Examples of ARR Review in a sentence
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.
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 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.
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.
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.
Upon completion of the ARR Review, the Asset Representations Reviewer shall deliver a report to the Indenture Trustee, with a copy to BBD, setting forth its findings and conclusions.
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.
Subject to all confidentiality provisions contained herein, it will maintain copies of any Review Materials, Review Reports and other documents relating to an ARR Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement.
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.
The Review Report and all other Work Product related to an ARR Review will be owned by BBD and treated as work made for hire (as that phrase is defined in the U.S. Copyright Act of 1976), and BBD is permitted to distribute any Review Report as it deems necessary.