Document:

Exhibit 10.2

    

    Execution Version

    

    

    

    

    

    

    

    

    

    

    

    
      

    

    

    

    

    

    

    ORIGINATOR RECEIVABLES TRANSFER AGREEMENT

    

    

    between

    

    

    THE VARIOUS ORIGINATORS FROM TIME TO TIME PARTY HERETO,

        as Originators

    

    

    and

    

    

    VERIZON ABS LLC,

        as Depositor

    

    

    

    

    

    

    

    

    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 TRANSFER OF ORIGINATOR TRANSFERRED PROPERTY

            	
              1

               

                

            
	
              Section 2.1.

            	
              Transfers and Absolute Assignments of Originator Transferred Property

            	
              1

            
	
              Section 2.2.

            	
              Acquisition of Receivables

            	
              3

            
	
              Section 2.3.

            	
              Acknowledgement of Further Assignments

            	
              3

            
	
              Section 2.4.

            	
              Savings Clause

            	
              3

               

                

            
	
              ARTICLE III REPRESENTATIONS AND WARRANTIES

            	
              4

               

                

            
	
              Section 3.1.

            	
              Originator Representations and Warranties

            	
              4

            
	
              Section 3.2.

            	
              Originator Representations and Warranties About Pools of Receivables Transferred by Such Originator

            	
              5

            
	
              Section 3.3.

            	
              Originator Representations and Warranties About Each Receivable

            	
              7

            
	
              Section 3.4.

            	
              Originator Reacquisition of Receivables for Breach of Representations

            	
              8

            
	
              Section 3.5.

            	
              Depositor’s Representations and Warranties

            	
              9

               

                

            
	
              ARTICLE IV ORIGINATORS’ AGREEMENTS

            	
              11

               

                

            
	
              Section 4.1.

            	
              Financing Statements

            	
              11

            
	
              Section 4.2.

            	
              No Transfer or Lien by an Originator

            	
              11

            
	
              Section 4.3.

            	
              Expenses

            	
              12

            
	
              Section 4.4.

            	
              Originator’s Receivables Systems

            	
              12

            
	
              Section 4.5.

            	
              Review of Originator’s Records

            	
              12

            
	
              Section 4.6.

            	
              Reacquisition of Bankruptcy Surrendered Receivables

            	
              12

            
	
              Section 4.7.

            	
              Regulation RR Risk Retention

            	
              13

               

                

            
	
              ARTICLE V OTHER AGREEMENTS

            	
              13

               

                

            
	
              Section 5.1.

            	
              No Petition

            	
              13

            
	
              Section 5.2.

            	
              Limited Recourse

            	
              13

            
	
              Section 5.3.

            	
              Termination

            	
              13

            
	
              Section 5.4.

            	
              Merger, Consolidation, Succession or Assignment

            	
              13

               

                

            
	
              ARTICLE VI MISCELLANEOUS

            	
              14

                  

                

            
	
              Section 6.1.

            	
              Amendments

            	
              14

            
	
              Section 6.2.

            	
              Benefit of Agreement; Third-Party Beneficiaries

            	
              15

            
	
              Section 6.3.

            	
              Notices

            	
              15

            
	
              Section 6.4.

            	
              GOVERNING LAW

            	
              15

            
	
              Section 6.5.

            	
              Submission to Jurisdiction

            	
              16

            
	
              Section 6.6.

            	
              WAIVER OF JURY TRIAL

            	
              16

            
	
              Section 6.7.

            	
              No Waiver; Remedies

            	
              16

            
	
              Section 6.8.

            	
              Severability

            	
              16

            
	
              Section 6.9.

            	
              Headings

            	
              16

            
	
              Section 6.10.

            	
              Counterparts

            	
              16

            

      

      

      
        i

        
          

      

      	
              Section 6.11.

            	
              Additional Originators

            	
              16

            
	 	 	 
	
              Schedule A

            	
              Schedule of Receivables

            	
              SA-1

            
	Schedule B	List of Originators	
              SB-1

            
	
              Exhibit A

            	
              Form of Receivables Transfer Notice

            	
              EA-1

            
	
              Exhibit B

            	
              Form of Originator Joinder Agreement

            	
              EB-1

            

    

    

    

    

    

    
      ii

      
        

    

    
    ORIGINATOR RECEIVABLES TRANSFER AGREEMENT, dated as of June 12, 2019 (this “Agreement”), between THE VARIOUS ORIGINATORS FROM TIME TO TIME PARTY HERETO (each, an “Originator”), and VERIZON ABS LLC, a Delaware
        limited liability company, as depositor (the “Depositor”).

    BACKGROUND

    In the normal course of their businesses, the Originators originate device payment plan agreements under contracts
        entered into by such Originator or Verizon Wireless Services, LLC or another affiliate of such Originator, as agent of each Originator.

    In connection with a securitization transaction sponsored by Cellco Partnership d/b/a Verizon Wireless (“Cellco”) in which Verizon Owner Trust 2019-B, as issuer (the “Issuer”), will issue Notes secured
        by a pool of Receivables consisting of device payment plan agreements, the Originators have determined to transfer a pool of Receivables and related property on the Closing Date and additional pools of Receivables and related property from time to
        time to the Depositor, who will subsequently transfer them to the Issuer.

    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 the Issuer, the Depositor and 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.

    ARTICLE II

        TRANSFER OF ORIGINATOR TRANSFERRED PROPERTY

    Section 2.1.      Transfers and Absolute
            Assignments of Originator Transferred Property.

    (a)      Transfer and Absolute Assignment of
            Initial Receivables.  Effective on the Closing Date and immediately before the transactions under the Transfer and Servicing Agreement, the Trust Agreement and the Indenture, each Originator transfers and absolutely assigns to the
        Depositor, without recourse (other than such Originator’s obligations under this Agreement), all of such Originator’s right, title and interest, whether now owned or later acquired, in the Initial Receivables originated by such Originator and the
        other related Originator Transferred Property.  The Initial Receivables transferred by each Originator will be set forth in the electronic file delivered to the Depositor on the Closing Date.

    (b)      Transfers and Absolute Assignments of
            Additional Receivables.  Subject to the satisfaction of the conditions in Section 2.1(d), effective on each Acquisition Date, each applicable Originator will transfer and absolutely assign to the Depositor, without recourse (other
        than such Originator’s obligations under this Agreement), all of such Originator’s right, title and

    
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    interest, whether then owned or later acquired, in the Additional Receivables originated by such Originator and the other related
        Originator Transferred Property.  The Administrator, with the assistance of each Originator, will select each pool of Receivables to be transferred and assigned by each Originator and acquired by the Depositor (and subsequently the Issuer) on each
        Acquisition Date, which Receivables will be set forth in the electronic file containing the Schedule of Receivables delivered on the date of the Transfer Notice for such Acquisition Date.

    (c)      No Assumption of Obligations. 
        These transfers and absolute assignments do not, and are not intended to, include any obligation of any Originator to the Obligors or any other Person relating to the Receivables and the other Originator Transferred Property, and the Depositor does
        not assume any of these obligations.

    (d)      Conditions for Transfers of Additional
            Receivables.  The transfers and absolute assignments of the Additional Receivables and the other related Originator Transferred Property on each Acquisition Date will be subject to the satisfaction of the following conditions on or
        before such Acquisition Date:

    (i)      Transfer Notice. 

        At least two (2) Business Days before each Acquisition Date, the Administrator shall deliver to the Depositor, the Issuer and the Indenture Trustee a Transfer Notice for the Additional Receivables to be transferred and absolutely assigned on that
        Acquisition Date, which will specify the Additional Receivables Transfer Amount, and will have delivered with it an electronic file containing the Schedule of Receivables; and

    (ii)      Originator’s
            Certifications.  Each Originator transferring Additional Receivables on such Acquisition Date severally certifies solely with respect to itself that:

    (A)         as of such Acquisition Date, (1) such Originator is Solvent and will not become
        insolvent as a result of the absolute assignment of the related Additional Receivables on the Acquisition Date, (2) such Originator does not intend to incur or believe that it would incur debts that would be beyond the Originator’s ability to pay
        as the debts matured and (3) the absolute assignment of the related Additional Receivables is not made by such Originator with actual intent to hinder, delay or defraud any Person; and

    (B)         each of such Originator’s representations and warranties in Sections 3.1, 3.2
        (solely with respect to the related Additional Receivables) and 3.3 (solely with respect to the related Additional Receivables) will be true and correct as of the Acquisition Date.

    The delivery by the Administrator, on behalf of the Originators transferring Additional Receivables on an Acquisition
        Date, of the Transfer Notice will be considered a certification by each applicable Originator that the conditions set forth in this Section 2.1(d) have been satisfied or will be satisfied on the Acquisition Date.

    
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    Section 2.2.      Acquisition of Receivables.

    (a)      Acquisition of Initial Receivables. 

        In consideration for the Initial Receivables and the other related Originator Transferred Property, the Depositor will distribute to the Originators $311,440,820.82 in the aggregate on the Closing Date, and will transfer collectively to the
        Originators a portion of the Class A Certificate for the benefit of each Originator in proportion to the Initial Receivables transferred by each Originator.  The Depositor, on the one hand, and each Originator, on the other hand, represents and
        warrants to the other that the amount distributed by the Depositor to such Originator on the Closing Date, together with the portion of the Class A Certificate allocated to such Originator, is equal to the fair market value of the Initial
        Receivables and the other related Originator Transferred Property transferred by such Originator to the Depositor on the Closing Date.

    (b)      Acquisition of Additional Receivables. 

        In consideration for the Additional Receivables and the other related Originator Transferred Property transferred by the Originators, the Depositor will (i) distribute to the Originators the Additional Receivables Cash Transfer Amount for such
        Additional Receivables on the related Acquisition Date, and (ii) make a distribution to, or at the written direction of, the Originators in an amount equal to the excess, if any, of the Additional Receivables Transfer Amount over the Additional
        Receivables Cash Transfer Amount for such Additional Receivables, in the form of an increase in the beneficial interest in the Issuer held by the Originators, as evidenced by the Class A Certificate, in each case, for the benefit of each Originator
        in proportion to the Additional Receivables transferred by each Originator on such Acquisition Date.  Each Originator, on the one hand, and the Depositor, on the other hand, represents and warrants to the other that the aggregate amount set forth
        in clauses (i) and (ii) in the immediately preceding sentence distributed by the Depositor to such Originator on such Acquisition Date will equal the fair market value of the Additional Receivables and the other related Originator Transferred
        Property transferred by such Originator to the Depositor on such Acquisition Date.

    Section 2.3.      Acknowledgement of Further
            Assignments.  Each Originator acknowledges that (a) under the Transfer and Servicing Agreement, the Depositor will transfer and assign all of its right, title and interest in the Originator Transferred Property and related property
        and rights to the Issuer and (b) under the Indenture, the Issuer will assign and pledge the Originator Transferred Property and related property and rights to the Indenture Trustee for the benefit of the Secured Parties.

    Section 2.4.      Savings Clause.  Each
        Originator and the Depositor intend that each assignment under this Agreement be an absolute assignment of the Originator Transferred Property, conveying good title to the Originator Transferred Property free and clear of any Lien, other than
        Permitted Liens, from such Originator to the Depositor.  Each Originator and the Depositor intend that the Originator Transferred Property transferred by such Originator not be a part of such Originator’s estate if there is a bankruptcy or
        insolvency of such Originator.  If, despite the intent of each Originator and the Depositor, a transfer of the Originator Transferred Property transferred by such Originator under this Agreement is determined to be a pledge for a financing or is
        determined not to be an absolute assignment, each Originator Grants to the Depositor a security interest in such Originator’s right, title and interest in the Originator Transferred Property transferred by it to secure a loan in an amount equal to
        all amounts payable

    
      3

      
        

    

    

    

    by such Originator under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing
        Fees under the Transfer and Servicing Agreement and all other amounts payable by the Issuer under the Transaction Documents.  In that case, this Agreement will be a security agreement under Law and the Depositor will have the rights and remedies of
        a secured party and creditor under the UCC.

    ARTICLE III

        REPRESENTATIONS AND WARRANTIES

    Section 3.1.      Originator Representations and
            Warranties.  Each Originator severally makes the following representations and warranties solely as to itself on which the Depositor is relying in acquiring the Originator Transferred Property transferred by such Originator.  The
        representations and warranties are made as of the Closing Date and as of each Acquisition Date and will survive the transfer and absolute assignment of the applicable Originator Transferred Property by such Originator to the Depositor under this
        Agreement and by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of the Originator Transferred Property by the Issuer to the Indenture Trustee under the Indenture:

    (a)      Organization and Good Standing.
        It is a validly existing limited liability company, corporation or partnership, as applicable, in good standing under the laws of the jurisdiction of its organization and has full power and authority to own its properties and conduct its business
        as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

    (b)      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 conduct of its business requires such qualification,
        licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

    (c)      Authorization and No Contravention.
        The execution, delivery and performance by it of this Agreement, the other Transaction Documents to which it is a party and the other documents to be delivered by it hereunder or thereunder: (i) are within its limited liability company, corporate
        or partnership powers, as applicable, (ii) have been duly authorized by it by all necessary action, (iii) do not contravene (A) its organizational documents, (B) any contractual obligation or restriction binding on or affecting it or its property
        or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (iv)
        do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties. This Agreement and each of the other Transaction Documents to which it is a party have been duly executed and delivered by it.

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

    
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    (e)      No Consent Required. 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 any other Transaction Document to which it is a party,
        except for any authorizations or approvals that have already been obtained and the filing of the UCC financing statements as required by this Agreement.

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

    (g)      Bulk Sales Act. No transaction
        contemplated hereby requires compliance with any bulk sales act or similar Law.

    (h)      Compliance with Law. It has
        complied with all applicable Laws to which it may be subject, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

    (i)      No Proceedings. There are no
        actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against or affecting it or any of its properties, that (i) if adversely determined (individually or in the aggregate), would reasonably be expected to have
        a Material Adverse Effect or (ii) involve any Transaction Document or any transaction contemplated thereby and as to which there is a reasonable possibility of a materially adverse decision.

    (j)      Not an Investment Company.  It
        is not and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act.

    Section 3.2.      Originator Representations and
            Warranties About Pools of Receivables Transferred by Such Originator.  Each Originator severally makes the following representations and warranties about each pool of Receivables transferred by such Originator on which the Depositor
        is relying in acquiring the Originator Transferred Property.  The representations and warranties are made as of the Closing Date (for the Initial Receivables) and each Acquisition Date (for the related Additional Receivables) and will survive the
        transfer and assignment of the Originator Transferred Property transferred by such Originator to the Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of the Originator
        Transferred Property by the Issuer to the Indenture Trustee under the Indenture, and may not be waived by the Depositor.

    (a)      Valid Assignment.  This
        Agreement evidences a valid absolute assignment of the Originator Transferred Property transferred by such Originator to the Depositor, enforceable against creditors of, purchasers from and transferees and absolute assignees of such Originator.

    (b)      Good Title to Originator Transferred
            Property.  Immediately prior to the transfer and absolute assignment by it under this Agreement of any Originator Transferred Property

    
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    transferred by such Originator, it was the owner of, and had good title to, such Originator Transferred Property, free and clear of any
        Lien, other than Permitted Liens.

    (c)      Security Interest in Originator
            Transferred Property.

    (i)      The Depositor will have, immediately following completion of the transfer and absolute assignment pursuant to
        this Agreement, a valid and continuing ownership interest, which is a first priority perfected security interest (as such term is used in Article 9 of the applicable UCC) enforceable as such against creditors of and lenders to it, in the Originator
        Transferred Property transferred by such Originator free and clear of any Lien, other than Permitted Liens.

    (ii)      Other than pursuant to this Agreement, it has not pledged, assigned, transferred or granted a security
        interest in, or otherwise conveyed, any of the Originator Transferred Property. It has not authorized the filing of and is not aware of any financing statements against it that include a description of collateral covering any Originator Transferred
        Property transferred by it under this Agreement other than any financing statement filed in connection with this Agreement or any other Transaction Document.

    (iii)      It has caused as of the Closing Date, and will cause as of each Acquisition Date, the delivery to the
        Administrator and the Depositor in proper form for filing, and has caused the filing of (or will cause the filing of within ten (10) days following the Closing Date or the related Acquisition Date, as applicable), in each case, all appropriate
        financing statements and financing statement amendments in the proper filing office in the appropriate jurisdictions under the applicable Law in order to perfect and maintain perfected the conveyance of the Originator Transferred Property
        transferred by such Originator.

    (d)      No Adverse Selection. None of
        the Administrator, such Originator or any of their respective Affiliates has selected any Receivables to be transferred and assigned to the Depositor on the Closing Date or the applicable Acquisition Date through a process that is intended to be
        adverse to the Depositor or the Depositor’s assignees.

    (e)      Schedule of Receivables.  The
        Schedule of Receivables contains an accurate and complete list of unique asset identifying information for the Receivables transferred by such Originator.

    (f)      Underwriting Procedures.  The
        Receivables were originated in accordance with all applicable requirements of the Underwriting Procedures of the applicable Originator in all material respects.

    (g)      Accounts.  Each Receivable is
        (A) if the Receivable is not secured by the related Device, an “account” or “payment intangible,” or (B) if the Receivable is secured by the related Device, “chattel paper,” in each case, within the meaning of the applicable UCC.

    (h)      No Defenses.  There is no right
        of rescission, setoff, counterclaim or defense asserted or threatened against any of the Receivables, including by reason of the Marketing

    
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    Agent’s failure to make, or to cause the related Originator to make, any Upgrade Payments related to an Upgrade Offer.

    Section 3.3.      Originator Representations and
            Warranties About Each Receivable.  Each Originator severally represents and warrants that each Receivable transferred and absolutely assigned by such Originator to the Depositor under this Agreement is an Eligible Receivable (the “Eligibility Representation”).  Such representation and warranty is made as of the Closing Date (for the Initial Receivables) and each Acquisition Date (for the related
        Additional Receivables) or other dates stated and will survive the transfer and absolute assignment of the Receivables transferred by such Originator to the Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and
        Servicing Agreement and the pledge of such Receivables by the Issuer to the Indenture Trustee under the Indenture.  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.  A Receivable will be an
        Eligible Receivable if:

    (a)      as of the related Cutoff Date, the Obligor on the account for such Receivable had a billing address in the
        United States or in a territory of the United States;

    (b)      as of the related Cutoff Date, the remaining term of the Receivable is less than or equal to 24 months;

    (c)      the Receivable did not contain a contractual right to an upgrade of the Device related to such device payment
        plan agreement, at the time such Receivable was originated;

    (d)      the origination date of the Receivable was at least fifteen (15) days prior to the related Cutoff Date;

    (e)      as of the related Cutoff Date, as indicated on the records of the Originator or one of its Affiliates, the
        Obligor on the account for such Receivable maintains service with Verizon Wireless;

    (f)      under the Receivable, there is no prepayment penalty;

    (g)      as of the related Cutoff Date, as indicated on the records of the Originator or one of its Affiliates, the
        Receivable is not associated with the account of a business customer or government customer;

    (h)      as of the related Cutoff Date, the Obligor on the account for such Receivable is not indicated to be subject
        to a current bankruptcy proceeding on the records of the related Originator or one of its Affiliates, acting as its agent;

    (i)      as of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any
        amount is 31 days or more Delinquent by the Obligor or (B) that is in “suspend” or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act, as amended) in accordance with the Servicing Procedures;

    
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    (j)      the Receivable is denominated and payable only in U.S. dollars;

    (k)     the Obligor under such Receivable is required to make payments no less frequently than monthly under the
        related device payment plan agreement;

    (l)      as of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $2,500;

    (m)    as of the related Cutoff Date, either (i) at least one (1) monthly payment made by the Obligor under the
        related device payment plan agreement has been received with respect to the related Receivable or (ii) the related Obligor has at least one (1) year of Customer Tenure with Verizon Wireless;

    (n)     the Receivable was originated in, and is subject to the Laws of, a jurisdiction which permits the transfer and
        assignment of the Receivable, and the terms of the Receivable do not contain a requirement that the related Obligor consent to the transfer or assignment of the rights to payment of the related Originator under such Receivable;

    (o)     at the time of origination, the Receivable complied in all material respects with any requirements of Law
        applicable thereto;

    (p)     the Receivable constitutes the legal and binding obligation of the related Obligor enforceable against such
        Obligor in accordance with its terms (except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or similar Laws relating to and limiting creditors’ rights generally and by general principles of equity
        (regardless of whether enforcement is sought in a proceeding in equity or in law)); and

    (q)     as of the related Cutoff Date, neither the Originator’s receivables systems nor the Receivable File indicates
        that the Receivable was satisfied or rescinded.

    Section 3.4.      Originator Reacquisition of
            Receivables for Breach of Representations.

    (a)      Investigation of Breach.  If a
        Responsible Person of an Originator receives written notice from the Depositor, the Servicer, the Administrator or the Indenture Trustee that the Eligibility Representation was breached when made, then, in each case, such Originator will
        investigate the Receivable to confirm the breach and determine if the breach has a material adverse effect on the Issuer.  Such Originator will have the option to cure such breach.  For the avoidance of doubt, the Indenture Trustee shall have no
        obligation to give the notice set forth in the first sentence of this Section unless a Responsible Person of the Indenture Trustee has actual knowledge of such breach or has received written notice identifying the specific Receivable or Receivables
        for which the Eligibility Representation was breached.  None of the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee, the Parent Support Provider, the Marketing Agent or the Administrator will have an obligation to investigate
        whether a breach of the Eligibility Representation has occurred or whether any Receivable is required to be reacquired under this Section 3.4.  In addition, with respect to 60-Day Delinquent Receivables subject to an Asset Representations Review,
        the related Originator will have the sole ability to determine if there was non-compliance with the Eligibility Representation made by it with respect to those

    
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    60-Day Delinquent Receivables that constitutes a breach, and whether to reacquire or acquire, as applicable, those Receivables from the
        Issuer.

    (b)      Reacquisition of Receivables; Payment of
            Acquisition Amount.  If an Originator chooses to cure a breach of the Eligibility Representation that has a material adverse effect on the Issuer, such breach must be cured by such Originator by the end of the second month following
        the month the Responsible Person of such Originator received written notice of the breach as set forth above.  If such breach (i) is not cured and (ii) had a material adverse effect on the Issuer, then such Originator must reacquire any such
        Receivable transferred by it to the Depositor for which the Eligibility Representation was breached.  Each Originator will reacquire the Receivables transferred by it to the Depositor as described in the immediately preceding sentence by remitting
        the Acquisition Amount for the related Receivables on or before the Business Day before the Payment Date following the end of the second month referenced in the first sentence hereof (or, with satisfaction of the Rating Agency Condition, on such
        Payment Date).

    (c)      Transfer and Assignment of Reacquired
            Receivable.  When an Originator’s payment of the Acquisition Amount for its Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred and absolutely assigned to such Originator,
        effective as of the last day of the Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in such Receivables and all security and documents relating to such Receivables.  The transfer and absolute
        assignment will not require any action by the Depositor, the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Depositor or the Issuer, except that such Receivables are free of any Liens, other than
        Permitted Liens.  After the transfer and absolute assignment, the Servicer will mark its receivables systems to indicate that the receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely assign
        the Acquired Receivables, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.

    (d)      Reacquisition Sole Remedy.  The
        sole remedy against any Originator for a breach of an Originator’s Eligibility Representation is to require such Originator to reacquire the related Receivables under this Section 3.4.  The Depositor will enforce each Originator’s reacquisition
        obligation under this Section 3.4.  For the avoidance of doubt, nothing contained in this Section 3.4(d) shall limit any remedy of the Issuer against the Parent Support Provider contained in the Parent Support Agreement.

    (e)      Dispute Resolution.  Each
        Originator agrees to be bound by the dispute resolution provisions in Section 11.2 of the Transfer and Servicing Agreement as if they were part of this Agreement.

    Section 3.5.      Depositor’s Representations and
            Warranties.  The Depositor represents and warrants to each Originator as of the Closing Date and each Acquisition Date:

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

    
      9

      
        

    

    

    

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

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

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

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

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

    (g)      No Conflict. The execution and
        delivery of this Agreement or any other Transaction Document to which it is a party by the Depositor, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof
        applicable to the Depositor, (i) do not contravene (A) its limited liability company agreement, (B) any contractual restriction binding on or affecting it or its property or (C) any order, writ, judgment, award, injunction or decree binding on or
        affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with
        respect to any of its properties.

    (h)      No Violation. The execution and
        delivery of this Agreement by the Depositor, the performance by the Depositor of the transactions contemplated by this Agreement or any other

    
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    Transaction Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Depositor will not
        violate any Law applicable to the Depositor, except where such violation would not reasonably be expected to have a Material Adverse Effect.

    ARTICLE IV

        ORIGINATORS’ AGREEMENTS

    Section 4.1.      Financing Statements.

    (a)      Filing of Financing Statements. 

        The Originators will file, or will cause to be filed, financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices necessary to perfect the Depositor’s interest in the Originator
        Transferred Property.  The Originators will promptly deliver, or will cause to be delivered, to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed
        financing statement.

    (b)      Depositor Authorized to File Financing
            Statements.  Each Originator authorizes the Depositor to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Depositor may determine are necessary or
        advisable to perfect the Depositor’s interest in the Originator Transferred Property.  The financing and continuation statements may describe the Originator Transferred Property as the Depositor may reasonably determine to perfect the Depositor’s
        interest in the Originator Transferred Property.

    (c)      Relocation of an Originator. 
        Each Originator will notify the Depositor at least ten (10) days before a relocation of its chief executive office or change in its corporate structure, form of organization or jurisdiction of organization if it could require the filing of a new
        financing statement or an amendment to a previously filed financing statement under Section 9-307 of the UCC.  If required, such Originator will promptly file, or will cause to be filed, new financing statements or amendments to all previously
        filed financing statements.  Each Originator will maintain its chief executive office within the United States and will maintain its jurisdiction of organization in only one State.

    (d)      Change of an Originator’s Name. 

        Each Originator will notify the Depositor at least ten (10) days before any change in such Originator’s name that could make a financing statement filed under this Section 4.1 seriously misleading under Section 9-506 of the UCC.  If required, such
        Originator will promptly file, or will cause to be filed, amendments to all previously filed financing statements.

    Section 4.2.      No Transfer or Lien by an
            Originator.  Except for the transfer and absolute assignment under this Agreement, no Originator will transfer or absolutely assign any Originator Transferred Property transferred and absolutely assigned by it under this Agreement to
        another Person or Grant or allow a Lien, other than a Permitted Lien, on an interest in any such Originator Transferred Property.  Each Originator will defend the Depositor’s interest in the Originator Transferred Property transferred and
        absolutely assigned by such Originator to the Depositor against claims of third parties claiming through such Originator.

    
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    Section 4.3.      Expenses.  Each
        Originator will pay all expenses, to the extent attributable to such Originator, to perform its obligations under this Agreement and the Depositor’s reasonable expenses to perfect the Depositor’s interest in the Originator Transferred Property
        transferred by such Originator to the Depositor and to enforce such Originator’s obligations under this Agreement.

    Section 4.4.      Originator’s Receivables Systems. 

        Each Originator will mark its receivables systems to indicate that any Receivable absolutely assigned by such Originator to the Depositor is owned by the Depositor or its assignee on the Closing Date or the related Acquisition Date, as applicable,
        and will not change the indication until the Receivable has been paid in full by the Obligor, reacquired by such Originator, acquired by the Servicer or the Marketing Agent or sold to a third party, as applicable, under a Transaction Document.

    Section 4.5.      Review of Originator’s Records. 

        Each Originator will maintain records and documents relating to the origination and underwriting of the Receivables according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with
        reasonable notice, each Originator will give the Depositor (or its representative) access to the records and documents to conduct a review of such Originator’s performance under this Agreement and the Eligibility Representations made by such
        Originator about the Receivables absolutely assigned by such Originator to the Depositor.  Any access or review will be conducted at an Originator’s offices during its normal business hours at a time reasonably convenient to such Originator and in
        a manner that will minimize disruption to its business operations.  Any access or review will be subject to such Originator’s security, confidentiality and privacy policies and any regulatory, legal or data protection policies.

    Section 4.6.      Reacquisition of Bankruptcy
            Surrendered Receivables.

    (a)      Reacquisition of Bankruptcy Surrendered
            Receivables; Payment of Acquisition Amount.  If a Receivable becomes a Bankruptcy Surrendered Receivable, the related Originator must reacquire any such Receivable from the Issuer.  Each Originator will reacquire any Bankruptcy
        Surrendered Receivables by remitting the Acquisition Amount for the related Bankruptcy Surrendered Receivables on or prior to the second Business Day before the Payment Date related to the Collection Period during which the Receivable became a
        Bankruptcy Surrendered Receivable.  The aggregate Principal Balance of all Bankruptcy Surrendered Receivables reacquired by any Originator, in the aggregate, will not exceed five percent (5%) of the aggregate Principal Balance of all Receivables
        (calculated as of the Initial Cutoff Date) transferred by that Originator to the Depositor and by the Depositor to the Issuer on the Closing Date, and no Originator shall be required to reacquire any Bankruptcy Surrendered Receivables in excess of
        such limit.

    (b)      Transfer and Assignment of Reacquired
            Receivable.  When an Originator’s payment of the Acquisition Amount for its Bankruptcy Surrendered Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred and absolutely
        assigned to such Originator, effective as of the last day of the Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in such Bankruptcy Surrendered Receivables and all security and documents
        relating to such Bankruptcy Surrendered Receivables.  The transfer and absolute assignment will not require any action by

    
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    the Depositor, the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Depositor or the
        Issuer, except that such Bankruptcy Surrendered Receivables are free of any Liens, other than Permitted Liens.  After the transfer and absolute assignment, the Servicer will mark its receivables systems to indicate that the receivables are no
        longer Receivables and may take any action necessary or advisable to transfer and absolutely assign the Acquired Receivables, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.

    (c)      Enforcement of Obligation.  The
        Depositor will enforce each Originator’s reacquisition obligation under this Section 4.6.

    Section 4.7.      Regulation RR Risk Retention. 

        Each Originator agrees that it (i) shall collectively with the other Originators, retain, directly or through their nominee, the Residual Interest on the Closing Date and (ii) shall not sell, transfer, finance or hedge the Residual Interest except
        as permitted by the U.S. Credit Risk Retention Rules.

    ARTICLE V

        OTHER AGREEMENTS

    Section 5.1.      No Petition.  Each
        Originator 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 5.1 will survive the termination of this Agreement.

    Section 5.2.      Limited Recourse. 
        Each Originator agrees that any claim that it may seek to enforce against the Depositor under this Agreement is limited to the Originator Transferred Property transferred by such Originator only and is not a claim against the Depositor’s assets as
        a whole or against assets other than such Originator Transferred Property.

    Section 5.3.      Termination.  This
        Agreement will terminate when the Issuer is terminated under the Trust Agreement.

    Section 5.4.      Merger, Consolidation, Succession or Assignment. 

        Any Person (a) into which an Originator is merged or consolidated, (b) resulting from a merger or consolidation to which an Originator is a party, (c) succeeding to an Originator’s business or (d) that is an Affiliate of an Originator to whom such
        Originator has assigned this Agreement, will be the successor to such Originator under this Agreement.  Except in such case where the successor entity is itself an Originator hereunder, within fifteen (15) Business Days after the merger,
        consolidation, succession or assignment, such Person will (i) execute an agreement to assume such Originator’s obligations under this Agreement and each Transaction Document to which such Originator is a party (unless the assumption happens by
        operation of Law), (ii) deliver to the Issuer, the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply
        with this Section 5.4 and (iii) notify the Rating Agencies of the merger, consolidation, succession or assignment.

    
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    ARTICLE VI

        MISCELLANEOUS

    Section 6.1.      Amendments.

    (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 defective or 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.  Other than
        as set forth in Section 6.1(c), the parties may amend this Agreement 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 under
        this Agreement, with the consent of the Certificateholders, if either (x) the Issuer 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) 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 Note Balance
        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, 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 or Certificateholders under this Agreement.

          (ii)      No amendment to this Agreement may, without the consent of all adversely
        affected Noteholders or Certificateholders, as applicable, (i) 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 (ii) modify the percentage of the Note Balance
        of the Notes or the Controlling Class required for any action.

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant
        to this Section 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

    
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    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 pursuant to Sections 6.1(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 Depositor will deliver, or will cause the Administrator to deliver, a copy of the amendment to the Indenture Trustee and the Rating Agencies, and the Indenture Trustee will notify the Noteholders of the
        substance of the amendment.

    Section 6.2.      Benefit of Agreement; Third-Party
            Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Issuer and the Indenture Trustee, for the benefit of the Secured Parties, will be third-party
        beneficiaries of this Agreement and may enforce this Agreement against each Originator.  No other Person will have any right or obligation under this Agreement.

    Section 6.3.      Notices.

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

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

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

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

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

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

    Section 6.4.      GOVERNING LAW.  THIS
        AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
        OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

    
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    Section 6.5.      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 6.6.      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 6.7.      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 6.8.      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 6.9.      Headings.  The
        headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

    Section 6.10.      Counterparts.  This
        Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

    Section 6.11.      Additional Originators. 

        The Originators may request that one or more Persons that is a direct or indirect subsidiary of Verizon from time to time join this Agreement as an additional Originator (each, an “Additional

            Originator”) by delivering to the Depositor:

    (i)      an executed Originator Joinder Agreement substantially in the form of Exhibit B hereto;

    (ii)      a certificate of the Secretary or Assistant Secretary of such Additional Originator
        certifying (i) the resolutions of its governing body approving each Transaction Document to which it is a party, (ii) the name, signature, and authority of each officer who executes on its behalf a Transaction Document, (iii) its organizational
        documents certified by the Secretary of State or other appropriate official of its jurisdiction of organization, and (iv) a good standing certificate for such Additional Originator issued by the Secretary of State of the jurisdiction of its
        organization (or such other evidence of good standing as the Depositor may agree to accept);

    (iii)      a certificate of an authorized officer of such Additional Originator to the effect that
        (i) the representations and warranties contained in the Transaction Documents to which it is a party (as from time to time amended, supplemented or modified) are true

    
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    and correct; (ii) it is in compliance in all material respects with its covenants and agreements contained in this
        Agreement and the other Transaction Documents to which it is a party; and (iii) this Agreement and the other Transaction Documents to which it is a party have been duly authorized, executed and delivered by it pursuant to its limited liability
        company, corporate or partnership powers, as applicable, and assuming such Transaction Documents have been duly executed by each other party thereto, such agreements constitute its legal, valid and binding obligation enforceable against it in
        accordance with their respective 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;

    (iv)      all instruments and other documents (including UCC-1 financing statements) required, to
        perfect the Depositor’s first priority ownership interest in the Receivables transferred by such Additional Originator and Collections with respect thereto contemplated by this Agreement in all appropriate jurisdictions;

    (v)      UCC search reports with respect to the Additional Originator from the office of the
        Secretary of State of the proper jurisdiction;

    (vi)      UCC-3 termination statements, duly authorized for filing, with respect to any UCC-1
        financing statement which covers any Receivable transferred by such Additional Originator to the Depositor or Collections with respect thereto (other than UCC-1 financing statements filed in connection with this Agreement);

    (vii)      opinions of counsel to such Additional Originator covering: (A) formation and existence,
        (B) due authorization, execution, delivery and enforceability of the Originator Joinder Agreement and any other agreement to which such Additional Originator is a party, (C) any legal or governmental proceedings, (D) no conflicts with material
        agreements or organizational documents, (E) no consents or authorizations, (F) UCC creation and perfection and (G) true sale and non-consolidation;

    (viii)      a certificate of such Additional Originator which certifies the name, title and
        signature of each of the officers of such Additional Originator who is authorized to submit requests on behalf of such Additional Originator; and

    (ix)      to the extent such Additional Originator is not a party to the Marketing Agent Agency
        Agreement, an executed Originator Joinder Agreement with respect to the Marketing Agent Agency Agreement, substantially in the form of Exhibit B to the Marketing Agent Agency Agreement.

    Upon acceptance by the Depositor of a duly executed and delivered Originator Joinder Agreement by such Additional Originator and the
        satisfaction of the other conditions set forth in this Section 6.11, such Additional Originator shall become party to, and have the rights and obligations of an Originator under this Agreement, and shall be bound by all the provisions hereof.

    [Remainder of Page Left Blank]

     

      

     

      

     

      

     

      

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

    	
            Cellco Partnership d/b/a Verizon Wireless,

            as an Originator

          	 	
            Alltel Corporation d/b/a Verizon Wireless,

            as an Originator

             

              

          
	
            Los Angeles SMSA Limited Partnership, a California Limited
                  Partnership d/b/a Verizon Wireless,

            By: AirTouch Cellular Inc., its General Partner, as an Originator

             

          	 	
            Chicago SMSA Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

             

              

          
	
            New York SMSA Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

             

          	 	
            GTE Mobilnet of South Texas Limited Partnership d/b/a Verizon
                  Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

          
	
            GTE Mobilnet of California Limited Partnership d/b/a Verizon
                  Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

             

          	 	
            Sacramento-Valley Limited Partnership d/b/a Verizon Wireless,

            By: AirTouch Cellular Inc., its General Partner, as an Originator

          
	
            Verizon Wireless of the East LP d/b/a Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

             

          	 	
            GTE Mobilnet of Indiana Limited Partnership d/b/a Verizon Wireless,

            By: GTE Wireless of the Midwest Incorporated, its General Partner,

            as an Originator

             

          
	
            Seattle SMSA Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

             

          	 	
            Pittsburgh SMSA Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

             

          
	
            CommNet Cellular Inc. d/b/a Verizon Wireless,

            as an Originator

          	 	
            Fresno MSA Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

            as an Originator

             

              

          
	
            Gold Creek Cellular of Montana Limited Partnership d/b/a Verizon
                  Wireless,

            By: CommNet Cellular Inc., its General Partner,

            as an Originator

             

          	 	
            Bell Atlantic Mobile Systems of Allentown, Inc. d/b/a Verizon
                  Wireless,

            as an Originator

          

    

    

    

    

    
      
        

    

    

    

    	
            ALLTEL Communications of North Carolina Limited Partnership d/b/a
                  Verizon Wireless,

            By: Alltel Corporation, its General Partner,

            as an Originator

             

          	 	
            Verizon Wireless (VAW) LLC d/b/a Verizon Wireless,

            as an Originator

             

          
	
            Omaha Cellular Telephone Company d/b/a Verizon Wireless,

            By: Verizon Wireless (VAW) LLC, its Managing General Partner,

            as an Originator

             

          	 	
            Rural Cellular Corporation d/b/a Verizon Wireless,

            as an Originator

             

          
	
            Southwestco Wireless, Inc. d/b/a Verizon Wireless,

            as an Originator

             

          	 	
            AirTouch Cellular Inc. d/b/a Verizon Wireless,

            as an Originator

             

          
	
            Allentown SMSA Limited Partnership d/b/a Verizon Wireless,

            By: Bell Atlantic Mobile Systems of Allentown, Inc., its General Partner,

            as an Originator

             

          	 	
            Bell Atlantic Mobile of Asheville Inc. d/b/a Verizon Wireless,

            as an Originator

             

          
	
            GTE Mobilnet of Fort Wayne Limited Partnership d/b/a Verizon
                  Wireless,

            By: GTE Wireless of the Midwest Incorporated, its General Partner,

            as an Originator

             

          	 	
            GTE Wireless of the Midwest Incorporated d/b/a Verizon Wireless,

            as an Originator

             

          
	
            Illinois RSA 6 and 7 Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless,

              

            its General Partner,

            as an Originator

             

          	 	
            Northeast Pennsylvania SMSA Limited Partnership d/b/a Verizon
                  Wireless,

            By: Cellco Partnership d/b/a Verizon Wireless, its General Partner, as an Originator

             

          
	
            Orange County-Poughkeepsie Limited Partnership d/b/a Verizon
                  Wireless,

            By: Verizon Wireless of the East LP, its General Partner

                By: Cellco Partnership d/b/a Verizon Wireless, its General Partner, as an Originator

             

          	 	 

    

    

    

    

    By:   /s/ Kee Chan Sin                                       

                Kee Chan Sin

    

     

    

     

    

    

    

    
      
        

    

    	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless

          	 	
            As Vice President and Assistant Treasurer of

            Alltel Corporation

             

          
	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc. acting on behalf of Los Angeles SMSA Limited Partnership, a California Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Chicago SMSA Limited Partnership

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of New York SMSA Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of GTE Mobilnet of South Texas Limited Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of GTE Mobilnet of California Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc. acting on behalf of Sacramento-Valley Limited Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Verizon Wireless of the East LP

             

          	 	
            As Vice President and Assistant Treasurer of

            GTE Wireless of the Midwest Incorporated acting on behalf of GTE Mobilnet of Indiana Limited Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Seattle SMSA Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Pittsburgh SMSA Limited Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc.

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Fresno MSA Limited Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. acting on behalf of Gold Creek Cellular of Montana Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of Bell Atlantic Mobile Systems of Allentown, Inc.

             

          
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of ALLTEL Communications of North Carolina Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of Verizon Wireless (VAW) LLC

             

          
	
            As Vice President and Assistant Treasurer of

            Verizon Wireless (VAW) LLC acting on behalf of Omaha Cellular Telephone Company

              

             

          	 	
            As Vice President and Assistant Treasurer of

            Rural Cellular Corporation

             

          

    

    

    
      
        

    

    	
            As Vice President and Assistant Treasurer of Southwestco Wireless, Inc.

             

          	 	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc.

             

          
	
            As Vice President and Assistant Treasurer of Bell Atlantic Mobile Systems of Allentown, Inc. acting on behalf of Allentown SMSA Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            Bell Atlantic Mobile of Asheville Inc.

             

          
	
            As Vice President and Assistant Treasurer of

            GTE Wireless of the Midwest Incorporated acting on behalf of GTE Mobilnet of Fort Wayne Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            GTE Wireless of the Midwest Incorporated

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Illinois RSA 6 and 7 Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Northeast Pennsylvania SMSA Limited Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting on behalf of Verizon Wireless of the East LP, acting on behalf of Orange County-Poughkeepsie Limited
                Partnership d/b/a Verizon Wireless

             

          	 	 

    

    

    

      

      

    

    

    

    
      
        

    

    

    

    

    

    VERIZON ABS LLC,

        as Depositor

    

    

    

    

    
      

        By: /s/ Kee Chan Sin                           

                Name:       Kee Chan Sin

                Title:           Chief Financial Officer

        

      

    

    
      
        

    

    
    Schedule A

    

    

    

    

    Schedule of Receivables

        

        

        Delivered Electronically to Depositor at Closing

    
      SA-1

      
        

    

    
    Schedule B

    

    

    

    

    List of Originators

     

      

    
      	
              Legal Name

            	
              Chief Executive Office

            	
              Jurisdiction

                  of Organization

            
	
              Cellco Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Alltel Corporation

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Los Angeles SMSA Limited Partnership, a California Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              Chicago SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Illinois

            
	
              New York SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              New York

            
	
              GTE Mobilnet of South Texas Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of California Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              Sacramento-Valley Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              Verizon Wireless of the East LP

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of Indiana Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              Seattle SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Pittsburgh SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              CommNet Cellular Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Fresno MSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              Gold Creek Cellular of Montana Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Bell Atlantic Mobile Systems of Allentown, Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              ALLTEL Communications of North Carolina Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              North Carolina

            
	
              Verizon Wireless (VAW) LLC

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Omaha Cellular Telephone Company

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Nebraska

            
	
              Rural Cellular Corporation

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Minnesota

            
	
              Southwestco Wireless, Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              AirTouch Cellular Inc.

            	
              15505 Sand Canyon Avenue

              Irvine, CA 92618

            	
              California

            
	
              Allentown SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            

      

      

      

      

      
        SB-1

        
          

      

      

      

      
        	
                Legal Name

              	
                Chief Executive Office

              	
                Jurisdiction

                    of Organization

              

      

      	
              Bell Atlantic Mobile of Asheville, Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              North Carolina

            
	
              GTE Mobilnet of Fort Wayne Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Wireless of the Midwest Incorporated

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              Illinois RSA 6 and 7 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Illinois

            
	
              Northeast Pennsylvania SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Orange County - Poughkeepsie Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              New York

            

    

    
      SB-2

      
        

    

    
    Exhibit A

    

    

    

    

    Form of Transfer Notice

    U.S. Bank National Association,

    as Indenture Trustee and Note Paying Agent

    190 South LaSalle Street

    Chicago, IL 60603

    MK-IL-SL7C

    Attn: Global Structured Finance / VZOT 2019-B

    

    

    Verizon ABS LLC

    1 Verizon Way

    Basking Ridge, NJ 07920

    Attn: Treasurer

    

    

    Verizon Owner Trust 2019-B

    c/o Wilmington Trust, National Association

    Rodney Square North, 1100 North Market Street

    Wilmington DE 19890-1600

    Attn: Corporate Trust Administration

    

    

    Transfer Notice: Verizon Owner Trust 2019-B

    Ladies and Gentlemen:

    Under (i) Section 2.1(d) of the Originator Receivables Transfer Agreement, dated as of June 12, 2019 (the “Originator Transfer Agreement”), between the various Originators party thereto from time to time and Verizon ABS LLC, as Depositor, and (ii) Section 2.1(d) of the Master Trust
        Receivables Transfer Agreement, dated as of June 12, 2019 (the “Master Trust Transfer Agreement” and, together with the Originator Transfer Agreement, the “Transfer Agreements”), among the Master Trust, Cellco Partnership d/b/a Verizon Wireless (“Cellco”),

        as Servicer, and Verizon ABS LLC, as Depositor, we notify the Indenture Trustee, the Depositor and the Issuer that (x) under the Transfer Agreements, the Master Trust and each of the Originators listed on Schedule I will transfer to the Depositor
        the Additional Receivables listed on the Schedule of Receivables delivered in an electronic file with this Transfer Notice for [(i)] an aggregate Additional Receivables Cash Transfer Amount for such Additional Receivables of $[] (the “Current Additional Receivables Cash Transfer Amount”) on [], 20[_] (the “Acquisition Date”), which
        Current Additional Receivables Cash Transfer Amount will be allocated between the Master Trust and the applicable Originators as set forth in the immediately following paragraph [and (ii) an increase in the value of the Class A Certificate [of
        $[____]] and (y) under the Transfer and Servicing Agreement, dated as of June 12, 2019, among Verizon Owner Trust 2019-B, as Issuer, Verizon ABS LLC, as Depositor, and Cellco, as Servicer, Marketing Agent and Custodian (the “Transfer and Servicing Agreement”), the Depositor will transfer to the Issuer the Additional Receivables listed on the Schedule of

    
      EA-1

      
        

    

    

    

    Receivables delivered in an electronic file with this Transfer Notice for the Additional Receivables Transfer Amount for such Additional
        Receivables in the form of [(i)] the Current Additional Receivables Cash Transfer Amount on the Acquisition Date [and (ii) an increase in the Class B Certificate Principal Balance of $[____]].  Capitalized terms used but not defined herein are
        defined in Appendix A to the Transfer and Servicing Agreement.

    The Indenture Trustee or Note Paying Agent is directed to withdraw from the Acquisition Account on the Acquisition
        Date the Current Additional Receivables Cash Transfer Amount set forth in the immediately preceding paragraph and deliver that amount to the Depositor who shall deliver $[_________] to the Master Trust and $[_______] to the applicable Originators. 
        The Issuer, the Depositor, the Master Trust and each Originator listed on Schedule I hereto each represents and warrants to each of the others that the Additional Receivables Transfer Amount set forth in the immediately preceding paragraph is equal
        to the fair market value of the Additional Receivables and either the other Originator Transferred Property transferred to the Depositor by such Originator, the Master Trust Transferred Property transferred to the Depositor by the Master Trust or
        the Depositor Transferred Property transferred to the Issuer by the Depositor, as applicable.

    [Remainder of Page Left Blank]

    
      EA-2

      
        

    

    

    

    Very truly yours,

        

        

        CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

            as Administrator

    

    

    

    

    

    

    By                                                                                                  

    Name:

    Title:

    
      EA-3

      
        

    

    
    Schedule I to Exhibit A

    

    

    

    

    List of Originators

     

      

     

    
     

      

    

      

      

    

    
      
        

    

    
    Schedule II to Exhibit A

    

    

    

    

    Schedule of Receivables

    Delivered Electronically to Depositor on the Acquisition Date

     

      

     

      

     

    
     

      

    
      

      

       

    
      
        

    

    
    Exhibit B

    FORM OF ORIGINATOR JOINDER AGREEMENT

    THIS ORIGINATOR JOINDER AGREEMENT, dated as of _____________, 20___ (this “Agreement”) is executed by _________, a ______________ organized under the laws of _______________ (the “Additional Originator”),

        with its principal place of business located at _______________________________.

    BACKGROUND:

    1.            The various originators from time to time party thereto, as Originators and Verizon ABS LLC, as 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”).

    2.            The Additional Originator desires to become an Originator pursuant to Section 6.11 of the Originator Receivables Transfer Agreement.

    NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the Additional Originator hereby agrees as follows:

    SECTION 1.         Definitions.  Capitalized terms used in this Agreement and not otherwise defined herein or in the Originator
        Receivables Transfer 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, and Cellco Partnership d/b/a Verizon Wireless,
        as Servicer, Marketing Agent and Custodian.  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

    SECTION 2.              Transaction Documents.  The Additional Originator hereby agrees that it shall be bound by all of the terms,
        conditions and provisions of, and shall be deemed to be a party to (as if it were an original signatory to), the Originator Receivables Transfer Agreement and each of the other relevant Transaction Documents.  From and after the later of the date
        hereof and the date that the Additional Originator has complied with all of the requirements of Section 6.11 of the Originator Receivables Transfer Agreement, the Additional Originator shall be an Originator for all purposes of the Originator
        Receivables Transfer Agreement and all other Transaction Documents.  The Additional Originator hereby acknowledges that it has received copies of the Originator Receivables Transfer Agreement and each of the other Transaction Documents.

    SECTION 3.              Further Assurances.  The Additional Originator agrees and acknowledges that at any time and from time to time upon
        the written request of the Depositor, it will execute and deliver such further documents and do such further acts and things as the Depositor may reasonably request in order to effect the purposes of this Agreement.

    SECTION 4.                 Representations and Warranties of the Additional Originator.  The Additional Originator hereby makes all of the
        representations and warranties set forth in Sections 3.1, 3.2 and 3.3 of the Originator Receivables Transfer Agreement as of the date hereof (unless

    
      EB-1

      
        

    

    

    

    such representations or warranties expressly relate to an earlier date, in which case as of such earlier date), as if such
        representations and warranties were fully set forth herein.  The Additional Originator hereby represents and warrants that all information on Schedule A hereto is true
        and complete in all respects as of the date hereof.

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

    SECTION 6.           WAIVER OF TRIAL BY JURY.  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.             Miscellaneous.  This Agreement is executed by the Additional Originator for the benefit of the Depositor and its
        assigns, and each of the foregoing parties may rely hereon.  This Agreement shall be binding upon, and shall inure to the benefit of, the Additional Originator and its successors and permitted assigns.  Each of the parties hereto hereby agrees that
        no party hereto shall be deemed to be the drafter of this Agreement.  This Agreement may be executed by different parties on any number of counterparts, each of which constitute an original and all of which, taken together, constitute one and the
        same agreement.

    [Signature Pages Follow]

    
      EB-2

      
        

    

    

    

    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.

    [NAME OF ADDITIONAL ORIGINATOR]

    

    

    

    

    By:                                                                                              

    Name:                                                                                              

    Title:                                                                                              

    

    

    

    

    

    

    VERIZON ABS LLC,

            as Depositor

    

    

    

    

    

    

    By                                                                                                  

    Name:

    Title:

    
      EB-3

      
        

    

    
    SCHEDULE A TO EXHIBIT B

        

        ADDRESS AND NAME OF ADDITIONAL ORIGINATOR

    

    

    
      	
              Legal Name

            	
              Chief Executive Office

            	
              Jurisdiction

                  of Organization

            
	 	 	 

    

    * A location where substantially all records may be accessed.Exhibit 10.3

    

    Execution Version

    

    

    

    

    

    

    

    

    

    

    

    
      

    

    

    

    

    MASTER TRUST RECEIVABLES TRANSFER AGREEMENT

    

    

    among

    

    

    VERIZON DPPA MASTER TRUST,

        as Transferor

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

        as Servicer

    

    

    and

    

    

    VERIZON ABS LLC,

        as Depositor

    

    

    

    

    

    

    

    

    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

              	
                TRANSFER OF MASTER TRUST TRANSFERRED PROPERTY

              	
                1

                 

                  

              
	
                Section 2.1.

              	
                Transfers and Absolute Assignments of Master Trust Transferred Property

              	
                1

              
	
                Section 2.2.

              	
                Acquisition of Receivables

              	
                3

              
	
                Section 2.3.

              	
                Acknowledgement of Further Assignments

              	
                3

              
	
                Section 2.4.

              	
                Savings Clause

              	
                4

                 

                  

              
	
                ARTICLE III

              	
                REPRESENTATIONS AND WARRANTIES

              	
                4

                    

                  

              
	
                Section 3.1.

              	
                Master Trust Representations and Warranties

              	
                4

              
	
                Section 3.2.

              	
                Master Trust Representations and Warranties About Pools of Receivables Transferred by the Master Trust

              	
                5

              
	
                Section 3.3.

              	
                Representations and Warranties About Each Receivable

              	
                7

              
	
                Section 3.4.

              	
                Servicer Acquisition of Receivables for Breach of Representations

              	
                8

              
	
                Section 3.5.

              	
                Depositor’s Representations and Warranties

              	
                10

              
	
                Section 3.6.

              	
                Servicer’s Representations and Warranties

              	
                11

                 

                  

              
	
                ARTICLE IV

              	
                MASTER TRUST’S AGREEMENTS

              	
                12

                 

                  

              
	
                Section 4.1.

              	
                Financing Statements

              	
                12

              
	
                Section 4.2.

              	
                No Transfer or Lien by the Master Trust

              	
                13

              
	
                Section 4.3.

              	
                Expenses

              	
                13

              
	
                Section 4.4.

              	
                Master Trust Records

              	
                13

              
	
                Section 4.5.

              	
                Review of Master Trust’s Records

              	
                13

              
	
                Section 4.6.

              	
                Review of Servicer’s Records

              	
                14

              
	
                Section 4.7.

              	
                Acquisition of Bankruptcy Surrendered Receivables

              	
                14

                 

                  

              
	
                ARTICLE V

              	
                OTHER AGREEMENTS

              	
                15

                 

                  

              
	
                Section 5.1.

              	
                No Petition

              	
                15

              
	
                Section 5.2.

              	
                Limited Recourse

              	
                15

              
	
                Section 5.3.

              	
                Termination

              	
                15

              
	
                Section 5.4.

              	
                Merger, Consolidation, Succession or Assignment

              	
                15

                 

                  

              
	
                ARTICLE VI

              	
                MISCELLANEOUS

              	
                15

                    

                  

              
	
                Section 6.1.

              	
                Amendments

              	
                15

              
	
                Section 6.2.

              	
                Benefit of Agreement; Third-Party Beneficiaries

              	
                16

              
	
                Section 6.3.

              	
                Notices

              	
                17

              
	
                Section 6.4.

              	
                GOVERNING LAW

              	
                17

              
	
                Section 6.5.

              	
                Submission to Jurisdiction

              	
                17

              
	
                Section 6.6.

              	
                WAIVER OF JURY TRIAL

              	
                17

              
	
                Section 6.7.

              	
                No Waiver; Remedies

              	
                18

              
	
                Section 6.8.

              	
                Severability

              	
                18

              

        

        

        
          i

          
            

        

        
          TABLE OF CONTENTS

          (continued)

          Page

        

        

        

        	
                Section 6.9.

              	
                Headings

              	
                18

              
	
                Section 6.10.

              	
                Counterparts

              	
                18

              
	
                Section 6.11.

              	
                Agreements of the Master Trust

              	
                18

              
	 	 	 
	 	 	 
	
                SCHEDULE A

              	

              	 SA-1
	
                EXHIBIT A

              	 	
                EA-1

              
	
                SCHEDULE I TO EXHIBIT A

              	

              	 SCH-I
	
                SCHEDULE II TO EXHIBIT A

              	

              	 SCH-II

      

    

    
      ii

      
        

    

    
    MASTER TRUST RECEIVABLES TRANSFER AGREEMENT, dated as of June 12, 2019 (this “Agreement”), among VERIZON DPPA MASTER TRUST, a Delaware statutory trust (the “Master Trust”), CELLCO PARTNERSHIP d/b/a
        VERIZON WIRELESS, a Delaware general partnership (“Cellco”) and VERIZON ABS LLC, a Delaware limited liability company, as depositor (the “Depositor”).

    BACKGROUND

    In the normal course of its business, the Master Trust acquires from certain originators device payment plan
        agreements under contracts entered into by such originators or Verizon Wireless Services, LLC or another affiliate of such originators, as agent of each originator.

    In connection with a securitization transaction sponsored by Cellco in which Verizon Owner Trust 2019-B, as issuer
        (the “Issuer”) will issue Notes secured by a pool of Receivables consisting of device payment plan agreements, the Master Trust has determined to transfer a pool of
        Receivables and related property on the Closing Date and additional pools of Receivables and related property from time to time to the Depositor, who will subsequently transfer them to the Issuer.

    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 the Issuer, the Depositor and 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.

    ARTICLE II

        TRANSFER OF MASTER TRUST TRANSFERRED PROPERTY

    Section 2.1.      Transfers and Absolute
            Assignments of Master Trust Transferred Property.

    (a)      Transfer and Absolute Assignment of
            Initial Receivables.  Effective on the Closing Date and immediately before the transactions under the Transfer and Servicing Agreement, the Trust Agreement and the Indenture, the Master Trust transfers and absolutely assigns to the
        Depositor, without recourse (other than the obligations of the Servicer with respect to such Receivables under this Agreement), all of the Master Trust’s right, title and interest, whether now owned or later acquired, in the Initial Receivables
        acquired by it from time to time from various Originators and the other related Master Trust Transferred Property.  The Initial Receivables transferred by the Master Trust will be set forth in the electronic file delivered to the Depositor on the
        Closing Date.

    
      1

      
        

    

    

    

    (b)     Transfers and Absolute Assignments of
            Additional Receivables.  Subject to the satisfaction of the conditions in Section 2.1(d), effective on each Acquisition Date, the Master Trust will transfer and absolutely assign to the Depositor, without recourse (other than the
        obligations of the Servicer with respect to such Receivables under this Agreement), all of the Master Trust’s right, title and interest, whether then owned or later acquired, in the related Additional Receivables acquired by it from time to time
        from various Originators and the other related Master Trust Transferred Property.  The Administrator, with the assistance of the Master Trust, will select each pool of Additional Receivables to be transferred and assigned by the Master Trust and
        acquired by the Depositor (and subsequently the Issuer) on each Acquisition Date, which Receivables will be set forth in the electronic file containing the Schedule of Receivables delivered on the date of the Transfer Notice for such Acquisition
        Date.

    (c)       No Assumption of Obligations. 

        These transfers and absolute assignments do not, and are not intended to, include any obligation of the Master Trust, the Servicer or any Originator to the Obligors or any other Person relating to the Receivables and the other Master Trust
        Transferred Property, and the Depositor does not assume any of these obligations.

    (d)      Conditions for Transfers of Additional
            Receivables.  The transfers and absolute assignments of the Additional Receivables and the other related Master Trust Transferred Property on each Acquisition Date will be subject to the satisfaction of the following conditions on or
        before such Acquisition Date:

    (i)      Transfer Notice. 

        At least two (2) Business Days before each Acquisition Date, the Administrator shall deliver to the Depositor, the Issuer and the Indenture Trustee a Transfer Notice for the Additional Receivables to be transferred and absolutely assigned on that
        Acquisition Date, which will specify the Additional Receivables Transfer Amount, and will have delivered with it an electronic file containing the Schedule of Receivables; and

    (ii)      Master Trust’s
            Certifications.  The Master Trust, on such Acquisition Date, certifies that:

    (A)         as of such Acquisition Date, (1) the Master Trust is Solvent and will not
        become insolvent as a result of the absolute assignment of the related Additional Receivables on the Acquisition Date, (2) the Master Trust does not intend to incur or believe that it would incur debts that would be beyond the Master Trust’s
        ability to pay as the debts matured and (3) the absolute assignment of the related Additional Receivables is not made by the Master Trust with actual intent to hinder, delay or defraud any Person;

    (B)         the Master Trust’s representations and warranties in Sections 3.1 and 3.2
        (solely with respect to the related Additional Receivables transferred on such Acquisition Date) will be true and correct as of the Acquisition Date; and

    
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    (C)         the Master Trust has complied, or has caused the Master Trust
        Administrator to comply, with the requirements of Section 9.7(a) of the Master Collateral Agency Agreement with respect to the release of Receivables from the lien of the Master Collateral Agency Agreement.

    (iii)      Servicer
            Certifications.  The Servicer, on such Acquisition Date, certifies that each of the Servicer’s representations and warranties in Sections 3.3, solely with respect to the related Additional Receivables, and 3.6 will be true and
        correct as of such Acquisition Date.

    The delivery by the Administrator, on behalf of the Master Trust, of the Transfer Notice will be considered a
        certification by the Master Trust and the Servicer that the conditions set forth in this Section 2.1(d) have been satisfied or will be satisfied on the Acquisition Date.

    Section 2.2.      Acquisition of Receivables.

    (a)      Acquisition of Initial Receivables. 

        In consideration for the Initial Receivables and the other related Master Trust Transferred Property, the Depositor will distribute to the Master Trust $795,045,418.76 in the aggregate on the Closing Date, and will transfer a portion of the Class A
        Certificate to the Master Trust, in proportion to the Initial Receivables transferred by the Master Trust to the Depositor.  The Master Trust hereby directs the Depositor to issue the portion of the Class A Certificate referenced in the immediately
        preceding sentence in the name of the True Up Trust, as a distribution from the Master Trust to the True Up Trust, as the sole equityholder of the Master Trust.  The Depositor, on the one hand, and the Master Trust, on the other hand, represents
        and warrants to the other that the amount distributed by the Depositor to the Master Trust on the Closing Date, together with the portion of the Class A Certificate allocated to the Master Trust, is equal to the fair market value of the Initial
        Receivables and the other related Master Trust Transferred Property transferred by the Master Trust to the Depositor on the Closing Date.

    (b)      Acquisition of Additional Receivables. 

        In consideration for the Additional Receivables and the other related Master Trust Transferred Property transferred by the Master Trust, the Depositor will (i) distribute to the Master Trust the Additional Receivables Cash Transfer Amount for such
        Additional Receivables on the related Acquisition Date, and (ii) make a distribution to, or at the written direction of, the Master Trust in an amount equal to the excess, if any, of the Additional Receivables Transfer Amount over the Additional
        Receivables Cash Transfer Amount for such Additional Receivables, in the form of an increase in the beneficial interest in the Issuer, as evidenced by the portion of the Class A Certificate allocated to the Master Trust, in proportion to the
        Additional Receivables transferred by the Master Trust on such Acquisition Date.  The Master Trust, on the one hand, and the Depositor, on the other hand, represents and warrants to the other that the aggregate amount set forth in clauses (i) and
        (ii) of the immediately preceding sentence distributed by the Depositor to the Master Trust on such Acquisition Date will equal the fair market value of the Additional Receivables and the other related Master Trust Transferred Property transferred
        by the Master Trust to the Depositor on such Acquisition Date.

    Section 2.3.      Acknowledgement of Further
            Assignments.  The Master Trust acknowledges that (a) under the Transfer and Servicing Agreement, the Depositor will transfer

    
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    and assign all of its right, title and interest in the Master Trust Transferred Property and related property and rights to the Issuer
        and (b) under the Indenture, the Issuer will assign and pledge the Master Trust Transferred Property and related property and rights to the Indenture Trustee for the benefit of the Secured Parties.

    Section 2.4.      Savings Clause. 
        The Master Trust and the Depositor intend that each assignment under this Agreement be an absolute assignment of the Master Trust Transferred Property, conveying good title to the Master Trust Transferred Property free and clear of any Lien, other
        than Permitted Liens, from the Master Trust to the Depositor.  The Master Trust and the Depositor intend that the Master Trust Transferred Property transferred by the Master Trust not be a part of the Master Trust’s estate if there is a bankruptcy
        or insolvency of the Master Trust.  If, despite the intent of the Master Trust and the Depositor, a transfer of the Master Trust Transferred Property transferred by the Master Trust under this Agreement is determined to be a pledge for a financing
        or is determined not to be an absolute assignment, the Master Trust Grants to the Depositor a security interest in the Master Trust’s right, title and interest in the Master Trust Transferred Property transferred by it to secure a loan in an amount
        equal to all amounts payable by the Master Trust under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under the Transfer and Servicing Agreement and all other amounts payable by
        the Issuer under the Transaction Documents.  In that case, this Agreement will be a security agreement under Law and the Depositor will have the rights and remedies of a secured party and creditor under the UCC.

    ARTICLE III

        REPRESENTATIONS AND WARRANTIES

    Section 3.1.      Master Trust Representations
            and Warranties.  The Master Trust makes the following representations and warranties on which the Depositor is relying in acquiring the Master Trust Transferred Property transferred by the Master Trust.  The representations and
        warranties are made as of the Closing Date and as of each Acquisition Date and will survive the transfer and absolute assignment of the applicable Master Trust Transferred Property by the Master Trust to the Depositor under this Agreement and by
        the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of the Master Trust Transferred Property by the Issuer to the Indenture Trustee under the Indenture:

    (a)      Organization and Good Standing. 

        It is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full power and authority to own its properties and to conduct its business as such properties are currently owned and
        such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

    (b)      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 conduct of its business requires such
        qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

    
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    (c)      Authorization and No Contravention. 

        The execution, delivery and performance by it of this Agreement, the other Transaction Documents to which it is a party and the other documents to be delivered by it hereunder or thereunder: (i) are within its trust powers, (ii) have been duly
        authorized by it by all necessary action, (iii) do not contravene (A) its organizational documents, (B) any Law applicable to it, (C) any contractual restriction binding on or affecting it or its property or (D) any order, writ, judgment, award,
        injunction or decree binding on or affecting it or its property, except, in each case of (A), (B), (C) or (D), where such contravention would not reasonably be expected to have a Material Adverse Effect and (iv) do not result in or require the
        creation of any Adverse Claim upon or with respect to any of its properties. This Agreement and each of the other Transaction Documents to which it is a party have been duly executed and delivered by it.

    (d)     No Consent Required.  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 any other Transaction Document to which it is a party,
        except for the filing of the UCC financing statements as required by this Agreement.

    (e)      Binding Obligation.  This
        Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of it, 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.

    (f)      Bulk Sales Act.  No
        transaction contemplated hereby requires compliance with any bulk sales act or similar Law.

    (g)     Compliance with Law.  It has
        complied in all material respects with all applicable Laws to which it may be subject, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

    (h)      No Proceedings.  There are
        no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against or affecting it or any of its properties, that (i) if adversely determined (individually or in the aggregate), would reasonably be expected to
        have a Material Adverse Effect or (ii) involve any Transaction Document or any transaction contemplated thereby and as to which there is a reasonable possibility of a materially adverse decision.

    (i)      Not an Investment Company.  
        It is not and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act.

    Section 3.2.      Master Trust Representations
            and Warranties About Pools of Receivables Transferred by the Master Trust.  The Master Trust makes the following representations and warranties about each pool of Receivables transferred by the Master Trust on which the Depositor is
        relying in acquiring the applicable Receivables and the other related Master Trust Transferred Property.  The representations and warranties are made as of the Closing Date (for the Initial Receivables) and each Acquisition Date (for the related
        Additional Receivables) and will survive the transfer and assignment of the Master Trust Transferred Property transferred by the Master

    
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    Trust to the Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and Servicing Agreement and the
        pledge of the Master Trust Transferred Property by the Issuer to the Indenture Trustee under the Indenture, and may not be waived by the Depositor.

    (a)      Valid Assignment.  This
        Agreement evidences a valid absolute assignment of the Master Trust Transferred Property transferred by the Master Trust to the Depositor, enforceable against creditors of, purchasers from and transferees and absolute assignees of the Master Trust.

    (b)      Good Title to Master Trust Transferred
            Property.  Immediately prior to the transfer and absolute assignment by it under this Agreement of any Master Trust Transferred Property, the Master Trust was the owner of, and had good title to, such Master Trust Transferred
        Property, free and clear of any Lien, other than Permitted Liens.

    (c)      Security Interest in Master Trust
            Transferred Property.

    (i)      The Depositor will have, immediately following completion of the transfer and absolute assignment pursuant
        to this Agreement, a valid and continuing ownership interest, which is a first priority perfected security interest (as such term is used in Article 9 of the applicable UCC) enforceable as such against creditors of and lenders to it, in the Master
        Trust Transferred Property transferred by the Master Trust free and clear of any Lien, other than Permitted Liens.

    (ii)      Other than pursuant to this Agreement, the Master Trust has not pledged, assigned, transferred or granted
        a security interest in, or otherwise conveyed, any of the Master Trust Transferred Property.  The Master Trust has not authorized the filing of and is not aware of any financing statements against it that include a description of collateral
        covering any Master Trust Transferred Property transferred by it under this Agreement other than any financing statement filed in connection with this Agreement or any other Transaction Document.

    (iii)      The Master Trust has caused as of the Closing Date, and will cause, as of each Acquisition Date, the
        delivery to the Administrator and the Depositor in proper form for filing, and has caused the filing of (or will cause the filing of within ten (10) days following the Closing Date or the related Acquisition Date, as applicable), in each case, all
        appropriate financing statements and financing statement amendments in the proper filing office in the appropriate jurisdictions under the applicable Law in order to perfect and maintain perfected the conveyance of the Master Trust Transferred
        Property transferred by the Master Trust.

    (d)      No Adverse Selection. None
        of the Administrator, the Master Trust or any of their respective Affiliates has selected any Receivables to be transferred and assigned to the Depositor on the Closing Date or the applicable Acquisition Date through a process that is intended to
        be adverse to the Depositor or the Depositor’s assignees.

    (e)     Schedule of Receivables.  The
        Schedule of Receivables contains an accurate and complete list of unique asset identifying information for the Receivables transferred by the Master Trust.

    
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    (f)      Underwriting Procedures. 
        The Receivables were originated in accordance with all applicable requirements of the Underwriting Procedures of the applicable Originator in all material respects.

    (g)      Accounts.  Each Receivable
        is (A) if the Receivable is not secured by the related Device, an “account” or “payment intangible,” or (B) if the Receivable is secured by the related Device, “chattel paper,” in each case, within the meaning of the applicable UCC.

    (h)      No Defenses.  There is no
        right of rescission, setoff, counterclaim or defense asserted or threatened against any of the Receivables, including by reason of the Marketing Agent’s failure to make, or to cause the related Originator to make, any Upgrade Payments related to an
        Upgrade Offer.

    Section 3.3.      Representations and Warranties
            About Each Receivable.  With respect to the Receivables transferred by the Master Trust to the Depositor under this Agreement, the Servicer represents and warrants that each Receivable transferred and absolutely assigned by the
        Master Trust to the Depositor under this Agreement is an Eligible Receivable (the “Eligibility Representation”).  Such representation and warranty is made as of the
        Closing Date (for the Initial Receivables) and each Acquisition Date (for the related Additional Receivables) or other dates stated and will survive the transfer and absolute assignment of the Receivables transferred by the Master Trust to the
        Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of such Receivables by the Issuer to the Indenture Trustee under the Indenture.  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.  A Receivable will be an Eligible Receivable if:

    (a)    as of the related Cutoff Date, the Obligor on the account for such Receivable had a billing address in the
        United States or in a territory of the United States;

    (b)     as of the related Cutoff Date, the remaining term of the Receivable is less than or equal to 24 months;

    (c)     the Receivable did not contain a contractual right to an upgrade of the Device related to such device
        payment plan agreement, at the time such Receivable was originated;

    (d)     the origination date of the Receivable was at least fifteen (15) days prior to the related Cutoff Date;

    (e)     as of the related Cutoff Date, as indicated on the records of the Servicer or one of its Affiliates, the
        Obligor on the account for such Receivable maintains service with Verizon Wireless;

    (f)      under the Receivable, there is no prepayment penalty;

    
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    (g)       as of the related Cutoff Date, as indicated on the records of the Servicer or one of its Affiliates, the
        Receivable is not associated with the account of a business customer or government customer;

    (h)       as of the related Cutoff Date, the Obligor on the account for such Receivable is not indicated to be
        subject to a current bankruptcy proceeding on the records of the Servicer or one of its Affiliates, acting as its agent;

    (i)        as of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on
        which any amount is 31 days or more Delinquent by the Obligor or (B) that is in “suspend” or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act, as amended) in accordance with the Servicing
        Procedures;

    (j)         the Receivable is denominated and payable only in U.S. dollars;

    (k)        the Obligor under such Receivable is required to make payments no less frequently than monthly under the
        related device payment plan agreement;

    (l)         as of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $2,500;

    (m)       as of the related Cutoff Date, either (i) at least one (1) monthly payment made by the Obligor under the
        related device payment plan agreement has been received with respect to the related Receivable or (ii) the related Obligor has at least one (1) year of Customer Tenure with Verizon Wireless;

    (n)        the Receivable was originated in, and is subject to the Laws of, a jurisdiction which permits the
        transfer and assignment of the Receivable, and the terms of the Receivable do not contain a requirement that the related Obligor consent to the transfer or assignment of the rights to payment of the related Originator under such Receivable;

    (o)        at the time of origination, the Receivable complied in all material respects with any requirements of
        Law applicable thereto;

    (p)       the Receivable constitutes the legal and binding obligation of the related Obligor enforceable against
        such Obligor in accordance with its terms (except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or similar Laws relating to and limiting creditors’ rights generally and by general principles of equity
        (regardless of whether enforcement is sought in a proceeding in equity or in law)); and

    (q)        as of the related Cutoff Date, neither the Servicer’s receivables systems nor the Receivable File
        indicates that the Receivable was satisfied or rescinded.

    Section 3.4.      Servicer Acquisition of
            Receivables for Breach of Representations.

    (a)      Investigation of Breach.  If
        a Responsible Person of the Servicer receives written notice from the Depositor, the Administrator or the Indenture Trustee that the Eligibility Representation was breached when made, then, in each case, the Servicer (or if Cellco is no longer

    
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    the Servicer, then Cellco in its individual capacity) will investigate the Receivable to confirm the breach and determine if the
        breach has a material adverse effect on the Issuer.  The Servicer (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) will have the option to cure such breach.  For the avoidance of doubt, the Indenture Trustee shall
        have no obligation to give the notice set forth in the first sentence of this Section unless a Responsible Person of the Indenture Trustee has actual knowledge of such breach or has received written notice identifying the specific Receivable or
        Receivables for which the Eligibility Representation was breached.  None of the Depositor, the Owner Trustee, the Indenture Trustee (including in its capacity as Successor Servicer), the Parent Support Provider, the Marketing Agent or the
        Administrator will have an obligation to investigate whether a breach of the Eligibility Representation has occurred or whether any Receivable is required to be acquired under this Section 3.4.  In addition, with respect to 60-Day Delinquent
        Receivables subject to an Asset Representations Review, the Servicer will have the sole ability to determine if there was non-compliance with the Eligibility Representation made by it with respect to those 60-Day Delinquent Receivables that
        constitutes a breach, and whether to reacquire or acquire, as applicable, those Receivables from the Issuer.

    (b)      Acquisition of Receivables; Payment of
            Acquisition Amount.  If the Servicer chooses to cure a breach of the Eligibility Representation that has a material adverse effect on the Issuer, such breach must be cured by the Servicer by the end of the second month following the
        month the Responsible Person of the Servicer received written notice of the breach as set forth above.  If such breach (i) is not cured and (ii) had a material adverse effect on the Issuer, then the Servicer must acquire any such Receivable
        transferred by the Master Trust to the Depositor for which the Eligibility Representation was breached.  The Servicer will acquire the Receivables transferred by the Master Trust to the Depositor as described in the immediately preceding sentence
        by remitting the Acquisition Amount for the related Receivables on or before the Business Day before the Payment Date following the end of the second month referenced in the first sentence hereof (or, with satisfaction of the Rating Agency
        Condition, on such Payment Date).

    (c)      Transfer and Assignment of Acquired
            Receivable.  When the Servicer’s payment of the Acquisition Amount for the applicable Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred and absolutely assigned to the
        Servicer, effective as of the last day of the Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in such Receivables and all security and documents relating to such Receivables.  The transfer and
        absolute assignment will not require any action by the Depositor, the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Depositor or the Issuer, except that such Receivables are free of any Liens, other
        than Permitted Liens.  After the transfer and absolute assignment, the Servicer will mark its receivables systems to indicate that the receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely
        assign the Acquired Receivables, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.

    (d)      Acquisition Sole Remedy. 
        The sole remedy against the Servicer for a breach of an Eligibility Representation is to require the Servicer to acquire the related Receivables under this Section 3.4.  The Depositor will enforce the Servicer’s acquisition obligation under this
        Section 3.4.  For the avoidance of doubt, nothing contained in this Section 3.4(d) shall limit any remedy of the Issuer against the Parent Support Provider contained in the Parent Support Agreement.

    
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    (e)      Removal or Resignation of Cellco as
            Servicer.  Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, immediately upon the resignation or removal of Cellco as Servicer pursuant to Sections 7.1 or 7.2 of the Transfer and
        Servicing Agreement, Cellco, in its individual capacity, will be required to assume the obligation to acquire Receivables as set forth in this Section 3.4 without further action.

    (f)      Dispute Resolution.  The
        Servicer and the Master Trust agree to be bound by the dispute resolution provisions in Section 11.2 of the Transfer and Servicing Agreement as if they were part of this Agreement.

    Section 3.5.      Depositor’s Representations
            and Warranties.  The Depositor represents and warrants to the Master Trust and the Servicer as of the Closing Date and each Acquisition Date:

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

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

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

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

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

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

    (g)      No Conflict. The execution
        and delivery of this Agreement or any other Transaction Document to which it is a party by the Depositor, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof
        applicable to the Depositor, (i) do not contravene (A) its limited liability company agreement, (B) any contractual restriction binding on or affecting it or its property or (C) any order, writ, judgment, award, injunction or decree binding on or
        affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with
        respect to any of its properties.

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

    Section 3.6.      Servicer’s Representations and
            Warranties.  The Servicer represents and warrants to the Depositor as of the Closing Date and each Acquisition Date:

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

    (b)       Due Qualification. The
        Servicer 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 servicing of the Receivables requires
        such qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

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

    (d)       No Proceedings. There are
        no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Servicer or any of its properties: (i) asserting the invalidity of this Agreement or any other Transaction Document to which it is a party;
        (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party; or (iii) seeking any determination or

    
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    ruling that might have a Material Adverse Effect on the performance by the Servicer of its obligations under, or the validity or
        enforceability of, this Agreement or any other Transaction Document to which it is a party.

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

    (f)      Binding Obligation. This
        Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of the Servicer, 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.

    (g)     No Conflict. The execution
        and delivery of this Agreement or any other Transaction Document to which it is a party by the Servicer, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof
        applicable to the Servicer, (i) do not contravene (A) the organizational documents of the Servicer, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on
        or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or
        with respect to any of its properties.

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

    ARTICLE IV

        MASTER TRUST’S AGREEMENTS

    Section 4.1.      Financing Statements.

    (a)      Filing of Financing Statements. 

        The Master Trust will file, or will cause to be filed, financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices necessary to perfect the Depositor’s interest in the Master Trust
        Transferred Property transferred by the Master Trust.  The Master Trust will promptly deliver, or will cause to be delivered, to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and
        amendment to a previously filed financing statement.

    
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    (b)      Depositor Authorized to File Financing
            Statements.  The Master Trust authorizes the Depositor to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Depositor may determine are necessary or
        advisable to perfect the Depositor’s interest in the Master Trust Transferred Property.  The financing and continuation statements may describe the Master Trust Transferred Property as the Depositor may reasonably determine to perfect the
        Depositor’s interest in the Master Trust Transferred Property.

    (c)      Relocation of the Master Trust. 

        The Master Trust will notify the Depositor at least ten (10) days before a relocation of its chief executive office or jurisdiction of organization if it could require the filing of a new financing statement or an amendment to a previously filed
        financing statement under Section 9-307 of the UCC.  If required, the Master Trust will promptly file, or will cause to be filed, new financing statements or amendments to all previously filed financing statements.  The Master Trust will maintain
        its chief executive office within the United States and will maintain its jurisdiction of organization in only one State.  The Master Trust will notify the Depositor of any change in its immediate ownership or any decision to appoint a new trustee
        of the Master Trust.

    (d)      Change of the Master Trust’s Name. 

        The Master Trust will notify the Depositor at least ten (10) days before any change in its name that could make a financing statement filed under this Section 4.1 seriously misleading under Section 9-506 of the UCC.  If required, the Master Trust
        will promptly file, or will cause to be filed, amendments to all previously filed financing statements.

    Section 4.2.      No Transfer or Lien by the
            Master Trust.  Except for the transfer and absolute assignment under this Agreement, the Master Trust will not transfer or absolutely assign any Master Trust Transferred Property transferred and absolutely assigned by it under this
        Agreement to another Person or Grant or allow a Lien, other than a Permitted Lien, on an interest in any such Master Trust Transferred Property.  The Master Trust will defend the Depositor’s interest in the Master Trust Transferred Property
        transferred and absolutely assigned by it to the Depositor against claims of third parties claiming through the Master Trust.

    Section 4.3.      Expenses.  The
        Master Trust will pay all expenses to perform its obligations under this Agreement and the Depositor’s reasonable expenses to perfect the Depositor’s interest in the Master Trust Transferred Property transferred by the Master Trust to the Depositor
        and to enforce the Master Trust’s obligations under this Agreement.

    Section 4.4.      Master Trust Records. 

        The Master Trust will mark its records to indicate that any Receivable absolutely assigned by it to the Depositor is owned by the Depositor or its assignee on the related Acquisition Date and will not change the indication until the Receivable has
        been paid in full by the Obligor, acquired by the Servicer or the Marketing Agent or sold to a third party, as applicable, under a Transaction Document.

    Section 4.5.      Review of Master Trust’s
            Records.  The Master Trust will maintain records and documents relating to its performance under this Agreement according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and
        with reasonable notice, the Master Trust will give the Depositor (or its representatives) access to

    
      13

      
        

    

    

    

    the records and documents to conduct a review of the Master Trust.  Any access or review will be conducted at the Master Trust’s
        offices during its normal business hours at a time reasonably convenient to the Master Trust and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Master Trust’s security,
        confidentiality and privacy policies and any legal, regulatory and data protection policies.

    Section 4.6.      Review of Servicer’s Records. 

        Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Servicer will give the Depositor (or its representative) access to the records and documents to conduct a review of the Servicer’s performance
        under this Agreement and the Eligibility Representations made by the Servicer about the Receivables absolutely assigned by the Master Trust to the Depositor.  Any access or review will be conducted at the Servicer’s offices during its normal
        business hours at a time reasonably convenient to the Servicer and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Servicer’s security, confidentiality and privacy policies and any
        regulatory, legal or data protection policies.

    Section 4.7.      Acquisition of Bankruptcy
            Surrendered Receivables.

    (a)      Acquisition of Bankruptcy Surrendered
            Receivables; Payment of Acquisition Amount.  If a Receivable becomes a Bankruptcy Surrendered Receivable, the Servicer (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) must acquire any such Receivable
        from the Issuer, subject to the last sentence of this Section 4.7(a).  The Servicer will acquire any Bankruptcy Surrendered Receivables by remitting the Acquisition Amount for the related Bankruptcy Surrendered Receivables on or prior to the second
        Business Day before the Payment Date related to the Collection Period during which the Receivable became a Bankruptcy Surrendered Receivable.  The aggregate Principal Balance of all Bankruptcy Surrendered Receivables acquired by the Servicer, in
        the aggregate, will not exceed five percent (5%) of the aggregate Principal Balance of all Receivables (calculated as of the Initial Cutoff Date) transferred by the Master Trust to the Depositor and by the Depositor to the Issuer on the Closing
        Date, and the Servicer shall not be required to acquire any Bankruptcy Surrendered Receivables in excess of such limit.

    (b)      Transfer and Assignment of Acquired
            Receivables.  When a Servicer’s payment of the Acquisition Amount for the Master Trust’s Bankruptcy Surrendered Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred and
        absolutely assigned to the Servicer, effective as of the last day of the Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in such Bankruptcy Surrendered Receivables and all security and documents
        relating to such Bankruptcy Surrendered Receivables.  The transfer and absolute assignment will not require any action by the Depositor, the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Depositor
        or the Issuer, except that such Bankruptcy Surrendered Receivables are free of any Liens, other than Permitted Liens.  After the transfer and absolute assignment, the Servicer will mark its receivables systems to indicate that the receivables are
        no longer Receivables and may take any action necessary or advisable to transfer and absolutely assign the Acquired Receivables, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.

    
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    (c)      Enforcement of Obligation.  The
        Depositor will enforce the Servicer’s (or if Cellco is no longer the Servicer, then Cellco’s, in its individual capacity) acquisition obligation under this Section 4.7.

    ARTICLE V

        OTHER AGREEMENTS

    Section 5.1.      No Petition.  Each
        party hereto 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, (ii) the Issuer or (iii) the Master Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or
        liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section 5.1 will survive the termination of this Agreement.

    Section 5.2.      Limited Recourse. 
        The Master Trust agrees that any claim that it may seek to enforce against the Depositor under this Agreement is limited to the Master Trust Transferred Property transferred by the Master Trust only and is not a claim against the Depositor’s assets
        as a whole or against assets other than such Master Trust Transferred Property.

    Section 5.3.      Termination.  This
        Agreement will terminate when the Issuer is terminated under the Trust Agreement.

    Section 5.4.      Merger,
            Consolidation, Succession or Assignment.  Any Person (a) into which the Master Trust is merged or consolidated, (b) resulting from a merger or consolidation to which the Master Trust is a party, (c) succeeding to the Master Trust’s
        business or (d) that is an Affiliate of the Master Trust to whom the Master Trust has assigned this Agreement, will be the successor to the Master Trust under this Agreement.  Within fifteen (15) Business Days after the merger, consolidation,
        succession or assignment, such Person will (i) execute an agreement to assume the Master Trust’s obligations under this Agreement and each Transaction Document to which it is a party (unless the assumption happens by operation of Law), (ii) deliver
        to the Issuer, the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this Section 5.4 and (iii)
        notify the Rating Agencies of the merger, consolidation, succession or assignment.

    ARTICLE VI

        MISCELLANEOUS

    Section 6.1.      Amendments.

    (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 defective or 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.

    
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    (b)      Other Amendments.  Other
        than as set forth in Section 6.1(c), the parties may amend this Agreement 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
        under this Agreement, with the consent of the Certificateholders, if either (x) the Issuer 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) 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 Note Balance
        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, 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 or Certificateholders under this Agreement.

          (ii)      No amendment to this Agreement may, without the consent of all
        adversely affected Noteholders or Certificateholders, as applicable, (i) 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 (ii) modify the percentage of the
        Note Balance of the Notes or the Controlling Class required for any action.

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee
        pursuant to this Section 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 pursuant to Sections 6.1(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 Depositor will deliver, or will cause the Administrator to deliver, a copy of the amendment to the Indenture Trustee and the Rating Agencies, and the Indenture Trustee will notify the Noteholders of
        the substance of the amendment.

    Section 6.2.      Benefit of Agreement;
            Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Issuer

    
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    and the Indenture Trustee, for the benefit of the Secured Parties, will be third-party beneficiaries of this Agreement and may enforce
        this Agreement against each of the Master Trust and the Servicer.  No other Person will have any right or obligation under this Agreement.

    Section 6.3.      Notices.

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

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

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

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

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

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

    Section 6.4.      GOVERNING LAW. 
        THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
        STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

    Section 6.5.      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 6.6.      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 6.7.      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 6.8.     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 6.9.        Headings.  The
        headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

    Section 6.10.      Counterparts. 

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

    Section 6.11.      Agreements of the Master
            Trust.  All and each of the representations, warranties, undertakings and agreements herein made on the part of the Master Trust are made and intended not as personal representations, warranties, undertakings and agreements by or for
        the purpose or with the intention of binding Wilmington Trust, National Association in its individual capacity or in its capacity as Master Trust Owner Trustee under the Master Trust Agreement, but are made and intended for the purpose of binding
        only the Master Trust (a Delaware statutory trust) and the Master Trust’s estate, right, title and interest in and to the assets of the Master Trust, and this Agreement is executed and delivered by the Master Trust Owner Trustee solely on behalf of
        the Master Trust (a separate legal entity) in the exercise of the powers expressly conferred upon it as Master Trust Owner Trustee under the Master Trust Agreement.  Notwithstanding anything in this Agreement to the contrary, no personal liability
        or responsibility is assumed hereunder by, or at any time shall be enforceable against Wilmington Trust, National Association, the Master Trust Owner Trustee, or any successor in trust on account of any representation, warranty, undertaking or
        agreement hereunder of the Master Trust, either expressed or implied, all such personal liability, if any, being expressly waived by the other parties hereto.  Wilmington Trust, National Association, in its individual capacity or in its capacity as
        Master Trust Owner Trustee, shall have no duty or responsibility hereunder or under any related document absent receipt of appropriate written instructions from the Administrator.

    [Remainder of Page Left Blank]

     

      

     

      

     

      

    
      18

      
        

    

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

    

    

    

    

    VERIZON DPPA MASTER TRUST,

        as Transferor

    

    

    By:  Wilmington Trust, National Association, not in its individual capacity but solely as owner trustee of Verizon
        DPPA Master Trust

    

    

    

    

    
      By: /s/ Clarice Wright                              

               Name:  Clarice Wright

               Title:     Assistant Vice President

      

      

      

      

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

    as Servicer

    

    

    
      

      

      
        By: /s/ Kee Chan Sin                                  

            

               Name:       Kee Chan Sin

                 Title:           Vice President and Assistant Treasurer

        

        

        

        

      

    

    
      

      

    

    

    

    VERIZON ABS LLC,

        as Depositor

    

    

    
      

      

      
        By: /s/ Kee Chan Sin                                  

                Name:       Kee Chan Sin

                Title:            Chief Financial Officer

        

        

      

      

    

    
      

        

        

      

    

    
      19

      
        

    

    
    Schedule A

    

    

    

    

    Schedule of Receivables

        

        Delivered Electronically to Depositor at Closing

    

    

    
      SA-1

      
        

    

    
    

    

    

    

    Exhibit A

    

    

    

    

    Form of Transfer Notice

    U.S. Bank National Association,

    as Indenture Trustee and Note Paying Agent

    190 South LaSalle Street

    Chicago, Illinois 60603

    MK-IL-SL7C

    Attn: Global Structured Finance / VZOT 2019-B

    

    

    Verizon ABS LLC

    1 Verizon Way

    Basking Ridge, NJ 07920

    Attn: Treasurer

    

    

    Verizon Owner Trust 2019-B

    c/o Wilmington Trust, National Association

    Rodney Square North, 1100 North Market Street

    Wilmington, Delaware 19890-1600

    Attn:  Corporate Trust Administration

    

    

    Transfer Notice: Verizon Owner Trust 2019-B

    Ladies and Gentlemen:

    Under (i) Section 2.1(d) of the Originator Receivables Transfer Agreement, dated as of June 12, 2019 (the “Originator Transfer Agreement”), between the various Originators party thereto from time to time and Verizon ABS LLC, as Depositor, and (ii) Section 2.1(d) of the Master Trust
        Receivables Transfer Agreement, dated as of June 12, 2019 (the “Master Trust Transfer Agreement” and, together with the Originator Transfer Agreement, the “Transfer Agreements”), among the Master Trust, Cellco Partnership d/b/a Verizon Wireless (“Cellco”),

        as Servicer, and Verizon ABS LLC, as Depositor, we notify the Indenture Trustee, the Depositor and the Issuer that (x) under the Transfer Agreements, the Master Trust and each of the Originators listed on Schedule I will transfer to the Depositor
        the Additional Receivables listed on the Schedule of Receivables delivered in an electronic file with this Transfer Notice for [(i)] an aggregate Additional Receivables Cash Transfer Amount for such Additional Receivables of $[] (the “Current Additional Receivables Cash Transfer Amount”) on [], 20[    ] (the “Acquisition Date”), which Current Additional Receivables Cash Transfer Amount will be allocated between the Master Trust and the applicable Originators as set forth in the
        immediately following paragraph [and (ii) an increase in the value of the Class A Certificate [of $[____]] and (y) under the Transfer and Servicing Agreement, dated as of June 12, 2019, among

    
      EA-1

      
        

    

    

    

    Verizon Owner Trust 2019-B, as Issuer, Verizon ABS LLC, as Depositor, and Cellco, as Servicer, Marketing Agent and Custodian (the “Transfer and Servicing Agreement”), the Depositor will transfer to the Issuer the Additional Receivables listed on the Schedule of Receivables delivered in an electronic file
        with this Transfer Notice for the Additional Receivables Transfer Amount for such Additional Receivables in the form of [(i)] the Current Additional Receivables Cash Transfer Amount on the Acquisition Date [and (ii) an increase in the Class B
        Certificate Principal Balance of $[____]].  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement.

    The Indenture Trustee or Note Paying Agent is directed to withdraw from the Acquisition Account on the Acquisition
        Date the Current Additional Receivables Cash Transfer Amount set forth in the immediately preceding paragraph and deliver that amount to the Depositor who shall deliver $[_________] to the Master Trust and $[_______] to the applicable Originators. 
        The Issuer, the Depositor, the Master Trust and each Originator listed on Schedule I hereto each represents and warrants to each of the others that the Additional Receivables Transfer Amount set forth in the immediately preceding paragraph is equal
        to the fair market value of the Additional Receivables and either the other Originator Transferred Property transferred to the Depositor by such Originator, the Master Trust Transferred Property transferred to the Depositor by the Master Trust or
        the Depositor Transferred Property transferred to the Issuer by the Depositor, as applicable.

    [Remainder of Page Left Blank]

    
      EA-2

      
        

    

    

    

    Very truly yours,

        

        

        CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

            as Administrator

    

    

    

    

    

    

    By                                                                                                  

    Name:

    Title:

    
      EA-3

      
        

    

    Schedule I to Exhibit A

    

    

    

    

    List of Originators

     

      

     

      

     

      

     

    
     

      

    

      

      

    

    
      
        

    

    Schedule II to Exhibit A

    

    

    

    

    Schedule of Receivables

    Delivered electronically to the Depositor on the Acquisition Date

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