Test Fail definition

Test Fail has the meaning stated in Section 3.4(a).

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Test Fail has the meaning stated in the Asset Representations Review Agreement.

Test Fail has the meaning assigned to it in Section 3.03(a) of the Asset Representations Review Agreement.

Examples of Test Fail in a sentence

For each Test Fail or Test Complete, the Review Report will indicate the related reason.
If the missing Review Materials or other documents have not been provided by the Servicer, the Sponsor or the Collateral Custodian, as applicable, within 15 calendar days, the related Review Report will report a Test Fail for each Test that requires use of the missing or insufficient Review Materials.
Within five (5) Business Days after the end of the applicable Asset Representations Review period under Section 3.03(b), the Asset Representations Reviewer will deliver to the Administrator, the Issuing Entity, the Grantor Trust, the Sponsor, the Servicer, the Depositor and the Indenture Trustee a report indicating for each Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test (a “Review Report”).
During the course of its review, the Asset Representations Reviewer will provide the Issuing Entity, the Grantor Trust and the Servicer and the Sponsor with a preliminary list of any Test Fail and the issues identified and, at that time, the Sponsor has the option of electing to provide additional Review Materials or information which the Asset Representations Reviewer will analyze and consider in preparing the Review Report.
Within 5 (five) business days following the applicable Review period described in Section 3.06, the Asset Representations Reviewer will provide the Issuing Entity, Sponsor, Depositor, Servicer and Indenture Trustee with a Review Report providing each Test result (i.e., Test Pass, Test Fail or Test Complete) for each ARR Receivable.
For each Test Fail or Test Complete, the Review Report will indicate the related reason, including (for example) whether the Review Receivable was a Test Fail as a result of missing or incomplete Review Materials.
In the event missing Review Materials are not provided within this timeframe, the Test or Tests will be considered completed and the Review Report will report a Test Fail for the related ARR Receivable or applicable representation or warranty and the reason for the Test Fail.

More Definitions of Test Fail

Test Fail has the meaning assigned to such term in the Asset Representations Review Agreement. A-29 Definitions (2017-2)

Test Fail has the meaning stated in Section 3.05. “Test Pass” has the meaning stated in Section 3.05. “Tests” means, with respect to any 2017-1 Lease or 2017-1 Vehicle, the procedures listed in Exhibit A with respect thereto. “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing Date, between BMW Auto Leasing LLC and the Owner Trustee, as the same may be amended, supplemented or modified from time to time. “Underwriters” means Barclays Capital Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., BNP Paribas Securities Corp. and MUFG Securities Americas Inc. 2 ARTICLE II.

Test Fail has the meaning stated in the Asset Representations Review Agreement. “Titling Trust Agreement” means the titling trust agreement, dated as of June 18, 2007, as amended and restated as of August 1, 2007, as further amended and restated as of April 1, 2008, in each case, among the Titling Trust Administrator, the Initial Beneficiary and the Titling Trustee, as further amended by the amendment to the titling trust agreement, dated as of March 1, 2009. “Titling Trust Control Agreement” means the Titling Trust Account Control Agreement, dated as of October 1, 2016, among the Titling Trust, the Indenture Trustee and U.S. Bank National Association, in its capacity as a securities intermediary. “Transferor” means Daimler Trust Leasing LLC, a Delaware limited liability company. “Transition Costs” means the reasonable costs and expenses (including reasonable attorneys’ fees but excluding overhead) incurred or payable by the Successor Servicer in connection with the transfer of servicing (whether due to termination, resignation or otherwise), including allowable compensation of employees and overhead costs incurred or payable in connection with the transfer of the Lease Files or any amendment to the 2016-B Servicing Agreement required in connection with the transfer of servicing. “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of October 1, 2016, between the Transferor and the Owner Trustee. “Trust Estate” has the meaning specified in the Indenture. “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the Closing Date, unless otherwise specifically provided in the Indenture. “Trustees” means the Indenture Trustee and the Owner Trustee. “Underwriting Agreement” means the Underwriting Agreement, dated October 18, 2016, among the Transferor, MBFS USA and the Representatives. “United States” or “U.S.” means the United States of America. “U.S. Bank” means U.S. Bank National Association. “U.S. Bank Trust” means U.S. Bank Trust National Association. “Wilmington Trust” means Wilmington Trust, National Association. A1-22

Test Fail has the meaning stated in Section 2.7.