Common use of MIG POLICIES Clause in Contracts

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. (a) Without prejudice to Clause 3 (The Administration Services) herein, the Mortgages Trustee as trustee for the Beneficiaries acknowledges that the Administrator Servicer 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 Servicer 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) remain as Trust Property. If the Enforcement Procedures requires require the Administrator Servicer to make a claim under the relevant MIG Policy and the Administrator Servicer has failed to make such a claim, then the Beneficiaries may direct the Mortgages Trustee on their behalf to direct the Administrator Servicer to make a claim or, in default thereof by the AdministratorServicer, the Beneficiaries may direct the Mortgages Trustee to make a claim itself under such policy and the Administrator Servicer 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. (cb) Without prejudice to the rights of the Administrator Servicer under Clause 14.5(b) herein, the Administrator Servicer shall, in administering and servicing the Mortgage Loans, ensure that the cover under any MIG Policy relating to any Mortgage is not adversely affected.

MIG POLICIES. (a) Without prejudice to Clause 3 (The Administration Services) 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) remain as Trust Property. If the Enforcement Procedures requires require 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. (cb) 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.