For the avoidance of doubt, the failure to pay any Target Amortization Amount when due, as described in the definition thereof, shall constitute an Event of Default.
Notwithstanding anything to the contrary in Section 4.3(b)(iii) of the Base Indenture, VFN Draws on any other Series of VFNs (other than the Series 2019-VF1 Variable Funding Notes) shall be made on a pro rata basis with the Series 2019-VF1 Notes. VFN Draws in respect of the Series 2019-VF1 Variable Funding Notes shall be made in accordance with the instructions provided in the related Funding Certification.
Notwithstanding anything to the contrary contained herein or in the Base Indenture, the Issuer may, upon at least five (5) Business Days’ prior written notice to the Administrative Agent, redeem in whole or in part, and/or terminate and cause retirement of any of the Series 2019-VF1 Variable Funding Notes at any time using proceeds of issuance of new Notes.
The Series 2019-VF1 Notes shall also be subject to optional redemption in accordance with the terms of Section 13.1 of the Base Indenture.
It shall be an additional Funding Condition for increases in the VFN Principal Balance of the Series 2019-VF1 Notes that in the case of each and every Funding Date, (i) the Receivables Seller shall have complied in all material respects with the Risk Retention Letter; and (ii) the increase in the VFN Principal Balance does not cause any of the applicable Maximum VFN Principal Balances or the Maximum Committed Purchase Price to be exceeded.
Section 8. Determination of Note Interest Rate.
At least one (1) Business Day prior to each Cost of Funds Rate Determination Date, the Administrative Agent shall calculate the Note Interest Rate for the related Interest Accrual Period (in the case of the Cost of Funds Rate as determined by the Administrative Agent in accordance with Section 8(b) below, as applicable) and the Interest Payment Amount for the Series 2019-VF1 Notes for the upcoming Payment Date, and include a report of such amount in the related Payment Date Report.
On each Cost of Funds Rate Determination Date, the Administrative Agent will calculate the Cost of Funds Rate for the succeeding Interest Accrual Period for the Series 2019-VF1 Notes.
The establishment of the Cost of Funds Rate determined by the Administrative Agent, and the Administrative Agent’s subsequent calculation of the Note Interest Rate on the Series 2019-VF1 Variable Funding Notes for the relevant Interest Accrual Period,