Common use of Representation Method of Testing Clause in Contracts

Representation Method of Testing. (i)(b) (b) has created or shall create a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has been assigned by the Seller to the Depositor and by the Depositor to the Issuer, 1. Confirm that the Receivable contains security interest language in favor of the Seller in the Financed Vehicle. 2. Confirm that a Certificate of Title or other suitable documentation lists Seller as lienholder or that an application for a Certificate of Title or other suitable documentation has been filed in the applicable state listing the Seller as lienholder. 3. Confirm that the Receivable is listed on Schedules of Receivables to the Receivables Purchase Agreement and the Sale and Servicing Agreement.