Common use of Monthly Investor Report Clause in Contracts

Monthly Investor Report. (a) The Servicer shall, by not later than on each Investor Report Performance Date, prepare and deliver via e-mail or facsimile, to the Issuer, the Security Trustee, the Principal Paying Agent, the Calculation Agent, the Rating Agencies, the Noteholders, the Registrar, the Swap Counterparties and the Subordinated Lender the Monthly Investor Report in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) below: (i) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note and the Subordinated Loan on the immediately following Payment Date; (ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (iii) the nominal amount still outstanding on each Note and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Net Loss Ratio; (vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (viii) the Dynamic Net Loss Ratio; (ix) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (x) delinquency information for delinquency periods of up to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables and the total outstanding Discounted Receivables Balance of delinquent Financing Contracts; (xi) in the event of the final Payment Date, the fact that such date is the final Payment Date; (xii) stratification tables; (xiii) the Buffer Release Amount; (xiv) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (xv) information on the occurrence of an Early Amortisation Event; (xvi) the amortisation profile of the outstanding pool; (xvii) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (xviii) the sum of the credit balances (deposits) on the previous Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS; (xix) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, on the Payment Date falling in December 2022). The Servicer shall list the amounts to be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amount. (b) The Servicer shall provide the Calculation Agent with a first draft of the Monthly Investor Report by no later than 11am London time on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (c) Following receipt from: (i) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (ii) the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreement, the Servicer will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (d) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties.

Monthly Investor Report. (a) The Servicer shall, by not later than 5 p.m. London time on each Investor Report Performance Date, prepare and deliver via e-mail or facsimile, to the Issuer, the Security Trustee, the Principal Paying Agent, the Calculation Agent, the Rating Agencies, the Noteholders, the Registrar, the Swap Counterparties Registrar and the Subordinated Lender the Monthly Investor Report (substantially in the form agreed with the Arranger for and on behalf of the Note Purchasers on the Closing Date) in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowinclude: (i) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note and the Subordinated Loan on the immediately following Payment Date; (ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (iii) the nominal amount still outstanding on each Note and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Net Loss Ratio; (vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (viii) the Dynamic Net Loss Ratio; (ix) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (x) delinquency information for delinquency periods of up to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables and the total outstanding Discounted Receivables Balance of delinquent Financing Contracts; (xi) in the event of the final Payment Date, the fact that such date is the final Payment Date; (xii) stratification tables; (xiii) the Late Delinquency Ratio; (xiv) the Buffer Release Amount; (xivxv) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (xvxvi) information on the occurrence of an Early Amortisation Event; (xvixvii) the amortisation profile of the outstanding pool; (xviixviii) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (xviiixix) the Maximum Issuance Amount for each Series of Notes; (xx) the sum of the credit balances (deposits) on the previous Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS;; and (xixxxi) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, on the Payment Date falling in December 2022). The Servicer shall list the amounts to be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amount. (b) The Issuer will notify the Servicer in writing or procure the giving of such notice by not later than 10:00 am. on the next following Business Day (with a copy to the Security Trustee) if it has not received the Monthly Investor Report by close of business on the Investor Report Performance Date, provided that failure by the Issuer to give such notice or procure the giving of such notice shall not prevent the Servicer's failure to deliver the Monthly Investor Report from resulting in a Servicer Replacement Event. (c) The Servicer shall provide the Calculation Agent with a first draft of the Monthly Investor Report by no later than 11am London time on the fourth four (4th4) Business Day Days prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (cd) Following receipt from: (i) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (ii) the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreement, the Servicer will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second two (2nd2) Business Day Days prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (de) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties.

Monthly Investor Report. (a) The On or about the tenth day of each calendar month, the Servicer shall, by not later than on each Investor Report Performance Date, prepare and will deliver via e-mail or facsimile, to the Issuer, the Security Owner Trustee, the Principal Note Paying Agent and Certificate Paying Agent, the Calculation AgentIndenture Trustee and the Seller, with a copy to the Rating Agencies, a servicing report (the Noteholders"Monthly Investor Report"), certified by an Authorized Officer of the RegistrarServicer as to the accuracy of the information therein, containing all information (including all specific dollar amounts) necessary to make the Swap Counterparties transfers and distributions pursuant to Sections 4.5, 4.6 and 4.7, and the Subordinated Lender following information as to the Notes and the Certificates to the extent applicable, in each case for the Collection Period preceding the date of such Monthly Investor Report in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowReport: (i) the Available Distribution Amount and the aggregate amount of such distribution allocable to be distributed in relation principal allocable to each Note and the Subordinated Loan on the immediately following Payment DateClass of Securities; (ii) the repayment amount of the nominal amount attributed such distribution allocable to interest allocable to each Note and to the Subordinated Loan as advanced together with the interest paymentClass of Securities; (iii) the nominal amount still outstanding of such distribution allocable to draws from the Reserve Account, if any; (iv) the Pool Balance as of the close of business on each Note the last day of the preceding Collection Period; (v) the Specified Overcollateralization Amount and the Subordinated Loan Specified Credit Enhancement Amount as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Net Loss Ratioamount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees and the change in such amount from the amount paid on the prior Payment Date; (vii) the amounts of any unpaid interest from a prior Collection Period, with respect to each Class A Actual Overcollateralisation Percentage of Notes or the Certificates, plus any interest thereon, to the extent permitted by law, if any, on such Payment Date and the Class B Actual Overcollateralisation Percentagechange in such amounts from the preceding Payment Date; (viii) the Dynamic Net Loss Ratioaggregate outstanding principal amount of each Class of Notes and the Note Pool Factor for each Class of Notes, the Certificate Balance of the Class D Certificates and the Certificate Pool Factor of the Class D Certificates as of such Payment Date; (ix) the applicable Class A Targeted Overcollateralisation Percentage amount of any previously due and unpaid payment of principal of the Notes or of the Certificate Balance, as applicable, and the applicable Class B Targeted Overcollateralisation Percentagechange in such amount from that of the prior Payment Date; (x) delinquency information for delinquency periods the balance of up the Reserve Account on such Payment Date, after giving effect to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables distributions made on such Payment Date and the total outstanding Discounted Receivables Balance of delinquent Financing Contractschange in such balance from the preceding Payment Date; (xi) in the event amount of the final Payment Dateaggregate Realized Losses, if any, with respect to the fact that such date is the final Payment Daterelated Collection Period; (xii) stratification tables;the aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer, if any, with respect to the related Collection Period; and (xiii) the Buffer Release Amount; (xiv) the Amortisation Factors with respect to any Series amount of Notes that qualify as an Amortising Series; (xv) information Simple Interest Advances, if any, on the occurrence of an Early Amortisation Event; (xvi) the amortisation profile of the outstanding pool; (xvii) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (xviii) the sum of the credit balances (deposits) on the previous such Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS; (xix) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, Date. Each amount set forth on the Payment Date falling in December 2022). The Servicer shall list the amounts statement pursuant to be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amount. (b) The Servicer shall provide the Calculation Agent with a first draft of the Monthly Investor Report by no later than 11am London time on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (c) Following receipt from: clauses (i), (ii), (vii) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (iiix) the interest above will be expressed as a dollar amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement per $1,000 of amounts payable by the Issuer original principal amount or the Swap Counterparty in respect original Certificate Balance of the Swap Agreementa Note or a Certificate, the Servicer will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agentas applicable. (d) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties.

Monthly Investor Report. (a) The On or about the tenth day of each calendar month, the Servicer shall, by not later than on each Investor Report Performance Date, prepare and will deliver via e-mail or facsimile, to the Issuer, the Security Owner Trustee, the Principal Note Paying Agent, the Calculation AgentIndenture Trustee and the Seller, with a copy to the Rating Agencies, a servicing report (the Noteholders"Monthly Investor Report"), certified by an Authorized Officer of the RegistrarServicer as to the accuracy of the information therein, containing all information (including all specific dollar amounts) necessary to make the Swap Counterparties transfers and distributions pursuant to Sections 4.5, 4.6 and 4.7, and the Subordinated Lender following information as to the Notes to the extent applicable, in each case for the Collection Period preceding the date of such Monthly Investor Report in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowReport: (i) the Available Distribution Amount and the aggregate amount of such distribution allocable to be distributed in relation principal allocable to each Note and the Subordinated Loan on the immediately following Payment DateClass of Notes; (ii) the repayment amount of the nominal amount attributed such distribution allocable to interest allocable to each Note and to the Subordinated Loan as advanced together with the interest paymentClass of Notes; (iii) the nominal amount still outstanding of such distribution allocable to draws from the Reserve Account, if any; (iv) the Pool Balance as of the close of business on each Note the last day of the preceding Collection Period; (v) the Specified Overcollateralization Amount and the Subordinated Loan Specified Credit Enhancement Amount as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Net Loss Ratioamount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees and the change in such amount from the amount paid on the prior Payment Date; (vii) the amounts of any unpaid interest from a prior Collection Period, with respect to each Class A Actual Overcollateralisation Percentage of Notes, plus any interest thereon, to the extent permitted by law, if any, on such Payment Date and the Class B Actual Overcollateralisation Percentagechange in such amounts from the preceding Payment Date; (viii) the Dynamic Net Loss Ratioaggregate outstanding principal amount of each Class of Notes and the Note Pool Factor for each Class of Notes as of such Payment Date; (ix) the applicable Class A Targeted Overcollateralisation Percentage amount of any previously due and unpaid payment of principal of the Notes and the applicable Class B Targeted Overcollateralisation Percentagechange in such amount from that of the prior Payment Date; (x) delinquency information for delinquency periods the balance of up the Reserve Account on such Payment Date, after giving effect to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables distributions made on such Payment Date and the total outstanding Discounted Receivables Balance of delinquent Financing Contractschange in such balance from the preceding Payment Date; (xi) in the event amount of the final Payment Dateaggregate Realized Losses, if any, with respect to the fact that such date is the final Payment Daterelated Collection Period; (xii) stratification tables;the aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer, if any, with respect to the related Collection Period; and (xiii) the Buffer Release Amount; (xiv) the Amortisation Factors with respect to any Series amount of Notes that qualify as an Amortising Series; (xv) information Simple Interest Advances, if any, on the occurrence of an Early Amortisation Event; (xvi) the amortisation profile of the outstanding pool; (xvii) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (xviii) the sum of the credit balances (deposits) on the previous such Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS; (xix) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, Date. Each amount set forth on the Payment Date falling in December 2022). The Servicer shall list the amounts statement pursuant to be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amount. (b) The Servicer shall provide the Calculation Agent with a first draft of the Monthly Investor Report by no later than 11am London time on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (c) Following receipt from: clauses (i), (ii), (vii) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (iiix) the interest above will be expressed as a dollar amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement per $1,000 of amounts payable by the Issuer or the Swap Counterparty in respect original principal amount of the Swap Agreement, the Servicer will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation AgentNote. (d) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties.

Monthly Investor Report. (a) The Servicer shall, by not later than 5 p.m. London time on each Monthly Investor Report Performance Date, prepare and deliver via e-mail or facsimile, to the Issuer, the Security Trustee, the Principal Paying Agent, the Calculation Agent, the Rating Agencies, the Noteholders, the Registrar, the Swap Counterparties Registrar and the Subordinated Lender the Monthly Investor Report (substantially in the form agreed with the Co- Arrangers for and on behalf of the Note Purchaser on the Closing Date) in respect of the relevant preceding Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowinclude: (i) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note and the Subordinated Loan on the immediately following Payment Date; (ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (iii) the nominal amount still outstanding on each Note and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Cumulative Net Loss Ratio; (vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (viii) the Dynamic Net Loss Ratio; (ix) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (x) delinquency information for delinquency periods of up to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables and the total outstanding Discounted Receivables Balance of delinquent Financing Contracts; (xi) in the event of the final Payment Date, the fact that such date is the final Payment Date; (xii) stratification tables; (xiii) the Buffer Release Amount; (xiv) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (xv) information on the occurrence of an Early Amortisation Event; (xvi) the amortisation profile of the outstanding pool; (xvii) the any Class A Aggregate Discounted Receivables Balance Increase Amount and the any Class B Aggregate Discounted Receivables Balance Increase Amount; (xviii) the Maximum Issuance Amount for each Series of Notes; and (xix) the sum of the credit balances (deposits) on the previous Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS; (xix) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, on the Payment Date falling in December 2022). The Servicer shall list the amounts to be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amount. (b) The Issuer will notify the Servicer shall provide in writing or procure the Calculation Agent giving of such notice by not later than 10:00 am. on the next following Business Day (with a first draft of copy to the Security Trustee) if it has not received the Monthly Investor Report by no later than 11am London time close of business on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified Performance Date, provided that failure by the Calculation AgentIssuer to give such notice or procure the giving of such notice shall not prevent the Servicer's failure to deliver the Monthly Investor Report from resulting in a Servicer Replacement Event. (c) Following receipt from: VWFS as Servicer undertakes to the Issuer that it will comply with any applicable reporting requirements pursuant to Regulation (iEC) No 1060/2009 of the Interest Determination Agent European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended by Regulation (iEU) Compounded Daily XXXXX No 513/2011 and by Regulation (EU) No 462/2013, and the interest rate for regulatory technical standards applicable pursuant to the related Interest Period and Commission Delegated Regulation (iiEU) 2015/3 of 30 September 2014, or other or further regulatory technical standards applicable from time to time, as soon as the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreement, the Servicer SFIs Website will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agentbe established. (d) VWFS as Servicer further undertakes to the Issuer that, pursuant to the Securitisation Regulation, it will (on behalf of the Issuer) make the information available to the Noteholders, to competent authorities, as referred to in Article 29 of the Securitisation Regulation and to potential Noteholders, that the Issuer is required to make available pursuant to and in compliance with the Securitisation Regulation Disclosure Requirements. The Servicer shallwill make such information available on the website of the European Data Warehouse (xxx.xxxxxx.xx), furthermore, provide which for the Rating Agencies avoidance of doubt will comply with the reports and information which Securitisation Regulation Disclosure Requirements, to the latter reasonably need to maintain their rating extent no securitisation repository is registered in accordance with Article 10 of the NotesSecuritisation Regulation. MoreoverIf such securitisation repository should be registered in accordance with Article 10 of the Securitisation Regulation the Servicer on behalf of the Issuer will make the information available to such securitisation repository. (e) For the purposes of Article 7(2) of the EU Securitisation Regulation, the Servicer undertakes Seller and the Issuer designate the Issuer to inform fulfil the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect information requirements of Article 7(1) of the partiesSecuritisation Regulation.

Monthly Investor Report. (a) The Servicer shall, by not later than 5 p.m. London time on each Monthly Investor Report Performance Date, prepare and deliver via e-mail or facsimile, to the Issuer, the Security Trustee, the Principal Paying Agent, the Calculation Agent, the Rating Agencies, the Noteholders, the Registrar, the Swap Counterparties Registrar and the Subordinated Lender the Monthly Investor Report (substantially in the form agreed with the Co-Arrangers for and on behalf of the Note Purchaser on the Closing Date) in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowinclude: (i) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note and the Subordinated Loan on the immediately following Payment Date; (ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (iii) the nominal amount still outstanding on each Note and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Month Average Dynamic Net Loss Ratio; (vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (viii) the Dynamic Net Loss Ratio; (ix) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (x) delinquency information for delinquency periods of up to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables and the total outstanding Discounted Receivables Balance of delinquent Financing Contracts; (xi) in the event of the final Payment Date, the fact that such date is the final Payment Date; (xii) stratification tables; (xiii) the Buffer Release Amount; (xiv) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (xv) information on the occurrence of an Early Amortisation Event; (xvi) the amortisation profile of the outstanding pool; (xvii) the any Class A Aggregate Discounted Receivables Balance Increase Amount and the any Class B Aggregate Discounted Receivables Balance Increase Amount; (xviii) the Maximum Issuance Amount for each Series of Notes; (xix) the sum of the credit balances (deposits) on the previous Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS;; and (xixxx) details of Purchased Receivables which are subject to: (1) VWFS Payment Deferrals and further VWFS Payment Deferrals; (2) COVID-19 Extensions; and (23) arrangements to pay agreed in the context of the Corona Pandemic; (xx) . Consistent with the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in position taken by the Monthly Period FCA and which will be repurchased the EBA, and on the following basis that a VWFS Payment Date (Deferral or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022a further VWFS Payment Deferral will not cause an amount on a Financing Contract to become overdue, on the a VWFS Payment Date falling in December 2022). The Servicer shall list the amounts to Deferral and a further VWFS Payment Deferral will not be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amountreported as a Delinquent Receivable or a Defaulted Receivable. (b) The Issuer will notify the Servicer shall provide in writing or procure the Calculation Agent giving of such notice by not later than 10:00 am. on the next following Business Day (with a first draft of copy to the Security Trustee) if it has not received the Monthly Investor Report by no later than 11am London time close of business on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified Performance Date, provided that failure by the Calculation AgentIssuer to give such notice or procure the giving of such notice shall not prevent the Servicer's failure to deliver the Monthly Investor Report from resulting in a Servicer Replacement Event. (c) Following receipt from: (i) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (ii) the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreement, the Servicer will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (d) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties. (d) VWFS as Servicer undertakes to the Issuer that, pursuant to the Securitisation Regulation, it will make the information available to the Noteholders, to competent authorities, as referred to in Article 29 of the Securitisation Regulation and to potential Noteholders, that the Issuer is required to make available pursuant to and in compliance with the Securitisation Regulation Disclosure Requirements. The Servicer will make such information available on the website of the European Data Warehouse (xxx.xxxxxx.xx), which for the avoidance of doubt will comply with the Securitisation Regulation Disclosure Requirements, to the extent no securitisation repository is registered in accordance with Article 10 of the Securitisation Regulation. If such securitisation repository should be registered in accordance with Article 10 of the Securitisation Regulation the Servicer on behalf of the Issuer will make the information available to such securitisation repository. (e) For the purposes of Article 7(2) of the EU Securitisation Regulation, the Seller and the Issuer designate VWFS, in its capacity as originator, to fulfil the information requirements of Article 7(1) of the Securitisation Regulation.

Monthly Investor Report. (a) The On or about the tenth day of each calendar month, the Servicer shall, by not later than on each Investor Report Performance Date, prepare and will deliver via e-mail or facsimile, to the Issuer, the Security Owner Trustee, the Principal Note Paying Agent and Certificate Paying Agent, the Calculation AgentIndenture Trustee and the Seller, with a copy to the Rating Agencies, a servicing report (the Noteholders"Monthly Investor Report"), certified by an Authorized Officer of the RegistrarServicer as to the accuracy of the information therein, containing all information (including all specific dollar amounts) necessary to make the Swap Counterparties transfers and distributions pursuant to Sections 4.5, 4.6 and 4.7, and the Subordinated Lender following information as to the Notes and the Certificates to the extent applicable, in each case for the Collection Period preceding the date of such Monthly Investor Report in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowReport: (i) the Available Distribution Amount and the aggregate amount of such distribution allocable to be distributed in relation principal allocable to each Note and the Subordinated Loan on the immediately following Payment DateClass of Securities; (ii) the repayment amount of the nominal amount attributed such distribution allocable to interest allocable to each Note and to the Subordinated Loan as advanced together with the interest paymentClass of Securities; (iii) the nominal amount still outstanding of such distribution allocable to draws from the Reserve Account, if any; (iv) the Pool Balance as of the close of business on each Note the last day of the preceding Collection Period; (v) the Specified Overcollateralization Amount and the Subordinated Loan Specified Credit Enhancement Amount as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Net Loss Ratioamount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees and the change in such amount from the amount paid on the prior Payment Date; (vii) the amounts of any unpaid interest from a prior Collection Period, with respect to each Class A Actual Overcollateralisation Percentage of Notes or the Certificates, plus any interest thereon, to the extent permitted by law, if any, on such Payment Date and the Class B Actual Overcollateralisation Percentagechange in such amounts from the preceding Payment Date; (viii) the Dynamic Net Loss Ratio; aggregate outstanding principal amount of each Class of Notes and the Note Pool Factor for each Class of Notes, the Certificate Balance of the Class D Certificates and the Certificate Pool Factor of the Class D Certificates as of such Payment Date; (ix) the applicable Class A Targeted Overcollateralisation Percentage amount of any previously due and unpaid payment of principal of the Notes or of the Certificate Balance, as applicable, and the applicable Class B Targeted Overcollateralisation Percentage; (x) delinquency information for delinquency periods of up to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the change in such amount of delinquent Purchased Receivables and the total outstanding Discounted Receivables Balance of delinquent Financing Contracts; (xi) in the event from that of the final Payment Date, the fact that such date is the final prior Payment Date; (xii) stratification tables; (xiii) the Buffer Release Amount; (xiv) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (xv) information on the occurrence of an Early Amortisation Event; (xvi) the amortisation profile of the outstanding pool; (xvii) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (xviii) the sum of the credit balances (deposits) on the previous Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS; (xix) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, on the Payment Date falling in December 2022). The Servicer shall list the amounts to be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amount. (b) The Servicer shall provide the Calculation Agent with a first draft of the Monthly Investor Report by no later than 11am London time on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (c) Following receipt from: (i) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (ii) the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreement, the Servicer will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (d) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties.

Monthly Investor Report. (a) The Servicer shall, by not later than 5 p.m. London time on each Monthly Investor Report Performance Date, prepare and deliver via e-mail or facsimile, to the Issuer, the Security Trustee, the Principal Paying Agent, the Calculation Agent, the Rating Agencies, the Noteholders, the Registrar, the Swap Counterparties Registrar and the Subordinated Lender the Monthly Investor Report (substantially in the form agreed with the Arranger for and on behalf of the Note Purchasers on the Closing Date) in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowinclude: (i) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note and the Subordinated Loan on the immediately following Payment Date; (ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (iii) the nominal amount still outstanding on each Note and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Net Loss Ratio; (vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (viii) the Dynamic Net Loss Ratio; (ix) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (x) delinquency information for delinquency periods of up to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables and the total outstanding Discounted Receivables Balance of delinquent Financing Contracts; (xi) in the event of the final Payment Date, the fact that such date is the final Payment Date; (xii) stratification tables; (xiii) the Late Delinquency Ratio; (xiv) the Buffer Release Amount; (xivxv) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (xvxvi) information on the occurrence of an Early Amortisation Event; (xvixvii) the amortisation profile of the outstanding pool; (xviixviii) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (xviiixix) the Maximum Issuance Amount for each Series of Notes; (xx) the sum of the credit balances (deposits) on the previous Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS;; and (xixxxi) details of Purchased Receivables which are subject to: (1) VWFS Payment Deferrals and further VWFS Payment Deferrals; (2) COVID-19 Extensions; and (23) arrangements to pay agreed in the context of the Corona Pandemic; (xx) . Consistent with the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in position taken by the Monthly Period FCA and which will be repurchased the EBA, and on the following basis that a VWFS Payment Date (Deferral or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022a further VWFS Payment Deferral will not cause an amount on a Financing Contract to become overdue, on the a VWFS Payment Date falling in December 2022). The Servicer shall list the amounts to Deferral and a further VWFS Payment Deferral will not be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amountreported as a Delinquent Receivable or a Defaulted Receivable. (b) The Issuer will notify the Servicer shall provide in writing or procure the Calculation Agent giving of such notice by not later than 10:00 am. on the next following Business Day (with a first draft of copy to the Security Trustee) if it has not received the Monthly Investor Report by no later than 11am London time close of business on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified Performance Date, provided that failure by the Calculation AgentIssuer to give such notice or procure the giving of such notice shall not prevent the Servicer's failure to deliver the Monthly Investor Report from resulting in a Servicer Replacement Event. (c) Following receipt from: (i) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (ii) the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreement, the Servicer will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (d) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties. (d) VWFS as Servicer undertakes to the Issuer that, pursuant to the Securitisation Regulation, it will make the information available to the Noteholders, to competent authorities, as referred to in Article 29 of the Securitisation Regulation and to potential Noteholders, that the Issuer is required to make available pursuant to and in compliance with the Securitisation Regulation Disclosure Requirements. The Servicer will make such information available on the website of the European Data Warehouse (xxx.xxxxxx.xx), which for the avoidance of doubt will comply with the Securitisation Regulation Disclosure Requirements, to the extent no securitisation repository is registered in accordance with Article 10 of the Securitisation Regulation. If such securitisation repository should be registered in accordance with Article 10 of the Securitisation Regulation the Servicer on behalf of the Issuer will make the information available to such securitisation repository. (e) For the purposes of Article 7(2) of the EU Securitisation Regulation, the Seller and the Issuer designate VWFS, in its capacity as originator, to fulfil the information requirements of Article 7(1) of the Securitisation Regulation.

Monthly Investor Report. (a) The Servicer shall, by not later than 5 p.m. London time on each Investor Report Performance Date, prepare and deliver via e-mail or facsimile, to the Issuer, the Security Trustee, the Principal Paying Agent, the Calculation Agent, the Rating Agencies, the Noteholders, the Registrar, the Swap Counterparties Registrar and the Subordinated Lender the Monthly Investor Report (substantially in the form agreed with the Co-Arrangers for and on behalf of the Managers on the Closing Date) in respect of the relevant preceding Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowinclude: (i) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note and the Subordinated Loan on the immediately following Payment Date; (ii) the repayment of the nominal amount Nominal Amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (iii) the nominal amount still outstanding on each Note and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Cumulative Net Loss Ratio; (vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (viii) the Dynamic Net Loss Ratio; (ix) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (xix) delinquency information for delinquency periods of up to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables and the total outstanding Discounted Receivables Balance of delinquent Financing Contracts; (xix) in the event of the final Payment Date, the fact that such date is the final Payment Date; (xiixi) stratification tables; (xiii) the Buffer Release Amount; (xivxii) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (xvxiii) information on the occurrence of an Early Amortisation Event; (xvixiv) the amortisation profile of the outstanding pool; (xviixv) the any Class A Aggregate Discounted Receivables Balance Increase Amount and the any Class B Aggregate Discounted Receivables Balance Increase Amount; (xviiixvi) the Maximum Issuance Amount for each Series of Notes; and (xvii) the sum of the credit balances (deposits) on the previous Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS; (xix) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, on the Payment Date falling in December 2022). The Servicer shall list the amounts to be distributed for each Payment Date in the Order of Priority and will notify the parties listed above of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amount. (b) The Issuer will notify the Servicer shall provide in writing or procure the Calculation Agent giving of such notice by not later than 10:00 am. on the next following Business Day (with a first draft of copy to the Security Trustee) if it has not received the Monthly Investor Report by no later than 11am London time close of business on the fourth (4th) Business Day prior to each Investor Report Performance Date which Date, provided that failure by the Issuer to give such notice or procure the giving of such notice shall be complete other than in respect of not prevent the interest amounts payable in respect of the Notes and the amounts payable or Servicer's failure to be received in respect of the Swap Agreements and shall update deliver the Monthly Investor Report with any corrections identified by the Calculation Agentfrom resulting in a Servicer Replacement Event. (c) Following receipt from: VWFS as Servicer undertakes to the Issuer that it will comply with any applicable reporting requirements pursuant to Regulation (iEC) No 1060/2009 of the Interest Determination Agent European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended by Regulation (iEU) Compounded Daily XXXXX No 513/2011 and by Regulation (EU) No 462/2013, and the interest rate for regulatory technical standards applicable pursuant to the related Interest Period and Commission Delegated Regulation (iiEU) 2015/3 of 30 September 2014, or other or further regulatory technical standards applicable from time to time, as soon as the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreement, the Servicer SFIs Website will update the Monthly Investor Report and, provide the Calculation Agent with a second draft of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation Agentbe established. (d) Furthermore, VWFS as Servicer further undertakes to the Issuer that, pursuant to the Securitisation Regulation, it will (on behalf of the Issuer) make the information available to the Noteholders, to competent authorities, as referred to in Article 29 of the Securitisation Regulation and to potential Noteholders, that the Issuer is required to make available pursuant to and in compliance with the Securitisation Regulation Disclosure Requirements. The Servicer shallwill make such information available on the website of the European Data Warehouse (xxx.xxxxxx.xx), furthermore, provide which for the Rating Agencies avoidance of doubt will comply with the reports and information which Securitisation Regulation Disclosure Requirements, to the latter reasonably need to maintain their rating extent no securitisation repository is registered in accordance with Article 10 of the NotesSecuritisation Regulation. Moreover, If such securitisation repository should be registered in accordance with Article 10 of the Securitisation Regulation the Servicer undertakes will make the information available to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the partiessuch securitisation repository.

Monthly Investor Report. (a) The On or about the tenth day of each calendar month, the Servicer shall, by not later than on each Investor Report Performance Date, prepare and will deliver via e-mail or facsimile, to the Issuer, the Security Owner Trustee, the Principal Note Paying Agent and Certificate Paying Agent, the Calculation AgentIndenture Trustee and the Seller, with a copy to the Rating Agencies, a servicing report (the Noteholders"Monthly Investor Report"), certified by an Authorized Officer of the RegistrarServicer as to the accuracy of the information therein, containing all information (including all specific dollar amounts) necessary to make the Swap Counterparties transfers and distributions pursuant to Sections 4.5, 4.6 and 4.7, and the Subordinated Lender following information as to the Notes and the Certificates to the extent applicable, in each case for the Collection Period preceding the date of such Monthly Investor Report in respect of the relevant Monthly Period, substantially in the form of the Monthly Investor Report which shall be prepared and updated in accordance with paragraphs (b) and (c) belowReport: (i) the Available Distribution Amount and the aggregate amount of such distribution allocable to be distributed in relation principal allocable to each Note and the Subordinated Loan on the immediately following Payment DateClass of Securities; (ii) the repayment amount of the nominal amount attributed such distribution allocable to interest allocable to each Note and to the Subordinated Loan as advanced together with the interest paymentClass of Securities; (iii) the nominal amount still outstanding of such distribution allocable to draws from the Reserve Account, if any; (iv) the Pool Balance as of the close of business on each Note the last day of the preceding Collection Period; (v) the Specified Overcollateralization Amount and the Subordinated Loan Specified Credit Enhancement Amount as at each respective Payment Date and the nominal amount of any Further Notes to be issued on such Payment Date; (iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (v) the sums corresponding to the administration fees and servicing fees; (vi) the 12-Months Average Dynamic Net Loss Ratioamount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees and the change in such amount from the amount paid on the prior Payment Date; (vii) the amounts of any unpaid interest from a prior Collection Period, with respect to each Class A Actual Overcollateralisation Percentage of Notes or the Certificates, plus any interest thereon, to the extent permitted by law, if any, on such Payment Date and the Class B Actual Overcollateralisation Percentagechange in such amounts from the preceding Payment Date; (viii) the Dynamic Net Loss Ratioaggregate outstanding principal amount of each Class of Notes and the Note Pool Factor for each Class of Notes, the Certificate Balance of the Class D Certificates and the Certificate Pool Factor of the Class D Certificates as of such Payment Date; (ix) the applicable Class A Targeted Overcollateralisation Percentage amount of any previously due and unpaid payment of principal of the Notes or of the Certificate Balance, as applicable, and the applicable Class B Targeted Overcollateralisation Percentagechange in such amount from that of the prior Payment Date; (x) delinquency information for delinquency periods the balance of up the Reserve Account on such Payment Date, after giving effect to 30 days, 30 to 60 days, 60 to 90 days, 90 to 120 days, 120 to 150 days, 150 to 180 days, and greater than 180 days with respect to the number of delinquent Financing Contracts, the amount of delinquent Purchased Receivables distributions made on such Payment Date and the total outstanding Discounted Receivables Balance of delinquent Financing Contractschange in such balance from the preceding Payment Date; (xi) in the event amount of the final Payment Dateaggregate Realized Losses, if any, with respect to the fact that such date is the final Payment Daterelated Collection Period; (xii) stratification tables;the aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer, if any, with respect to the related Collection Period; and (xiii) the Buffer Release Amount; (xiv) the Amortisation Factors with respect to any Series amount of Notes that qualify as an Amortising Series; (xv) information Advances, if any, on the occurrence of an Early Amortisation Event; (xvi) the amortisation profile of the outstanding pool; (xvii) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (xviii) the sum of the credit balances (deposits) on the previous such Payment Date of the Obligors of the Purchased Receivables at bank accounts maintained with VWFS; (xix) details of Purchased Receivables which are subject to: (1) COVID-19 Extensions; and (2) arrangements to pay agreed in the context of the Corona Pandemic; (xx) the Late Delinquency Ratio; (xxi) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date (or in the case of any Irregularity Affected Receivables in respect of annual statements sent in October 2022 which were identified in November 2022, Date. Each amount set forth on the Payment Date falling in December 2022statement pursuant to clauses (i). The Servicer shall list the amounts to , (ii), (vii) and (ix) above will be distributed for each Payment Date in the Order expressed as a dollar amount per $1,000 of Priority and will notify the parties listed above original principal amount or original Certificate Balance of the Interest Compensation Order of Priority Amount and the Interest Compensation Release Amounta Note or a Certificate, as applicable. (b) The Servicer shall provide To the Calculation Agent with a first draft of the Monthly Investor Report extent required by no later than 11am London time on the fourth (4th) Business Day prior to each Investor Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Notes and the amounts payable or to be received in respect of the Swap Agreements and shall update the Monthly Investor Report with any corrections identified by the Calculation Agent. (c) Following receipt from: (i) the Interest Determination Agent of (i) Compounded Daily XXXXX and the interest rate for the related Interest Period and (ii) the interest amount payable on the next Payment Date; and (ii) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in respect of the Swap Agreementlaw, the Servicer will update deliver to the Monthly Investor Report and, provide Owner Trustee and the Calculation Agent with a second draft Indenture Trustee for distribution to each Securityholder information for the preparation of the Monthly Investor Report by no later than 11am London time on the second (2nd) Business Day prior to each Investor Report Performance Date and shall update the Monthly Investor Report with any corrections identified by the Calculation AgentSecurityholder's federal income tax returns. (d) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Notes. Moreover, the Servicer undertakes to inform the Rating Agencies about any proposed amendment to the Transaction Documents described herein, including a proposed amendment in respect of the parties.