Document:

EX-10.5

 Exhibit 10.5 

Execution Version 
  

 
 ADMINISTRATION AGREEMENT 

between 
 VERIZON OWNER TRUST 2019-A, 
 as Issuer, 

and 
 CELLCO PARTNERSHIP d/b/a
VERIZON WIRELESS, 
 as Administrator 

Dated as of March 13, 2019 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I USAGE AND DEFINITIONS
	  	 	1	 
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	1	 
		
	 ARTICLE II ADMINISTRATION OF ISSUER
	  	 	1	 
			
	 Section 2.1.
	 	 Engagement of Administrator
	  	 	1	 
			
	 Section 2.2.
	 	 Administrator’s Rights and Obligations
	  	 	1	 
			
	 Section 2.3.
	 	 Limits on Administrator’s Rights and Obligations
	  	 	3	 
			
	 Section 2.4.
	 	 Power of Attorney
	  	 	4	 
			
	 Section 2.5.
	 	 Access to Issuer Records
	  	 	4	 
			
	 Section 2.6.
	 	 Review of Administrator’s Records
	  	 	4	 
			
	 Section 2.7.
	 	 Updating List of Responsible Persons
	  	 	4	 
			
	 Section 2.8.
	 	 Administrator’s Fees and Expenses
	  	 	4	 
			
	 Section 2.9.
	 	 Form 10-Ds; Investor Communications
	  	 	5	 
			
	 Section 2.10.
	 	 Additional Requirements of the Administrator
	  	 	7	 
		
	 ARTICLE III ADMINISTRATOR
	  	 	8	 
			
	 Section 3.1.
	 	 Administrator’s Representations and Warranties
	  	 	8	 
			
	 Section 3.2.
	 	 Liability of Administrator
	  	 	9	 
			
	 Section 3.3.
	 	 Resignation and Removal of Administrator
	  	 	10	 
			
	 Section 3.4.
	 	 Successor Administrator
	  	 	11	 
			
	 Section 3.5.
	 	 Merger, Consolidation, Succession or Assignment
	  	 	11	 
			
	 Section 3.6.
	 	 Delegation and Contracting
	  	 	12	 
		
	 ARTICLE IV OTHER AGREEMENTS
	  	 	12	 
			
	 Section 4.1.
	 	 Independence of Administrator; No Joint Venture
	  	 	12	 
			
	 Section 4.2.
	 	 Transactions with Affiliates; Other Transactions
	  	 	12	 
			
	 Section 4.3.
	 	 No Effect on Cellco in Other Capacities
	  	 	12	 
			
	 Section 4.4.
	 	 No Petition
	  	 	12	 
			
	 Section 4.5.
	 	 Limitation of Liability of Owner Trustee and Indenture Trustee
	  	 	13	 
			
	 Section 4.6.
	 	 Termination
	  	 	13	 
		
	 ARTICLE V MISCELLANEOUS
	  	 	13	 
			
	 Section 5.1.
	 	 Amendments
	  	 	13	 
			
	 Section 5.2.
	 	 Assignment; Benefit of Agreement; Third-Party Beneficiary
	  	 	14	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.3.
	 	 Notices
	  	 	15	 
			
	 Section 5.4.
	 	 GOVERNING LAW
	  	 	15	 
			
	 Section 5.5.
	 	 Submission to Jurisdiction
	  	 	15	 
			
	 Section 5.6.
	 	 WAIVER OF JURY TRIAL
	  	 	15	 
			
	 Section 5.7.
	 	 No Waiver; Remedies
	  	 	15	 
			
	 Section 5.8.
	 	 Severability
	  	 	16	 
			
	 Section 5.9.
	 	 Headings
	  	 	16	 
			
	 Section 5.10.
	 	 Counterparts
	  	 	16	 

  
 -ii- 

 ADMINISTRATION AGREEMENT, dated as of March 13, 2019 (this
“Agreement”), between VERIZON OWNER TRUST 2019-A, a Delaware statutory trust (the “Issuer”), and CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership
(“Cellco” or, in its capacity as the administrator, the “Administrator”). 
 BACKGROUND 

Cellco is the sponsor of a securitization transaction in which the Issuer was formed under the Trust Agreement and will issue the Notes under
the Indenture. 
 The Issuer and the Owner Trustee have obligations under the Transaction Documents and intend that Cellco administer the
activities of the Issuer and perform certain obligations of the Issuer and the Owner Trustee under the Transaction Documents. 
 The parties
agree as follows: 
 ARTICLE I 

USAGE AND DEFINITIONS 

Section 1.1.    Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in
Appendix A to the Transfer and Servicing Agreement, dated as of March 13, 2019, among Verizon Owner Trust 2019-A, as Issuer, Verizon ABS LLC, as depositor (the “Depositor”), and Cellco
Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”).
Appendix A also contains usage rules that apply to this Agreement. Appendix A is incorporated by reference into this Agreement. 
 ARTICLE II

 ADMINISTRATION OF ISSUER 

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

Section 2.2.    Administrator’s Rights and Obligations. 

(a)    Rights and Obligations under Transaction Documents. The Administrator will perform the obligations of the
Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) and take all action that the Issuer is required to take under the Transaction Documents, except for the Issuer’s obligations to make payments on the
Notes. In addition, the Administrator will perform the obligations of, and may exercise any rights given to, the Administrator in the Transaction Documents as if it were a party to the Transaction Documents in its capacity as Administrator,
including, but not limited to, selecting the Receivables to be acquired by the Depositor and the Issuer under the Transaction Documents. In addition, the Administrator will cause the Master Trust Administrator to comply with the requirements of
Section 9.7(a) of the Master Collateral Agency Agreement with respect to the 

  
 1 

 
release of Receivables from the lien of the Master Collateral Agency Agreement on or prior to any Acquisition Date on which the Master Trust transfers Receivables to the Depositor. 

(b)    Consulting and Monitoring. The Administrator will consult with the Owner Trustee about performing the
Issuer’s obligations under the Transaction Documents. The Administrator will monitor the Issuer’s performance and will advise the Owner Trustee when action is necessary to perform the Issuer’s obligations under the Transaction
Documents and to comply with the Transaction Documents. 
 (c)    Preparing and Executing Documents. The
Administrator will prepare, or cause to be prepared, all documents that the Issuer is required to prepare, file or deliver under the Transaction Documents, including all financing and continuation statements, and amendments to such statements,
required to be filed pursuant to Section 3.5 of the Indenture. The Administrator will cause the documents to be executed by the Issuer or may execute the documents as Administrator on behalf of the Issuer. Upon preparation or execution of the
documents by the Issuer or by the Administrator on behalf of the Issuer, the Administrator will file or deliver the documents as required by the Transaction Documents. The Administrator will prepare, or cause to be prepared and, after execution by
the Issuer, file with the Commission any documents required to be prepared and filed on a periodic basis with the Commission pursuant to Section 7.2(a) of the Indenture. 

(d)    Notices to Rating Agencies. If Cellco is the Administrator, the Administrator will prepare and give all
notices to the Rating Agencies required to be given by the Issuer or the Administrator under the Transaction Documents, including notice of an Event of Default under Section 3.15 of the Indenture and a Servicer Termination Event under
Section 3.6(c) of the Indenture. If Cellco is no longer the Administrator, the Administrator will prepare any Rating Agency notices, provide them to the Sponsor and direct the Sponsor to give them to the Rating Agencies. 

(e)    Payment of Fees and Expenses. The Administrator shall, on behalf of the Issuer, pay fees, expenses and
indemnities of the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer due and payable under the Transaction Documents if such amounts are not otherwise paid by the Issuer after all amounts distributable under
Section 8.2 of the Indenture have been so distributed; provided that the Indenture Trustee, the Owner Trustee or the Asset Representations Reviewer, as applicable, shall promptly reimburse the Administrator for any such amounts to the extent
the Indenture Trustee, the Owner Trustee or the Asset Representations Reviewer, as applicable, subsequently receives payment or reimbursement in respect thereof from the Issuer in accordance with Section 8.2 of the Indenture. To the extent that
the Administrator, on behalf of the Issuer, pays any fees of the Indenture Trustee, the Owner Trustee or the Asset Representations Reviewer on the Closing Date, the Administrator will be reimbursed for such amounts from Available Funds on the first
Payment Date, in accordance with Section 8.2 of the Indenture. 

  
 2 

 (f)    Temporarily Excluded Receivables. On any date of
determination where the pool of Receivables does not satisfy all of the Pool Composition Tests, the Administrator may identify Receivables in the pool as Temporarily Excluded Receivables as long as the Overcollateralization Target Amount is reached
as of the close of business on such date without taking into account the Temporarily Excluded Receivables, so that the remaining Receivables in the pool will satisfy all of the Pool Composition Tests. The Administrator will provide to the Servicer
any information about the Temporarily Excluded Receivables required by the Servicer to enable the Servicer to determine for such Collection Period the aggregate Principal Balance of the Receivables deemed Temporarily Excluded Receivables. For any
subsequent date after such Receivables have been deemed to be Temporarily Excluded Receivables, the Administrator may, in its sole discretion, designate any Temporarily Excluded Receivables to no longer be Temporarily Excluded Receivables as long as
after such designation by the Administrator, all of the Pool Composition Tests either will remain satisfied or will not be adversely affected. The Administrator also will provide to the Servicer any information about the Temporarily Excluded
Receivables required by the Servicer to enable the Servicer to state on the Monthly Investor Report for the Collection Period in which such redesignation occurs the aggregate Principal Balance of the Receivables no longer deemed Temporarily Excluded
Receivables. 
 Section 2.3.    Limits on Administrator’s Rights and Obligations. 

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

(i)     starting or pursuing any Proceeding by the Issuer and the settlement of any Proceeding brought
by or against the Issuer; and 
 (ii)    appointing or engaging a successor Indenture Trustee under the
Indenture or consenting to the assignment by the Indenture Trustee of its obligations under the Indenture. 

(b)    Prohibited Actions. The Administrator will not be obligated to, and will not (i) make any payments to
the Noteholders under the Transaction Documents, (ii) sell the Collateral under Section 5.6 of the Indenture or (iii) take any other action that the Owner Trustee or the Indenture Trustee directs the Administrator not to take on its
behalf or that would result in a breach by the Issuer under a Transaction Document. 
 (c)    Obligations to be
Performed by Owner Trustee. The Administrator will have no responsibility or obligation to perform the obligations of the Owner Trustee relating to reacquisition or acquisition demands under Section 5.12 of the Trust Agreement or relating
to Regulation AB disclosure under Section 6.7 of the Trust Agreement. 

  
 3 

 Section 2.4.    Power of Attorney. The Issuer appoints the
Administrator as the Issuer’s attorney-in-fact, with full power of substitution to exercise all rights of the Issuer under the Transaction Documents. This power of
attorney, and all authority given, under this Section 2.4 is revocable and is given solely to facilitate the performance of the Administrator’s obligations under this Agreement and may only be used by the Administrator consistent with this
Agreement. On request of the Administrator, the Issuer will furnish the Administrator with written powers of attorney and other documents to enable the Administrator to perform its obligations under this Agreement. 

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

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

Section 2.7.    Updating List of Responsible Persons. On or before the Closing Date, the Administrator will
notify the Owner Trustee, the Indenture Trustee, the Servicer and the Depositor of each Person who is a Responsible Person for the Administrator. The Administrator may change such Persons at any time by notifying the Owner Trustee, the Indenture
Trustee, the Servicer and the Depositor. 
 Section 2.8.    Administrator’s Fees and
Expenses. The Servicer will pay the Administrator as compensation for performing its obligations under this Agreement a fee separately agreed to by the Servicer and the Administrator. The Administrator will be responsible for its costs and
expenses in performing its obligations under this Agreement. 

  
 4 

 Section 2.9.    Form
10-Ds; Investor Communications. 
 (a)    Form 10-Ds. 
 (i)    If the Administrator receives a notice from the
Servicer pursuant to Section 11.1(a) of the Transfer and Servicing Agreement regarding the occurrence of a Delinquency Trigger with respect to a Collection Period, and describing the related rights of Noteholders and Note Owners, the
Administrator shall include the contents of such notice in the Form 10-D for such Collection Period filed by the Administrator pursuant to Section 2.2(c) hereof and shall notify the Indenture Trustee of
the date of the filing of such Form 10-D. If the Administrator receives a notice from the Indenture Trustee pursuant to Section 14.1 of the Indenture regarding the method by which Noteholders and Note
Owners may contact the Indenture Trustee in order to request a vote on whether to cause the 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset
Representations Review Agreement, the Administrator shall include the contents of such notice in the Form 10-D for such Collection Period filed by the Administrator pursuant to Section 2.2(c) hereof. 

(ii)    If the Administrator receives a notice from the Indenture Trustee pursuant to Section 14.1 of
the Indenture indicating that sufficient Requesting Noteholders have properly and timely requested a vote to cause the 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer
pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall: (1) promptly set a deadline for the receipt of Noteholder votes on that matter, which shall be a date not earlier than one hundred fifty
(150) days after the date on which the Form 10-D describing the occurrence of the related Delinquency Trigger shall have been filed by the Administrator pursuant to the terms of Section 2.2(c)
hereof; (2) promptly prepare and send to the Indenture Trustee and each Noteholder (and to each applicable Clearing Agency for distribution to Note Owners in accordance with the rules of such Clearing Agency) a notice (A) stating that
there will be a Noteholder vote pursuant to Section 14.2 of the Indenture on whether to initiate an Asset Representations Review of the 60-Day Delinquent Receivables by the Asset Representations Reviewer
pursuant to the Asset Representations Review Agreement, and (B) describing those procedures, including the means by which Noteholders and Note Owners may make their votes known to the Indenture Trustee and the related voting deadline that will
be used to calculate whether the requisite amount of Noteholders have cast affirmative votes to direct the Indenture Trustee to notify the Asset Representations Reviewer to commence an Asset Representations Review; and (3) include the contents
of such notice in the next Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof; provided, that if the notice is received by the Administrator later than two (2) Business Days
before the filing deadline for that Form 10-D, the contents of such notice will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to
Section 2.2(c) hereof. 

  
 5 

 (iii)    If the Administrator receives a notice from the
Indenture Trustee pursuant to Section 14.2 of the Indenture indicating that sufficient Noteholders have voted to cause the 60-Day Delinquent Receivables to be reviewed by the Asset Representations
Reviewer pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall include the contents of such notice in the next Form 10-D to be filed by the Administrator pursuant to
Section 2.2(c) hereof; provided, that if the notice is received by the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D, the contents of such notice will
be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof. 

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

(v)    In the event of any resignation, removal, replacement or substitution of the Asset Representations
Reviewer, or the appointment of a new Asset Representations Reviewer, pursuant to the terms of the Asset Representations Review Agreement, the Administrator will report the occurrence of such event, together with a description of the circumstances
surrounding the change and, if applicable, information regarding the new Asset Representations Reviewer, in the Form 10-D filed by the Administrator pursuant to Section 2.2(c) hereof for the Collection
Period in which such change occurs. 
 (vi)    If the Administrator receives notice and information from
the Indenture Trustee pursuant to Section 6.6(e) of the Indenture or from the Owner Trustee pursuant to Section 6.7 of the Trust Agreement, the Administrator will include such information in the next Form
10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof; provided, that if the report is received by the Administrator later than two (2) Business Days before the filing deadline for
that Form 10-D, the summary will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof. 

(b)    Investor Communications. If the Administrator receives, during any Collection Period, a request from a
Noteholder or Verified Note Owner to communicate with other Noteholders and Note Owners regarding the exercise of rights under the terms of the Transaction Documents, the Administrator will include in the Form
10-D for such Collection Period the following information, to the extent provided by the Noteholder or Verified Note Owner in its 

  
 6 

 
request: (i) the name of the Noteholder or Verified Note Owner making the request, (ii) the date the request was received; (iii) a statement that the Administrator has received the
request from that Noteholder or Verified Note Owner that it is interested in communicating with other Noteholders and Note Owners with regard to the possible exercise of rights under the Transaction Documents; and (iv) a description of the
method other Noteholders and Note Owners may use to contact the requesting Noteholder or Verified Note Owner. The Administrator is not required to include any additional information regarding the Noteholder or Verified Note Owner and its request in
the Form 10-D, and is required to disclose a Noteholder’s or a Verified Note Owner’s request only where the communication relates to the exercise by a Noteholder or Verified Note Owner of its rights
under the Transaction Documents. The Administrator will be responsible for the expenses of administering the investor communications provisions set forth in this Section 2.9, which will be compensated by means of the fee payable to it by the
Servicer, as described in Section 2.8. 
 Section 2.10.    Additional Requirements of the
Administrator. 
 (a)    Reporting Requirements. 

(i)    If so requested by the Issuer for the purpose of satisfying its reporting obligation under the
Exchange Act with respect to the Notes, the Administrator shall (x) notify the Issuer in writing of any material litigation or governmental proceedings pending against the Administrator and (y) provide to the Issuer a description of such
proceedings. 
 (ii)    As a condition to the succession to the Administrator by any Person as permitted
by Article III hereof, the Administrator shall provide to the Issuer, at least ten (10) Business Days prior to the effective date of such succession or appointment, (x) written notice to the Issuer of such succession or appointment and
(y) in writing all information in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the Notes. 

(iii)    In addition to such information as the Administrator is obligated to provide pursuant to other
provisions of this Agreement, the Administrator shall provide to the Issuer and the Servicer such information regarding the performance or servicing of the Receivables as is reasonably required by the Servicer to facilitate preparation of
distribution reports in accordance with Item 1121 of Regulation AB. 
 (b)    Intent of the Parties;
Reasonableness. The Issuer and the Administrator acknowledge and agree that the purpose of Section 2.10 of this Agreement is to facilitate compliance by the Issuer with the provisions of Regulation AB and related rules and regulations of
the Commission. Neither the Issuer nor the Administrator shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act,
the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure 

  
 7 

 
comparable to that required under the Securities Act). The Administrator acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Indenture Trustee, the Servicer or any other party
to the Transaction Documents in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. In connection therewith, the Administrator shall cooperate fully with the Issuer to deliver to
the Issuer (including any of its assignees or designees), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Issuer, to permit the Issuer to comply with the provisions
of Regulation AB. The Issuer (including any of its assignees or designees) shall cooperate with the Administrator by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information
required, in the Issuer’s reasonable judgment, to comply with Regulation AB. 
 ARTICLE III 

ADMINISTRATOR 

Section 3.1.    Administrator’s Representations and Warranties. The Administrator
represents and warrants to the Issuer, the Owner Trustee and the Indenture Trustee as of the Closing Date: 

(a)    Organization and Good Standing. The Administrator is a validly existing partnership in good standing under
the laws of the State of Delaware and has full power and authority to own its properties and conduct its business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction
Document to which it is a party. 
 (b)    Due Qualification. The Administrator is duly qualified to do business,
is in good standing as a foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which the conduct of its business requires such qualification, licenses or approvals, except
where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect. 

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

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

  
 8 

 (e)    All Consents. All authorizations, consents, orders or
approvals of or registrations or declarations with any Governmental Authority, if any, required to be obtained, effected or given to it in connection with the execution and delivery of this Agreement and each other Transaction Document to which it
is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document by the Administrator, in each case, have been duly obtained, effected or given and are in full force and effect, except for those
which the failure to obtain would not reasonably be expected to have a Material Adverse Effect. 
 (f)    Binding
Obligation. This Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of the Administrator, enforceable
against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors’ rights generally or
by general principles of equity. 
 (g)    No Conflict. The execution and delivery of this Agreement or any other
Transaction Document to which it is a party by the Administrator, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof applicable to the Administrator,
(i) do not contravene (A) the organizational documents of the Administrator, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or
affecting it or its property, except, in each case, where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any adverse claim upon or with respect to any
of its properties. 
 (h)    No Violation. The execution and delivery of this Agreement by the Administrator, the
performance by the Administrator of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Administrator will not violate any Law
applicable to the Administrator, except where such violation would not reasonably be expected to have a Material Adverse Effect. 

Section 3.2.    Liability of Administrator. 

(a)    Liability for Specific Obligations. The Administrator will be liable only for its specific obligations under
this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Administrator. The Administrator will be liable only for its own willful misconduct, bad faith or
gross negligence in performing its obligations under this Agreement. 
 (b)    No Liability of Others. The
Administrator’s obligations under this Agreement are corporate obligations. No Person will have recourse, directly or indirectly, against any member, 

  
 9 

 
manager, officer, director, employee or agent of the Administrator for the Administrator’s obligations under this Agreement. 

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

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

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

Section 3.3.    Resignation and Removal of Administrator. 

(a)    No Resignation. Except as stated in Section 3.3(b), the Administrator will not resign as Administrator
unless it determines it is legally unable to perform its obligations under this Agreement. The Administrator will notify the Issuer and the Owner Trustee of its resignation, which notification shall include an Opinion of Counsel supporting its
determination. 
 (b)    Mandatory Resignation. On the appointment or engagement of a Successor Servicer under
the Transfer and Servicing Agreement (other than the Indenture Trustee), the Administrator will immediately resign and the Successor Servicer will automatically become the successor Administrator. 

(c)    Removal. If any of the following events occurs and is continuing, the Owner Trustee, with the consent of the
Noteholders of a majority of the Note Balance of the Controlling Class, may remove the Administrator and terminate its rights and obligations under this Agreement by notifying the Administrator: 

(i)    the Administrator fails to perform in any material respect its obligations under this Agreement,
which failure continues for ninety (90) days after the Administrator receives written notice of the failure from the Owner Trustee, the 

  
 10 

 
Indenture Trustee or the Noteholders of at least 25% of the Note Balance of the Controlling Class; provided, however, that such period shall be extended for an additional period of ninety
(90) days if such delay or failure of performance was caused by force majeure or other similar occurrence, as further described in Section 3.2(d); or 

(ii)    an Insolvency Event of the Administrator occurs. 

(d)    Notice of Resignation or Removal. The Issuer will notify the Depositor, the Owner Trustee and the Indenture
Trustee of any resignation or removal of the Administrator. 
 (e)    Continue to Perform. No resignation or
removal of the Administrator will be effective, and the Administrator will continue to perform its obligations under this Agreement, until a successor Administrator has accepted its engagement according to Section 3.4(b). 

Section 3.4.    Successor Administrator. 

(a)    Engagement of Successor Administrator. Following the resignation or removal of the Administrator, the Issuer,
at the direction of the Noteholders of a majority of the Note Balance of the Controlling Class (or if no Notes are Outstanding, at the direction of the Certificateholders), will engage a successor Administrator. No additional Noteholder direction is
required if the successor Administrator is the Successor Servicer. If the Issuer does not receive Noteholder direction within a reasonable period of time, the Issuer may engage a successor Administrator. 

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

(c)    Notice of Successor Administrator. The Issuer will notify the Depositor and the Indenture Trustee of the
engagement of a successor Administrator. 
 (d)    Transition to Successor Administrator. If the Administrator
resigns or is removed, the Administrator will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Administrator’s obligations to the successor Administrator. 

Section 3.5.    Merger, Consolidation, Succession or Assignment. Any Person (a) into which the
Administrator is merged or consolidated, (b) resulting from a merger or consolidation to which the Administrator is a party, (c) succeeding to the Administrator’s business or (d) that is an Affiliate of the Administrator to whom
the Administrator has assigned this Agreement, will be the successor to the Administrator under this Agreement. Within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an

  
 11 

 
agreement to assume the Administrator’s obligations under this Agreement and each Transaction Document to which the Administrator is a party (unless the assumption happens by operation of
Law), (ii) deliver to the Issuer, the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this
Section 3.5 and (iii) notify the Rating Agencies of the merger, consolidation, succession or assignment. 

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

OTHER AGREEMENTS 

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

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

Section 4.3.    No Effect on Cellco in Other Capacities. This Agreement will not affect or limit
any right or obligation Cellco may have in any other capacity. 
 Section 4.4.    No Petition. Each party
agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was depositor or
(b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other proceedings under any bankruptcy or similar Law. This Section 4.4 will survive termination of this Agreement. 

  
 12 

 Section 4.5.    Limitation of Liability of Owner Trustee and
Indenture Trustee. 
 (a)    Owner Trustee. This Agreement has been executed on behalf of the Issuer by
Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will Wilmington Trust, National Association in its individual capacity or a holder of a beneficial interest
in the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement. Neither the Issuer nor the Owner
Trustee will have any liability for any act or failure to act of the Administrator, including any action taken under a power of attorney given under this Agreement. 

(b)    Indenture Trustee. In performing its obligations under this Agreement, the Indenture Trustee is subject to,
and entitled to the benefits of, the Indenture. The Indenture Trustee will not have any liability for any act or failure to act of the Administrator. 

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

MISCELLANEOUS 

Section 5.1.    Amendments. 

(a)    Amendments to Clarify and Correct Errors and Defects. The parties may amend this Agreement to clarify an
ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement, in each case, without the consent of the Noteholders, the Certificateholders or any other
Person. The parties may amend any term or provision of this Agreement from time to time for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus, without the consent of Noteholders, the
Certificateholders or any other Person. 
 (b)    Other Amendments. Other than as set forth in
Section 5.1(c), the parties may amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying in any manner the rights of the Noteholders under this
Agreement if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (y) the
Rating Agency Condition is satisfied with respect to such amendment. 
 (c)    Amendments Requiring Consent of
Noteholders and Certificateholders. 
 (i)    This Agreement may also be amended from time to time by
the parties hereto, with prior written notice to the Rating Agencies and the Indenture Trustee and, (x) if the interests of the Noteholders are materially and adversely affected, with the consent of the Noteholders of the Notes evidencing at
least a majority of the outstanding principal amount of the Controlling Class of Notes, acting together as a single Class and (y) if the interests of the Certificateholders are materially and adversely affected, with the consent

  
 13 

 
of the Certificateholders evidencing a majority of the Percentage Interest, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under this Agreement. 

(ii)    No amendment to this Agreement may, without the consent of all adversely affected Noteholders or
Certificateholders, as applicable, (x) change the applicable Final Maturity Date on a Note or change the principal amount of or interest rate or Make-Whole Payment on a Note or (y) modify the percentage of the Note Balance of the Notes or
the Controlling Class required for any action. 
 It shall not be necessary for the consent of the Certificateholders, the Noteholders
or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. For the avoidance of doubt, any Noteholder
consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement
or in any other Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 

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

(e)    Notice of Amendments. Promptly after the execution of an amendment, the Administrator will deliver a copy of
the amendment to the Rating Agencies. 
 (f)    Opinions. Prior to the execution of any amendment to this
Agreement, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. 

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

(a)    Assignment. Except as stated in Section 3.5, this Agreement may not be assigned by the Administrator
without the consent of the Issuer, the Indenture Trustee and the Owner Trustee and satisfaction of the Rating Agency Condition. 

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

  
 14 

 Section 5.3.    Notices. 

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

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

(ii)     for a fax, when receipt is confirmed by telephone, reply email or reply fax from the
recipient; 
 (iii)    for an email, when receipt is confirmed by telephone or reply email from the
recipient; and 
 (iv)    for an electronic posting to a password-protected website to which the
recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made. 

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

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

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

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

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

  
 15 

 
or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under Law. 

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

Section 5.9.    Headings. The headings in this Agreement are included for convenience and will not affect the
meaning or interpretation of this Agreement. 
 Section 5.10.  Counterparts. This Agreement may be executed in
multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. 
 [Remainder of Page Left
Blank] 

  
 16 

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

			
	VERIZON OWNER TRUST 2019-A,
		 	as Issuer
		
	By:	 	 Wilmington Trust, National Association,
 not in
its individual capacity but solely as Owner Trustee

		
	By:	 	 /s/ Clarice Wright

		 	Name: Clarice Wright
		 	Title: Assistant Vice President
	
	CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,
		 	as Administrator
		
	By:	 	 /s/ Kee Chan Sin

		 	Name: Kee Chan Sin
		 	Title: Vice President and Assistant Treasurer

  

			
	AGREED AND ACCEPTED BY:
	
	VERIZON ABS LLC,
		 	as Depositor
		
	By:	 	 /s/ Kee Chan Sin

		 	Name: Kee Chan Sin
		 	Title: Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION,
		 	not in its individual capacity but
		 	solely as Indenture Trustee
		
	By:	 	 /s/ Matthew M. Smith

		 	Name: Matthew M. Smith
		 	Title: Vice PresidentEX-10.6

 Exhibit 10.6 

Execution Version 
  

 
 ACCOUNT CONTROL AGREEMENT 

among 
 VERIZON OWNER TRUST 2019-A, 
 as Grantor 

U.S. BANK NATIONAL ASSOCIATION, 

as Secured Party 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Financial Institution 
 Dated as
of March 13, 2019 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 USAGE AND DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	 Usage and Definitions
	  	 	1	 
			
	 ARTICLE II
	 	 ESTABLISHMENT OF COLLATERAL ACCOUNTS
	  	 	1	 
			
	 Section 2.1
	 	 Description of Accounts
	  	 	1	 
	 Section 2.2
	 	 Account Changes
	  	 	2	 
	 Section 2.3
	 	 Account Types
	  	 	2	 
	 Section 2.4
	 	 Securities Accounts
	  	 	2	 
	 Section 2.5
	 	 “Financial Assets” Election
	  	 	3	 
			
	 ARTICLE III
	 	 SECURED PARTY CONTROL
	  	 	3	 
			
	 Section 3.1
	 	 Control of Collateral Accounts
	  	 	3	 
	 Section 3.2
	 	 Investment Instructions
	  	 	3	 
	 Section 3.3
	 	 Conflicting Orders or Instructions
	  	 	4	 
			
	 ARTICLE IV
	 	 SUBORDINATION OF LIEN; WAIVER OF SET-OFF
	  	 	4	 
			
	 Section 4.1
	 	 Subordination of Lien; Waiver of Set-Off
	  	 	4	 
			
	 ARTICLE V
	 	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	4	 
			
	 Section 5.1
	 	 Financial Institution’s Representations and Warranties
	  	 	4	 
	 Section 5.2
	 	 Financial Institution’s Covenants
	  	 	5	 
	 Section 5.3
	 	 Hague Securities Convention
	  	 	5	 
			
	 ARTICLE VI
	 	 OTHER AGREEMENTS
	  	 	6	 
			
	 Section 6.1
	 	 Reliance by Financial Institution
	  	 	6	 
	 Section 6.2
	 	 Termination
	  	 	6	 
	 Section 6.3
	 	 No Petition
	  	 	6	 
	 Section 6.4
	 	 Limitation of Liability
	  	 	6	 
	 Section 6.5
	 	 Conflict With Other Agreement
	  	 	7	 
	 Section 6.6
	 	 [Reserved]
	  	 	7	 
	 Section 6.7
	 	 Adverse Claims
	  	 	7	 
	 Section 6.8
	 	 Maintenance of Collateral Accounts
	  	 	7	 
			
	 ARTICLE VII
	 	 MISCELLANEOUS
	  	 	8	 
			
	 Section 7.1
	 	 Amendment
	  	 	8	 
	 Section 7.2
	 	 Benefit of Agreement
	  	 	9	 
	 Section 7.3
	 	 Notices
	  	 	9	 
	 Section 7.4
	 	 Governing Law
	  	 	10	 
	 Section 7.5
	 	 Submission to Jurisdiction
	  	 	10	 
	 Section 7.6
	 	 Waiver of Jury Trial
	  	 	10	 
	 Section 7.7
	 	 No Waiver; Remedies
	  	 	11	 
	 Section 7.8
	 	 Severability
	  	 	11	 
	 Section 7.9
	 	 Headings
	  	 	11	 
	 Section 7.10
	 	 Counterparts
	  	 	11	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Exhibit A
	 	 Form of Notice of Sole Control
	  	 	A-1	 
			
	 Exhibit B
	 	 Form of Termination of Securities Account Control Agreement
	  	 	B-1	 

  
 -ii- 

 ACCOUNT CONTROL AGREEMENT, dated as of March 13, 2019 (this
“Agreement”), among VERIZON OWNER TRUST 2019-A, a Delaware statutory trust, as grantor (the “Grantor”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
Indenture Trustee for the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, in its capacity as both a “securities intermediary” as
defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC (in these capacities, the “Financial
Institution”). 
 BACKGROUND 

The Grantor is engaging in a securitization transaction in which it will issue the Notes under the Indenture, and the Secured Party will hold
funds in bank accounts for the benefit of the Noteholders. 
 The parties are entering into this Agreement to perfect the security interest
in the bank accounts. 
 The parties agree as follows: 

ARTICLE I 
 USAGE AND DEFINITIONS

 Section 1.1    Usage and Definitions. Capitalized terms used but not defined in this Agreement are
defined in Appendix A to the Transfer and Servicing Agreement, dated as of March 13, 2019, among Verizon Owner Trust 2019-A, as Issuer, Verizon ABS LLC, as depositor (the “Depositor”),
and Cellco Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”), as marketing agent and as custodian. Appendix A also contains usage rules that apply to this Agreement. Appendix A is incorporated by
reference into this Agreement. References to the “UCC” mean the Uniform Commercial Code as in effect in the State of New York. 

ARTICLE II 
 ESTABLISHMENT OF
COLLATERAL ACCOUNTS 
 Section 2.1    Description of Accounts. Pursuant to this Agreement and the Transfer
and Servicing Agreement, the Servicer and the Financial Institution have established the following accounts, each in the name of “U.S. Bank National Association, as Note Paying Agent for the benefit of the Indenture Trustee, as secured party
for Verizon Owner Trust 2019-A”, subject to the lien of the Indenture Trustee (each, a “Collateral Account”): 

“Collection Account – U.S. Bank National Association, as Note Paying Agent for the benefit of the Indenture Trustee,
as secured party for Verizon Owner Trust 2019-A” with account number 253588000. 

“Reserve Account – U.S. Bank National Association, as Note Paying Agent for the benefit of the Indenture Trustee, as
secured party for Verizon Owner Trust 2019-A” with account number 253588001. 

  
 1 

 “Negative Carry Account – U.S. Bank National Association, as Note
Paying Agent for the benefit of the Indenture Trustee, as secured party for Verizon Owner Trust 2019-A” with account number 253588003. 

“Acquisition Account – U.S. Bank National Association, as Note Paying Agent for the benefit of the Indenture Trustee,
as secured party for Verizon Owner Trust 2019-A” with account number 253588002. 

Section 2.2    Account Changes. Neither the Financial Institution nor the Grantor will change the name or
account number of a Collateral Account without the consent of the Secured Party. The Financial Institution will promptly notify the Servicer of any changes to the name or account number of a Collateral Account. This Agreement will apply to each
successor account to a Collateral Account, which will also be a Collateral Account. 
 Section 2.3    Account
Types. The Grantor, the Financial Institution and the Secured Party hereby confirm and agree that each Collateral Account is either a “securities account” (as defined in Section 8-501 of the
UCC) or a “deposit account” (as defined in Section 9-102(a)(29) of the UCC). The Grantor, the Financial Institution and the Secured Party acknowledge and agree that each Collateral Account is
intended to be a “securities account.” Notwithstanding such intention, (x) if a Collateral Account constitutes a “deposit account” under the UCC, the provisions of this Agreement governing a “deposit account” shall
apply to such Collateral Account and (y) as used herein “deposit account” shall mean a Collateral Account to the extent that it is determined to be a “deposit account” (within the meaning of
Section 9-102(a)(29) of the UCC) and “securities account” shall mean a Collateral Account to the extent that it is determined to be a “securities account” (within the meaning of Section 8-501 of the UCC). 
 Section 2.4    Securities Accounts. If
a Collateral Account is a securities account, the Financial Institution agrees that: 
 (a)    Financial Assets.
All property delivered to the Financial Institution pursuant to the Indenture that is granted to the Indenture Trustee shall be promptly credited to the applicable Collateral Account in accordance with the terms of the Indenture; 

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

(c)    Exercise of Rights. Each Collateral Account is an account to which financial assets or other property are or
may be credited, and the Financial Institution shall, subject to the terms of this Agreement, treat the Grantor as entitled to exercise the rights that comprise any financial asset or other property credited to such account. 

  
 2 

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

ARTICLE III 
 SECURED PARTY CONTROL

 Section 3.1    Control of Collateral Accounts. 

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

(b)    Until the Financial Institution receives a Notice of Sole Control pursuant to Section 6.8(a) from the Secured
Party, the Financial Institution is authorized to act upon instructions, including entitlement orders, from either the Secured Party or the Grantor. In the event that any instructions originated by the Grantor conflict with any instructions
originated by the Secured Party, the Financial Institution will comply with the instructions originated by the Secured Party. The Secured Party may exercise sole and exclusive control of the Collateral Accounts at any time by delivering to the
Financial Institution a Notice of Sole Control as set forth in Section 6.8(a). 
 Section 3.2    Investment
Instructions. If (a) the Financial Institution has not received an order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account
(a “Secured Party Order”) for the investment of funds in the Collection Account, the Acquisition Account, the Reserve Account or the Negative Carry Account by 11:00 a.m. New York time (or another time agreed to by the Financial
Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Indenture Trustee that a Default or Event of Default has occurred and is continuing, the Financial Institution will invest and
reinvest funds in the Collection Account, the Acquisition Account, the Reserve Account or the Negative Carry Account, as applicable, according to the last investment instruction received, if any; provided, that, if on any Payment Date, the amount on
deposit in the Acquisition Account (after giving effect to the acquisition of any Additional Receivables on such date) is greater than 25% of the aggregate Note Balance (after giving effect to any payments made on the Notes on such date), the
Secured Party (upon receipt of direction from the Servicer) shall instruct the Financial Institution to invest any amounts in the Acquisition Account in excess of such amount in any Permitted Investments, other than (x) any investments set
forth in clauses (b) or (c) of the definition of Permitted Investments that are held by or at the Indenture Trustee or (y) any 

  
 3 

 
investments set forth in clause (e) of the definition thereof. If no prior investment instructions have been received or if the instructed investments are no longer available or permitted,
the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received. For the avoidance of doubt, the Financial Institution shall have no
investment discretion. 
 Section 3.3    Conflicting Orders or Instructions. If the Financial Institution
receives conflicting orders or instructions from the Secured Party and the Grantor or any other Person, the Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor or such other Person and shall incur no
liability in connection therewith. 
 ARTICLE IV 

SUBORDINATION OF LIEN; WAIVER OF SET-OFF 

Section 4.1    Subordination of Lien; Waiver of Set-Off. In the event
that the Financial Institution has or subsequently obtains by agreement, by operation of Law or otherwise a security interest in a Collateral Account or any “security entitlement” or other property credited thereto, the Financial
Institution hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party. The financial assets, money and other items credited to any Collateral Account will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any Person other than the Secured Party (except that the Financial Institution may set off (i) all amounts due to the Financial Institution in respect
of customary fees and expenses for the routine maintenance and operation of the Collateral Accounts and (ii) the face amount of any checks which have been credited to any such Collateral Account but are subsequently returned unpaid because of
uncollected or insufficient funds). 
 ARTICLE V 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 5.1    Financial Institution’s Representations and Warranties. The Financial
Institution represents and warrants to the Grantor and the Secured Party as follows: 
 (a)    Organization. The
Financial Institution is duly organized, validly existing and qualified as a national banking association under the laws of the United States. 

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

(c)    Enforceability. This Agreement has been duly executed by an authorized officer of the Financial Institution
and constitutes the legal, valid and binding obligation of the Financial Institution, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship or other similar Laws affecting creditors’ rights generally and, if applicable, the rights of creditors from time to time in effect or by general principles of equity. 

  
 4 

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

(e)    No Other Agreements. The Financial Institution has not entered into an agreement relating to a Collateral
Account in which it has agreed to comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) or “instructions” (within the meaning of Section 9-104 of the UCC) of any Person other than the Secured Party. 

(f)    No Limitations. The Financial Institution has not entered into an agreement limiting or conditioning the
Financial Institution’s obligation to comply with any Secured Party Order. 
 (g)    No Liens. Except for
the claims and interest of the Secured Party and of the Grantor in the Collateral Accounts, the Financial Institution has no actual knowledge of any Lien on or claim to, or interest in, any of the Collateral Accounts or in any “financial
asset” (as defined in Section 8-102(a) of the UCC) or other property credited thereto. 

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

(i)    Maintenance of Offices. The Financial Institution has at the time of this Agreement one or more offices in
the United States that maintains securities accounts. 
 Section 5.2    Financial
Institution’s Covenants. 
 (a)    Statements, Confirmations and Other Correspondence. The
Financial Institution will promptly deliver copies of statements, confirmations and correspondence about the Collateral Accounts and the cash or other financial assets credited to a Collateral Account to the Grantor and the Secured Party. 

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

(c)    Negative Covenants. Until the termination of this Agreement, the Financial Institution will not enter into
(i) an agreement relating to a Collateral Account in which it agrees to comply with entitlement orders or instructions of any Person other than the Secured Party or (ii) an agreement limiting or conditioning the Financial
Institution’s obligation to comply with Secured Party Orders. 
 Section 5.3    Hague Securities
Convention. The parties to this Agreement represent that there are no agreements (other than this Agreement, the Indenture and the Transfer and Servicing Agreement) that govern the Collateral Accounts. 

  
 5 

 ARTICLE VI 

OTHER AGREEMENTS 

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

Section 6.2    Termination. 

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

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

Section 6.3    No Petition. Each party agrees that, before the date that is one year and one day (or, if
longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other
Person in starting or pursuing against, (i) the Depositor or (ii) the Grantor, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law. This
Section 6.3 will survive the termination of this Agreement. 
 Section 6.4    Limitation of Liability.

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

(b)    Secured Party. In performing its obligations under this Agreement, the Secured Party is subject to, and
entitled to the benefits of, the terms of the Indenture that apply to the Indenture Trustee. 

  
 6 

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

Section 6.5    Conflict With Other Agreement. 

(a)    In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or
hereafter entered into, the terms of this Agreement shall prevail. 
 (b)    No amendment or modification of this
Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto. 

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

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

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

Section 6.6    [Reserved]. 

Section 6.7    Adverse Claims. If the Financial Institution receives written notice that any person is
asserting any lien, encumbrance or Adverse Claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Collateral Account or any financial asset or other property credited thereto, the Financial
Institution will promptly notify the Secured Party and the Grantor thereof. 
 Section 6.8    Maintenance of
Collateral Accounts. In addition to, and not in lieu of, the obligation of the Financial Institution to honor entitlement orders and instructions as set forth in Section 3.2 hereof, the Financial Institution, the Grantor and the Secured
Party agree that the Collateral Accounts shall be maintained as follows: 
 (a)    Notice of Sole
Control. If at any time the Secured Party delivers to the Financial Institution a Notice of Sole Control in substantially the form set forth in Exhibit A hereto (a “Notice of Sole Control”), the Financial Institution agrees that
after receipt of such notice, it will take all instructions with respect to the Collateral Accounts solely 

  
 7 

 
from the Secured Party and shall not comply with instructions or entitlement orders of any other person. 

(b)    Voting Rights. Until such time as the Financial Institution receives a Notice of Sole Control
signed by the Secured Party pursuant to subsection (a) of this Section 6.8, the Grantor shall direct the Financial Institution with respect to the voting of any financial assets credited to any Collateral Account. 

(c)    Eligible Account. Until such time as the Financial Institution receives a Notice of Sole
Control signed by the Secured Party, the Grantor shall direct, to the extent permitted by the Indenture, the Financial Institution with respect to the selection of investments to be made for the credit of any Collateral Account if it is a securities
account, and after the Financial Institution receives a Notice of Sole Control signed by the Secured Party, the Secured Party shall direct, to the extent permitted by the Indenture, the Financial Institution with respect to the selection of
investments to be made for the credit of any Collateral Account if it is a securities account; provided, however, that the Financial Institution shall not honor any instruction from such Person to purchase any investments other than Permitted
Investments. 
 (d)    Statements and Confirmations. The Financial Institution shall promptly send
copies of all statements, confirmations and other correspondence concerning any Collateral Account or any financial assets or other property credited thereto simultaneously to each of the Grantor and the Secured Party at the address for each set
forth in Section 7.3 of this Agreement. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1    Amendment. 

(a)    Amendments to Clarify and Correct Errors and Defects. The parties may amend this Agreement to clarify an
ambiguity, correct an error or correct or supplement any term of this Agreement that may be inconsistent with the other terms of this Agreement, in each case, without the consent of the Noteholders, the Certificateholders or any other Person. The
parties may amend any term or provision of this Agreement from time to time for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus, without the consent of Noteholders, the Certificateholders or any
other Person. 
 (b)    Other Amendments. The parties may amend this Agreement to add, change or eliminate terms
for this Agreement if either (x) the Grantor or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Noteholders or
(y) the Rating Agency Condition is satisfied with respect to such amendment. 
 (c)    Amendments Requiring
Consent of Noteholders and Certificateholders. 
 (i)    This Agreement may also be amended from time
to time by the parties hereto, with prior written notice to the Rating Agencies and the Indenture Trustee and, (x) 

  
 8 

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

(ii)    No amendment to this Agreement may, without the consent of all adversely affected Noteholders or
Certificateholders, as applicable, (x) change the applicable Final Maturity Date on a Note or change the principal amount of or interest rate or Make-Whole Payment on a Note or (y) modify the percentage of the Note Balance of the Notes or
the Controlling Class or the Percentage Interest of Certificates required to consent to any action. 
 It shall not be necessary for
the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section 7.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the
substance thereof. For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder. The manner of obtaining such consents (and any other
consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner
Trustee may prescribe. 
 (d)    Indenture Trustee Consent. The consent of the Indenture Trustee will be required
for any Amendment to this Agreement pursuant to Sections 7.1(b) or (c) that has a material adverse effect on the rights, obligations, immunities or indemnities of the Indenture Trustee. 

(e)    Notice of Amendments. Promptly after the execution of an amendment, the Grantor or the Administrator, on
behalf of the Grantor, will deliver a copy of the amendment to the Rating Agencies. 
 Section 7.2    Benefit of
Agreement. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. No other Person will have any right or obligation under this Agreement. 

Section 7.3    Notices. 

(a)    Notices to Parties. Notices, requests, directions, consents, waivers or other communications to or from the
parties must be in writing and will be considered received by the recipient: 
 (i)    for personally
delivered, express or certified mail or courier, when received; 

  
 9 

 (ii)     for a fax, when receipt is confirmed by
telephone, reply email or reply fax from the recipient; 
 (iii)    for an email, when receipt is
confirmed by telephone or reply email from the recipient; and 
 (iv)    for an electronic posting to a
password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made. 

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

Section 7.4    GOVERNING LAW. BOTH THIS AGREEMENT AND THE COLLATERAL ACCOUNTS (AS WELL AS THE “SECURITIES
ENTITLEMENTS” RELATING THERETO), INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF). REGARDLESS OF ANY
PROVISION IN ANY OTHER AGREEMENT, FOR PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE THE “BANK’S JURISDICTION” (WITHIN THE MEANING OF SECTION 9-304 OF THE UCC) AND THE “SECURITIES
INTERMEDIARY’S JURISDICTION” (WITHIN THE MEANING OF SECTION 8-110 OF THE UCC). THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.
NOTWITHSTANDING SECTION 7.1 OF THIS AGREEMENT, THE PARTIES WILL NOT AGREE TO ANY AMENDMENT TO THIS AGREEMENT TO CHANGE THE GOVERNING LAW TO ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK. 

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

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

  
 10 

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

Section 7.8     Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then
it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement. 

Section 7.9     Headings. The headings in this Agreement are included for convenience and will not affect
the meaning or interpretation of this Agreement. 
 Section 7.10   Counterparts. This Agreement may be executed
in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. 
 [Remainder of Page Left
Blank] 

  
 11 

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

			
	VERIZON OWNER TRUST 2019-A,
		 	as Grantor
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity but solely as Owner
		 	Trustee of Verizon Owner Trust 2019-A
		
	By:	 	 /s/ Beverly D. Capers

		 	Name: Beverly D. Capers
		 	Title: Assistant Vice President
	
	U.S. BANK NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely as Secured Party
		
	By:	 	 /s/ Matthew M. Smith

		 	Name: Matthew M. Smith
		 	Title: Vice President
	
	U.S. BANK NATIONAL ASSOCIATION,
		 	as Financial Institution
		
	By:	 	 /s/ Matthew M. Smith

		 	Name: Matthew M. Smith
		 	Title: Vice President

 Exhibit A 

[Letterhead of U.S. Bank National Association] 

[Date] 
 U.S. Bank National
Association, as Financial Institution 
 190 South LaSalle Street 

Chicago, Illinois 60603 
 Attention: Global Structured
Finance/VZOT 2019-A 
  

	 	Re:	 Notice of Sole Control 

Ladies and Gentlemen: 
 As referenced in the Account Control
Agreement dated March 13, 2019 (the “Agreement”), among Verizon Owner Trust 2019-A, a Delaware statutory trust, as grantor, U.S. Bank National Association, a national banking association,
as Indenture Trustee for the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. Bank National Association, a national banking association, in its capacity as both a “securities intermediary” as
defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC (a copy of which is attached), we hereby give you notice of
our sole control over the Collateral Accounts (as defined in the Agreement) and all financial assets or other property credited thereto. You are hereby instructed not to accept any direction, instruction or entitlement order with respect to any
Collateral Account or the financial assets or other property credited thereto from any person other than the undersigned, unless otherwise ordered by a court of competent jurisdiction. 

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

			
	Very truly yours,
	
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Secured Party
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 A-1 

 Exhibit B 

[Letterhead of U.S. Bank National Association] 

[Date] 
 U.S. Bank National
Association, as Financial Institution 
 190 South LaSalle Street 

Chicago, Illinois 60603 
 Attention: Global Structured
Finance/VZOT 2019-A 
  

	 	Re:	 Termination of Securities Account Control Agreement 

You are hereby notified that the Account Control Agreement dated March 13, 2019 (the “Agreement”), among Verizon Owner Trust 2019-A, a Delaware statutory trust, as grantor, U.S. Bank National Association, a national banking association, as Indenture Trustee for the benefit of the Noteholders (in this capacity, the “Secured
Party”), and U.S. Bank National Association, a national banking association, in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a
“bank” as defined in Section 9-102 of the UCC (a copy of which is attached), is terminated and you have no further obligations to the undersigned pursuant to such Agreement. Notwithstanding any
previous instructions to you, you are hereby instructed to accept all future directions with respect to the Collateral Accounts from [SPECIFY]. This notice terminates any obligations you may have to the undersigned with respect to such Agreement;
however, nothing contained in this notice shall alter any obligations which you may otherwise owe to U.S. Bank National Association pursuant to any other agreement. 

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

			
	Very truly yours,
	
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Secured Party
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]