailed report within two weeks of the event.

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: : (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); ; (b) as a last resort, request the Service Provider to provide manual backup services if and when: : (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); ; (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours will shall not affect the cut-off time for cheque, cheque and IBG and FAST clearing and SGSMB transactions, but will shall extend the MCB funding period correspondingly; and (d) submit a preliminary letter of explanation to the Service Provider within one business day after the event, and a detailed report within two weeks of the event. All correspondence should be addressed to the Executive Director (Finance Department) of MAS or such other addressee as the Service Provider may from time to time specify.

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); (b) as a last resort, request the Service Provider to provide manual backup services if and when: (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); ; (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours shall not affect the cut-off time for cheque, IBG and FAST clearing and SGSMB transactions, but shall extend the MCB funding period correspondingly; andand (e) submit a preliminary letter of explanation to the Service Provider within one business day after the event, and a detailed report within two weeks of the event. 21. Emergencies 21.1 In the event that, for any reason, the host system is shut down, or there is any interference with or interruption to the operation of MEPS+ due to any cause whatsoever, Transactions which would otherwise be carried out under MEPS+ shall be carried out by the Service Provider in accordance with Offline Contingency Modules or such procedures and facilities as the Service Provider may from time to time or at the material time by written notices provide, and the participant or participants concerned shall comply with such notices. 22. Furnishing information 22.1 The Service Provider may, from time to time and at any time, require any participant to furnish any information pertaining to any transaction executed or to be executed, or settled or to be settled, under MEPS+, or pertaining to the operation of MEPS+ or the participation of that participant in MEPS+, and the participant concerned shall furnish the information accordingly.

Disaster Recovery Facilities. 20.1 Every participant shall maintain appropriate backup and disaster recovery facilities to resume the processing of payments and securities settlements within two hours of any event that hinders its ability to send or receive payments or securities settlements instructions to or from MEPS+. . 20.2 Where any event that hinders the ability of a participant to send or receive payments or securities settlement instructions to or from MEPS+ occurs, the participant shall: (a) inform the Service Provider of that event, including the recovery of operations and activation of manual backup procedures (if any); (b) as a last resort, request the Service Provider to provide manual backup services if and when: (i) its own efforts at restoring operations at both its production and disaster recovery sites have failed; or (ii) it is not practicable for the participant to attempt to restore operations at its production or disaster recovery site (e.g. if the event occurs near the close of MEPS+ operating hours and the participant has only a few instructions to be transmitted in MEPS+); (c) update the Service Provider at least every thirty (30) minutes on the status of the event in Rule 20.1; (d) where necessary, request the Service Provider to extend the MEPS+ operating hours to complete its Transactions for the day, subject to the payment of the administrative fees set out in Schedule 4 to these Rules. The extension of the MEPS+ operating hours is provided at the Service Provider’s discretion, and any extension of the MEPS+ operating hours shall not affect the cut-off time for cheque, IBG and FAST clearing and SGSMB transactions, but shall extend the MCB funding period correspondingly; and