Common use of Servicer Report Clause in Contracts

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Account Bank, the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) below: (1) 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; (2) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (3) 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; (4) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5) the sums corresponding to the administration fees and servicing fees; (6) 12-Months Average Dynamic Net Loss Ratio; (7) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (8) the Dynamic Net Loss Ratio; (9) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (10) 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; (11) in the event of the final Payment Date, the fact that such date is the final Payment Date; (12) stratification tables; (13) the Buffer Release Amount; (14) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (15) information on the occurrence of an Early Amortisation Event; (16) the amortisation profile of the outstanding pool; (17) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (18) 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; (19) 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; and

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Account Bank, the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties Counterparty on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) belowReport: (1i) 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; (2ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (3iii) 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; (4iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5v) the sums corresponding to the administration fees and servicing fees; (6vi) 12-Months Average Dynamic the Cumulative Net Loss Ratio; (7vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (8) the Dynamic Net Loss Ratio; (9viii) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (10ix) 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; (11x) in the event of the final Payment Date, the fact that such date is the final Payment Datepayment date; (12xi) stratification tables; (13) the Buffer Release Amount; (14) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (15xii) information on the occurrence of an Early Amortisation Event; (16xiii) the amortisation profile of the outstanding pool; (17xiv) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (18xv) 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;VWFS and (19xvi) details the number and proportionate share of Purchased Receivables Vehicles which are subject to: 1have an EA 189 EU5 diesel engine. COVID-19 Extensions; and 2. arrangements to pay agreed To a certain extent some of the above information will be included in the context reports of the Corona Pandemic; andIssuer and be sent to True Sale International GmbH by the Servicer, such information will be, among other things, accessible on the TSI website (www.true- xxxx-xxxxxxxxxxxxx.xx). 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. 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.

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Noteholders, the Lenders, the Account Bank, the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) below: (1) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note Instrument and the Subordinated Loan on the immediately following Payment Date; (2) the repayment of the nominal amount attributed to each Note Instrument and to the Subordinated Loan as advanced together with the interest payment; (3) the nominal amount still outstanding on each Note Instrument and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Loans to be advanced, and any Further Notes to be issued issued, on such Payment Date; (4) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5) the sums corresponding to the administration fees and servicing fees; (6) 12-Months Average Dynamic Net Loss Ratiothe Senior Instrument Actual Overcollateralisation Percentage and the Junior Instrument Actual Overcollateralisation Percentage; (7) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation PercentageLate Delinquency Ratio; (8) the Dynamic Net Loss Ratio; (9) the applicable Class A Senior Instrument Targeted Overcollateralisation Percentage and the applicable Class B Junior Instrument Targeted Overcollateralisation Percentage; (10) delinquency information for delinquency periods of up to 30 days, 30 31 to 60 days, 60 61 to 90 days, 90 91 to 120 days, 120 121 to 150 days, 150 151 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; (11) in the event of the final Payment Date, the fact that such date is the final Payment Date; (12) stratification tables; (13) the Buffer Release Amount; (14) the Amortisation Factors with respect to any Series of Notes Instrument Loan that qualify as an Amortising SeriesInstrument; (15) information on the occurrence of an Early Amortisation Event; (16) the amortisation profile of the outstanding pool; (17) the Class A 12-Months Average Dynamic Net Loss Ratio; (18) the Senior Instrument Aggregate Discounted Receivables Balance Increase Amount and the Class B Junior Instrument Aggregate Discounted Receivables Balance Increase Amount;; and (1819) 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. 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 Available Amount, the Interest Compensation Ledger Allocable Amount, the Interest Compensation Shortfall Amount, the Interest Compensation Shortfall Redemption Amount, the Interest Compensation Surplus Amount and the Interest Compensation Required Amount. (ii) The Servicer shall provide the Cash Administrator with a first draft of the Servicer Report no later than 11:00 am London time on the fourth (4th) Business Day prior to each Servicer Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Instruments and the amounts payable or to be received in respect of the Swap Agreements and shall update the Servicer Report with any corrections identified by the Cash Administrator; (19iii) details of Purchased Receivables which are subject toFollowing receipt from: (1. COVID-19 Extensions) 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 (2. arrangements to pay agreed ) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in the context respect of the Corona Pandemic; Swap Agreement, the Servicer will update the Servicer Report and, provide the Cash Administrator with a second draft of the Servicer Report no later than 11:00 am London time on the second (2nd) Business Day prior to each Servicer Report Performance Date and shall update the Servicer Report with any corrections identified by the Cash Administrator (iv) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Instruments. 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.

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Noteholders, the Lenders, the Account Bank, the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) below: (1) the Available Distribution Amount and the aggregate amount to be distributed in relation to each Note Instrument and the Subordinated Loan on the immediately following Payment Date; (2) the repayment of the nominal amount attributed to each Note Instrument and to the Subordinated Loan as advanced together with the interest payment; (3) the nominal amount still outstanding on each Note Instrument and the Subordinated Loan as at each respective Payment Date and the nominal amount of any Further Loans to be advanced, and any Further Notes to be issued issued, on such Payment Date; (4) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5) the sums corresponding to the administration fees and servicing fees; (6) 12-Months Average Dynamic the Cumulative Net Loss Ratio; (7) the Class A Senior Instrument Actual Overcollateralisation Percentage and the Class B Junior Instrument Actual Overcollateralisation Percentage; (8) the Late Delinquency Ratio; (9) the Dynamic Net Loss Ratio; (910) the applicable Class A Senior Instrument Targeted Overcollateralisation Percentage and the applicable Class B Junior Instrument Targeted Overcollateralisation Percentage; (1011) 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; (1112) in the event of the final Payment Date, the fact that such date is the final Payment Date; (1213) stratification tables; (1314) the Buffer Release Amount; (1415) the Amortisation Factors with respect to any Series of Notes Instrument Loan that qualify as an Amortising SeriesInstrument; (1516) information on the occurrence of an Early Amortisation Event; (1617) the amortisation profile of the outstanding pool; (1718) the Class A Senior Instrument Aggregate Discounted Receivables Balance Increase Amount and the Class B Junior Instrument Aggregate Discounted Receivables Balance Increase Amount;; and (1819) 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 (20) details of all Irregularity Affected Receivables which have been identified in the Monthly Period and which will be repurchased on the following Payment Date. 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 Available Amount, the Interest Compensation Ledger Allocable Amount, the Interest Compensation Shortfall Amount, the Interest Compensation Shortfall Redemption Amount, the Interest Compensation Surplus Amount and the Interest Compensation Required Amount. (ii) The Servicer shall provide the Cash Administrator with a first draft of the Servicer Report no later than 11:00 am London time on the fourth (4th) Business Day prior to each Servicer Report Performance Date which shall be complete other than in respect of the interest amounts payable in respect of the Instruments and the amounts payable or to be received in respect of the Swap Agreements and shall update the Servicer Report with any corrections identified by the Cash Administrator; (19iii) details of Purchased Receivables which are subject toFollowing receipt from: (1. COVID-19 Extensions) 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 (2. arrangements to pay agreed ) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in the context respect of the Corona Pandemic; Swap Agreement, the Servicer will update the Servicer Report and, provide the Cash Administrator with a second draft of the Servicer Report no later than 11:00 am London time on the second (2nd) Business Day prior to each Servicer Report Performance Date and shall update the Servicer Report with any corrections identified by the Cash Administrator (iv) The Servicer shall, furthermore, provide the Rating Agencies with the reports and information which the latter reasonably need to maintain their rating of the Instruments. 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.

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Account Bank, Bank and the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties Administrator on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) belowReport: (1i) 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; (2ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (3iii) 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; (4iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5v) the sums corresponding to the administration fees and servicing fees; (6vi) 12-Months Average Dynamic the Cumulative Net Loss Ratio; (7vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (8) the Dynamic Net Loss Ratio; (9viii) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (10ix) 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; (11x) in the event of the final Payment Date, the fact that such date is the final Payment Datepayment date; (12xi) stratification tables; (13) the Buffer Release Amount; (14) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (15xii) information on the occurrence of an Early Amortisation Event; (16xiii) the amortisation profile of the outstanding pool; (17xiv) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount; (18xv) 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;VWFS and (19xvi) details the number and proportionate share of Purchased Receivables Vehicles which are subject to: 1have an EA 189 EU5 diesel engine. COVID-19 Extensions; and 2. arrangements to pay agreed To a certain extent some of the above information will be included in the context reports of the Corona Pandemic; andIssuer and be sent to True Sale International GmbH by the Servicer, such information will be, among other things, accessible on the TSI website (www.true- xxxx-xxxxxxxxxxxxx.xx). 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. 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.

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Account Bank, the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) below: (1) 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; (2) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (3) 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; (4) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5) the sums corresponding to the administration fees and servicing fees; (6) 12-Months Average Dynamic the Cumulative Net Loss Ratio; (7) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (8) the Dynamic Net Loss Ratio; (9) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (10) 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; (11) in the event of the final Payment Date, the fact that such date is the final Payment Date; (12) stratification tables; (13) the Buffer Release Amount; (14) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (15) information on the occurrence of an Early Amortisation Event; (16) the amortisation profile of the outstanding pool; (17) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount;; and (18) 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. 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. (ii) The Servicer shall provide the calculation agent with a first draft of the Servicer Report four (4) Business Days prior to each Servicer 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 Servicer Report with any corrections identified by the calculation agent; (19iii) details of Purchased Receivables which are subject toFollowing receipt from: (1. COVID-19 Extensions) 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 (2. arrangements to pay agreed ) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in the context respect of the Corona Pandemic; Swap Agreement, the Servicer will update the Servicer Report and, provide the calculation agent with a second draft of the Servicer Report two (2) Business Days prior to each Servicer Report Performance Date and shall update the Servicer Report with any corrections identified by the calculation agent; (iv) 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. (v) VWFS as Servicer 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 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. (vi) 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.

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Noteholders, the Account Bank, the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) below: (1i) 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; (2ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (3iii) 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; (4iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5v) the sums corresponding to the administration fees and servicing fees; (6vi) 12-Months Average Dynamic the Cumulative Net Loss Ratio; (7vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (8) the Dynamic Net Loss Ratio; (9viii) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (10ix) 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; (11x) in the event of the final Payment Date, the fact that such date is the final Payment Date; (12xi) stratification tables; (13xii) the Buffer Release Amount; (14) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (15xiii) information on the occurrence of an Early Amortisation Event; (16xiv) the amortisation profile of the outstanding pool; (17xv) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount;; and (18xvi) 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. 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 Available Amount, the Interest Compensation Ledger Allocable Amount, the Interest Compensation Shortfall Amount, the Interest Compensation Shortfall Redemption Amount, the Interest Compensation Surplus Amount and the Interest Compensation Required Amount. (xvii) The Servicer shall provide the Cash Administrator with a first draft of the Servicer Report no later than 11:00 am London time on the fourth (4th) Business Day prior to each Servicer 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 Agreement and shall update the Servicer Report with any corrections identified by the Cash Administrator; (19xviii) details of Purchased Receivables which are subject toFollowing receipt from: (1. COVID-19 Extensions) 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 (2. arrangements to pay agreed ) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in the context respect of the Corona Pandemic; Swap Agreement, the Servicer will update the Servicer Report and, provide the Cash Administrator with a second draft of the Servicer Report no later than 11:00 am London time on the second (2nd) Business Day prior to each Servicer Report Performance Date and shall update the Servicer Report with any corrections identified by the Cash Administrator (xix) 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.

Servicer Report. (i) The Servicer undertakes to report the following facts to the Issuer, the Security Trustee, the Rating Agencies, the Noteholders, the Account Bank, the Cash Administrator, the Principal Paying Agent, the Registrar, the Subordinated Lender and the Swap Counterparties on each Servicer Report Performance Date in the form of the Servicer Report which shall be prepared and updated in accordance with paragraphs (ii) and (iii) below: (1i) 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; (2ii) the repayment of the nominal amount attributed to each Note and to the Subordinated Loan as advanced together with the interest payment; (3iii) 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; (4iv) the General Cash Collateral Amount remaining available on the immediately following Payment Date; (5v) the sums corresponding to the administration fees and servicing fees; (6vi) 12-Months Average Dynamic the Cumulative Net Loss Ratio; (7vii) the Class A Actual Overcollateralisation Percentage and the Class B Actual Overcollateralisation Percentage; (8) the Dynamic Net Loss Ratio; (9viii) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted Overcollateralisation Percentage; (10ix) delinquency information for delinquency periods of up to 30 days, 30 31 to 60 days, 60 61 to 90 days, 90 91 to 120 days, 120 121 to 150 days, 150 151 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; (11x) in the event of the final Payment Date, the fact that such date is the final Payment Date; (12xi) stratification tables; (13xii) the Buffer Release Amount; (14) the Amortisation Factors with respect to any Series of Notes that qualify as an Amortising Series; (15xiii) information on the occurrence of an Early Amortisation Event; (16xiv) the amortisation profile of the outstanding pool; (17xv) the Class A Aggregate Discounted Receivables Balance Increase Amount and the Class B Aggregate Discounted Receivables Balance Increase Amount;; and (18xvi) 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. 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 Available Amount, the Interest Compensation Ledger Allocable Amount, the Interest Compensation Shortfall Amount, the Interest Compensation Shortfall Redemption Amount, the Interest Compensation Surplus Amount and the Interest Compensation Required Amount. (xvii) The Servicer shall provide the Cash Administrator with a first draft of the Servicer Report no later than 11:00 am London time on the fourth (4th) Business Day prior to each Servicer 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 Agreement and shall update the Servicer Report with any corrections identified by the Cash Administrator; (19xviii) details of Purchased Receivables which are subject toFollowing receipt from: (1. COVID-19 Extensions) 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 (2. arrangements to pay agreed ) the calculation agent under the Swap Agreement of amounts payable by the Issuer or the Swap Counterparty in the context respect of the Corona Pandemic; Swap Agreement, the Servicer will update the Servicer Report and, provide the Cash Administrator with a second draft of the Servicer Report no later than 11:00 am London time on the second (2nd) Business Day prior to each Servicer Report Performance Date and shall update the Servicer Report with any corrections identified by the Cash Administrator (xix) 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.