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".
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MI Failures. When a MI Report:
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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.
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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.
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Related to MI Failures

  • Equipment Failures In the event of equipment failures beyond the Administrator's control, the Administrator shall take reasonable and prompt steps to minimize service interruptions but shall have no liability with respect thereto. The Administrator shall develop and maintain a plan for recovery from equipment failures which may include contractual arrangements with appropriate parties making reasonable provision for emergency use of electronic data processing equipment to the extent appropriate equipment is available.

  • Epidemic Failure Warranty Supplier warrants all Products against Epidemic Failure for a period of three years after DXC’s Acceptance. Epidemic Failure means the occurrence of the same failure, defect, or non-conformity with an Order in 2% or more of Products within any three-month period.

  • Payment Failure Any Credit Party (i) fails to pay any principal when due under this Agreement or (ii) fails to pay, within three Business Days of when due, any other amount due under this Agreement or any other Credit Document, including payments of interest, fees, reimbursements, and indemnifications;

  • Power Failure Power Failure means the failure of power or other utility service if the failure takes place off the "residence premises". But if the failure results in a loss, from a Peril Insured Against on the "residence premises", we will pay for the loss caused by that peril.

  • Lenders’ Failure to Perform All Advances (other than Swing Loans and Agent Advances) shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Advance (or other extension of credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its obligations hereunder shall excuse any other Lender from its obligations hereunder.