Common use of Cooperation and Information Exchange Clause in Contracts

Cooperation and Information Exchange. 1. In performing their obligations and exercising their rights under these Conditions, the NBB and participants shall cooperate closely to ensure the stability, soundness and safety of TARGET- BE. They shall provide each other with any information or documents relevant for the performance of their respective obligations and the exercise of their respective rights under these Conditions, without prejudice to any banking secrecy obligations. 2. The NBB shall establish and maintain a system support desk to assist participants in relation to difficulties arising in connection with system operations. 3. Up-to-date information on the operational status of each service shall be available on a TARGET Information System (TIS) on a dedicated webpage on the ECB’s website. 4. The NBB may communicate system relevant messages to participants by means of a broadcast message or, if this means is not available, by any other appropriate means of communication. 5. Participants shall update in a timely manner existing reference data collection forms and submit new reference data collection forms to the NBB. Participants shall verify the accuracy of information relating to them that is entered into TARGET-BE by the NBB. 6. The participant hereby authorises the NBB to communicate to the Level 3 NCBs any information relating to participants which the Level 3 NCBs may need, in accordance with the agreements between the Level 3 NCBs and the Eurosystem CBs governing the provision of the services to be provided by the Level 3 NCBs. 7. Participants shall inform the NBB without undue delay about any change in their legal capacity and relevant legislative changes affecting issues covered by the country opinion as set out in the terms of reference given in Appendix III. 8. The NBB may at any time request an update or renewal of the country or capacity opinions referred to in Article 5(1), points (d) and (e). 9. Participants shall immediately inform the NBB if an event of default occurs in relation to themselves or if they are subject to crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU of the European Parliament and of the Council1 or any other equivalent applicable legislation.