Problem with a long formula

I have this workingformula

=IF(F26="Equity",0,IF(AND(L26=1,raw!AB3>Stated_Maturity,NOPCB!J26>(0.05*NOPCB)),MIN(raw!EC3,NOPCB!J26),IF(O26=1,0,IF(S26="Writedown",J26-R26,IF(G26="Negatively Amortizing RMBS",H26,J26)))))

and I have another working formula

=IF(AND(S25="Defaulted",OR(msmt_date-NOPCB!N25>1095,AND(msmt_date-NOPCB!N25>365,NOPCB!J25>(0.05*NOPCB)))),0,IF(F25="Equity",0,IF(AND(L25=1,raw!AB2>Stated_Maturity,NOPCB!J25>(0.05*NOPCB)),MIN(raw!EC2,NOPCB!J25),IF(O25=1,0,IF(S25="Writedown",J25-R25,IF(G25="Negatively Amortizing RMBS",H25,J25))))))

But when I add the first formula to the end of second formula I get an error highlighting AND in AND(S25="De....

=IF(F26="Equity",0,IF(AND(L26=1,raw!AB3>Stated_Maturity,NOPCB!J26>(0.05*NOPCB)),MIN(raw!EC3,NOPCB!J26),IF(O26=1,0,IF(S26="Writedown",J26-R26,IF(G26="Negatively Amortizing RMBS",H26,IF(AND(S25="Defaulted",OR(msmt_date-NOPCB!N25>1095,AND(msmt_date-NOPCB!N25>365,NOPCB!J25>(0.05*NOPCB)))),0,J26))))))


Am I breaking some limit in excel? Please help.

Thank you,
Jay

But I have only 6 IFs in the formula....