Review Scope. The Reviews are designed to determine whether certain Receivables were in compliance with certain representations and warranties made about them in the applicable Receivables Purchase Agreement. The Reviews are not designed to determine any of the following: (a) reason for delinquency; (b) creditworthiness of the Obligor, either at the time of the Review or as of the time of the origination of the related Receivable; (c) overall quality of any Review Asset; (d) whether the Servicer has serviced any Receivable in compliance with the terms of the Sale and Servicing Agreement; (e) whether noncompliance with the representations or warranties constitutes a breach of the applicable Receivables Purchase Agreement; (f) whether the Receivables complied with the representations and warranties set forth in the applicable Receivables Purchase Agreement, except as expressly described in this Agreement; or (g) establish cause, materiality or recourse for any failed Test as described in Section 3.05.
Appears in 14 contracts
Sources: Asset Representations Review Agreement (BMW Vehicle Owner Trust 2025-A), Asset Representations Review Agreement (BMW Vehicle Owner Trust 2025-A), Asset Representations Review Agreement (BMW Vehicle Owner Trust 2024-A)
Review Scope. The Reviews are designed to determine whether certain Receivables were in compliance with certain representations and warranties made about them in the applicable Receivables Purchase Agreement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Obligor, either at the time of the Review or as of the time of the origination of the related Receivable;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any Receivable in compliance with the terms of the Sale and Servicing Agreement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the applicable Receivables Purchase Agreement;
(f) whether the Receivables complied with the representations and warranties set forth in the applicable Receivables Purchase Agreement, except as expressly described in this Agreement; or
(g) establish cause, materiality or recourse for any failed Test as described in Section 3.05.
Appears in 2 contracts
Sources: Asset Representations Review Agreement (BMW Vehicle Owner Trust 2016-A), Asset Representations Review Agreement (BMW Vehicle Owner Trust 2016-A)
Review Scope. The Reviews are designed to determine whether certain Receivables were in compliance with certain representations and warranties made about them in the applicable Receivables Purchase Sale and Servicing Agreement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Obligor, either at the time of the Review or as of the time of the origination of the related Receivable;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any Receivable in compliance with the terms of the Sale and Servicing Agreement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the applicable [applicable] Receivables Purchase Agreement;
(f) whether the Receivables complied with the representations and warranties set forth in the applicable [applicable] Receivables Purchase Agreement, except as expressly described in this Agreement; or
(g) establish cause, materiality or recourse for any failed Test as described in Section 3.05.
Appears in 2 contracts
Sources: Asset Representations Review Agreement (BMW Fs Securities LLC), Asset Representations Review Agreement (BMW Fs Securities LLC)