« debit instruction » means a payment instruction addressed to the SCB and submitted by an AS to debit a settlement bank 's PM account or sub-account by the amount specified therein , on the basis of a debit mandate , and to credit either one of the AS 's accounts in the PM or another settlement bank 's PM account or sub-account , « direct debit authorisation » means a general instruction by a payer to its CB entitling and obliging that CB to debit the payer 's account upon a direct debit instruction from a payee , « direct debit instruction » means an instruction from a payee submitted to its CB pursuant to which the CB of the payer debits the payer 's account by the amount specified in the instruction , on the basis of a direct debit authorization , « debit mandate » means an authorisation by a settlement bank in the form provided by the Eurosystem CBs in the static data forms addressed to both its AS and its SCB , entitling the AS to submit debit instructions , and instructing the SCB to debit the settlement bank 's PM account or sub-account as a result of debit instructions , « entry disposition » means a payment processing phase during which TARGET2-ECB attempts to settle a payment order which has been accepted pursuant to Article 12 , by means of specific procedures , as described in Article 18 , « Eurosystem CB » means the ECB or the NCB of a Member State that has adopted the euro , « event of default » means any impending or existing event , the occurrence of which may threaten the performance by a participant of its obligations under these Conditions or any other rules applying to the relationship between that participant and the ECB or any other CB , including : ( a ) where the participant no longer meets the access criteria laid down in Article 4 or the requirements laid down in Article 6 ( 1 )( i ) ; the opening of insolvency proceedings in relation to the participant ;
and ( c ) is a correspondent or customer of a direct participant or a branch of a direct or indirect participant , and is able to submit payment orders to and receive payments from a TARGET2 component system via the direct participant , « ancillary system ( AS ) » means a system managed by an entity that is subject to supervision and / or oversight by a competent authority , in which payments and / or financial instruments are exchanged and / or cleared while the resulting monetary obligations are settled in TARGET2 in accordance with Guideline ECB / 2007/2 and a bilateral arrangement between the ancillary system and the relevant CB , « ancillary system central bank ( ASCB ) » means the Eurosystem CB with which the relevant AS has a bilateral arrangement for the settlement of AS payment instructions in the PM , « Ancillary System Interface ( ASI ) » means the technical device allowing an AS to use a range of special , predefined services for the submission and settlement of AS payment instructions , « available liquidity » ( or « liquidity ') means a credit balance on a TARGET2 participant 's PM account and , if applicable , any intraday credit line granted by the relevant CB in relation to such account , « Banking Directive » means Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) ( 1 ) ; « Bank Identifier Code ( BIC ) » means a code as defined by ISO Standard No 9362 , « branch » means a branch within the meaning of § 24a of the Gesetz über das Kreditwesen ( KWG , German Law on banking ) , « business day » means any day on which TARGET2 is open for the settlement of payment orders , as set out in Appendix V , « capacity opinion » means a participant-specific opinion that contains an assessment of a participant 's legal capacity to enter into and carry out its obligations under these Conditions , « central banks ( CBs ) » means the Eurosystem CBs and the connected CBs , « connected CB » means a national central bank ( NCB ) , other than a Eurosystem CB , which is connected to TARGET2 pursuant to a specific agreement , « Contingency Module » means the SSP module enabling the processing of critical and very critical payments in contingency situations , « credit institution » means a credit institution within the meaning of § 1 ( 1 ) of the KWG , « credit instruction » means a payment instruction submitted by an AS and addressed to the ASCB to debit one of the accounts kept and / or managed by the AS in the PM , and to credit a settlement bank 's PM account or sub-account by the amount specified therein , « credit transfer order » means an instruction by a payer to make funds available to a payee by means of a book entry on a PM account , OJ L 177 , 30.6.2006 , p. 1 .