Common use of First Payment Default Clause in Contracts

First Payment Default. Any Claim arising from a Default due to the failure of the Borrower to have made or to make the first regular periodic payment on the Loan from the Borrower's Own Funds.

First Payment Default. Any Claim arising from a Default due to the failure of the Borrower to have made or to make the first regular periodic payment on the Loan from the Borrower's ’s Own Funds.