Perfection. In the case of the SPV, it is the owner of all of the Receivables and other Affected Assets, free and clear of all Adverse Claims (other than any Adverse Claim arising hereunder), and upon the making of the initial Investment on the Closing Date and at all times thereafter until the Final Payout Date, all financing statements and other documents required to be recorded or filed in order to perfect and protect the first priority perfected ownership or security interest (subject to Permitted Liens) of the Administrative Agent for the benefit of each β on behalf of the related Investors in the Asset Interest against all creditors of and purchasers from the SPV, Arrow and the other Originators will have been duly filed in each filing office necessary for such purpose and all filing fees and taxes, if any, payable in connection with such filings shall have been paid in full.
Perfection.Good Title. In the case of the SPV, it is the owner of all of the Receivablesupon each Investment and other Affected Assets, free and clear of all Adverse Claims (other than any Adverse Claim arising hereunder), and upon the making of the initial Investment on the Closing Date and at all times thereafter until the Final Payout Date, all financing statements and other documents required to be recorded or filed in order to perfect and protect the first priority perfected ownership or security interest (subject to Permitted Liens) ofReinvestment, the Administrative Agent for the benefit of each organization" data-ad-field-json='{"name":"Organization B","type":"organization","canGuess":{"name":false,"type":false}}'>βOrganization_, on behalf of the related Investors in the Asset Interest against all creditors ofshall acquire a valid and purchasers from the SPV, Arrow and the other Originators will have been duly filedenforceable perfected first priority ownership interest (subject to Permitted Liens) or a first priority perfected security interest (subject to Permitted Liens) in each filing office necessary for such purposeReceivable and all filing feesother Affected Assets that exist on the date of such Investment or Reinvestment, with respect thereto, free and taxes, if any, payable in connection with such filings shall have been paid in full.clear of any Adverse Claim (other than that created by the Administrative Agent, any β or any Investor).
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