Common use of Conveyance of Initial Receivables Clause in Contracts

Conveyance of Initial Receivables. (a) Subject to the satisfaction of the conditions set forth herein, MCC does hereby contribute, transfer, assign, set over and otherwise convey to the capital of Funding, without recourse (subject to the obligations herein), all right, title and interest in and to the following, whether now owned or hereafter acquired: (i) all right, title and interest of MCC, in and to the Initial Receivables, and all moneys (including accrued interest) due or to become due thereunder on and after the Initial Cut-off Date; (ii) the interest of MCC in the Financed Equipment granted by Obligors pursuant to the Initial Receivables; (iii) the interest and rights of MCC in any proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Equipment or Obligors with respect to Financed Equipment, as the case may be; and (iv) the proceeds of any and all of the foregoing. (b) The Initial Receivables transferred on the Closing Date are to be conveyed by MCC to Funding as a capital contribution to Funding in consideration for MCC's ownership of all of the outstanding common stock of Funding.