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

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid to the Purchaser within thirty (30) days of such Due Date, the applicable Seller, at the Purchaser's option, shall repurchase such Mortgage Loan within thirty (30) days thereafter at a price equal to the Repurchase Price, as further described in the related Purchase Price and Terms Agreement; provided, however, that the Purchaser shall give such Seller notice of any such default within ninety (90) days of the related Due Date.