By-law No. 7 Respecting the Large Value Transfer System

12 Except in the case of wilful misconduct of the Association, the Association, its directors and its employees have no liability whatsoever to any member for any loss or expense suffered, or liability incurred, by that member arising from the Association’s acts or omissions in connection with the LVTS, including, without limitation, a loss resulting directly or indirectly from

• (a) a failure to transmit, send, approve or otherwise process a payment message or administrative message;

• (b) an error caused by the LVTS;

• (c) the LVTS’s failure to accurately record a bilateral credit limit or modification or failure to calculate and accurately record a net debit cap; or

• (d) the LVTS’s sending of a payment message in excess of a bilateral credit limit or an applicable net debit cap.