MI Failures Sample Clauses
The "MI Failures" clause defines the consequences and procedures that apply if mortgage insurance (MI) is not obtained, lapses, or otherwise fails to provide the expected coverage. Typically, this clause outlines the responsibilities of the parties—such as the lender and borrower—if MI is unavailable due to reasons like non-payment of premiums or insurer insolvency. For example, it may require the borrower to pay additional fees or allow the lender to adjust the loan terms. The core function of this clause is to allocate risk and clarify remedies in situations where mortgage insurance does not function as intended, thereby protecting the lender from increased exposure to loss.
MI Failures. When a MI Report:
5.2.1 contains any material errors or material omissions or a missing mandatory field; or
5.2.2 is submitted using an incorrect MI Reporting Template; or
5.2.3 is not submitted by the Reporting Date (including where a Nil Return should have been filed); or then the Authority may deem the failure to submit a MI Report correctly as a "MI Failure".
MI Failures. When a MI Report:
MI Failures. If a MI Report: contains any material errors or material omissions or a missing mandatory field; or is submitted using an incorrect MI Reporting Template; or is not submitted by the Reporting Date (including where a Nil Return should have been filed); or then the Authority may deem the failure to submit a MI Report correctly an “MI Failure”. Following an MI Failure the Authority may issue reminders to the Supplier or require the Supplier to rectify defects in the MI Report provided to the Authority. The Supplier shall rectify any deficient or incomplete MI Report as soon as possible and not more than five (5) Working Days following receipt of any such reminder. If, in any rolling three Month period, two or more MI Failures occur, the Supplier acknowledges and agrees Authority shall have the right to invoice the Supplier Admin Fees and (subject to paragraph 5.7) in respect of any MI Failures as they arise in subsequent Months. If, following activation of the Authority’s right to charge Admin Fee(s) in respect of MI Failures pursuant to paragraph 5.6, the Supplier submits the Monthly MI Report for two consecutive Months and no MI Failure occurs then the right to charge the Admin Fee(s) shall lapse. For the avoidance of doubt the Authority shall not be prevented from exercising such right again during the Term if the conditions in paragraph 5.6 are met. The Supplier acknowledges and agrees that the Admin Fees are a fair reflection of the additional costs incurred by the Authority as a result of the Supplier failing to supply Management Information as required by this Framework Agreement. The Authority shall notify the Supplier if any Admin Fees arise pursuant to paragraph 5.6 above and shall be entitled to invoice the Supplier for such Admin Fees which shall be payable in accordance with clause 16 as a supplement to the Management Charge. Any exercise by the Authority of its rights under this paragraph shall be without prejudice to any other rights that may arise pursuant to the terms of the Framework Agreement.
MI Failures. If an MI Report: contains any material errors or material omissions or a missing mandatory field; or is submitted using an incorrect MI Reporting Template; or is not submitted by the Reporting Date (including where a Nil Return should have been filed); then the Authority may deem the failure to submit an MI Report correctly an “MI Failure”. Following an MI Failure the Authority may issue reminders to the Supplier or require the Supplier to rectify defects in the MI Report provided to the Authority. The Supplier shall rectify any deficient or incomplete MI Report as soon as possible and not more than 5 Working Days following receipt of any such reminder.