First Payment Default definition

First Payment Default means, with respect to a Mortgage Loan, the failure of the Mortgagor to make the first Monthly Payment due under the Mortgage Loan on or before its scheduled Due Date.

First Payment Default means any Receivable for which the first scheduled payment remains unpaid as of the date upon which the second scheduled payment has become due.

First Payment Default means the Borrower fails to make the first mortgage payment due following the origination of the Loan.

Examples of First Payment Default in a sentence

• Company shall promptly notify the Purchaser of the occurrence of a First Payment Default.

• Notwithstanding the foregoing, with respect to the first scheduled payment of principal and interest due following the related Closing Date, such payment shall not be considered a "First Payment Default" for purposes of this provision until the payment has not been received by the Purchaser within forty-five (45) days of the related Due Date.

• For purposes of clarification, with respect to a Mortgage Loan's first Monthly Payment after the related Closing Date, such payment shall not be considered a "First Payment Default" for purposes of clause (ii) of the previous sentence until the payment has not been received by the Purchaser within sixty (60) days of the related Due Date (effectively allowing for a thirty (30) day cure period).

• 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.

• In circumstances other than a First Payment Default, if not paid within seven (7) days after written demand for repurchase, such repurchase price shall be the total payoff balance of the Contract.

More Definitions of First Payment Default

First Payment Default means the failure by an Obligor to make its first scheduled payment under the relevant Underlying Agreement.

First Payment Default means:

First Payment Default means a Buyer’s failure to pay directly to CPS from Buyer’s own funds the first payment due under a Contract after its purchase by CPS (“Contract Purchase”), or, in the case of a Contract to be paid by allotment, the failure to pay by allotment the first payment due after any payments that were made at or prior to Contract Purchase. In case of a First Payment Default, and provided that CPS within three months of Contract Purchase delivers to Dealer in good condition the Vehicle that secures such Contract, Dealer shall repurchase such Contract from CPS. The repurchase price shall be the amount CPS paid to purchase such Contract plus a repossession fee of $350.00, due upon delivery of the Vehicle. If Dealer should fail to pay such amount when due, then in addition to all other remedies available to CPS, such repurchase price shall accrue interest at the Contract rate, and CPS shall have the right, without having thus elected its remedy, to set off against other amount(s) then or later due to Dealer such repurchase price and accrued interest.

First Payment Default. With respect to any Mortgage Loan, if the related Mortgagor fails to make the first Monthly Payment due to the Purchaser after the related Closing Date within 30 days of the related Due Date, the Seller shall, upon receipt of notice from the Purchaser, promptly repurchase such Mortgage Loan (a "First Payment Default Mortgage Loan") from the Purchaser. For example, a Mortgage Loan whose first monthly payment due the Purchaser is February 1, 2004 but such monthly payment is not received until after February 29, 2004, such Mortgage Loan is a First Payment Default Mortgage Loan and a Mortgage Loan whose first Monthly Payment due the Purchaser is March 1, 2004, such Mortgage Loan becomes a First Payment Default Mortgage Loan when the monthly payment is received after March 31, 2004.

First Payment Default means the failure by an Obligor to make its first scheduled payment under the relevant Underlying Agreement. “ First Payment Default Ratio ” means, as of any date of determination, the ratio (expressed as a percentage) computed by dividing (a) theAggregate Outstanding Balance of the Purchased Receivables which were subject to a First Payment Default during the most recently completed Collection Period, by (b) the Aggregate Outstanding Balance of the Purchased Receivables which were purchased by the Borrower during such Collection Period.

First Payment Default means, with respect to an MH Loan, the failure of the Obligor to make the first Monthly Payment due under the MH Loan on or before its scheduled Due Date.

First Payment Default. A condition whereby a Mortgagor has not paid the initial Monthly Payment due on a Home Equity Loan within sixty (60) days of the first Due Date for such Home Equity Loan.