First Payment Default Loan definition

First Payment Default Loan. A Mortgage Loan which is a First Payment Default Loan as defined in Section 9.3 of the Loan Sale Agreement or Section 7(c) of the Mortgage Loan Purchase Agreement, and listed in Schedule B hereto. Fitch: Fitch, Inc., or any successor in interest.

First Payment Default Loan. Any Mortgage Loans which do not make first payments due to the Seller within the time frame required under the PPTLS. Fitch: Fitch Ratings, Inc., or any successor in interest.

First Payment Default Loan. Any Mortgage Loan which does not make the first payment due to the Seller within the time frame required under the PPTLS and which is identified on Schedule B hereof.

Examples of First Payment Default Loan in a sentence

• The purchase price paid for a First Payment Default Loan by the Transferor pursuant to the terms of the related Transfer Agreement.

• The purchase price paid for a First Payment Default Loan which is required to be repurchased by a Transferor pursuant to the PPTL.

• With respect to any First Payment Default Loan, the Trustee shall enforce its rights under the Option One Agreement for the benefit of Certificateholders and any NIMS Insurer.

• PPTL: As to any First Payment Default Loan, the Purchase Price and Terms Letter, dated May 11, 2006 and revised as of July 31, 2006, among First Franklin Financial Corporation, Lxxxxx Brothers Bank, FSB and National City Home Loan Services, Inc.

• The purchase price paid for a First Payment Default Loan which is required to be repurchased by a Transferor pursuant to the Commitment Letter.

More Definitions of First Payment Default Loan

First Payment Default Loan. A Loan with respect to which the first Monthly Payment due following either the date of origination of such Loan or the related Transfer Date is not paid by the related Borrower and received by the Servicer within 45 days after date on which it is or was due.

First Payment Default Loan. Any Mortgage Loan for which the Mortgagor does not (a) for Mortgage Loans with payments due and/or outstanding during the calendar month (i) in which the Closing Date occurs or (ii) following the month in which the Closing Date occurs, make the payment due on the related due date within forty-five (45) days of such due date or (b) for Mortgage Loans with no payments due and/or outstanding during the calendar month (i) in which the Closing Date occurs or (ii) following the month in which the Closing Date occurs, make the first contractual payment due on such Mortgage Loan after such Mortgage Loan has been transferred to the Initial Purchaser within forty-five (45) days of that due date. Fitch: Fitch Ratings, or its successor in interest.

First Payment Default Loan. A Mortgage Loan which is identified on Schedule B hereof. Fitch: Fitch Ratings, Inc., or any successor in interest.

First Payment Default Loan. Any Ownit Mortgage Loan.

First Payment Default Loan. Any Mortgage Loan for which the related Mortgagor does not make the contractual first payment within 30 days of its due date or the related Mortgagor does not make the first contractual payment after such Mortgage Loan is owned by the Initial Purchaser within 30 days of its due date. For example, if a Mortgagor of a Mortgage Loan fails to make the June 2003 payment, July 2003 payment or the August 2003 payment within 30 days of its due date, that Mortgage Loan qualifies as a First Payment Default Loan. Fitch: Fitch Ratings, or its successor in interest.

First Payment Default Loan. Any ResMAE Loan.

First Payment Default Loan. An Option One Loan which is a “First Payment Default Mortgage Loan” as defined in Article I of the Option One Agreement.