Completion of Review for Certain Subject Receivables Sample Clauses
The 'Completion of Review for Certain Subject Receivables' clause defines the process and requirements for finalizing the examination of specific receivables identified in an agreement. Typically, this clause outlines the timeframe within which the review must be completed, the criteria for determining whether the receivables meet agreed-upon standards, and the steps to be taken if discrepancies are found. Its core function is to ensure that both parties have a clear and agreed-upon process for validating the quality and eligibility of receivables, thereby reducing the risk of disputes and ensuring that only acceptable receivables are included in the transaction.
Completion of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the Obligor or purchased from the Issuer by the Sponsor, the Depositor or the Servicer according to the applicable Basic Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason.
Completion of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer (with a copy to Santander Consumer) if a Subject Receivable is paid in full by or on behalf of the Obligor or repurchased from the Issuer by Santander Consumer in accordance with the Transaction Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason.
Completion of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if (a) a Subject Receivable is paid in full by the Obligor (b) a Subject Receivable is held by the Issuer Trustee for the Seller Trust in accordance with clause 6.4 of the Master Sale and Servicing Deed or (c) Macquarie Leasing Pty Limited has paid an amount to the Issuer Trustee in accordance with clauses 6.10 and 6.11 of the Master Sale and Servicing Deed. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Subject Receivable and the Asset Representations Review of such Subject Receivable will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Subject Receivable and the related reason.