Review Scope. The Reviews are designed to determine whether certain 2024-1 Leases were in compliance with certain representations and warranties made about them in the Servicing Supplement. The Reviews are not designed to determine any of the following: (a) reason for delinquency; (b) creditworthiness of the Lessees, either at the time of the Review or as of the time of the origination of the related 2024-1 Leases; (c) overall quality of any Review Asset; (d) whether the Servicer has serviced any 2024-1 Lease in compliance with the terms of the Servicing Supplement; (e) whether noncompliance with the representations or warranties constitutes a breach of the Servicing Supplement; (f) whether the 2024-1 Leases complied with the representations and warranties set forth in the Servicing Supplement, 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 Lease Trust 2024-1), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2024-1)
Review Scope. The Reviews are designed to determine whether certain 20242017-1 2 Leases were in compliance with certain representations and warranties made about them in the Servicing Supplement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Lessees, either at the time of the Review or as of the time of the origination of the related 20242017-1 2 Leases;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any 20242017-1 2 Lease in compliance with the terms of the Servicing Supplement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the Servicing Supplement;
(f) whether the 20242017-1 2 Leases complied with the representations and warranties set forth in the Servicing Supplement, 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 Lease Trust 2017-2), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2017-2)
Review Scope. The Reviews are designed to determine whether certain 20242016-1 2 Leases were in compliance with certain representations and warranties made about them in the Servicing Supplement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Lessees, either at the time of the Review or as of the time of the origination of the related 20242016-1 2 Leases;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any 20242016-1 2 Lease in compliance with the terms of the Servicing Supplement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the Servicing Supplement;
(f) whether the 20242016-1 2 Leases complied with the representations and warranties set forth in the Servicing Supplement, 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 Lease Trust 2016-2), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2016-2)
Review Scope. The Reviews are designed to determine whether certain 20242016-1 Leases were in compliance with certain representations and warranties made about them in the Servicing Supplement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Lessees, either at the time of the Review or as of the time of the origination of the related 20242016-1 Leases;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any 20242016-1 Lease in compliance with the terms of the Servicing Supplement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the Servicing Supplement;
(f) whether the 20242016-1 Leases complied with the representations and warranties set forth in the Servicing Supplement, 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 Lease Trust 2016-1), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2016-1)
Review Scope. The Reviews are designed to determine whether certain 20242019-1 Leases were in compliance with certain representations and warranties made about them in the Servicing Supplement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Lessees, either at the time of the Review or as of the time of the origination of the related 20242019-1 Leases;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any 20242019-1 Lease in compliance with the terms of the Servicing Supplement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the Servicing Supplement;
(f) whether the 20242019-1 Leases complied with the representations and warranties set forth in the Servicing Supplement, 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 Lease Trust 2019-1), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2019-1)
Review Scope. The Reviews are designed to determine whether certain 20242023-1 2 Leases were in compliance with certain representations and warranties made about them in the Servicing Supplement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Lessees, either at the time of the Review or as of the time of the origination of the related 20242023-1 2 Leases;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any 20242023-1 2 Lease in compliance with the terms of the Servicing Supplement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the Servicing Supplement;
(f) whether the 20242023-1 2 Leases complied with the representations and warranties set forth in the Servicing Supplement, 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 Lease Trust 2023-2), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2023-2)
Review Scope. The Reviews are designed to determine whether certain 20242018-1 Leases were in compliance with certain representations and warranties made about them in the Servicing Supplement. The Reviews are not designed to determine any of the following:
(a) reason for delinquency;
(b) creditworthiness of the Lessees, either at the time of the Review or as of the time of the origination of the related 20242018-1 Leases;
(c) overall quality of any Review Asset;
(d) whether the Servicer has serviced any 20242018-1 Lease in compliance with the terms of the Servicing Supplement;
(e) whether noncompliance with the representations or warranties constitutes a breach of the Servicing Supplement;
(f) whether the 20242018-1 Leases complied with the representations and warranties set forth in the Servicing Supplement, 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 Lease Trust 2018-1), Asset Representations Review Agreement (BMW Vehicle Lease Trust 2018-1)