Common use of The Asset Representations Review Clause in Contracts

The Asset Representations Review. For each Review, the Asset Representations Reviewer will perform, for each related Review Asset, the applicable procedures listed under “Tests” in Exhibit A for each Eligible Representation, using the Review Materials necessary to perform the procedures listed under such Test in Exhibit A. For each Test and Review Asset, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). If a Review Asset was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Asset, and will include the previously reported Test results in the Review Report for the current Review, unless the Asset Representations Reviewer has reason to believe that the prior Review was conducted in a manner that would not have ascertained the compliance of that Review Asset with a specific representation or warranty, in which case the Asset Representations Reviewer may conduct additional Tests. If the same Test is required for more than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Asset, and will report the results of the Test for each applicable Eligible Representation on the Review Report.

Appears in 18 contracts

Samples: Asset Representations Review Agreement (BMW Vehicle Lease Trust 2024-2), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2024-2), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2024-1)

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The Asset Representations Review. For each Review, the Asset Representations Reviewer will perform, for each related Review Asset, the applicable procedures listed under “Tests” in Exhibit A for each Eligible Representation, using the Review Materials necessary to perform the procedures listed under such Test in Exhibit A. For each Test and Review Asset, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). If a any Review Asset was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Asset, and will include the previously reported Test results in the Review Report for the current Review, unless the Asset Representations Reviewer has reason to believe that the prior Review was conducted in a manner that would not have ascertained the compliance of that Review Asset with a specific representation or warranty, in which case additional tests may be conducted by the Asset Representations Reviewer may conduct additional TestsReviewer. If the same Test is required for more than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Asset, and will report the results of the Test for each applicable Eligible Representation on the Review Report.

Appears in 15 contracts

Samples: Asset Representations Review Agreement (BMW Vehicle Owner Trust 2024-A), Asset Representations Review Agreement (BMW Vehicle Owner Trust 2024-A), Asset Representations Review Agreement (BMW Vehicle Owner Trust 2023-A)

The Asset Representations Review. For each Review, the Asset Representations Reviewer will perform, for each related Review Asset, the applicable procedures listed under “Tests” in Exhibit A for each Eligible Representation, using the Review Materials necessary to perform the procedures listed under such Test in Exhibit A. For each Test and Review Asset, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). If a Review Asset was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Asset, and will include the previously reported Test results in the Review Report for the current Review, unless the Asset Representations Reviewer has reason to believe that the prior Review was conducted in a manner that would not have ascertained the compliance of that Review Asset with a specific representation or warranty, in which case the Asset Representations Reviewer may conduct additional Tests. If the same Test is required for more than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Asset, and will report the results of the Test for each applicable Eligible Representation on the Review Report.

Appears in 11 contracts

Samples: Asset Representations Review Agreement, Asset Representations Review Agreement (Financial Services Vehicle Trust), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2017-2)

The Asset Representations Review. For each Review, the Asset Representations Reviewer will perform, for each related Review Asset, the applicable procedures listed under "Tests" in Exhibit A for each Eligible Representation, using the Review Materials necessary to perform the procedures listed under such Test in Exhibit A. For each Test and Review Asset, the Asset Representations Reviewer will determine if the Test has been satisfied (a "Test Pass") or if the Test has not been satisfied (a "Test Fail"). If a Review Asset was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Asset, and but will include the previously reported Test results in the Review Report for the current Review, unless the Asset Representations Reviewer has reason to believe that the prior Review was conducted in a manner that would not have ascertained the compliance of that Review Asset with a specific representation or warranty, in which case the Asset Representations Reviewer may conduct additional Tests. If the same Test is required for more than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Asset, and but will report the results of the Test for each applicable Eligible Representation on the Review Report.

Appears in 1 contract

Samples: Asset Representations Review Agreement (BMW Fs Securities LLC)

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The Asset Representations Review. For each Review, the Asset Representations Reviewer will perform, for each related Review Asset, the applicable procedures listed under “Tests” in Exhibit A for each Eligible Representation, using the Review Materials necessary to perform the procedures listed under such Test in Exhibit A. For each Test and Review Asset, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). If a any Review Asset was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Asset, and will include the previously reported Test results in the Review Report for the current Review, unless [To be included if any representations or warranties are made as of a date later than the Cutoff Date or the Closing Date: either such Review Asset is the subject of a representation or warranty as of a date following the completion of the prior Review or] the Asset Representations Reviewer has reason to believe that the prior Review was conducted in a manner that would not have ascertained the compliance of that Review Asset with a specific representation or warranty, in which case the Asset Representations Reviewer may conduct additional Tests. If the same Test is required for more than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Asset, and will report the results of the Test for each applicable Eligible Representation on the Review Report.

Appears in 1 contract

Samples: Asset Representations Review Agreement (BMW Fs Securities LLC)

The Asset Representations Review. For each Review, the Asset Representations Reviewer will perform, for each related Review Asset, the applicable procedures listed under “Tests” in Exhibit A for each Eligible Representation, using the Review Materials necessary to perform the procedures listed under such Test in Exhibit A. For each Test and Review Asset, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). If a any Review Asset was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Asset, and will include the previously reported Test results in the Review Report for the current Review, unless [To be included if any representations or warranties are made as of a date later than the Cutoff Date or the Closing Date: either such Review Asset is the subject of a representation or warranty as of a date following the completion of the prior Review or] the Asset Representations Reviewer has reason to believe that the prior Review was conducted in a manner that would not have ascertained the compliance of that Review Asset with a specific representation or warranty, in which case additional tests may be conducted by the Asset Representations Reviewer may conduct additional TestsReviewer. If the same Test is required for more than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Asset, and will report the results of the Test for each applicable Eligible Representation on the Review Report.

Appears in 1 contract

Samples: Asset Representations Review Agreement (BMW Fs Securities LLC)

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