Integrated model Sample Clauses

Integrated model. 14.4.1 The Bank of Latvia and the settlement central bank shall support these settlements by offering settlement procedure 6 for the integrated models. Where settlement procedure 6 is used for the integrated model during daytime processing, a limited functionality is offered. 14.4.2 Pursuant to settlement procedure 6, the Bank of Latvia and the settlement central banks shall offer, for the integrated model, the following services of liquidity transfer to the mirror account: 14.4.2.1 standing orders (both for daytime processing and night-time operations of the Ancillary Systems) that the settlement banks may submit or modify at any time during the business day via the ICM (when accessible). Standing orders submitted after sending the "start-of-procedure" message on a given business day shall only be valid on the next business day. If there are several standing orders, they shall be settled in the order of their amount, starting with the highest one. Where the standing order is not covered for the daily processing, it shall be rejected. Where there are standing orders during the night-time ancillary system operations, for which the funds on the PM account are insufficient, these orders shall be settled following a pro-rata reduction of all orders; 14.4.2.2 current orders that may be submitted by a settlement bank (via the ICM) or the respective Ancillary System via an XML message during the running of settlement procedure 6 (the time span between the "start-of-procedure" and the "end-of-procedure" messages) and that are only settled, if the processing cycle of the Ancillary System has not yet commenced. Where the current order has been submitted, for which the funds on the PM account are insufficient, this order shall be partially settled; 14.4.2.3 the SWIFT orders via the MT 202 message that may only be submitted during daytime processing. These orders shall be immediately settled. 14.4.3 Provisions for the interfaced model regarding the "start-of-procedure" and "end-of- procedure" messages as well as the start and end of the cycle shall apply mutatis mutandis. 15. Optional connected mechanisms 15.1 For settlement procedures 3, 4 and 5, the Bank of Latvia may offer an optional connected mechanism "Information Period". Where the Ancillary System (or the Bank of Latvia on its behalf) has specified the optional "Information Period" time, the settlement bank shall receive an ICM broadcast message indicating the time by which the settlement bank may request a re...