Common use of ACKNOWLEDGEMENT OF THE BENEFICIARIES Clause in Contracts

ACKNOWLEDGEMENT OF THE BENEFICIARIES. It is a condition of the Receivables Trust (to which, by the execution of a Supplement by a Beneficiary, such Beneficiary consents and confirms) that the Beneficiaries acknowledge that: (i) it is not intended that the Receivables Trustee should have any discretion with respect to the investment of funds as referred to in Clause 5.1(e) and (f) or that the duties of the Receivables Trustee should include any form of fund management; (ii) accordingly the provisions of Clause 5.1(e) and (f) (and all related provisions of the Transaction Documents) have been drawn so as to specify to the maximum extent practicable the manner in which the Servicer is to, from time to time, advise the Receivables Trustee (or any Person acting on the Receivables Trustee's behalf) to invest the funds referred to in Clause 5.1(e) and (f); (iii) subject to and in accordance with Clause 5.1(f), the duties of the Receivables Trustee with regard to the making of any such investments will be fully discharged by the Servicer advising the Receivables Trustee (or any Person acting on the Receivables Trustee's behalf as aforesaid) in relation thereto and the Receivables Trustee acting in accordance with such advice; and (iv) the investment of any funds by the Receivables Trustee acting on the advice of the Servicer in accordance with Clause 5.1(e) and (f) shall be wholly incidental and ancillary to the functions of the Receivables Trustee as described in Clause 2.1.

ACKNOWLEDGEMENT OF THE BENEFICIARIES. It is a condition of the Receivables Trust (to which, by the execution of a Supplement by a Beneficiary, such Beneficiary consents and confirms) that the The Beneficiaries acknowledge that: (i) it is not intended that the Receivables Trustee should have any discretion with respect to the investment of funds as referred to in Clause 5.1(e5.1(f) and (fg) or that the duties of the Receivables Trustee should include any form of fund management; (ii) accordingly the provisions of Clause 5.1(e5.1(f) and (fg) (and all related provisions of the Transaction Relevant Documents) have been drawn so as to specify to the maximum extent practicable the manner in which the Servicer Trust Cash Manager is to, from time to time, advise the Receivables Trustee (or any Person acting on the Receivables Trustee's behalf) from time to time to invest the funds referred to in Clause 5.1(e5.1(f) and (fg); (iii) subject to and in accordance with Clause 5.1(f7.1(g), the duties of the Receivables Trustee with regard to the making of any such investments will be fully discharged by the Servicer advising the Receivables Trustee (or any Person Trustee's acting on the Receivables Trustee's behalf as aforesaid) advice of the Trust Cash Manager or, if applicable, any Co-Trust Cash Manager in relation thereto and the Receivables Trustee acting in accordance with such advicethereto; and (iv) the investment of any funds by the Receivables Trustee acting on the advice of the Servicer in accordance with Clause 5.1(e5.1(f) and (fg) shall be wholly incidental and ancillary to the functions of the Receivables Trustee as described in Clause 2.1.

ACKNOWLEDGEMENT OF THE BENEFICIARIES. It is a condition of the Receivables Trust (to which, by the execution of a Supplement by a Beneficiary, such Beneficiary consents and confirms) that the The Beneficiaries acknowledge that: (i) it is not intended that the Receivables Trustee should have any discretion with respect to the investment of funds as referred to in Clause 5.1(e) and (f) or that the duties of the Receivables Trustee should include any form of fund management; (ii) accordingly the provisions of Clause 5.1(e) and (f) (and all related provisions of the Transaction Relevant Documents) have been drawn so as to specify to the maximum extent practicable the manner in which the Servicer Trust Cash Manager is to, from time to time, advise the Receivables Trustee (or any Person acting on the Receivables Trustee's behalf) from time to time to invest the funds referred to in Clause 5.1(e) and (f); (iii) subject to and in accordance with Clause 5.1(f7.1(g), the duties of the Receivables Trustee with regard to the making of any such investments will be fully discharged by the Servicer advising the Receivables Trustee (or any Person Trustee's acting on the Receivables Trustee's behalf as aforesaid) advice of the Trust Cash Manager or, if applicable, any Co-Trust Cash Manager in relation thereto and the Receivables Trustee acting in accordance with such advicethereto; and (iv) the investment of any funds by the Receivables Trustee acting on the advice of the Servicer in accordance with Clause 5.1(e) and (f) shall be wholly incidental and ancillary to the functions of the Receivables Trustee as described in Clause 2.1.