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.