Examples of MI Default in a sentence
Two (2) consecutive MI Failures occur;then a " MI Default" shall be deemed to have occurred.
MI Default An Supplier is deemed to be in MI Default if it either: has 2 consecutive MI Failures, or has 2 MI Failures in any rolling 6 Month period.
If an MI Default occurs CCS shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3, which the Supplier shall be required to pay to CCS and/or to terminate this Framework Agreement.
If an MI Default occurs, CCS shall be entitled to invoice the Supplier this Management Charge (less any Management Charge which the Supplier has already paid to CCS in accordance with Clause 13 for any Months in which the Management Charge relating to an MI Default is payable) calculated in accordance with paragraph 6.3 above: in arrears for those Months in which an MI Failure occurred; and on an ongoing Monthly basis, until all and any MI Failures have been rectified to the reasonable satisfaction of CCS.
If: two (2) MI Failures occur in any rolling six (6) Month period; two (2) consecutive MI Failures occur; or then a "MI Default" shall be deemed to have occurred.