Common use of Binding Effect; Benefit of Agreement Clause in Contracts

Binding Effect; Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of the Sellers, the Originators, the Servicer, the Administrative Agent, the Purchaser Agents, the Backup Servicer, the Collateral Custodian, the Secured Parties and their respective successors and permitted assigns. Accordingly to the extent that Wachovia Bank, National Association as the “Security Trustee” in accordance with Clause 23 of the CS Europe Financing is holding security granted by either Guarantor as security for its obligations under the Guaranty, the Secured Parties shall be bound by the terms of Clause 23 of the CS Europe Financing in their relationship with the Security Trustee.