Common use of BACKGROUND Clause in Contracts

BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an Indenture and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an the Indenture (as defined below), and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an Indenture the Indenture, and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an Indenture Indenture, and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows: