Common use of First Payment Default Clause in Contracts

First Payment Default. In the event that a Mortgage Loan does not make its monthly payment within 30 days in which the first payment is due to the Purchaser such Mortgage Loan will be classified as a first payment default ("First Payment Default"). Seller agrees to repurchase those First Payment Default Mortgage Loans at the Repurchase Price within twenty (20) days of the first payment default.