Common use of BNYM Failure to Receive Data Clause in Contracts

BNYM Failure to Receive Data. BNYM shall not be liable for data or information which the Company, a Permitted User or an agent of either transmits or attempts to transmit to BNYM in connection with its use of a Component System and which is not received by BNYM or for any failure of a Component System to perform a function in connection with any such data or information. BNYM shall not be obligated to ascertain the accuracy, actual receipt by it or successful transmission to it of any data or information in connection with the Company’s or a Permitted User’s use of a Component System or to confirm the performance of any function by a Component System based on the transmission of instructions, data or information to BNYM in connection with such use by the Company or a Permitted User. Sole responsibility for the foregoing shall rest with the party initiating the transmission. For clarification: BNYM is responsible for performances of services in accordance with the Agreement and the Documentation, as applicable, with respect to data and information it does receive and the foregoing does not restrict or reduce BNYM’s liability under Section 11(a) for Liable Conduct in the circumstances addressed by this Section 3.4 of Schedule C.