ARR Review definition
Examples of ARR Review in a sentence
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.
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.
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 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.
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.