Common use of MIG POLICIES Clause in Contracts

MIG POLICIES. (a) Without prejudice to Clause 3 (The Administration Services) herein, the Mortgages Trustee as trustee for the Beneficiaries acknowledges that the 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 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 remain as Trust Property. If the Enforcement Procedures require the Servicer to make a claim under the relevant MIG Policy and the Servicer has failed to make such a claim, then the Beneficiaries may direct the Mortgages Trustee on their behalf to direct the Servicer to make a claim or, in default thereof by the Servicer, the Beneficiaries may direct the Mortgages Trustee to make a claim itself under such policy and the 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.

MIG POLICIES. (a) Without prejudice to Clause 3 (The Administration Services) herein, the Mortgages Trustee as trustee for the Beneficiaries acknowledges that the Servicer 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 Servicer 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 remain as Trust Property. If the Enforcement Procedures require the Servicer Administrator to make a claim under the relevant MIG Policy and the Servicer Administrator has failed to make such a claim, then the Beneficiaries may direct the Mortgages Trustee on their behalf to direct the Servicer Administrator to make a claim or, in default thereof by the ServicerAdministrator, the Beneficiaries may direct the Mortgages Trustee to make a claim itself under such policy and the Servicer 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.