Test Pass definition

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

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Test Pass has the meaning stated in Section 3.03(a) of the Asset Representations Review Agreement.

Test Pass has the meaning specified in Section 4.

Examples of Test Pass in a sentence

• The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Tests” in Schedule A, and will have no obligation to perform additional procedures on any Subject Receivable or to provide any information other than a Review Report indicating for each Subject Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason.

• Within ten (10) calendar days after the end of the applicable Asset Review period under Section 3.03(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer, and the Indenture Trustee a Review Report indicating for each Subject Receivable whether there was a Test Pass, Test Incomplete, Test Fail or Test Complete for each related Test.

• If a Test or part of a Test cannot be performed for a Review Receivable because the Test circumstances do not apply to the Review Receivable, the Test will be considered to be satisfied and will be reported as a Test Pass.

• 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”).

• For each Test and Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a "Test Pass") or if the Test has not been satisfied (a "Test Fail").

• Within five days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Sponsor, the Depositor, the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Review Receivable was an overall Test Fail (for a missing or illegible Contract) or a Test Complete.

More Definitions of Test Pass

Test Pass has the meaning stated in Section 3.03(a). 2 Representations Review Agreement

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 Pass has the meaning stated in Section 2.7.

Test Pass has the meaning set forth in Section 3.5. Table of Contents