Document:

Exhibit 10.6

    

    

    

    

    

    

    

    

    

    
      

    

    

    

    

    

    

    

    

    

    

    

    

    
      

      

    

    FORM OF ACCOUNT CONTROL AGREEMENT

    among

    VERIZON OWNER TRUST 2019-B,

        as Grantor

    U.S. BANK NATIONAL ASSOCIATION,

        as Secured Party

    and

    U.S. BANK NATIONAL ASSOCIATION,

        as Financial Institution

    

    

    Dated as of June 12, 2019

    
      

      

    

    

    

    

    

    
      

      

        

      

      

    

    
      
        

    

    
    
      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

          	
            4

             

              

          
	
            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

          
	
            Section 5.3

          	
            Hague Securities Convention

          	
            5

             

              

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            6

             

              

          
	
            Section 6.1

          	
            Reliance by Financial Institution

          	
            6

          
	
            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

          
	
            Section 7.4

          	
            Governing Law

          	
            10

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            10

          
	
            Section 7.6

          	
            Waiver of Jury Trial

          	
            10

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            11

          
	
            Section 7.8

          	
            Severability

          	
            11

          
	
            Section 7.9

          	
            Headings

          	
            11

          
	
            Section 7.10

          	
            Counterparts

          	
            11

             

              

             

              

          

    

    

    
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      TABLE OF CONTENTS

      (continued)

      Page

    

    

    

    

    	
            Exhibit A

          	
            Form of Notice of Sole Control

          	
            A-1

          
	 	 	 
	
            Exhibit B

          	
            Form of Termination of Securities Account Control Agreement

          	
            B-1

          
	 	 	 

    
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    ACCOUNT CONTROL AGREEMENT, dated as of June 12, 2019 (this “Agreement”), among VERIZON OWNER TRUST 2019-B, a Delaware statutory trust, as grantor (the “Grantor”), U.S. BANK 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, 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 Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among Verizon Owner Trust 2019-B, as Issuer, Verizon ABS LLC, as depositor (the “Depositor”), and Cellco Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”),

        as marketing agent and as custodian.  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.  References to the “UCC” mean the Uniform Commercial Code as in effect in the State of New York.

    ARTICLE II

        ESTABLISHMENT OF COLLATERAL ACCOUNTS

    Section 2.1      Description of Accounts. 

        Pursuant to this Agreement and the Transfer and Servicing Agreement, the Servicer and the Financial Institution have established the following accounts, each in the name of “U.S. Bank National Association, as Note Paying Agent for the benefit of
        the Indenture Trustee, as secured party for Verizon Owner Trust 2019-B”, subject to the lien of the Indenture Trustee (each, a “Collateral Account”):

    “Collection Account – U.S. Bank National Association, as Note Paying Agent for the benefit of the
        Indenture Trustee, as secured party for Verizon Owner Trust 2019-B” with account number 251534000.

    “Reserve Account – U.S. Bank National Association, as Note Paying Agent for the benefit of the
        Indenture Trustee, as secured party for Verizon Owner Trust 2019-B” with account number 251534001.

    
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    “Negative Carry Account – U.S. Bank National Association, as Note Paying Agent for the benefit of
        the Indenture Trustee, as secured party for Verizon Owner Trust 2019-B” with account number 251534003.

    “Acquisition Account – U.S. Bank National Association, as Note Paying Agent for the benefit of the
        Indenture Trustee, as secured party for Verizon Owner Trust 2019-B” with account number 251534002.

    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 that is granted to the Indenture Trustee shall be promptly credited to the applicable Collateral Account in accordance with the terms of the Indenture;

    (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 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.

    
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    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.  In the event that any instructions originated by the Grantor conflict with any instructions
        originated by the Secured Party, the Financial Institution will comply with the instructions originated by the Secured Party.  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 Secured Party 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 the Collection Account, the Acquisition Account, the Reserve Account or the Negative Carry 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 Indenture Trustee that a Default or Event of Default has occurred and is continuing,
        the Financial Institution will invest and reinvest funds in the Collection Account, the Acquisition Account, the Reserve Account or the Negative Carry Account, as applicable, according to the last investment instruction received, if any; provided,
        that, if on any Payment Date, the amount on deposit in the Acquisition Account (after giving effect to the acquisition of any Additional Receivables on such date) is greater than 25% of the aggregate Note Balance (after giving effect to any
        payments made on the Notes on such date), the Secured Party (upon receipt of direction from the Servicer) shall instruct the Financial Institution to invest any amounts in the Acquisition Account in excess of such amount in any Permitted
        Investments, other than (x) any investments set forth in clauses (b) or (c) of the definition of Permitted Investments that are held by or at the Indenture Trustee or (y) any 

     

      

     

      

    
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    investments set forth in clause (e) of the definition thereof.  If no prior investment instructions have been received or if
        the instructed investments are no longer available or permitted, the Indenture Trustee 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 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.

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

    (e)      No Other Agreements.  The
        Financial Institution has not entered 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 any Person other than the Secured Party.

    (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 one or more offices in the United States that maintains 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.

    Section 5.3      Hague Securities Convention. 

        The parties to this Agreement represent that there are no agreements (other than this Agreement, the Indenture and the Transfer and Servicing Agreement) that govern the Collateral Accounts.

    
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    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.

    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 one year and one 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) the
        Notes, 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 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.  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.

    
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    (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 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, the Indenture and the Transfer and Servicing Agreement; and

    (ii)      other than the Transfer and Servicing Agreement and the Indenture, it has not entered
        into, and until the termination of this Agreement will not enter into, any 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 3.2 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

    
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    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 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 any 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 any 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 to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be inconsistent with the other terms of this Agreement, in each case, without
        the consent of the Noteholders, the Certificateholders or any other Person.  The parties may amend any term or provision of this Agreement from time to time for the purpose of conforming the terms of this Agreement to the description thereof in the
        Prospectus, without the consent of Noteholders, the Certificateholders or any other Person.

    (b)      Other Amendments.  The parties
        may amend this Agreement to add, change or eliminate terms for 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 amendment will not have a
        material adverse effect on the Noteholders or (y) the Rating Agency Condition is satisfied with respect to such amendment.

    (c)      Amendments Requiring Consent of
            Noteholders and Certificateholders.

    (i)      This Agreement may also be amended from time to time by the parties hereto, with prior
        written notice to the Rating Agencies and the Indenture Trustee and, (x)

    
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    if the interests of the Noteholders are materially and adversely affected, 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 (y) if the interests of the Certificateholders are materially and adversely affected, with the consent of the Certificateholders
        evidencing a majority of the Percentage Interest, to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying in any manner the rights of the Noteholders or Certificateholders
        under this Agreement.

    (ii)      No amendment to this Agreement may, without the consent of all adversely affected
        Noteholders or Certificateholders, as applicable, (x) change the applicable Final Maturity Date on a Note or change the principal amount of or interest rate or Make-Whole Payment on a Note or (y) modify the percentage of the Note Balance of the
        Notes or the Controlling Class or the Percentage Interest of Certificates required to consent to any action.

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee 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.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction
        Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

    (d)      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, obligations, immunities or indemnities of the Indenture Trustee.

    (e)      Notice of Amendments.  Promptly
        after the execution of an amendment, the Grantor or the Administrator, on behalf of the Grantor, will deliver a copy of the amendment to the Rating Agencies.

    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;

    
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    (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 B 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 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.

    
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    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.

    [Remainder of Page Left Blank]

     

      

     

      

     

      

    

    

    
      11

      
        

    

    

    

    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 OWNER TRUST 2019-B,

              as Grantor

              

              

              By:  Wilmington Trust, National Association, not in its individual capacity but solely as Owner
                  Trustee of Verizon Owner Trust 2019-B

              

              

              

              

              By:    ________________________________________________________________
                                       

                

                      Name:

                      Title:

              

              

              

              

              U.S. BANK NATIONAL ASSOCIATION,

              not in its individual capacity but solely as Secured  Party

              

              

              

              

              
                

                

                By:    ________________________________________________________________
                                         

                  

                        Name:

                        Title:

                

                

                

              

              

              

              

              U.S. BANK NATIONAL ASSOCIATION,

              as Financial Institution

              

              

              

              

              
                

                

                By:    ________________________________________________________________
                                         

                  

                        Name:

                        Title:

                

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

            
	
               

            	
               

            
	
               

            	
               

            

    

     

      

    

    

    

    

    
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    Exhibit A

    [Letterhead of U.S. Bank National Association]

    [Date]

    U.S. Bank National Association, as Financial Institution

    190 South LaSalle Street

    Chicago, Illinois 60603

    Attention: Global Structured Finance/VZOT 2019-B

    

    

    
      
        	

              	Re:	
                Notice of Sole Control

              

      

    

    Ladies and Gentlemen:

    As referenced in the Account Control Agreement dated June 12, 2019 (the “Agreement”),

        among Verizon Owner Trust 2019-B, a Delaware statutory trust, as grantor, U.S. Bank 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 (a copy of which is attached), 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 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 undersigned, unless otherwise ordered by a
        court of competent jurisdiction.

    You are instructed to deliver a copy of this notice by facsimile transmission to [_____] at [[          ]].

    Very truly yours,

    U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Secured Party

        

    

    
      
        
          By:    ________________________________________________________________
                                   

            

                  Name:

                  Title:

          

        

      

    

    
      A-1

      
        

    

    Exhibit B

    [Letterhead of U.S. Bank National Association]

    [Date]

    U.S. Bank National Association, as Financial Institution

    190 South LaSalle Street

    Chicago, Illinois 60603

    Attention: Global Structured Finance/VZOT 2019-B

    

    

    
      
        	

              	Re:	
                Termination of Securities Account Control Agreement

              

      

    

    You are hereby notified that the Account Control Agreement dated June 12, 2019 (the “Agreement”), among Verizon Owner Trust 2019-B, a Delaware statutory trust, as grantor, U.S. Bank 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 (a copy of which is attached), is terminated and you have no further obligations to the undersigned pursuant to such Agreement.  Notwithstanding any previous instructions
        to you, you are hereby instructed to accept all future directions with respect to the Collateral Accounts from [SPECIFY].  This notice terminates any obligations you may have to the undersigned with respect to such Agreement; however, nothing
        contained in this notice shall alter any obligations which you may otherwise owe to U.S. Bank National Association pursuant to any other agreement.

    You are instructed to deliver a copy of this notice by facsimile transmission to [______] at [[      ]].

     

      

    
      Very truly yours,

      U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Secured Party

          

      

      
        
          
            By:    ________________________________________________________________
                                     

              

                    Name:

                    Title:

          

        

      

       

    

  

   

  
  B-2Exhibit 10.7

    

     

    

     

    

     

    

    FORM OF PARENT SUPPORT AGREEMENT

    This PARENT SUPPORT AGREEMENT (this “Agreement”) is executed as of June 12, 2019, by VERIZON COMMUNICATIONS INC., a Delaware corporation (the “Parent Support Provider”) in favor of Verizon ABS LLC, a Delaware limited liability company (the “Depositor”),
        Verizon Owner Trust 2019-B, a Delaware statutory trust (the “Issuer”) and U.S. Bank National Association, as Indenture Trustee under the Indenture (the “Indenture Trustee”) for the benefit of the Noteholders.  The Depositor, the Issuer and the Indenture Trustee are collectively referred to as the “Beneficiaries,” and each individually a “Beneficiary.”  Capitalized terms used but not defined in this Agreement are
        defined in Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among the Issuer, the Depositor, and Cellco Partnership d/b/a Verizon Wireless (“Cellco”),
        as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing
            Agent”) and as custodian (in such capacity, the “Custodian”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is
        incorporated by reference into this Agreement.

    PRELIMINARY STATEMENTS

    A.      The various Originators party to the Originator Receivables Transfer Agreement from time to time (the “Originators”) and the Depositor are parties to that certain Originator Receivables Transfer Agreement, dated as of June 12, 2019 (as amended, restated, supplemented or
        otherwise modified from time to time, the “Originator Receivables Transfer Agreement”), pursuant to which the Originators will transfer and absolutely assign to the
        Depositor a revolving pool of Receivables and related assets from time to time.

    B.      Verizon DPPA Master Trust (the “Master
            Trust”), the Servicer, and the Depositor are parties to that certain Master Trust Receivables Transfer Agreement, dated as of June 12, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Master Trust Receivables Transfer Agreement”), pursuant to which the Master Trust will transfer and absolutely assign to the Depositor a revolving pool of Receivables and
        related assets from time to time.

    C.      The Issuer, the Depositor, the Servicer, the Marketing Agent and the Custodian are parties to that certain
        Transfer and Servicing Agreement, dated as of June 12, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Transfer and Servicing Agreement”),

        pursuant to which the Depositor will transfer and absolutely assign to the Issuer a revolving pool of Receivables and related assets from time to time and under which each of the Servicer and the Marketing Agent will have certain obligations to the
        Issuer.

    D.      Under the Originator Receivables Transfer Agreement, to the extent (i) an Originator breaches the
        Eligibility Representation with respect to one or more Receivables (it being understood and agreed that any inaccuracy in the Eligibility Representation will be deemed not to constitute a breach of the Eligibility Representation if such inaccuracy
        does not affect the ability of the Issuer to receive and retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan agreement), (ii) such breach has a material
        adverse effect on the Issuer and (iii) such breach is not cured by the end of the applicable grace period set forth in Section 3.4(b) of the Originator Receivables

    
      
        

    

    
    

    

    Transfer Agreement, such Originator that has breached the Eligibility Representation is required to reacquire all affected Receivables
        by remitting the Acquisition Amount for the related Receivables to the Collection Account, as set forth in Section 3.4(b) of the Originator Receivables Transfer Agreement (such reacquisition is referred to herein as the “Originator Reacquisition Obligation”).

    E.      Under the Originator Receivables Transfer Agreement, if a Receivable transferred by an Originator becomes a
        Bankruptcy Surrendered Receivable, the related Originator is required to reacquire any such Receivable from the Issuer by remitting the Acquisition Amount for the related Bankruptcy Surrendered Receivables to the Collection Account, as set forth in
        Section 4.6 of the Originator Receivables Transfer Agreement (such reacquisition is referred to herein as the “Originator Bankruptcy Reacquisition Obligation”).

    F.      Under the Master Trust Receivables Transfer Agreement, to the extent (i) the Servicer breaches the
        Eligibility Representation with respect to one or more Receivables (it being understood and agreed that any inaccuracy in the Eligibility Representation will be deemed not to constitute a breach of the Eligibility Representation if such inaccuracy
        does not affect the ability of the Issuer to receive and retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan agreement), (ii) such breach has a material
        adverse effect on the Issuer and (iii) such breach is not cured by the end of the applicable grace period set forth in Section 3.4(b) of the Master Trust Receivables Transfer Agreement, the Servicer is required to acquire all affected Receivables
        by remitting the Acquisition Amount for the related Receivables to the Collection Account, as set forth in Section 3.4(b) of the Master Trust Receivables Transfer Agreement (such acquisition is referred to herein as the “Servicer Representation Obligation”).

    G.      Under the Master Trust Receivables Transfer Agreement, if a Receivable transferred by the Master Trust
        becomes a Bankruptcy Surrendered Receivable, the Servicer is required to acquire any such Receivable from the Issuer by remitting the Acquisition Amount for the related Bankruptcy Surrendered Receivables to the Collection Account, as set forth in
        Section 4.7 of the Master Trust Receivables Transfer Agreement (such acquisition is referred to herein as the “Servicer Bankruptcy Acquisition Obligation”).

    H.      Pursuant to the terms of the Transfer and Servicing Agreement, the Depositor will transfer and absolutely
        assign to the Issuer, among other things, (i) the Depositor’s rights to the Eligibility Representations made by each Originator under the Originator Receivables Transfer Agreement and by the Servicer under the Master Trust Receivables Transfer
        Agreement and (ii) the Depositor’s right to enforce each Originator’s Originator Reacquisition Obligation and the Servicer’s Servicer Representation Obligation.

    I.      Under the Transfer and Servicing Agreement, the Servicer is required to deposit all Collections for any
        Collection Period into the Collection Account, as specified in Section 4.3(b) of the Transfer and Servicing Agreement (such deposit obligation is referred to herein as the “Servicer
            Deposit Obligation”)

    J.      Under the Transfer and Servicing Agreement, to the extent that the Servicer breaches certain covenants made
        by it under Sections 3.2(b), 3.2(c) or 3.2(d) of the Transfer and

    
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    Servicing Agreement, the Servicer is required to acquire all affected Receivables from the Issuer by remitting the Acquisition Amount
        for the related Receivables to the Collection Account, as set forth in Section 3.3 of the Transfer and Servicing Agreement (such acquisition is referred to herein as the “Servicer
            Acquisition Obligation”).

    K.      Under the Transfer and Servicing Agreement, the Marketing Agent is required, as set forth in Section
        3.11(b) of the Transfer and Servicing Agreement, to remit, or cause the related Originators to remit, to the Collection Account the amounts set forth in Sections 4.3(g), 4.3(h) and 4.3(i) of the Transfer and Servicing Agreement, as applicable (such
        remittance obligation is referred to herein as the “Marketing Agent Remittance Obligation”).

    NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the Parent Support Provider agrees as follows:

    Section 1.      Undertaking.

    (a)      For value received by it and its Affiliates, the Parent Support Provider hereby absolutely,
        unconditionally and irrevocably assures and undertakes for the benefit of each of the Beneficiaries the due and punctual remittance by any Originator, the Servicer (for as long as the Servicer is Cellco or an Affiliate of Cellco) and the Marketing
        Agent (for as long as the Marketing Agent is Cellco or an Affiliate of Cellco) (referred to collectively as the “Covered Entities” and each, a “Covered Entity”), as applicable, of (i) the Acquisition Amount by each Originator in respect of the Originator Reacquisition Obligation and the Originator Bankruptcy Reacquisition Obligation,
        (ii) the deposit of Collections by the Servicer (for as long as the Servicer is Cellco or an Affiliate of Cellco) in respect of the Servicer Deposit Obligation, (iii) the Acquisition Amount by the Servicer in respect of the Servicer Representation
        Obligation (or by Cellco, to the extent the Servicer is no longer Cellco), the Servicer Bankruptcy Acquisition Obligation (for as long as the Servicer is Cellco or an Affiliate of Cellco) and the Servicer Acquisition Obligation (for as long as the
        Servicer is Cellco or an Affiliate of Cellco) and (iv) the remittances or payments pursuant to Sections 4.3(g), 4.3(h) or 4.3(i) of the Transfer and Servicing Agreement, as applicable, by the Marketing Agent (for as long as the Marketing Agent is
        Cellco or an Affiliate of Cellco) or the related Originators in respect of the Marketing Agent Remittance Obligation (the amounts described in clauses (i), (ii), (iii) and (iv), collectively, the “Guaranteed Obligations”) irrespective of: (A) the validity, binding effect, subordination, disaffirmance, enforceability or amendment, restatement, modification or supplement of, or waiver of compliance with, this
        Agreement, the Transaction Documents or any documents related hereto or thereto, (B) any change in the existence, ownership (to the extent that as a result of such change in ownership such Covered Entity continues to be a subsidiary or Affiliate of
        Verizon) or formation of, or the bankruptcy or insolvency of, any Covered Entity, (C) any extension, renewal, settlement, compromise, exchange, waiver or release in respect of any Guaranteed Obligation (or any collateral security therefor,
        including the property sold, purchased, contributed (or purportedly sold, purchased or contributed) or otherwise pledged or transferred under any of the Transaction Documents) by any party to this Agreement, the Transaction Documents or any related
        documents, (D) the existence of any claim, set-off, counterclaim or other right that the Parent Support Provider or any other Person may have against any Covered Entity or any other Person, (E) any impossibility or impracticability of

    
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    performance, illegality, force majeure, any act of any Governmental Authority or any other circumstance that might otherwise
        constitute a legal or equitable discharge or defense available to, or provide a discharge of, the Parent Support Provider, (F) any Law affecting any term of any of the Guaranteed Obligations or any Transaction Document, or rights of any Beneficiary
        with respect thereto or otherwise, (G) the failure by any Beneficiary to take any steps to perfect and maintain perfected its interest in, or the impairment of, any Receivable or (H) any failure to obtain any authorization or approval from or to
        notify or file with, any Governmental Authority that is required in connection with the performance of the Guaranteed Obligations or otherwise.

    (b)      Without limiting the generality of the foregoing, the Parent Support Provider agrees that if any Covered
        Entity shall fail in any manner whatsoever to remit any amounts in connection with any of its respective Guaranteed Obligations when the same shall be required to be remitted under any applicable Transaction Document to which it is a party,
        including after the expiration of all applicable grace periods, then the Parent Support Provider will itself duly and punctually remit or cause to be remitted to the Collection Account any such Guaranteed Obligations after receipt by the Parent
        Support Provider of written notice from the Indenture Trustee that the applicable Covered Entity has failed to remit any required amounts under the applicable Transaction Documents.  It shall not be a condition to the accrual of the obligation of
        the Parent Support Provider hereunder to perform any Guaranteed Obligations that a Beneficiary or any other Person shall have first made any request of or demand upon or given any notice to the Parent Support Provider, any Covered Entity, or any
        other Person or have initiated any action or proceeding against the Parent Support Provider, any Covered Entity or any other Person in respect thereof, except for any such request, demand or notice required to be given hereunder or under any other
        Transaction Documents.  The Parent Support Provider hereby expressly waives diligence, presentment, demand, protest or notice (except as required hereunder or under any other Transaction Documents) of any kind whatsoever, as well as any requirement
        that the Beneficiaries (or any one of them) exhaust any right to take any action against any Covered Entity or any other Person (including the filing of any claims in the event of a receivership or bankruptcy of any of the foregoing), or with
        respect to any collateral or collateral security at any time securing any of the Guaranteed Obligations, and hereby consents to any and all extensions of time of the due performance of any or all of the Guaranteed Obligations.  The Parent Support
        Provider agrees that it shall not exercise or assert any right which it may acquire by way of subrogation under this Agreement unless and until all Guaranteed Obligations shall have been indefeasibly paid in full.  The Parent Support Provider also
        hereby expressly waives all other defenses it may have as a guarantor or a surety generally or otherwise based upon suretyship, impairment of collateral or otherwise in connection with the Guaranteed Obligations whether in equity or at law.  The
        Parent Support Provider agrees that its obligations hereunder shall be irrevocable and unconditional.

    (c)      Notwithstanding anything set forth in this Agreement, the Parent Support Provider shall under no
        circumstances be obligated to undertake or perform any obligations of any Covered Entity other than those payment obligations expressly set forth in this Agreement  and shall not be deemed by virtue of any of its agreements hereunder to have
        guaranteed the repayment of the Receivables or the timely payment of interest on, the ultimate repayment of the principal of, or any other amounts due with respect to, the Notes under the Indenture.  For the sake of clarity, and without limiting
        the foregoing, it is expressly acknowledged and agreed that the Guaranteed Obligations do not include the payment or guaranty of any amounts to the

    
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    extent such amounts constitute recourse with respect to a Receivable by reason of nonpayment by an Obligor.

    Section 2.      Confirmation.  The Parent Support Provider hereby confirms that the transactions contemplated by the Transaction Documents have been arranged among the
        Covered Entities, the Beneficiaries, and the Owner Trustee, as applicable, with the Parent Support Provider’s full knowledge and consent and any amendment, restatement, modification or supplement of, or waiver of compliance with, the Transaction
        Documents in accordance with the terms thereof by any of the foregoing shall be deemed to be with the Parent Support Provider’s full knowledge and consent.  The Parent Support Provider hereby confirms (i) that on the date hereof (a) the Servicer
        and the Marketing Agent are its wholly owned indirect subsidiaries and (b) each of the Originators is a controlled Affiliate and (ii) that it is in the best interest of the Parent Support Provider to execute this Agreement, inasmuch as the Parent
        Support Provider (individually) and the Parent Support Provider and its Affiliates (collectively) will derive substantial direct and indirect benefit from the transactions contemplated by the Originator Receivables Transfer Agreement, the Master
        Trust Receivables Transfer Agreement, the Transfer and Servicing Agreement and the other Transaction Documents.  The Parent Support Provider agrees to notify the Beneficiaries in the event that (i) the Servicer or the Marketing Agent ceases to be a
        wholly owned indirect subsidiary of the Parent Support Provider or (ii) any of the Originators ceases to be a controlled Affiliate of the Parent Support Provider.

    Section 3.      Representations and Warranties.  The Parent Support Provider hereby represents and warrants to each Beneficiary on and as of the date hereof and each
        Acquisition Date that:

    (i)      Organization and
            Good Standing.  It is a validly existing corporation 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.

    (ii)     Due Qualification. 

        It 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 performance of this Agreement 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.

    (iii)   Power and Authority;
            Due Authorization.  It has duly authorized by all necessary corporate action the execution, delivery and performance of this Agreement.

    (iv)   Binding Obligation. 

        This Agreement constitutes a legal, valid and binding obligation of the Parent Support Provider, 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.

    
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    (v)    No Conflict. 

        The execution and delivery of this Agreement and the performance by the Parent Support Provider of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to the Parent Support Provider, will not (i)
        contravene the organizational documents of the Parent Support Provider, or (ii) conflict with, violate or result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default
        under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Parent Support Provider is a party or by which it or its properties are bound, except where such conflict, violation or breach would not reasonably
        be expected to have a Material Adverse Effect.

    (vi)    No Violation. 

        The execution and delivery of this Agreement by the Parent Support Provider, the performance by the Parent Support Provider of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to the Parent Support
        Provider will not violate any Law applicable to the Parent Support Provider, except where such violation would not reasonably be expected to have a Material Adverse Effect.

    (vii)   No Proceedings. 

        There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Parent Support Provider or any of its properties, that if adversely determined (individually or in the aggregate), would
        reasonably be expected to have a Material Adverse Effect.

    (viii)  Governmental
            Approvals.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by it of this Agreement or the transactions
        contemplated hereby.

    (ix)   Compliance with Law. 

        It has complied with all applicable Law, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

    Section 4.      Covenants.  The Parent Support Provider covenants and agrees that, from the date hereof until all Guaranteed Obligations are indefeasibly paid in full, it
        shall observe and perform the following covenants:

    (i)     Preservation of
            Corporate Existence.  It shall preserve and maintain its legal existence, rights, franchises, qualifications and privileges.

    (ii)    Information and
            Assistance.  It shall also do all such things and execute all such documents as the Beneficiaries may reasonably consider necessary or desirable to give full effect to this Agreement and to perfect and preserve the rights and powers
        of any Beneficiary hereunder or with respect hereto.

    
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    Section 5.      Miscellaneous.

    (a)      The Parent Support Provider agrees that any payments hereunder will comprise Available Funds and be
        distributed by the Issuer according to the priority of payments set forth in Section 8.2 of the Indenture.

    (b)      Any payments hereunder shall be made in full in U.S. dollars without any set-off, deduction or
        counterclaim; and the Parent Support Provider’s obligations hereunder shall not be satisfied by any tender or recovery of another currency except to the extent such tender or recovery results in receipt of the full amount of U.S. dollars required
        hereunder.

    (c)      This Agreement and the payment obligations of the Parent Support Provider hereunder shall rank pari passu
        with any similar support agreements issued by the Parent Support Provider or any senior unsecured debt of the Parent Support Provider.

    (d)      No amendment or waiver of any provision of this Agreement or consent to any departure by the Parent
        Support Provider therefrom shall be effective unless the same shall be in writing and signed by each Beneficiary and the Parent Support Provider.  No failure on the part of any Beneficiary to exercise, and no delay in exercising, any right
        hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right hereunder preclude any other or further exercise thereof or the exercise of any other right.

    (e)      This Agreement shall bind and inure to the benefit of the parties hereto, the other Beneficiaries and
        their respective successors and permitted assigns.  The Parent Support Provider shall not assign, delegate or otherwise transfer any rights or obligations hereunder without the prior written consent of the Beneficiaries.  Each of the parties hereto
        agrees that each Beneficiary shall be a third party beneficiary of this Agreement.

    (f)      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.

    (g)      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.

    (h)      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 6.      Termination of Agreement.  (a)  This Agreement and the Parent Support Provider’s obligations hereunder shall remain operative and continue in full force and
        effect until the later of (i) the date on which all the Notes of the Issuer have been indefeasibly paid in full and the Transaction Documents have terminated in accordance with their terms, and (ii) such time as all Guaranteed Obligations are duly
        performed and indefeasibly paid and satisfied in full, provided, that this Agreement and the Parent Support Provider’s obligations hereunder shall continue to be effective or shall be reinstated, as the case may be, if at any time payment of any of
        the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the bankruptcy, insolvency, or reorganization of any Covered Entity as though such payment had not been made or other satisfaction occurred, whether or not any
        of the Beneficiaries (or their respective assigns) are in possession of this Agreement.  No invalidity, irregularity or unenforceability by reason of the bankruptcy, insolvency, reorganization or other similar Laws, or any other Law or order of any
        Governmental Authority thereof purporting to reduce, amend or otherwise affect the Guaranteed Obligations shall impair, affect, be a defense to or claim against the obligations of the Parent Support Provider under this Agreement.

    (b)      This Agreement shall survive the insolvency of any Covered Entity, any Beneficiary or any other Person and
        the commencement of any case or proceeding by or against any Covered Entity or any other Person under any bankruptcy, insolvency, reorganization or other similar Law.  No automatic stay under any bankruptcy, insolvency, reorganization or other
        similar Law with respect to any Covered Entity or any other Person shall postpone the obligations of the Parent Support Provider under this Agreement.

    Section 7.      Set-off.  Each Beneficiary (and its assigns) is hereby authorized by the Parent Support Provider at any time and from time to time, without notice to the
        Parent Support Provider (any such notice being expressly waived by the Parent Support Provider) and to the fullest extent permitted by Law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) and
        other sums at any time held by, and other indebtedness at any time owing to, any such Beneficiary to or for the credit to the account of the Parent Support Provider, against any and all Guaranteed Obligations of the Parent Support Provider, now or
        hereafter existing under this Agreement.

    Section 8.      Entire Agreement; Severability; No Party Deemed Drafter.  This Agreement and the other Transaction Documents referenced herein constitute the entire
        agreement of the parties hereto with respect to the matters set forth herein.  The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by Law or any other agreement, and this Agreement shall be in addition
        to any other guaranty of or security for any of the Guaranteed Obligations.  The provisions of this Agreement are severable, and in any action or proceeding involving any state corporate, limited partnership or limited liability company law, or any
        bankruptcy, insolvency, reorganization or other similar Law, if the obligations of the Parent Support Provider hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of the Parent Support
        Provider’s liability under this Agreement, then, notwithstanding any other provision of this Agreement to the contrary, the amount of such liability shall, without any further action by the Parent Support Provider or any Beneficiary, be
        automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding.  Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as

    
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    to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  Each of the parties hereto hereby agrees that no party hereto shall be
        deemed to be the drafter of this Agreement.

    Section 9.      Expenses.  The Parent Support Provider agrees to pay on demand to the extent not otherwise paid under the Indenture:

    (a)      all reasonable costs and expenses incurred by any Beneficiary in connection with the
        negotiation, preparation, execution and delivery of this Agreement and any amendment, restatement or supplement of, or consent or waivers under, this Agreement (whether or not consummated), enforcement of, or any actual or claimed breach of, or
        claim under, this Agreement, including the fees and expenses of counsel incurred in connection therewith and all accountants’, auditors’, consultants’ and other agents’ fees and expenses incurred in connection with any of the foregoing or in
        advising such Persons as to their respective rights and remedies under this Agreement; and

    (b)      all stamp or documentary taxes or any other excise or property taxes, charges or
        similar levies payable in connection with the execution and delivery of this Agreement, if such taxes are imposed by the United States (or any state or political subdivision thereof).

    Section 10.      Addresses for Notices.  All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
        facsimile and email communication) and shall be personally delivered or sent by express mail or nationally recognized overnight courier or by certified mail, first class postage prepaid, or by facsimile, to the intended party at the address,
        facsimile number or email address of such party set forth in Schedule B to the Transfer and Servicing Agreement, which address the party may change by notifying the other parties hereto.  All such notices and communications shall be effective, (a)
        if personally delivered or sent by express mail or courier or if sent by certified mail, when received and (b) if transmitted by facsimile or email, when sent, receipt confirmed by telephonic or electronic means.

    Section 11.      No Petition.  The Parent Support Provider agrees that, before the
        date that is one year and one 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 a depositor or (b) the Notes, it will not start or
        pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any
        bankruptcy or similar Law.  This Section 11 will survive the termination of this Agreement.

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    IN WITNESS WHEREOF, the
        Parent Support Provider has executed this Agreement as of the date first written above.

    VERIZON COMMUNICATIONS INC.

    

    

    

    

    By:    
        ____________________________________________________ 

      

            Name:

            Title:

    

    

    

    

    
      
        

    

    

    

    

    

    ACCEPTED AND ACKNOWLEDGED, as of the date first written above.

    

    

    

    

    VERIZON ABS LLC,

    as Depositor

    

    

    

    

    

    

    By:_____________________________
                                                                             

      

            Name:

            Title:

    

    

    

    

    VERIZON OWNER TRUST 2019-B,

    as Issuer

    

    

    By: Wilmington Trust, National Association, not in its individual capacity,

    but solely as Owner Trustee of the Issuer

    

    

    

    

    

    

    By:_____________________________

            Name:

            Title:

    

    

    

    

    U.S. BANK NATIONAL ASSOCIATION,

    not in its individual capacity but solely as Indenture Trustee

    

    

    

    

    

    

    By:_____________________________

            Name:

            Title:

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