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the opening of insolvency proceedings in relation to the participant ;
the opening of insolvency proceedings in relation to the participant ;

( b ) the opening of insolvency proceedings in relation to the participant ;
( b ) the opening of insolvency proceedings in relation to the participant ;

the ecb shall open such functionality upon request of the participant .
the ecb shall open such functionality upon request of the participant .

the participant fails to carry out any material obligation to the ecb ;
the participant fails to carry out any material obligation to the ecb ;

between the pm account and the participant 's sub-accounts ;
between the pm account and the participant 's sub-accounts ;

( a ) to the extent that the loss is caused by the participant ;
( a ) to the extent that the loss is caused by the participant ;

or the assignment of all or a substantial part of the participant 's assets ;
or the assignment of all or a substantial part of the participant 's assets ;

a multilateral limit may only be set if the participant has set at least one bilateral limit .
a multilateral limit may only be set if the participant has set at least one bilateral limit .

( c ) the participant fails to carry out any material obligation to the ecb ;
( c ) the participant fails to carry out any material obligation to the ecb ;

( b ) between the pm account and the participant 's sub-accounts ;
( b ) between the pm account and the participant 's sub-accounts ;

and allows participants to initiate backup lump sum and backup contingency payments in the event of a failure of the participant 's payment infrastructure .
and allows participants to initiate backup lump sum and backup contingency payments in the event of a failure of the participant 's payment infrastructure .

if the payment order is not settled , the participant 's requests shall be taken into account immediately .
if the payment order is not settled , the participant 's requests shall be taken into account immediately .

( e ) the entry of the participant into a voluntary general agreement or arrangement with its creditors ;
( e ) the entry of the participant into a voluntary general agreement or arrangement with its creditors ;

hereinafter the « jurisdiction '] to provide this opinion under the laws of [ jurisdiction ] in connection with the participation of the participant in a system
hereinafter the « jurisdiction '] to provide this opinion under the laws of [ jurisdiction ] in connection with the participation of the participant in a system

unless otherwise requested by the participant, its bic( s) shall be published in the target2 directory. «
salva diversa richiesta del partecipante, il/ i rispettivo/ i bic è/ sono pubblicato/ i nella directory di target2.»

( c ) if the measures referred to in subparagraph ( a ) are exhausted or if they are inefficient , the participant may request support from the ecb .
( c ) if the measures referred to in subparagraph ( a ) are exhausted or if they are inefficient , the participant may request support from the ecb .

if a participant 's connection to the network service provider fails , the participant shall use the alternative means of transmission of messages laid down in appendix iv .
if a participant 's connection to the network service provider fails , the participant shall use the alternative means of transmission of messages laid down in appendix iv .

amendments to these conditions , including its appendices , shall be announced by means of communication in writing to the participants .
amendments to these conditions , including its appendices , shall be announced by means of communication in writing to the participants .

( a ) ( b ) the ecb shall not be liable : to the extent that the loss is caused by the participant ;
( a ) ( b ) the ecb shall not be liable : to the extent that the loss is caused by the participant ;

by confirming the freezing of the balance on the participant 's sub-account , the ecb guarantees to the ancillary system payment up to the amount of this particular balance .
by confirming the freezing of the balance on the participant 's sub-account , the ecb guarantees to the ancillary system payment up to the amount of this particular balance .