Common use of Superior Liens Clause in Contracts

Superior Liens. Where permitted by local law and where the senior lienholder is required to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing Practices. The Servicer shall not make a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan.

Superior Liens. Where permitted by local law and where the senior lienholder is required to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing Practices. The Servicer shall not make a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan.

Superior Liens. Where permitted by local law and where the senior lienholder is required With respect to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related each second lien Mortgage Loan, the expense of which Servicer shall constitute a use reasonable efforts, consistent with Accepted Servicing Advance to Practices and the extent not otherwise reimbursed practices employed by the Seller. In jurisdictions where the senior lienholder is not required Servicer in servicing mortgage loans for its own portfolio, to notify a junior any known superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action to be named as party defendant in foreclosure proceedings in order to foreclose on such taken against the Mortgagor or the Mortgaged Property by the superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a and take all other action required by Accepted Servicing Advance to the extent not otherwise reimbursed by the SellerPractices. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trustconsistent with Accepted Servicing Practices, whatever actions are necessary to protect the interests of the Trust Owner, and/or to preserve the security of the related Mortgage Loan, subject to any requirements applicable to real estate mortgage investment conduits pursuant to the Internal Revenue Code. The Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Servicer determines that such Servicing Advance is in accordance with Accepted Servicing Practicesthe best interests of the Owner. The Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would will be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. If the Mortgage relating to a Mortgage Loan had a lien senior to the Mortgage Loan on the related Mortgaged Property, then the Servicer, in such capacity, may consent to the refinancing of the prior senior lien, provided that the following requirements are met and in no event in the appropriate documents have been received by the Servicer: (i) such senior lien secures a mortgage loan that refinances an existing senior lien and (A) the outstanding principal amount that of the replacement first mortgage loan immediately following such refinancing is not greater than the then outstanding principal balance amount of the related second refinanced senior lien at the date of such refinancing and (B) the resulting combined loan-to-value ratio of such Mortgage LoanLoan is no higher than the combined loan-to-value ratio prior to such refinancing; (ii) the interest rate, or, in the case of an adjustable rate existing senior lien, the maximum interest rate, for the loan evidencing the refinanced senior lien is not higher than the interest rate or the maximum interest rate, as the case may be, on the loan evidencing the existing senior lien immediately prior to the date of such refinancing; (iii) the loan evidencing the refinanced senior lien is not subject to negative amortization; (iv) such refinancing is not a cash-out refinancing; (v) the new senior lien is not a balloon loan, except where the refinanced senior loan was a balloon loan; (vi) the original the new senior lien is not greater than the original term of the prior senior lien; (vii) the monthly payment on the new senior lien is not greater than the monthly payment of the prior senior lien; (viii) the debt to income ratio of the new senior lien is not greater than the debt to income ratio of the prior senior lien; and (ix) the Mortgage Loan must be current prior to consenting to any refinancing of the senior lien.

Superior Liens. Where permitted by local law and where the senior lienholder is required to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, take whatever actions are necessary to protect the interests of the Trust Owner, and/or to preserve the security of the related Mortgage Loan, subject to any requirements applicable to real estate mortgage investment conduits pursuant to the Code. The Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Servicer determines that such Servicing Advance is in the best interests of the Owner and would be in accordance with Accepted Servicing Practices. The Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would not be recoverable a Nonrecoverable Advance from Liquidation Proceeds on the related second lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. If a Mortgage Loan and is identified on the Notice of Transfer of Mortgage Loans as a Second Lien Mortgage Loan, then the Servicer, may consent to the refinancing of the prior senior lien on the related Mortgaged Property, provided that the following requirements are met: 1. the resulting CLTV of such Second Lien is no higher than its CLTV prior to such refinancing; and 2. the interest rate, or, in the case of an adjustable-rate existing senior lien, the maximum interest rate, for the loan evidencing the refinanced senior lien is no event more than 2.0% (or such higher rate that the Servicer determines to be in an amount that is greater the Owner’s best interest) higher than the then outstanding principal balance interest rate or the maximum interest rate, as the case may be, on the loan evidencing the existing senior lien immediately prior to the date of such refinancing; and 3. the related second loan evidencing the refinanced senior lien Mortgage Loanis not subject to the possibility of negative amortization.

Superior Liens. Where permitted by local law and where In the event that Countrywide has reasonable cause to believe or has been notified that either a senior or junior lien is in default, Countrywide shall attempt to determine the status of the related senior lien, if applicable. If Countrywide discovers, upon investigation of the status of the senior lienholder is required to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance pursuant to the extent not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholderprevious paragraph, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lienfirst lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer Countrywide shall take, on behalf of the TrustPurchaser, whatever actions are necessary to protect the interests of the Trust Purchaser in accordance with Accepted Servicing Practices. The Servicer shall not make a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in accepted servicing practices, including advancing an amount that is greater than the then outstanding principal balance of the related second Second Lien Mortgage Loan. Notwithstanding anything to the contrary set forth herein, Countrywide shall not be required to make any Servicing Advance (including those contemplated in this Section 4.19) if it determines in its reasonable good faith judgment that such Servicing Advance would not be recoverable pursuant to the Agreement. If the Mortgage relating to a Mortgage Loan had a lien senior to the Mortgage Loan on the related Mortgaged Property as of the related Cut-off Date, then Countrywide, in its capacity as servicer, may consent to the refinancing of the prior senior lien, provided that such consent shall be in accordance with accepted servicing practices and provided further that such refinancing of such prior senior lien does not adversely affect the Purchaser’s interest as the owner of such Mortgage Loan.

Superior Liens. Where With respect to each Mortgage Loan which is secured by a second lien on the related Mortgaged Property, to the extent that the Servicer is not servicing the related first lien mortgage loan, the Servicer shall, for the protection of the Owner's interest, file (or cause to be filed) of record a request for notice of any action by a superior lienholder where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption. To the extent that the Servicer is not servicing any related superior lien, the Servicer shall file (or cause to be filed) a also notify any superior lienholder in writing of the existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, take whatever actions are necessary to protect the interests of the Trust Owner, and/or to preserve the security of the related Mortgage Loan, subject to any requirements applicable to real estate mortgage investment conduits pursuant to the Internal Revenue Code. The Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Servicer determines that such Servicing Advance is in accordance with Accepted Servicing Practicesthe best interests of the Owner. The Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would will be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. If the Mortgage relating to a Mortgage Loan has a lien senior to the Mortgage Loan on the related Mortgaged Property, then the Servicer, in such capacity, may consent to the refinancing of the prior senior lien, provided that the Owner consents to such refinancing. If the Mortgage relating to a Mortgage Loan had a lien senior to the Mortgage Loan on the related Mortgaged Property and this agreement has been assigned to a securitization or other pass-through facility, then the Servicer, in no event in such capacity, may consent to the refinancing of the prior senior lien, provided that the following requirements are met and the appropriate documents have been received by the Servicer: (i) such senior lien secures a mortgage loan that refinances an existing senior lien and (A) the outstanding principal amount that of the replacement first mortgage loan immediately following such refinancing is not greater than the then outstanding principal balance amount of the refinanced senior lien at the date of such refinancing and (B) the resulting combined loan-to-value ratio of such Mortgage Loan is no higher than the combined loan-to-value ratio prior to such refinancing; (ii) the interest rate, or, in the case of an adjustable rate existing senior lien, the maximum interest rate, for the loan evidencing the refinanced senior lien is not higher than the interest rate or the maximum interest rate, as the case may be, on the loan evidencing the existing senior lien immediately prior to the date of such refinancing; (iii) the loan evidencing the refinanced senior lien is not subject to negative amortization; (iv) such refinancing is not a cash-out refinancing; (v) the new senior lien is not a balloon loan; (vi) the original the new senior lien is not greater than the original term of the prior senior lien; (vii) the monthly payment on the new senior lien is not greater than the monthly payment of the prior senior lien; (viii) the debt to income ratio of the new senior lien is not greater than the debt to income ratio of the prior senior lien; (ix) the refinancing does not result in any material adverse effect to the interest of the related second lien Owner in the Mortgage Loan; and (x) the Mortgage Loan must be current prior to consenting to any refinancing of the senior lien.

Superior Liens. Where permitted by local law and where the senior lienholder is required to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholder, the Servicer Servicier shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing Practices. The Servicer shall not make a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan.

Superior Liens. Where The Servicer shall file of record a request for notice of any action by a superior lienholder under a Prior Lien for the protection of the Trustee's interest (or, with respect to a Pool III Mortgage Loan, the Co-Trustee), where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, . The Servicer must also notify any superior lienholder in writing of the Servicer shall file (or cause to be filed) a existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First any Prior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the TrustTrust Fund, whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing Practicesrelated Certificateholders and the Certificate Insurer, and/or to preserve the security of the related Mortgage Loan, subject to the application of the REMIC Provisions. The Servicer shall not make a Servicing Advance immediately notify the Trustee and the Certificate Insurer (and, with respect thereto except to a Pool III Mortgage Loan, the extent that it determines in its reasonable good faith judgment that Co-Trustee) of any such action or circumstances. The Servicer will advance the necessary funds to cure the default or reinstate the superior lien, if such advance would be recoverable from Liquidation Proceeds on is in the best interests of the Certificate Insurer and the related second lien Mortgage Loan and in no event in an Certificateholders. The Servicer shall thereafter take such action as is necessary to recover the amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loanso advanced.

Superior Liens. Where With respect to each second lien Mortgage, the Interim Servicer shall, for the protection of the Purchaser's interest, file (or cause to be filed) of record a request for notice of any action by a superior lienholder where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the . The Interim Servicer shall file (or cause to be filed) a also notify any superior lienholder in writing of the existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Borrower or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Interim Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Interim Servicer shall take, on behalf of the Trust, take whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing PracticesPurchaser, and/or to preserve the security of the related Mortgage Loan, subject to any requirements applicable to REMICs pursuant to the Internal Revenue Code. The Interim Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Interim Servicer determines that such Servicing Advance is in the best interests of the Purchaser. The Interim Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would not be recoverable a Nonrecoverable Servicing Advance from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan. The Interim Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. Where permitted by local law and where the senior lienholder is required With respect to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related each second lien Mortgage Loan, the expense of which Servicer shall constitute a use reasonable efforts, consistent with Accepted Servicing Advance to Practices and the extent not otherwise reimbursed practices employed by the Seller. In jurisdictions where the senior lienholder is not required Servicer in servicing mortgage loans for its own portfolio, to notify a junior any known superior lienholder in writing of the existence of the Mortgage Loan and request notification of any action to be named as party defendant in foreclosure proceedings in order to foreclose on such taken against the Mortgagor or the Mortgaged Property by the superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a and take all other action required by Accepted Servicing Advance to the extent not otherwise reimbursed by the SellerPractices. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trustconsistent with Accepted Servicing Practices, whatever actions are necessary to protect the interests of the Trust Owner, and/or to preserve the security of the related Mortgage Loan, subject to any requirements applicable to real estate mortgage investment conduits pursuant to the Internal Revenue Code. The Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Servicer determines that such Servicing Advance is in accordance with Accepted Servicing Practicesthe best interests of the Owner. The Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would will be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced. If the Mortgage relating to a Mortgage Loan had a lien senior to the Mortgage Loan on the related Mortgaged Property, then the Servicer, in such capacity, may consent to the refinancing of the prior senior lien, provided that the following requirements are met and in no event in the appropriate documents have been received by the Servicer: (i) such senior lien secures a mortgage loan that refinances an existing senior lien and (A) the outstanding principal amount that of the replacement first mortgage loan immediately following such refinancing is not greater than the then outstanding principal balance amount of the related second refinanced senior lien at the date of such refinancing and (B) the resulting combined loan-to-value ratio of such Mortgage Loan.Loan is no higher than the combined loan-to-value ratio prior to such refinancing; (ii) the interest rate, or, in the case of an adjustable rate existing senior lien, the maximum interest rate, for the loan evidencing the refinanced senior lien is not higher than the interest rate or the maximum interest rate, as the case may be, on the loan evidencing the existing senior lien immediately prior to the date of such refinancing; (iii) the loan evidencing the refinanced senior lien is not subject to negative amortization;

Superior Liens. Where permitted by local law and where With respect to any Group 1 Mortgage Loan, the senior lienholder is required to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s equity of redemption, Seller or the Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a First Lien for the protection of the Trust interests in the related second lien Mortgage LoanTrust's interest, the expense of which shall constitute a Servicing Advance to the extent where permitted by local law and whenever applicable state law does not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose on such junior lienholder, 's equity of redemption. The Servicer must also notify any superior lienholder in writing of the Servicer shall cause existence of the First Lien relating to each second lien Mortgage Loan and request notification of any action (as described below) to be tracked taken against the Mortgagor or the Mortgaged Property by the superior lienholder. With respect to protect the Trust’s interest in such second lien any Group 1 Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If if the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust Noteholders and the Certificateholders, and/or to preserve the security of the related Mortgage Loan. The Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if such advance is in accordance with Accepted Servicing Practicesthe best interests of the Note Insurer, the Noteholders and the Certificateholders. The Servicer shall not make a Servicing Advance with respect thereto such an advance except to the extent that it determines in its reasonable good faith judgment that such the advance would either be recoverable from the Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an or increase the Net Liquidation Proceeds available to the Trust. The Servicer shall thereafter take such action as is necessary to recover the amount that is greater than so advanced. Any expenses incurred by the then outstanding principal balance of the related second lien Mortgage LoanServicer pursuant to this Section 5.14 shall be Servicing Advances with respect to Group 1.

Superior Liens. Where (a) With respect to each Mortgage Loan secured by a second lien, if any, the Servicer shall, for the protection of the Issuing Entity's interest, file (or cause to be filed) of record a request for notice of any action by a superior lienholder where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the . The Servicer shall file (or cause to be filed) a also notify any superior lienholder in writing of the existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. . (b) If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, take whatever actions are necessary to protect the interests of the Issuing Entity, and/or to preserve the security of the related Mortgage Loan. The Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Servicer determines that such Servicing Advance is in the best interests of the Trust in accordance with Accepted Servicing PracticesFund and is not a Nonrecoverable Advance. The Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would will be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. Where With respect to each Second Lien Mortgage Loan, the Seller shall, for the protection of the Purchaser's interest, file (or cause to be filed) of record a request for notice of any action by a superior lienholder where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure Exh. 8-18 proceedings in order to foreclose such junior lienholder’s 's equity of redemption, . The Seller shall also notify any superior lienholder in writing of the Servicer shall file (or cause to be filed) a existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer Seller is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer Seller shall take, on behalf of the Trust, take whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing PracticesPurchaser, and/or to preserve the security of the related Mortgage Loan, subject to any requirements applicable to real estate mortgage investment conduits pursuant to the Code. The Servicer Seller shall not make a Servicing Advance with respect thereto of the funds necessary to cure the default or reinstate the superior lien if the Seller determines that such Servicing Advance is in the best interests of the Purchaser. The Seller shall not make such a Servicing Advance except to the extent that it determines in its reasonable good faith judgment that such advance would will be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan.. The Seller shall thereafter take such action as is necessary to recover the amount so advanced. Exh. 8-19 EXHIBIT 9 SERVICING ADDENDUM FOR SERVICING RELEASED MORTGAGE LOANS

Superior Liens. Where permitted by local law and where the senior lienholder is required to notify a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the Servicer shall file (or cause to be filed) a request for notice of any action by a superior lienholder under a First Superior Lien for the protection of the Trust interests Trust's interest in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the SellerAdvance. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholder, the Servicer shall cause the First Superior Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s 's interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Superior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing PracticesStandards. The Servicer shall not make a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance Principal Balance of the related second lien Mortgage Loan.

Superior Liens. Where permitted a. With respect to each Mortgage Loan which is secured by local a second lien on the related Mortgaged Property, the Servicer shall, for the protection of the related Investor’s interest, file (or cause to be filed) of record a request for notice of any action by a superior lien holder in cases in which (i) applicable state law and where the senior lienholder is required to notify does not require that a junior lienholder lien holder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s xxxx xxxxxx’x equity of redemption, the and (ii) local law provides for such a notice to junior lienholders. The Servicer shall file (or cause to be filed) a also notify any superior lien holder in writing of the existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Sellersuperior lien holder. In jurisdictions where The costs and expenses of Servicer in performing the senior lienholder is not required to notify a junior lienholder foregoing shall be named paid as party defendant Servicing Advances in foreclosure proceedings in order to foreclose on such lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. accordance with this Agreement. b. If the Servicer is notified that any superior lienholder lien holder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever take such actions as are necessary consistent with Accepted Servicing Practices to protect the interests of the Trust in accordance with Accepted related Investor, and/or to preserve the security of the related Mortgage Loan. The Servicer may make a Servicing PracticesAdvance of the funds necessary to cure the default or reinstate the superior lien, if the Servicer determines that such Servicing Advance would maximize the net recovery to the related Investor and would not be a Nonrecoverable Advance. The Servicer shall not make a Servicing Advance with respect thereto except thereafter take such action as Servicer determines is commercially reasonable to recover the extent that it determines in its reasonable good faith judgment that such advance would be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loanso advanced.

Superior Liens. Where The Servicer shall file of record a request for notice of any action by a superior lienholder under a Prior Lien for the protection of the Pool I and Pool II Co-Trustee's interest (or, with respect to a Pool III Mortgage Loan, the Pool III Co-Trustee), where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, . The Servicer must also notify any superior lienholder in writing of the Servicer shall file (or cause to be filed) a existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First any Prior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the TrustTrust Fund, whatever actions are necessary to protect the interests of the Trust related Certificateholders and the Certificate Insurer, in accordance with Accepted Servicing Practicesthe case of Pool I or Pool II Mortgage Loans, and/or to preserve the security of the related Mortgage Loan, subject to the application of the REMIC Provisions. The Servicer shall not make a Servicing Advance immediately notify the Pool I and Pool II Co-Trustee and the Certificate Insurer (with respect thereto except to a Pool I or Pool II Mortgage Loan) or the extent that it determines in its reasonable good faith judgment that Pool III Co-Trustee (with respect to a Pool III Mortgage Loan) of any such action or circumstances. The Servicer will advance the necessary funds to cure the default or reinstate the superior lien, if such advance would be recoverable from Liquidation Proceeds on is in the best interests of the Certificate Insurer, in the case of Pool I or Pool II Mortgage Loans, and the related second lien Mortgage Loan and in no event in an Certificateholders. The Servicer shall thereafter take such action as is necessary to recover the amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loanso advanced.

Superior Liens. Where (a) With respect to each Mortgage Loan secured by a second lien, if any, the Servicer shall, for the protection of the Issuing Entity's interest, file (or cause to be filed) of record a request for notice of any action by a superior lienholder where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the . The Servicer shall file (or cause to be filed) a also notify any superior lienholder in writing of the existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. . (b) If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, take whatever actions are necessary to protect the interests of the Trust Issuing Entity, and/or to preserve the security of the related Mortgage Loan. The Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Servicer determines that such Servicing Advance is in accordance with Accepted Servicing Practicesthe best interests of the Issuing Entity and is not a Nonrecoverable Advance. The Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would will be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. Where With respect to any Sub-Pool 1 Mortgage Loan, the Depositor or the Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lien-holder under a First Lien for the protection of the Trustee's interest, where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, . The Servicer must also notify any superior lienholder in writing of the Servicer shall file (or cause to be filed) a existence of the Mortgage Loan and request for notice notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by a the superior lienholder under a First Lien for the protection of the Trust interests in the related second lien lienholder. With respect to any Sub-Pool 1 Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If if the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the TrustTrust Fund, whatever actions are necessary to protect the interests of the Trust Certificateholders, and/or to preserve the security of the related Mortgage Loan, subject to the application of the REMIC Provisions. The Servicer shall advance the necessary funds to cure the default or reinstate the superior lien, if such advance is in accordance with Accepted Servicing Practicesthe best interests of the Certificate Insurer and the Certificateholders. The Servicer shall not make a Servicing Advance with respect thereto such an advance except to the extent that it determines in its reasonable good faith judgment that such the advance would either be recoverable from the Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an or increase the Net Liquidation Proceeds available to the Trust Fund. The Servicer shall thereafter take such action as is necessary to recover the amount that is greater than so advanced. Any expenses incurred by the then outstanding principal balance of the related second lien Mortgage LoanServicer pursuant to this Section 5.14 shall be Servicing Advances with respect to Sub-Pool 1.

Superior Liens. Where (a) With respect to each Mortgage Loan secured by a second lien, if any, the Servicer shall, for the protection of the Issuing Entity’s interest, file (or cause to be filed) of record a request for notice of any action by a superior lienholder where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s equity of redemption, the . The Servicer shall file (or cause to be filed) a also notify any superior lienholder in writing of the existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. . (b) If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, take whatever actions are necessary to protect the interests of the Issuing Entity, and/or to preserve the security of the related Mortgage Loan. The Servicer shall make a Servicing Advance of the funds necessary to cure the default or reinstate the superior lien if the Servicer determines that such Servicing Advance is in the best interests of the Trust in accordance with Accepted Servicing PracticesFund and is not a Nonrecoverable Advance. The Servicer shall not make such a Servicing Advance with respect thereto except to the extent that it determines in its reasonable good faith judgment that such advance would will be recoverable from Liquidation Proceeds on the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan. The Servicer shall thereafter take such action as is necessary to recover the amount so advanced.

Superior Liens. Where With respect to each Mortgage Loan which is secured by a second lien on the related Mortgaged Property, the Servicer shall, for the protection of the Owner's interest, file (or cause to be filed) of record a request for notice of any action by a superior lienholder where permitted by local law and where the senior lienholder is required to notify whenever applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the . The Servicer shall file (or cause to be filed) a also notify any superior lienholder in 25 -------------------------------------------------------------------------------- NOMURA ASSET CAPITAL CORPORATION EXHIBIT M PAGE M-25 AUGUST 1, 1995 FORM OF SERVICING AGREEMENT -------------------------------------------------------------------------------- writing of the existence of the Mortgage Loan and request for notice notification of any action by a superior lienholder under a First Lien for (as described below) to be taken against the protection of Mortgagor or the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed Mortgaged Property by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such superior lienholder, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Liensuperior lien, or has declared or intends to declare a default under the superior mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever take such actions as are necessary consistent with Customary Servicing Procedures to protect the interests of the Trust in accordance with Accepted Servicing PracticesOwner, and/or to preserve the security of the related Mortgage Loan. The Servicer shall not make a Servicing Advance with respect thereto except of the funds necessary to cure the default or reinstate the superior lien, if the Servicer determines that such Servicing Advance would maximize the net recovery to the extent that it determines in its reasonable good faith judgment that Owner and would not be a Nonrecoverable Advance. The Servicer shall thereafter take such advance would be recoverable from Liquidation Proceeds on action as is necessary to recover the related second lien Mortgage Loan and in no event in an amount that is greater than the then outstanding principal balance of the related second lien Mortgage Loan.so advanced. FORM OF SERVICING AGREEMENT -------------------------------------------------------------------------------- ARTICLE IV PAYMENTS TO THE OWNER

Superior Liens. Where permitted The Servicer shall file (or cause to be filed) of record a request for notice of any action by a superior lienholder under a Senior Lien for the protection of the Trustee's interest, if (i) local law provides that the filing of such a request will result in notification of junior lienholders in the event foreclosure proceedings are instituted and where the senior lienholder is required to notify (ii) applicable state law does not require that a junior lienholder be named as a party defendant in foreclosure proceedings in order to foreclose such junior lienholder’s 's equity of redemption, the . The Servicer shall file (or cause to be filed) a also notify any such superior lienholder in writing of the existence of the Mortgage Loan and request for notice notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by a the superior lienholder under a First Lien for the protection of the Trust interests in the related second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance lienholder. Subject to the extent not otherwise reimbursed by the Seller. In jurisdictions where the senior lienholder is not required to notify a junior lienholder be named as party defendant in foreclosure proceedings in order to foreclose on such lienholderremainder of this Section 3.24, the Servicer shall cause the First Lien relating to each second lien Mortgage Loan to be tracked to protect the Trust’s interest in such second lien Mortgage Loan, the expense of which shall constitute a Servicing Advance to the extent not otherwise reimbursed by the Seller. If if the Servicer is notified that any superior lienholder has accelerated or intends to accelerate the obligations secured by the First Senior Lien, or has declared or intends to declare a default under the mortgage or the promissory note secured thereby, or has filed or intends to file an election to have the related Mortgaged Property sold or foreclosed, the Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Trust in accordance with Accepted Servicing PracticesCertificateholders, and/or to preserve the security of the related Mortgage Loan, subject to the application of the REMIC Provisions. The Servicer shall not make a Servicing Advance with respect thereto except advance the necessary funds to cure the extent that it determines in its reasonable good faith judgment that default or reinstate the superior lien, if such advance would have the effect of increasing the Net Recovery Proceeds. No advance shall be recoverable from Liquidation Proceeds on required to be made hereunder if such advance would, if made, constitute a nonrecoverable Servicing Advance. The determination by the related second lien Mortgage Loan Servicer that it has made a nonrecoverable Servicing Advance or that any proposed advance, if made, would constitute a nonrecoverable Servicing Advance, shall be evidenced by a certification of a Servicing Officer delivered to [THE CERTIFICATE INSURER,] the Seller, the Rating Agencies and in the Trustee no event in an amount that is greater later than the then outstanding principal balance of the related second lien Mortgage LoanBusiness Day following such determination.