Exhibit 10.7

  

  
    Execution Version

  

  

  

  

  

  
    


  
    
      

      

    

    SERIES 2022-5 ACCOUNT CONTROL AGREEMENT

     

    among

     

    VERIZON MASTER TRUST,

      as Grantor

     

    U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

      as Secured Party

     

    and

     

    U.S. BANK NATIONAL ASSOCIATION,

      as Financial Institution

     

    

    

    Dated as of August 11, 2022

     

    
      
        


      

      

      

      

    

    

    

    
      
        


    

    TABLE OF CONTENTS

    

    

    Page

    

    

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            ARTICLE II

          	
            ESTABLISHMENT OF COLLATERAL ACCOUNTS

          	
            1

          
	
            Section 2.1

          	
            Description of Accounts

          	
            1

          
	
            Section 2.2

          	
            Account Changes

          	
            2

          
	
            Section 2.3

          	
            Account Types

          	
            2

          
	
            Section 2.4

          	
            Securities Accounts

          	
            2

          
	
            Section 2.5

          	
            “Financial Assets” Election

          	
            3

          
	
            ARTICLE III

          	
            SECURED PARTY CONTROL

          	
            3

          
	
            Section 3.1

          	
            Control of Collateral Accounts

          	
            3

          
	
            Section 3.2

          	
            Investment Instructions

          	
            3

          
	
            Section 3.3

          	
            Conflicting Orders or Instructions

          	
            3

          
	
            ARTICLE IV

          	
            SUBORDINATION OF LIEN; WAIVER OF SET-OFF

          	
            4

          
	
            Section 4.1

          	
            Subordination of Lien; Waiver of Set-Off

          	
            4

          
	
            ARTICLE V

          	
            REPRESENTATIONS, WARRANTIES AND COVENANTS

          	
            4

          
	
            Section 5.1

          	
            Financial Institution’s Representations and Warranties

          	
            4

          
	
            Section 5.2

          	
            Financial Institution’s Covenants

          	
            5

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            5

          
	
            Section 6.1

          	
            Reliance by Financial Institution

          	
            5

          
	
            Section 6.2

          	
            Termination

          	
            6

          
	
            Section 6.3

          	
            No Petition

          	
            6

          
	
            Section 6.4

          	
            Limitation of Liability

          	
            6

          
	
            Section 6.5

          	
            Conflict With Other Agreement

          	
            7

          
	
            Section 6.6

          	
            [Reserved]

          	
            7

          
	
            Section 6.7

          	
            Adverse Claims

          	
            7

          
	
            Section 6.8

          	
            Maintenance of Collateral Accounts

          	
            7

          
	
            ARTICLE VII

          	
            MISCELLANEOUS

          	
            8

          
	
            Section 7.1

          	
            Amendment

          	
            8

          
	
            Section 7.2

          	
            Benefit of Agreement

          	
            9

          
	
            Section 7.3

          	
            Notices

          	
            9

          


    

    

    
      
        
          


      

      
      TABLE OF CONTENTS

      (continued)

      Page

       

      

    

    	
            Section 7.4

          	
            GOVERNING LAW

          	
            9

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            10

          
	
            Section 7.6

          	
            WAIVER OF JURY TRIAL

          	
            10

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            10

          
	
            Section 7.8

          	
            Severability

          	
            10

          
	
            Section 7.9

          	
            Headings

          	
            10

          
	
            Section 7.10

          	
            Counterparts

          	
            10

          
	
            Section 7.11

          	
            Electronic Signatures

          	
            10

          


    

    

    

    

    

    

    

    

    

    

    

    

    

     

    

    

    
      -ii-

      
        


    

    This SERIES 2022-5 ACCOUNT CONTROL AGREEMENT, dated as of August 11, 2022 (this “Agreement”), is among VERIZON MASTER TRUST, a Delaware statutory trust, as grantor (the “Grantor”),

      U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as Indenture Trustee for the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC (in these capacities, the “Financial Institution”).

     

    BACKGROUND

     

    The Grantor is engaging in a securitization transaction in which it will issue the Notes under the Indenture (as defined below), and the Secured Party will hold funds in bank accounts for
      the benefit of the Noteholders.

     

    The parties are entering into this Agreement to perfect the security interest in the bank accounts.

     

    The parties agree as follows:

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

    Section 1.1  Usage and
          Definitions.  Capitalized terms used but not defined in this Agreement are defined in (or defined by reference in) the Indenture, dated as of August 11, 2022 (the “Indenture”), between Verizon Master Trust, as trust, and U.S. Bank
        Trust Company, National Association, as indenture trustee (the “Indenture Trustee”).  The Indenture also contains by reference, usage rules that apply to this Agreement.  References to the “UCC” mean the Uniform Commercial Code as in
        effect in the State of New York.

     

     For purposes of this Agreement, “Hague Securities Convention” means The
        Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

     

    ARTICLE II

      ESTABLISHMENT OF COLLATERAL ACCOUNTS

     

    Section 2.1  Description
          of Accounts.  Pursuant to this Agreement and the Indenture, the Grantor, the Servicer and the Financial Institution have established the following accounts, subject to the lien of the Secured Party (each, a “Collateral Account”), each
        of which Collateral Accounts shall be a Trust Financing Account:

     

    	

          	(i)	
             “Series 2022-5 Distribution Account – U.S. Bank Trust Company, National Association, as Note Paying Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust, Series
              2022-5” with account number 271179000.

          


     

    
      
        


    

    
    	

          	(ii)	
            “Series 2022-5 Reserve Account – U.S. Bank Trust Company, National Association, as Note Paying Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust, Series 2022-5”
              with account number 271179001.

          


     

    	

          	(iii)	
            “Series 2022-5 Principal Funding Account – U.S. Bank Trust Company, National Association, as Note Paying Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust, Series
              2022-5” with account number 271179002.

          


     

    Section 2.2  Account
          Changes.  Neither the Financial Institution nor the Grantor will change the name or account number of a Collateral Account without the consent of the Secured Party.  The Financial Institution will promptly notify the Servicer of any changes
        to the name or account number of a Collateral Account.  This Agreement will apply to each successor account to a Collateral Account, which will also be a Collateral Account.

     

    Section 2.3  Account
          Types.  The Grantor, the Financial Institution and the Secured Party hereby confirm and agree that each Collateral Account is either a “securities account” (as defined in Section 8-501 of the UCC) or a “deposit account” (as defined in Section
        9-102(a)(29) of the UCC).  The Grantor, the Financial Institution and the Secured Party acknowledge and agree that each Collateral Account is intended to be a “securities account.”  Notwithstanding such intention, (x) if a Collateral Account
        constitutes a “deposit account” under the UCC, the provisions of this Agreement governing a “deposit account” shall apply to such Collateral Account and (y) as used herein “deposit account” shall mean a Collateral Account to the extent that it is
        determined to be a “deposit account” (within the meaning of Section 9-102(a)(29) of the UCC) and “securities account” shall mean a Collateral Account to the extent that it is determined to be a “securities account” (within the meaning of Section
        8-501 of the UCC).

     

    Section 2.4  Securities
          Accounts.  If a Collateral Account is a securities account, the Financial Institution agrees that:

     

    (a) Financial

          Assets.  All property delivered to the Financial Institution pursuant to the Indenture and the Master Collateral Agreement that is granted to the Indenture Trustee shall be promptly credited to the applicable Collateral Account in accordance
        with the terms of the Indenture and the Master Collateral Agreement;

     

    (b) Registration

          and Indorsement.  All securities or other property underlying any financial assets credited to any securities account (other than cash) shall be registered in the name of the Financial Institution, indorsed to the Financial Institution or in
        blank or credited to another securities account maintained in the name of the Financial Institution, and in no case will any financial asset credited to any securities account be registered in the name of the Grantor or any other person, payable to
        the order of the Grantor or any other person, or specially indorsed to the Grantor or any other person, except to the extent the foregoing have been specially indorsed to the Financial Institution or in blank; and

     

    (c) Exercise

          of Rights.  Each Collateral Account is an account to which financial assets or other property are or may be credited, and the Financial Institution shall, subject to the

     

    
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    terms of this Agreement, treat the Grantor as entitled to exercise the rights that comprise any financial asset or other property credited to such account.

     

    Section 2.5  “Financial Assets” Election.  The Financial Institution hereby agrees that each item of property (whether investment
        property, financial asset, security, instrument, general intangible or cash) credited to a Collateral Account to the extent that it constitutes a securities account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9)
        of the UCC.

     

    ARTICLE III

      SECURED PARTY CONTROL

     

    Section 3.1  Control of
          Collateral Accounts.

     

    (a) Notwithstanding

        any other provision of this Agreement, if at any time the Financial Institution shall receive any order from the Secured Party directing transfer or redemption of any financial asset relating to a Collateral Account or any instruction originated by
        the Secured Party directing the disposition of funds in a Collateral Account, the Financial Institution shall comply with such entitlement order or instruction without further consent by the Grantor or any other person.  If the Grantor is otherwise
        entitled to issue entitlement orders or instructions and such entitlement orders or instructions conflict with any entitlement order or instruction issued by the Secured Party, the Financial Institution shall follow the entitlement orders or
        instructions issued by the Secured Party and shall incur no liability therewith.

     

    (b) Until
        the Financial Institution receives a Notice of Sole Control pursuant to Section 6.8(a) from the Secured Party, the Financial Institution is authorized to act upon instructions, including entitlement orders, from either the Secured Party or the
        Grantor.  The Secured Party may exercise sole and exclusive control of the Collateral Accounts at any time by delivering to the Financial Institution a Notice of Sole Control as set forth in Section 6.8(a).

     

    Section 3.2  Investment
          Instructions.  If (a) the Financial Institution has not received an order or instruction from the Grantor directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured

          Party Order”) for the investment of funds in a Collateral Account by 11:00 a.m. New York time (or another time agreed to by the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice
        from the Secured Party that a Potential Default or Event of Default has occurred and is continuing, the Financial Institution will invest and reinvest funds in such Collateral Account according to the last investment instruction received, if any. 
        If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Financial Institution will notify the Servicer and request new investment instructions, and the funds will remain
        uninvested until new investment instructions are received.  For the avoidance of doubt, the Financial Institution shall have no investment discretion.

     

    Section 3.3  Conflicting
          Orders or Instructions.  If the Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantor or any other Person, the

     

    
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    Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor or such other Person and shall incur no liability in connection therewith.

     

    ARTICLE IV

      SUBORDINATION OF LIEN; WAIVER OF SET-OFF

     

    Section 4.1  Subordination

          of Lien; Waiver of Set-Off.  In the event that the Financial Institution has or subsequently obtains by agreement, by operation of Law or otherwise a security interest in a Collateral Account or any “security entitlement” or other property
        credited thereto, the Financial Institution hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party.  The financial assets, money and other items credited to any Collateral Account will not be
        subject to deduction, set-off, banker’s lien, or any other right in favor of any Person other than the Secured Party (except that the Financial Institution may set off (i) all amounts due to the Financial Institution in respect of customary fees
        and expenses for the routine maintenance and operation of the Collateral Accounts and (ii) the face amount of any checks which have been credited to any such Collateral Account but are subsequently returned unpaid because of uncollected or
        insufficient funds).

     

    ARTICLE V

      REPRESENTATIONS, WARRANTIES AND COVENANTS

     

    Section 5.1  Financial
          Institution’s Representations and Warranties.  The Financial Institution represents and warrants to the Grantor and the Secured Party as follows:

     

    (a) Organization. 

        The Financial Institution is duly organized, validly existing and qualified as a national banking association under the laws of the United States.

     

    (b) Power

          and Authority.  The Financial Institution has the corporate power and authority to execute, deliver and perform its obligations under this Agreement.  The Financial Institution has taken all action necessary to authorize the execution,
        delivery and performance by it of this Agreement.

     

    (c) Enforceability. 

        This Agreement has been duly executed by an authorized officer of the Financial Institution and constitutes the legal, valid and binding obligation of the Financial Institution, 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 and, if applicable, the rights of creditors from time to time
        in effect or by general principles of equity.

     

    (d) No
          Agreements with Grantor.  There are no agreements between the Financial Institution and the Grantor or the Servicer governing or relating to a Collateral Account other than this Agreement, the Master Collateral Agreement, the Indenture and
        the other Transaction Documents and other Series Related Documents.

     

    (e) No
          Other Agreements.  The Financial Institution has not entered into, and until the termination of this Agreement will not enter into, an agreement relating to a Collateral Account in which it has agreed to comply with “entitlement orders” (as
        defined in Section 8-102(a)(8) of the UCC) or “instructions” (within the meaning of Section 9-104 of the UCC) of

     

    
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    any Person other than the Secured Party or purporting to limit or condition the obligation of the Financial Institution to comply with entitlement orders or instructions.

     

    (f) No
          Limitations.  The Financial Institution has not entered into an agreement limiting or conditioning the Financial Institution’s obligation to comply with any Secured Party Order.

     

    (g) No
          Liens.  Except for the claims and interest of the Secured Party and of the Grantor in the Collateral Accounts, the Financial Institution has no actual knowledge of any Lien on or claim to, or interest in, any of the Collateral Accounts or in
        any “financial asset” (as defined in Section 8-102(a) of the UCC) or other property credited thereto.

     

    (h) Maintenance

          of Collateral Accounts.  Each Collateral Account has been established as set forth in Article II, and such Collateral Accounts will be maintained in the manner set forth herein until termination of this Agreement.

     

    (i) Maintenance

          of Offices.  The Financial Institution has at the time of this Agreement, and had at the time of entry into the Indenture and the other Transaction Documents and other Series Related Documents executed on or prior to the date of this
        Agreement, one or more offices in the United States that maintains the securities accounts.

     

    Section 5.2  Financial
          Institution’s Covenants.

     

    (a) Statements,

          Confirmations and Other Correspondence.  The Financial Institution will promptly deliver copies of statements, confirmations and correspondence about the Collateral Accounts and the cash or other financial assets credited to a Collateral
        Account to the Grantor and the Secured Party.

     

    (b) Notice

          of Claim.  If a Person asserts a Lien against a Collateral Account (or in the cash or other financial assets credited to a Collateral Account), the Financial Institution will promptly notify the Secured Party.

     

    (c) Negative

          Covenants.  Until the termination of this Agreement, the Financial Institution will not enter into (i) an agreement relating to a Collateral Account in which it agrees to comply with entitlement orders or instructions of any Person other than
        the Secured Party or (ii) an agreement limiting or conditioning the Financial Institution’s obligation to comply with Secured Party Orders.

     

    ARTICLE VI

      OTHER AGREEMENTS

     

    Section 6.1  Reliance by
          Financial Institution.  The Financial Institution is not obligated to investigate or inquire whether the Secured Party may deliver a Secured Party Order.  The Financial Institution may rely on communications (including Secured Party Orders)
        believed by it in good faith to be genuine and given by the proper party.

     

    
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    Section 6.2  Termination.

     

    (a) The
        Financial Institution may terminate its rights and obligations under this Agreement if the Secured Party resigns or is removed as Indenture Trustee under the Indenture.  The Grantor may terminate the rights and obligations of the Financial
        Institution if the Financial Institution ceases to be a Qualified Institution.  No termination of the rights and obligations of the Financial Institution under this Agreement will be effective until new Collateral Accounts are established with, and
        the cash and other financial assets credited to the Collateral Accounts are transferred to, another securities intermediary who has agreed to accept the obligations of the Financial Institution under this Agreement or a similar agreement.

     

    (b) The
        Secured Party agrees to provide a Notice of Termination in substantially the form of Exhibit B hereto to the Financial Institution upon the request of the Grantor on or after the termination of the Secured Party’s security interest in the
        Collateral Accounts pursuant to the terms of the Indenture.  The termination of this Agreement does not terminate any Collateral Account or alter the obligations of the Financial Institution to the Grantor pursuant to any other agreement with
        respect to any Collateral Account.

     

    Section 6.3  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 payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a
        depositor or (b) all advances owed by Verizon Master Trust, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Grantor, respectively, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section 6.3 will survive the termination of this Agreement.

     

    Section 6.4  Limitation
          of Liability.

     

    (a) Financial

          Institution.  The Financial Institution will not be liable under this Agreement, except for (i) its own willful misconduct, bad faith or gross negligence or (ii) breach of its representations, warranties or covenants in this Agreement.  The
        Financial Institution will not be liable for special, indirect, punitive or consequential losses or damages (including lost profit), even if the Financial Institution has been advised of the likelihood of the loss or damage and regardless of the
        form of action.

     

    (b) Secured

          Party.  The Secured Party is executing this Agreement not in its individual capacity but solely in its capacity as Indenture Trustee.  In performing its obligations under this Agreement, the Secured Party is subject to, and entitled to the
        benefits of, the terms of the Indenture that apply to the Indenture Trustee.  The Indenture Trustee will not have any liability for any act or failure to act of the Servicer, the Custodian, the Marketing Agent, any other Creditor Representative or
        Noteholder, the Administrator, the Grantor or any other Person.

     

    (c) Owner

          Trustee.  This Agreement has been signed on behalf of the Grantor by Wilmington Trust, National Association, not in its individual capacity, but solely in its capacity as Owner Trustee of the Grantor.  In no event will Wilmington Trust,
        National Association in its individual capacity or a beneficial owner of the Grantor be liable for the Grantor’s obligations

     

    
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    under this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

     

    Section 6.5  Conflict
          With Other Agreement.

     

    (a) In
        the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail.

     

    (b) No
        amendment or modification of this Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto.

     

    (c) The
        Financial Institution hereby confirms and agrees that:

     

    (i) there are no agreements entered into between the Financial Institution and the Grantor with respect to the Collateral Accounts other than this Agreement and the Indenture; and

     

    (ii) other than the Indenture, it has not entered into, and until the termination of this Agreement will not enter into, any other agreement with any other person relating to any Collateral Account or any financial assets or other
        property credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) or instructions (within the meaning of Section 9-104 of the UCC) of such other person.

     

    Section 6.6  [Reserved].

     

    Section 6.7  Adverse
          Claims.  If the Financial Institution receives written notice that any person is asserting any lien, encumbrance or Adverse Claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any
        Collateral Account or any financial asset or other property credited thereto, the Financial Institution will promptly notify the Secured Party and the Grantor thereof.

     

    Section 6.8  Maintenance of Collateral Accounts.  In addition to, and not in lieu of, the obligation of the Financial Institution to honor entitlement orders and instructions as set forth in Section 3.1 hereof, the Financial Institution, the
        Grantor and the Secured Party agree that the Collateral Accounts shall be maintained as follows:

     

    (a) Notice of Sole Control.  If at any time the Secured Party delivers to the Financial Institution a Notice of Sole Control in substantially the form set forth in Exhibit A hereto (a “Notice of Sole Control”), the Financial
        Institution agrees that after receipt of such notice, it will take all instructions with respect to the Collateral Accounts solely from the Secured Party and shall not comply with instructions or entitlement orders of any other person.

     

    (b) Voting Rights.  Until such time as the Financial Institution receives a Notice of Sole Control signed by the Secured Party pursuant to subsection (a) of this

     

    
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    Section 6.8, the Grantor shall direct the Financial Institution with respect to the voting of any financial assets credited to any Collateral Account.

     

    (c) Eligible Account.  Until such time as the Financial Institution receives a Notice of Sole Control signed by the Secured Party, the Grantor shall direct, to the extent permitted by the Indenture, the Financial Institution with
        respect to the selection of investments to be made for the credit of a Collateral Account if it is a securities account, and after the Financial Institution receives a Notice of Sole Control signed by the Secured Party, the Secured Party shall
        direct, to the extent permitted by the Indenture, the Financial Institution with respect to the selection of investments to be made for the credit of a Collateral Account if it is a securities account; provided,
        however, that the Financial Institution shall not honor any instruction from such Person to purchase any investments other than Permitted Investments.

     

    (d) Statements and Confirmations.  The Financial Institution shall promptly send copies of all statements, confirmations and other correspondence concerning any Collateral Account or any financial assets or other property credited
        thereto simultaneously to each of the Grantor and the Secured Party at the address for each set forth in Section 7.3 of this Agreement.

     

    ARTICLE VII

      MISCELLANEOUS

     

    Section 7.1  Amendment.

     

    (a) Amendments

          to Clarify and Correct Errors and Defects.  The parties may amend this Agreement, without the consent of the Noteholders for the purpose of curing any ambiguity, correcting an error or correcting or supplementing 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 7.1(c), the parties may also amend this Agreement, without the consent of the Noteholders, for the purpose of adding any provisions to, or changing in any manner or eliminating any provisions
        of, this Agreement or of modifying in any manner the rights of the Noteholders under this Agreement if either (x) the Grantor or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that the
        Grantor or the Administrator, as applicable, reasonably believes that such amendment will not have a material adverse effect on the interests of any Noteholder or (y) the Rating Agency Condition has been satisfied for the Notes with respect to such
        amendment.

     

    (c) Amendments

          Requiring Consent of Noteholders.  This Agreement may also be amended from time to time by the parties hereto, with the consent of the Noteholders of the Notes evidencing at least a majority of the outstanding principal amount of the
        Controlling Class of Notes and with prior written notice to the Indenture Trustee and the Rating Agencies, 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 Noteholders under this Agreement.

     

    
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    It shall not be necessary for the consent of the Noteholders pursuant to this Section 7.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if
      such consent shall approve the substance thereof.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder.

     

    (d) [Reserved].

     

    (e) Indenture

          Trustee Consent.  The consent of the Indenture Trustee will be required for any amendment to this Agreement pursuant to Sections 7.1(b) or (c) that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of
        the Indenture Trustee.

     

    Section 7.2  Benefit of
          Agreement.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  No other Person will have any right or obligation under this Agreement.

     

    Section 7.3  Notices.

     

    (a) Notices

          to Parties.  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 parties.

     

    Section 7.4  GOVERNING LAW.  BOTH THIS AGREEMENT AND THE COLLATERAL ACCOUNTS (AS WELL AS THE “SECURITIES ENTITLEMENTS” RELATING THERETO), 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

     

    
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    PROVISIONS THEREOF).  REGARDLESS OF ANY PROVISION IN ANY OTHER AGREEMENT, FOR PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE THE “BANK’S JURISDICTION” (WITHIN THE MEANING OF SECTION
      9-304 OF THE UCC) AND THE “SECURITIES INTERMEDIARY’S JURISDICTION” (WITHIN THE MEANING OF SECTION 8-110 OF THE UCC).  THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION. 
      NOTWITHSTANDING SECTION 7.1 OF THIS AGREEMENT, THE PARTIES WILL NOT AGREE TO ANY AMENDMENT TO THIS AGREEMENT TO CHANGE THE GOVERNING LAW TO ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK.

     

    Section 7.5  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 7.6  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.

     

    Section 7.7  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 7.8  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 7.9  Headings. 

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

     

    Section 7.10  Counterparts. 

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

     

    Section 7.11  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.

     

    [Remainder of Page Left Blank]

    

    

    
      10

      
        


    

    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 Grantor

          
	 	 	 
	 	
            By:  

          	
            WILMINGTON TRUST, NATIONAL

          
	 	 	
            ASSOCIATION, not in its individual

          
	 	 	
            capacity but solely as Owner Trustee of

          
	 	 	
            Verizon Master Trust

          
	 	 	 
	 	 	 
	 	
            By:

          	 /s/ Clarice Wright                                             

          
	 	 	
            Name:  Clarice Wright

          
	 	 	Title:    Vice President
	 	 	 
	 	 	 
	 	
            U.S. BANK TRUST COMPANY, NATIONAL

          
	 	
            ASSOCIATION, not in its individual capacity but

          
	 	
            solely as Secured Party

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Matthew M. Smith                                      

              

          
	 	 	
            Name:  Matthew M. Smith

            

          
	 	 	
            Title:    Vice President

            

          
	 	 	 
	 	 	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            as Financial Institution

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Matthew M. Smith                                      

          
	 	 	Name:  Matthew M. Smith
	 	 	Title:    Vice President


    

    

    
      
        


    

    
    Exhibit A

     

    [Letterhead of U.S. Bank Trust Company, National Association]

     

    [Date]

     

    U.S. Bank National Association, as Financial Institution

    190 South LaSalle Street

    Chicago, Illinois 60603

    Attention: Global Structured Finance/Verizon Master Trust, Series 2022-5

     

    	

          	Re:	
            Notice of Sole Control

          


     

     

    Ladies and Gentlemen:

     

    As referenced in the Series 2022-5 Account Control Agreement dated as of August 11, 2022 (the “Agreement”), among Verizon Master Trust, a Delaware statutory trust, as grantor (the “Grantor”),
      U.S. Bank Trust Company, National Association, a national banking association, as Indenture Trustee for the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. Bank National Association, a national banking association,
      in its capacity as both a “securities intermediary” as defined in Section 8-102 of the Uniform Commercial Code (“UCC”) and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”), we hereby give
      you notice of our sole control over the Collateral Accounts (as defined in the Agreement) and all financial assets or other property credited thereto.  You are hereby instructed, in your capacity as Financial Institution, not to accept any direction,
      instruction or entitlement order with respect to any Collateral Account or the financial assets or other property credited thereto from any person other than the Secured Party, unless otherwise ordered by a court of competent jurisdiction.

     

    You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master Trust at kee.chan.sin@verizon.com.

     

     

    	 	
            Very truly yours,

          
	 	 
	 	
            U.S. BANK TRUST COMPANY, NATIONAL

          
	 	 	
            ASSOCIATION, not in its individual

          
	 	 	
            capacity, but solely as Secured Party

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                

          
	 	 	
            Name:

          
	 	 	
            Title:

          


    

    

     

    
      A-1

      
        


    

    
    Exhibit B

     

    [Letterhead of U.S. Bank Trust Company, National Association]

     

    [Date]

     

    U.S. Bank National Association, as Financial Institution

    190 South LaSalle Street

    Chicago, Illinois 60603

    Attention: Global Structured Finance/Verizon Master Trust, Series 2022-5

    

    

     

    	

          	Re:	
            Termination of Series 2022-5 Account Control Agreement

          


     

    You are hereby notified that the Series 2022-5 Account Control Agreement dated as of August 11, 2022 (the “Agreement”), among Verizon Master Trust, a Delaware statutory trust, as grantor (the “Grantor”),

      U.S. Bank Trust Company, National Association, a national banking association, as Indenture Trustee for the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. Bank National Association, a national banking association,
      in its capacity as both a “securities intermediary” as defined in Section 8-102 of the Uniform Commercial Code (“UCC”) and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”) is terminated
      and you have no further obligations to the undersigned pursuant to the Agreement.  Notwithstanding any previous instructions to you, you are hereby instructed, as Financial Institution, to accept all future directions with respect to the Collateral
      Accounts from the Grantor.  This notice terminates any obligations you may have to the undersigned with respect to the Agreement; however, nothing contained in this notice shall alter any obligations which you may otherwise owe to U.S. Bank Trust
      Company, National Association pursuant to any other agreement.

     

    You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master Trust at kee.chan.sin@verizon.com.

     

    

    

    	 	
            Very truly yours,

          
	 	 
	 	
            U.S. BANK TRUST COMPANY, NATIONAL

          
	 	 	
            ASSOCIATION, not in its individual

          
	 	 	
            capacity, but solely as Secured Party

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                

          
	 	 	
            Name:

          
	 	 	
            Title:

          


    

    

     

    

    

  

  

  

  B-1