Common use of Subsequent Pledge Clause in Contracts

Subsequent Pledge. The Seller acknowledges that (i) the Owner Trustee will Grant the Receivables and the other Trust Property along with the Owner Trustee's rights and benefits under this Contribution Agreement and under the Transfer and Assignment Agreement to the Indenture Trustee pursuant to the terms of the Indenture and (ii) the terms and provisions hereof are intended to benefit the Noteholders, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty has been paid in full) and the Note Insurer. The Seller hereby consents to such Grant.

Subsequent Pledge. The Seller acknowledges that (i) the Owner Trustee Trust will Grant the Receivables and the other Trust Contributed Property along with the Owner TrusteeTrust's rights and benefits under this Contribution Agreement and under the Transfer and Assignment Agreement to the Indenture Trustee pursuant to the terms of the Indenture and (ii) the terms and provisions hereof are intended to benefit the Noteholders, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty has been paid in full) and the Note Insurer. The Seller hereby consents to such Grant.