BUSINESS TERMS AND CONDITIONS - Magyar Nemzeti Bank

The sender may withdraw all orders in the queue before such are settled (or cancel them by an MT298-SMT200 message or using the VIBER monitor). VIBER rejects this command if, for example, payment has already been performed in the meantime, the order has been withdrawn previously.CAS sends an MT298-SMT250 message on failure of withdrawal. If withdrawal is successful, thetransaction is deleted from the queuing system and the VIBER participant automatically receives anMT019 message regarding such from the SWIFT centre (not from MANEHU address), and the beneficiary ofthe withdrawn order also receives an MT298/SMT701 message. The withdrawn payment order appears asa deleted transaction order on the monitor.Settlement orders in the queue, sent by the market infrastructure in VIBER may be withdrawn only bythe market infrastructure with an MT298-SMT200 message. In such a case, the market infrastructure andthe parties to be debited and credited receive an MT298/SMT701 message regarding withdrawal.If payment orders requested to be settled on the issue date of the payment order are still insufficientlycovered or not settled for other reasons by the closing time of the VIBER business day in question, theyshall be cancelled.16.9. GridlockGridlock occurs if the payment orders of two or more VIBER participants are in a queue while they have adebt to each other, but in total there is no liquidity shortage.Gridlock can be resolved by putting more liquidity into the VIBER, or using a gridlock resolutionalgorithm. The frequency of starting such an algorithm can be defined with parameters, or it can belaunched from MNB workstation. With this algorithm, the sequence of the transaction orders does notchange in the process.16.10. Insolvency proceedingsIf insolvency proceedings have been initiated against a VIBER participant, MNB shall act in accordancewith the Agreement on settlement finality.16.11. Notification of transactions, queriesVIBER participants shall be informed of transactions settled in VIBER via SWIFT statements, broken downaccording to items, and also by means of a SWIFT statement after the closing of VIBER, VIBERtransactions are indicated in the statements of account as one aggregate debit or credit item,respectively. VIBER participants having a VIBER monitor can follow their bank account positions and thedata related to their payment orders on-line during operating hours. Queries are made with a SWIFTmessage, contained in the VIBER book of standards.16.12. Extraordinary situationsVIBER participants shall immediately notify MNB if due to malfunction or other reason it becomestemporarily incapable of sending or receiving messages, and if MNB is required to intervene due to thelength of time required for repairs. The Customer shall also indicate the expected time of recommencingoperations.The document entitled “Extraordinary circumstances affecting VIBER participants” defines the conceptof major malfunction, as well as the alternative means available for the execution of payment orders in44/47