Document:

Exhibit 10.9

  

  
    Execution Version

  

  

  
     
      

      

      

      

      

    

    

    

    AMENDED AND RESTATED

    ASSET REPRESENTATIONS REVIEW AGREEMENT

    

    

    among

    

    

    VERIZON MASTER TRUST,

      as Trust

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

      as Servicer

    

    

    and

    

    

    PENTALPHA SURVEILLANCE LLC,

      as Asset Representations Reviewer

    

    

    Dated as of August 11, 2022

    

    

    

    

    
      

      

      

      

      

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Additional Definitions

          	
            1

          
	
            Section 1.3

          	
            Review Materials and Test Definitions

          	
            2

          
	 	 	 
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            3

          
	 	 	 
	
            Section 2.1

          	
            Engagement; Acceptance

          	
            3

          
	
            Section 2.2

          	
            Confirmation of Status

          	
            3

          
	 	 	 
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	 	 	 
	
            Section 3.1

          	
            Review Notices and Schedule of Tests

          	
            3

          
	
            Section 3.2

          	
            Identification of Group Review Receivables

          	
            3

          
	
            Section 3.3

          	
            Review Materials

          	
            4

          
	
            Section 3.4

          	
            Performance of Reviews

          	
            4

          
	
            Section 3.5

          	
            Review Reports

          	
            5

          
	
            Section 3.6

          	
            Review Representatives

          	
            5

          
	
            Section 3.7

          	
            Dispute Resolution

          	
            6

          
	
            Section 3.8

          	
            Limitations on Review Obligations

          	
            6

          
	
            Section 3.9

          	
            Updated Review Materials

          	
            7

          
	 	 	 
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            7

          
	 	 	 
	
            Section 4.1

          	
            Representations and Warranties

          	
            7

          
	
            Section 4.2

          	
            Covenants

          	
            8

          
	
            Section 4.3

          	
            Fees and Expenses

          	
            9

          
	
            Section 4.4

          	
            Limitation on Liability

          	
            10

          
	
            Section 4.5

          	
            Indemnification by Asset Representations Reviewer

          	
            10

          
	
            Section 4.6

          	
            Indemnification of Asset Representations Reviewer

          	
            11

          
	
            Section 4.7

          	
            Review of Asset Representations Reviewer’s Records

          	
            12

          
	
            Section 4.8

          	
            Delegation of Obligations

          	
            12

          
	
            Section 4.9

          	
            Confidential Information

          	
            13

          
	
            Section 4.10

          	
            Personally Identifiable Information

          	
            15

          
	 	 	 
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            17

          
	 	 	 
	
            Section 5.1

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            17

          
	
            Section 5.2

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            17

          
	
            Section 5.3

          	
            Successor Asset Representations Reviewer

          	
            18

          
	
            Section 5.4

          	
            Merger, Consolidation or Succession

          	
            18

          
	 	 	 
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            19

          
	 	 	 
	
            Section 6.1

          	
            Independence of Asset Representations Reviewer

          	
            19

          
	
            Section 6.2

          	
            No Petition

          	
            19

          
	
            Section 6.3

          	
            Limitation of Liability of Owner Trustee

          	
            19

          
	
            Section 6.4

          	
            Termination of Agreement

          	
            19

          
	
            Section 6.5

          	
            Monthly Reports

          	
            19

          

    

    

    

    

    
      
        i

        
          

      

      TABLE OF CONTENTS

      (continued)

        

      

      Page

       

    

    	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            20

          
	 	 	 
	
            Section 7.1

          	
            Amendments

          	
            20

          
	
            Section 7.2

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            21

          
	
            Section 7.3

          	
            Notices

          	
            21

          
	
            Section 7.4

          	
            GOVERNING LAW

          	
            22

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            22

          
	
            Section 7.6

          	
            WAIVER OF JURY TRIAL

          	
            22

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            22

          
	
            Section 7.8

          	
            Severability

          	
            22

          
	
            Section 7.9

          	
            Headings

          	
            22

          
	
            Section 7.10

          	
            Counterparts

          	
            22

          
	
            Section 7.11

          	
            Non-exclusive Agreement

          	
            22

          
	
            Section 7.12

          	
            Electronic Signatures

          	
            23

          

    

    

    

    

    Schedule A — Review Materials

    

    

    Schedule B — Schedule of Tests

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      ii

      
        

    

    This AMENDED AND RESTATED ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of August 11, 2022 (this “Agreement”), among VERIZON MASTER TRUST, a Delaware statutory trust, as issuer
      (the “Trust”), CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership (“Cellco”), as servicer (the “Servicer”), and PENTALPHA SURVEILLANCE LLC, a Delaware limited liability company, as asset representations
      reviewer (the “Asset Representations Reviewer”), fully amends and restates, as of the date hereof, that certain Asset Representations Review Agreement, dated as of May 25, 2021, among the Trust, the Servicer and the Asset Representations
      Reviewer.

     

    BACKGROUND

     

    In the normal course of their businesses, Cellco and the other Originators originate device payment plan agreements for various wireless devices.  In addition, one or more Additional
      Transferors hold certain device payment plan agreements originated by Cellco and certain other Originators.

     

    In connection with certain securitization transactions sponsored by Cellco in which the Trust will issue one or more Series of Publicly Registered Notes secured by a revolving pool of
      Receivables.  Each such Series will be paid from collections on and proceeds of the Receivables designated to a Group under the Master Collateral Agreement.  The Trust has engaged the Servicer to service the Receivables.

     

    The Trust has granted a security interest in the Receivables and other related Collateral to the Master Collateral Agent, for the benefit of the Secured Parties.

     

    The Trust has determined to engage the Asset Representations Reviewer to perform reviews of certain Group Receivables for compliance with the representations and warranties made by the
      Originators and the Servicer (with respect to Receivables transferred by an Additional Transferor or re-designated to a Group on a Re-Designation Date) about each Group of Receivables.

     

    The parties agree as follows.

     

    ARTICLE I

      

      USAGE AND DEFINITIONS

     

    Section 1.1  Usage and
          Definitions.  Capitalized terms used in this Agreement and not otherwise defined herein are defined in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, as amended, among Verizon Master Trust,
        as Trust, Cellco Partnership d/b/a Verizon Wireless, as Servicer, U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Master Collateral Agent, and the Creditor Representatives from time to time party
        thereto (the “Master Collateral Agreement”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

     

    Section 1.2  Additional
          Definitions.

     

    
      
        

    

    
    “Confidential Information” has the meaning stated in Section 4.9(b).

     

    “Form Contract” has the meaning stated in Schedule A.

     

    “Group Review Receivable” means, for a Review and any Group, the related Group 60-Day Delinquent Receivables as of the last day of the Collection Period before the date on which a
      Review Notice is delivered pursuant to Section 12.2 of the Master Collateral Agreement.

     

    “Indemnified Person” has the meaning stated in Section 4.6(a).

     

    “Information Recipient” has the meaning stated in Section 4.9(a).

     

    “Monthly Fee” has the meaning stated in Section 4.3(a).

     

    “Personally Identifiable Information” or “PII” has the meaning stated in Section 4.10(a).

     

    “Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Group Review Receivable solely in accordance with Section 3.4.

     

    “Review Fee” has the meaning stated in Section 4.3(b).

     

    “Review Materials” means, for a Review and a Group Review Receivable, the documents and other materials listed in Schedule A, as applicable.

     

    “Review Notice” means the notice provided under Section 12.2 of the Master Collateral Agreement by the Master Collateral Agent to the Asset Representations Reviewer, each Creditor
      Representative for each Series of Publicly Registered Notes of the related Group, the Administrator and the Servicer.

     

    “Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in Section 3.5.

     

    “Schedule of Tests” has the meaning stated in Section 3.1(b).

     

    “Test” has the meaning stated in Section 3.1(b).

     

    “Test Complete” has the meaning stated in Section 3.4(c).

     

    “Test Fail” has the meaning stated in Section 3.4(a).

     

    “Test Incomplete” has the meaning stated in Section 3.4(a).

     

    “Test Pass” has the meaning stated in Section 3.4(a).

     

    “Trust PII” has the meaning stated in Section 4.10(a).

     

    Section 1.3  Review
          Materials and Test Definitions.  Capitalized terms or terms or phrases in quotation marks used in the Tests, if not defined in Appendix A to the Master

     

    
      2

      
        

    

    Collateral Agreement or in this Agreement, refer to sections, titles or terms in the Form Contract or other Review Materials.

     

    ARTICLE II

      

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

    Section 2.1  Engagement;
          Acceptance.  The Trust engages Pentalpha Surveillance LLC to act as the Asset Representations Reviewer for the Trust.  Pentalpha Surveillance LLC accepts the engagement and agrees to perform the obligations of the Asset Representations
        Reviewer on the terms in this Agreement.

     

    Section 2.2  Confirmation

          of Status.  The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing any Group Receivables for compliance with the representations and warranties under the Transaction Documents and any other Series
        Related Documents, except as described in this Agreement with respect to the applicable Group Eligibility Representation, or (b) determining whether noncompliance with the applicable Group Eligibility Representation constitutes a breach of the
        Transaction Documents and other Series Related Documents.

     

    ARTICLE III

      

      ASSET REPRESENTATIONS REVIEW PROCESS

     

    Section 3.1  Review
          Notices and Schedule of Tests.

     

    (a) Review

          Notice.  Upon receipt of a Review Notice from the Master Collateral Agent according to Section 12.2 of the Master Collateral Agreement and access to the Review Materials as described in Section 3.3(a), the Asset Representations Reviewer will
        start a Review.  The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received.

     

    (b) Schedule

          of Tests.  On or prior to the Closing Date for each Indenture Series with at least one Class of Publicly Registered Notes, (i) the Servicer will deliver to the Asset Representation Reviewer a list of the eligibility characteristics with
        respect to such Series and identify the Group to which such Series belongs and (ii) the Servicer and the Asset Representations Reviewer will mutually agree to the procedures to be performed with respect to each representation and warranty for such
        Indenture Series (each such procedure, a “Test”).  The Tests to be performed with respect to each applicable Indenture Series of a Group will be included on one schedule that will be attached to and be a part of this Agreement (such
        schedule, with respect to each Group, a “Schedule of Tests”), which Schedule of Tests will be substantially in the form of Schedule B attached hereto and reflect the Tests mutually agreed upon by the Servicer and the Asset Representations
        Reviewer.

     

    Section 3.2  Identification

          of Group Review Receivables.  Within ten (10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Master Collateral Agent a list of the Group Review Receivables in Excel

     

    
      3

      
        

    

    format (or such other format as mutually agreed to by the Servicer and the Asset Representations Reviewer).

     

    Section 3.3  Review
          Materials.

     

    (a) Access

          to Review Materials.  The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Group Review Receivables within sixty (60) days after receipt by the Asset Representations Reviewer of the Review
        Notice by electronic posting to a password-protected website to which the Asset Representations Reviewer has access or by otherwise providing the Asset Representations Reviewer with a secure electronic copy or in another manner agreed by the
        Servicer and the Asset Representations Reviewer.  The Servicer shall use its best efforts to redact or remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials for the
        Review.

     

    (b) Missing

          or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test.  If the Asset
        Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event within ten (10) Business Days after receipt of access to the Review Materials. 
        The Servicer will have fifteen (15) Business Days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct any such insufficiency.  If the missing or insufficient Review
        Materials or other documents or information have not been provided by the Servicer within fifteen (15) Business Days, the related Group Review Receivable will have a Test Incomplete for the Test or Tests that require use of the missing or
        insufficient Review Materials and the Review Report will report will include the reason for the Test Incomplete.

     

    Section 3.4  Performance
          of Reviews.

     

    (a) Test

          Procedures.  For a Review, the Asset Representations Reviewer will perform for each Group Review Receivable the applicable Tests using the Review Materials necessary to perform the procedures as stated in each Test.  For each Test and Group
        Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or
        incomplete Review Materials (a “Test Incomplete”).  If a Test or part of a Test cannot be performed for a Group Review Receivable because the Test circumstances do not apply to the Group Review Receivable, the Test will be considered to be
        satisfied and will be reported as a Test Pass.

     

    (b) Review

          Period.  The Asset Representations Reviewer will complete the Review of all of the Group Review Receivables within sixty (60) days after receiving access to the Review Materials under Section 3.3(a).  However, if missing or additional Review
        Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the Review period will be extended for an additional thirty (30) days.

     

    (c) Completion

          of Review for Certain Group Review Receivables.  Following the delivery of the list of the Group Review Receivables and before the delivery of the Review

     

    
      4

      
        

    

    Report by the Asset Representations Reviewer, the Servicer will promptly notify the Asset Representations Reviewer if a Group Review Receivable is paid in full by the Obligor or reacquired or acquired, as
      applicable, from the Trust by an Originator or the Servicer according to the Transaction Documents and any other Series Related Documents.  If such a notice is received, the Asset Representations Reviewer will immediately terminate all Tests of such
      Group Review Receivable and the Review of the Group Review Receivable will be considered complete (a “Test Complete”).  In this case, the Asset Representations Reviewer will report a Test Complete for the Group Review Receivable on the Review
      Report and the related reason.

     

    (d) Previously

          Reviewed Receivable; Duplicative Tests.  If a Group Review Receivable was included in a prior Review, the Asset Representations Reviewer will not perform any Tests on it, but will report the results of the previous Tests in the Review Report
        for the current Review and note that the results relate to a prior Review.  If the same Test is required for more than one representation or warranty listed on the Schedule of Tests for the related Group, the Asset Representations Reviewer will
        only perform the Test once for each Group Review Receivable but will report the results of the Test for each applicable representation and warranty on the Review Report.

     

    (e) Termination

          of Review.  If a Review is in process and each Series of Publicly Registered Notes of the related Group will be paid in full on or prior to the next Payment Date, the Servicer will notify the Asset Representations Reviewer, the Master
        Collateral Agent and each Creditor Representative for each Series of Publicly Registered Notes of the related Group no less than ten (10) days before that Payment Date.  On receipt of notice, the Asset Representations Reviewer will terminate the
        Review immediately and will not be obligated to deliver a Review Report.

     

    Section 3.5  Review
          Reports.  Within five (5) days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Administrator, the Depositor, the Trust, the Servicer, the Master Collateral Agent and each Group
        Creditor Representative of a Series of Publicly Registered Notes of the related Group a Review Report indicating for each Group Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Group Review Receivable was
        a Test Incomplete or a Test Complete.  For each Test Fail, Test Incomplete or Test Complete, the Review Report will indicate the related reason.  The Review Report will contain a summary of the Review results to be included in the Trust’s Form 10-D
        report for the Collection Period in which the Review Report is received.  The Asset Representations Reviewer will ensure that the Review Report does not contain any Trust PII.  On reasonable request of the Servicer, the Asset Representations
        Reviewer will provide additional detail on the Test results.

     

    Section 3.6  Review
          Representatives.

     

    (a) Servicer

          Representative.  The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset
        Representations Reviewer about the Review Materials or Tests, access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review
        Materials or Tests.

     

    
      5

      
        

    

    (b) Asset

          Representations Reviewer Representative.  The Asset Representations Reviewer will designate one or more representatives who will be available to the Trust and the Servicer during the performance of a Review to answer questions about the
        Review.

     

    (c) Questions

          About Review.  The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Trust, the Master Collateral Agent, the
        Servicer and each Creditor Representative for each Series of Publicly Registered Notes of the related Group until the earlier of (i) the date upon which each Series of Publicly Registered Notes of the related Group will be paid in full and (ii) one
        (1) year after the delivery of the Review Report; provided, that, for any Group Receivables which was included in a prior Review, the one (1) year requirement will start as of the date that the first Review Report in which that Group Receivable was
        included was delivered.  The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from a Noteholder or any other Person and will direct such questions or requests to the Servicer.

     

    Section 3.7  Dispute
          Resolution.  If a Group Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 11.2 of the Transfer and Servicing Agreement, the Asset Representations Reviewer will
        participate in the dispute resolution proceeding on request of a party to the proceeding.  The reasonable expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the
        requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 11.2 of the Transfer and Servicing Agreement.  However, if
        such expenses are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the expenses will be paid by the Trust according to Section 4.3(d).

     

    Section 3.8  Limitations
          on Review Obligations.

     

    (a) Review

          Process Limitations.  The Asset Representations Reviewer is not obligated to:

     

    (i) determine

        whether a Group Delinquency Trigger has occurred or whether the required percentage of the Public Noteholders of such Group has voted to direct a Review under the Master Collateral Agreement, and may rely on the information in any Review Notice
        delivered by the Master Collateral Agreement;

     

    (ii) determine

        which Group Receivables are subject to a Review, and may rely on the lists of Group Review Receivables provided by the Servicer;

     

    (iii) obtain

        or confirm the validity of the Review Materials and may rely on the accuracy and completeness of the Review Materials and will have no liability for any errors in the Review Materials;

     

    (iv) obtain

        missing or insufficient Review Materials from any party or any other source (other than its obligation to notify the Servicer pursuant to Section 3.3(b));

     

    
      6

      
        

    

    (v) take
        any action or cause any other party to take any action under any of the Transaction Documents or any other Series Related Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the
        applicable Group Review Receivables; or

     

    (vi) establish

        cause, materiality or recourse for any Test Fail.

     

    (b) Testing

          Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Tests” in the Schedule of Tests for the related Group (as updated pursuant to Section 3.9), and will not be
        obligated to perform additional procedures on any Group Review Receivable or, except as set forth in Section 3.5, to provide any information other than a Review Report.  However, the Asset Representations Reviewer may provide additional information
        in a Review Report about any Group Review Receivable that it determines in good faith to be material to the Review.

     

    Section 3.9  Updated
          Review Materials.  The Servicer acknowledges that it has provided the Asset Representations Reviewer with sample Review Materials, including a Data Tape, data dictionary and Form Contract which the Asset Representations Reviewer has relied on
        to program its systems to perform the Tests in the event of a Review.  If the Servicer updates, edits or otherwise makes material changes to its systems or to the Review Materials, the Servicer will promptly notify the Asset Representations
        Reviewer of any such material changes and provide new or updated sample Review Materials (and, to the extent impacted, the “Tests” in the Schedule of Tests for any Group) to the Asset Representations Reviewer.

     

    ARTICLE IV

      

      ASSET REPRESENTATIONS REVIEWER

     

    Section 4.1  Representations

          and Warranties.  The Asset Representations Reviewer represents and warrants to the Trust and the Servicer as of the date of this Agreement:

     

    (a) Organization

          and Good Standing. The Asset Representations Reviewer 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 conduct its business as presently conducted,
        and to execute, deliver and perform its obligations under this Agreement.

     

    (b) Due

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

     

    (c) Due

          Authorization. The execution, delivery, and performance of this Agreement has been duly authorized by the Asset Representations Reviewer by all necessary limited liability company action on the part of the Asset Representations Reviewer.

     

    
      7

      
        

    

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

     

    (e) All

          Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given to it, if any, in connection with the execution and delivery of this
        Agreement and the performance of the transactions contemplated by this Agreement by the Asset Representations Reviewer 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 constitutes, when duly executed and delivered by each other party hereto, a legal, valid and binding obligation of the Asset Representations Reviewer, 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 by the Asset Representations Reviewer, and the performance and compliance with the terms of this Agreement by the Asset Representations Reviewer, (i) do not contravene (A) the
        organizational documents of the Asset Representations Reviewer, (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 Asset Representations Reviewer, and the performance and compliance with the terms of this Agreement by the Asset Representations Reviewer will not violate any Law applicable to
        the Asset Representations Reviewer, except where such violation would not reasonably be expected to have a Material Adverse Effect.

     

    (i) Eligibility. 

        The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

     

    Section 4.2  Covenants. 

        The Asset Representations Reviewer covenants and agrees that:

     

    (a) Eligibility. 

        It will notify the Trust and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

     

    
      8

      
        

    

    (b) Review

          Systems; Personnel.  It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and will load each Test into these systems. The Asset Representations Reviewer will ensure that these
        systems allow for each Group Review Receivable and any related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to
        conduct a Review as required by this Agreement.

     

    (c) Maintenance

          of Review Materials.  It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, other than any PII returned or destroyed in accordance with
        Section 4.10(e), for a period of two (2) years after the termination of this Agreement.

     

    Section 4.3  Fees and
          Expenses.

     

    (a) Monthly

          Fee and Initial Fee.  As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive a monthly fee (the “Monthly Fee”), payable by the Trust, on each Payment Date, equal to the sum of (i)
        beginning with the first Payment Date, in an amount equal to $416.67, which amount will be paid by each Indenture Series with at least one Class of Publicly Registered Notes based on the ARR Series Allocation Percentage for such Series as set forth
        in each applicable Trust Financing Agreement and (ii) beginning with the Payment Date occurring in September 2022, in an amount equal to $1,666.67, which amount will be paid by each Indenture Series issued on or after the date of this Agreement
        with at least one Class of Publicly Registered Notes based on the Supplemental ARR Series Allocation Percentage for such Series as set forth in each applicable Trust Financing Agreement.  The Trust will reimburse the Asset Representations Reviewer
        for all reasonable out-of-pocket expenses incurred or made by it in performing services under this Agreement, including fees and disbursements of its counsel, which amounts will be paid by each applicable Series based on the ARR Series Allocation
        Percentage for such Series in the related Group as set forth in each applicable Trust Financing Agreement.  In addition, pursuant to Section 2.2(e) of the Administration Agreement, if such amounts are not otherwise paid by the Trust, the
        Administrator shall reimburse the Asset Representations Reviewer for all reasonable and documented fees and disbursements of its counsel on the applicable Closing Date for each Indenture Series, provided that such reimbursed fees and disbursements
        pursuant to this sentence shall not exceed $5,000 for each Indenture Series, unless otherwise mutually agreed in writing by the parties.

     

    (b) Review

          Fee.  Following the completion of a Review and the delivery of the Review Report pursuant to Section 3.5, or the termination of a Review according to Section 3.4(e), and the delivery to the Trust, the Administrator and the Servicer of a
        detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $50,000 (the “Review Fee”).  If a detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Trust from the
        related Group Available Funds starting on the Payment Date in that month, and will be paid by each Indenture Series with at least one Class of Publicly Registered Notes in the related Group based on the ARR Series Allocation Percentage for such
        Series in accordance with the related Trust Financing Agreement for each such Series of the related Group.  However, if the Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review
        Fee for the terminated Review no later than five (5)

     

    
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    Business Days before the final Payment Date to be reimbursed no later than the final Payment Date.

     

    (c) Reimbursement

          of Travel Expenses.  If the Servicer provides access to the Review Materials at one of its properties, the Trust will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review
        following the delivery to the Trust, the Administrator and the Servicer of on receipt of a detailed invoice in respect of such expenses; provided that such reimbursable expenses may not exceed $20,000, unless otherwise authorized in advance by the
        Trust.  Such amounts will be reimbursed by the Trust from the related Group Available Funds which amounts will be paid by Indenture Series with at least one Class of Publicly Registered Notes in the related Group based on the ARR Series Allocation
        Percentage for such Series in the related Group as set forth in each applicable Trust Financing Agreement.

     

    (d) Dispute

          Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution
        within ninety (90) days after the end of the proceeding, the Trust will promptly reimburse the Asset Representations Reviewer for such expenses on receipt of a detailed invoice from the related Group Available Funds which amounts will be paid by
        Indenture Series with at least one Class of Publicly Registered Notes in the related Group based on the ARR Series Allocation Percentage for such Series in the related Group as set forth in each applicable Trust Financing Agreement.

     

    (e) Payments

          by Trust.  All amounts payable by the Trust under this Section 4.3 will be payable by each applicable Series according to the priority of payments set forth in the related Trust Financing Agreement.

     

    Section 4.4  Limitation
          on Liability.  The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable
        for its willful misconduct, bad faith or gross negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, punitive, indirect or consequential losses or damages
        (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.  The Asset Representations Reviewer will have no other duties, obligations or
        liabilities to any Person, including the Noteholders and the Certificateholders, other than as specifically set forth in this Agreement.

     

    Section 4.5  Indemnification

          by Asset Representations Reviewer.  Subject to the limitations set forth in Section 4.4, the Asset Representations Reviewer will indemnify each of the Trust, the Depositor, the Administrator, the Servicer, the Owner Trustee and the Master
        Collateral Agent and their respective directors, officers, employees and agents for all fees, expenses, losses, damages, liabilities, reasonable attorney’s fees and other legal costs (including the fees and expenses of defending itself against any
        loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by that Person to enforce the indemnification obligations of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad
        faith or gross negligence of the Asset Representations Reviewer in performing

     

    
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    its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under
      this Section 4.5 will survive the termination of this Agreement, the termination of the Trust and the resignation or removal of the Asset Representations Reviewer.

     

    Section 4.6  Indemnification

          of Asset Representations Reviewer.

     

    (a) Indemnification. 

        The Trust will indemnify the Asset Representations Reviewer and its members, officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses, damages, liabilities, reasonable attorney’s fees and
        other legal costs resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any
        proceedings brought by the Indemnified Person to enforce the indemnification obligations of the Trust), but excluding any fee, expense, loss, damage or liability resulting directly from (i) the Asset Representations Reviewer’s willful misconduct,
        bad faith or gross negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

     

    (b) Proceedings. 

        If an Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), promptly notify the Trust and the Administrator of the Proceeding.  The Trust (or the Administrator on
        behalf of the Trust) may participate in and assume the defense and settlement of a Proceeding at the expense of the Trust.  If the Trust (or the Administrator on behalf of the Trust) notifies the Indemnified Person of its intention to assume the
        defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, the Trust (or the Administrator on behalf of the Trust) will assume such defense with counsel reasonably satisfactory to the Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Trust (or the Administrator on behalf of the Trust) will not be liable for legal fees and expenses of separate counsel to the Indemnified
        Person unless there is a conflict between the interests of the Trust or the Administrator, as applicable, and the Indemnified Person.  If the Indemnified Person has been advised by counsel that a reasonable likelihood exists of a conflict of
        interest between the Trust and the Indemnified Person (including the existence of different legal defenses available to each party), the Trust will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No
        settlement of a Proceeding may be made without the approval of the Trust and the Indemnified Person, which approval will not be unreasonably withheld.

     

    (c) Survival

          of Obligations.  Except as otherwise expressly provided in this Agreement, the obligations of the Trust and the Administrator (on behalf of the Trust) under this Section 4.6 will survive the resignation or removal of the Asset Representations
        Reviewer and the termination of this Agreement.

     

    (d) Repayment. 

        If the Trust makes a payment to an Indemnified Person under this Section 4.6 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Trust.

     

    (e) Force

          Majeure.  The Asset Representations Reviewer shall not be liable for any delay or failure to perform its obligations hereunder to the extent such delay or failure is due in

     

    
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    any part to an act of God, fire, natural calamities, war, terrorism, nuclear event, act or orders of governments, or other events beyond its reasonable and foreseeable control, including, but not limited to,
      loss of power and communications outages resulting from such events; provided, however, the Asset Representations Reviewer will use commercially reasonable efforts to resume performance as soon as practicable under the circumstances.

     

    Section 4.7  Review of
          Asset Representations Reviewer’s Records.  The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Trust (or the Administrator on
        behalf of the Trust) or the Servicer, during the Asset Representations Reviewer’s normal business hours, to have onsite access to and review the facilities, processes, books of account, records, reports and other documents and materials of the
        Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim
        made by the Asset Representations Reviewer under this Agreement; provided, that any review under this Section 4.7 will be subject to the confidentiality requirements of Section 4.9.  In addition, the Asset Representations Reviewer will permit the
        Trust’s (or the Administrator’s on behalf of the Trust) or the Servicer’s representatives to discuss the facilities, processes, books of account, records, reports and other documents and materials of the Asset Representations Reviewer with the
        Asset Representations Reviewer’s officers and employees.  Any access and review will be subject to, and may be restricted by, the Asset Representations Reviewer’s confidentiality and privacy policies and attorney-client privilege.  The Asset
        Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two (2) years after the termination of its obligations under this Agreement.

     

    Section 4.8  Delegation
          of Obligations.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Trust and the Servicer, which consent will not be unreasonably withheld and will
        be provided promptly by the Trust and the Servicer; provided, however, if such consent is not provided within four (4) Business Days, the Asset Representations Reviewer shall have a number of additional days to complete its Review equal to the
        number of days after the fourth Business Day taken by the Trust or the Servicer to provide consent.  To the extent the Asset Representations Reviewer employs or uses the services of independent contractors to assist with the performance of the
        services under this Agreement, the Asset Representations Reviewer will remain solely responsible for the payment of any costs, fees or expense of any such contractor.  The Asset Representations Reviewer will remain fully responsible for the
        performance of its obligations and duties under this Agreement in accordance with the terms of this Agreement to the same extent and under the same terms and conditions as if it alone were performing those obligations and duties under this
        Agreement, without diminution of any such obligation or liability by virtue of any indemnification from any Person acting as its agents or subcontractor.  The Asset Representations Reviewer shall be entitled to enter into an agreement with any
        agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

     

    
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    Section 4.9  Confidential

          Information.

     

    (a) Treatment. 

        Each of the Trust, the Servicer and the Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and
        maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, (x) without the consent of the Trust and the Servicer, be disclosed or used by the Asset Representations Reviewer, or
        its officers, directors, employees, agents, representatives or affiliates, including legal counsel (each, an “ARR Information Recipient”) or (y) without the consent of the Asset Representations Reviewer be disclosed or used by the Trust (or
        the Administrator on behalf of the Trust) or the Servicer, or their respective officers, directors, employees, agents, representatives or affiliates, including legal counsel (each, an “Trust Information Recipient” and, together with each ARR
        Information Recipient, the “Information Recipients”) other than for the purposes of performing or providing information for Reviews of Group Review Receivables or performing its respective obligations under this Agreement.  The Asset
        Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Trust, Cellco or their Affiliates or special purpose entities on the basis of Confidential Information or (ii) use
        the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

     

    (b) Definition. 

        “Confidential Information” means oral, written and electronic materials (regardless of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer by the Trust or the
        Servicer, or to the Trust (or the Administrator on behalf of the Trust) or the Servicer by the Asset Representations Reviewer, in each case, for the purposes contemplated by this Agreement, including (as applicable):

     

    (i) lists
        of Group Review Receivables and any related Review Materials;

     

    (ii) origination

        and servicing guidelines, policies and procedures, and Form Contracts; and

     

    (iii) notes,

        analyses, compilations, studies or other documents or records prepared by the Trust, the Servicer or the Asset Representations Reviewer, as applicable, which contain information supplied by or on behalf of the Trust, the Servicer, the Asset
        Representations Reviewer or their respective representatives.

     

    However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by an Information Recipient, (B) was available to,
      or becomes available to, an Information Recipient on a non-confidential basis from a Person or entity other than the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer, as applicable, before its
      disclosure to the Information Recipient who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer,
      as applicable, and is not prohibited from transmitting the information to the Information Recipient, (C) is independently developed by an Information Recipient

     

    
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    without the use of the Confidential Information, as shown by the Information Recipient’s files and records or other evidence in its possession or (D) the Trust (or the Administrator on behalf of the Trust),
      the Servicer or the Asset Representations Reviewer, as applicable, gives permission to the Information Recipient to release.

     

    (c) Protection. 

        Each of the Trust, the Servicer or the Asset Representations Reviewer will take, and the Trust will cause the Administrator to take, reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential
        Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care.  The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also
        subject to the additional requirements in Section 4.10.

     

    (d) Disclosure. 

        If the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer, as applicable, is required by applicable Law, regulation, rule or order issued by an administrative, governmental, regulatory or
        judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.  However, before a required disclosure, the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset
        Representations Reviewer, as applicable, if permitted by applicable Law, regulation, rule or order, will use its reasonable efforts to notify the other parties to this Agreement of the requirement and will cooperate, (i) at the Asset
        Representations Reviewer’s expense, in the Asset Representations Reviewer’s pursuit of a proper protective order or other relief for the disclosure of its Confidential Information or (ii) at the Servicer’s expense, in the Trust’s (or the
        Administrator’s on behalf of the Trust) and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information.  If the Trust (or the Administrator on behalf of the Trust), the Servicer or the
        Asset Representations Reviewer, as applicable, is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the other parties to this Agreement will disclose only that part of the
        Confidential Information that it is advised by its legal counsel it is legally required to disclose.

     

    (e) Responsibility

          for Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by the ARR Information Recipients.  The Trust and the Servicer will be responsible for a breach of this Section 4.9 by the
        Trust Information Recipients.  The Trust agrees to cause the Administrator to comply with this Section 4.9.

     

    (f) Violation. 

        The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Trust, the Administrator and the Servicer and the Trust (or the Administrator on behalf of the Trust) and the Servicer may seek
        injunctive relief in addition to legal remedies.  If an action is initiated by the Trust (or the Administrator on behalf of the Trust) or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses,
        including reasonable attorney’s fees, incurred for the enforcement.  Each of the Trust and the Servicer agrees that, and the Trust will cause the Administrator to agree that, a violation of this Agreement may cause irreparable injury to the Asset
        Representations Reviewer and the Asset Representations Reviewer may seek injunctive relief in addition to legal remedies.  If an action is initiated by the Asset Representations Reviewer to

     

    
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    enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

     

    (g) Property. 

        All know-how, policies and procedures, intellectual property, and trade secret information conceived or originated by the Trust, the Servicer or the Asset Representations Reviewer, as applicable, which arises out of the performance of the
        obligations and services under this Agreement, or any related material or information, will be the property of the Trust, the Servicer or the Asset Representations Reviewer, as applicable.

     

    (h) Survival. 

        This Section 4.9 will survive the termination of this Agreement, the termination of the Trust and the resignation or removal of the Asset Representations Reviewer.

     

    Section 4.10  Personally
          Identifiable Information.

     

    (a) Definitions. 

        “Personally Identifiable Information” or “PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or
        assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.  “Trust PII” means PII furnished by the Trust, the
        Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

     

    (b) Use

          of Trust PII.  The Trust does not grant the Asset Representations Reviewer any rights to Trust PII except as provided in this Agreement.  The Asset Representations Reviewer will use Trust PII only to perform its obligations under this
        Agreement or as specifically directed in writing by the Trust and will only reproduce Trust PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all Laws applicable to PII, Trust PII and the Asset
        Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Trust PII.  The Asset
        Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable Law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices,
        procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Trust PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Trust
        PII, (iii) protect against unauthorized access to or use of Trust PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards will include a written data security plan, employee training, information access controls,
        restricted disclosures, systems protections (including intrusion protection, data storage protection and data transmission protection) and physical security measures.

     

    (c) Additional

          Limitations.  In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Trust PII is also subject to the following requirements:

     

    
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    (i) The
        Asset Representations Reviewer will not disclose Trust PII to its personnel or allow its personnel access to Trust PII except (A) for the Asset Representations Reviewer personnel who require Trust PII to perform a Review, (B) with the consent of
        the Trust or (C) as required by applicable Law.  When permitted, the disclosure of or access to Trust PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer
        will inform personnel with access to Trust PII of the confidentiality requirements in this Agreement and train its personnel with access to Trust PII on the proper use and protection of Trust PII.

     

    (ii) The
        Asset Representations Reviewer will not sell, disclose, provide or exchange Trust PII with or to any third party without the consent of the Trust.

     

    (d) Notice

          of Breach.  The Asset Representations Reviewer will notify the Trust promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or
        integrity of Trust PII and, where applicable, immediately take action to prevent any further breach.

     

    (e) Return

          or Disposal of Trust PII.  Except where return or disposal is prohibited by applicable Law, promptly on the earlier of the completion of the Review or the request of the Trust, all Trust PII in any medium in the Asset Representations
        Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Trust, returned to the Trust without the Asset Representations Reviewer retaining any actual or
        recoverable copies, in both cases, without charge to the Trust.  Where the Asset Representations Reviewer retains Trust PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Trust PII
        to that required by applicable Law.

     

    (f) Compliance;

          Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Trust regarding the Asset Representations Reviewer’s compliance with this Section 4.10.  The Asset Representations Reviewer and the Trust
        agree to modify this Section 4.10 as necessary for either party to comply with applicable Law.

     

    (g) Audit

          of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Trust and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations
        Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits.  The Trust agrees to make reasonable efforts to schedule
        any audit described in this Section 4.10 with the inspections described in Section 4.7.

     

    (h) Affiliates

          and Third Parties.  If the Asset Representations Reviewer processes the PII of the Trust’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such
        Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may enforce the PII related terms of this Section 4.10
        against the Asset Representations Reviewer as if each were a signatory to this Agreement.

     

    
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    ARTICLE V

      

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

    Section 5.1  Eligibility
          Requirements for Asset Representations Reviewer.  The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Trust, the Servicer, the Administrator, the Marketing Agent, the Originators,
        any Additional Transferor, the Parent Support Provider, the Master Collateral Agent, the Creditor Representative for each Indenture Series with at least one Class of Publicly Registered Notes, the Owner Trustee, any counterparty under a Cap
        Agreement or an interest rate swap agreement, any Letter of Credit Provider or any of their Affiliates and (b) was not, and is not Affiliated with any Person that was, engaged by the Sponsor or any underwriter of the Notes of an Indenture Series
        with at least one Class of Publicly Registered Notes to perform any due diligence on any Receivables prior to the issuance of any Notes of such Indenture Series by the Trust.

     

    Section 5.2  Resignation
          and Removal of Asset Representations Reviewer.

     

    (a) No
          Resignation.  Except as set forth below, the Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines, in its sole discretion, that it is legally unable to perform its obligations under this
        Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable Law.  The Asset Representations Reviewer will notify the Trust and the Servicer of its
        resignation as soon as practicable after it determines it is required to resign and stating the resignation date, including written advice of counsel supporting its determination.  In addition, the Asset Representations Reviewer may resign on or
        after May 25, 2024 upon ninety (90) days prior written notice to the Trust and the Servicer; provided that such notice may not be delivered (i) while an Asset Representations Review is ongoing, (ii) on a date that is ninety (90) or fewer days after
        the filing of a monthly report filed on Form 10-D reporting that a Group Delinquency Trigger has occurred, (iii) when the Master Collateral Agent is conducting a vote of Public Noteholders of the related Group or Note Owners of such Group to
        commence an Asset Representations Review or (iv) when the aggregate Principal Balance of Group 60-Day Delinquent Receivables as a percentage of the aggregate Principal Balance of the related Group Receivables as of the end of the immediately
        preceding Collection Period exceeds 80% of the related Delinquency Trigger Percentage for such Collection Period.

     

    (b) Removal. 

        If any of the following events occur, the Trust may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement (other than rights and obligations accrued prior to such event, including the right to
        receive all amounts accrued and owing to it under this Agreement) by notifying the Asset Representations Reviewer:

     

    (i) the
        Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

     

    (ii) the
        Asset Representations Reviewer breaches any of its representations, warranties, covenants or obligations in this Agreement; or

     

    
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    (iii) an
        Insolvency Event of the Asset Representations Reviewer occurs.

     

    (c) Notice

          of Resignation or Removal.  The Trust will notify the Servicer, the Administrator, the Owner Trustee and each Creditor Representative for each Series of Publicly Registered Notes of any resignation or removal of the Asset Representations
        Reviewer.

     

    (d) Continue

          to Perform After Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a
        successor Asset Representations Reviewer has accepted its engagement according to Section 5.3(b).  If no successor Asset Representations Reviewer has been appointed and accepted its appointment within thirty (30) days after the resignation or
        removal of the Asset Representations Reviewer, the Asset Representations Reviewer may petition a court of competent jurisdiction for the appointment of a successor Asset Representations Reviewer that meets the requirements set forth in Section
        5.1.  The Trust will reimburse the Asset Representations Reviewer for any reasonable out-of-pocket expenses (including, reasonable attorney’s fees) in connection with the replacement of the Asset Representations Reviewer, including any petition
        pursuant to this Section 5.2(d).

     

    Section 5.3  Successor
          Asset Representations Reviewer.

     

    (a) Engagement

          of Successor Asset Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Trust will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

     

    (b) Effectiveness

          of Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Trust and the Servicer an agreement accepting
        its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Trust on substantially the same terms as this Agreement.

     

    (c) Transition

          and Expenses.  If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Trust and take all actions reasonably requested to assist the Trust in making an orderly transition of the
        Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.

     

    Section 5.4  Merger,
          Consolidation or Succession.  Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to
        the Asset Representations Reviewer’s business, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement without the execution or filing of any documents
        (other than an assumption agreement wherein the successor shall agree to perform the obligations of and serve as the Asset Representations Reviewer in accordance with the terms of this Agreement) or any further act on the part of any of the parties
        hereto, notwithstanding anything to the contrary herein.

     

    
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    ARTICLE VI

      

      OTHER AGREEMENTS

     

    Section 6.1  Independence

          of Asset Representations Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee for the
        manner in which it accomplishes the performance of its obligations under this Agreement.  Unless authorized by the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee, respectively, the Asset Representations Reviewer will
        have no authority to act for or represent the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee and will not be considered an agent of the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee. 
        Nothing in this Agreement will make the Asset Representations Reviewer and any of the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee members of any partnership, joint venture or other separate entity or impose any
        liability as such on any of them.

     

    Section 6.2  No Petition. 

        The parties agree that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was 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 Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation
        proceedings or other proceedings under any bankruptcy or similar Law.  This Section 6.2 will survive the termination of this Agreement.

     

    Section 6.3  Limitation
          of Liability of Owner Trustee.  This Agreement has been signed on behalf of the Trust by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Trust.  In no event will
        Wilmington Trust, National Association in its individual capacity or as a beneficial owner of the Trust be liable for the representations, warranties, covenants, agreements or other obligations of the Trust under this Agreement.  For all purposes
        under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

     

    Section 6.4  Termination
          of Agreement.  This Agreement will terminate on the earlier of (a) the date upon which each Series of Publicly Registered Notes of each Group will be paid in full and (b) the date the Trust is terminated under the Trust Agreement.  The Trust
        will give the Asset Representations Reviewer advance notice of the occurrence of such events.

     

    Section 6.5  Monthly
          Reports.  The Servicer will provide the Asset Representations Reviewer with a copy of the Monthly Investor Report at the same time it is provided to the Master Collateral Agent, to the extent the Monthly Investor Report is not otherwise
        available from any publicly available source.

     

    
      19

      
        

    

    ARTICLE VII

      

      MISCELLANEOUS PROVISIONS

     

    Section 7.1  Amendments.

     

    (a) Amendments

          to Clarify and Correct Errors and Defects.  The parties may amend this Agreement, without the consent of any Creditor Representatives or Creditors, for the purpose of curing any ambiguity, correcting an error or correcting or supplementing
        any provision of this Agreement that may be defective or inconsistent with the other terms of this Agreement or providing for, or facilitating the acceptance of this Agreement by, a successor Asset Representations Reviewer.

     

    (b) Other

          Amendments.  Other than as set forth in Section 7.1(c), the parties to this Agreement, without the consent of any Creditor Representatives or Creditors, may also amend this Agreement for the purpose of adding any provisions to, or changing in
        any manner or eliminating any provisions of, this Agreement or modifying in any manner the rights of the Creditors under this Agreement if (x) the Trust or the Administrator delivers an Officer’s Certificate to the Master Collateral Agent and the
        Owner Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that such amendment will not have a material adverse effect on the interest of any Creditor or (y) the Rating Agency Condition has been satisfied for all
        Credit Extensions then rated by a Rating Agency with respect to such amendment.

     

    (c) Amendments

          Requiring Consent of all Affected Creditors.  This Agreement may also be amended from time to time by the parties hereto, with the consent of the Majority Creditor Representatives of each Group adversely affected thereby, with prior written
        notice to the applicable Rating Agencies (if any Credit Extensions of an affected Group are then rated by such Rating Agency), and the Master Collateral Agent, for the purpose of adding any provisions to, or changing in any manner or eliminating
        any of the provisions of, this Agreement or of modifying in any manner the rights of the Creditors under this Agreement.

     

    (d) Consent

          of Master Collateral Agent and Owner Trustee.  The consent of the Master Collateral Agent will be required for any amendment to this Agreement that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of
        the Master Collateral Agent.  The consent of the Owner Trustee will be required for any amendment to this Agreement that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of the Owner Trustee, which consent
        will not be unreasonably withheld.

     

    (e) Notice

          of Amendments.  Promptly after the execution of an amendment, the Trust will deliver, or will cause the Administrator to deliver, a copy of the amendment to the Master Collateral Agent and the Rating Agencies, and the Master Collateral Agent
        will notify the Creditors of the substance of the amendment.

     

    (f) Creditor

          Consent.  For any amendment to this Agreement requiring the consent of any Creditors, the Master Collateral Agent will, when directed by Trust Order, notify the Creditor Representatives to request consent and follow its reasonable procedures
        to obtain

     

    
      20

      
        

    

    consent.  It shall not be necessary for the consent of any Creditor (acting through its Creditor Representatives) 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 Creditor (acting through its Creditor Representative) consenting to any amendment shall be deemed to agree that such amendment does not have a material
      adverse effect on such Creditor and any Creditor Representative consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor Representative or its Creditors.

     

    (g) Deemed

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

     

    (h) Trust

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

     

    Section 7.2  Assignment;
          Benefit of Agreement; Third Party Beneficiaries.

     

    (a) Assignment. 

        Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Trust and the Servicer.

     

    (b) 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 Owner Trustee and the Master Collateral Agent, for the benefit of the Secured
        Parties, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or obligation under this Agreement.

     

    Section 7.3  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

     

    
      21

      
        

    

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

     

    (b) Notice

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

     

    Section 7.4  GOVERNING
          LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND OBLIGATIONS 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 OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES).

     

    Section 7.5  Submission
          to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to
        this Agreement.  Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an
        inconvenient forum.

     

    Section 7.6  WAIVER OF
          JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING
        THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

     

    Section 7.7  No Waiver;
          Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
        right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under Law.

     

    Section 7.8  Severability. 

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

     

    Section 7.9  Headings. 

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

     

    Section 7.10  Counterparts. 

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

     

    Section 7.11  Non-exclusive

          Agreement.  The Asset Representations Reviewer and its affiliated companies may provide services to other clients, including, but not limited to, persons

     

    
      22

      
        

    

    and entities in the same or similar businesses as the Trust and the Servicer, without notice to or consent from the Trust or the Servicer.

     

    Section 7.12  Electronic
          Signatures.  Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the
        same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

     

    

    

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      23

      
        

    

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

     

    

    

    	 	
            VERIZON MASTER TRUST,

          
	 	 	
            as Trust

          
	 	 	 
	 	
            By:   

            

          	
            Wilmington Trust, National Association, not

            in its individual capacity, but solely as

            Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	 /s/ Clarice Wright                                             
	 	 	
            Name: Clarice Wright

            

          
	 	 	
            Title:   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

          
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 
	 	
            PENTALPHA SURVEILLANCE LLC,

          
	 	 	
            as Asset Representations Reviewer

          
	 	 	 
	 	 	 
	 	
            By:

          	/s/ James Callahan                                      
	 	 	
            Name: James Callahan

          
	 	 	
            Title: Executive Director and Solely as an

            Authorized Signatory for Pentalpha

            Surveillance LLC

          

    

    

    

    

    

    

    

    

    
      
        

    

    Schedule A

     

    Review Materials

     

    	1.	
            Forms of device payment plan agreements (each, a “Form Contract”) applicable to the related Group Receivables; and

          

    	2.	
            An electronic data tape (the “Data Tape”) describing certain characteristics of the related Group Receivables as of the Cutoff Date or such other applicable date of determination.

          

     

    

     

    

    
      
        

    

    Schedule B

     

    Schedule of Tests

     

    1.   Verizon Master Trust, Series 2021-1

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	 	
            amended) in accordance with the Servicing Procedures.

          	 
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          

    

    

    
      
        

    

    2.   Verizon Master Trust, Series 2021-2

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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.

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          

    

    

     

    
      
        

    

    3.   Verizon Master Trust, Series 2022-1

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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.

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          

    

    

     

    
      
        

    

    4.   Verizon Master Trust, Series 2022-2

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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.

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          

    

    

     

    
      
        

    

    5.   Verizon Master Trust, Series 2022-3

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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.

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          

    

    

     

    
      
        

    

    6.   Verizon Master Trust, Series 2022-4

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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.

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          

    

    

     

    
      
        

    

    7.   Verizon Master Trust, Series 2022-5

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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.

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          

    

    

     

    
      
        

    

    8.   Verizon Master Trust, Series 2022-6

     

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (i)

          	
            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.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            (ii)

          	
            As of any date of determination, the remaining term of the Receivable is less than or equal to thirty-six (36) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty-six (36) months.

          
	
            (iii)

          	
            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.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            (iv)

          	
            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.

          	
            Check that account status on Data Tape is active.

          
	
            (v)

          	
            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
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            (vi)

          	
            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, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            (vii)

          	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (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.

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          
	
            (viii)

          	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          

    

    

    
      
        

    

    	 	
            Representation and Warranty

          	
            Tests

          
	
            (ix)

          	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            (x)

          	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            (xi)

          	
            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.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            (xii)

          	
            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)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            (xiii)

          	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            (xiv)

          	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”Exhibit 10.12

    Execution Version

  

  

  

  
    EU/UK RISK RETENTION AGREEMENT

    

    

    August 11, 2022

     

    

    

    Re:  EU/UK Risk
          Retention Agreement / Series 2022-5

     

    Ladies and Gentlemen:

     

    1. Reference is hereby made to that certain Indenture, dated as of August 11, 2022 (the “Series 2022-5 Indenture”), between Verizon Master Trust, as trust (the “Trust”), and U.S. Bank Trust Company, National
        Association, as indenture trustee and note paying agent.  Capitalized terms used but not otherwise defined in this letter agreement (this “Agreement”) have the meanings set forth in (or by reference in) the Indenture.

     

    For the purposes of this Agreement, the term:

     

    (a) “EU Affected Investors” means “institutional investors” (as such term is defined for purposes of the EU Securitization Regulation) and any consolidated affiliate, wherever established or located, of an entity regulated
        under Regulation (EU) No 575/2013, as amended (the “CRR”), to the extent that Article 5 of the EU Securitization Regulation applies to investments by such consolidated affiliate by virtue of the CRR;

     

    (b) “EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, as amended, and as supplemented by any applicable regulatory technical standards or
        implementing technical standards from time to time (including any technical standards applicable pursuant to transitional provisions);

     

    (c) “EU Securitization Regulation Rules” means (i) the EU Securitization Regulation, (ii) to the extent informing the interpretation of the EU Securitization Regulation, any official guidance published in relation thereto by
        the European Banking Authority, the European Central Bank, the European Securities and Markets Authority, the European Commission or the European Council (or in each case any predecessor or replacement organisation) or any other relevant competent
        authority (for the purposes of the EU Securitization Regulation) in the European Union and (iii) any implementing laws or regulations in force in any Member State of the European Union or the European Economic Area;

     

    (d) “EUWA” means the European Union (Withdrawal) Act 2018, as amended;

     

    (e) “Noteholder”
        means the Person in whose name a Note is registered on the Note Register;

     

    (f) “Notes”
        or “Note” means, collectively or individually, as the context may require, the Class A-1a Notes, the Class A-1b Notes, the Class B Notes and the Class C Notes of Series 2022-5;

     

    (g) “UK Affected Investors” means “institutional investors” (as such term is defined for purposes of the UK Securitization Regulation) and any consolidated affiliate, wherever

     

    
      
        

    

    
    established or located, of an entity regulated under Regulation (EU) No 575/2013, as it forms part of UK domestic law by virtue of the EUWA (as amended, the “UK CRR”), to the
      extent that Article 5 of the UK Securitization Regulation applies to investments by such consolidated affiliate by virtue of the UK CRR;

     

    (h) “UK Securitization Regulation” means Regulation (EU) 2017/2402 (as applicable on December 31, 2020) as retained as part of the domestic law of the United Kingdom pursuant to the EUWA, and as amended by the Securitisation
        (Amendment) (EU Exit) Regulations 2019 (and as further amended from time to time); and

     

    (i) “UK Securitization Regulation Rules” means (i) the UK Securitization Regulation and (ii) to the extent informing the interpretation of the UK Securitization Regulation, (A) any relevant regulatory and/or implementing
        technical standards made or developed by the Financial Conduct Authority and the Prudential Regulation Authority in relation thereto, (B) any relevant regulatory and/or implementing technical standards that may be applicable in relation thereto
        pursuant to any transitional arrangements made pursuant to the UK Securitization Regulation, and, in each case, any official guidance published in relation thereto by the Financial Conduct Authority or the Prudential Regulation Authority (or their
        successors), and (C) any other implementing laws or regulations in force in the United Kingdom relating to the UK Securitization Regulation,

     

    2. This Agreement is being executed by each Originator for the benefit of the Trust and the Indenture Trustee (on behalf of each Noteholder that is an EU Affected Investor or a UK Affected Investor) and each such Person’s
        successors and assigns.

     

    3. Each Originator hereby confirms, represents and warrants as of the date of this Agreement and hereby covenants and agrees, that, until the date on which the Note Balance of each Class of Notes has been paid in full and with
        reference to both the EU Securitization Regulation Rules and the UK Securitization Regulation Rules, in each case as in effect and applicable on the Closing Date (and, save where indicated below, without taking into account any later amendment,
        supplement or replacement of or to the EU Securitization Regulation Rules or the UK Securitization Regulation Rules or any relevant national measures):

     

    (a) The Originators, as originators for purposes of the EU Securitization Regulation and the UK Securitization Regulation, shall retain, through their ownership of the beneficial interest in Verizon DPPA True-up Trust (the “True-up

          Trust”), on an ongoing basis a material net economic interest of not less than 5.0% in the securitization described in the prospectus relating to the Notes dated August 2, 2022, determined in accordance with Article 6 of the EU Securitization
        Regulation and Article 6 of the UK Securitization Regulation, each as in effect on the Closing Date, in the form of an originator’s interest of not less than 5.0% of the nominal value of the securitized exposures, as referred to in paragraph (b) of
        Article 6(3) of the EU Securitization Regulation and paragraph (b) of Article 6(3) of the UK Securitization Regulation, through the True-up Trust’s holding of Certificates, Class R interests and any retained Credit Extensions issued by the Trust,
        together giving the True-up Trust the right to receive distributions of (A) amounts not allocated to any Series and (B) amounts allocated to any Series and remaining after payments to Creditors (other than the True-up Trust) and other persons with
        respect to that Series, and in

     

    
      2

      
        

    

    each case ranking pari passu with or subordinated to the credit risk that has been securitized with respect to those exposures (together, the “EU/UK

        Retained Interest”).

     

    (b) The Originators shall hold the EU/UK Retained Interest on a pro rata basis, in proportion to the total nominal values of the Receivables originated by each of them and outstanding from
        time to time, by means of each Originator’s holding of a beneficial interest in the True-up Trust, which shall be adjusted from time to time, in proportion to the aggregate nominal values of Receivables originated by such Originator and outstanding
        from time to time and the performance of those Receivables.

     

    (c) The EU/UK Retained Interest shall be measured as of the Closing Date, the last day of each Collection Period and each Payment Date.  For this purpose, (i) the amount of the EU/UK Retained Interest from time to time shall equal
        the sum of (A) the excess of the aggregate Principal Balance of all Eligible Receivables for any Series over the sum of the Adjusted Series Invested Amounts of all Series then outstanding, plus (B) the sum of the Required OC Amounts with respect to
        all Series, plus (C) the excess of the aggregate nominal values of the Receivables over the aggregate Principal Balance of all Eligible Receivables for any Series, and (ii) the aggregate nominal values of the Receivables shall be calculated without
        deduction for or on account of any Receivable having become a Written-Off Receivable after the Acquisition Date on which it was acquired by the Trust.

     

    (d) Without prejudice to paragraph 3(b), the Originators shall not, and shall procure that the True-up Trust does not, change the retention option or methodology used to calculate the EU/UK Retained Interest while any of the Notes
        are outstanding, except to the extent permitted under the EU Securitization Regulation Rules and the UK Securitization Regulation Rules, in each case as in effect at the time of such change.

     

    (e) The Originators shall not, and shall procure that the True-up Trust does not, hedge or otherwise mitigate its credit risk under or associated with the EU/UK Retained Interest or sell, transfer or otherwise surrender all or part
        of the rights, benefits or obligations arising from the EU/UK Retained Interest, except to the extent permitted under the EU Securitization Regulation Rules and the UK Securitization Regulation Rules, in each case as in effect at the time of such
        hedging, mitigation, sale, transfer or surrender.

     

    (f) The Originators shall confirm (or shall procure that Cellco confirms on behalf of itself and each of the other Originators) to the Servicer on a monthly basis, and hereby authorize the Servicer to so confirm in each Monthly
        Investor Report with respect to Series 2022-5, that they continue to hold the EU/UK Retained Interest in accordance with this Agreement.

     

    (g) In addition, the Originators shall provide (or shall procure that Cellco provides on behalf of itself and each of the other Originators) a confirmation to the Indenture Trustee that they continue to hold the EU/UK Retained
        Interest in accordance with this Agreement (i) promptly following the occurrence of an Amortization Event or an Event of Default and (ii) upon request of the Indenture Trustee on behalf of any Noteholder that is an EU Affected Investor or a UK
        Affected Investor following a material change in (1) the structural features that can materially impact on the performance of the Notes or (2) the risk characteristics of the Notes or the Receivables.

     

    
      3

      
        

    

    4. Each of the Originators further represents and warrants to each of the Depositor, the Trust and the Indenture Trustee (on behalf of each Noteholder that is an EU Affected Investor or a UK Affected Investor) as follows, as of the
        date of this Agreement:

     

    (a) it is validly existing and in good standing under the laws of its jurisdiction of organisation 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;

     

    (b) its execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on its part; and

     

    (c) this Agreement constitutes its legal, valid and binding obligation, 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.

     

    5. No amendment, waiver, supplement or other modification of this Agreement shall in any event be effective unless the same shall be in writing and signed by (a) Cellco on behalf of itself and each of the other Originators, (b) the
        Depositor, (c) the Administrator on behalf of the Trust and (d) either (1) without the consent of the Indenture Trustee if the Trust or the Administrator delivers an Officer’s Certificate to the Indenture Trustee stating that the Trust or the
        Administrator, as applicable, reasonably believes that the amendment will not result in the Originators’ holding of the EU/UK Retained Interest ceasing to comply with the EU Securitization Regulation Rules and the UK Securitization Regulation
        Rules, in each case as in effect as of the date of such Officer’s Certificate or otherwise have a material adverse effect on the Noteholders that are either EU Affected Investors or UK Affected Investors or (2) notwithstanding any conflicting
        provision of the Indenture, if the interests of the Noteholders that are either EU Affected Investors or UK Affected Investors are materially and adversely affected by such amendment, with the consent of the Indenture Trustee, acting at the written
        direction of all Noteholders that are EU Affected Investors or UK Affected Investors.  This Agreement shall be binding upon each of the Originators and shall inure to the benefit of the Depositor, the Administrator on behalf of the Trust, the
        Indenture Trustee (on behalf of each Noteholder that is an EU Affected Investor or a UK Affected Investor) and each such Person’s successors and assigns.  None of the Originators shall assign any of its obligations under this Agreement (other than
        to an Affiliate that becomes a successor to all the assets and liabilities of such Originator) without the prior written consent of the Indenture Trustee; provided that such consent shall not be required if the Trust or the Administrator delivers
        an Officer’s Certificate to the Indenture Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that such assignment will not have a material adverse effect on the Noteholders.

     

    6. Each Originator agrees that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued or loans entered into by the Depositor
        or by a trust for which the Depositor was a depositor or (b) the Credit Extensions, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy,
        reorganization,

     

    
      4

      
        

    

    arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.

     

    7. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE 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).

     

    8. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT:

     

    (A) IT HEREBY 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 PURPOSES OF ALL
        LEGAL PROCEEDINGS ARISING OUT OF, OR RELATING TO, THIS AGREEMENT. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH PROCEEDING AND ANY CLAIM
        THAT ANY SUCH PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     

    (B) 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
        WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

     

    9. Any Affiliate of the Originators or other person who from time to time becomes an Originator under the Originator Receivables Transfer Agreement may become a party to this Agreement upon the delivery to the Administrator, on
        behalf of the Trust, of an originator joinder agreement substantially in the form of Exhibit A hereto (an “Originator Joinder Agreement”).  Upon receipt by the Administrator, on behalf of the Trust, of such a duly executed and
        delivered Originator Joinder Agreement, such Originator shall become party to, and have the obligations of an Originator under, this Agreement.

     

    10. This Agreement shall become effective as of the date hereof.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.  Delivery of an
        executed counterpart of a signature page to this Agreement by facsimile, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.

     

    11. Each
        party agrees that this Agreement may be electronically signed, and that any electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

     

    
      5

      
        

    

    12. This
        Agreement has been signed on behalf of the Trust by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Trust.  In no event will Wilmington Trust, National Association in its
        individual capacity or as a beneficial owner of the Trust be liable for any agreements or other obligations of the Trust under this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of,
        the Trust Agreement.

     

    13. The
        Indenture Trustee is a third party beneficiary of this Agreement solely for the purpose of obtaining the benefit of the representations, warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any
        obligations hereunder. For the avoidance of doubt, in no event shall the Indenture Trustee have any responsibility to monitor compliance with or be charged with knowledge of any of the EU Securitization Regulation Rules or the UK Securitization
        Regulation Rules, nor shall it be liable to any Noteholder or any party whatsoever for any violation of any of the EU Securitization Regulation Rules or the UK Securitization Regulation Rules or any similar provisions now or hereafter in effect or
        for any breach of any term of this Agreement.

     

    [Remainder of Page Left Blank]

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      6

      
        

    

    

    

    Please acknowledge your acceptance of this Agreement by signing and returning the duplicate copy of this Agreement.

     

    	 	
            Very truly yours,

          
	 	 	 	 
	 	
            VERIZON MASTER TRUST

          
	 	 	 	 
	 	
            By:  

          	
            WILMINGTON TRUST, NATIONAL

          
	 	 	
            ASSOCIATION, not in its individual

          
	 	 	
            capacity but solely as Owner Trustee

          
	 	 	 	 
	 	 	 	 
	 	
            By:

          	
             /s/ Clarice Wright                                              

          
	 	 	
            Name:  

          	Clarlice Wright

          
	 	 	
            Title:

          	Vice President

          
	 	 	 	 
	 	 	 	 
	 	
            VERIZON ABS II LLC,

          
	 	
            as Depositor

          
	 	 	 	 
	 	 	 	 
	 	
            By:

          	
            /s/ Kee Chan Sin                                                

              

          
	 	 	
            Name:

          	
            Kee Chan Sin

          
	 	 	
            Title:

          	
            Chief Financial Officer

          

    

    

    

    

    

    

    

    

    
      
        

    

    THE ORIGINATORS:

    

    

    	
            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 LLC, its General Partner,

            as an Originator

             

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

            By: Alltel Corporation, its General Partner, as an Originator

             

          	 	
            Alltel Corporation d/b/a Verizon Wireless,

            as an Originator

          
	
            Anderson CellTelCo d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

             

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

            as an Originator

             

          
	
            Bell Atlantic Mobile Systems LLC d/b/a Verizon Wireless,

            as an Originator

             

          	 	
            Cellco Partnership d/b/a Verizon Wireless,

            as an Originator

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

            By: Cellco Partnership, 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, its General Partner,

            as an Originator

             

          	 	
            Gadsden CellTelCo Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, 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

             

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

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          
	
            GTE Mobilnet of Florence, Alabama Incorporated d/b/a Verizon Wireless,

            as an Originator

             

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

            By: Verizon Americas LLC, its General Partner,

            as an Originator

          

    
      
        

    

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

            By: Verizon Americas LLC, its General Partner,

            as an Originator

             

          	 	
            GTE Mobilnet of Indiana RSA #3 Limited Partnership d/b/a Verizon Wireless,

            By: Verizon Americas LLC, its General Partner,

            as an Originator

             

          
	
            GTE Mobilnet of Indiana RSA #6 Limited Partnership d/b/a Verizon Wireless,

            By: Verizon Americas LLC, its General Partner,

            as an Originator

             

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

            By: Cellco Partnership, its General Partner,

            as an Originator

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

            By: Verizon Americas LLC, its General Partner,

            as an Originator

             

          	 	
            GTE Mobilnet of Texas RSA #17 Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          
	
            Idaho 6-Clark Limited Partnership d/b/a Verizon Wireless,

            By: Teton Cellular of Idaho Limited Partnership, its General Partner

            By: Teton Cellular Inc., its General Partner

            By: CommNet Cellular Inc., its Manager,

            as an Originator

             

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

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          
	
            Indiana RSA 2 Limited Partnership d/b/a Verizon Wireless,

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

            as an Originator

             

          	 	
            Iowa 8 – Monona Limited Partnership d/b/a Verizon Wireless,

            By: CommNet Cellular Inc., its General Partner,

            as an Originator

             

          
	
            Kentucky RSA No. 1 Partnership,

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

            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

             

          
	
            Missouri RSA 2 Limited Partnership d/b/a Verizon Wireless,

            By: Alltel Corporation, its Managing General Partner,

            as an Originator

             

          	 	
            Muskegon Cellular Partnership,

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

            as an Originator

             

          

    
      
        

    

    	
            New Mexico RSA 6-I Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          	 	
            New Mexico RSA No. 5 Limited Partnership,

            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, its General Partner,

            as an Originator

             

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

            By: Cellco Partnership, its General Partner,

            as an Originator

             

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

            By: Cellco Partnership, its Managing General Partner,

            as an Originator

             

          	 	
            Pascagoula Cellular Partnership,

            By: Alltel Corporation d/b/a Verizon Wireless, its Managing Partner,

            as an Originator

             

          
	
            Pennsylvania RSA 1 Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Pennsylvania RSA No. 6 (I) Limited Partnership,

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          
	
            Petersburg Cellular Partnership d/b/a Verizon Wireless,

            By: Alltel Corporation, its Managing General Partner,

            as an Originator

             

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

            as an Originator

             

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

            By: Cellco Partnership, its General Partner,

            as an Originator

             

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

            By: Cellco Partnership, its Managing General Partner,

            as an Originator

             

          
	
            RSA 7 Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          	 	
            Rural Cellular Corporation d/b/a Verizon Wireless,

            as an Originator

             

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

            By: AirTouch Cellular Inc., its General Partner,

            as an Originator

             

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

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          

    
      
        

    

    	
            Texas RSA #11B Limited Partnership d/b/a Verizon Wireless,

            By: Alltel Corporation, its General Partner,

            as an Originator

             

          	 	
            Topeka Cellular Telephone Company, Inc.,

            as an Originator

             

          
	
            Tuscaloosa Cellular Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its Managing General Partner,

            as an Originator

             

          	 	
            Verizon Americas LLC,

            as an Originator

             

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

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          	 	
            Virginia RSA 5 Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	
            Wasatch Utah RSA No. 2 Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          	 	
            Wisconsin RSA #1 Limited Partnership,

            By: Alltel Corporation d/b/a Verizon Wireless, its Managing Partner,

            as an Originator

             

          
	
            Wisconsin RSA #6 Partnership, LLP,

            By: Alltel Corporation d/b/a Verizon Wireless, its Managing Partner,

            as an Originator

             

          	 	
            Wisconsin RSA No. 8 Limited Partnership,

            By: Alltel Corporation 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

            AirTouch Cellular Inc. d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of Bell

            Atlantic Mobile Systems LLC acting on behalf of

            Allentown SMSA Limited Partnership d/b/a

            Verizon Wireless

             

             

          
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of ALLTEL

            Communications of North Carolina Limited

            Partnership d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Anderson

            CellTelCo d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

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

          
	
            As Vice President and Assistant Treasurer of Bell

            Atlantic Mobile Systems LLC d/b/a Verizon

            Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Chicago

            SMSA Limited Partnership d/b/a Verizon

            Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. d/b/a Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Fresno

            MSA Limited Partnership d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Gadsden

            CellTelCo Partnership d/b/a Verizon Wireless

             

          
	
            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

            Cellco Partnership acting on behalf of GTE

            Mobilnet of California Limited Partnership d/b/a

            Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            GTE Mobilnet of Florence, Alabama Incorporated

            d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Fort Wayne Limited Partnership

            d/b/a Verizon Wireless

             

             

          
	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Indiana Limited Partnership d/b/a

            Verizon Wireless

             

             

          	 	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Indiana RSA #3 Limited Partnership

            d/b/a Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Indiana RSA #6 Limited Partnership

            d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of GTE

            Mobilnet of South Texas Limited Partnership

            d/b/a Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

             

          	 	
            As Vice President and Assistant Treasurer of

             

          

    
      
        

    

    	
            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Terre Haute Limited Partnership d/b/a

            Verizon Wireless

             

          	 	
            Cellco Partnership acting on behalf of GTE

            Mobilnet of Texas RSA #17 Limited Partnership

            d/b/a Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. acting on behalf of Teton

            Cellular Inc., acting on behalf of Teton Cellular

            Idaho Limited Partnership, acting on behalf of

            Idaho 6-Clark Limited Partnership d/b/a Verizon

            Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Illinois

            RSA 6 and 7 Limited Partnership d/b/a Verizon

            Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Indiana RSA 2 Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. acting on behalf of Iowa

            8 – Monona Limited Partnership d/b/a Verizon

            Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Kentucky RSA No. 1 Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc. acting on behalf of Los

            Angeles SMSA Limited Partnership, a California

            Limited Partnership d/b/a Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of Missouri

            RSA 2 Limited Partnership d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Muskegon Cellular Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of New

            Mexico RSA 6-I Partnership d/b/a Verizon

            Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of New Mexico RSA No. 5 Limited

            Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of New York

            SMSA Limited Partnership d/b/a Verizon

            Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Northeast

            Pennsylvania SMSA Limited Partnership d/b/a

            Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Omaha

            Cellular Telephone Company d/b/a Verizon

            Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Pascagoula Cellular Partnership

          
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of Petersburg

            Cellular Partnership d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of

            Pennsylvania RSA 1 Limited Partnership d/b/a

            Verizon Wireless

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of

            Pennsylvania RSA No. 6 (I) Limited Partnership

             

          	 	
            As Vice President and Assistant Treasurer of

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

             

          
	
            As Vice President and Assistant Treasurer of

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Pittsfield

            Cellular Partnership d/b/a Verizon Wireless

             

          

    
      
        

    

    	
            Cellco Partnership acting on behalf of Pittsburgh

            SMSA Limited Partnership d/b/a Verizon

            Wireless

             

          	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of RSA 7

            Limited Partnership d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Rural Cellular Corporation d/b/a Verizon Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc. acting on behalf of

            Sacramento-Valley Limited Partnership d/b/a

            Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Seattle

            SMSA Limited Partnership d/b/a Verizon

            Wireless

             

          
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of Texas RSA

            #11B Limited Partnership d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Topeka Cellular Telephone Company, Inc.

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Tuscaloosa Cellular Partnership d/b/a Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Verizon

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

             

          	 	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Virginia RSA 5 Limited Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Wasatch

            Utah RSA No. 2 Limited Partnership d/b/a

            Verizon Wireless

             

          	 	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Wisconsin RSA #1 Limited

            Partnership

             

          
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Wisconsin RSA #6 Partnership, LLP

             

          	 	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Wisconsin RSA No. 8 Limited

            Partnership

             

          
	 	 	 

    
      
        

    

    
    EXHIBIT A

    

    

    FORM OF ORIGINATOR JOINDER AGREEMENT

     

    THIS ORIGINATOR JOINDER AGREEMENT, dated as of [_____________], 20[___] (this “Agreement”) is among:

     

    (i) [________________] (the “Additional Originator”);

     

    (ii) VERIZON ABS II LLC (the “Depositor”); and

     

    (iii) VERIZON MASTER TRUST, as trust (the “Trust”).

     

    BACKGROUND:

     

    A. The various Originators from time to time party thereto and Verizon ABS II LLC, as Depositor, are parties to that certain Originator Receivables Transfer Agreement, dated as of May 25, 2021, as amended (the “Originator
          Receivables Transfer Agreement”).

     

    B. The various Originators from time to time party thereto, the Depositor and the Trust are parties to that certain EU/UK Risk Retention Agreement, dated as of August 11, 2022 (the “EU/UK Risk Retention Agreement”).

     

    C. The Additional Originator desires to become a party to the EU/UK Risk Retention Agreement.

     

    NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
      hereto hereby agree as follows:

     

    1. Definitions. 

        Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings assigned thereto in, or by reference in, the EU/UK Risk Retention Agreement.

     

    2. Joinder. 

        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 EU/UK Risk Retention Agreement, as an Originator. 
        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 a party to the
        EU/UK Risk Retention Agreement, as an Originator, for all purposes thereof.  The Additional Originator hereby acknowledges that it has received a copy of the EU/UK Risk Retention Agreement.

     

    3. 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

     

    
      EA-1

      
        

    

    LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

     

    4. 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.

     

    5. Miscellaneous. 

        This Agreement shall be binding upon, and shall inure to the benefit of, each of the parties hereto and their respective 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.

     

    6. Electronic

          Signatures.  Each party agrees that this Agreement may be electronically signed, and that any electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability, and
        admissibility.

     

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      EA-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 MASTER TRUST

               

            

              

              By:                                                                      

            Name:

              Title:

          

    

    

    

    

    	 	
            VERIZON ABS II LLC,

            as Depositor

              

              

              By:                                                                      

            Name:

              Title:

          

    

    

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  EA-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]