Asset Representations Review definition

Asset Representations Review means, following the occurrence of a Delinquency Trigger, the review of ARR Receivables to be undertaken by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.

Asset Representations Review means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Subject Receivables as of the first date on which the Review Conditions are satisfied for compliance with the representations and warranties set forth in Section 2.03 of the Receivables Purchase Agreement.

Asset Representations Review means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Delinquent Receivables that have been Delinquent Receivables for 60 days or more as of the last day of the preceding Collection Period to determine whether such Delinquent Receivables satisfy the representations and warranties set forth in Section 3.4 of the Receivables Purchase Agreement and Section 2.3(b) of the Sale and Servicing Agreement, each as of the Closing Date or such other date as specified in Section 3.4 of the Receivables Purchase Agreement and Section 2.3(b) of the Sale and Servicing Agreement.

Examples of Asset Representations Review in a sentence

• The Sponsor will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Sponsor Review Materials on the Sponsor’s originations, receivables or other systems, obtaining missing or insufficient Sponsor Review Materials and/or providing clarification of any Sponsor Review Materials or Tests.

• For an Asset Representations Review, the Asset Representations Reviewer will perform, for each Review Receivable, the Tests for each Eligible Representation.

• All references herein to “the Agreement” or “this Agreement” are to this Asset Representations Review Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified.

• However, if an Asset Representations Review is terminated according to Section 3.03(e), the Asset Representations Reviewer must submit its invoice to the Issuing Entity and the Sponsor for the Review Fee for the terminated Review no later than ten (10) Business Days before the final Distribution Date to be reimbursed on such final Distribution Date.

• The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer during the performance of an Asset Representations Review.

More Definitions of Asset Representations Review

Asset Representations Review. A review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Delinquent Receivables that have been Delinquent Receivables for 60 days or more as of the last day of the preceding Monthly Period to determine whether such Delinquent Receivables satisfy the representations and warranties set forth in Section 3.01 of the Pooling Agreement as of the Closing Date or such other date as specified in Section 3.01 of the Pooling Agreement.

Asset Representations Review means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according to Section 3.4.

Asset Representations Review or the “Services”) on certain delinquent receivables (each, a “Receivable”) owned by the Trust. The Services are designed to determine whether, for each Receivable and subject to the terms of this Agreement, the Tests (as defined in Section 2.1) are satisfied or not satisfied with respect to the representations and warranties made about each such Receivable in Section 3.01 of the Pooling Agreement, dated as of the date hereof (the “Pooling Agreement”), between Ally Auto Assets LLC (the “Depositor”) and the Sponsor. Capitalized terms used herein but not defined herein shall have the meanings given in Part I of Appendix A to the Servicing Agreement, dated as of the date hereof, by and among Ally Bank (in its capacity as servicer, the “Servicer”), the Depositor and the Trust. The rules of construction set forth in Part II of Appendix A to the Servicing Agreement shall be applicable to this Agreement. The provision of the Asset Representations Review is contingent upon the Asset Representations Reviewer’s ability to be provided with the Required Documents (as defined in Section 2.1), as well as upon the Asset Representations Reviewer having direct contact with the Sponsor regarding questions and documents necessary to complete its review of the Receivables. The Sponsor expressly acknowledges and agrees that the Asset Representations Reviewer is performing the Services as an independent contractor, and the Asset Representations Reviewer shall operate independently and without undue influence from any beneficial owner or holder of the securities issued by the Trust or the parties hereto, including the Sponsor. In furtherance of the foregoing, the Sponsor acknowledges and agrees that the Asset Representations Reviewer’s Test findings are solely based on the Asset Representations Reviewer’s independent assessment of the Tests (as defined below), and are independent of the Sponsor’s analysis or analysis by a beneficial owner of the Trust’s securities. The Sponsor agrees that the Asset Representations Reviewer is not responsible for determining whether noncompliance with any representation is a breach of the Pooling Agreement.

Asset Representations Review means, following the occurrence of a Delinquency Trigger, the review of 60-Day Delinquent Receivables to be undertaken by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.

Asset Representations Review shall have the meaning assigned to the term “Review” in the Asset Representations Review Agreement.

Asset Representations Review shall have the meaning specified in the Transfer Agreement.

Asset Representations Review means a review by the Asset Representations Reviewer for compliance with the ARR Representations and Warranties of all Receivables that were 60-Day Delinquent Receivables (including the related Accounts) as of the close of business on the last day of the Monthly Period with respect to which the related 60-Day Delinquency Event occurred.