Common use of Valid Conveyance Clause in Contracts

Valid Conveyance. As of each Addition Date, a valid sale, assignment, and conveyance to Buyer of all right, title, and interest of Seller in, to, and under the Receivables then existing and thereafter created in respect of the Additional Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables), together with all proceeds (including, without limitation, "proceeds" as defined in the UCC in any state where Seller's or Servicer's chief executive offices or books and records relating to the Receivables are located) of such Receivables and Insurance Proceeds relating thereto, has been consummated, and such property will be held free and clear of any Lien of any Person claiming through or under Seller, except for Liens permitted under Section 5.1(d).

Valid Conveyance. As of each Addition ________________ Date, a valid sale, assignment, and conveyance to Buyer of all right, title, and interest of Seller in, to, to and under the Receivables then existing and thereafter created creat- ed in respect of the Additional Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables), together with all proceeds (including, without limitation, "proceeds" as defined in the UCC in any state where Seller's or Servicer's chief executive offices or books and records relating to the Receivables are located) of such Receivables and Insurance Insur- ance Proceeds relating thereto, has been consummated, and such property will be held free and clear of any Lien of any Person claiming through or under Seller, except for Liens permitted under Section 5.1(d).