Common use of First Liens Clause in Contracts

First Liens. Subject to the remainder of this Section 3.24, if the Master Servicer is notified that any holder of a First Lien 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 Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Certificateholders, and/or to preserve the security of the related Mortgage Loan, subject to the application of the REMIC Provisions. The Master Servicer shall advance the necessary funds to cure the default or reinstate the First Lien, if such advance would have the effect of increasing the Net Recovery Proceeds. No advance shall be required to be made under this Section 3.24 if such advance would, if made, constitute a Nonrecoverable Servicing Advance.

First Liens. Subject to the remainder of this Section 3.24, if the Master Servicer is notified that any holder of a First Lien 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 Mortgaged Property sold or foreclosed, the Master Servicer shall take, on behalf of the Trust, whatever actions are necessary to protect the interests of the Certificateholders, and/or to preserve the security of the related Mortgage Loan, subject to the application of the REMIC Provisions. The Master Servicer shall advance the necessary funds to cure the default or reinstate the First Lien, if such advance would have the effect of increasing the Net Recovery Proceeds. No advance shall be required to be made under this Section 3.24 if such advance would, if made, constitute a Nonrecoverable Servicing Advance.