Common use of First Payment Default Clause in Contracts

First Payment Default. If the related Mortgagor either (i) becomes 30 or more days delinquent with respect to the Mortgage Loan's first contractual Monthly Payment or (ii) fails to make its first payment to the Purchaser and has not been remedied within 45 days of the date such payment is due, the Company, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at the purchase price set forth in the Commitment Letter, together with any adjustments as provided therein.