Common use of Receipt of Mortgage Loan Payments Clause in Contracts

Receipt of Mortgage Loan Payments. For purposes of calculations under the Trust Documents, the Trust will be deemed to have received any collections, recoveries or payments with respect to the Mortgage Loans that are received by a Direct Servicer or a Subservicer, regardless of whether such collections, recoveries and payments so received are remitted by a Direct Servicer or a Subservicer to the Master Servicer or the Trustee. A Direct Servicer will not be relieved of any liability, obligation or responsibility under its Servicing Contract with respect to any such remittance as a result of this Subsection 5.5(1).

Receipt of Mortgage Loan Payments. For purposes of calculations under the Trust Documents, the Trust will be deemed to have received any collections, recoveries or payments with respect to the Mortgage Loans that are received by a Direct Servicer or a Subservicer, regardless of whether such collections, recoveries and payments so received are remitted by a Direct Servicer or a Subservicer to the Master Servicer or the Trustee. A Direct Servicer will not be relieved of any liability, obligation or responsibility under its Servicing Contract with respect to any such remittance as a result of this Subsection 5.5(15.6(1).