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( b ) is not recognised as an indirect participant ;
( b ) is not recognised as an indirect participant ;

freiwilliger teilnehmer@item non-participant copied for information
neoblogāta piedalīšanās@ item non- participant copied for information

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

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 ;

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

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 .

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

the participant is excluded from , or otherwise ceases to be a member of , a target2 cug ;
the participant is excluded from , or otherwise ceases to be a member of , a target2 cug ;

the ecb shall make compensation payments on receipt of a participant 's letter of acceptance of compensation .
the ecb shall make compensation payments on receipt of a participant 's letter of acceptance of compensation .

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

( 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 ;

unless otherwise requested by the participant , its bic ( s ) shall be published in the target2 directory .
unless otherwise requested by the participant , its bic ( s ) shall be published in the target2 directory .

( d ) the participant is excluded from , or otherwise ceases to be a member of , a target2 cug ;
( d ) the participant is excluded from , or otherwise ceases to be a member of , a target2 cug ;

( e ) the ecb shall make compensation payments on receipt of a participant 's letter of acceptance of compensation .
( e ) the ecb shall make compensation payments on receipt of a participant 's letter of acceptance of compensation .

( f ) where the participant is , or is deemed by its cb to be , insolvent or unable to pay its debts ;
( f ) where the participant is , or is deemed by its cb to be , insolvent or unable to pay its debts ;

and any other document governing the system and / or the relationship between the participant and other participants in the system , and between the participants in the system and the ecb .
and any other document governing the system and / or the relationship between the participant and other participants in the system , and between the participants in the system and the ecb .

( b ) user-to-application mode ( u2a ) u2a permits direct communication between a participant and the icm .
( b ) user-to-application mode ( u2a ) u2a permits direct communication between a participant and the icm .

( 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 ;

] shall be referred to hereinafter as the « system documents » ( and collectively with the participant documents as the « documents ') .
] shall be referred to hereinafter as the « system documents » ( and collectively with the participant documents as the « documents ') .