No Default Under First Lien. As of the WMC Servicing Transfer Date, with respect to each Second Lien Loan, (a) the related First Lien Loan related thereto is in full force and effect, and (b) there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and (c) no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder. This representation and warranty is a Deemed Material and Adverse Representation;
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2007-He1), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3)
No Default Under First Lien. As of the WMC Servicing Transfer Date, with respect to each Second Lien Loan, (a) the related First Lien Loan related thereto is in full force and effect, and (b) there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and (c) no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder. This representation and warranty is a Deemed Material and Adverse Representation;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2005-He1), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm1)
