Common use of Repurchase of Mortgage Loans with Early Payment Defaults Clause in Contracts

Repurchase of Mortgage Loans with Early Payment Defaults. If during the first two full calendar months following the related Closing Date the aggregate scheduled principal balance of the Mortgage Loans that are 30 days or more delinquent (excluding any first payment default) exceeds 1.00% of the scheduled principal balance of such Mortgage Loans in the aggregate, the Seller shall repurchase from the Purchaser any delinquent Mortgage Loans selected by the Purchaser in its sole discretion that exceed the 1.00% tolerance at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of the Mortgage Loans to be repurchased plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the related Mortgage Interest Rate. The Purchaser shall notify the Seller and request any such repurchase within sixty (60) days after the related Due Date for the Monthly Payment which the related Mortgagor failed to make giving rise to such repurchase request.