Common use of Delinquent Clause in Contracts

Delinquent. With respect to any Mortgage Loan, means that any monthly payment with respect to such Mortgage Loan that is due on a Due Date is not made by the close of business on the next scheduled Due Date for such Mortgage Loan. A Mortgage Loan is “30 days Delinquent” if such monthly payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such monthly payment was due or, if there was no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month; and similarly for “60 days Delinquent” and “90 days Delinquent,” etc.

Delinquent. With respect A Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to any Mortgage Loan, means that any monthly payment with respect to the terms of such Mortgage Loan that is due on a Due Date is not made by the close of business on the next day such payment is scheduled Due Date for such Mortgage Loanto be due. A Mortgage Loan is “30 days Delinquentdelinquent” if such monthly payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such monthly payment was due due, or, if there was is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month; and similarly . Similarly for “60 days Delinquentdelinquent,” and “90 days Delinquent,delinquent” etcand so on. Delinquent as described in this definition is also described as the OTS method.