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.

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.