Common use of No Default Under First Lien Clause in Contracts

No Default Under First Lien. As of the Servicing Transfer Date and to the knowledge of WMC Mortgage Corp. and its Affiliates as of the Closing Date, with respect to each Second Lien Mortgage Loan, the related first lien mortgage loan is in full force and effect, and there is no default, breach, violation or event which would permit acceleration existing under such first lien mortgage or mortgage note, and 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;