Exhibit 10.5

          Execution Version

      

       

    

  

  

    

    

    


    

    

    

    ADMINISTRATION AGREEMENT

    

    

    

    between

    

    

    

    VERIZON MASTER TRUST,

    as Trust,

    

    

    

    and

    

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

    as Administrator

    

    

    

    

    Dated as of May 25, 2021

  
    
      

        

        


        

      

      

      

    

    

    

    
      
        


    

    
    
      TABLE OF CONTENTS

      Page

    

     

    

    	
            ARTICLE I USAGE AND DEFINITIONS

             	
            1

          
	
            Section 1.1.

          	
            Usage and Definitions

             

              

          	
            1

          
	
            ARTICLE II ADMINISTRATION OF TRUST

             	
            1

          
	
            Section 2.1.

          	
            Engagement of Administrator

          	
            1

          
	
            Section 2.2.

          	
            Administrator’s Rights and Obligations.

          	
            1

          
	
            Section 2.3.

          	
            Limits on Administrator’s Rights and Obligations.

          	
            3

          
	
            Section 2.4.

          	
            Power of Attorney

          	
            3

          
	
            Section 2.5.

          	
            Access to Trust Records

          	
            4

          
	
            Section 2.6.

          	
            Review of Administrator’s Records

          	
            4

          
	
            Section 2.7.

          	
            Updating List of Responsible Persons

          	
            4

          
	
            Section 2.8.

          	
            Administrator’s Fees and Expenses

          	
            4

          
	
            Section 2.9.

          	
            Form 10-Ds; Investor Communications.

          	
            4

          
	
            Section 2.10.

          	
            Benchmark Replacement Conforming Changes

          	
            7

          
	
            Section 2.11.

          	
            Additional Requirements of the Administrator

             

              

          	
            7

          
	
            ARTICLE III ADMINISTRATOR

             	
            8

          
	
            Section 3.1.

          	
            Administrator’s Representations and Warranties

          	
            8

          
	
            Section 3.2.

          	
            Liability of Administrator.

          	
            10

          
	
            Section 3.3.

          	
            Resignation and Removal of Administrator.

          	
            11

          
	
            Section 3.4.

          	
            Successor Administrator.

          	
            12

          
	
            Section 3.5.

          	
            Merger, Consolidation, Succession or Assignment

          	
            12

          
	
            Section 3.6.

          	
            Delegation and Contracting

             

              

          	
            12

          
	
            ARTICLE IV OTHER AGREEMENTS

             	
            13

          
	
            Section 4.1.

          	
            Independence of Administrator; No Joint Venture

          	
            13

          
	
            Section 4.2.

          	
            Transactions with Affiliates; Other Transactions

          	
            13

          
	
            Section 4.3.

          	
            No Effect on Cellco in Other Capacities

          	
            13

          
	
            Section 4.4.

          	
            No Petition

          	
            13

          
	
            Section 4.5.

          	
            Limitation of Liability of Owner Trustee and Master Collateral Agent.

          	
            13

          
	
            Section 4.6.

          	
            Termination

             

              

          	
            14

          
	
            ARTICLE V MISCELLANEOUS

             	
            14

          


    

    

    

    

    
      i

      
        


    

    
      TABLE OF CONTENTS

      (continued)

      Page

    

    

    

    	
            Section 5.1.

          	
            Amendments.

          	
            14

          
	
            Section 5.2.

          	
            Assignment; Benefit of Agreement; Third-Party Beneficiary.

          	
            15

          
	
            Section 5.3.

          	
            Notices.

          	
            16

          
	
            Section 5.4.

          	
            GOVERNING LAW

          	
            16

          
	
            Section 5.5.

          	
            Submission to Jurisdiction

          	
            16

          
	
            Section 5.6.

          	
            WAIVER OF JURY TRIAL

          	
            16

          
	
            Section 5.7.

          	
            No Waiver; Remedies

          	
            17

          
	
            Section 5.8.

          	
            Severability

          	
            17

          
	
            Section 5.9.

          	
            Headings

          	
            17

          
	
            Section 5.10.

          	
            Counterparts

          	
            17

          
	
            Section 5.11.

          	
            Electronic Signatures

          	
            17

          


    

    

    
      ii

      
        


    

    
      ADMINISTRATION AGREEMENT, dated as of May 25, 2021 (this “Agreement”),  between VERIZON MASTER TRUST, a Delaware statutory trust (the “Trust”),

        and CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership (“Cellco” or, in its capacity as administrator, the “Administrator”).

      BACKGROUND

      Cellco is the sponsor of certain financing transactions for which the Trust was formed under the Trust Agreement and will make borrowings under
        Loans or issue Notes, in each case, under the Transaction Documents and certain other Series Related Documents.

      The Trust and the Owner Trustee have obligations under the Transaction Documents and other Series Related Documents and intend that Cellco
        administer the activities of the Trust and perform certain obligations of the Trust and the Owner Trustee under the Transaction Documents and other Series Related Documents.

      The parties agree as follows:

      ARTICLE I

        USAGE AND DEFINITIONS

      Section 1.1.     Usage and Definitions.  Capitalized terms used in this Agreement and not otherwise defined herein are defined in
        Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among the Trust, Cellco, as servicer (in such capacity, the “Servicer”), U.S. Bank National Association, as master collateral agent (the “Master

          Collateral Agent”) and the Creditor Representatives from time to time party thereto (the “Creditor Representatives”) (the “Master Collateral Agreement”).  Appendix A also contains usage rules that apply to this Agreement. 
        Appendix A is incorporated by reference into this Agreement.

      ARTICLE II

        ADMINISTRATION OF TRUST

      Section 2.1.     Engagement of Administrator.  The Trust and the Owner Trustee engage the Administrator to perform the obligations of
        the Trust and the Owner Trustee under the Transaction Documents and the other Series Related Documents as described in this Agreement, and the Administrator accepts the engagement.

      Section 2.2.     Administrator’s Rights and Obligations.

      (a)            Rights and Obligations under Transaction Documents and Other Series Related Documents.  The Administrator will perform the obligations of the Trust and the Owner Trustee (in its capacity as Owner Trustee under the Trust
          Agreement) and take all action that the Trust and the Owner Trustee are required to take under the Transaction Documents and the other Series Related Documents, except for the Trust’s obligations to make payments on the Credit Extensions.  In
          addition, the Administrator will perform the obligations of, and may exercise any rights given to, the Administrator in the Transaction Documents and the other Series Related Documents as if it were a party to the Transaction Documents or other
          Series Related

      
        
          


      

      
      

      

      Documents, as applicable, in its capacity as Administrator, including, but not limited to, selecting the Receivables to be acquired by the Depositor and the Trust
        and the Receivables to be designated to a Group, in each case, under the Transaction Documents.

      (b)            Consulting and Monitoring.  The Administrator will consult with the Owner Trustee about performing the Trust’s obligations under the Transaction Documents and other Series Related Documents.  The Administrator will
          monitor the Trust’s performance and will advise the Owner Trustee when action is necessary to perform the Trust’s obligations under the Transaction Documents and the other Series Related Documents to comply with the Transaction Documents and the
          other Series Related Documents.

      (c)            Preparing and Executing Documents.  The Administrator will prepare, or cause to be prepared, all documents that the Trust is required to prepare, file or deliver under the Transaction Documents and the other Series
          Related Documents, including all financing and continuation statements, and amendments to such statements, required to be filed pursuant to Section 5.1(b) of the Master Collateral Agreement.  The Administrator will cause the documents to be
          executed by the Trust or may execute the documents as Administrator on behalf of the Trust.  Upon preparation or execution of the documents by the Trust or by the Administrator on behalf of the Trust, the Administrator will file or deliver the
          documents as required by the Transaction Documents and the other Series Related Documents.  The Administrator will prepare, or cause to be prepared and, after execution by the Trust, file with the Commission any documents required to be prepared
          and filed on a periodic basis with the Commission pursuant to the Master Collateral Agreement or any Trust Financing Agreement.

      (d)            Notices to Rating Agencies and Other Parties.  If Cellco is the Administrator, the Administrator will prepare and give all notices to the Rating Agencies (if any Credit Extensions are then rated) and other Parties
          required to be given by the Trust or the Administrator under the Transaction Documents, including all notices required to be delivered under Section 5.7 and Section 5.9 of the Master Collateral Agreement.  If Cellco is no longer the
          Administrator, the Administrator will prepare any Rating Agency notices, if any, provide them to the Sponsor and direct the Sponsor to give them to the Rating Agencies, if any.

      (e)            Payment of Fees and Expenses.  The Administrator shall, on behalf of the Trust, pay fees, expenses and indemnities of the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer and each Creditor
          Representative of an Indenture Series, in each case, to the extent applicable, due and payable under the Transaction Documents and the other Series Related Documents if such amounts are not otherwise paid by the Trust after all amounts
          distributable pursuant to the Trust Financing Agreements on each Payment Date have been so distributed; provided that the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer
          and/or each Creditor Representative of an Indenture Series, as applicable, shall promptly reimburse the Administrator for any such amounts to the extent the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer and/or
          each Creditor Representative of an Indenture Series, as applicable, subsequently receives payment or reimbursement in respect thereof from the Trust.  To the extent that the Administrator, on behalf

      
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      of the Trust, pays any fees of the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer and/or each Creditor Representative of an
        Indenture Series on a Closing Date, the Administrator will be reimbursed for such amounts in accordance with the relevant Trust Financing Agreement.

      Section 2.3.     Limits on Administrator’s Rights and Obligations.

      (a)            Non-Ministerial Matters.  The Administrator will not take any action relating to a matter that, in its reasonable judgment, is a non-ministerial matter unless, at least thirty (30) days before taking the action, the
          Administrator has notified the Trust of the proposed action and the Trust has not directed the Administrator not to take the action and/or provided an alternative direction before the thirtieth (30th) day after receipt of the notice.  For
          purposes of this Agreement, “non-ministerial matters” includes:

      (i)            starting or pursuing any Proceeding by the Trust and the settlement of any Proceeding brought by or against the Trust;

      (ii)        appointing or engaging a successor Master Collateral Agent under the Master Collateral Agreement or consenting to the assignment by the Master Collateral Agent of its obligations under the Master Collateral
          Agreement;

      (iii)          appointing or engaging a successor Owner Trustee under the Trust Agreement or consenting to the assignment by the Owner Trustee of its obligations under the Trust Agreement; and

      (iv)        appointing or engaging a successor Indenture Trustee under an Indenture for an Indenture Series or consenting to the assignment by any Indenture Trustee of its obligations under the applicable Indenture.

      (b)            Prohibited Actions.  The Administrator will not be obligated to, and will not (i) make any payments to the Creditors under the Transaction Documents or any other Series Related Document, (ii) sell the Collateral under
          Section 6.1 of the Master Collateral Agreement or (iii) take any other action that the Owner Trustee or the Master Collateral Agent directs the Administrator not to take on its behalf or that would result in a breach by the Trust under a
          Transaction Document or any other Series Related Document.

      (c)            Obligations to be Performed by Owner Trustee.  The Administrator will have no responsibility or obligation to perform the obligations of the Owner Trustee relating to reacquisition or acquisition demands under Section
          5.12 of the Trust Agreement or relating to Regulation AB disclosure under Section 6.7 of the Trust Agreement.

      Section 2.4.     Power of Attorney.  The Trust appoints the Administrator as the Trust’s attorney-in-fact, with full power of
        substitution to exercise all rights of the Trust under the Transaction Documents and the other Series Related Documents.  This power of attorney, and all

      
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      authority given, under this Section 2.4 is revocable and is given solely to facilitate the performance of the Administrator’s obligations under this Agreement and
        may only be used by the Administrator consistent with this Agreement.  On request of the Administrator, the Trust will furnish the Administrator with written powers of attorney and other documents to enable the Administrator to perform its
        obligations under this Agreement.

      Section 2.5.     Access to Trust Records.  The Trust will maintain records and documents relating to its performance under this
        Agreement according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Trust will give the Administrator (or its representatives) access to the records and
        documents to conduct a review of the Trust.  Any access or review will be conducted at the Trust’s offices during its normal business hours at a time reasonably convenient to the Trust and in a manner that will minimize disruption to its business
        operations.  Any access or review will be subject to the Trust’s security, confidentiality and privacy policies and any legal, regulatory and data protection policies.

      Section 2.6.    Review of Administrator’s Records.  The Administrator will maintain records and documents relating to its performance
        under this Agreement according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Administrator will give the Trust, the Depositor, the Parent Support Provider,
        the Owner Trustee and the Creditor Representatives (or their respective representatives) access to the records and documents to conduct a review of the Administrator’s performance under this Agreement.  Any access or review will be conducted by all
        parties at the same time at the Administrator’s offices during its normal business hours at a time reasonably convenient to the Administrator and in a manner that will minimize disruption to its business operations.  Any access or review will be
        subject to the Administrator’s security, confidentiality and privacy policies and any regulatory, legal and data protection policies.  Notwithstanding the foregoing, the permissive right of a Creditor Representative to access or review any records
        of the Administrator shall not be deemed to be an obligation of such Creditor Representative to do so.

      Section 2.7.      Updating List of Responsible Persons.  On or before a Closing Date, the Administrator will notify the Owner Trustee,
        the Master Collateral Agent, each Indenture Trustee, the Servicer and the Depositor of each Person who is a Responsible Person for the Administrator.  The Administrator may change such Persons at any time by notifying the Owner Trustee, the Master
        Collateral Agent, each Indenture Trustee, the Servicer and the Depositor.

      Section 2.8.     Administrator’s Fees and Expenses.  The Servicer will pay the Administrator as compensation for performing its
        obligations under this Agreement a fee separately agreed to by the Servicer and the Administrator.  The Administrator will be responsible for its costs and expenses in performing its obligations under this Agreement.

      Section 2.9.     Form 10-Ds; Investor Communications.

      
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      (a)            Form 10-Ds.

      (i)            If the Administrator receives a notice from the Servicer pursuant to Section 11.1(a) of the Transfer and Servicing Agreement regarding the occurrence of a Group Delinquency Trigger with respect to a
          Collection Period, and describing the related rights of Public Noteholders of that Group, the Administrator shall include the contents of such notice in the Form 10-D for such Collection Period filed by the Administrator pursuant to Section
          2.2(c) hereof and shall notify the Master Collateral Agent of the date of the filing of such Form 10-D.  If the Administrator receives a notice from the Master Collateral Agent pursuant to Section 12.1 of the Master Collateral Agreement regarding
          the method by which Public Noteholders of that Group and Note Owners of that Group may contact the Master Collateral Agent in order to request a vote on whether to cause the related Group 60-Day Delinquent Receivables to be reviewed by the Asset
          Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall include the contents of such notice in the Form 10-D for such Collection Period filed by the Administrator pursuant to Section
          2.2(c) hereof.

      (ii)            If the Administrator receives a notice from the Master Collateral Agent pursuant to Section 12.1 of the Master Collateral Agreement indicating that sufficient Requesting Noteholders of a Group have properly
          and timely requested a vote to cause the related Group 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall: (1) promptly
          set a deadline for the receipt of votes of Public Noteholders of that Group on that matter, which shall be a date not earlier than one-hundred fifty (150) days after the date on which the Form 10-D describing the occurrence of the related Group
          Delinquency Trigger shall have been filed by the Administrator pursuant to the terms of Section 2.2(c) hereof; (2) promptly prepare and send to the Master Collateral Agent, each Creditor Representative for any Series of Publicly Registered Notes
          of the related Group and each Public Noteholder of the related Group (and to each applicable Clearing Agency for distribution to Note Owners of each Series of the related Group in accordance with the rules of such Clearing Agency) a notice (A)
          stating that there will be a vote of Public Noteholders of that Group pursuant to Section 12.2 of the Master Collateral Agreement on whether to initiate an Asset Representations Review of the related Group 60-Day Delinquent Receivables by the
          Asset Representations Reviewer pursuant to the Asset Representations Review Agreement, and (B) describing those procedures, including the means by which the Public Noteholders of such Group may make their votes known to the Master Collateral
          Agent and the related voting deadline that will be used to calculate whether the requisite amount of Public Noteholders of that Group have cast affirmative votes to direct the Master Collateral Agent to notify the Asset Representations Reviewer
          to commence an Asset Representations Review; and (3) include the contents of such notice in the next Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof; provided,

      
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      that if the notice is received by the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D, the contents
        of such notice will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof.

      (iii)           If the Administrator receives a notice from the Master Collateral Agent pursuant to Section 12.2 of the Master Collateral Agreement indicating that sufficient Public Noteholders of that Group have voted to
          cause the related Group 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall include the contents of such notice in the
          next Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof; provided, that if the notice is received by the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D, the contents of such
          notice will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof.

      (iv)           After receipt by the Administrator of a Review Report, the Administrator will include a summary of such report in the next Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof;
          provided, that if the report is received by the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D, the summary will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant
          to Section 2.2(c) hereof.  The Form 10-D filed pursuant to this clause (iv) will also specify the means by which Public Noteholders of that Group and Verified Note Owners may notify their Creditor Representative, the Master Collateral Agent, the
          related Originator and the Servicer in writing that it considers any non-compliance of the Eligibility Representation made with respect to Receivables designated to the related Group to be a breach of the applicable Receivables Transfer
          Agreement, or request in writing that a Group 60-Day Delinquent Receivable be reacquired or acquired, as applicable.

      (v)         In the event of any resignation, removal, replacement or substitution of the Asset Representations Reviewer, or the appointment of a new Asset Representations Reviewer, pursuant to the terms of the Asset
          Representations Review Agreement, the Administrator will report the occurrence of such event, together with a description of the circumstances surrounding the change and, if applicable, information regarding the new Asset Representations
          Reviewer, in the Form 10-D filed by the Administrator pursuant to Section 2.2(c) hereof for the Collection Period in which such change occurs.

      (vi)          If the Administrator receives notice and information from the Master Collateral Agent pursuant to Section 7.11(b) of the Master Collateral Agreement, from any Indenture Trustee pursuant to Section 6.6(e) of
          the Indenture related to an Indenture Series or from the Owner Trustee pursuant to Section 6.7 of the Trust Agreement, the Administrator will include such information in the next Form 10-D to be filed by the Administrator pursuant to Section
          2.2(c) hereof; provided, that if the report is received by

      
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      the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D, the summary will be included in the next
        succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof.

      (b)            Investor Communications.  If the Administrator receives, during any Collection Period, a request from a Noteholder or Verified Note Owner of any Publicly Registered Credit Extensions to communicate with other
          Noteholders or Note Owners of any Publicly Registered Credit Extensions regarding the exercise of rights under the terms of the Transaction Documents and any Series Related Documents, the Administrator will include in the Form 10-D for such
          Collection Period the following information, to the extent provided by such Noteholder or Verified Note Owner in its request: (i) the name of the Noteholder or Verified Note Owner making the request, (ii) the date the request was received; (iii)
          a statement that the Administrator has received the request from that Noteholder or Verified Note Owner that it is interested in communicating with other Noteholders or Note Owners of any Publicly Registered Credit Extensions with regard to the
          possible exercise of rights under the Transaction Documents and the applicable Series Related Documents; and (iv) a description of the method other Noteholders or Note Owners of any Publicly Registered Credit Extensions may use to contact the
          requesting Noteholder or Verified Note Owner.  The Administrator is not required to include any additional information regarding the Noteholder or Verified Note Owner and its request in the Form 10-D, and is required to disclose a Noteholder’s or
          Verified Note Owner’s request only where the communication relates to the exercise by a Noteholder or Verified Note Owner of its rights under the Transaction Documents and applicable Series Related Documents.  The Administrator will be
          responsible for the expenses of administering the investor communications provisions set forth in this Section 2.9, which will be compensated by means of the fee payable to it by the Servicer, as described in Section 2.8.

      Section 2.10.   Benchmark Replacement Conforming Changes.  To the extent set forth in and required by the terms of any Trust Financing
        Agreement, the Administrator shall use its commercially reasonable efforts to determine if and when a “Benchmark Transition Event” (as defined in the applicable Trust Financing Agreement) has occurred, and if it makes such a determination, shall
        have the right to make “Benchmark Replacement Conforming Changes” (as defined in the applicable Trust Financing Agreement).

      Section 2.11.     Additional Requirements of the Administrator.

      (a)            Reporting Requirements.

      (i)            If so requested by the Trust for the purpose of satisfying its reporting obligation under the Exchange Act with respect to the Publicly Registered Notes of any Indenture Series, the Administrator shall (x)
          notify the Trust in writing of any material litigation or governmental proceedings pending against the Administrator and (y) provide to the Trust a description of such proceedings.

      
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      (ii)            As a condition to the succession to the Administrator by any Person as permitted by Article III hereof, the Administrator shall provide to the Trust, at least ten (10) Business Days prior to the effective
          date of such succession or appointment, (x) written notice to the Trust of such succession or appointment and (y) in writing all information in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the Publicly
          Registered Notes of any Indenture Series.

      (iii)          In addition to such information as the Administrator is obligated to provide pursuant to other provisions of this Agreement, the Administrator shall provide to the Trust and the Servicer such information
          regarding the performance or servicing of the Receivables designated to each Group as is reasonably required by the Servicer to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB.

      (b)            Intent of the Parties; Reasonableness.  The Trust and the Administrator acknowledge and agree that the purpose of this Section 2.11 is to facilitate compliance by the Trust with the provisions of
          Regulation AB and related rules and regulations of the Commission.  Neither the Trust nor the Administrator shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for
          purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The
          Administrator acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities
          markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Master Collateral Agent, any Indenture Trustee, the Servicer or any other party to the Transaction Documents in good faith for delivery of information under
          these provisions on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Administrator shall cooperate fully with the Trust to deliver to the Trust (including any of its assignees or designees), any and all
          statements, reports, certifications, records and any other information necessary in the good faith determination of the Trust, to permit the Trust to comply with the provisions of Regulation AB.  The Trust (including any of its assignees or
          designees) shall cooperate with the Administrator by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the Trust’s reasonable judgment, to comply with
          Regulation AB.

      ARTICLE III

        ADMINISTRATOR

      Section 3.1.     Administrator’s Representations and Warranties.  The Administrator represents and warrants to the Trust, the Owner
        Trustee and the Master Collateral Agent as of the date of this Agreement and represents and warrants to the Trust, the Owner Trustee, the Master Collateral Agent and the Indenture Trustee for the related Indenture Series as of the Closing Date for
        each Series:

      
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      (a)            Organization and Good Standing.  The Administrator is a validly existing partnership in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its
          business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document and other Series Related Document to which it is a party.

      (b)            Due Qualification.  The Administrator is duly qualified to do business, is in good standing as a foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each
          jurisdiction in which the conduct of its business requires such qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

      (c)            Due Authorization.  The execution, delivery, and performance of this Agreement and each other Transaction Document and other Series Related Document to which it is a party, have been duly authorized by the Administrator
          by all necessary partnership action on the part of the Administrator.

      (d)            No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Administrator or any of its properties: (i) asserting the invalidity of this
          Agreement; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii) seeking any determination or ruling that might have a Material Adverse Effect on the performance by the Administrator of its
          obligations under, or the validity or enforceability of, this Agreement.

      (e)        All Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority, if any, required to be obtained, effected or given to it in connection with the
          execution and delivery of this Agreement and each other Transaction Document and other Series Related Document to which it is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document or
          other Series Related Document by the Administrator, in each case, have been duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material
          Adverse Effect.

      (f)          Binding Obligation. This Agreement and each other Transaction Document and other Series Related Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a
          legal, valid and binding obligation of the Administrator, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership,
          conservatorship or other similar Laws affecting creditors’ rights generally or by general principles of equity.

      (g)           No Conflict. The execution and delivery of this Agreement or any other Transaction Document or other Series Related Document to which it is a party by the Administrator, and the performance by it of the transactions
          contemplated by the Transaction

      
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      Documents and the other Series Related Documents, and the fulfillment of the terms hereof and thereof applicable to the Administrator, (i) do not contravene (A)
        the organizational documents of the Administrator, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each
        case, where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

      (h)            No Violation. The execution and delivery of this Agreement by the Administrator, the performance by the Administrator of the transactions contemplated by this Agreement or any other Transaction Document or other Series
          Related Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Administrator will not violate any Law applicable to the Administrator, except where such violation would not reasonably be expected to
          have a Material Adverse Effect.

      Section 3.2.     Liability of Administrator.

      (a)            Liability for Specific Obligations.  The Administrator will be liable only for its specific obligations under this Agreement.  All other liability is expressly waived and released as a condition of, and consideration
          for, the execution of this Agreement by the Administrator.  The Administrator will be liable only for its own willful misconduct, bad faith or gross negligence in performing its obligations under this Agreement.

      (b)            No Liability of Others.  The Administrator’s obligations under this Agreement are corporate obligations.  No Person will have recourse, directly or indirectly, against any member, manager, officer, director, employee or
          agent of the Administrator for the Administrator’s obligations under this Agreement.

      (c)            Legal Proceedings.  The Administrator is not required to start, pursue or participate in any legal proceeding that is not incidental or related to its obligations under this Agreement and that in its opinion may result
          in liability or cause it to pay or risk funds or incur financial liability.  The Administrator may in its sole discretion start or pursue any legal proceeding to protect the interests of the Creditors or the Depositor under the Transaction
          Documents and the Series Related Documents.  The Administrator will be responsible for the fees and expenses of legal counsel and any liability resulting from the legal proceeding.

      (d)            Force Majeure.  The Administrator will not be responsible or liable for any failure or delay in performing its obligations under this Agreement caused by, directly or indirectly, forces beyond its control, including
          strikes, work stoppages, acts of war, terrorism, civil or military disturbances, fire, flood, earthquakes, storms, hurricanes or other natural disasters or failures of mechanical, electronic or communication systems; provided, however that this
          provision shall not limit the Owner Trustee’s right to remove the Administrator for its failure to perform under this Agreement, as provided in Section 3.3(c).  The Administrator will use

      
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      commercially reasonable efforts to resume performance as soon as practicable in the circumstances.

      (e)            Reliance by Administrator.  The Administrator may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party for any matters under this Agreement.

      Section 3.3.     Resignation and Removal of Administrator.

      (a)            No Resignation.  Except as stated in Section 3.3(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement.  The Administrator will
          notify the Trust and the Owner Trustee of its resignation, which notification shall include an Opinion of Counsel supporting its determination.

      (b)            Mandatory Resignation.  On the appointment or engagement of a Successor Servicer under the Transfer and Servicing Agreement (other than the Master Collateral Agent), the Administrator will immediately resign and the
          Successor Servicer will automatically become the successor Administrator.

      (c)            Removal.  If any of the following events occurs and is continuing, the Owner Trustee, with the consent of Creditor Representatives representing Creditors holding at least sixty-six and two thirds percent (66 2/3%) of
          the Credit Exposure of each Trust Financing, may remove the Administrator and terminate its rights and obligations under this Agreement by notifying the Administrator:

      (i)           the Administrator fails to perform in any material respect its obligations under this Agreement, which failure has a material adverse effect on the Creditors and continues for ninety (90) days after the
          Administrator receives written notice of the failure from the Owner Trustee, the Master Collateral Agent or the Majority Creditor Representatives; provided, however, that such period shall be extended for an additional period of ninety (90) days
          if such delay or failure of performance was caused by force majeure or other similar occurrence, as further described in Section 3.2(d); or

      (ii)            an Insolvency Event of the Administrator occurs.

      (d)            Notice of Resignation or Removal.  The Trust will notify the Depositor, the Owner Trustee, the Creditor Representatives and the Master Collateral Agent of any resignation or removal of the Administrator.

      (e)            Continue to Perform.  No resignation or removal of the Administrator will be effective, and the Administrator will continue to perform its obligations under this Agreement, until a successor Administrator has accepted
          its engagement according to Section 3.4(b).

      
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      Section 3.4.     Successor Administrator.

      (a)            Engagement of Successor Administrator.  Following the resignation or removal of the Administrator, the Trust, at the direction of the Majority Creditor Representatives, will engage a successor Administrator. No such
          direction from the Majority Creditor Representatives is required if the successor Administrator is the Successor Servicer. If the Trust does not receive direction from the Majority Creditor Representatives within a reasonable period of time, the
          Trust may engage a successor Administrator.

      (b)                 Effectiveness of Resignation or Removal.  No resignation or removal of the Administrator will be effective until (i) the successor Administrator has executed and delivered to the Trust an agreement
          accepting its engagement and agreeing to perform the obligations of the Administrator under this Agreement or a new administration agreement on substantially the same terms as this Agreement, in a form acceptable to the Trust and (ii) the Rating
          Agency Condition is satisfied (if any Credit Extensions are then rated).

      (c)               Notice of Successor Administrator.  The Trust will notify the Depositor, the Owner Trustee, the Master Collateral Agent and the Creditor Representatives of the engagement of a successor
          Administrator.

      (d)         Transition to Successor Administrator.  If the Administrator resigns or is removed, the Administrator will cooperate with the Trust and take all actions reasonably requested to assist the Trust in making an orderly
          transition of the Administrator’s obligations to the successor Administrator.

      Section 3.5.     Merger, Consolidation, Succession or Assignment.  Any Person (a) into which the Administrator is merged or
        consolidated, (b) resulting from a merger or consolidation to which the Administrator is a party, (c) succeeding to the Administrator’s business or (d) that is an Affiliate of the Administrator to whom the Administrator has assigned this Agreement,
        will be the successor to the Administrator under this Agreement.  Within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an agreement to assume the Administrator’s obligations under
        this Agreement and each Transaction Document and other Series Related Document to which the Administrator is a party (unless the assumption happens by operation of Law), (ii) deliver to the Trust, the Owner Trustee and the Master Collateral Agent
        an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this Section 3.5 and (iii) notify the Rating Agencies (if any) of the merger,
        consolidation, succession or assignment.

      Section 3.6.     Delegation and Contracting. For as long as Cellco is the Administrator, the Administrator may delegate to or contract
        with any Person to perform its obligations under this Agreement without the consent of the Trust.  No delegation or contracting will relieve the Administrator of its responsibilities, and the Administrator will remain responsible for those
        obligations.  The Administrator will be responsible for the fees of its delegates and contractors.

      
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      ARTICLE IV

        OTHER AGREEMENTS

      Section 4.1.     Independence of Administrator; No Joint Venture.  The Administrator will be an independent contractor and will not be
        subject to the supervision of the Trust or the Owner Trustee for the manner in which it performs its obligations under this Agreement.  Except as expressly authorized by the Transaction Documents and the other Series Related Documents, the
        Administrator will have no authority to act for or represent the Trust or the Owner Trustee and will not be considered an agent of the Trust or the Owner Trustee.  This Agreement will not make the Administrator and the Trust or the Owner Trustee
        members of a partnership, joint venture or other entity or impose any liability as such on any of them.

      Section 4.2.     Transactions with Affiliates; Other Transactions.  In performing its obligations under this Agreement, the
        Administrator may enter into transactions or deal with any of its Affiliates.  This Agreement will not prevent the Administrator or its Affiliates from engaging in other businesses or from acting in a similar capacity as an administrator for any
        other Person even though that Person may engage in activities similar to those of the Trust.

      Section 4.3.      No Effect on Cellco in Other Capacities.  This Agreement will not affect or limit any right or obligation Cellco may
        have in any other capacity.

      Section 4.4.     No Petition.  Each party agrees that, before the date that is two (2) years and one (1) day (or, if longer, any
        applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was depositor or (b) the Credit Extensions, it will not start or pursue against, or join any other Person in
        starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law. This Section 4.4 will
        survive termination of this Agreement.

      Section 4.5.     Limitation of Liability of Owner Trustee and Master Collateral Agent.

      (a)            Owner Trustee.  This Agreement has been executed on behalf of the Trust by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Trust.  In no event
          will Wilmington Trust, National Association in its individual capacity or a holder of a beneficial interest in the Trust be liable for the Trust’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee will be
          subject to, and entitled to the benefits of, the Trust Agreement.  Neither the Trust nor the Owner Trustee will have any liability for any act or failure to act of the Administrator, including any action taken under a power of attorney given
          under this Agreement.

      (b)            Master Collateral Agent.  This Agreement has been signed by U.S. Bank National Association, not in its individual capacity but solely in its capacity as Master Collateral Agent.  In performing its obligations under this
          Agreement, the Master Collateral Agent is subject to, and

      
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      entitled to the benefits of, the Master Collateral Agreement.  Notwithstanding any provisions in this Agreement or any Transaction Document to the contrary, the
        Master Collateral Agent shall not be required to take any action which exposes the Master Collateral Agent to personal liability or which is contrary to applicable Law.  The Master Collateral Agent will not have any liability for any act or failure
        to act of the Servicer, the Custodian, the Marketing Agent, any Creditor or Creditor Representative, the Administrator, the Trust or any other person or entity hereunder or under any Transaction Document.

      Section 4.6.     Termination.  This Agreement will terminate when the Trust is terminated under the Trust Agreement.

      ARTICLE V

        MISCELLANEOUS

      Section 5.1.     Amendments.

      (a)            Amendments to Clarify and Correct Errors and Defects.  The Trust and the Administrator, without the consent of the Creditors, the Creditor Representatives, the Master Collateral Agent or any other Person, may amend this
          Agreement to cure any ambiguity, to correct an error or to correct or supplement any provision of this Agreement that may be defective or inconsistent with the other terms of this Agreement.

      (b)            Other Amendments.  Other than as set forth in Section 5.1(c), the Trust and the Administrator, without the consent of the Creditors, the Creditor Representatives, the Master Collateral Agent (other than as set forth in
          Section 5.1(d)) or any other Person, may also amend this Agreement for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or modifying in any manner the rights of the
          Creditors under this Agreement if either (x) the Trust or the Administrator delivers an Officer’s Certificate to the Master Collateral Agent and the Owner Trustee stating that the Trust or the Administrator, as applicable, reasonably believes
          that the amendment will not have a material adverse effect on the interest of any Creditor or (y) the Rating Agency Condition is satisfied with respect to such amendment (if any Credit Extensions are then rated).

      (c)            Amendments Requiring Consent of Creditors.  The Trust and the Administrator, with the consent of the Majority Creditor Representatives of each Group affected thereby, may, with prior written notice to the Rating
          Agencies (if any Credit Extensions of an affected Group are then rated by such Rating Agencies), and the Master Collateral Agent, amend this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the
          provisions of this Agreement or of modifying in any manner the rights of the Creditors under this Agreement.

      It shall not be necessary for the consent of the Creditors, any Creditor Representatives or the Master Collateral Agent pursuant to this Section
        5.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the

      
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      substance thereof.  For the avoidance of doubt, any Creditor (acting through its Creditor Representative) consenting to any amendment shall be deemed to agree that
        such amendment does not have a material adverse effect on such Creditor and any Creditor Representative consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor Representative
        or its Creditors.

      (d)            Master Collateral Agent Consent.  The consent of the Master Collateral Agent will be required for any amendment under Section 5.1(b) or (c) that has a material adverse effect on the rights, duties, obligations,
          immunities or indemnities of the Master Collateral Agent.

      (e)            Notice of Amendments.  Promptly after the execution of any amendment to this Agreement, the Administrator will deliver a copy of the amendment to the Rating Agencies, if any.

      (f)              Opinions.  Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Master Collateral Agent shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such
          amendment is authorized or permitted by this Agreement and the Transaction Documents.

      (g)              Deemed Consent for All Creditors.  In the event that the Trust Financing Agreement for a Series enables a portion of the Creditors of that Series, or any Class of that Series, to exercise consent rights for such Series,
          the consent (or lack thereof) of such portion of the Creditors shall be deemed to be the consent (or lack thereof) of all Creditors of such Series.

      (h)            Trust Financing Agreements.  The Trust Financing Agreement for any Series may have additional requirements or criteria to amend, modify or waive any provision of this Agreement and no amendment, modification or waiver
          of any provision of this Agreement shall occur unless each of the additional criteria, if any, has been satisfied.

      Section 5.2.     Assignment; Benefit of Agreement; Third-Party Beneficiary.

      (a)            Assignment.  Except as stated in Section 3.5, this Agreement may not be assigned by the Administrator without the consent of the Trust, the Master Collateral Agent and the Owner Trustee and satisfaction of the Rating
          Agency Condition (if any Credit Extensions are then rated).

      (b)            Benefit of Agreement; Third-Party Beneficiary.  This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns.  The Owner Trustee and the Master
          Collateral Agent will each be third-party beneficiaries of this Agreement and may enforce this Agreement against the Administrator. No other Person will have any right or obligation under this Agreement.

      
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      Section 5.3.     Notices.

      (a)            Notices to Parties.  All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

      (i)            for personally delivered, express or certified mail or courier, when received;

      (ii)            for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

      (iii)            for an email, when receipt is confirmed by telephone or reply email from the recipient; and

      (iv)       for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting
          has been made.

      (b)            Notice Addresses.  A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Transfer and Servicing Agreement, which address the
          party may change by notifying the other party.

      Section 5.4.     GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES
        HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF
        LAW PROVISIONS THEREOF).

      Section 5.5.     Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court
        for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may
        now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

      Section 5.6.     WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY
        HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

      
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      Section 5.7.     No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will
        operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under
        this Agreement are in addition to any powers, rights and remedies under Law.

      Section 5.8.     Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable
        from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

      Section 5.9.      Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or
        interpretation of this Agreement.

      Section 5.10.    Counterparts.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all
        counterparts will together be one document.

      Section 5.11.     Electronic Signatures.  Each party agrees that this Agreement and any other documents to be delivered in connection
        herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

       

      

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              IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed by its duly authorized officer as of the date and year first above written.

               

              

            
	 	
              VERIZON MASTER TRUST,

              as Trust

               

              By:        Wilmington Trust, National Association,

              not in its individual capacity but solely as Owner Trustee

               

               

              By:  /s/ Mark H. Brzoska                             _

              Name:  Mark H. Brzoska

              Title:    Vice President

              

                

              

               

              CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

              as Administrator

               

               

              By:  /s/ Kee Chan Sin                                      

                

              Name:   Kee Chan Sin

              Title:     Vice President and Assistant Treasurer

               

            


      

      

      	
              AGREED AND ACCEPTED BY:

               

              VERIZON ABS II LLC,

              as Depositor

               

               

              By:  /s/ Kee Chan Sin                         

                

              Name:  Kee Chan Sin

              Title:    Chief Financial Officer

              

               

               

              U.S. BANK NATIONAL ASSOCIATION,

              not in its individual capacity but

              solely as Master Collateral Agent

               

               

              By:  /s/ Matthew M. Smith                   

                

              Name:  Matthew M. Smith

              

              Title:     Vice President