MIG POLICIES. (a) Without prejudice to Clause 3 herein, the Mortgages Trustee as trustee for the Beneficiaries acknowledges that the Administrator may settle or compromise claims on a Mortgage Loan by Mortgage Loan basis in respect of any MIG Policy in a manner consistent with its normal practice in respect of mortgage indemnity polices, provided that the Administrator shall not, without the prior written consent of the Mortgages Trustee, settle any claims or initiate any legal proceedings or other legal process in respect of a group of class of mortgages or in respect of the MIG Policies as a whole and provided further that each such MIG Policy and all proceeds thereof remains subject to the Funding Deed of Charge.
(b) If the Enforcement Procedures requires the Administrator to make a claim under the relevant MIG Policy and the Administrator has failed to make such a claim, then the Beneficiaries may direct the Mortgages Trustee on their behalf to direct the Administrator to make a claim or, in default thereof by the Administrator, the Beneficiaries may direct the Mortgages Trustee to make a claim itself under such policy and the Administrator shall, within ten (10) London Business Days of receiving a written request from the Mortgages Trustee (as trustee for the Beneficiaries), provide the Mortgages Trustee with such information as the Mortgages Trustee may require to enable it to make a claim under the relevant MIG Policy.
(c) Without prejudice to the rights of the Administrator under Clause 14.5(b) herein, the Administrator shall, in administering the Mortgage Loans, ensure that the cover under any MIG Policy relating to any Mortgage is not adversely affected.
MIG POLICIES. The Mortgages Trustee is not required to maintain any MIG Policy with the then-current insurer and may contract for mortgage indemnity guarantee protection from any insurer then providing MIG insurance policies, subject to prior agreement with the Rating Agencies and confirmation that the then-current ratings by the Rating Agencies (or any of them) of the Notes issued by any Issuer would not be adversely affected.
MIG POLICIES. 6.1 Where applicable, the MIG Policies are in full force and effect in relation to the Initial Portfolio or, as the case may be, each New Portfolio and all premiums thereon have been paid.
6.2 The benefit of the Halifax Mortgage Re Limited MIG Policies can be and will have been, with effect from the Initial Closing Date or the relevant Sale Date, as applicable, validly assigned to the Mortgages Trustee and charged to the Security Trustee, insofar as they relate to the Initial Portfolio or, as the case may be, each New Portfolio in each case in the manner and to the extent contemplated by the Transaction Documents.
6.3 To the best of the knowledge of the Seller no act, event or circumstance has occurred which would adversely affect the MIG Policies or entitle the insurers to refuse to make payment thereunder or to reduce the amount payable in respect of any claim thereunder insofar as they relate to the Initial Portfolio or, as the case may be, each New Portfolio.
6.4 All valid claims under the MIG Policies have been paid in full within a reasonable time of the date of submission of the claim.
MIG POLICIES. 6.1 Where applicable, the MIG Policies are in full force and effect in relation to the Initial Portfolio or, as the case may be, each New Portfolio and all premiums thereon have been paid.
6.2 The benefit of the Halifax Mortgage Re Limited MIG Policies can be and will have been, with effect from the Initial Closing Date or the relevant Sale Date, as applicable, validly assigned to the Mortgages Trustee and charged to the Funding 1 Security Trustee and, on and from the Programme Date, the Funding 2 Security Trustee, insofar as they relate to the Initial Portfolio or, as the case may be, each New Portfolio in each case in the manner and to the extent contemplated by the Transaction Documents.
6.3 To the best of the knowledge of the Seller no act, event or circumstance has occurred which would adversely affect the MIG Policies or entitle the insurers to refuse to make payment thereunder or to reduce the amount payable in respect of any claim thereunder insofar as they relate to the Initial Portfolio or, as the case may be, each New Portfolio.
6.4 All valid claims under the MIG Policies have been paid in full within a reasonable time of the date of submission of the claim.
MIG POLICIES. 6.1 Where applicable, the MIG Policies are in full force and effect in relation to the Initial Portfolio or, as the case may be, each New Portfolio and all premiums thereon have been paid.
6.2 The benefit of the Halifax Mortgage Re Limited MIG Policies can be and will have been, with effect from the Closing Date, validly assigned to the Mortgages Trustee and charged to the Security Trustee, insofar as they relate to the Initial Portfolio or, as the case may be, each New Portfolio in each case in the manner and to the extent contemplated by the Transaction Documents.
6.3 To the best of the knowledge of the Seller no act, event or circumstance has occurred which would adversely affect the MIG Policies or entitle the insurers to refuse to make payment thereunder or to reduce the amount payable in respect of any claim thereunder insofar as they relate to the Initial Portfolio or, as the case may be, each New Portfolio.
6.4 All valid claims under the MIG Policies have been paid in full within a reasonable time of the date of submission of the claim.
MIG POLICIES. 6.1 Where applicable, the MIG Policies are in full force and effect in relation to the Portfolio and all premiums thereon have been paid.
6.2 The benefit of the MIG Policies can be and will, with effect from the Closing Date (or, as the case may be, the relevant Assignment Date), have been (or, as the case may be, will be) validly assigned to the Mortgages Trustee and charged to the Funding Security Trustee, insofar as they relate to the Initial Portfolio (or, as the case may be, the relevant New Portfolio).
6.3 No act, event or circumstance has occurred which would adversely affect the MIG Policies or entitle the insurers to refuse to make payment thereunder or to reduce the amount payable in respect of any claim thereunder in each case so as adversely to affect the Trust Property or any part of it.
6.4 All valid claims under the MIG Policies have been paid in full within a reasonable time of the date of submission of the claim.
MIG POLICIES. 6.1 Where applicable and prior to the Seller exercising its right to cancel the MIG Policies, the MIG Policies are in full force and effect in relation to the Portfolio and all premiums thereon have been paid.
6.2 Prior to the Seller exercising its right to cancel the MIG Policies, the benefit of the MIG Policies can be and will, with effect from the Closing Date (or, as the case may be, the relevant Assignment Date), have been (or, as the case may be, will be) validly assigned to the Mortgages Trustee and charged to the Security Trustee, insofar as they relate to the Initial Portfolio (or, as the case may be, the relevant New Portfolio).
6.3 Prior to the Seller exercising its right to cancel the MIG Policies, no act, event or circumstance has occurred which would adversely affect the MIG Policies or entitle the insurers to refuse to make payment thereunder or to reduce the amount payable in respect of any claim thereunder in each case so as adversely to affect the Trust Property or any part of it.
6.4 Prior to the Seller exercising its right to cancel the MIG Policies, all valid claims under the MIG Policies have been paid in full within a reasonable time of the date of submission of the claim.
