Liabilities of the Authority. 11.1 Subject to the provisions of this Clause 11, the Authority, its officers and employees, and any person acting under the direction of the Authority, shall not be liable for any loss or damage howsoever caused to the Eligible Counterparty or its customer resulting from: (a) the suspension of the provision of the SF to any or all Eligible Counterparties temporarily or indefinitely, or the termination of the Agreement entered into with any or all Eligible Counterparties; or (b) the operation of the SF or the provision of the SF, including any action that may be taken by the Authority against any other Eligible Counterparty, unless the Authority or the relevant officer, employee or person acting under the direction of the Authority has been found guilty of a reckless act or omission, or of intentional misconduct, in a final decision made by a court in Singapore. 11.2 The Authority shall not be responsible or liable to the Eligible Counterparty or its customer for any loss or damage arising from: (a) the breach or non-observance by the Eligible Counterparty of the Agreement; (b) any error in, or any delayed execution, non-execution, part-execution or different execution of, any transaction under the SF caused by any machine or hardware malfunction, software defect, or electrical, electronic, SWIFT- related telecommunication, electrical power supply or other technical fault, to the extent that such malfunction, defect, fault or cause did not result from the reckless act or omission, or the intentional misconduct, of the Authority, its officer, employee or person acting under its directions; (c) any error in, or delayed execution, non-execution, part-execution or different execution of, any transaction under the SF due to (i) the use or operation of any malicious code or software, computer virus or process or any other electronic system as a means of inflicting harm; (ii) the alteration of any data, instruction or notice sent to or from the Authority through a communication facility used to exchange data between the Authority and the Eligible Counterparty (including but not limited to an internet, extranet, wireless, wide area network, local area network, or other data connection) (“Electronic Connection”); or (iii) any third party's interception and/or use of any data conveyed using an Electronic Connection; (d) the usage of SWIFT messaging services, including but not limited to any loss or damage that may result from: (i) the unavailability or deficiency in SWIFT messaging services relating to the delivery and receipt of messages or instructions or the authentication mechanisms that may be provided by SWIFT; or (ii) any negligent act or omission or wilful default by XXXXX; or (e) any error in, or any delayed execution, non-execution, part-execution or different execution of, any transaction under the SF which is not due to any actions or omissions by the Authority. 11.3 In all cases where the Eligible Counterparty or its customer has suffered any damage or loss which is recoverable under this Clause 11, the Authority shall not be liable for any collateral, indirect, consequential or special loss or damage howsoever caused and any liability on the part of the Authority arising out of or in relation to a SF transaction under this Agreement shall be limited to: (a) in the case where the transaction involves the Eligible Counterparty obtaining SGD funds from the Authority via the SF under Clause 2.1(a), the SGD amount being obtained under that transaction; and (b) in the case where the transaction involves the Eligible Counterparty depositing SGD funds with the Authority via the SF under Clause 2.1(b), the SGD amount being deposited under the transaction.
Appears in 4 contracts
Samples: Terms and Conditions, Terms and Conditions of the Mas Standing Facility, Terms and Conditions
Liabilities of the Authority. 11.1 15.1 Subject to the provisions of this Clause 11section, the Authority, its officers and employees, and any person acting under the direction of the Authority, shall not be liable for any loss or damage howsoever caused to the Eligible Counterparty Applicant or its customer resulting from:
(a) the suspension of the provision of the SF USD Facility to any or all Eligible Counterparties Applicants temporarily or indefinitely, or the termination of the Agreement entered into with any or all Eligible CounterpartiesApplicants; or
(b) the operation of the SF or the provision of the SFUSD Facility, including any action that may be taken by the Authority against any other Eligible CounterpartyApplicants, unless the Authority or the relevant officer, employee or person acting under the direction of the Authority has been found guilty of a reckless act or omission, or of intentional misconduct, in a final decision made by a court in Singapore.
11.2 15.2 The Authority shall not be responsible or liable to the Eligible Counterparty Applicant or its customer for any loss or damage arising from:
(a) the breach or non-observance by the Eligible Counterparty Applicant of the Agreement;
(b) any error in, or any delayed execution, non-execution, part-execution or different execution of, any transaction under the SF Facility caused by any machine or hardware malfunction, software defect, or electrical, electronic, SWIFT- SWIFT-related telecommunication, electrical power supply or other technical fault, to the extent that such malfunction, defect, fault or cause did not result from the reckless act or omission, or the intentional misconduct, of the Authority, its officer, employee or person acting under its directions;
(c) any error in, or delayed execution, non-execution, part-execution or different execution of, any transaction under the SF Facility due to (i) the use or operation of any malicious code or software, computer virus or process or any other electronic system as a means of inflicting harm; (ii) the alteration of any data, instruction or notice sent to or from the Authority through a communication facility used to exchange data between the Authority and the Eligible Counterparty Applicant (including but not limited to an internet, extranet, wireless, wide area network, local area network, or other data connection) (“Electronic Connection”); or (iii) any third party's interception and/or use of any data conveyed using an Electronic Connection;
(d) the usage of SWIFT messaging services, including but not limited to any loss or damage that may result from:
(i) i. the unavailability or deficiency in SWIFT messaging services relating to the delivery and receipt of messages or instructions or the authentication mechanisms that may be provided by SWIFT; or
(ii) . any negligent act or omission or wilful default by XXXXXSWIFT; or
(e) iii. any error in, or any delayed execution, non-execution, part-part- execution or different execution of, any transaction under the SF USD Facility which is not due to any actions or omissions by the Authority.
11.3 15.3 In all cases where the Eligible Counterparty Applicant or its customer has suffered any damage or loss which is recoverable under this Clause 11clause, the Authority shall not be liable for any collateral, indirect, consequential or special loss or damage howsoever caused and any liability on the part of the Authority arising out of or in relation to a SF USD Facility transaction under this Agreement shall be limited to:
(a) in to the case where the transaction involves the Eligible Counterparty obtaining SGD funds from the Authority via the SF under Clause 2.1(a), the SGD USD amount being obtained under that transaction; and
(b) in the case where the transaction involves the Eligible Counterparty depositing SGD funds with the Authority via the SF under Clause 2.1(b), the SGD amount being deposited under the transaction.
Appears in 3 contracts
Samples: Terms and Conditions, Terms and Conditions, Terms and Conditions
Liabilities of the Authority.
11.1 Subject to the provisions of this Clause 11, the Authority, its officers and employees, and any person acting under the direction of the Authority, shall not be liable for any loss or damage howsoever caused to the Eligible Counterparty or its customer resulting from:
(a) the suspension of the provision of the SF to any or all Eligible Counterparties temporarily or indefinitely, or the termination of the Agreement entered into with any or all Eligible Counterparties; or
(b) the operation of the SF or the provision of the SF, including any action that may be taken by the Authority against any other Eligible Counterparty, unless the Authority or the relevant officer, employee or person acting under the direction of the Authority has been found guilty of a reckless act or omission, or of intentional misconduct, in a final decision made by a court in Singapore.
11.2 The Authority shall not be responsible or liable to the Eligible Counterparty or its customer for any loss or damage arising from:
(a) the breach or non-observance by the Eligible Counterparty of the Agreement;
(b) any error in, or any delayed execution, non-execution, part-execution or different execution of, any transaction under the SF caused by any machine or hardware malfunction, software defect, or electrical, electronic, SWIFT- related telecommunication, electrical power supply or other technical fault, to the extent that such malfunction, defect, fault or cause did not result from the reckless act or omission, or the intentional misconduct, of the Authority, its officer, employee or person acting under its directions;
(c) any error in, or delayed execution, non-execution, part-execution or different execution of, any transaction under the SF due to (i) the use or operation of any malicious code or software, computer virus or process or any other electronic system as a means of inflicting harm; (ii) the alteration of any data, instruction or notice sent to or from the Authority through a communication facility used to exchange data between the Authority and the Eligible Counterparty (including but not limited to an internet, extranet, wireless, wide area network, local area network, or other data connection) (“Electronic Connection”); or (iii) any third party's interception and/or use of any data conveyed using an Electronic Connection;
(d) the usage of SWIFT messaging services, including but not limited to any loss or damage that may result from:
(i) the unavailability or deficiency in SWIFT messaging services relating to the delivery and receipt of messages or instructions or the authentication mechanisms that may be provided by SWIFT; or
(ii) any negligent act or omission or wilful default by XXXXX; or
(e) any error in, or any delayed execution, non-execution, part-execution or different execution of, any transaction under the SF which is not due to any actions or omissions by the Authority.
11.3 In all cases where the Eligible Counterparty or its customer has suffered any damage or loss which is recoverable under this Clause 11, the Authority shall not be liable for any collateral, indirect, consequential or special loss or damage howsoever caused and any liability on the part of the Authority arising out of or in relation to a SF transaction under this Agreement shall be limited to:
(a) in the case where the transaction involves the Eligible Counterparty obtaining SGD funds from the Authority via the SF under Clause 2.1(a), the SGD amount being obtained under that transaction; and
(b) in the case where the transaction involves the Eligible Counterparty depositing SGD funds with the Authority via the SF under Clause 2.1(b), the SGD amount being deposited under the transaction.
Appears in 1 contract
Samples: Terms and Conditions