Common use of Acceptance by the Issuing Entity; Other Acknowledgments Clause in Contracts

Acceptance by the Issuing Entity; Other Acknowledgments. (a) The Issuing Entity hereby acknowledges its acceptance of all right, title and interest previously held by the Depositor to the property, now existing and hereafter created, conveyed by the Depositor pursuant to Section 2.1, and declares that it shall hold such property in trust as set forth in the Trust Agreement for the benefit of the Securityholders, subject to the terms and conditions of the Indenture, the Trust Agreement and the other Basic Documents to which it is a party. The Issuing Entity hereby agrees and accepts the appointment and authorization of GMAC as Servicer hereunder and under the Pooling and Servicing Agreement. The Issuing Entity further acknowledges that, prior to or simultaneously with the execution and delivery of this Agreement, the Depositor delivered to the Owner Trustee the Schedule of Accounts. The parties agree that the rights, duties and obligations of the Servicer under the Pooling and Servicing Agreement are subject to the provisions hereof, including Sections 7.2, 7.4, 7.5 and 10.2 and Article VIII. The Issuing Entity and the Indenture Trustee hereby confirm the authorization and empowerment of the Servicer under Section 3.02 of the Pooling and Servicing Agreement.

Acceptance by the Issuing Entity; Other Acknowledgments. (a) The Issuing Entity hereby acknowledges its acceptance of all right, title and interest previously held by the Depositor to the property, now existing and hereafter created, conveyed by the Depositor pursuant to Section 2.1, and declares that it shall hold such property in consideration upon the trust as set forth in the Trust Agreement for the benefit of the Securityholders, subject to the terms and conditions of the Indenture, the Trust Agreement and the other Basic Documents to which it is a partythis Agreement. The Issuing Entity hereby agrees and accepts the appointment and authorization of GMAC as Servicer hereunder and under the Pooling and Servicing Agreement. The Issuing Entity further acknowledges that, prior to or simultaneously with the execution and delivery of this Agreement, the Depositor delivered to the Owner Trustee the Schedule of Accounts. The parties agree that the rights, duties and obligations of the Servicer under the Pooling and Servicing Agreement are subject to the provisions hereof, including Sections 7.2, 7.4, 7.5 and 10.2 and Article VIII. The Issuing Entity and the Indenture Trustee hereby confirm the authorization and empowerment of the Servicer under Section 3.02 of the Pooling and Servicing Agreement.

Acceptance by the Issuing Entity; Other Acknowledgments. (a) The Issuing Entity hereby acknowledges its acceptance of all right, title and interest previously held by the Depositor to the property, now existing and hereafter created, conveyed by the Depositor pursuant to Section 2.1, and declares that it shall hold such property in consideration upon the trust as set forth in the Trust Agreement for the benefit of the Securityholders, subject to the terms and conditions of the Indenture, the Trust Agreement and the other Basic Documents to which it is a partythis Agreement. The Issuing Entity hereby agrees and accepts the appointment and authorization of GMAC as Servicer hereunder and under the Pooling and Servicing Agreement. The Issuing Entity further acknowledges that, prior to or simultaneously with the execution and delivery of this Agreement, the Depositor delivered to the Owner Trustee the Schedule of Accounts. The parties agree that the rights, duties and obligations of the GMAC as Servicer under the Pooling and Servicing Agreement are subject to the provisions hereof, including Sections 7.2, 7.4, 7.5 and 10.2 and Article VIII. The Issuing Entity Trust and the Indenture Trustee hereby confirm the authorization and empowerment of the Servicer under Section 3.02 of the Pooling and Servicing Agreement.