Examples of ARR Review in a sentence
In order to initiate a vote, during such 90 day period Noteholders must send written notification to the Indenture Trustee indicating that in light of the occurrence of a Delinquency Trigger Event (such Delinquency Trigger Event to be specified in such written notification) they are in favor of initiating a vote with respect to such specified Delinquency Trigger Event to determine whether or not to direct the Asset Representations Reviewer to undertake an ARR Review.
The vote as to whether or not to undertake an ARR Review shall be completed within 150 days of disclosure in the Monthly Noteholders’ Statement of the occurrence of a Delinquency Trigger Event.
The Servicer shall provide the Asset Representations Reviewer with notice of a vote in favor of an ARR Review and access to copies of any underlying documents related to performing the ARR Review, as set forth in the Asset Representations Reviewer Agreement.
The Sixty Day Delinquent Assets reviewed shall be those reported in and relating to the Monthly Noteholders’ Statement for the Monthly Period in which the conditions for an ARR Review were satisfied.
Not later than sixty days after receipt of the full report from the Asset Representations Reviewer, BBD, in its individual capacity, shall determine whether any instance of noncompliance with the ARR Representations and Warranties constitutes a breach of any contractual provision under the Transaction Documents and whether or not to direct a reassignment of any of the Receivables subject to the ARR Review.
If at the end of such 150 day period Noteholders holding more than 50% of the aggregate Adjusted Outstanding Dollar Principal Amount of Noteholders casting a vote, cast such vote in favor of an ARR Review, then the Asset Representations Reviewer (upon receipt of notification from the Servicer) shall undertake an ARR Review.
Moreover, if any Review Receivable or Review Account was included in a prior ARR Review, the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Review Report for the current ARR Review.
BBD may also, without cause, but upon 30 days advance written notice to the Asset Representations Reviewer, terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement; provided that any such termination without cause shall not be effective until the Asset Representations Reviewer has completed and timely delivered all Review Reports for any then in-progress ARR Review.
The ARR Review is designed to perform Tests designed to determine whether or not Review Accounts and Review Receivables were in compliance with the Eligible Representations.
The sanitary sewer system is separate, carrying wastewater to the treatment plant for processing before releasing into the public waters.