Common use of Direct Servicing Clause in Contracts

Direct Servicing. With respect to each Direct Servicer, and unless expressly stated otherwise, the provisions of the Trust Documents will be interpreted as referring only to the Mortgage Loans serviced by that Direct Servicer. The term “Custodial Account” will be construed to mean accounts pertaining to only the Mortgage Loans serviced by that Direct Servicer. With respect to each Mortgage Loan, unless expressly stated otherwise, references to the “Direct Servicer” will mean the particular Direct Servicer (and any Subservicer engaged by that Direct Servicer) that is then servicing that Mortgage Loan.

Direct Servicing. With respect to each Direct Servicer, and unless expressly stated otherwise, the provisions of the Trust Documents will be interpreted as referring only to the Mortgage Loans serviced by that Direct Servicer. The term Terms such as “Custodial Account,” “Escrow Account” and “Supplemental Account” will be construed to mean accounts pertaining to only the Mortgage Loans serviced by that Direct Servicer. With respect to each Mortgage Loan, unless expressly stated otherwise, references to the “Direct Servicer” will mean the particular Direct Servicer (and any Subservicer engaged by that Direct Servicer) that is then servicing that Mortgage Loan.