Common use of MIG POLICIES Clause in Contracts

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.