Is there a way to know whether the thermal sensor on the heat sink is in healthy condition on Altivar 71 drive.

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To know the healthy condition of thermal sensor, we have only way to find with the troubleshooting (to check the Drive thermal state).
And the internal fans are control by fans control boards. These boards verify that the fans turn in the sense. There is a thermal sensor in each fan which gives a feedback to the fan control board.
This can be verified with the LED on the fan control board.