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 (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.