Notice and Acknowledgement of the Collection Accounts Declaration of Trust Sample Clauses

Notice and Acknowledgement of the Collection Accounts Declaration of Trust. (a) The Collection Accounts Trustee hereby gives notice that pursuant to the Collection Accounts Declaration of Trust, it has declared a trust over all of its rights, title, interest and benefit, present and future, in and to each of the Collection Accounts, including all sums standing to the credit of each of the Collection Accounts (as to both capital and income) from time to time (other than any Mistaken Payment which has been identified by the Collection Accounts Trustee standing to the credit of a Collection Account at that time) (the Trust Property). Accordingly, each of the Collection Accounts are trust accounts and the Trust Property is held by the Collection Accounts Trustee on trust for the benefit of each of the Beneficiaries. (b) The Collection Account Bank acknowledges as at the Effective Date that each of the Collection Accounts are trust accounts and that together the Beneficiaries are beneficially entitled, in accordance with the Collection Accounts Declaration of Trust, to all amounts standing to the credit of each of the Collection Accounts.
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