Second Payment Default definition
Second Payment Default means, with respect to a Mortgage Loan, the failure of the Mortgagor to make the second Monthly Payment on or before thirty (30) days after the second Due Date following the date of origination of the Mortgage Loan.
Examples of Second Payment Default in a sentence
As of the last day of any calendar month, the Borrower shall not permit the Second Payment Default Rate for two or more of the three Vintages in the most recent Set of Vintages to be greater than 4%.
As of the last day of any calendar month, the Borrower shall not permit the Second Payment Default Rate for two or more of the three Vintages to be greater than 4%.