Common use of ACKNOWLEDGEMENT REGARDING PAYMENTS Clause in Contracts

ACKNOWLEDGEMENT REGARDING PAYMENTS. Each of the Loan Note Issuer, the Security Trustee and the Receivables Trustee acknowledge and confirm that the Receivables Trustee shall apply any amounts due from the Loan Note Issuer to the Receivables Trustee in respect of a Series of Loan Notes or the Investor Interest relating to such Series of Loan Notes in or towards satisfaction of any amounts then due to the Loan Note Issuer from the Receivables Trustee in respect of any Trust Property referable to the Investor Interest relating to that Series of Loan Notes.

ACKNOWLEDGEMENT REGARDING PAYMENTS. Each of the Loan Note Issuer, the Security Trustee, the Receivables Trustee and the Receivables Trustee Transferors acknowledge and confirm that the Receivables Trustee shall apply any amounts due from the Loan Note Issuer to the Receivables Trustee in respect of a Series of Loan Notes or the Investor Interest relating to such Series of Loan Notes in or towards satisfaction of any amounts then due to the Loan Note Issuer from the Receivables Trustee in respect of any Trust Property referable to the Investor Interest relating to of that Series of Loan NotesSeries.