Common use of Test Procedures Clause in Contracts

Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), or if the Test has not been satisfied (a “Test Fail”), or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

Appears in 62 contracts

Samples: Asset Representations Review Agreement (Honda Auto Receivables 2024-4 Owner Trust), Asset Representations Review Agreement (Honda Auto Receivables 2024-4 Owner Trust), Asset Representations Review Agreement (Honda Auto Receivables 2024-3 Owner Trust)

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Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), or if the Test has not been satisfied (a “Test Fail”), ) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

Appears in 61 contracts

Samples: Asset Representations Review Agreement (Hyundai Auto Receivables Trust 2024-C), Asset Representations Review Agreement (Hyundai Auto Receivables Trust 2024-C), Asset Representations Review Agreement (Hyundai Auto Receivables Trust 2024-B)

Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform perform, for each Subject Receivable Receivable, the procedures listed under “TestsProcedures to be Performed” in Schedule A for each representation and warranty being tested (each, a “Test”), ) using the Review Materials listed in Schedule A for each such Test in Schedule A. Test. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), or if the Test has not been satisfied (a “Test Fail”), ) or if the Test could not be concluded conducted as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

Appears in 11 contracts

Samples: Asset Representations Review Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Asset Representations Review Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Asset Representations Review Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)

Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), ) or if the Test has not been satisfied (a “Test Fail”), or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

Appears in 3 contracts

Samples: Asset Representations Review Agreement (Porsche Auto Funding LLC), Asset Representations Review Agreement (American Honda Receivables LLC), Asset Representations Review Agreement (American Honda Receivables LLC)

Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each the Subject Receivable Receivables the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject ReceivableTest, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), ) or if the Test has not been satisfied (a “Test Fail”). If the result for more than one Subject Receivable is determinable by performing a Test once for such group of Subject Receivables, or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all such Subject Receivables that are subject to the same TestReceivables.

Appears in 3 contracts

Samples: Asset Representations Review Agreement (First National Funding LLC), Asset Representations Review Agreement (First National Funding LLC), Asset Representations Review Agreement (World Financial Network Credit Card Master Trust)

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Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each representation and warranty Pool Asset Representation (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), or if the Test has not been satisfied (a “Test Fail”), ) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

Appears in 2 contracts

Samples: Asset Representations Review Agreement (SMART ABS Series 2016-2us Trust), Asset Representations Review Agreement (SMART ABS Series 2016-2us Trust)

Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), ) or if the Test has not been satisfied (a “Test Fail”), ) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

Appears in 1 contract

Samples: Asset Representations Review Agreement (Fifth Third Holdings Funding, LLC)

Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each the Subject Receivable Receivables the procedures listed under "Tests" in Schedule A for each representation and warranty (each, a "Test"), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject ReceivableTest, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a "Test Pass”), ") or if the Test has not been satisfied (a "Test Fail”), or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”"). The If the result for more than one Subject Receivable is determinable by performing a Test once for such group of Subject Receivables, the Asset Representations Reviewer will use such determination for all such Subject Receivables that are subject to the same TestReceivables.

Appears in 1 contract

Samples: Asset Representations Review Agreement (World Financial Network Credit Card Master Note Trust)

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