Had He had given us their wealth but not split the sea: According to the Midrash, the Israelites actually plundered the Egyptians twice – once in Egypt and once at the shore of the Red Sea after the Egyptians drowned and all their jewelry and possessions washed up on the shore. Since the plundering in Egypt took place before the splitting of the sea it precedes it here. However the reference to taking their wealth is really a reference to both occasions.