Common use of Collection Account and Acknowledgment Letter Clause in Contracts

Collection Account and Acknowledgment Letter. (a) There is hereby appointed JPMorgan Chase Bank, as the initial Collection Account Depository with respect to the Receivables serviced under this Servicing Agreement. The Owner Trustee shall provide thirty (30) days' written notice to the Servicer, the Indenture Trustee, and the Note Insurer of its appointment of a successor Collection Account Depository which shall be acceptable to the Rating Agencies, the Note Insurer and the Indenture Trustee and which shall hold the Collection Account under the terms and conditions outlined herein and in the Indenture. (b) Except as otherwise provided herein, the Servicer shall deposit or cause to be deposited into the Collection Account all amounts (including late payments) remitted by Obligors to the Servicer under the terms of the Receivables within two (2) Business Days after receipt thereof; provided, however, that the Servicer shall, pursuant to Section 2.08(c), be entitled to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the Receivables, which amounts represent late fees, prepayment charges, including administrative fees or similar charges allowed by applicable law.

Collection Account and Acknowledgment Letter. (a) There JPMorgan Chase Bank is hereby appointed JPMorgan Chase Bank, as the initial Collection Account Depository with respect to the Receivables serviced under this Servicing Agreement. The Owner Trustee Issuer shall provide thirty (30) days' written notice to the Servicer, the Indenture Trustee, and the Note Insurer of its appointment of a successor Collection Account Depository which shall be acceptable to the Rating Agencies, the Note Insurer and the Indenture Trustee and which shall hold the Collection Account under the terms and conditions outlined herein and in the Indenture. (b) Except as otherwise provided herein, the Servicer shall deposit or cause to be deposited into the Collection Account all amounts (including late payments) remitted by Obligors to the Servicer under the terms of the Receivables within two (2) Business Days after receipt thereof; provided, however, that the Servicer shall, pursuant to Section 2.08(c2.08(b), be entitled to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the Receivables, which amounts represent late fees, prepayment charges, including administrative fees or similar charges allowed by applicable law.

Collection Account and Acknowledgment Letter. (a) There is hereby appointed JPMorgan Chase XX Xxxxxx Xxxxx Bank, as the initial Collection Account Depository with respect to the Receivables serviced under this Servicing Agreement. The Owner Trustee shall provide thirty (30) days' written notice to the Servicer, the Indenture Trustee, and the Note Insurer of its appointment of a successor Collection Account Depository which shall be acceptable to the Rating Agencies, the Note Insurer and the Indenture Trustee and which shall hold the Collection Account under the terms and conditions outlined herein and in the Indenture. (b) Except as otherwise provided herein, the Servicer shall deposit or cause to be deposited into the Collection Account all amounts (including late payments) remitted by Obligors to the Servicer under the terms of the Receivables within two (2) Business Days after receipt thereof; provided, however, that the Servicer shall, pursuant to Section 2.08(c), be entitled to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the Receivables, which amounts represent late fees, prepayment charges, including administrative fees or similar charges allowed by applicable law.

Collection Account and Acknowledgment Letter. (a) There is hereby appointed JPMorgan Chase BankWelxx Xxrgo Bank Minnesota, National Association, as the initial Collection Account Depository with respect to the Receivables serviced under this Servicing Agreement. The Owner Trustee shall provide thirty (30) days' written notice to the Servicer, the Indenture Trustee, and the Note Insurer of its appointment of a successor Collection Account Depository which shall be acceptable to the Rating Agencies, the Note Insurer and the Indenture Trustee and which shall hold the Collection Account under the terms and conditions outlined herein and in the Indenture. (b) Except as otherwise provided herein, the Servicer shall deposit or cause to be deposited into the Collection Account all amounts (including late payments) remitted by Obligors to the Servicer under the terms of the Receivables within two (2) Business Days after receipt thereof; provided, however, that the Servicer shall, pursuant to Section 2.08(c), be entitled to reimbursement of all amounts remitted by or on behalf of the Obligors to the Servicer under the terms of, or with respect to, the Receivables, which amounts represent late fees, prepayment charges, including administrative fees or similar charges allowed by applicable law.