Common use of PROTECTION OF TITLE OF ARFC AND THE TRUST Clause in Contracts

PROTECTION OF TITLE OF ARFC AND THE TRUST. (a) At or prior to the Closing Date or each Subsequent Transfer Date, as the case may be, AFL shall have filed or caused to be filed a UCC-1 financing statement, executed by AFL as seller or debtor, naming ARFC as purchaser or secured party and describing the Initial Receivables and the Initial Other Conveyed Property, with respect to this Agreement, and the Subsequent Receivables and the Subsequent Other Conveyed Property, with respect to each Subsequent Purchase Agreement, being sold by it to ARFC as collateral, with the office of the Secretary of State of the State of Minnesota and in such other locations as ARFC shall have required. From time to time thereafter, AFL shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of ARFC under this Agreement and each Subsequent Purchase Agreement and of the Trust under the Sale and Servicing Agreement and each Subsequent Transfer Agreement in the Initial Receivables and the Initial Other Conveyed Property and the Subsequent Receivables and the Subsequent Other Conveyed Property, as the case may be, and in the proceeds thereof. AFL shall deliver (or cause to be delivered) to ARFC, the Owner Trustee, the Indenture Trustee and the Security Insurer file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that AFL fails to perform its obligations under this subsection, ARFC or the Owner Trustee may do so at the expense of AFL.

PROTECTION OF TITLE OF ARFC AND THE TRUST. (a) At or prior to the Closing Date or each Subsequent Transfer Date, as the case may be, AFL shall have filed or caused to be filed a UCC-1 financing statement, executed by AFL as seller or debtor, naming ARFC as purchaser or secured party and describing the Initial Receivables and the Initial Other Conveyed Property, with respect to this Agreement, and the Subsequent Receivables and the Subsequent Other Conveyed Property, with respect to each Subsequent Purchase Agreement, being sold by it to ARFC as collateral, with the office of the Secretary of State of the State of Minnesota and in such other locations as ARFC shall have required. From time to time thereafter, AFL shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of ARFC under this Agreement and each Subsequent Purchase Agreement and of the Trust under the Sale and Servicing Agreement and each Subsequent Transfer Agreement in the Initial Receivables and the Initial Other Conveyed Property and the Subsequent Receivables and the Subsequent Other Conveyed Property, as the case may be, and in the proceeds thereof. AFL shall deliver (or cause to be delivered) to ARFC, the Owner Trustee, the Indenture Trustee and the Security Insurer file-file- stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that AFL fails to perform its obligations under this subsection, ARFC or the Owner Trustee may do so at the expense of AFL.