Common use of First Payment Default Clause in Contracts

First Payment Default. The Company shall repurchase any Mortgage Loan for which the first scheduled Monthly Payment due on such Mortgage Loan is not made within the calendar month such payment is due at a price equal to (i) the purchase price set forth in the Commitment Letter, together with any adjustments as provided therein, plus (ii) interest on such Stated Principal Balance at the Mortgage Loan Remittance Rate from the date on which interest has last been paid and distributed to the Purchaser to the last day of the month in which the repurchase occurs, less amounts received or advanced in respect of such repurchased Mortgage Loan which are being held in the Custodial Account for distribution in the month of repurchase.