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. 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.

Examples of Asset Representations Review in a sentence

• Any expenses incurred by Indenture Trustee in connection with a petition, a vote or an Asset Representations Review shall be subject to reimbursement pursuant to Section 6.07 of the Indenture.

• If a Delinquency Trigger occurs, as reported on a Form 10-D, a Noteholder or a Beneficial Owner may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Beneficial Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Contracts under the Asset Representations Review Agreement.

• For the avoidance of doubt, nothing in this Indenture Supplement should be construed to require Indenture Trustee to monitor the obligations or the actions of Asset Representations Reviewer or hold Indenture Trustee liable for the performance of Asset Representations Reviewer or the failure of Asset Representations Reviewer to perform any obligation, duty or agreement in the manner or on the day required to be performed by Asset Representations Reviewer under the Asset Representations Review Agreement.

• Pursuant to the Asset Representations Review Agreement, Servicer has engaged and Issuer has appointed FTI Consulting, Inc., a Maryland corporation, as the Asset Representations Reviewer to perform the obligations of the Asset Representations Reviewer set forth therein and herein, respectively.

• Assuming a voting quorum of the Noteholders holding at least 5% of the aggregate principal amount of the Notes is reached, if the Noteholders of a majority of the aggregate principal balance of the Notes vote to direct a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer and the Servicer under the Asset Representations Review Agreement requesting the Asset Representations Reviewer to conduct the Review.

More Definitions of Asset Representations Review

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 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.

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 means the review of the Asset Representations Reviewer conducted pursuant to the Asset Representations Review Agreement.

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