Payment Default Date definition
Examples of Payment Default Date in a sentence
The Purchaser shall request repurchase of any Mortgage Loans to be repurchased pursuant to this Subsection 9.04 on or before the date which is thirty (30) days after the related First Payment Default Date.
On or promptly following the Initial Payment Default Date by Purchaser, SCPPA shall issue a Default Invoice and shall provide written notice to Purchaser that as a result of a Payment Default it is in default under this Agreement and has assumed the status of a Defaulting Purchaser and that Purchaser’s Project Rights are subject to discontinuance, termination and disposal in accordance with Sections 11.4 and 11.5 of this Agreement.
The "U.S. Treasury Rate" shall mean the interest rate specified in the Federal Reserve Statistical Release H.15 (519) Selected Interest Rates for six-month (180 days) Treasury Bills under the category entitled "Treasury Bills, Auction Average (Investment)" (or, if not included under such category, the category entitled "Treasury Constant Maturities"), which is in effect on the Payment Default Date.
In the event of a Payment Default by Purchaser, on or promptly following the Initial Payment Default Date SCPPA shall issue a Default Invoice and shall provide written notice to Purchaser that as a result of a Payment Default, it is in default under this Agreement and has assumed the status of a Defaulting Purchaser and that Purchaser’s Project Rights are subject to discontinuance, termination and disposal in accordance with Sections 11.4 and 11.5 of this Agreement.
For the purposes of this Agreement and the Eximbank Note, "New Borrowing Rate" shall mean the specified on the Commerce Department Economic Bulletin Board, under the heading "Interest Rate for Credit Reform Act", for the year and calendar quarter in which the Payment Default Date occurs, and under the "Maturity Ranges" category which covers the total period of repayment described in Section 3.01.
In the event that the first scheduled payment of principal and interest to be made by the mortgagor after the related Cut-off Date with respect to any Mortgage Loan is not paid by the date which is thirty (30) days after the due date (the "Early Payment Default Date"), the Sellers shall repurchase such Mortgage Loan at a price equal to the Repurchase Price.
If the Seller is then acting as Servicer, in the event that the first Monthly Payment due after the related Closing Date with respect to any Mortgage Loan is not paid before the Due Date immediately following the related Due Date (the "First Payment Default Date"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan within twenty-five (25) Business Days of the Purchaser's request at the Repurchase Price.
On or promptly following the Initial Payment Default Date by Purchaser, SCPPA shall issue a Default Invoice and shall provide written notice to Purchaser that as a result of a Payment Default it is in default under this Agreement and has assumed the status of a Defaulting Project Participant and that Purchaser’s Project Rights are subject to discontinuance, termination and disposal in accordance with Sections 15.4 and 15.5 of this Agreement.
Purchaser shall deliver any request for repurchase pursuant to this paragraph within 30 days following the First Payment Default Date.
With respect to each Mortgage Loan, if the related Mortgagor fails to make the first Monthly Payment due after the related Cut-off Date before the date which is 30 days after the related Due Date (the "Early Payment Default Date"), the Seller, at the Purchaser's option exercised in its sole discretion, shall, within thirty (30) calendar days of Seller's receipt of notice of Purchaser's request for repurchase, repurchase such Mortgage Loan from the Purchaser at a price equal to the Repurchase Price.