Common use of Liability for failure to comply Clause in Contracts

Liability for failure to comply. 14 If the Issuer transfers an amount out of the LIF in contravention of the legislation or this addendum, the Issuer may be required by the legislation to provide, or fund the provision of, benefits that could have been provided under the LIF if the transfer had not occurred. 15 When an amount is to be transferred from the LIF to the issuer or administrator of another vehicle, the Issuer may, with your consent, effect the transfer by transferring transferable securities held by the LIF. 16 The Issuer must begin making payments to you out of the LIF no later than December 31 of the year following the year in which the LIF was established.