Common use of Pledge of Trust Fund by Owner Trustee is Binding Clause in Contracts

Pledge of Trust Fund by Owner Trustee is Binding. The pledge of the Trust Fund to the Indenture Trustee by the Trust made under the Indenture and pursuant to the terms of this Agreement shall bind the Certificateholder and shall be effective to transfer or convey the rights of the Trust and the Certificateholder in and to such Trust Fund to the extent set forth in the Indenture. No purchaser or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such pledge or as to the application of any proceeds with respect thereto by the Owner Trustee.

Pledge of Trust Fund by Owner Trustee is Binding. The pledge of the Trust Fund to the Indenture Trustee by the Trust made under the Indenture and pursuant to the terms of this Agreement shall bind the Ownership Certificateholder and shall be effective to transfer or convey the rights of the Trust and the Ownership Certificateholder in and to such Trust Fund to the extent set forth in the Indenture. No purchaser or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such pledge or as to the application of any proceeds with respect thereto by the Owner Trustee.

Pledge of Trust Fund by Owner Trustee is Binding. The pledge of the Trust Fund to the Indenture Trustee by the Trust made under the Indenture and pursuant to the terms of this Agreement shall bind the each Certificateholder and shall be effective to transfer or convey the rights of the Trust and the each Certificateholder in and to such Trust Fund to the extent set forth in the Indenture. No purchaser or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such pledge or as to the application of any proceeds with respect thereto by the Owner Trustee.