Common use of First Payment Default Clause in Contracts

First Payment Default. In the event any Mortgage Loan has a First Payment Default (as defined below), the Company agrees to promptly repurchase such Mortgage Loan in accordance with Section 3.03 hereof without regard to any cure period except what is stated in this Section 3.04. First Payment Default is defined as any Mortgage Loan which the Mortgagor fails to make its first scheduled Monthly Payment due on the Mortgage Loan and such default continues for 30 days from the Due Date of such first scheduled Monthly Payment.

First Payment Default. In the event any Mortgage Loan has a First Payment Default (as defined below), the Company agrees to promptly repurchase such Mortgage Loan in accordance with Section 3.03 hereof without regard to any cure period except what is stated in this Section 3.04. First Payment Default is defined as any Mortgage Loan which the Mortgagor fails to make its first scheduled Monthly Payment due on to the Mortgage Loan Purchaser and such default continues for 30 60 days from the Due Date of such the first scheduled Monthly Payment.