Common use of Payment Current Clause in Contracts

Payment Current. All payments required to be made up to the Funding Date for all Mortgage Loans (other than 30+ Delinquent Mortgage Loans, 60+ Delinquent Mortgage Loans and Defaulted Mortgage Loans) under the terms of the related Mortgage Note have been made and credited. No payment required under the Mortgage Loans (other than 30+ Delinquent Mortgage Loans, 60+ Delinquent Mortgage Loans and Delinquent Mortgage Loans) are delinquent nor have any payment under the Mortgage Loans been delinquent at any time since the origination of such Mortgage Loan. The first Monthly Payment shall be made with respect to the Mortgage Loan on its Due Date or within the grace period, all in accordance with the terms of the related Mortgage Note; provided, however, that any Mortgage Loan that defaulted on its first Monthly Payment is current on all subsequent Monthly Payments.

Payment Current. All payments required to be made up to the --------------- Funding Date for all Mortgage Loans (other than 30+ Delinquent Mortgage Loans, 60+ Delinquent Mortgage Loans and Defaulted Mortgage Loans) under the terms of the related Mortgage Note have been made and credited. No payment required under the Mortgage Loans (other than 30+ Delinquent Mortgage Loans, 60+ Delinquent Mortgage Loans and Delinquent Mortgage Loans) are delinquent nor have any payment under the Mortgage Loans been delinquent at any time since the origination of such Mortgage Loan. The first Monthly Payment shall be made with respect to the Mortgage Loan on its Due Date or within the grace period, all in accordance with the terms of the related Mortgage Note; provided, however, that any Mortgage Loan that defaulted on its first Monthly Payment is current on all subsequent Monthly Payments.