Common use of Duty of loyal cooperation and information Clause in Contracts

Duty of loyal cooperation and information. 1. In the exercise of its rights and the performance of its obligations under this Agreement each Party shall: (a) act in good faith and cooperate with the other Party closely and transparently in their con- tractual relations; and (b) promptly give to the other Party notice of facts and information of which it is aware that may reasonably affect its own or the other Party’s ability to perform obligations under this Agreement in any material respect. 2. The Eurosystem shall maintain contact with the relevant Union institutions and bodies, and to the extent necessary under this Agreement with national authorities, including the Relevant Competent Authorities. 3. Notwithstanding that General Principle 9 of T2S provides that the primary focus of the Euro- system is to ensure efficient and sound settlement services in euro, as well as any relevant provisions of the Statute of the ESCB or the Treaty on the Functioning of the European Un- ion, and in line with General Principle 10 of T2S the Eurosystem is committed to treating the [NCB] in the same manner as the Eurosystem, to treating settlement in [currency] in the same manner as settlement in euro, to treating the RTGS System for [currency] in the same manner as TARGET2 and to treating the [NCB’s] CMS in the same manner as the CMS(s) of the Eu- rosystem Central Banks.

Duty of loyal cooperation and information. ‌ 1. In the exercise of its rights and the performance of its obligations under this Agreement each Party shall: (a) act in good faith and cooperate with the other Party closely and transparently in their con- tractual relations; and (b) promptly give to the other Party notice of facts and information of which it is aware that may reasonably affect its own or the other Party’s ability to perform obligations under this Agreement in any material respect. 2. The Eurosystem shall maintain contact with the relevant Union institutions and bodies, and to the extent necessary under this Agreement with national authorities, including the Relevant Competent Authorities. 3. Notwithstanding that General Principle 9 of T2S provides that the primary focus of the Euro- system is to ensure efficient and sound settlement services in euro, as well as any relevant provisions of the Statute of the ESCB or the Treaty on the Functioning of the European Un- ion, and in line with General Principle 10 of T2S the Eurosystem is committed to treating the [NCB] in the same manner as the Eurosystem, to treating settlement in [currency] in the same manner as settlement in euro, to treating the RTGS System for [currency] in the same manner as TARGET2 and to treating the [NCB’s] CMS in the same manner as the CMS(s) of the Eu- rosystem Central Banks.