Document:

Exhibit 4.1

    

    
      

      

       

      

      
        

      FORM OF INDENTURE

      between

      VERIZON OWNER TRUST 2020-C,

        as Issuer

      and

      U.S. BANK NATIONAL ASSOCIATION,

        as Indenture Trustee and Note Paying Agent

    

    
      

      

      Dated as of November 2, 2020

       

        

      

      

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      Page

    

    

    

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Incorporation by Reference of Trust Indenture Act

          	
            1

          
	
            ARTICLE II

          	
            THE NOTES

          	
            2

          
	
            Section 2.1

          	
            Form of Notes

          	
            2

          
	
            Section 2.2

          	
            Execution, Authentication and Delivery

          	
            2

          
	
            Section 2.3

          	
            Tax Treatment

          	
            3

          
	
            Section 2.4

          	
            Note Register

          	
            3

          
	
            Section 2.5

          	
            Registration of Transfer and Exchange

          	
            3

          
	
            Section 2.6

          	
            [Reserved]

          	
            4

          
	
            Section 2.7

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            4

          
	
            Section 2.8

          	
            Persons Deemed Owners

          	
            5

          
	
            Section 2.9

          	
            Payments on Notes

          	
            5

          
	
            Section 2.10

          	
            Cancellation of Notes

          	
            6

          
	
            Section 2.11

          	
            Release of Collateral

          	
            7

          
	
            Section 2.12

          	
            Book-Entry Notes

          	
            7

          
	
            Section 2.13

          	
            Definitive Notes

          	
            8

          
	
            Section 2.14

          	
            Authenticating Agents

          	
            8

          
	
            Section 2.15

          	
            Note Paying Agents

          	
            8

          
	
            ARTICLE III

          	
            COVENANTS, REPRESENTATIONS AND WARRANTIES

          	
            9

          
	
            Section 3.1

          	
            Payment of Principal, Interest and Other Amounts

          	
            9

          
	
            Section 3.2

          	
            Maintenance of Office or Agency

          	
            9

          
	
            Section 3.3

          	
            Money for Payments To Be Held in Trust

          	
            9

          
	
            Section 3.4

          	
            Existence

          	
            11

          
	
            Section 3.5

          	
            Protection of Collateral

          	
            11

          
	
            Section 3.6

          	
            Performance of Obligations

          	
            12

          
	
            Section 3.7

          	
            Negative Covenants

          	
            12

          
	
            Section 3.8

          	
            Opinions on Collateral

          	
            13

          
	
            Section 3.9

          	
            Annual Certificate of Compliance

          	
            13

          
	
            Section 3.10

          	
            Merger and Consolidation; Transfer of Assets

          	
            14

          
	
            Section 3.11

          	
            Successor or Transferee

          	
            14

          
	
            Section 3.12

          	
            No Other Activities

          	
            15

          

    

    

    
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            Section 3.13

          	
            Further Acts and Documents

          	
            15

          
	
            Section 3.14

          	
            Restricted Payments

          	
            15

          
	
            Section 3.15

          	
            Notice of Events of Default

          	
            15

          
	
            Section 3.16

          	
            Review of Issuer’s Records

          	
            15

          
	
            Section 3.17

          	
            Issuer’s Representations and Warranties

          	
            15

          
	
            Section 3.18

          	
            Issuer’s Representations and Warranties About Security Interest

          	
            16

          
	
            ARTICLE IV

          	
            SATISFACTION AND DISCHARGE

          	
            18

          
	
            Section 4.1

          	
            Satisfaction and Discharge of Indenture

          	
            18

          
	
            ARTICLE V

          	
            EVENTS OF DEFAULT; REMEDIES

          	
            19

          
	
            Section 5.1

          	
            Events of Default

          	
            19

          
	
            Section 5.2

          	
            Acceleration of Maturity; Rescission

          	
            19

          
	
            Section 5.3

          	
            Collection of Indebtedness by Indenture Trustee

          	
            20

          
	
            Section 5.4

          	
            Trustee May File Proofs of Claim

          	
            20

          
	
            Section 5.5

          	
            Enforcement of Claims Without Possession of Notes

          	
            21

          
	
            Section 5.6

          	
            Remedies; Priorities

          	
            21

          
	
            Section 5.7

          	
            Optional Preservation of Collateral

          	
            23

          
	
            Section 5.8

          	
            Limitation on Suits

          	
            23

          
	
            Section 5.9

          	
            Unconditional Rights to Receive Principal and Interest

          	
            24

          
	
            Section 5.10

          	
            Restoration of Rights and Remedies

          	
            24

          
	
            Section 5.11

          	
            Rights and Remedies Cumulative

          	
            24

          
	
            Section 5.12

          	
            Delay or Omission Not a Waiver

          	
            24

          
	
            Section 5.13

          	
            Control by Noteholders

          	
            25

          
	
            Section 5.14

          	
            Waiver of Defaults and Events of Default

          	
            25

          
	
            Section 5.15

          	
            Agreement to Pay Costs

          	
            25

          
	
            Section 5.16

          	
            Waiver of Stay or Extension Laws

          	
            26

          
	
            Section 5.17

          	
            Performance and Enforcement of Obligations

          	
            26

          
	
            ARTICLE VI

          	
            INDENTURE TRUSTEE

          	
            26

          
	
            Section 6.1

          	
            Indenture Trustee’s Obligations

          	
            26

          
	
            Section 6.2

          	
            Indenture Trustee’s Rights

          	
            30

          
	
            Section 6.3

          	
            Indenture Trustee’s Individual Rights

          	
            31

          
	
            Section 6.4

          	
            Indenture Trustee’s Disclaimer

          	
            31

          
	
            Section 6.5

          	
            Notice of Defaults and Notice of Payment Defaults

          	
            31

          

    

    

    

    

    
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            Section 6.6

          	
            Reports by Indenture Trustee

          	
            31

          
	
            Section 6.7

          	
            Compensation and Indemnity

          	
            33

          
	
            Section 6.8

          	
            Resignation or Removal of Indenture Trustee

          	
            34

          
	
            Section 6.9

          	
            Merger or Consolidation; Transfer of Assets

          	
            35

          
	
            Section 6.10

          	
            Appointment of Separate Trustee or Co-Trustee

          	
            35

          
	
            Section 6.11

          	
            Eligibility

          	
            36

          
	
            Section 6.12

          	
            Inspections of Indenture Trustee

          	
            36

          
	
            Section 6.13

          	
            Indenture Trustee’s Representations and Warranties

          	
            36

          
	
            Section 6.14

          	
            Reporting of Receivables Repurchase Demands

          	
            37

          
	
            Section 6.15

          	
            Preferential Collection of Claims Against the Issuer

          	
            38

          
	
            ARTICLE VII

          	
            NOTEHOLDER COMMUNICATIONS AND REPORTS

          	
            38

          
	
            Section 7.1

          	
            Noteholder Communications

          	
            38

          
	
            Section 7.2

          	
            Reports by Issuer

          	
            39

          
	
            Section 7.3

          	
            Reports by Indenture Trustee

          	
            39

          
	
            ARTICLE VIII

          	
            ACCOUNTS, DISTRIBUTIONS AND RELEASES

          	
            40

          
	
            Section 8.1

          	
            Collection of Funds

          	
            40

          
	
            Section 8.2

          	
            Bank Accounts; Distributions

          	
            40

          
	
            Section 8.3

          	
            Bank Accounts

          	
            44

          
	
            Section 8.4

          	
            Release of Collateral

          	
            44

          
	
            ARTICLE IX

          	
            AMENDMENTS

          	
            45

          
	
            Section 9.1

          	
            Amendments Without Consent of Noteholders or Certificateholders

          	
            45

          
	
            Section 9.2

          	
            Amendments with Consent of Controlling Class

          	
            46

          
	
            Section 9.3

          	
            Execution of Amendments

          	
            47

          
	
            Section 9.4

          	
            Effect of Amendment

          	
            47

          
	
            Section 9.5

          	
            Reference in Notes to Supplemental Indentures

          	
            47

          
	
            Section 9.6

          	
            [Reserved]

          	
            47

          
	
            Section 9.7

          	
            Conformity with TIA

          	
            47

          
	
            ARTICLE X

          	
            REDEMPTION OF NOTES

          	
            47

          
	
            Section 10.1

          	
            Redemption

          	
            47

          
	
            ARTICLE XI

          	
            OTHER AGREEMENTS

          	
            49

          
	
            Section 11.1

          	
            No Petition

          	
            49

          
	
            Section 11.2

          	
            [Reserved]

          	
            49

          

    

    

    

    

    
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            Section 11.3

          	
            Issuer Orders; Certificates and Opinions

          	
            49

          
	
            Section 11.4

          	
            Acts of Noteholders

          	
            50

          
	
            Section 11.5

          	
            Issuer Obligation

          	
            51

          
	
            Section 11.6

          	
            Conflict with Trust Indenture Act

          	
            51

          
	
            ARTICLE XII

          	
            MISCELLANEOUS

          	
            51

          
	
            Section 12.1

          	
            Benefits of Indenture; Third-Party Beneficiaries

          	
            51

          
	
            Section 12.2

          	
            Notices

          	
            51

          
	
            Section 12.3

          	
            GOVERNING LAW

          	
            52

          
	
            Section 12.4

          	
            Submission to Jurisdiction

          	
            52

          
	
            Section 12.5

          	
            WAIVER OF JURY TRIAL

          	
            53

          
	
            Section 12.6

          	
            No Waiver; Remedies

          	
            53

          
	
            Section 12.7

          	
            Severability

          	
            53

          
	
            Section 12.8

          	
            Headings

          	
            53

          
	
            Section 12.9

          	
            Counterparts

          	
            53

          
	
            Section 12.10

          	
            Customer Identification Program

          	
            53

          
	
            Section 12.11

          	
            [Reserved]

          	
            53

          
	
            Section 12.12

          	
            Intent of the Parties; Reasonableness

          	
            53

          
	
            Section 12.13

          	
            Electronic Signatures

          	
            54

          
	
            ARTICLE XIII

          	
            [RESERVED]

          	
            54

          
	
            ARTICLE XIV

          	
            ASSET REPRESENTATIONS REVIEW

          	
            54

          
	
            Section 14.1

          	
            Noteholder and Note Owner Requests for Vote on Asset Representations Review

          	
            54

          
	
            Section 14.2

          	
            Noteholder and Note Owner Vote on Asset Representations Review

          	
            55

          
	
            Section 14.3

          	
            Evaluation of Review Report

          	
            56

          
	 	 	 
	 	 	 
	
            Exhibit A

          	
            Form of Notes

          	
            A-1

          
	
            Exhibit B

          	
            Servicing Criteria to be Addressed in Assessment of Compliance

          	
            B-1

          

    

    

    
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    INDENTURE, dated as of November 2, 2020 (this “Indenture”), between VERIZON OWNER TRUST 2020-C, a Delaware statutory trust, as issuer (the “Issuer”),

      and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee for the benefit of the Secured Parties (in such capacity, the “Indenture Trustee”), and as note paying agent (in such capacity, the “Note Paying Agent”).

    In connection with a securitization transaction sponsored by Cellco, the Issuer will issue Notes secured by a pool of Receivables consisting of device payment
      plan agreements acquired by the Issuer from the Depositor, who acquired them from the Originators or the Master Trust.

    The parties agree as follows:

    GRANTING CLAUSE

    The Issuer Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Secured Parties, all of the Issuer’s right, title
      and interest in, to and under, whether now owned or later acquired, the Collateral.

    This Grant is made in trust to secure (a) the payment of principal of, interest on and other amounts owing on the Notes as stated in this Indenture and (b)
      compliance by the Issuer with this Indenture for the benefit of the Secured Parties.

    The Indenture Trustee acknowledges the Grant, accepts the trusts under this Indenture according to this Indenture and agrees to perform its duties as stated in
      this Indenture so that the interests of the Secured Parties may be adequately and effectively protected.

    ARTICLE I

      USAGE AND DEFINITIONS

    Section 1.1      Usage and Definitions.  Capitalized terms used but not defined in this Indenture are defined in Appendix A to the Transfer and
      Servicing Agreement, dated as of November 2, 2020, among Verizon Owner Trust 2020-C, 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.  Appendix A also contains usage rules that apply to this Indenture.  Appendix A is incorporated by reference into this Indenture.

    Section 1.2      Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is
      incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

    “indenture securities” means the Notes

    “indenture security holder” means a Noteholder

    “indenture to be qualified” means this Indenture

    
      
        

    

    
    

    

    “indenture trustee” or “institutional trustee” means the Indenture Trustee

    “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities

    All other TIA terms used in this Indenture that are (i) defined in the TIA, (ii) defined in the TIA by reference to another statute or (iii) defined by a
      Commission rule have the meanings so assigned to them.

    ARTICLE II

      THE NOTES

    Section 2.1      Form of Notes.

    (a)            Form.  Each Class of Notes will be in substantially the form of Exhibit A with variations required or permitted by this Indenture.  The Notes may have marks of identification and legends or endorsements as determined by the
        Responsible Person of the Issuer executing the Notes.  The physical Notes will be produced by a method determined by the Responsible Person of the Issuer executing the Notes.

    (b)            Incorporation by Reference.  Each Note will be dated the date of its authentication.  The terms of the Notes in Exhibit A are part of this Indenture and are incorporated into this Indenture by reference.

    Section 2.2      Execution, Authentication and Delivery.

    (a)            Execution.  The Owner Trustee, on behalf of the Issuer, will execute the Notes for the Issuer.  The signature of the Responsible Person on the Notes may be manual or facsimile.  Notes having the manual or facsimile signature of an
        individual who was a Responsible Person of the Issuer will bind the Issuer, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Notes or was not a Responsible Person on the issuance date of the
        Notes.

    (b)            Authentication and Delivery.  The Indenture Trustee will, on Issuer Order, authenticate and deliver the Notes for original issue in the Classes, Note Interest Rates and initial Note Balances as stated below.

    	
            Class

          	
            Note Interest Rate

          	
            Initial Note Balance

          
	
            Class A Notes

          	
            0.41%

          	
            $1,069,300,000

          
	
            Class B Notes

          	
            0.67%

          	
            $73,700,000

          
	
            Class C Notes

          	
            0.77%

          	
            $57,000,000

          

    

    

    (c)            Denomination.  The Notes will initially be issued as Book-Entry Notes.  The Notes will be issued in minimum denominations of $1,000 and in multiples of $1,000.  However, one Note of each Class may be issued in a different amount if
        it exceeds the minimum denomination for the Class.

    
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    (d)            Certificate of Authentication.  No Note will have the benefit of this Indenture or be valid unless it has a certificate of authentication substantially in the form included in Exhibit A manually executed by an authorized signatory of
        the Indenture Trustee.  The certificate of authentication on a Note will be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.  Each Note will be dated the date of its authentication.

    Section 2.3      Tax Treatment.  The Issuer intends that Notes be treated as indebtedness for purposes of U.S. federal, State and local income tax,
      franchise tax, and any other tax imposed on or measured in whole or in part by income.  The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the
      applicable Book-Entry Note), agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income, and the Issuer as a mere security
      device formed to hold the Receivables and issue Notes and Certificates.

    Section 2.4      Note Register.  The Issuer appoints the Indenture Trustee to be the “Note Registrar” and to keep a register (the “Note
        Register”) for the purpose of registering Notes and transfers and exchanges of Notes, subject to such reasonable regulations as it may prescribe.  On resignation of the Note Registrar, the Issuer will promptly appoint a successor or, if it
      elects not to make the appointment, assume the obligations of Note Registrar.  If the Issuer appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Issuer will notify the Indenture Trustee of the appointment and (ii) the
      Indenture Trustee will have the right to rely on a certificate executed by an officer of the Note Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes.  Each of the Indenture Trustee (if it is
      not the Note Registrar), the Issuer and the Administrator will have the right to inspect the Note Register at reasonable times and to receive copies of the Note Register.

    Section 2.5      Registration of Transfer and Exchange.

    (a)            Transfer of Notes.  A Noteholder may transfer a Note by surrendering the Note for registration of transfer at the office or agency of the Issuer maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC are
        met, the Issuer will execute and the Indenture Trustee will authenticate and deliver to the Noteholder, in the name of the transferee or transferees, new Notes of the same Class, in the same aggregate principal amount.

    (b)            Exchange of Notes.  A Noteholder may exchange Notes for other Notes of the same Class by surrendering the Notes to be exchanged at the office or agency of the Issuer maintained under Section 3.2.  If the requirements of Section
        8-401(a) of the UCC are met, the Issuer will execute, the Indenture Trustee will authenticate and the Noteholder will receive from the Indenture Trustee new Notes of the same Class, in the same aggregate principal amount.

    (c)            Valid Obligation.  Notes issued on the registration of transfer or exchange of Notes will be the valid obligations of the Issuer, evidencing the same debt, and have the same benefits under this Indenture as the Notes surrendered for
        registration of transfer or exchange.

    (d)            Surrendered Notes.  Every Note surrendered for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written instrument of transfer in

    
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    form satisfactory to the Note Registrar duly executed by, the Noteholder of the Note or the Noteholder’s authorized attorney, with the signature guaranteed by an “eligible
      guarantor institution” meeting the requirements of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another “signature guarantee program”, according to the Exchange Act and (ii)
      accompanied by other documents the Note Registrar may require.

    (e)            No Service Charge.  None of the Issuer, the Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for the registration of transfer or exchange of Notes.  The Issuer, the Note Registrar or the Indenture
        Trustee may require the Noteholder to pay an amount to cover taxes or other governmental charges that may be imposed for the registration of transfer or exchange of the Notes.

    (f)            Registration of Transfers and Exchanges.

    (i)            The Note Register will register transfers and exchanges of Notes in the Note Register.  However, neither the Issuer nor the Note Registrar will be required to register transfers or exchanges of Notes for which the next
        Payment Date is not more than fifteen (15) days after the requested date of transfer or exchange or which have been called for redemption.

    (ii)            Neither the Indenture Trustee nor the Note Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
        or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Clearing Agency participants or beneficial owners of interests in any Book-Entry Note) other than to require delivery of such
        certificates and other documentation or evidence as are expressly required by this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

    (g)            ERISA Representations.  Each Note Owner that is subject to Title I of ERISA, Section 4975 of the Code or Similar Law and any fiduciary acting on behalf of the Note Owner, by accepting an interest or participation in a Note, is deemed
        to represent that its purchase, holding and disposition of that interest or participation does not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory
        or administrative exemption from the prohibited transaction rules (or, if the Note Owner is subject to Similar Law, the purchase, holding and disposition does not and will not result in a non-exempt violation of that Similar Law).

    Section 2.6      [Reserved].

    Section 2.7      Mutilated, Destroyed, Lost or Stolen Notes.

    (a)            Replacement Notes.  If a mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence of the destruction, loss or theft of a Note, the Issuer will execute and, on Issuer Request, the Indenture
        Trustee will authenticate and deliver a replacement Note of the same Class and principal amount in exchange for or in place of the Note if the following conditions are met: (i) the Indenture Trustee receives security or indemnity to hold the

    
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    Issuer and the Indenture Trustee harmless, (ii) none of the Issuer, the Note Registrar or the Indenture Trustee have received notice that the Note has been acquired by a protected
      purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met.  However, if a destroyed, lost or stolen Note (but not a mutilated Note) is due and payable within fifteen (15) days or has been called
      for redemption, instead of issuing a replacement Note, the Issuer may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the Note.  If a protected purchaser of the original Note in place of
      which the replacement Note was issued (or the payment made) presents for payment the original Note, the Issuer and the Indenture Trustee may recover the replacement Note (or the payment) from the Person to whom it was delivered or a Person taking the
      replacement Note (or the payment) from the Person to whom the replacement Note (or the payment) was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or indemnity provided for the replacement Note
      (or the payment) for any fee, expense, loss, damage or liability incurred by the Issuer or the Indenture Trustee for the replacement Note (or the payment).

    (b)            Taxes, Charges and Expenses.  On the issuance of a replacement Note under Section 2.7(a), (i) the Issuer may require the Noteholder of the Note to pay an amount to cover any taxes or other governmental charges imposed and any other
        reasonable expenses incurred for the replacement Note, (ii) the Indenture Trustee will, for a mutilated Note, cancel the Note and (iii) the Note Registrar will record in the Note Register that the destroyed, lost or stolen Note no longer has the
        benefits of this Indenture.

    (c)            Additional Obligation.  Each replacement Note issued under Section 2.7(a) will be an original additional contractual obligation of the Issuer and will have the benefits of this Indenture equally and proportionately with other Notes
        of the same Class duly issued under this Indenture.

    (d)            Sole Remedy.  This Section 2.7 states the sole remedy available to Noteholders for the replacement or payment of mutilated, destroyed, lost or stolen Notes.

    Section 2.8      Persons Deemed Owners.  On any date, the Issuer, the Indenture Trustee, the Note Registrar and any agent of the Issuer or the Indenture
      Trustee may treat the Person in whose name a Note is registered as of that date as the owner of the Note for all purposes, including receiving payments of principal of and interest on the Note, without regard to any notice or other information to the
      contrary.

    Section 2.9      Payments on Notes.

    (a)            Interest Accrual.  Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period. 
        Interest on the Notes for each Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months.  Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

    (b)            Principal.  During the Revolving Period, no principal will be paid on the Notes.  During the Amortization Period, the principal of each Class of Notes will be payable in

    
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    installments on each Payment Date in accordance with the provisions of Article VIII.  The Note Balance of each Class of Notes will be due and payable on the earlier of the
      Redemption Date or the applicable Final Maturity Date.  In addition, the Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to
      Section 5.2(a).

    (c)            Make-Whole Payments.  A Make-Whole Payment will be due in connection with the Optional Redemption of the Notes, as described in Section 8.2 of the Transfer and Servicing Agreement, and on each principal payment made on the Notes
        during the Amortization Period, if the Amortization Period began as a result of the occurrence of an Amortization Event described in either clause (a)(iii) or (d) of the definition of “Amortization Event,” solely to the extent funds are available
        therefor.  Any Make-Whole Payments on a Class of Notes not previously paid will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In addition, any Make-Whole Payments on a Class of Notes not previously
        paid will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to Section 5.2(a).  For the avoidance of doubt, no Make-Whole Payment will be payable in connection with any
        principal payment on the Notes resulting from (x) the occurrence of an Amortization Event described in either clause (a)(iii) or (d) of the definition of “Amortization Event” if such event occurs after the date set forth in clause (i) of the
        definition of “Amortization Period” or (y) an Optional Acquisition of the Receivables, as described in Section 8.1 of the Transfer and Servicing Agreement.

    (d)            Monthly Payment of Interest, Principal and Other Amounts.  Payments of interest, principal and other amounts on each Class of Notes will be made pro rata to the Noteholders of that Class on each Payment Date.  For Book-Entry Notes,
        payments will be made by wire transfer to the account designated by the nominee of the Clearing Agency according to Section 2.12.  For Definitive Notes, payments will be made (i) if the Noteholder has given to the Note Registrar instructions at
        least five (5) Business Days before that Payment Date and the aggregate original principal amount of the Noteholder’s Notes is at least $1,000,000, by wire transfer to the account of the Noteholder or (ii) by check mailed first class mail, postage
        prepaid, to the Noteholder’s address as it appears on the Note Register on the related Record Date.  Amounts paid by wire transfers or checks that are returned undelivered will be held according to Section 3.3.

    (e)            Payment of Final Installment.  The final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the applicable Final Maturity Date will be payable only on
        presentation and surrender of the Note, subject to Section 2.7(a).  Upon receipt of written notice thereof from the Servicer (which may be in the form of the Monthly Investor Report), the Indenture Trustee will notify each Noteholder of the date
        the Issuer expects to pay the final installment on any of the Notes, which notice will be delivered no later than five (5) days before that date (solely to the extent the Indenture Trustee has received notice prior to such date), and the place
        where the Notes may be presented and surrendered for payment.

    Section 2.10      Cancellation of Notes.  Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will
      deliver the Note to the Indenture Trustee, and the Indenture Trustee will promptly cancel it.  The Issuer may surrender to the

    
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    Indenture Trustee for cancellation Notes previously authenticated and delivered under this Indenture which the Issuer may have acquired, and the Indenture Trustee will promptly
      cancel them.  No Notes will be authenticated in place of or in exchange for Notes cancelled as stated in this Section 2.10.  The Indenture Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless
      the Issuer directs, by Issuer Order, that they be destroyed or returned to it.

    Section 2.11      Release of Collateral.  The Indenture Trustee will release property from the Lien of this Indenture only according to Sections 8.4 and
      10.1.

    Section 2.12      Book-Entry Notes.

    (a)            Issuance and Registration.  The Notes will be issued as Book-Entry Notes on the Closing Date.  The Book-Entry Notes, on original issuance, will be issued in the form of printed Notes representing the Book-Entry Notes and delivered to
        The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer.  The Book-Entry Notes will be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency.

    (b)            Sole Noteholder.  The Note Registrar and the Indenture Trustee may deal with the Clearing Agency as the sole Noteholder of the Book-Entry Notes for all purposes of this Indenture and will not be obligated to the Note Owners, except
        as stated in Section 7.1.

    (c)            Rights.  The rights of Note Owners may be exercised only through the Clearing Agency and will be limited to those established by law and agreements between the Note Owners and the Clearing Agency and/or its participants under the
        Depository Agreement.

    (d)            Clearing Agency Obligations.  The Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to the participants.  The Indenture
        Trustee, the Note Registrar and the Note Paying Agent shall have no responsibility or liability for any actions taken or not taken by the Clearing Agency.

    (e)            Representation of Noteholders.  If this Indenture requires or permits actions to be taken based on instructions or directions of the Noteholders of a stated percentage of the Note Balance of the Notes (or the Controlling Class), the
        Clearing Agency will be deemed to represent those Noteholders only if it has received instructions to that effect from Note Owners and/or the Clearing Agency’s participants owning or representing, the required percentage of the beneficial interest
        of the Notes (or the Controlling Class) and has delivered the instructions to the Indenture Trustee.

    (f)            Conflicts.  If this Section 2.12 conflicts with other terms of this Indenture, this Section 2.12 will control.

    (g)            CUSIP Numbers.  The Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided that
        any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as

    
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    contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be
      affected by any defect in or omission of such numbers.  The Issuer will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers.

    Section 2.13      Definitive Notes.  No Note Owner will receive a definitive, fully registered Note (a “Definitive Note”) representing the Note
      Owner’s interest in the Note unless and until (a) the Administrator notifies the Indenture Trustee that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the
      Administrator is unable to reach an agreement on satisfactory terms with a qualified successor, (b) the Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through the Clearing Agency or (c) after the
      occurrence and during the continuation of an Event of Default or a Servicer Termination Event, Note Owners of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to terminate
      the book-entry system through the Clearing Agency.  In these cases, the Clearing Agency will notify Note Owners and the Indenture Trustee of the availability of Definitive Notes.  After the Clearing Agency has surrendered the printed Notes
      representing the Book-Entry Notes and delivered the registration instructions to the Indenture Trustee, the Issuer will execute and the Indenture Trustee, on Issuer Request, will authenticate the Definitive Notes according to the instructions of the
      Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture Trustee will be liable for delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions.  On the issuance of
      Definitive Notes to Note Owners, the Indenture Trustee will recognize the holders of the Definitive Notes as Noteholders.

    Section 2.14      Authenticating Agents.

    (a)            Appointment.  The Indenture Trustee may appoint one or more Persons as authenticating agents for the Notes (each, an “Authenticating Agent”) with the power to act on its behalf and subject to its direction in the
        authentication of Notes for issuances, transfers, exchanges and replacements.  The authentication of Notes by an Authenticating Agent under this Section 2.14 is deemed to be the authentication of Notes “by the Indenture Trustee.” If no
        Authenticating Agent is appointed, the Indenture Trustee will be the Authenticating Agent for the Notes.

    (b)            Resignation and Termination.  An Authenticating Agent may resign by notifying the Indenture Trustee and the Owner Trustee.  The Indenture Trustee may terminate the agency of an Authenticating Agent by notifying the Authenticating
        Agent and the Owner Trustee.

    Section 2.15      Note Paying Agents.

    (a)            Appointment.  The Indenture Trustee may appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee in Section 6.11.  If no Note Paying Agent is appointed, then the Indenture Trustee will be
        the Note Paying Agent for the Notes.  Each Note Paying Agent will have the power to make distributions from the Bank Accounts.

    
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    (b)            Resignation and Termination.  A Note Paying Agent may resign by notifying the Indenture Trustee, the Administrator and the Issuer.  The Indenture Trustee may terminate the agency of a Note Paying Agent by notifying the Note Paying
        Agent, the Administrator and the Issuer.

    ARTICLE III

      COVENANTS, REPRESENTATIONS AND WARRANTIES

    Section 3.1      Payment of Principal, Interest and Other Amounts.  The Issuer will duly and punctually pay the principal of and interest and Make-Whole
      Payments, if any, on the Notes according to the terms of the Notes and this Indenture.  Amounts withheld under the Code or State or local tax law by any Person from a payment to a Noteholder will be considered as having been paid by the Issuer to the
      Noteholder.

    Section 3.2      Maintenance of Office or Agency.  The Issuer will maintain an office or agency at the Corporate Trust Office of the Indenture Trustee
      designated for such purpose, where Notes may be surrendered for registration of transfer or exchange, and where notices to and demands on the Issuer for the Notes and this Indenture may be served.  The Issuer initially appoints the Indenture Trustee
      to serve as its agent for those purposes.  The Issuer will promptly notify the Indenture Trustee of a change in the location of the office or agency.  If the Issuer fails to maintain the office or agency or fails to furnish the Indenture Trustee with
      the address of the office or agency, any surrender, notices or demands may be made or served at the Corporate Trust Office, and the Issuer appoints the Indenture Trustee as its agent to receive them.

    Section 3.3      Money for Payments To Be Held in Trust.

    (a)            Payments on the Notes.  Payments on the Notes that are to be made from amounts withdrawn from the Bank Accounts will be made on behalf of the Issuer by the Note Paying Agent.  No amounts withdrawn for payments on the Notes may be
        paid over to the Issuer, except as stated in this Section 3.3.

    (b)            Agreement by Note Paying Agent.  The Indenture Trustee will, and will cause each Note Paying Agent (other than the Indenture Trustee) to, execute and deliver to the Indenture Trustee, an instrument in which the Note Paying Agent
        agrees with the Indenture Trustee (and if the Indenture Trustee acts as the Note Paying Agent, it hereby so agrees) to:

    (i)            hold funds held by it for the payment of amounts due on the Notes in trust for the benefit of the Persons entitled to that money and pay it to those Persons under this Indenture;

    (ii)          notify the Indenture Trustee of a default by the Issuer of which it has actual knowledge in the making of a required payment on the Notes;

    (iii)        during the continuance of a default, on the request of the Indenture Trustee, immediately pay to the Indenture Trustee money held by it in trust;

    
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    (iv)         immediately resign as a Note Paying Agent and immediately pay to the Indenture Trustee amounts held by it in trust if it ceases to meet the eligibility standards set forth in Section 6.11 for the Indenture Trustee; and

    (v)           comply with all requirements of the Code for withholding and reporting requirements for payments on the Notes.

    (c)            Payment Direction.  The Issuer may by Issuer Order, direct a Note Paying Agent to pay to the Indenture Trustee money held in trust by the Note Paying Agent, which money will be held by the Indenture Trustee on the same terms as the
        Note Paying Agent.  On a Note Paying Agent’s payment of money held in trust to the Indenture Trustee, the Note Paying Agent will be released from liability for such amounts.

    (d)            Unclaimed Money.  Subject to applicable law, money held by the Indenture Trustee or a Note Paying Agent in trust under this Section 3.3 which remains unclaimed for two years after it became due and payable will be discharged from the
        trust and paid to the Issuer on Issuer Request.  After discharge and payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Issuer for payment of the amount due and unclaimed, and the Indenture Trustee or the
        Note Paying Agent will be released from liability for such amounts.  However, the Indenture Trustee or the Note Paying Agent, before making the payment, will publish once, at the expense and direction of the Issuer, in a newspaper customarily
        published on each Business Day in the English language and of general circulation in The City of New York, notice that the money remains unclaimed and that after a date stated in the notice, which must be at least thirty (30) days from the date of
        publication, any unclaimed balance of the money then remaining will be paid to the Issuer.  The Indenture Trustee will also use other reasonable means to notify Noteholders of unclaimed payments.

    (e)            FATCA Withholding.  The Issuer represents, warrants and covenants to the Indenture Trustee and the Note Paying Agent that, (i) to the best of the Issuer’s knowledge, the Indenture Trustee, Note Registrar and Note Paying Agent are not
        obligated in respect of any payments to be made by the Issuer pursuant to this Indenture, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through
        1474 of the Code and any regulations or agreements thereunder or official interpretations thereof (“FATCA Withholding Tax”), provided such parties have obtained the requisite information about the Noteholders; (ii) the Noteholders are
        required to provide information sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax (the “FATCA Information”) to the Issuer and the Indenture Trustee, (iii) the Issuer shall comply with all
        requirements of the Code with respect to the withholding from any payment made by it on any Note of any applicable FATCA Withholding Tax imposed thereon and with respect to any applicable reporting requirement in connection therewith; and (iv) to
        the extent the Issuer determines that FATCA Withholding Tax is applicable, it will promptly notify the Note Paying Agent of such fact.  To the extent the Issuer has the Noteholders’ information, the Issuer will provide the FATCA Information to the
        Indenture Trustee, the Note Registrar and the Note Paying Agent upon request. Each holder of a Note or an interest therein, by acceptance of such Note or such interest in such Note, will be deemed to have agreed to provide the Issuer, the Indenture
        Trustee, the Note Registrar and the Note Paying Agent with the Noteholder Tax Identification Information and, to the extent FATCA

    
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    Withholding Tax is applicable, the FATCA Information. In addition, each holder of a Note will be deemed to understand that the Note Paying Agent has the right to withhold interest
      payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the foregoing requirements.

    Section 3.4      Existence.  The Issuer will maintain its existence as a statutory trust under the Delaware Statutory Trust Act and will obtain and
      maintain its qualification in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability of this Indenture, the Notes and the Collateral.

    Section 3.5      Protection of Collateral.

    (a)            Amendments and Financing Statements.  The Issuer will (i) execute and deliver amendments to this Indenture and other documents, (ii) file or authorize and cause to be filed financing statements and amendments and continuations of
        those financing statements and (iii) take other action, in each case, necessary or advisable to:

    (A)            Grant more effectively any portion of the Collateral pursuant to this Indenture;

    (B)            maintain or preserve the Lien and security interest (and the priority of the security interest) of this Indenture;

    (C)            perfect, maintain perfection, publish notice of or protect the validity of a Grant made or to be made by this Indenture;

    (D)            enforce the Collateral; or

    (E)            maintain and defend title to the Collateral and the rights of the Indenture Trustee and the Secured Parties in the Collateral against the claims of all Persons, subject to Permitted Liens and the Transaction Documents.

    (b)            Authorization to File.  The Issuer authorizes the Administrator and the Indenture Trustee (but the Indenture Trustee shall not be required to do so) to file financing and continuation statements, and amendments to the statements, in
        the jurisdictions and with the filing offices as the Administrator or the Indenture Trustee may determine necessary or advisable to perfect the Indenture Trustee’s interest in the Collateral.  The Administrator (or the Indenture Trustee solely to
        the extent it has elected to so prepare and file) shall timely prepare and file the foregoing and will promptly deliver to the Issuer and the Indenture Trustee file-stamped copies of, or filing receipts for, any financing statement, continuation
        statement and amendment to a previously filed financing statement.

    (c)            Indenture Trustee Not Obligated.  The Indenture Trustee is not obligated to (i) make a determination of whether filing financing or continuation statements, or amendments to the statements, is required or (ii) file any financing or
        continuation statements, or amendments to the statements, and will not be liable for failure to do so.

    
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    (d)            Description of Collateral in Financing Statement.  Financing statements filed pursuant to this Indenture may describe the Collateral in the same manner as described herein or may describe the Collateral subject thereto as “All of the
        debtor’s right, title and interest now or hereafter existing in, to and under all assets of the debtor, whether now owned or existing or hereafter acquired or arising.”

    Section 3.6      Performance of Obligations.

    (a)            Performance of Obligations.  The Issuer will perform all of its obligations under the Transaction Documents and documents included in the Collateral in all material respects.  The Issuer will not take any action and will use its best
        efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment,
        hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in or permitted under this Indenture, the other Transaction Documents, the
        Servicing Procedures or such other instrument or agreement.

    (b)            Subcontracting.  The Issuer may contract with other Persons to assist it in performing its obligations under this Indenture.  Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in
        performing its obligations under this Indenture.

    (c)            Servicer Termination Event.  If the Issuer has actual knowledge of a Servicer Termination Event, the Issuer will notify the Indenture Trustee and the Rating Agencies of the event and any action the Issuer is taking to correct the
        situation.  If a Servicer Termination Event results from the failure of the Servicer to perform its obligations under the Transfer and Servicing Agreement, the Issuer will take reasonable steps to remedy such failure, including enforcing the
        obligations of the Servicer under the Transfer and Servicing Agreement.

    Section 3.7      Negative Covenants.  So long as Notes are Outstanding, the Issuer will not, except as permitted in the Transaction Documents:

    (a)            Dispose of Collateral.  Sell, transfer, exchange or dispose of the Collateral unless directed to do so by the Indenture Trustee;

    (b)            No Release of Material Obligations.  Take action, and will use its commercially reasonable efforts to prevent any action from being taken by others, that would release any Person from any material obligation under a document included
        in the Collateral or that would impair the validity or enforceability of the Collateral or a document included in the Collateral;

    (c)            Set-off.  Claim a credit on, or make a deduction from the payments of principal or interest on, the Notes (other than amounts withheld from payments under applicable Law) or assert a claim against a Noteholder by reason of the
        payment of the taxes levied or assessed on the Issuer or the Collateral;

    (d)            Dissolve or Liquidate.  Dissolve or liquidate in whole or in part;

    
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    (e)            Liens.  Permit (i) the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, subordinated, terminated or discharged, or permit a Person to be released from obligations under
        this Indenture except in each case as permitted by this Indenture, (ii) any Lien, other than Permitted Liens, to be created on or extend to the Collateral or (iii) the Lien of this Indenture not to be a valid first priority security interest in the
        Collateral, other than with respect to Permitted Liens;

    (f)            Modification of Collateral.  Subject to Article IX and the terms and conditions of the Collateral or any Transaction Documents, amend, modify, waive, terminate or surrender any Collateral or any Transaction Documents without the
        consent of the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Notes and notifying the Rating Agencies;

    (g)              Engage in Non-Permissible Activities.  Engage in any activity other than as permitted by the Trust Agreement.

    Section 3.8      Opinions on Collateral.

    (a)            Opinion on Recording.  If this Indenture is subject to recording, the Issuer, at its expense, will record it and deliver an Opinion of Counsel to the Indenture Trustee stating that the recording is necessary either for the protection
        of the Secured Parties or for the enforcement of a right or remedy Granted to the Indenture Trustee under this Indenture.

    (b)            Opinion on Perfection.  On the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture creates an enforceable security interest in favor of the Indenture Trustee in the
        Indenture Trustee’s right, title and interest in and to the Collateral transferred by the Issuer to the Indenture Trustee pursuant to this Indenture and in any identifiable cash proceeds thereof.

    (c)            Annual Opinion.  On or before April 30 of each year, beginning in the year after the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel either (i) stating that, in the opinion of that counsel, all
        action has been taken for the recording, filing, re-recording and refiling of this Indenture and all financing statements and continuation statements to maintain the Lien of this Indenture or (ii) stating that in the opinion of that counsel no
        action is necessary to maintain the Lien.

    Section 3.9      Annual Certificate of Compliance.  The Issuer will deliver to the Indenture Trustee within ninety (90) days after the end of each
      calendar year, beginning in the year after the Closing Date, an Officer’s Certificate signed by a Responsible Person of the Issuer, stating that (a) a review of the Issuer’s activities and of its performance under this Indenture during the prior year
      has been made under a Responsible Person’s supervision and (b) to the Responsible Person’s knowledge, based on the review, the Issuer has fulfilled in all material respects its obligations under this Indenture throughout the prior year or, if there
      has been a failure to fulfill an obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the failure.  A copy of the Officer’s Certificate may be obtained by any Noteholder or Person
      certifying it is a Note Owner by a request to the Indenture Trustee at its Corporate Trust Office.  The Issuer’s obligation to deliver an Officer’s Certificate under this Section 3.9 will terminate on the payment in full of the Notes.

    
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    Section 3.10      Merger and Consolidation; Transfer of Assets.  The Issuer will not merge or consolidate with or into any Person or transfer all or
      substantially all of its assets, unless:

    (a)            Surviving Person.  The Person (if other than the Issuer) formed by or surviving the merger or consolidation, or that acquires those assets, (i) is organized and existing under the laws of the United States or any State and (ii)
        assumes, by an indenture supplemental to this Indenture (unless the assumption happens by operation of law), executed and delivered to the Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee, the due and punctual payment of
        principal of and interest on the Notes and the performance of the other obligations under this Indenture and the other Transaction Documents to be performed by the Issuer;

    (b)            Subordination.  For a transfer of the assets included in the Collateral, the Person who acquires those assets agrees by means of the supplemental indenture executed and delivered to the Indenture Trustee that (i) all right, title and
        interest transferred will be subject and subordinate to the rights of the Noteholders, (ii) unless stated in the supplemental indenture, that Person will indemnify the Issuer for fees, expenses, losses, damages and liabilities (including fees and
        expenses of defending itself against any loss, damage or liability) related to this Indenture and the Notes and (iii) that Person will make all necessary filings, if any, including filings with the Commission required by the Exchange Act for the
        Notes;

    (c)            No Default or Event of Default.  Immediately after giving effect to the merger, consolidation or transfer, no Default or Event of Default will have occurred and be continuing;

    (d)            Rating Agency Condition.  The Rating Agency Condition has been satisfied for the merger, consolidation or transfer;

    (e)            Opinion.  The Issuer has received an Opinion of Counsel (with a copy to the Indenture Trustee) stating that the merger, consolidation or transfer will not cause (i) any security issued by the Issuer to be deemed sold or exchanged for
        purposes of Section 1001 of the Code or (ii) the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes;

    (f)            Actions.  Any action necessary to maintain the Lien and security interest Granted by this Indenture has been taken; and

    (g)            Conditions.  The Issuer has delivered to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation or transfer and the
        supplemental indenture comply with this Article III and that all the conditions in this Indenture for the merger, consolidation or transfer have been satisfied.

    Section 3.11      Successor or Transferee.  (a) On a merger or consolidation of the Issuer or a transfer under Section 3.10, the Person formed by or
      surviving the merger or consolidation (if other than the Issuer) will succeed to, and be substituted for, and may exercise the rights and powers of, the Issuer under this Indenture with the same effect as if that Person had been named as the Issuer
      in this Indenture and (b) for a transfer of the assets of the Issuer under Section 3.10, the predecessor Issuer will be released from its obligations under this Indenture to be performed

    
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    by the successor Issuer for the Notes immediately on receipt of notice by the Indenture Trustee stating that the Issuer is to be released.

    Section 3.12      No Other Activities.  The Issuer will not engage in activities other than financing, acquiring, owning and pledging the Trust Property
      as described in the Transaction Documents, entering into the Transaction Documents and activities incidental to those activities.

    Section 3.13      Further Acts and Documents.  On request of the Indenture Trustee, the Issuer will take action and execute and deliver additional
      documents reasonably required to perform and carry out the purposes of this Indenture.

    Section 3.14      Restricted Payments.

    (a)            No Set-off.  The Issuer will not, directly or indirectly, (i) make payments (by reduction of capital or otherwise) to the Owner Trustee or the Certificateholders, (ii) redeem, purchase, retire or acquire for value an ownership
        interest in the Issuer or (iii) set aside or segregate amounts for those purposes, except in any of such cases as permitted under this Indenture and the other Transaction Documents.

    (b)            No Other Payments.  The Issuer will not, directly or indirectly, make payments to or distributions from the Bank Accounts except according to the Transaction Documents.

    Section 3.15      Notice of Events of Default.  The Issuer will notify the Indenture Trustee, the Servicer and the Rating Agencies as soon as
      practicable, but in any event within five (5) Business Days after a Responsible Person of the Issuer has actual knowledge of an Event of Default.

    Section 3.16      Review of Issuer’s Records.  The Issuer will maintain records and documents relating to its performance under this Indenture 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 Indenture Trustee (or its representatives) access to the records and documents to conduct
      a review of the Issuer’s performance under this Indenture.  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.  Notwithstanding the foregoing, the permissive right of the
      Indenture Trustee to access and review the Issuer’s records shall not constitute an obligation of the Indenture Trustee to do so.

    Section 3.17      Issuer’s Representations and Warranties.  The Issuer represents and warrants to the Indenture Trustee as of the Closing Date and each
      Acquisition Date:

    (a)            Organization and Qualification.  The Issuer is duly formed and validly existing as a statutory trust in good standing under the laws of the State of Delaware.

    (b)            Power, Authority and Enforceability.  The Issuer has the power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party.  The Issuer has authorized the execution, delivery
        and performance of the Transaction

    
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    Documents to which it is a party.  The Transaction Documents to which it is a party are the legal, valid and binding obligation of the Issuer enforceable against the Issuer,
      except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

    (c)            No Conflicts and No Violation.  The completion of the transactions contemplated by the Transaction Documents to which it is a party and the performance of its obligations under such documents will not (i) conflict with, or be a
        material breach or material default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Issuer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Issuer’s
        properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than this Indenture), (iii) violate the Trust Agreement or (iv) violate a Law or, to the Issuer’s knowledge, an
        order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties that applies to the Issuer, which, in each case of clauses (i)
        through (iv), would reasonably be expected to have a Material Adverse Effect.

    (d)            No Proceedings.  To the Issuer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality
        having jurisdiction over the Issuer or its properties (i) asserting the invalidity of the Transaction Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction
        Documents, (iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect or would materially adversely impact the validity or enforceability of the Notes or (iv) relating to the Issuer that would
        reasonably be expected to (A) affect the treatment of the Notes as indebtedness for purposes of U.S. federal and State income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income, (B) be deemed to cause a
        taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer to be treated as an association or publicly traded partnership, in either case taxable as a corporation for U.S. federal income tax purposes, in each case,
        other than any proceedings that, to the Issuer’s knowledge, would not reasonably be expected to have a material adverse effect on the Issuer, the performance by the Issuer of its obligations under, or the validity and enforceability of, the
        Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

    (e)            No Investment Company.  The Issuer is not an “investment company” as defined in the Investment Company Act.  In making this determination, the Issuer is relying on the definition in Section 3(c)(5)(A) of the Investment Company Act,
        although other exclusions or exemptions may also be available to the Issuer.

    (f)            Volcker Rule.  The Issuer is structured not to be a “covered fund” under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the “Volcker Rule.”

    Section 3.18      Issuer’s Representations and Warranties About Security Interest.  The Issuer represents and warrants to the Indenture Trustee as of
      the Closing Date and each

    
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    Acquisition Date, which representations and warranties will survive the termination of this Indenture and may not be waived by the Indenture Trustee:

    (a)            Valid Security Interest.  This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture Trustee which is prior to all other Liens, other than Permitted
        Liens, and is enforceable against creditors of, purchasers from and transferees and absolute assignees of the Issuer.

    (b)            Type.  The Receivables are either “accounts” or “payment intangibles” within the meaning of the applicable UCC.

    (c)            Good Title.  The Issuer owns and has good title to the Collateral free and clear of any Lien, other than Permitted Liens.  The Issuer has received all consents and approvals required by the terms of the Collateral to Grant to the
        Indenture Trustee all of its right, title and interest in the Collateral, except if a requirement for consent or approval is extinguished under the applicable UCC.

    (d)            Filing Financing Statements.  The Issuer has caused, or will cause within ten (10) days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under
        applicable law to perfect the security interest Granted in the Collateral to the Indenture Trustee under this Indenture.  All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee under this Indenture
        describing the Collateral will contain a statement to the following effect: “A purchase, absolute assignment or transfer of or grant of a security interest in any collateral described in this financing statement will violate the rights of the
        Secured Parties.”

    (e)            No Other Sale, Grant or Financing Statements.  Other than the security interest Granted to the Indenture Trustee under this Indenture, the Issuer has not sold or Granted a security interest in any of the Collateral.  The Issuer has
        not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering any of the Collateral, other than financing statements relating to the security interest Granted to the
        Indenture Trustee under this Indenture.  The Issuer is not aware of any judgment or tax Lien filings against it.

    (f)            Securities Account.  All Permitted Investments have been and will be credited to a Securities Account.  The Securities Intermediary for each Securities Account has agreed to treat all assets credited to the Securities Accounts as
        “financial assets” within the meaning of the applicable UCC.

    (g)            Securities Intermediary Agreement.  The Issuer has delivered to the Indenture Trustee a fully executed Account Control Agreement (1) that provides that the agreement is governed solely by the law of the State of New York and that the
        law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, (2) pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Indenture Trustee
        relating to the Securities Accounts without further consent by the Issuer, and (3) with a Securities Intermediary that at the time of this Indenture has one or more offices (within the meaning of the Hague Securities Convention) in the United
        States of America which

    
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    satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.

    (h)            Name of Securities Accounts.  The Securities Accounts are not in the name of a Person other than the Issuer or the Note Paying Agent.  The Issuer has not consented to the Securities Intermediary of a Securities Account complying with
        entitlement orders of a Person other than the Indenture Trustee.

    ARTICLE IV

      SATISFACTION AND DISCHARGE

    Section 4.1      Satisfaction and Discharge of Indenture.

    (a)            Conditions to Satisfaction and Discharge.  Except as stated in Section 4.1(c), this Indenture will cease to be of further effect for the Notes if:

    (i)            either (A) the Notes that have been authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid under Section 2.7 and (2) Notes for which payment money
        has been deposited in trust or segregated and held in trust by the Issuer and later paid to the Issuer or discharged from the trust under Section 3.3) have been delivered to the Indenture Trustee for cancellation or (B) the Notes not delivered to
        the Indenture Trustee for cancellation have become due and payable and the Issuer has deposited or caused to be deposited with the Indenture Trustee money in trust in an amount sufficient to pay and discharge the outstanding Note Balance of the
        Notes and interest accrued on the Notes on the Redemption Date;

    (ii)            the Issuer has paid or caused to be paid all money payable by it under the Transaction Documents; and

    (iii)            the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

    (b)            Acknowledgement of Satisfaction and Discharge.  After the satisfaction and discharge of the Indenture under Section 4.1(a), the Indenture Trustee will (i) upon receipt of an Issuer Order and at the expense of the Issuer, execute
        documents acknowledging satisfaction and discharge of this Indenture and (ii) at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate stating that all Noteholders have been paid in full.

    (c)            Continuing Rights and Obligations.  After the satisfaction and discharge of this Indenture, this Indenture will continue for (i) rights of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or
        stolen Notes, (iii) the rights of Noteholders to receive payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee and any Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of
        the Indenture Trustee under this Indenture and (vi) the rights of the Secured Parties as beneficiaries of this Indenture in the property deposited with the Indenture Trustee payable to them for a period of two years after the satisfaction and
        discharge.

    
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    ARTICLE V

      EVENTS OF DEFAULT; REMEDIES

    Section 5.1      Events of Default.

    (a)            Events of Default.  The occurrence of one of the following events will be an event of default under this Indenture (each, an “Event of Default”):

    (i)            the Issuer fails to pay interest due on any Class of Notes of the Controlling Class on any Payment Date, and the failure continues for five (5) days or more;

    (ii)          the Issuer fails to pay the principal of or any Make-Whole Payments on a Note on the applicable Final Maturity Date;

    (iii)         the Issuer fails to observe or perform a material covenant or agreement of the Issuer in this Indenture (other than to pay interest on or principal of the Notes), or a representation or warranty of the Issuer made in this
        Indenture or in an Officer’s Certificate or other document delivered under this Indenture is incorrect in any material respect when made, and in each case, the failure or error continues for at least sixty (60) days after the Issuer receives
        written notice from the Indenture Trustee (upon receipt of written notice or actual knowledge thereof by a Responsible Person of the Indenture Trustee), or the Issuer and the Indenture Trustee receive written notice from the Noteholders of at least
        25% of the Note Balance of the Controlling Class, in each case, stating the failure or error, requiring it to be corrected and stating that the notice is a “Notice of Default”; or

    (iv)         an Insolvency Event of the Issuer occurs.

    (b)            Issuer to Notify.  In addition to the Issuer’s notification obligations set forth in Section 3.15, the Issuer will notify the Indenture Trustee within five (5) Business Days after a Responsible Person of the Issuer has knowledge of
        the occurrence of a Default under Section 5.1(a)(iii), which notice will describe the Default, the status of the Default and what action the Issuer is taking to correct the Default.  The Issuer will deliver a copy of the notice to each Qualified
        Institution (if not the Indenture Trustee) maintaining a Bank Account.

    (c)            Indenture Trustee to Notify.  In addition to the notice obligations of the Indenture Trustee under Section 6.5(a), the Indenture Trustee will notify the Noteholders within five (5) Business Days after a Responsible Person of the
        Indenture Trustee has actual knowledge of the occurrence of an Event of Default.

    Section 5.2      Acceleration of Maturity; Rescission.

    (a)            Acceleration.  If an Event of Default, other than an Event of Default under Section 5.1(a)(iv), occurs and is continuing, the Indenture Trustee may, or the Noteholders of a majority of the Note Balance of the Controlling Class may,
        declare the Notes to be accelerated by notifying the Issuer (and the Indenture Trustee if given by the Noteholders).  On acceleration, the unpaid Note Balance of the Notes, together with accrued and unpaid interest and unpaid Make-Whole Payments,
        if any, will become immediately due and payable.  If an Event of

    
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    Default in Section 5.1(a)(iv) occurs, all unpaid principal of and accrued and unpaid interest on the Notes, and all other amounts payable under this Indenture (including unpaid
      Make-Whole Payments), will automatically become immediately due and payable without a declaration or other act of the Indenture Trustee or a Noteholder.  On the declaration of acceleration or upon actual knowledge of a Responsible Person of the
      Indenture Trustee of an automatic acceleration, the Indenture Trustee will promptly notify each Noteholder and each Qualified Institution (if not the Indenture Trustee) maintaining a Bank Account.

    (b)            Rescission of Acceleration.  The Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Issuer and the Indenture Trustee, may rescind a declaration of acceleration before a judgment or decree for
        payment of the amount due has been obtained by the Indenture Trustee as stated in this Article V if:

    (i)            the Issuer has paid or deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on
        the Notes if the Event of Default giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Issuer; and

    (ii)            all Events of Default, other than the non-payment of the principal of the Notes that has become due solely by acceleration, have been corrected or waived under Section 5.14.

    Section 5.3      Collection of Indebtedness by Indenture Trustee.

    (a)            Overdue Amounts.  If an Event of Default under Section 5.1(a)(i) or (ii) occurs and is continuing, the Issuer, on demand of the Indenture Trustee, will pay to the Note Paying Agent for the benefit of the Noteholders, the overdue
        amount with interest at the rate of interest then applicable to the Notes.

    (b)            Collection Costs.  In addition, the Issuer will pay the costs of collection, including the expenses of the Indenture Trustee and its agents, counsel, accountants and experts due to the Indenture Trustee under Section 6.7.

    (c)            Proceedings.  If the Issuer fails to pay those amounts and the collection costs set forth in Section 5.3(b) on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start a Proceeding to collect the
        money due and unpaid, and may pursue the Proceeding to final judgment, and may enforce the judgment against the Issuer and collect the money due and unpaid in the manner provided by law out of the Collateral.

    Section 5.4      Trustee May File Proofs of Claim.

    (a)            Proofs of Claim.  If there is a Proceeding involving the Issuer under the Bankruptcy Code or another bankruptcy, insolvency or other similar law, or in case a trustee, liquidator, receiver or similar official has been appointed for
        or taken possession of the Issuer or its property, the Indenture Trustee may:

    
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    (i)            file a proof of claim for the due and unpaid principal of and interest on the Notes and file other proofs of claim (including any claims for compensation or indemnification under Section 6.7) or documents necessary or
        advisable to have the claims of the Indenture Trustee on behalf of the Secured Parties allowed in the Proceedings or in other judicial proceedings involving the Issuer, its creditors and its property;

    (ii)           unless prohibited by applicable Law, vote on behalf of the Secured Parties in the election of a trustee, a standby trustee or a Person performing similar functions in the Proceedings; and

    (iii)         collect and receive any money or other property payable or deliverable on the claims and pay all amounts received on the claims of the Secured Parties, including the claims asserted by the Indenture Trustee on their
        behalf.

    (b)            Authorization by Noteholders.  Each Noteholder authorizes a trustee, liquidator, receiver or similar official in a Proceeding to make payments to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly
        to the Noteholders, to pay to the Indenture Trustee the amounts owed to the Indenture Trustee under Section 6.7.

    (c)            No Right to Consent or Vote.  Except as permitted under Section 5.4(a)(ii), this Indenture (i) does not authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of a Noteholder a plan of
        reorganization, arrangement, adjustment or composition affecting the Notes and (ii) does not limit the rights of a Noteholder to authorize the Indenture Trustee to vote on the claim of a Noteholder in the Proceeding.

    Section 5.5      Enforcement of Claims Without Possession of Notes.

    (a)            Notes not Required.  The Indenture Trustee may enforce its rights and make claims under this Indenture, or under the Notes, without the possession of the Notes or the production of the Notes in a Proceeding.  A Proceeding started by
        the Indenture Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses and indemnity of the Indenture Trustee and its agents, counsel, accountants and experts due
        to the Indenture Trustee under Section 6.7, will be for the benefit of the Secured Parties for which the judgment has been recovered.

    (b)            Proceeding.  In any Proceeding brought by the Indenture Trustee (and any Proceeding involving the interpretation of this Indenture to which the Indenture Trustee is a party), the Indenture Trustee will be held to represent all the
        Secured Parties, and it will not be necessary to make any Secured Party, including a Noteholder, a party to the Proceeding.

    Section 5.6      Remedies; Priorities.

    (a)            Remedies.  If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded according to Section 5.2(b), the Indenture Trustee may do one or more of the following (subject to Section
        5.7), and will at the direction of the Noteholders of a majority of the Note Balance of the Controlling Class:

    
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    (i)            start a Proceeding in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture on the Notes, enforce any judgment obtained and collect from the
        Issuer money adjudged due;

    (ii)          subject to Section 5.6(c), sell or liquidate all or any part of the Collateral or rights or interest in the Collateral at one or more public or private sales called and conducted in any manner permitted by law;

    (iii)         exercise any remedies of a secured party under the UCC; and

    (iv)         take any other action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders.

    (b)            Notice of Sale or Liquidation of Collateral.  The Indenture Trustee will notify each Noteholder and the Depositor of a sale or liquidation under Section 5.6(a)(ii) at least fifteen (15) days before the sale or liquidation.  A
        Noteholder, the Depositor or the Servicer may submit a bid during the sale or liquidation.

    (c)            Limitation on Collateral Liquidation.  The Indenture Trustee may not sell or liquidate the Collateral unless:

    (i)            the Event of Default is described in Section 5.1(a)(i) or (ii); or

    (ii)            the Event of Default is described in Section 5.1(a)(iii) and:

    	

          	(A)	
            the Noteholders representing 100% of the Note Balance of the Notes consent to the sale or liquidation; or

          

    	

          	(B)	
            the proceeds of the sale or liquidation are expected to be sufficient to pay in full all amounts owed by the Issuer to the Secured Parties including all principal of and accrued interest and
              any Make-Whole Payments on the Notes; or

          

    (iii)            the Event of Default is described in Section 5.1(a)(iv) and:

    	

          	(A)	
            the Noteholders representing 100% of the Note Balance of the Controlling Class consent to the sale or liquidation; or

          

    	

          	(B)	
            the proceeds of the sale or liquidation are expected to be sufficient to pay in full all amounts owed by the Issuer to the Secured Parties including all principal of and accrued interest and
              any Make-Whole Payments on the Notes; or

          

    	

          	(C)	
            the Indenture Trustee (1) determines that the Collateral will not continue to provide sufficient money for the payment of all amounts owed to the Secured Parties, as those payments would have
              become due if the Notes had not been accelerated and (2)

          

    
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    obtains the consent of Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class.

    In determining whether the condition in clause (ii)(B), (iii)(B) or (iii)(C) (1) above has been satisfied, the Indenture Trustee may rely on an opinion of a
      nationally-recognized Independent investment banking firm or firm of certified public accountants on the expected proceeds or on the sufficiency of the Collateral for that purpose.

    (d)            Proceeds of Collateral.  Any money or property collected by the Indenture Trustee after the occurrence of an Event of Default that has not been waived or cured and an acceleration of the Notes will be deposited in the Collection
        Account for distribution according to Section 8.2(e) on the Payment Date after the Collection Period during which those amounts are collected.  In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default.

    Section 5.7      Optional Preservation of Collateral.  If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has
      not been rescinded, the Indenture Trustee may elect to maintain possession of the Collateral, subject to Section 5.13(c).  The Indenture Trustee will take into account that the Collections and other amounts expected to be received on the Collateral
      must be sufficient to pay the unpaid principal of and accrued and unpaid interest and any Make-Whole Payments on the Notes when determining whether or not to maintain possession of part of the Collateral.  In making this determination, the Indenture
      Trustee may rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants.

    Section 5.8      Limitation on Suits.

    (a)            Proceedings.  No Noteholder has the right to start a Proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, except (1) pursuant to the dispute resolution
        procedures described in Section 11.2 of the Transfer and Servicing Agreement or (2) if:

    (i)            the Noteholder has notified the Indenture Trustee of a continuing Event of Default;

    (ii)          the Noteholders of at least 25% of the Note Balance of the Controlling Class have requested the Indenture Trustee to start the Proceeding for the Event of Default in its own name as Indenture Trustee under this Indenture;

    (iii)         the Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee against fees, expenses, losses, damages, claims and liabilities that may be incurred by the Indenture Trustee, or its agents,
        counsel, accountants and experts, in complying with the request;

    (iv)         the Indenture Trustee has failed to start the Proceedings for sixty (60) days after it receives the notice, request and offer of indemnity; and

    
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    (v)            the Noteholders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee a direction inconsistent with the request during that 60 day period.

    (b)            No Right to Impair.  No Noteholder has the right to impair the rights of another Noteholder or to seek or obtain priority or preference over another Noteholder or to enforce any right under this Indenture, except in the manner stated
        in this Indenture.

    (c)            Conflicting Requests.  If the Indenture Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders, each evidencing less than a majority of the Note Balance of the Controlling Class, the
        Indenture Trustee will take the action requested by the Noteholders representing the greatest percentage of the Note Balance of the Controlling Class, notwithstanding any other provision of this Indenture.

    Section 5.9      Unconditional Rights to Receive Principal and Interest.  Each Noteholder has an absolute and unconditional right to receive payment of
      the principal of and interest on its Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on or after the Redemption Date) and to start a Proceeding for the enforcement of the payment according to Section 5.8. 
      Those rights may not be impaired or affected without the consent of the Noteholder.

    Section 5.10      Restoration of Rights and Remedies.  If the Indenture Trustee or a Noteholder has started a Proceeding to enforce a right or remedy
      under this Indenture and the Proceeding has been discontinued or abandoned or has been determined adversely to the Indenture Trustee or to the Noteholder, then the Issuer, the Indenture Trustee and the Noteholders, subject to a determination in the
      Proceeding, will be restored to their former positions under this Indenture, and all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no Proceeding had been started.

    Section 5.11      Rights and Remedies Cumulative.  No right or remedy of the Indenture Trustee or the Noteholders under this Indenture is intended to be
      exclusive of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right and remedy under this Indenture.  The exercise of a right or remedy will not prevent the exercise of
      another right or remedy at the same time.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture will not be affected by the seeking, obtaining or use of other relief under this Indenture.  Neither the Lien
      of this Indenture nor the rights or remedies of the Indenture Trustee or the Noteholders will be impaired by the recovery of a judgment by the Indenture Trustee against the Issuer or by the execution of a judgment on the Collateral.

    Section 5.12      Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee or a Noteholder to exercise a right or remedy after a
      Default or Event of Default will impair the right or remedy, or be a waiver of the Default or Event of Default.  Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised as often as
      deemed advisable by the Indenture Trustee or by the Noteholders.

    
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    Section 5.13      Control by Noteholders.  The Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time,
      method and place of conducting a Proceeding for a remedy available to the Indenture Trustee for the Notes or exercising a trust or power of the Indenture Trustee, subject to the following terms:

    (a)            No Conflict.  The direction does not conflict with Law or with this Indenture.

    (b)            Direction to Sell or Liquidate.  Except under Section 5.6(c), a direction to the Indenture Trustee to sell or liquidate the Collateral must have been made by the Noteholders of 100% of the Note Balance of the Controlling Class.

    (c)            Non-Unanimous Directions.  If the Indenture Trustee elects to retain the Collateral under Section 5.7, then a direction to the Indenture Trustee by Noteholders of less than 100% of the Note Balance of the Controlling Class to sell or
        liquidate the Collateral will not be effective.

    (d)            Other Action.  The Indenture Trustee may take other action considered advisable by the Indenture Trustee that is not inconsistent with the direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

    (e)            Adverse Action.  The Indenture Trustee need not take an action for which it will not be adequately indemnified or that it determines might have a material adverse effect on the rights of Noteholders not consenting to the action.

    Section 5.14      Waiver of Defaults and Events of Default.

    (a)            Waiver by Controlling Class.  The Noteholders of a majority of the Note Balance of the Controlling Class may waive a Default or Event of Default except an Event of Default (i) in the payment of principal of or interest on the Notes
        (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) for a covenant or term of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

    (b)            Effect of Waiver.  On any waiver, the Default or Event of Default will be considered not to have occurred for all purposes of this Indenture.  No waiver will extend to any other Default or Event of Default or impair any right
        relating to any other Default or Event of Default.

    Section 5.15      Agreement to Pay Costs.  The parties to this Indenture agree, and each Noteholder by its acceptance of a Note will be deemed to have
      agreed, that a court may in its discretion require, in a Proceeding for the enforcement of a right or remedy under this Indenture, or in a Proceeding against the Indenture Trustee for an action taken or not taken by it as Indenture Trustee, the
      filing by a party litigant in the Proceeding of an agreement to pay the costs of the Proceeding, and that the court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against a party litigant in the Proceeding.  This
      Section 5.15 will not apply to (a) a Proceeding started by the Indenture Trustee, (b) a Proceeding started by a Noteholder or group of Noteholders holding more than 10% of the Note Balance of the Notes (or for a Proceeding for the enforcement of a
      right or remedy under this Indenture that is started by

    
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    the Controlling Class, holding more than 10% of the Note Balance of the Controlling Class) or (c) a Proceeding started by a Noteholder for the enforcement of the payment of
      principal of or interest on a Note on or after the respective due dates expressed in the Note and in this Indenture (or, for redemption, on or after the Redemption Date).

    Section 5.16      Waiver of Stay or Extension Laws.  The Issuer agrees that it will not plead or in any manner claim or take the benefit of, a stay or
      extension that may affect the performance of its obligations under this Indenture, and the Issuer waives the benefit of such law.

    Section 5.17      Performance and Enforcement of Obligations.

    (a)            Actions Requested by Indenture Trustee.  At the Administrator’s expense, the Issuer will promptly take any lawful action the Indenture Trustee requests to (i) compel the performance by (A) the Depositor and the Servicer of their
        obligations to the Issuer under the Transfer and Servicing Agreement and the Master Trust Receivables Transfer Agreement or (B) the Depositor and the Originators of their obligations under the Originator Receivables Transfer Agreement and (ii)
        exercise any rights, remedies, powers, privileges and claims available to the Issuer under those agreements as directed by the Indenture Trustee.

    (b)            Exercise by Indenture Trustee.  If an Event of Default has occurred and is continuing, (i) the Indenture Trustee may, and at the written direction of the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class
        will, exercise all rights, remedies, powers, privileges and claims of the Issuer against (A) the Depositor or the Servicer under the Transfer and Servicing Agreement and the Master Trust Receivables Transfer Agreement and (B) the Depositor and the
        Originators under the Originator Receivables Transfer Agreement, including the right or power to take any action to compel or secure performance or observance by those Persons of their obligations to the Issuer under those agreements, and to give a
        consent, request, notice, direction, approval, extension or waiver under those agreements and (ii) the right and power of the Issuer to take any such action will be suspended.

    ARTICLE VI

      INDENTURE TRUSTEE

    Section 6.1      Indenture Trustee’s Obligations.

    (a)            Standard of Care.  If an Event of Default has occurred and is continuing, the Indenture Trustee will exercise the rights and powers vested in it under this Indenture using the same degree of care and skill as a prudent person would
        use under the circumstances in the conduct of that person’s own affairs.

    (b)            Obligations; Reliance.  Except during the continuance of an Event of Default:

    (i)            the Indenture Trustee agrees to perform the duties and only such duties as specifically stated in this Indenture and no implied covenants, duties (including fiduciary duties) or obligations are to be read into this
        Indenture against the Indenture Trustee; and

    (ii)            in the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee may conclusively rely, for the truth of the statements and the

    
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    correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by this Indenture, conforming to the requirements of
      this Indenture.  The Indenture Trustee will examine the certificates and opinions to determine whether or not they conform as to form to the requirements (but need not confirm or investigate the accuracy of mathematical calculations or other facts
      therein), if any, of this Indenture.

    (c)            Indenture Trustee Liable.  The Indenture Trustee will not be relieved from liability for its own willful misconduct, bad faith or negligence, except that:

    (i)            this Section 6.1(c) does not limit the effect of Section 6.1(b);

    (ii)          the Indenture Trustee will not be liable for an error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in determining the relevant facts;

    (iii)         the Indenture Trustee will not be liable for any action taken or not taken in good faith according to this Indenture or the Transfer and Servicing Agreement or a direction received by it from the Noteholders in accordance
        with the provisions of this Indenture or the Transfer and Servicing Agreement; and

    (iv)         the Indenture Trustee will not be liable for any action taken or not taken by it in good faith in the administration of any Noteholder or Verified Note Owner vote about whether to direct the Asset Representations Reviewer
        to conduct an Asset Representations Review so long as the administration of such vote conforms in all material respects to the Indenture Trustee’s standard internal vote solicitation process.

    (d)            Not Liable for Interest.  The Indenture Trustee will not be liable for interest on money received by it, except as the Indenture Trustee may agree in writing with the Issuer.

    (e)            Not Required to Segregate.  The Indenture Trustee need not segregate any funds held by it in trust under this Indenture from other funds unless required by Law, this Indenture or the Transfer and Servicing Agreement.

    (f)            Section Governs.  Whether or not expressly so provided, every provision of this Indenture relating to the conduct of the Indenture Trustee, the liability of the Indenture Trustee or giving protection to the Indenture Trustee is
        subject to this Section 6.1 and to the TIA.

    (g)            No Deemed Knowledge.  The Indenture Trustee will not be deemed to have knowledge of a breach of the Eligibility Representation, Default or any Event of Default or any other fact (including whether any reacquisition or acquisition
        request remains unresolved for one-hundred eighty (180) days) or event unless (i) a Responsible Person of the Indenture Trustee has actual knowledge of the breach, Default, Event of Default or other fact or event or (ii) where written notice is
        required, a Responsible Person of the Indenture Trustee has actually received written notice of the specific breach, Default, Event of Default or other fact or event at its Corporate Trust Office, and such notice specifically identifies the Issuer,
        this Indenture and such breach, Default, Event of Default, or other fact or event.  Any notice of an occurrence of a breach of the Eligibility Representation under a Receivables Transfer Agreement delivered to the Indenture Trustee shall
        specifically identify the Receivables in breach.  Knowledge or

    
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    information acquired by U.S. Bank National Association in its capacity as Indenture Trustee, Note Paying Agent or Note Registrar, as applicable, shall not be imputed to U.S. Bank
      National Association in any other capacity in which it may act under the Transaction Documents or to any affiliate of U.S. Bank National Association and vice versa.  For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report
      under the Asset Representations Review Agreement shall not constitute knowledge of any such event or breach.

    (h)            Action upon Notice of Breach.  Upon the actual knowledge of or receipt of written notice by a Responsible Person of the Indenture Trustee of a material breach of an Originator’s Eligibility Representation made in Section 3.3 of the
        Originator Receivables Transfer Agreement, a material breach of the Servicer’s Eligibility Representation made in Section 3.3 of the Master Trust Receivables Transfer Agreement, or any other specified breach by the Servicer under the Transfer and
        Servicing Agreement, the Indenture Trustee’s sole obligations are to (i) make a demand upon the applicable Originator (or to cause the Depositor to make a demand upon the applicable Originator) to reacquire the Receivable under Section 3.4 of the
        Originator Receivables Transfer Agreement or upon the Servicer to acquire the Receivable under Section 3.4 of the Master Trust Receivables Transfer Agreement or Section 3.3 of the Transfer and Servicing Agreement, as applicable and (ii) to the
        extent amounts due under clause (i) are not remitted by the applicable Originator or the Servicer, to promptly provide written notice to the Parent Support Provider of the failure by such party to remit such Acquisition Amount.  Unless the
        Indenture Trustee receives written direction and indemnity satisfactory to the Indenture Trustee from a majority of the Controlling Class of the Notes specifying any additional step, including but not limited to commencing litigation, that the
        Indenture Trustee should take, the Indenture Trustee shall have no duty or obligation to take any further action to investigate or enforce remedies for breaches of representations and warranties.

    (i)            No Duty to Monitor or Administer.  Except as expressly provided in this Indenture and the other Transaction Documents, the Indenture Trustee shall have no obligation to administer, service or collect the Receivables or to maintain,
        monitor or otherwise supervise the administration, servicing or collection of the Receivables.

    (j)            Enforceable in all Capacities.  The rights, privileges, protections, immunities and benefits given to the Indenture Trustee in this Article VI, including its right to be indemnified, are extended to, and will be enforceable by, the
        Indenture Trustee in each of its capacities under this Indenture and the other Transaction Documents, including as Authenticating Agent, Note Registrar and Note Paying Agent under this Indenture and as a “securities intermediary” as defined in
        Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC under the Account Control Agreement.

    (k)            Not Required to Pay or Risk Funds.  The Indenture Trustee is not obligated to (i) exercise the rights or powers under this Indenture or the other Transaction Documents, expend or risk its own funds or incur any financial liability in
        the performance of its obligations under this Indenture or the other Transaction Documents, including after an Event of Default, if it has reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against
        that risk or liability is not reasonably assured or given to it by the Issuer or (ii) start, pursue or defend litigation, investigate any matter or honor the request or direction of the Noteholders under this Indenture (other than (A) requests,
        demands or directions relating to an

    
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    asset representation review demand as set forth in Article XIV of this Indenture and Section 11.1 of the Transfer and Servicing Agreement, (B) forwarding notices related to
      dispute resolution procedures as set forth in Section 11.2 of the Transfer and Servicing Agreement and (C) facilitating noteholder communications pursuant to Section 7.1(c) of this Indenture), unless the Noteholders have offered to the Indenture
      Trustee reasonable security or indemnity satisfactory to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the request or direction. Notwithstanding anything to the contrary in this Indenture, the
      Indenture Trustee will not be required to take any action if the Indenture Trustee reasonably determines that such action (x) will not be in the best interests of the Noteholders or (y) will be contrary to applicable Law.  The permissive right of the
      Indenture Trustee to take any action under the Transaction Documents shall not be construed as a duty to take such action.

    (l)            Force Majeure.  The Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture from or caused by, directly or indirectly, forces beyond its control,
        including, but not limited to, strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes, interruptions, loss or failures of
        mechanical, electronic or communication systems, epidemics, a material adverse change in the COVID-19 pandemic or a new pandemic.  The Indenture Trustee will use reasonable efforts consistent with accepted practices in the banking industry to
        resume performance as soon as practicable under the circumstances.

    (m)            Consequential Damages.  The Indenture Trustee will not be responsible or liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Indenture Trustee has been advised of the
        likelihood of the loss or damage and regardless of the form of action.

    (n)            No Duty with Respect to Collateral.  The Indenture Trustee shall be under no duty or obligation in connection with the acquisition or Grant by the Issuer to the Indenture Trustee of any item constituting the Collateral, or to
        evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection with its Grant or otherwise, in each case, in order to determine compliance with applicable requirements of and restrictions on
        transfer in respect of such Collateral.

    (o)            No Duty with Respect to Risk Retention.  The Indenture Trustee will not have any obligation or responsibility to monitor or enforce the Sponsor’s compliance with any risk retention requirements under the U.S. Credit Risk Retention
        Rules or other rules or regulations relating to risk retention.  The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Noteholder or other party for violation of such rules now or hereafter in
        effect, except as otherwise may be explicitly required by law, rule or regulation.

    (p)            [Reserved].

    (q)            Liability for Dissemination of Information.  Except as required by the Transaction Documents, the Indenture Trustee shall not be liable for the dissemination of any information contained in any Review Report or summary thereof, any
        10-D or other filing, or any other dissemination of information required or made in accordance with the Transaction Documents

    
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    and shall have no responsibility, or liability for the failure of any party to redact or remove any Personally Identifiable Information or other confidential information in any
      document.

    Section 6.2      Indenture Trustee’s Rights.

    (a)            Reliance on Documents.  The Indenture Trustee may conclusively rely on any document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper Person.  The Indenture
        Trustee is not required to investigate any facts or matters or to verify any calculations or amounts stated in any document (including the Monthly Investor Report).  The Indenture Trustee will not be liable for any action taken or not taken in good
        faith in reliance on a document believed by it to be genuine.

    (b)            Reliance on Opinions.  Before the Indenture Trustee acts or does not act, it may require and rely on an Officer’s Certificate or an Opinion of Counsel, at the expense of the Issuer.  The Indenture Trustee will not be liable for any
        action taken or not taken in good faith in reliance on an Officer’s Certificate or Opinion of Counsel.

    (c)            Use of Agents.  The Indenture Trustee may exercise its rights or powers under this Indenture or perform its obligations under this Indenture either directly or by or through agents or attorneys or a custodian or nominee.  The
        Indenture Trustee will not be responsible for misconduct or negligence on the part of, or for the supervision of, the agent, counsel, custodian or nominee appointed with due care by it under this Indenture.

    (d)            Good Faith.  The Indenture Trustee will not be liable for any action taken or not taken in good faith which it believes to be authorized or within its rights or powers under this Indenture so long as the action taken or not taken
        does not amount to negligence.

    (e)            Advice from Counsel.  The Indenture Trustee may consult with counsel, accountants, appraisers or other experts or advisors, and the advice or opinion of counsel, accountants, appraisers or other experts or advisors on any matters
        relating to this Indenture and the Notes will be full and complete authorization and protection from liability for any action taken or not taken by it under this Indenture in good faith and according to the advice or opinion of that counsel,
        accountant, appraiser or expert or advisor.

    (f)            No Determination of Materiality.  The Indenture Trustee shall not be required to determine the materiality or adverse effect of breaches of representations or warranties or other events for purposes of notice or enforcement hereunder
        or under any other Transaction Document.

    (g)            Incumbency.  The Indenture Trustee may request that the Issuer and any other Person deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to
        this Indenture.

    (h)            No Duty with Respect to Regulatory Requirements.  The Indenture Trustee shall have no responsibility to prepare or file or make any determination with respect to any tax or securities law filing or report, or to monitor, enforce,
        make any determination or take any action with respect to any risk retention requirements or other regulatory requirements and shall have

    
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    no liability for the failure of the Issuer, the Notes or the Noteholders or any other Person to satisfy any such requirements.

    Section 6.3      Indenture Trustee’s Individual Rights.  The Indenture Trustee and any Note Paying Agent, Note Registrar or Authenticating Agent under
      this Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee or Note Paying Agent, Note Registrar
      or Authenticating Agent.

    Section 6.4      Indenture Trustee’s Disclaimer.  The Indenture Trustee will not be liable for (a) the validity or adequacy of this Indenture or the
      Notes, (b) the Issuer’s use of the proceeds from the Notes, (c) any statement of the Issuer in this Indenture or in the Notes, other than the Indenture Trustee’s certificate of authentication, or (d) any statement of the Issuer, the Depositor or the
      Servicer in any prospectus or offering document used for the offering or sale of the Notes.

    Section 6.5      Notice of Defaults and Notice of Payment Defaults.

    (a)            Within ninety (90) days after a Responsible Person of the Indenture Trustee has actual knowledge of, or actually receives written notice of, a Default under this Indenture, the Indenture Trustee will mail, as described in Section 313(c) of
        the TIA, to each Noteholder, notice of the Default, unless the Default has been corrected or waived.  However, except for a Default in the payment of principal of or interest on a Note, the Indenture Trustee may withhold the notice if and so long
        as a committee of its Responsible Persons in good faith determines that the withholding of the notice is in the interests of the Noteholders.

    (b)            Promptly, but not later than five (5) days, after a Responsible Person of the Indenture Trustee has actual knowledge of, or actually receives written notice of, the failure of (i) any Originator to remit an Acquisition Amount under Section
        3.4 of the Originator Receivables Transfer Agreement, (ii) the Servicer to remit an Acquisition Amount under Section 3.4 of the Master Trust Receivables Transfer Agreement or Section 3.3 of the Transfer and Servicing Agreement, (iii) the Servicer
        to deposit Collections into the Collection Account when such amounts are to be deposited or (iv) the Marketing Agent to remit, or to cause the related Originator to remit, any amounts due under Section 3.11(b) of the Transfer and Servicing
        Agreement, the Indenture Trustee will notify the Parent Support Provider in writing of such payment default.

    Section 6.6      Reports by Indenture Trustee.

    (a)            Tax Information.  Starting in the year after the Closing Date, the Indenture Trustee will deliver or make available to each Person who at any time during the prior calendar year was a Noteholder of record, a statement containing the
        information required to be given to a noteholder by an issuer of indebtedness, in the form and at the time required under the Code.

    (b)            Monthly Investor Report.  On each Payment Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record as of the most recent Record Date (which delivery may be made by e-mail to the e-mail
        addresses in the Note Register without need for confirmation of receipt or by making the report available to the Noteholders through the Indenture Trustee’s website, which initially is located at https://pivot.usbank.com (or

    
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    via such other internet website as may be designated by the Indenture Trustee for such purpose)).  Noteholders with questions may direct them to the Indenture Trustee’s bondholder
      services group at (800) 934-6802.

    (c)            [Reserved]. 

    (d)            Annual Assessment of Compliance.  On or before March 1 of each year, beginning in the year after the Closing Date, the Indenture Trustee will:

    (i)            deliver to the Issuer, the Depositor, the Administrator and the Servicer, a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified on Exhibit B during the immediately
        preceding calendar year, including disclosure of any material instance of non-compliance identified by the Indenture Trustee, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.  Such report shall be
        addressed to the Issuer and signed by an authorized officer of the Indenture Trustee; and,

    (ii)            deliver to the Issuer, the Depositor, the Administrator and the Servicer a report of a registered public accounting firm reasonably acceptable to the Issuer and the Administrator that attests to, and
        reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph.  This attestation shall be delivered in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S‐X under the Securities
        Act and the Exchange Act.

    The reports will be delivered in a format suitable for filing with the Commission on EDGAR.

    (e)            Obligation to Update Disclosure.  The Indenture Trustee will notify and provide information, and certify that information in an Officer’s Certificate, to the Issuer, the Administrator and the Depositor on the occurrence of any event
        or condition relating to the Indenture Trustee or actions taken by the Indenture Trustee that (i) may be required to be disclosed by the Issuer under Item 2 (the institution of, material developments in, or termination of legal proceedings against
        the Indenture Trustee that are material to the Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days of a Responsible Person of the Indenture Trustee having actual knowledge of such proceeding, (ii) the Issuer, or the
        Administrator on behalf of the Issuer, reasonably requests of the Indenture Trustee that the Administrator believes is necessary to comply with the Issuer’s reporting obligations under the Exchange Act within two (2) Business Days of request, (iii)
        is required to be disclosed under Item 5 (submission of matters to a vote of the Noteholders) of Form 10-D under the Exchange Act (other than with respect to submissions of matter to a vote of the Noteholders pursuant to Section 14.1 of this
        Indenture) within five (5) Business Days of a Responsible Person of the Indenture Trustee having actual knowledge of the submission, or (iv) is required to be disclosed under Item 6.04 (failure to make a distribution when required) of Form 8-K
        under the Exchange Act within two (2) Business Days of the failure to make a distribution when required, as applicable.

    
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    Section 6.7      Compensation and Indemnity.

    (a)            Fees.  The Issuer will pay the Indenture Trustee as compensation for performing its obligations under this Indenture the Indenture Trustee Fee.  The Indenture Trustee’s compensation will not be limited by law on compensation of a
        trustee of an express trust.  The Issuer will reimburse the Indenture Trustee for its reasonable expenses in performing its obligations under this Indenture and the other Transaction Documents, including costs of collection and the reasonable
        compensation and expenses of the Indenture Trustee’s agents, counsel, accountants and experts, but excluding expenses resulting from the Indenture Trustee’s willful misconduct, bad faith or negligence.

    (b)            Indemnification.  The Issuer agrees to indemnify U.S. Bank National Association in each of its capacities under this Indenture and the other Transaction Documents and its officers, directors, employees and agents (each, an “Indemnified

          Person”) against any and all loss, liability, claim, suit, action, expense (including reasonable attorney’s fees and expenses), damages, costs and disbursements incurred in connection with, arising out of or resulting from the administration
        of the trusts created hereunder and the performance of its obligations under this Indenture and the other Transaction Documents (including any such amount incurred by the Indemnified Person in connection with (x) defending itself against any claim,
        legal action or proceeding or (y) the enforcement of any indemnification or other obligation of the Issuer, the Servicer or any other transaction party) not resulting from (i) the Indenture Trustee’s own willful misconduct, negligence or bad faith
        or (ii) the Indenture Trustee’s breach of its representations or warranties in this Indenture.

    (c)            Proceedings.  If an Indemnified Person receives notice of the start of a Proceeding against it, the Indemnified Person will, if a claim under the Proceeding will be made under this Section 6.7, promptly notify the Issuer of the
        Proceeding; provided, that the failure to give such notice shall not affect the right of an Indemnified Person to indemnification hereunder to the extent that such failure does not prejudice the rights of the Issuer or the Indemnified Person in
        such Proceeding.  The Issuer may participate in and assume the defense and settlement of the Proceeding at its expense.  If the Issuer notifies the Indemnified Person of its intention to assume the defense of the Proceeding, the Issuer will assume
        such defense with counsel reasonably satisfactory to the Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Issuer will not be liable for legal expenses of separate
        counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer and the Indemnified Person.  If there is a conflict or if the parties cannot reasonably agree as to the selection of counsel, the Issuer will pay for
        the separate counsel to the Indemnified Person.  No settlement of the Proceeding in which a claim is brought against the Issuer may be settled in the name of, on behalf of or in any manner in which the Issuer is understood to acknowledge the
        validity of any claim without the approval of the Issuer and the Indemnified Person, which approvals will not be unreasonably withheld.

    (d)            Survival of Obligations.  The Issuer’s obligations to the Indenture Trustee under this Section 6.7 will survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture.  Expenses incurred by the
        Indenture Trustee after the occurrence of a Default stated in Section 5.1(a)(iv) are intended to be expenses of administration under the Bankruptcy Code or another applicable federal or State bankruptcy, insolvency or similar law.

    
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    (e)            Repayment.  If the Issuer makes a payment to an Indemnified Person under Section 6.7(b) 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 Issuer.

    (f)            Available Funds.  Payments required to be made by the Issuer under this Section 6.7 will be made solely from funds used to make payments under this Indenture.

    Section 6.8      Resignation or Removal of Indenture Trustee.

    (a)            Resignation.  The Indenture Trustee may resign by notifying the Issuer and the Administrator in writing at least thirty (30) days in advance.

    (b)            Removal by Controlling Class.  The Noteholders of a majority of the Note Balance of the Controlling Class may, without cause, remove the Indenture Trustee and terminate its rights and obligations under this Indenture by notifying the
        Indenture Trustee and the Issuer, in writing, at least thirty (30) days prior to such removal.

    (c)            Removal by Issuer.  The Issuer must remove the Indenture Trustee and terminate its rights and obligations under this Indenture if:

    (i)            the Indenture Trustee fails to comply with the eligibility requirements in Section 6.11;

    (ii)          the Indenture Trustee becomes legally unable to act or incapable of acting as Indenture Trustee; or

    (iii)        an Insolvency Event for the Indenture Trustee occurs.

    (d)            Appointment of Successor.  If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class must
        appoint a successor Indenture Trustee promptly.  If a successor Indenture Trustee does not take office within sixty (60) days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Issuer or the Noteholders of a majority of
        the Note Balance of the Controlling Class may petition a court of competent jurisdiction (at the expense of the Issuer) to appoint a successor Indenture Trustee.

    (e)            Acceptance of Appointment.  No resignation or removal of the Indenture Trustee will become effective until the acceptance of appointment by the successor Indenture Trustee under this Section 6.8.  Any successor Indenture Trustee will
        deliver a written acceptance of its appointment to the outgoing Indenture Trustee, the Issuer and the Administrator.  The Issuer will continue to pay amounts owed to the predecessor Indenture Trustee for the period it was Indenture Trustee
        according to Sections 6.7 and 8.2.  The successor Indenture Trustee will notify the Secured Parties of its succession and the Issuer or Administrator will deliver a copy of the notice to the Rating Agencies.

    (f)            Transition of Indenture Trustee Obligations.  On the resignation or removal of the Indenture Trustee becoming effective under Section 6.8(e), all rights, powers and obligations of the Indenture Trustee under this Indenture will
        become the rights, powers and obligations of the

    
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    successor Indenture Trustee.  The predecessor Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.  The
      Depositor will reimburse the Indenture Trustee and any successor Indenture Trustee for expenses related to the replacement of the Indenture Trustee, if those amounts have not been paid under Section 8.2.

    Section 6.9      Merger or Consolidation; Transfer of Assets.

    (a)            Merger or Consolidation.  If the Indenture Trustee merges or consolidates with, or transfers all or substantially all of its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the
        successor Indenture Trustee so long as that Person is qualified and eligible under Section 6.11.  The Indenture Trustee will promptly notify the Servicer and the Issuer of the succession, and the Issuer will notify the Rating Agencies.

    (b)            Authentication of Notes.  If, at the time the successor by merger or consolidation to the Indenture Trustee succeeds to the trusts created by this Indenture, Notes have been authenticated but not delivered, the successor Indenture
        Trustee may adopt the certificate of authentication of a predecessor Indenture Trustee and deliver the Notes so authenticated.  If at that time any Notes have not been authenticated, the successor Indenture Trustee may authenticate the Notes.  In
        each of those cases, the certificates will have the same force and effect given in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

    Section 6.10      Appointment of Separate Trustee or Co-Trustee.

    (a)            Appointment.  For the purpose of meeting the legal requirement of a jurisdiction in which part of the Collateral may be located or for such other reasons as may be necessary or desirable (including to resolve any conflict of interest
        issues), after notifying the Issuer and the Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or co-trustee or co-trustees, of all or part of the Collateral, and to vest in those
        Persons, in this capacity and for the benefit of the Secured Parties, title to all or part of the Collateral, and, subject to this Section 6.10, rights, powers and obligations the Indenture Trustee may consider necessary or desirable.  No separate
        trustee or co-trustee will be required to be eligible as a successor trustee under Section 6.11 and no notice to the Secured Parties of the appointment of a separate trustee or co-trustee will be required under Section 6.8.

    (b)            Terms of Appointment.  Every separate trustee and co-trustee will be appointed and act subject to the following:

    (i)            all rights, powers and obligations of the Indenture Trustee set forth in the instrument of appointment will be exercised or performed by the separate trustee or the Indenture Trustee or co-trustee jointly (it being
        understood that a co-trustee will not be authorized to act separately without the Indenture Trustee joining in the act, except if under the law of a jurisdiction in which a particular act or acts are to be performed the Indenture Trustee will be
        incompetent or unqualified to perform those act or acts, in which event those acts will be exercised and performed singly by the co-trustee, but solely at the direction of the requisite Noteholders);

    (ii)            no trustee will be personally liable by reason of an act or omission of another trustee under this Indenture; and

    
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    (iii)            the Indenture Trustee may accept the resignation of or remove a separate trustee or co-trustee.

    (c)            Notices.  Any notice, request or other writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee and co-trustee, as effectively as if given to each of them.

    (d)            Rights of Appointee.  Every document appointing a separate trustee or co-trustee will refer to this Indenture and the conditions of this Section 6.10.  Each separate trustee and

        co-trustee, on its acceptance of its appointment will have the rights, powers and obligations stated in its appointment, subject to this Indenture.  The document will be filed with the Indenture Trustee, and the Indenture Trustee will provide the
        Issuer with a copy of each document.

    (e)            Indenture Trustee as Agent.  A separate trustee or co-trustee, with the consent of the Indenture Trustee, may appoint the Indenture Trustee as its agent or attorney-in-fact with power and authority, if permitted by law, to do each
        lawful act under or for this Indenture on its behalf and in its name.  If a separate trustee or co-trustee becomes incapable of acting, resigns or is removed, all of its rights, powers and obligations will be exercised by the Indenture Trustee, if
        permitted by law, without the appointment of a new or successor trustee.

    Section 6.11      Eligibility.  The Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of
      the TIA.  The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report of condition and must have a long-term debt rating of at least investment grade by
      each of the Rating Agencies or must be acceptable to each of the Rating Agencies or satisfy the Rating Agency Condition.  Promptly after the Indenture Trustee fails to satisfy the requirements in this Section 6.11 or ceases to be a Qualified
      Institution, the Indenture Trustee will notify the Issuer and the Servicer of the failure.

    Section 6.12      Inspections of Indenture Trustee.  The Indenture Trustee agrees that, with reasonable prior notice, it will permit authorized
      representatives of the Issuer, the Servicer or the Administrator, during the Indenture Trustee’s normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of
      the Indenture Trustee relating to (a) the performance of the Indenture Trustee’s obligations under this Indenture, (b) the payments of fees and expenses of the Indenture Trustee for its performance and (c) any claim made by the Indenture Trustee
      under this Indenture.  In addition, the Indenture Trustee will permit those representatives to make copies and extracts of the books and records and to discuss them with the Indenture Trustee’s officers and employees.  Any access and review will be
      subject to the Indenture Trustee’s confidentiality and privacy policies.  The Indenture Trustee will maintain all relevant books, records, reports and other documents and materials for a period of two years after the termination of its obligations
      under this Indenture.

    Section 6.13      Indenture Trustee’s Representations and Warranties.  The Indenture Trustee represents and warrants to the Issuer as of the Closing
      Date:

    
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    (a)            Organization.  The Indenture Trustee is duly organized, validly existing and qualified as a national banking association under the laws of the United States.

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

    (c)            Enforceability.  This Indenture has been duly executed by an authorized officer of the Indenture Trustee and constitutes the legal, valid and binding obligation of the Indenture Trustee enforceable against the Indenture Trustee in
        accordance with its terms, except as may be limited by (i) insolvency, bankruptcy, reorganization, moratorium or other laws now or hereafter in effect relating to the enforcement of creditors’ rights generally, (ii) general equitable principles
        (regardless of whether such enforceability is considered in a proceeding at law or in equity) and (iii) with respect to rights of indemnity hereunder, limitations of public policy under applicable securities laws.

    (d)            No Defaults.  To the best knowledge of the Responsible Persons of the Indenture Trustee, the Indenture Trustee is not in breach of or default under any law or regulation of the United States of America, or any department, division,
        agency or instrumentality thereof having jurisdiction over the trust powers of the Indenture Trustee which would materially impair the ability of the Indenture Trustee to perform its obligations under this Indenture.

    (e)            No Consents.  To the best knowledge of the Responsible Persons of the Indenture Trustee, no authorization, consent or other order of any federal government authority or agency having jurisdiction over the trust powers of the
        Indenture Trustee are required to be obtained by the Indenture Trustee for the valid authorization, execution and delivery by the Indenture Trustee of the Indenture or the authentication of the Notes.

    (f)            Eligibility.  The Indenture Trustee satisfies the requirements of Section 310(a) of the TIA and is a Qualified Institution.  The Indenture Trustee or its parent has a combined capital and surplus of at least $50,000,000 as stated in
        its most recent annual published report of condition.

    Section 6.14      Reporting of Receivables Repurchase Demands.  The Indenture Trustee will (a) notify the Sponsor, the Administrator, the Depositor and
      the Servicer, as soon as practicable and within five (5) Business Days, of demands or requests actually received by a Responsible Person of the Indenture Trustee for the reacquisition or acquisition, as applicable, of any Receivable under Section 3.4
      of the Originator Receivables Transfer Agreement, Section 3.4 of the Master Trust Receivables Transfer Agreement or Section 2.5 of the Transfer and Servicing Agreement, (b) promptly on request by the Sponsor, the Depositor, the Administrator or the
      Servicer, provide to them other information reasonably requested and within its possession to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and (c) if requested by the Sponsor, the Depositor, the Administrator or the Servicer,
      provide a written certification no later than fifteen (15) days following the end of any quarter or year that the Indenture Trustee has not received any reacquisition demands or requests for that period, or if reacquisition or acquisition, as
      applicable, demands or requests have been received during that period, that the

    
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    Indenture Trustee has provided all the information reasonably requested under clause (b) above.  The Indenture Trustee and the Issuer will not have responsibility or liability for
      a filing required to be made by a securitizer under the Exchange Act.

    Section 6.15      Preferential Collection of Claims Against the Issuer.  The Indenture Trustee will comply with Section 311(a) of the TIA, excluding
      each creditor relationship listed in Section 311(b) of the TIA.  An Indenture Trustee who has resigned or been removed will be subject to Section 311(c) of the TIA.

    ARTICLE VII

      NOTEHOLDER COMMUNICATIONS AND REPORTS

    Section 7.1      Noteholder Communications.

    (a)            Noteholder List.  If the Indenture Trustee is not the Note Registrar, the Issuer will furnish a list of the names and addresses of the Noteholders to the Indenture Trustee (a) not more than five (5) days after each Record Date, as of
        that Record Date and (b) not more than thirty (30) days after receipt by the Issuer of a request from the Indenture Trustee, as of a date not more than ten (10) days before the time the list is furnished.  If the Indenture Trustee is the Note
        Registrar, the Indenture Trustee, on the request of the Owner Trustee, will furnish within ten (10) days to the Owner Trustee a list of Noteholders as of the date stated by the Owner Trustee.

    (b)            Noteholder List Retention.  The Indenture Trustee will maintain a current list of the names and addresses of the Noteholders based on the most recent list furnished to the Indenture Trustee under Section 7.1(a) and the names and
        addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar.

    (c)            Noteholder Communications.  Noteholders may communicate with other Noteholders about their rights under this Indenture or under the Notes.  Within ten (10) days following receipt by the Indenture Trustee of a request by three or more
        Noteholders to receive a copy of the current list of Noteholders, the Indenture Trustee will (i) provide a current list of Noteholders to the Noteholders making the request and (ii) notify the Administrator of the request by giving to the
        Administrator a copy of the request and a copy of the list of Noteholders produced in response to the request.

    (d)            Noteholder Communications with Indenture Trustee.  A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give
        notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee and providing to the Indenture Trustee a copy of the communication such
        Noteholder or Note Owner, as applicable, proposes to send.  Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an
        account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note.  The Indenture Trustee will not be required to take action in response to requests, demands or directions of a
        Noteholder or a Note Owner (other than (A) requests, demands or directions relating to an asset representation review demand as set

    
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    forth in Article XIV of this Indenture and Section 11.1 of the Transfer and Servicing Agreement, (B) forwarding notices related to dispute resolution procedures as set forth in
      Section 11.2 of the Transfer and Servicing Agreement and (C) facilitating noteholder communications pursuant to Section 7.1(c) of this Indenture), unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably
      satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.

    (e)            Fiscal Year.  The fiscal year of the Issuer will be the calendar year.

    (f)            TIA Communication.  Noteholders may communicate under Section 312(b) of the TIA with other Noteholders about their rights under this Indenture or under the Notes.  The Issuer, the Indenture Trustee and the Note Registrar will have
        the protection of Section 312(c) of the TIA.

    Section 7.2      Reports by Issuer.

    (a)            Securities and Exchange Commission Filings.  The Issuer will, or will cause the Administrator or the Servicer to: 

    (i)            file with the Commission (A) the annual reports and the information, documents and other reports (or copies or parts the Commission may prescribe) that the Issuer is required to file with the Commission under Section 13
        or 15(d) of the Exchange Act, including annual reports on Form 10-K and monthly distribution reports on Form 10-D, and (B) additional information, documents and reports about compliance by the Issuer with this Indenture required by the Commission;

    (ii)          make available to the Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same with the Commission, the annual reports and the information, documents or other reports filed with the
        Commission under Section 7.2(a)(i); and

    (iii)         make available to the Indenture Trustee the information, documents and reports (or summaries of such items) required to be filed by the Issuer under Section 7.2(a)(i) and (ii) as may be required by rules and regulations
        prescribed by the Commission.

    (b)            Documents and Reports to Noteholders.  The Indenture Trustee will transmit to all Noteholders, as described in Section 313(c) of the TIA, the information, documents and reports (or summaries of such items) supplied to the Indenture
        Trustee under Section 7.2(a). 

    Section 7.3      Reports by Indenture Trustee.

    (a)            Annual Report.  Within ninety (90) days after each April 15, beginning in the year after the Closing Date, the Indenture Trustee will prepare and transmit to each Noteholder a report dated as of April 15 of the applicable year that
        complies with Section 313(a) of the TIA, but only if the report is required under Section 313(a) of the TIA.  The Indenture Trustee will also prepare and transmit to Noteholders any report required under Section 313(b) of the TIA.  A

    
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    report transmitted to the Noteholders under this Section 7.3(a) will be transmitted in compliance with Section 313(c) of the TIA.

    (b)            Filing.  The Indenture Trustee will file with the Commission and any stock exchange on which the Notes are listed a copy of each report delivered under Section 7.3(a) at the time of its mailing to the Noteholders.  The Issuer will
        notify the Indenture Trustee if and when the Notes are listed on a stock exchange.

    ARTICLE VIII

      ACCOUNTS, DISTRIBUTIONS AND RELEASES

    Section 8.1      Collection of Funds.  Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will
      receive and collect, directly the funds and other property payable to or to be received by the Note Paying Agent under this Indenture and the Transfer and Servicing Agreement.  The Note Paying Agent will apply the funds and other property received by
      it, and will make deposits into, and distributions from, the Bank Accounts, under this Indenture and the Transfer and Servicing Agreement.

    Section 8.2      Bank Accounts; Distributions.

    (a)            Establishment.  On and after the Closing Date, the Note Paying Agent will maintain the Bank Accounts established by the Servicer under Section 4.1 of the Transfer and Servicing Agreement.

    (b)            Bank Account Withdrawals.  On or before each Payment Date, the Note Paying Agent will withdraw the amounts required to be withdrawn from the Reserve Account, the Negative Carry Account and the Acquisition Account and deposit them
        into the Collection Account or pay them to the Depositor, as applicable, according to Section 4.4 of the Transfer and Servicing Agreement.

    (c)            Distributions from Collection Account.  Subject to Section 8.2(e), on each Payment Date, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Collection Account and make
        deposits and payments, to the extent of Available Funds in the Collection Account for that Payment Date, in the following order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

    (i)            first, to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, (x) the Indenture Trustee Fee, the Owner Trustee Fee and the Asset Representations Reviewer Fee, respectively, owed to such
        party under this Indenture, the Trust Agreement or the Asset Representations Review Agreement, as applicable and (y) any payment of expenses and indemnities then due to the Indenture Trustee, the Owner Trustee and the Asset Representations
        Reviewer, up to, with respect to clause (y) a maximum of $400,000 in the aggregate per calendar year; provided, that $200,000 of such cap will be allocated to reimbursable expenses and indemnities of the Indenture Trustee, $100,000 of such cap will
        be allocated to reimbursable expenses and indemnities of the Owner Trustee and $100,000 of such cap will be allocated to reimbursable expenses and indemnities of the Asset Representations Reviewer (and on

    
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    the Payment Date occurring in December of each calendar year, each such party will have the right to reimbursement from any unused portion of the cap allocated
      to another party to the extent that the expenses and indemnities reimbursable to such party exceed the related allocated amount at the end of such calendar year); provided, further that after the occurrence of any Event of Default, other than an
      Event of Default set forth in Section 5.1(a)(iii), such cap will not apply;

    (ii)            second, (x) to the Servicer, unpaid Servicing Fees and (y) on the first Payment Date following the assumption by a Successor Servicer of its duties as Successor Servicer, to such Successor
        Servicer, a one-time Successor Servicer engagement fee of $150,000;

    (iii)          third, to the Noteholders of Class A Notes, the Accrued Note Interest for the Class A Notes;

    (iv)          fourth, during the Amortization Period, for allocation as principal under Section 8.2(d), the First Priority Principal Payment;

    (v)            fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

    (vi)          sixth, during the Amortization Period, for allocation as principal under Section 8.2(d), the Second Priority Principal Payment;

    (vii)         seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

    (viii)       eighth, during the Amortization Period, for allocation as principal under Section 8.2(d), the Third Priority Principal Payment;

    (ix)           ninth, during the Amortization Period, for allocation as principal under Section 8.2(d), the Regular Priority Principal Payment;

    (x)            tenth, solely if an Amortization Event has occurred and is continuing, to the Noteholders, payable sequentially by Class, remaining amounts due on the Notes, payable until the Note Balance of each Class of Notes is
        reduced to zero;

    (xi)          eleventh, to any Successor Servicer, the Additional Successor Servicer Fee, if any;

    (xii)         twelfth, to the Reserve Account, the amount required to bring the amount in the Reserve Account up to the Required Reserve Amount;

    (xiii)       thirteenth, during the Revolving Period, to the Acquisition Account, the Acquisition Deposit Amount for that Payment Date;

    (xiv)       fourteenth, during the Revolving Period, if amounts are in the Acquisition Account, to the Negative Carry Account, the Negative Carry Deposit Amount;

    
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    (xv)            fifteenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class, based on the amount due;

    (xvi)           sixteenth, (x) to the payment of all amounts due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer to the extent not paid under Section 8.2(c)(i) on that Payment
        Date and (y) to the extent that the Administrator has paid any fees of the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer on the Closing Date pursuant to Section 2.2(e) of the Administration Agreement, to the
        Administrator for the reimbursement of such amounts;

    (xvii)         seventeenth, to the payment of any expenses of the Issuer identified by the Administrator, on behalf of the Issuer; and

    (xviii)       eighteenth, to the Certificate Distribution Account for distribution sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

    For the avoidance of doubt, all amounts due to the Owner Trustee, the Indenture Trustee or the Asset Representations Reviewer in excess of the amounts paid to
      such party pursuant to priorities (i) and (xvi) during any calendar year will become due and payable in each succeeding calendar year, subject to the applicable limitations set forth therein, until paid in full.

    (d)            Distributions of Principal.  On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section
        8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class:

    (i)            first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero;

    (ii)           second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero;

    (iii)         third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and

    (iv)         fourth, to the Certificate Distribution Account for distribution sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

    (e)            Distributions Following Acceleration.  If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Note Paying
        Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order
        of priority (pro rata to the Persons within each priority level based on the amounts due except as stated):

    
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    (i)            first, pro rata, to the payment of all amounts, including the Indenture Trustee Fee, the Owner Trustee Fee and the Asset Representations Reviewer Fee, and expenses and
        indemnities due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer;

    (ii)           second, (x) to the Servicer, unpaid Servicing Fees and (y) on the first Payment Date following the assumption by a Successor Servicer of its duties as Successor Servicer, to such Successor
        Servicer a one-time Successor Servicer engagement fee of $150,000;

    (iii)         third, to the Noteholders of Class A Notes, the Accrued Note Interest for the Class A Notes;

    (iv)         fourth, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes is reduced to zero;

    (v)           fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

    (vi)         sixth, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero;

    (vii)       seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

    (viii)     eighth, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero;

    (ix)         ninth, to any Successor Servicer, the Additional Successor Servicer Fee, if any;

    (x)           tenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class, based on the amount due;

    (xi)         eleventh, to any parties identified by the Administrator, any remaining expenses of the Issuer; and

    (xii)        twelfth, to the Certificate Distribution Account for distribution sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

    (f)            Amounts in Acquisition Account.  On each Acquisition Date, the Note Paying Agent (according to the instructions provided in the Transfer Notice) will withdraw funds in the Acquisition Account (after the payments under Section 8.2(c)
        on that Acquisition Date) and pay the amounts to the Depositor for the acquisition of Additional Receivables by the Issuer on that Acquisition Date.

    
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    (g)            Subordination Agreement.  Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the
        subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement
        within the meaning of Section 510(a) of the Bankruptcy Code.

    Section 8.3      Bank Accounts.

    (a)            Limited Liability for Permitted Investments.  Subject to Section 6.1(c), neither the Indenture Trustee nor the Note Paying Agent will be liable for any insufficiency in Bank Accounts resulting from a loss on a Permitted Investment,
        except for losses attributable to U.S. Bank National Association’s failure to make payments on the Permitted Investments issued by U.S. Bank National Association, in its commercial capacity as principal obligor and not as trustee.

    (b)            Notice to Qualified Institution.  A Responsible Person of the Indenture Trustee will notify the Qualified Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing.

    Section 8.4      Release of Collateral.

    (a)            Release of Property.  The Indenture Trustee may, and when required by this Indenture will, release Collateral from the Lien of this Indenture, in each case, according to this Indenture.  Except under Sections 8.4(b), 8.4(c) and 10.1
        and Section 3.4 of the Transfer and Servicing Agreement for which the related Collateral will automatically be released, the Indenture Trustee will release Collateral from the Lien of this Indenture only on receipt of an Issuer Request and an
        Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3 and (if required by the TIA) Independent Certificates according to Sections 314(c) and 314(d)(1) of the TIA.

    (b)            Deemed Release.  The Indenture Trustee will be deemed to release, and does release, and each Noteholder or Note Owner by its acceptance of a Note or an interest or participation in a Note acknowledges that the Indenture Trustee will
        release Liens and other rights and interests it possesses, without further action of the parties, in, to and under:

    (i)            each Receivable and all proceeds of the Receivable sold by the Issuer under Section 3.4(c) of the Originator Receivables Transfer Agreement, Section 3.4(c) of the Master Trust Receivables Transfer Agreement or Section 2.5
        or 3.3(e) of the Transfer and Servicing Agreement, effective when the Receivable is deemed sold and assigned by the Issuer under the applicable Section; and

    (ii)            each Receivable sold by the Servicer under Section 3.4 of the Transfer and Servicing Agreement, effective when the Receivable is deemed sold by the Servicer.

    (c)            Release of Funds.  When there are no Notes Outstanding and all amounts due from the Issuer to the Indenture Trustee have been paid in full under Section 6.7 or 10.1, the Indenture Trustee will release the Collateral from the Lien of
        this Indenture and release to the

    
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    Issuer or any other Person entitled to those funds under this Indenture or the other Transaction Documents, the funds then in the Bank Accounts under this Indenture.  The
      Indenture Trustee will release Collateral from the Lien of this Indenture under this Section 8.4(c) only on receipt of an Issuer Request and an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

    (d)            Termination Statements.  On receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3, the Indenture Trustee will execute termination statements and other
        documents to release Collateral as permitted by this Section 8.4 and Section 10.1.  No party relying on a document or authorization executed by the Indenture Trustee under this Article VIII is required to determine the Indenture Trustee’s
        authority, inquire into the satisfaction of conditions precedent or require evidence of the application of funds.

    ARTICLE IX

      AMENDMENTS

    Section 9.1      Amendments Without Consent of Noteholders or Certificateholders.

    (a)            General Amendments.  Without the consent of the Noteholders or the Certificateholders, but after notifying the Rating Agencies, the Issuer and the Indenture Trustee may, and the Indenture Trustee, when directed by Issuer Order will,
        amend this Indenture:

    (i)            to correct or expand the description of property subject to the Lien of this Indenture, or better to assure, convey and confirm to the Indenture Trustee property subject or required to be subjected to the Lien of this
        Indenture, or to subject additional property to the Lien of this Indenture;

    (ii)          to evidence the succession of any other Person to the Issuer, and the assumption by the successor of the obligations of the Issuer in this Indenture and in the Notes;

    (iii)         to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender a right or power given to the Issuer in this Indenture;

    (iv)         to transfer, assign, mortgage or pledge property to or with the Indenture Trustee;

    (v)           to clarify an ambiguity, correct an error or correct or supplement any term in this Indenture inconsistent with another term in this Indenture or to add provisions which are not inconsistent with the provisions of this
        Indenture if the action does not have a material adverse effect on the interests of the Noteholders or the Certificateholders, as applicable;

    (vi)         to evidence the acceptance of the appointment under this Indenture of a successor trustee and to add to or change this Indenture as necessary to facilitate the administration of the trusts under this Indenture by more
        than one trustee;

    
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    (vii)       to correct any manifest error in the terms of this Indenture as compared to the terms expressly set forth in the Prospectus; or

    (viii)     to modify, eliminate or add to the terms of this Indenture to effect the qualification of this Indenture under the TIA and to add to this Indenture any other terms required by the TIA.

    (b)            Amendments without Material Adverse Effect.  Other than as set forth in Section 9.2, without the consent of the Noteholders, the Issuer and the Indenture Trustee may, and the Indenture Trustee when directed by Issuer Order will,
        amend this Indenture to add terms to, or to change or eliminate the terms of, this Indenture or to modify in any manner the rights of the Noteholders under this Indenture, if:

    (i)            the Administrator delivers to the Indenture Trustee an Officer’s Certificate stating that the amendment will not have a material adverse effect on the Notes; or

    (ii)            the Rating Agency Condition has been satisfied.

    Section 9.2      Amendments with Consent of Controlling Class.

    (a)            Amendments.  With the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and after notifying the Rating Agencies, the Issuer and the Indenture Trustee may, and the Indenture Trustee when directed by
        Issuer Order will, amend this Indenture to add any provisions to, or change in any manner or eliminate any of the provision of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture. 
        However, no amendment, without the consent of each Noteholder of each Outstanding Note adversely affected by the amendment, will:

    	

          	(A)	
            change (1) the applicable Final Maturity Date on a Note or (2) the principal amount of or interest rate or any Make-Whole Payment on a Note;

          

    	

          	(B)	
            modify the percentage of the Note Balance of the Notes or the Controlling Class required for any action;

          

    	

          	(C)	
            modify or alter the definition of “Outstanding,” “Controlling Class” or “Amortization Events”;

          

    	

          	(D)	
            change the Required Reserve Amount, the Required Acquisition Deposit Amount or the Required Negative Carry Amount;

          

    	

          	(E)	
            permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on the Collateral, other than Permitted Liens, or, except as permitted by this Indenture or the other
              Transaction Documents, release the Lien of this Indenture on the Collateral; or

          

    	

          	(F)	
            impair the right to institute suit for the enforcement of payment as provided in Section 5.8.

          

    
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    (b)            Noteholder Consent.  For any amendment to this Indenture or any other Transaction Document requiring the consent of the Noteholders, the Indenture Trustee will, when directed by Issuer Order, notify the Noteholders to request consent
        and follow its reasonable procedures to obtain consent.  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.

    Section 9.3      Execution of Amendments.

    (a)            Form; Authorization; Reliance.  It shall not be necessary for the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance
        thereof.  Each amendment will be in form reasonably satisfactory to the Indenture Trustee.  The Indenture Trustee is authorized to execute the amendment and any other agreements required by the amendment.  For any amendment, the Issuer will deliver
        to the Indenture Trustee and the Owner Trustee an Opinion of Counsel stating that the amendment is permitted by this Indenture and that all conditions to the amendment have been satisfied.

    (b)            Indenture Trustee Not Obligated.  Notwithstanding anything to the contrary herein, the Indenture Trustee is not obligated to enter into an amendment that adversely affects the Indenture Trustee’s rights, powers, duties, obligations,
        liabilities, indemnities or immunities under this Indenture.

    Section 9.4      Effect of Amendment.  On the execution of an amendment under this Article IX, this Indenture will be amended by the amendment, and the
      amendment will be part of this Indenture for all purposes.  Every Noteholder of Notes authenticated and delivered before or after the amendment will be bound by the amendment.

    Section 9.5      Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of an amendment under this
      Article IX may, and if required by the Indenture Trustee will, bear a notation about the amendment.  New Notes modified to conform to an amendment may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in
      exchange for the Outstanding Notes.

    Section 9.6      [Reserved].

    Section 9.7      Conformity with TIA.  Each amendment of this Indenture executed under this Article IX will conform to the requirements of the TIA as
      then in effect so long as this Indenture is qualified under the TIA.

    ARTICLE X

      REDEMPTION OF NOTES

    Section 10.1      Redemption.

    (a)            Clean-Up Redemption and Optional Redemption.

    
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    (i)            The Notes may be redeemed, in whole but not in part, as a Clean-Up Redemption at the direction of the Issuer on any Payment Date on which the Class A Certificateholder (for as long as the Class A Certificateholder is an
        Originator or an Affiliate of the Originators) elects to exercise its option to acquire the Trust Property under Section 8.1 of the Transfer and Servicing Agreement.  Upon such election, the Class A Certificateholder shall notify the Issuer, the
        Servicer, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in writing, of the Payment Date on which such Optional Acquisition and Clean-Up Redemption shall occur, which notice will be provided at least ten (10) days before the date
        of the redemption of the Notes (the “Redemption Date”).

    (ii)            The Notes may be redeemed, in whole but not in part, as an Optional Redemption at the direction of the Issuer on any Payment Date on which the Class A Certificateholder (for as long as the Class A
        Certificateholder is an Originator or an Affiliate of the Originators) elects to redeem the Notes and a transferee subsequently acquires the Trust Property as set forth under Section 8.2 of the Transfer and Servicing Agreement.  Upon such election,
        the Class A Certificateholder shall notify the Issuer, the Servicer, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in writing of the Payment Date on which such Optional Redemption shall occur, which notice will be provided at
        least ten (10) days before the Redemption Date.

    (iii)            After the Indenture Trustee receives the notice set forth in either clause (i) or clause (ii) above, the Indenture Trustee will promptly notify the Noteholders (and any related expenses incurred by the
        Indenture Trustee shall be payable by the Issuer):

    	

          	(A)	
            of the Redemption Date;

          

    	

          	(B)	
            of the outstanding Note Balance of each Class of the Notes to be redeemed;

          

    	

          	(C)	
            of the place to surrender the Notes for final payment (which will be the office or agency of the Issuer maintained under Section 3.2); and

          

    	

          	(D)	
            that on the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest and any unpaid Make-Whole Payments on the Notes will become due and payable in full and
              that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date.

          

    Failure to give notice of redemption to a Noteholder, or any defect therein, shall not impair or affect the validity of the redemption of any other Note.

    (b)            Deposit of Note Redemption Price.  Amounts required to be deposited into the Collection Account to effectuate a redemption of the Notes will be deposited on the Redemption Date into the Collection Account, as required under Section
        8.1 of the Transfer and Servicing

    
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    Agreement or Section 8.2 of the Transfer and Servicing Agreement, as applicable, and the Notes will be paid in full on the Redemption Date.

    (c)            Release of Funds.  On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest and any unpaid Make-Whole Payments on the Notes will become due and payable and interest on the Notes will cease to
        accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date.  On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other
        Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

    ARTICLE XI

      OTHER AGREEMENTS

    Section 11.1      No Petition.  The Indenture Trustee and each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note,
      agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (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; provided that the foregoing shall not be deemed to prevent the Indenture Trustee from filing a proof of claim in any such proceeding.  This Section 11.1 will survive the resignation or removal of the
      Indenture Trustee under this Indenture and the termination of this Indenture.

    Section 11.2      [Reserved].

    Section 11.3      Issuer Orders; Certificates and Opinions.

    (a)            Issuer Order or Issuer Request.  For an order or request by the Issuer to the Indenture Trustee to take an action under this Indenture or any other Transaction Document, the Issuer will deliver the following documents to the
        Indenture Trustee: (i) a written order (an “Issuer Order”) or a written request (an “Issuer Request”), signed in the name of the Issuer by a Responsible Person and delivered to the Indenture Trustee, (ii) an Officer’s Certificate of
        the Issuer stating that all conditions in this Indenture or other Transaction Documents for the proposed action have been satisfied, (iii) an Opinion of Counsel stating that such action is authorized or permitted by the Indenture and the other
        Transaction Documents and all conditions precedent have been satisfied and (iv) if required by the TIA, an Independent Certificate.  However, if this Indenture requires the furnishing of specific documents for the action to be taken, no additional
        certificate or opinion is required to be delivered.

    (b)            Form of Certificates and Opinions.

    (i)            Each certificate or opinion on compliance with a condition or covenant in this Indenture will include:

    
      49

      
        

    

    

    

    	

          	(A)	
            a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture or the Transaction Document relating to the covenant or
              condition;

          

    	

          	(B)	
            a brief statement about the nature and scope of the examination or investigation on which the statements or opinions in the certificate or opinion are based;

          

    	

          	(C)	
            a statement that, in the opinion of the signatory, the signatory has made an examination or investigation if necessary to enable the signatory to express an informed opinion on whether or not
              the covenant or condition has been complied with; and

          

    	

          	(D)	
            a statement about whether, in the opinion of the signatory, the condition or covenant has been complied with.

          

    (ii)            Any Officer’s Certificate of a Responsible Person of the Issuer may be based, for legal matters, on an opinion of counsel, unless that Responsible Person knows, or in the exercise of reasonable care
        should know, that the opinion is erroneous.  Any Officer’s Certificate of a Responsible Person of the Issuer or opinion of counsel may be based, for factual matters, on an Officer’s Certificate of a Responsible Person of the Servicer, the Depositor
        or the Issuer (including by the Administrator on behalf of the Issuer), stating that the information about those factual matters is in the possession of the Servicer, the Depositor, the Issuer or the Administrator, unless the Responsible Person of
        the Issuer or counsel knows, or in the exercise of reasonable care should know, that the Officer’s Certificate is erroneous.

    (c)            Ordinary Course of Business.  The Issuer may, without furnishing any Officer’s Certificates under this Section 11.3, (i) collect, sell or dispose of Receivables in the ordinary course of its business, so long as Collections and other
        proceeds of the dispositions are applied according to this Indenture and (ii) make cash payments out of the Bank Accounts, in each case, as and if permitted or required by the Transaction Documents.

    (d)            Exemptive Orders.  If the Commission issues an exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property
        from the Lien of this Indenture only according to the Transaction Documents and the conditions and procedures stated in the exemptive order.

    Section 11.4      Acts of Noteholders.

    (a)            Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the Noteholders or a stated percentage of Noteholders may be embodied in and evidenced by one or more
        instruments or documents signed by the Noteholders or Note Owners in person or by agents duly appointed in writing.  Except as otherwise expressly stated in this Indenture, the action will become effective when the instruments or documents are
        delivered to the Indenture Trustee and, if required, to the Issuer.  Such instruments or documents (and the action embodied therein and evidenced thereby) are

    
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    herein sometimes referred to as the “Act” of the Noteholders signing such instrument or document.  Proof of execution of such instrument or of a writing appointing any such agent
      shall be sufficient for any purpose of this Indenture and conclusive in favor of the Indenture Trustee if made in the manner provided in this Section 11.4.  Any such acts will bind the Noteholder of every Note issued upon the registration of the Note
      or in exchange for the Note or in place of the Note, for all purposes including in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of the action is made on
      the Note.

    (b)            The fact and date of the execution by any Person of any such instrument or document may be proved in any manner that the Indenture Trustee deems sufficient.

    (c)            The ownership of Notes shall be proved by the Note Register.

    Section 11.5      Issuer Obligation.  No recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the
      Indenture Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the Notes, against (a) the Indenture Trustee or the Owner Trustee each in its individual capacity, (b) each holder of a
      beneficial interest in the Issuer, (c) each partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (d) each holder of a beneficial interest in the
      Owner Trustee or the Indenture Trustee, each in its individual capacity.  The Indenture Trustee and the Owner Trustee have none of these obligations in their individual capacities.  For all purposes of this Indenture, the Owner Trustee will be
      subject to, and have the benefits of, Articles V, VI and VII of the Trust Agreement.

    Section 11.6      Conflict with Trust Indenture Act.  If any part of this Indenture limits, qualifies or conflicts with any other part of this Indenture
      that is required or deemed to be included in this Indenture by the TIA, the required or deemed part will control.  Sections 310 through 317 of the TIA that impose obligations on a Person (including those automatically deemed included in this
      Indenture unless expressly excluded by this Indenture) are a part of and govern this Indenture.

    ARTICLE XII

      MISCELLANEOUS

    Section 12.1      Benefits of Indenture; Third-Party Beneficiaries.  This Indenture and the Notes are for the benefit of and will be binding on the
      parties and their permitted successors and assigns.  The Secured Parties, each Person with rights to payments or distributions under this Indenture and the Certificateholders will be third-party beneficiaries of this Indenture and may enforce this
      Indenture according to its terms.  No other Person will have any right or obligation under this Indenture or the Notes.

    Section 12.2      Notices.

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

    
      51

      
        

    

    

    

    (i)            for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the recipient;

    (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 will be addressed to the recipient stated in Schedule B to the Transfer and Servicing Agreement, which address the party may change by notifying
        the other party.

    (c)            Notice to Noteholders.  Notices to a Noteholder will be considered received by the Noteholder:

    (i)            for Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the Noteholder at its address in the Note
        Register; or

    (ii)            for Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

    (d)            Notices to Rating Agencies.  Where this Indenture requires for notice to the Rating Agencies, failure to give the notice will not affect other rights or obligations under this Indenture, and will not be a Default or Event of Default.

    (e)            Waiver of Notices.  Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event and such waiver shall be the equivalent
        of such notice.  Waivers of notice by the Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

    Section 12.3      GOVERNING LAW.  THIS INDENTURE, 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 OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES), AND THE LAW OF THE
      STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.

    Section 12.4      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

    
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    New York State Court sitting in New York, New York for legal proceedings relating to this Indenture.  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 12.5      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 INDENTURE ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

    Section 12.6      No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Indenture 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 Indenture
      are in addition to any powers, rights and remedies under law.

    Section 12.7      Severability.  If a part of this Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the
      remaining Indenture and will not affect the validity, legality or enforceability of the remaining Indenture.

    Section 12.8      Headings.  The headings in this Indenture are included for convenience and will not affect the meaning or interpretation of this
      Indenture.

    Section 12.9      Counterparts.  This Indenture may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts
      will together be one document.

    Section 12.10      Customer Identification Program.  To help the government fight the funding of terrorism and money laundering activities, Federal law
      requires all financial institutions to obtain, verify and record information that identifies each Person who opens an account.  For a non-individual person such as a business entity, charity, a trust or other legal entity, the Indenture Trustee and
      any Qualified Institution may ask for documentation to verify its formation and existence as a legal entity. They may also ask to see financial statements, licenses, identification and authorization from individuals claiming authority to represent
      the entity or other relevant documentation.

    Section 12.11      [Reserved].

    Section 12.12      Intent of the Parties; Reasonableness.  The Issuer and the Indenture Trustee acknowledge and agree that the purpose of Sections 3.9
      and 6.6 of this Indenture is to facilitate compliance by the Issuer and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Issuer nor the Administrator (acting on behalf of the Issuer)
      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 comparable to that required under the Securities Act).  The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time,
      whether due to interpretive guidance

    
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    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 reasonable
      requests made by the Issuer (or the Administrator, acting on behalf of the Issuer) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with this transaction, the
      Indenture Trustee shall cooperate fully with the Issuer (or the Administrator, acting on behalf of the Issuer) to deliver to the Issuer (or the Administrator, acting on behalf of the Issuer), any and all statements, reports, certifications, records
      and any other information necessary in the good faith determination of the Issuer (or the Administrator, acting on behalf of the Issuer) to permit the Issuer to comply with the provisions of Regulation AB, together with such disclosures relating to
      the Indenture Trustee reasonably believed by the Issuer (or the Administrator, acting in good faith on behalf of the Issuer) to be necessary in order to effect such compliance.  The Issuer (or the Administrator, acting on behalf of the Issuer) shall
      cooperate with the Indenture Trustee by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Issuer to comply with Regulation
      AB.

    Section 12.13      Electronic Signatures.  Each party agrees that this Indenture and any other documents to be delivered in connection herewith may be
      electronically signed, and that any electronic signatures appearing on this Indenture or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility; provided that any documentation with
      respect to transfer of the Notes or other securities presented to the Note Registrar, Indenture Trustee or any transfer agent after the Closing Date must contain original documents with manual, wet ink signatures to the extent required by the Note
      Registrar, Indenture Trustee or transfer agent.  The Indenture Trustee, the Note Paying Agent and the Note Registrar shall be fully justified, indemnified and protected in relying and acting upon any electronic signature believed by the Indenture
      Trustee, the Note Paying Agent or the Note Registrar, as applicable, to have been signed by the Issuer, the Administrator, the Servicer or an other such Person as is required to deliver such document, as applicable, and shall not otherwise have any
      duty or obligation to verify such electronic signature independently.

    ARTICLE XIII

      [RESERVED]

    ARTICLE XIV

      ASSET REPRESENTATIONS REVIEW

    Section 14.1      Noteholder and Note Owner Requests for Vote on Asset Representations Review.  If the Indenture Trustee receives a notice from the
      Servicer that the Servicer will be providing notice to the Administrator, the Indenture Trustee and each Noteholder pursuant to Section 11.1(a) of the Transfer and Servicing Agreement regarding the occurrence of a Delinquency Trigger, then the
      Indenture Trustee shall promptly inform the Servicer and the Administrator 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 Indenture Trustee shall promptly notify the Servicer, the Depositor and the Administrator upon the receipt of any request for
      a vote.  The Indenture Trustee will set a record date for purposes of determining the identity of Noteholders

    
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    or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(c) as of the date of filing of the Form 10-D that disclosed that the Delinquency Trigger was met
      or exceeded.  Noteholders and Note Owners may request a vote not later than ninety (90) days after the date on which the Form 10-D describing the occurrence of such Delinquency Trigger shall have been filed by the Administrator, on behalf of the
      Issuer, pursuant to the terms of Section 2.9(a)(i) of the Administration Agreement; provided that, if the requesting party is a Note Owner and not a Noteholder, the Note Owner must include with its request a written certification (in a form
      reasonably acceptable to the Indenture Trustee) that the requesting party is a Note Owner, together with one of the following additional forms of documentation of the requesting party’s status as a Note Owner: (A) a trade confirmation; (B) an account
      statement; (C) a letter from a broker-dealer that is reasonably acceptable to the Indenture Trustee; or (D) any other form of documentation that is reasonably acceptable to the Indenture Trustee (any such Note Owner who provides the required
      certification and documentation, a “Verified Note Owner”).  The Indenture Trustee shall promptly notify the Servicer, the Depositor and the Administrator if Noteholders and Verified Note Owners representing at least 5% of the aggregate Note
      Balance (such requesting Noteholders and Verified Note Owners, collectively, the “Requesting Noteholders”) properly and timely request 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.  For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether, or give notice to Noteholders that, a Delinquency Trigger has occurred or (ii) to
      provide any instruction regarding any Asset Representations Review (other than to provide a Review Notice) or to determine which Receivables are subject to any particular Asset Representations Review.

    Section 14.2      Noteholder and Note Owner Vote on Asset Representations Review.  Beginning promptly after receipt from the Administrator of a copy of
      a notice sent to Noteholders and Note Owners pursuant to Section 2.9(a)(ii) of the Administration Agreement, the Indenture Trustee shall cause the initiation of such a review to be submitted to a yes or no vote of the Noteholders (with respect to
      Book-Entry Notes, as directed by the related Note Owners via the applicable Clearing Agency pursuant to its procedures for such votes) of record as of the most recent Record Date.  Any Noteholder vote about whether to direct the Asset Representations
      Reviewer to conduct an Asset Representations Review shall be conducted by the Indenture Trustee in accordance with its standard internal vote solicitation process.  The Indenture Trustee may select a vote agent that is experienced in the
      administration of Noteholder votes and/or consent solicitations to conduct and administer any Noteholder vote about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review and, so long as the Indenture Trustee
      selects such vote agent with due care, the Indenture Trustee will not be liable for any actions or inactions of such vote agent. If, by no earlier than the deadline specified by the Administrator pursuant to Section 2.9(a)(ii) of the Administration
      Agreement, a majority of the Noteholders casting a vote so direct (provided that such affirmative votes represent votes by Noteholders holding at least 5% of the aggregate Note Balance), the Indenture Trustee will promptly notify the Asset
      Representations Reviewer, the Administrator and the Servicer that the requisite Noteholders have directed the Asset Representations Reviewer to perform a review of the 60-Day Delinquent Receivables for the purpose of determining whether such 60-Day
      Delinquent Receivables were in compliance with the Eligibility Representation made by the applicable Originator pursuant to Section 3.3 of the Originator Receivables Transfer

    
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    Agreement or by the Servicer pursuant to Section 3.3 of the Master Trust Receivables Transfer Agreement.

    Section 14.3      Evaluation of Review Report.  If a Noteholder or a Verified Note Owner notifies the Indenture Trustee in writing that it considers any
      non-compliance of any representation to be a breach of the applicable Receivables Transfer Agreement, or requests in writing that any Receivable be reacquired or acquired, as applicable (including, for the avoidance of doubt, as described in Section
      11.2 of the Transfer and Servicing Agreement), the Indenture Trustee will forward, as soon as practicable and within five (5) Business Days, that written notice to the Administrator and the related Originator or the Servicer (in the case of
      Receivables transferred by the Master Trust).  In addition, the Indenture Trustee, on behalf of the Requesting Party may, but is not obligated to, request the reacquisition or acquisition, as applicable, of a 60-Day Delinquent Receivable on behalf of
      all Noteholders.  Subject to the provisions for indemnification and certain limitations contained in this Indenture, the Indenture Trustee (acting at the direction of Noteholders evidencing at least a majority of the aggregate Note Balance of the
      Controlling Class of Notes, acting together as a single Class) shall, in the time, method and place directed by such Noteholders, exercise any trust or power conferred on the Indenture Trustee, including the ability to assert to the Administrator and
      the related Originator or the Servicer (in the case of Receivables transferred by the Master Trust), on behalf of all Noteholders, whether any such non-compliance may be a breach and to request the reacquisition or acquisition, as applicable, of the
      related 60-Day Delinquent Receivable.  The Indenture Trustee shall have no duty or obligation to determine whether any noncompliance with representations or warranties constitute a breach under the Transaction Documents or to make any determination
      as to the materiality of any breach.

    The related Originator or the Servicer (in the case of Receivables transferred by the Master Trust) will have the sole ability to determine if there was
      non-compliance with the Eligibility Representation made by it that constitutes a breach, and whether to reacquire or acquire, as applicable, the related 60-Day Delinquent Receivable from the Issuer.

    

    

    

    

    [Remainder of Page Left Blank]

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

    

    

    

    

    VERIZON OWNER TRUST 2020-C,

      as Issuer

    

    

    	

          	By:	
            Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Owner Trust 2020-C

          

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    

    

    

    

    

    

    U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Indenture Trustee and as Note Paying Agent

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    

    

    

    

    
      
        

    

    
    Exhibit A

    

    

    Form of Notes

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN ANOTHER NAME REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND PAYMENT IS MADE TO CEDE & CO. OR TO ANOTHER ENTITY REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE & CO., HAS AN INTEREST IN THIS NOTE.

    THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR VERIZON ABS LLC, CELLCO PARTNERSHIP D/B/A VERIZON
      WIRELESS, VERIZON COMMUNICATIONS INC., THE ORIGINATORS, THE MASTER TRUST, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND
      AMOUNTS ON DEPOSIT IN THE BANK ACCOUNTS.

    EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
      AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A “SIMILAR LAW”)
      AND ANY FIDUCIARY ACTING ON BEHALF OF THE HOLDER, BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE)
      DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES (OR, IF THE HOLDER IS
      SUBJECT TO ANY SIMILAR LAW, ITS PURCHASE, HOLDING AND DISPOSITION DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF THE SIMILAR LAW).

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN THIS NOTE.  ACCORDINGLY, THE OUTSTANDING NOTE BALANCE OF THIS NOTE MAY BE LESS THAN THE
      AMOUNT SHOWN ON THE FACE OF THIS NOTE.

    

    

    
      A-1

      
        

    

    

    

    REGISTERED                                        $[___________]

    No. R-1 CUSIP NO. [_______]

    

    

    

    

    VERIZON OWNER TRUST 2020-C

    

    

    CLASS [A][B][C] [___]% ASSET BACKED NOTES

    Verizon Owner Trust 2020-C, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), for value received,
      promises to pay to CEDE & CO., or registered assigns, the principal sum of [____________] DOLLARS payable during the Amortization Period on the 20th day of each month, or, if that day is not a Business Day, the next succeeding Business Day,
      starting in December 2020 (each, a “Payment Date”) in an amount equal to the aggregate amount payable to Noteholders of Class [A][B][C] Notes on that Payment Date from the amounts payable as principal on the Class [A][B][C] Notes under Section
      3.1 of the Indenture, dated as of November 2, 2020 (the “Indenture”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”).  However, the entire unpaid Note Balance of this Note will be
      due and payable on the earlier of (a) the [______] Payment Date (the “Final Maturity Date”), or (b) the Redemption Date under Section 10.1 of the Indenture.  The entire unpaid Note Balance of the Notes will be due and payable on the date on
      which the Notes are declared to be, or have automatically become, immediately due and payable under Section 5.2(a) of the Indenture.  Principal payments on the Class [A][B][C] Notes will be made pro rata to the Noteholders entitled to those principal
      payments.  Capitalized terms used but not defined in this Note are defined in Article I of the Indenture, which also contains usage rules that apply to this Note.

    The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid
      or made available for payment, on the Note Balance of this Note outstanding on the Payment Date immediately preceding such Payment Date (in each case, after giving effect to payments of principal made on the Payment Date immediately preceding such
      Payment Date), subject to limitations in Section 3.1 of the Indenture.  Interest on this Note will accrue for each Payment Date from and including the 20th day of the calendar month immediately preceding such Payment Date to but excluding the 20th
      day of the calendar month in which such Payment Date occurs (or, for the initial Payment Date, from and including the Closing Date to but excluding December 20, 2020).  Interest will be computed on the basis of a 360-day year of twelve 30 day months.

    The principal of and interest and any Make-Whole Payments on this Note are payable in the coin or currency of the United States of America
      that at the time of payment is legal tender for payment of public and private debts.  Payments made by the Issuer on this Note will be applied first to interest due and payable on this Note as stated above and then to the unpaid principal of this
      Note.

    This Note is one of a duly authorized issue of Class [A][B][C] [___%] Asset Backed Notes (the “Class [A][B][C] Notes”) of the
      Issuer.  Also authorized under the Indenture are the Class [A][B][C] Notes.  The Indenture and indentures supplemental to the Indenture state the

    
      A-2

      
        

    

    

    

    respective rights and obligations of the Issuer, the Indenture Trustee and the Noteholders.  The Notes are subject to the Indenture.

    The Class [A][B][C] Notes are and will be equally and ratably secured by the collateral pledged as security therefor under the Indenture. 
      Interest on and principal of the Notes will be payable according to the priority of payments stated in Section 8.2 of the Indenture.  [Class B only:][The Class B Notes are subordinated in right of payment to
      the Class A Notes.] [Class C only:][The Class C Notes are subordinated in right of payment to the Class A and Class B Notes.]

    Payments of interest on this Note on each Payment Date, together with each installment of principal if not in full payment of this Note,
      will be made to the Noteholder of this Note either by wire transfer, to the account of the Noteholder at a bank or other entity having proper facilities for the wire transfer, if the Noteholder has given to the Note Registrar proper written
      instructions at least five (5) Business Days before that Payment Date and the Noteholder’s Notes in the aggregate evidence a denomination of not less than $1,000, or, if not, by check mailed first class mail, postage prepaid, to the Noteholder’s
      address as it appears on the Note Register on each Record Date.  However, unless Definitive Notes have been issued to Note Owners, payment will be made by wire transfer to the account designated by Cede & Co., as nominee of the Clearing Agency or
      a successor nominee.  The payments will be made without requiring that this Note be submitted for notation of payment.  Any reduction in the Note Balance of this Note effected by payments made on a Payment Date will bind future Noteholders of this
      Note and of a Note issued on the registration of transfer of this Note or in exchange of this Note or in place of this Note, whether or not noted on this Note.  If money is expected to be available for payment in full of the then remaining unpaid
      Note Balance of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Noteholder of this Note as of the Record Date immediately preceding such Payment Date by notice mailed or transmitted
      by fax before that Payment Date, and the amount then due and payable will be payable only on presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
      those purposes located in The City of New York.

    The Issuer will pay interest on overdue installments of interest at the Class [A][B][C] Note Interest Rate if lawful.

    The Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture and the Transfer and
      Servicing Agreement.

    The transfer of this Note is subject to the restrictions on transfer stated on the face of this Note and to the other limitations in the
      Indenture.  Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer at the office or agency designated by the Issuer
      under the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or its attorney-in-fact, with the signature guaranteed by an
      “eligible guarantor institution” meeting the requirements of the Note Registrar, and then one or more new Notes of the same Class in authorized denominations and in the same aggregate principal amount will be issued to the

    
      A-3

      
        

    

    

    

    designated transferee or transferees.  No service charge will be charged for the registration of transfer or exchange of this Note, but the transferor may be
      required to pay an amount to cover any tax or other governmental charge that may be imposed under any registration of transfer or exchange.

    Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that no recourse
      may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or a certificate or other writing delivered for the Notes and the Indenture, against (i) the
      Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee, each in its individual capacity or (iv) any holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.

    The obligations of the Issuer under the Indenture are solely the obligations of the Issuer and do not represent an obligation or interest
      in any assets of the Depositor other than the Depositor Transferred Property conveyed to the Issuer under the Transfer and Servicing Agreement.  Each Noteholder and Note Owner, by its acceptance of a Note or an interest or participation in a Note,
      acknowledges and agrees that it has no right, title or interest in or to any Other Assets of the Depositor.  If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is deemed to have any
      interest, claim to or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further
      acknowledges and agrees that any interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to
      the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Assets (whether or not any entitlement or security interest is legally perfected or otherwise entitled to a
      priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on the other obligations and liabilities.  THIS PARAGRAPH IS
      A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

    Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that, before the
      date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the Notes, it will not start or
      pursue against (i) the Depositor or (ii) the Issuer, respectively, or join any other Person in starting or pursuing against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
      proceedings under any bankruptcy or similar law.

    The Issuer has entered into the Indenture, and this Note is issued with the intention that, for purposes of U.S. federal, State and local
      income tax, franchise tax, and any other tax imposed on or measured in whole or in party by income, Notes will qualify as indebtedness and the Issuer

    
      A-4

      
        

    

    

    

    as a mere security device formed to hold the Receivables and issue Notes and Certificates.  Each Noteholder or Note Owner, by its acceptance of a Note or an
      interest or participation in a Note, will be deemed to agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax and any other tax imposed on or measured in whole or in part by income and the
      Issuer as a mere security device formed to hold the Receivables and issue Notes and Certificates.

    For any date, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name
      this Note is registered as of that date as the owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without regard to any notice or other information to the contrary.

    The Indenture permits, with some exceptions requiring the consent of all adversely affected Noteholders under the Indenture, the amendment
      of the Indenture and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture by the Issuer with the consent of the Noteholders of Notes evidencing not less than a majority of the Note Balance
      of the Controlling Class.  The Indenture also permits the Indenture Trustee to amend or waive some terms and conditions in the Indenture without the consent of the Noteholders if some conditions are satisfied.  In addition, the Indenture contains
      terms permitting the Noteholders of Notes evidencing stated percentages of the Note Balance of the Notes or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with some terms of the Indenture and some defaults
      under the Indenture and their consequences.  Any consent or waiver by the Noteholder of this Note will be conclusive and bind the Noteholder and all future Noteholders of this Note and of any Note issued on the registration of transfer of this Note
      or in exchange of this Note or in place of this Note whether or not notation of the consent or waiver is made on this Note.

    The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture.

    The Issuer is permitted by the Indenture, under some circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
      and the Noteholders under the Indenture.

    The Notes are issuable only in registered form in denominations as stated in the Indenture, subject to some limitations in the Indenture.

    THIS NOTE AND THE INDENTURE, 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).

    No reference in this Note to the Indenture, and no terms of this Note or of the Indenture, will alter or impair the obligation of the
      Issuer, which is absolute and unconditional, to pay the

    
      A-5

      
        

    

    

    

    principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

    Except as permitted under the Transaction Documents, none of U.S. Bank National Association, in its individual capacity, Wilmington Trust,
      National Association, in its individual capacity, any owner of a beneficial interest in the Issuer, or their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally liable for, nor will
      recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications in the Indenture.  The Noteholder of this Note, by its
      acceptance of this Note, agrees that, except as permitted in the Transaction Documents, for an Event of Default under the Indenture, the Noteholder has no claim against those Persons for any deficiency, loss or claim from this Note.  However, nothing
      in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Issuer for liabilities, obligations and undertakings in the Indenture or in this Note.

    Unless the certificate of authentication on this Note has been executed by the Indenture Trustee whose name appears below by manual
      signature, this Note will not have the benefit of the Indenture, or be valid or obligatory for any purpose.

    [Remainder of Page Left Blank]

    
      A-6

      
        

    

    

    

    The Issuer has caused this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date below.

    Date: [__________]

    VERIZON OWNER TRUST 2020-C

    

    

    	

          	BY:	
            Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Owner Trust 2020-C

          

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    

    

    

    

    CERTIFICATE OF AUTHENTICATION

    This is one of the Class [A][B][C] Notes designated above and referred to in the Indenture.

    Date: [__________]

    U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but

      solely as Indenture Trustee

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    

    

    

    

    
      A-7

      
        

    

    

    

    ASSIGNMENT

    Social Security or taxpayer I.D. or other identifying number of assignee:

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

    ___________________________________

      (name and address of assignee)

    the within Note and all rights under said Note, and hereby irrevocably constitutes and appoints

    _________________, attorney, to transfer said Note on the books kept for registration of said 

    Note, with full power of substitution in the premises.

    

    

    Dated:                                                                                                                                                        ______________________________*/

    Signature Guaranteed

    

    

        */

    

    

    

    

    

    

    

    

    

    

    	*/	
            NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement
              or any change whatever.  The signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agents
              Medallion Program or another “signature guarantee program” selected by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all in accordance with the Exchange Act.

          

    
      A-8

      
        

    

    Exhibit B

    

    

    SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    The assessment of compliance to be delivered by the Indenture Trustee, shall address, at a minimum, the criteria specified below:

    

    

    

    

    	
            Reference

          	
            Criteria

          
	 	
            Cash Collection and Administration

          
	
            1122(d)(2)(ii)

          	
            Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

          
	
            1122(d)(2)(iv)

          	
            The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling
              of cash) as set forth in the transaction agreements.

          
	
            1122(d)(2)(v)

          	
            Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
              institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of § 240.13k-1(b)(1) of the Securities Exchange Act of 1934, as amended.

          
	 	
            Investor Remittances and Reporting

          
	
            1122(d)(3)(ii)

          	
            Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

          
	
            1122(d)(3)(iii)

          	
            Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.

          
	
            1122(d)(3)(iv)

          	
            Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

          

    

    

    

    

    

    

  

  B-1Exhibit 10.1

   

  
    

    

    
      

    

    

  

  FORM OF AMENDED AND RESTATED

    TRUST AGREEMENT

   

  between

   

  VERIZON ABS LLC,

    as Depositor

   

  and

   

  WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Owner Trustee

   

  for

   

  VERIZON OWNER TRUST 2020-C

   

  Dated as of November 2, 2020

   

  
    

    

  

  

  

   

  
    
      

  

  
  TABLE OF CONTENTS

  Page

  

  

  	
          ARTICLE I

        	
          USAGE AND DEFINITIONS

        	
          1

        
	 	 	 
	
          Section 1.1

        	
          Usage and Definitions

        	
          1

        
	 	 	 
	
          ARTICLE II

        	
          ORGANIZATION OF TRUST

        	
          1

        
	 	 	 
	
          Section 2.1

        	
          Name

        	
          1

        
	
          Section 2.2

        	
          Maintenance of Office or Agency

        	
          1

        
	
          Section 2.3

        	
          Purposes and Powers

        	
          2

        
	
          Section 2.4

        	
          Appointment of Owner Trustee

        	
          4

        
	
          Section 2.5

        	
          Contribution and Transfer of Trust Property

        	
          4

        
	
          Section 2.6

        	
          Declaration of Trust

        	
          4

        
	
          Section 2.7

        	
          Limitations on Liability

        	
          5

        
	
          Section 2.8

        	
          Title to Trust Property

        	
          5

        
	
          Section 2.9

        	
          Location of Issuer

        	
          5

        
	
          Section 2.10

        	
          Depositor’s Representations and Warranties

        	
          5

        
	
          Section 2.11

        	
          Tax Matters

        	
          6

        
	 	 	 
	
          ARTICLE III

        	
          CERTIFICATES AND TRANSFER OF INTERESTS

        	
          7

        
	 	 	 
	
          Section 3.1

        	
          The Certificates

        	
          7

        
	
          Section 3.2

        	
          Execution, Authentication and Delivery of Certificates

        	
          8

        
	
          Section 3.3

        	
          Registration of Transfer and Exchange of Certificates

        	
          8

        
	
          Section 3.4

        	
          Mutilated, Destroyed, Lost or Stolen Certificate

        	
          10

        
	
          Section 3.5

        	
          [Reserved]

        	
          10

        
	
          Section 3.6

        	
          Persons Deemed Certificateholders

        	
          10

        
	
          Section 3.7

        	
          Access to List of Certificateholders’ Names and Addresses

        	
          10

        
	
          Section 3.8

        	
          Regarding the Certificate

        	
          11

        
	
          Section 3.9

        	
          Initial Registration of Certificates

        	
          11

        
	
          Section 3.10

        	
          Increases and Decreases in the Class B Certificate Principal Balance and the Equity Interest of the Class A Certificate

        	
          11

        
	
          Section 3.11

        	
          Appointment of Certificate Paying Agent

        	
          12

        
	 	 	 
	
          ARTICLE IV

        	
          APPLICATION OF TRUST PROPERTY

        	
          12

        
	 	 	 
	
          Section 4.1

        	
          Application of Trust Property

        	
          12

        
	
          Section 4.2

        	
          Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others

        	
          14

        
	 	 	 
	
          ARTICLE V

        	
          OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

        	
          14

        
	 	 	 
	
          Section 5.1

        	
          General Authority

        	
          14

        
	
          Section 5.2

        	
          General Obligations

        	
          15

        
	
          Section 5.3

        	
          Action Requiring Prior Notice

        	
          15

        
	
          Section 5.4

        	
          Action by the Certificateholders with Respect to Certain Matters

        	
          16

        
	
          Section 5.5

        	
          Action for Bankruptcy

        	
          16

        
	
          Section 5.6

        	
          Action on Administrator’s Instruction

        	
          17

        
	
          Section 5.7

        	
          No Obligations or Actions Except as Stated in Transaction Documents or Instructions

        	
          17

        

   

  

  
    
      -i-

      
        

    

    TABLE OF CONTENTS

    (continued)

    

    Page

    

    

  

  	
          Section 5.8

        	
          Prohibition on Some Actions

        	
          17

        
	
          Section 5.9

        	
          Action Not Required

        	
          17

        
	
          Section 5.10

        	
          Inspection of Owner Trustee; Access to Records

        	
          18

        
	
          Section 5.11

        	
          Furnishing of Documents

        	
          19

        
	
          Section 5.12

        	
          Reporting of Receivables Reacquisition and Acquisition Demands

        	
          19

        
	
          Section 5.13

        	
          Sarbanes-Oxley Act

        	
          19

        
	 	 	 
	
          ARTICLE VI

        	
          OWNER TRUSTEE

        	
          19

        
	 	 	 
	
          Section 6.1

        	
          Acceptance of Trusts

        	
          19

        
	
          Section 6.2

        	
          Limitations on Liability

        	
          20

        
	
          Section 6.3

        	
          Reliance; Advice of Counsel; Use of Agents

        	
          21

        
	
          Section 6.4

        	
          Not Acting in Individual Capacity

        	
          22

        
	
          Section 6.5

        	
          Owner Trustee May Own Notes

        	
          22

        
	
          Section 6.6

        	
          Owner Trustee’s Representations and Warranties

        	
          22

        
	
          Section 6.7

        	
          Obligation to Update Disclosure

        	
          23

        
	
          Section 6.8

        	
          Anti-Money Laundering

        	
          23

        
	
          Section 6.9

        	
            Persons Deemed Beneficial Owners and Control Parties

        	
          24

        
	 	 	 
	
          ARTICLE VII

        	
          COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

        	
          24

        
	 	 	 
	
          Section 7.1

        	
          Owner Trustee’s Fees and Expenses

        	
          24

        
	
          Section 7.2

        	
          Indemnification of Owner Trustee

        	
          24

        
	
          Section 7.3

        	
          Organizational Expenses of Issuer

        	
          25

        
	 	 	 
	
          ARTICLE VIII

        	
          TERMINATION

        	
          25

        
	 	 	 
	
          Section 8.1

        	
          Termination of Trust Agreement and Issuer

        	
          25

        
	 	 	 
	
          ARTICLE IX

        	
          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

        	
          26

        
	 	 	 
	
          Section 9.1

        	
          Eligibility Requirements for Owner Trustee

        	
          26

        
	
          Section 9.2

        	
          Resignation or Removal of Owner Trustee

        	
          27

        
	
          Section 9.3

        	
          Successor Owner Trustee

        	
          27

        
	
          Section 9.4

        	
          Merger or Consolidation; Transfer of Assets

        	
          28

        
	
          Section 9.5

        	
          Appointment of Separate Trustee or Co-Trustee

        	
          28

        
	
          Section 9.6

        	
          Compliance with Delaware Statutory Trust Act

        	
          29

        
	 	 	 
	
          ARTICLE X

        	
          OTHER AGREEMENTS

        	
          29

        
	 	 	 
	
          Section 10.1

        	
          Limitation on Rights of Others

        	
          29

        
	
          Section 10.2

        	
          No Petition

        	
          30

        
	
          Section 10.3

        	
          Restrictions on the Certificateholders’ Power

        	
          30

        
	
          Section 10.4

        	
          Class A Certificateholder Controls

        	
          30

        
	
          Section 10.5

        	
          Optional Acquisition

        	
          30

        
	
          Section 10.6

        	
          Optional Redemption of Notes

        	
          30

        
	 	 	 

  
     

    

    
      
        -ii-

        
          

      

      TABLE OF CONTENTS

      (continued)

      

      Page

      

      

    

  

  	
          ARTICLE XI

        	
          MISCELLANEOUS

        	
          31

        
	 	 	 
	
          Section 11.1

        	
          Amendments

        	
          31

        
	
          Section 11.2

        	
          Benefit of Agreement

        	
          32

        
	
          Section 11.3

        	
          Notices

        	
          32

        
	
          Section 11.4

        	
          GOVERNING LAW

        	
          33

        
	
          Section 11.5

        	
          Exclusive Jurisdiction

        	
          33

        
	
          Section 11.6

        	
          WAIVER OF JURY TRIAL

        	
          33

        
	
          Section 11.7

        	
          Severability

        	
          33

        
	
          Section 11.8

        	
          Headings

        	
          33

        
	
          Section 11.9

        	
          Counterparts

        	
          34

        
	
          Section 11.10

        	
          No Recourse

        	
          34

        
	
          Section 11.11

        	
          Intent of the Parties; Reasonableness

        	
          34

        
	
          Section 11.12

        	
          Electronic Signatures

        	
          34

        

  

  

  EXHIBITS

   

  	
          EXHIBIT A

        	
          Form of Certificate of Trust

        	
          A‐1

        
	
          EXHIBIT B-1

        	
          Form of Class A Certificate

        	
          B‐1-1

        
	
          EXHIBIT B-2

        	
          Form of Class B Certificate

        	
          B‐2-1

        
	
          EXHIBIT C

        	
          Form of Transferee Representation Letter

        	
          C‐1

        
	
          EXHIBIT D

        	
          Form of Transferor Representation Letter

        	
          D‐1

        

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    -iii-

    
      

  

  AMENDED AND RESTATED TRUST AGREEMENT, dated as of November 2, 2020 (this “Agreement”), between VERIZON ABS LLC, a Delaware limited liability company, as depositor (the “Depositor”),

    and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee under this Agreement (the “Owner Trustee”), to establish Verizon Owner Trust 2020-C (the “Issuer”).

   

  BACKGROUND

   

  The parties created the Issuer under a Trust Agreement, dated as of October 5, 2020, to engage in a securitization transaction sponsored by Cellco in which the Issuer will issue Notes
    secured by a pool of Receivables consisting of device payment plan agreements originated by the Originators.

   

  In connection with the foregoing, the parties have determined to amend and restate the original Trust Agreement on the terms in this Agreement.

   

  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 November 2, 2020, among Verizon Owner Trust 2020-C, as Issuer, Verizon ABS LLC, as 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

    ORGANIZATION OF TRUST

   

  Section 2.1  Name.  The trust was created and is known as “Verizon Owner Trust 2020-C”, in which name the Owner Trustee may conduct the activities of the
      Issuer and make and execute contracts and other documents and sue and be sued on behalf of the Issuer.

   

    

  Section 2.2  Maintenance of Office or Agency.  The office of the Issuer is in care of the Owner Trustee.  The Owner Trustee will maintain an office or
      offices or agency or agencies where notices and demands to or on the Owner Trustee under the Transaction Documents and in respect of the Certificates may be served.  The Owner Trustee initially designates its Corporate Trust Office for those purposes
      and will promptly notify the Depositor, the Certificateholders and the Indenture Trustee of a change in the location of its Corporate Trust Office or any other office or agency.

   

  
    
      

  

  
  Section 2.3  Purposes and Powers.

   

  (a) Permitted Activities.  The purpose of the Issuer is, and the Issuer will have the power and authority, and is authorized, to engage in the following activities (the “Permitted Activities”):

   

  (i) to acquire (1) the Initial Receivables and other Initial Trust Property under the Transfer and Servicing Agreement from the Depositor in exchange for the Notes and the Certificates and (2) Additional Receivables and other Additional
      Trust Property from time to time under the Transfer and Servicing Agreement from the Depositor using funds in the Acquisition Account and, if applicable, increases to the Class B Certificate Principal Balance;

   

  (ii)             to Grant the Collateral to the Indenture Trustee under the Indenture;

   

  (iii)           to enter into and perform its obligations under the Transaction Documents;

   

  (iv)            to issue the Notes under the Indenture and to facilitate the sale of the Notes by the
      Depositor;

   

  (v)             to issue the Certificates under this Agreement;

   

  (vi)    to administer and manage the Trust Property;

   

  (vii)   to make payments to the Noteholders, including Make-Whole
      Payments, if any, and distributions to the Certificateholders; and

   

  (viii)   to take other actions necessary, advisable or convenient to accomplish the activities listed above or that are incidental to the activities listed above.

   

  (b) No Other Activity.  The Issuer will not engage in any activity other than as required or authorized by this Agreement or the other Transaction Documents.

   

  (c) Limitations on Issuer’s Activities.  The Issuer shall:

   

  (i) not incur indebtedness other than in the ordinary course of engaging in its Permitted Activities;

   

  (ii)             maintain its own books and records separate and apart from those of any other Person
      (which shall be deemed satisfied by its retention of Monthly Investor Reports);

   

  (iii)           maintain its own accounts separate and apart from those of any other Person, and not
      commingle its assets with those of any other Person in order to ensure that its assets remain readily identifiable and distinguishable from those of any other Person, except as contemplated by the Transaction Documents;

   

  
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  (iv)            at all times hold itself out to the public as a legal entity separate and apart from
      the Depositor, the Administrator, any Certificateholder and any other Person, and not identify itself as a division of any such Person (other than for tax purposes);

   

  (v)             file or cause to be filed its own tax returns, if any, as may be required under
      applicable Law, to the extent (A) not part of a consolidated group filing a consolidated return or returns or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable Law;

   

  (vi)            conduct its business in its own name and strictly comply with all organizational
      formalities to maintain its separate existence;

   

  (vii)           maintain statements of account separate from those of any other Person, separately
      identifying its own assets, liabilities and financial affairs (which shall be deemed satisfied by its retention of Monthly Investor Reports), and ensure that any consolidated financial statements of any other Person that include the Issuer indicate
      that the assets of the Issuer are not available to creditors of such Person;

   

  (viii)    remain Solvent and pay its own liabilities out of its own funds, allocating fairly and reasonably any general overhead or administrative expenses incurred
      by itself or any Affiliate on its behalf;

   

  (ix)            maintain an arm’s-length relationship with the Depositor, the Administrator, any
      Certificateholder and their respective Affiliates;

   

  (x)             correct any known misunderstanding regarding its separate identity;

   

  (xi)            not hold itself out as having agreed to pay or become liable for the debts of the
      Depositor, the Administrator, any Certificateholder or any of their respective Affiliates or fail to correct any known misrepresentation with respect to the foregoing;

   

  (xii)           not operate or purport to operate as an integrated, single economic unit with respect
      to the Depositor, the Administrator, any Certificateholder or any other Person;

   

  (xiii)    not seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor, the Administrator, any Certificateholder or
      any other Person, or induce any third party to rely on the creditworthiness of the Depositor, the Administrator, any Certificateholder or any other Person in connection therewith;

   

  (xiv)   not use stationery, invoices, checks or other business forms
      of any other Person;

   

  (xv)           maintain adequate capital in light of its contemplated business purpose, transactions
      and liabilities;

   

  (xvi)   pay the salaries of its own employees, if any, only out of
      its own funds;

   

  
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  (xvii)   clearly identify its offices, if any, as its offices and, to the extent that the Issuer and its Affiliates have offices in the same location, allocate
      fairly and reasonably any overhead expenses that are shared with an Affiliate, including for services performed by an employee of an Affiliate;

   

  (xviii)  cause agents and other representatives of the Issuer to act at all times with respect to the Issuer consistently and in furtherance of the foregoing and in
      the best interests of the Issuer;

   

  (xix)     not purchase any asset (or make any investment, by share purchase, loan or otherwise) except as permitted by the Transaction Documents;

   

  (xx)       not have any employees;

   

  (xxi)    not form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other);

   

  (xxii)   not merge with any entity other than as permitted by Section 3.10 of the Indenture; and

   

  (xxiii)   observe all statutory trust formalities required by this Agreement and the Delaware Statutory Trust Act.

   

  Section 2.4  Appointment of Owner Trustee.  The Depositor appoints the Owner Trustee as trustee of the Issuer to have all the rights, powers and obligations
      in this Agreement.

   

    

  Section 2.5  Contribution and Transfer of Trust Property; Additional Contributions.  As of the date of the formation of the Issuer, the Depositor contributed
      to the Owner Trustee, and the Owner Trustee acknowledged receipt of, the amount of $1, which is the initial Trust Property.  Upon the formation of the Issuer by the contribution by the Depositor pursuant to this Section and until the issuance of the
      Certificates, the Depositor shall be the sole beneficiary of the Issuer.  On the Closing Date, the Depositor will transfer to the Issuer the Initial Trust Property in exchange for the Notes and Certificates under the Transfer and Servicing
      Agreement.  In addition, from time to time, the True Up Trust, as the Class A Certificateholder may, at its sole option, make a capital contribution to the Issuer and deposit amounts into the Acquisition Account.

   

    

  Section 2.6  Declaration of Trust.  The Owner Trustee will hold the Trust Property in trust under this Agreement for the use and benefit of the
      Certificateholders and subject to the obligations of the Issuer under the Transaction Documents.  The parties intend that the Issuer is a statutory trust under the Delaware Statutory Trust Act and that this Agreement is the governing instrument of
      the statutory trust.  The Owner Trustee will have the rights, powers and obligations in this Agreement and in the Delaware Statutory Trust Act for accomplishing the purposes of the Issuer and engaging in Permitted Activities.  The parties intend that
      the activities of the Issuer be managed by the Administrator under the Administration Agreement.  A Certificate of Trust substantially in the form of Exhibit A has been filed with the Secretary of State of the State of Delaware.

   

  
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  Section 2.7  Limitations on Liability.

   

  (a) Liability of Certificateholders.  No Certificateholder shall have any personal liability for any liability or obligation of the Issuer, solely by reason of it being a Certificateholder.

   

  (b) Liability to Third Parties.  Except as stated in this Agreement, none of the Depositor, the Administrator or their Affiliates or any of their directors, managers, officers or employees will be liable for the Issuer’s debts,
      obligations or liabilities.

   

  Section 2.8  Title to Trust Property.

   

  (a) Title Vested in Issuer.  Legal title to the Trust Property will be vested in the Issuer as a separate legal entity, except where applicable Law in a jurisdiction requires title to the Trust Property to be vested in a trustee or
      trustees, in which case title shall be vested in the Owner Trustee, on behalf of the Issuer, a co-trustee and/or a separate trustee appointed under this Agreement.

   

  (b) No Legal Title In a Certificateholder.  No Certificateholder has legal title to any Trust Property.  Each Certificateholder will receive distributions on its Certificate only in accordance with Article IV.

   

  Section 2.9  Location of Issuer.  The Issuer will be administered in the State of Delaware.  Bank accounts maintained by the Owner Trustee on behalf of the
      Issuer will be located in the State of Delaware.  The Issuer will not have employees, except that Wilmington Trust, National Association, in its capacity as Owner Trustee or another capacity, may have employees within or outside the State of
      Delaware.  The Issuer will only receive payments in or make payments from the State of Delaware or the State in which the Indenture Trustee is located.  The Issuer’s principal office will be in care of the Owner Trustee in the State of Delaware.

   

    

  Section 2.10  Depositor’s Representations and Warranties.  The Depositor represents and warrants to the Owner Trustee as of the Closing Date:

   

    

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

   

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

   

  (c) Due Authorization. The execution, delivery, and performance of this Agreement have been duly authorized by the Depositor by all necessary limited liability company action on the part of the Depositor.

   

  
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  (d) No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Depositor or any of its properties: (i) asserting the invalidity of this Agreement; (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 Depositor 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 in connection with the execution and delivery of
      this Agreement and the performance of the transactions contemplated by this Agreement by the Depositor, in each case, have been duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not
      reasonably be expected to have a Material Adverse Effect.

   

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

   

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

   

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

   

  Section 2.11  Tax Matters.

   

  (a) Tax Treatment.  The parties hereto hereby agree, for U.S. federal, state and local income and franchise tax purposes, and for purposes of any other tax imposed on or measured in whole or in part by income: (1) the Issuer is to be
      characterized as a mere security device formed to hold the Receivables and issue Notes and Certificates, (2) each Class of Notes, held by persons unaffiliated with the Issuer, is intended to be treated as indebtedness, and (3) Notes held by persons
      affiliated with the Issuer shall be treated as not outstanding.  The Depositor and the True Up Trust agree, and the Noteholders by acceptance of their Notes agree in the Indenture, to this treatment and each agrees not to take any action inconsistent
      with this treatment.

   

  
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  (b) Filing of Returns.  The parties agree that, unless required by the tax authorities, Cellco, on behalf of the Issuer, will prepare (or cause to be prepared) and file or cause to be filed any required tax and information returns,
      reports and other forms consistent with the characterizations described in Section 2.11(a), and fulfill any other reporting requirements relating to the Issuer, as may be required by the Code and applicable Treasury Regulations (including Treasury
      Regulation Section 1.6049-7), including causing such tax and information returns to be signed in the manner required by Law.

   

  (c) Elections.  The Owner Trustee will not elect or cause the Issuer to elect, and no Certificateholder will elect or permit an election to be made, to treat the Issuer as an association taxable as a corporation for U.S. federal
      income tax purposes under Treasury Regulation §301.7701-3.  If the Issuer is classified as a partnership for U.S. federal income tax purposes, Cellco will be designated as the “partnership representative” of the Issuer and will, or will cause the
      Issuer to, make the “push out” election provided for under Section 6226(a) of the Code and to take any other action necessary or appropriate in connection with the implementation of such election to the fullest extent possible under the Code.  Cellco
      is authorized to take any action it deems necessary or appropriate to comply with the requirements of the Code and to conduct the Issuer’s activities under Sections 6221 through 6241 of the Code, including any other Code provisions for the same
      subject matter, and any related regulations (adopted or proposed) and administrative guidance, provided such actions are consistent with the preceding sentence.

   

  ARTICLE III

    CERTIFICATES AND TRANSFER OF INTERESTS

   

  Section 3.1  The Certificates.  The Class A Certificate and the Class B Certificate, each evidencing a beneficial interest in the Issuer, shall be executed on behalf of the Issuer by manual or facsimile signature of an authorized
    officer of the Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or facsimile signature of an authorized officer of the Owner Trustee.  Certificates bearing the manual or facsimile signatures of individuals who were, at the
    time when such signatures shall have been affixed, authorized to sign on behalf of the Issuer, shall be valid and binding obligations of the Issuer, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
    authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

   

  

  The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination in the form of Exhibit B-1 or B-2 hereto, as applicable.  The
    Class A Certificate shall be issued in a Percentage Interest of 100.00%.  The Class B Certificate shall be issued with a Class B Certificate Principal Balance initially of $0, which may be increased up to an amount equal to the Additional Receivables
    Transfer Amount for any Acquisition Date, as set forth in Section 3.10 and shall not bear interest.

   

  A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon such transferee’s
    acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.3.

   

  
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  The Certificateholders will receive any amounts (i) not needed on a Payment Date to pay the Notes and the Issuer’s other obligations under the Indenture, the Transfer and Servicing Agreement
    and this Agreement, (ii) remaining in the Reserve Account, the Acquisition Account and the Negative Carry Account after payment in full of the Notes, and (iii) received in respect of Temporarily Excluded Receivables.

   

  Section 3.2  Execution, Authentication and Delivery of Certificates.  Concurrently with the transfer of the Initial Receivables to the Issuer pursuant to the
      Transfer and Servicing Agreement, the Owner Trustee shall cause to be executed, authenticated and delivered, on behalf of the Issuer to, or upon the written order of, the Depositor, the Class A Certificate and the Class B Certificate.  No Certificate
      shall entitle its holder to any benefit under this Agreement or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit B-1 or B-2, as applicable, executed
      by the Owner Trustee or the Owner Trustee’s authenticating agent, by manual or facsimile signature of an authorized officer, and such authentication shall constitute conclusive evidence, and the only evidence, that such Certificate shall have been
      duly authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.  The Owner Trustee shall be the initial authenticating agent of the Issuer hereunder.

   

    

  Section 3.3  Registration of Transfer and Exchange of Certificates.  During the Amortization Period, any Certificateholder will be permitted to sell,
      transfer, assign or convey its Certificate if the following conditions are satisfied:

   

    

  (a) The Issuer appoints the Owner Trustee to be the “Trust Registrar” and to keep a register (the “Trust Register”) of the Certificateholders and transfers of the Certificates.  If the Trust Registrar resigns, the
      Administrator, on behalf of the Issuer, will promptly appoint a successor or, if it elects not to make the appointment, assume the obligations of Trust Registrar.  The Trust Registrar shall keep or cause to be kept, at the office or agency maintained
      pursuant to Section 3.5, a Trust Register in which, subject to such reasonable regulations as it may prescribe, the Trust Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.

   

  (b) Upon surrender for registration of transfer of any Certificate in compliance with Section 3.3(f) at the office or agency maintained pursuant to Section 3.5, the Owner Trustee shall execute, authenticate and deliver (or shall cause its
      authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a
      Certificateholder, such Certificateholder’s Certificate may be exchanged for other Certificates upon surrender of such Certificate to be exchanged at the office or agency maintained pursuant to Section 3.5.  The preceding provisions of this Section
      3.3 notwithstanding, (i) the Owner Trustee shall not make, and the Trust Registrar shall not register, transfers or exchanges of Certificates for a period of fifteen (15) days preceding the due date for any payment with respect to the Certificates
      and (ii) the Owner Trustee shall permit the registration, transfer and exchange of (x) the Class A Certificate only in a minimum denomination of a Percentage Interest of 100.00% and (y) the Class B Certificate only to the Depositor and to the holder
      of the Class A Certificate.  Any Class B Certificate transferred to the holder of the Class A Certificate shall be treated as merging into and becoming part of the Class

   

  
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  A Certificate.  Each Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by an IRS Form
    W-8 BEN, W-8BEN-E, W-8 ECI or W-9, as applicable, or any successor form, and such other documentation as may be required by the Owner Trustee in order to comply with Applicable Anti-Money Laundering Law, each in a form satisfactory to the Owner Trustee
    and the Trust Registrar, duly executed by the Certificateholder or its attorney duly authorized in writing.  Each Certificate presented or surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Trust
    Registrar in accordance with its customary practice.  No transfer will be effectuated hereunder unless the Owner Trustee has received the transfer documentation required hereunder.

   

  (c) Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Trust Registrar duly executed by the
      Certificateholder or its attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and disposed of by the Owner Trustee in accordance with its customary practice.

   

  (d) No transfer of a Certificate shall be made unless the Owner Trustee shall have received:

   

  (1) a representation from the transferee of such Certificate substantially in the form of Exhibit C to the effect that:

   

  (i) such transferee is not acquiring and will not hold the Certificate on behalf of any beneficial owner (as determined for U.S. federal income tax purposes), including itself, that is not a “U.S. person” as that
      term is defined in Section 7701(a)(30) of the Code (a “Non-U.S. Person”); and

   

  (ii) such transferee is not a Benefit Plan;

   

  (2) a representation from the transferor of such Certificate substantially in the form of Exhibit D; and

   

  (3) an opinion of counsel addressed to the Owner Trustee that the transfer of such Certificate is being made pursuant to an effective registration under the Securities Act or is exempt from the registration
      requirements of the Securities Act.

   

  Notwithstanding anything else to the contrary herein, any purported transfer of a Certificate to a Non-U.S. Person or to or on behalf of a Benefit Plan or utilizing the assets of a
    Benefit Plan shall be void and of no effect.

   

  To the extent permitted under applicable Law (including, but not limited to, ERISA), the Owner Trustee shall be under no liability to any Person for any registration of transfer of any
    Certificate that is in fact not permitted by this Section 3.3(d) or for making any payments due on such Certificate to the Certificateholder thereof or taking any other action with respect to such Certificateholder under the provisions of this Trust
    Agreement or the Transfer and Servicing Agreement so long as the transfer was registered by the Trust Registrar or the Owner Trustee in accordance with the foregoing requirements.

   

  
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  (e) No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee (or the Certificate Paying Agent) or the Trust Registrar may require payment of a sum sufficient to cover any tax or
      governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

   

  (f) No transfer of a Certificate or any interest therein shall be made unless (i) the holder of such Certificate shall have first surrendered such Certificate to the Trust Registrar for registration of transfer, or (ii) in the case of any
      such Certificate which shall have been mutilated, destroyed, lost or stolen, the holder of such Certificate shall have first complied with the applicable provisions of Section 3.4.

   

  Section 3.4  Mutilated, Destroyed, Lost or Stolen Certificate.  If (a) any mutilated Certificate shall be surrendered to the Trust Registrar, or if the Trust
      Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Trust Registrar and the Owner Trustee such security or indemnity as may be required by them to save each
      of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Issuer shall execute and the Owner Trustee, or the Owner Trustee’s authenticating agent, shall
      authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination.  In connection with the issuance of any new Certificate under this Section 3.4, the
      Owner Trustee or the Trust Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  Any duplicate Certificate issued pursuant to this Section 3.4 shall
      constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

   

    

  Section 3.5  [Reserved].

   

    

  Section 3.6  Persons Deemed Certificateholders.  Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Trust
      Registrar may treat the Person in whose name any Certificate shall be registered in the Trust Register as the owner of such Certificate for the purpose of receiving distributions and for all other purposes whatsoever, and neither the Owner Trustee
      nor the Trust Registrar shall be bound by any notice to the contrary.

   

    

  Section 3.7  Access to List of Certificateholders’ Names and Addresses.  The Trust Registrar shall furnish or cause to be furnished to the Owner Trustee, the
      Servicer or the Depositor, as the case may be, within fifteen (15) days after its receipt of a request therefor from the Owner Trustee, the Servicer or the Depositor in writing, a list, in such form as the Owner Trustee, the Servicer or the Depositor
      may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If one or more Certificateholders of Certificates evidencing, in the aggregate, not less than 25% of the Percentage Interest apply in
      writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a
      copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal business hours

   

  
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  to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer,
    the Trust Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

   

  Section 3.8  Regarding the Certificate.  Each Certificateholder, by its acceptance of a Certificate issued hereunder, represents that it has, independently
      and without reliance on the Owner Trustee or any other person, and based on such documents and information as it has deemed appropriate, made its own investment decision in respect of the Certificate.  Each Certificateholder also represents that it
      will, independently and without reliance on the Owner Trustee or any other person, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this
      Trust Agreement and in connection with its Certificate.  Except for notices, reports and other documents expressly required to be furnished to the Certificateholders by the Owner Trustee hereunder, the Owner Trustee shall not have any duty or
      responsibility to provide any Certificateholder with any other information concerning the transactions contemplated hereby, the Issuer, the Depositor or any other parties hereto, or with any related documents which may come into the possession of the
      Owner Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

   

    

  Section 3.9  Initial Registration of Certificates.  The Class A Certificate, upon original issuance, will be issued in the form of a typewritten Certificate
      representing a fully registered, definitive trust certificate and shall be registered in the name of “Verizon DPPA True-up Trust,” as the initial registered owner thereof.  The Class B Certificate, upon original issuance, will be issued in the form
      of a typewritten Certificate representing a fully registered, definitive trust certificate and shall be registered in the name of “Verizon ABS LLC,” as the initial registered owner thereof.

   

    

  Section 3.10  Increases and Decreases in the Class B Certificate Principal Balance and the Equity Interest of the Class A Certificate.  Subject
      to the terms and conditions of this Agreement, the Transfer and Servicing Agreement and the Receivables Transfer Agreements, on any Acquisition Date on which (i) the Depositor acquires Additional Receivables under the Originator Receivables Transfer
      Agreement from any Originators, and the Issuer subsequently acquires such Additional Receivables from the Depositor, and (ii) the Additional Receivables Cash Transfer Amount for such Acquisition Date is less than the Additional Receivables Transfer
      Amount set forth in the Transfer Notice delivered for such Acquisition Date, the Administrator, on behalf of the Issuer, will increase the Class B Certificate Principal Balance on such Acquisition Date in an amount equal to the excess of the
      Additional Receivables Transfer Amount over the Additional Receivables Cash Transfer Amount, as set forth in Section 2.1(b) of the Transfer and Servicing Agreement, as partial consideration for the transfer and assignment by the Depositor to the
      Issuer of the Additional Receivables set forth on the Transfer Notice for such Acquisition Date.  On any Acquisition Date on which the Class B Certificate Principal Balance is increased, the Class B Certificateholder will make a distribution to the
      Class A Certificateholder, in an amount equal to such increase as partial consideration for the transfer and assignment by the related Originators to the Depositor of the Additional Receivables set forth on the Transfer Notice for such Acquisition
      Date, as set forth in Section 2.2(b) of the Originator Receivables Transfer Agreement, which will result in an increase in the value of the beneficial

   

  
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  interest in the Issuer represented by the Class A Certificate.  Upon such distribution by the Class B Certificateholder to the Class A Certificateholder of the amounts set forth in this
    Section 3.10, the Class B Certificate Principal Balance will be deemed to be zero.  The Trust Registrar will record such increases and decreases to the Class B Certificate Principal Balance in the Trust Register and on Schedule I to the Class B
    Certificate on each Acquisition Date upon receipt of written instructions from the Administrator, which may be in the form of the Transfer Notice attached as Exhibit A to each of the Receivables Transfer Agreements.

   

  Section 3.11  Appointment of Certificate Paying Agent. The Certificate Paying Agent shall make distributions to Certificateholders from the
      Certificate Distribution Account pursuant to Section 4.1(b) and shall report the amounts of such distributions to the Owner Trustee. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution
      Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have
      failed to perform its obligations under this Agreement in any material respect. The Owner Trustee shall act as the initial Certificate Paying Agent.  Each Certificate Paying Agent shall be permitted to resign as Certificate Paying Agent upon thirty
      (30) days’ written notice to the Owner Trustee.  In the event that the Owner Trustee shall no longer be the Certificate Paying Agent, the Administrator, on behalf of the Issuer, shall appoint a successor to act as Certificate Paying Agent (which
      shall be a bank or trust company).  The Administrator, on behalf of the Issuer, shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent to execute and deliver to the Owner Trustee an instrument in which such
      successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner Trustee that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent will hold all sums, if any,
      held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Certificate Paying Agent shall return all unclaimed funds to the Owner
      Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner Trustee.  The provisions of Sections 6.1, 6.3, 6.6, 7.1 and 7.2 shall apply to the Owner Trustee also in
      its role as Certificate Paying Agent, for so long as the Owner Trustee shall act as Certificate Paying Agent and, to the extent applicable, to any other Certificate Paying Agent appointed hereunder. Any reference in this Agreement to the Certificate
      Paying Agent shall include any co-Certificate Paying Agent unless the context requires otherwise.

   

  ARTICLE IV

    APPLICATION OF TRUST PROPERTY

   

  Section 4.1  Application of Trust Property.

   

  (a) Establishment of Certificate Distribution Account. The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain (or shall cause to be established and maintained) in the name of the Issuer a
      non-interest bearing trust account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders.  The Issuer shall possess all right,
      title and interest in funds on deposit from time to time in the Certificate Distribution Account and in the

   

  
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  proceeds thereof.  Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of
    the Certificateholders.  If, at any time, the Owner Trustee ceases to be a Qualified Institution, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an
    Affiliate thereof) shall cause the Certificate Distribution Account to be moved to a Qualified Institution and shall transfer any cash to such new Certificate Distribution Account. All amounts held in the Certificate Distribution Account will not be
    invested.

   

  (b) Distributions Under Indenture; Method of Payment.  Before the satisfaction and discharge of the Indenture, all distributions of Trust Property, including any distributions to the Certificateholders, will be deposited into the
      Certificate Distribution Account according to Article VIII of the Indenture and will be distributed on each Payment Date to the Certificateholders pursuant to the priorities listed below.  In addition, on each Payment Date, (i) investment earnings
      (net of losses and investment expenses) on the Collection Account, the Acquisition Account, the Reserve Account and the Negative Carry Account, as set forth in Section 4.2(e) of the Transfer and Servicing Agreement, (ii) Collections relating to
      Temporarily Excluded Receivables, (iii) amounts released from the Negative Carry Account pursuant to Section 4.4(c)(iii) of the Transfer and Servicing Agreement and (iv) amounts released from the Acquisition Account pursuant to Section 4.4(d)(iii) of
      the Transfer and Servicing Agreement will be deposited into the Certificate Distribution Account and subsequently will be distributed to the Certificateholders in the following order of priority:

   

  (1) first, to the Class B Certificate, until the Class B Certificate Principal Balance has been reduced to zero; and

   

  (2) second, to the Class A Certificate, any remaining amounts.

   

  On each Payment Date, the Owner Trustee shall deliver to the Certificateholders a copy of the Monthly Investor Report provided to the Owner Trustee by the Servicer pursuant to Section
    3.5(a) of the Transfer and Servicing Agreement with respect to such Payment Date.  The Monthly Investor Report will be posted to the Owner Trustee website at www.wilmingtontrustconnect.com.  Distributions required to be made to
    Certificateholders on any Payment Date shall be made to each Certificateholder of record on the related Record Date either by check mailed to such Certificateholder at the address of such holder appearing in the Trust Register or by wire transfer, in
    immediately available funds, to the account specified to the Certificate Paying Agent in writing of any Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Trust
    Registrar appropriate written instructions at least five (5) Business Days prior to such Payment Date.

   

  (c) Distributions Following Satisfaction and Discharge of Indenture.  Following the satisfaction and discharge of the Indenture and after all amounts due and payable to the Owner Trustee pursuant to Sections 7.1 and 7.2 hereof and not
      previously paid under Section 8.2 of the Indenture are paid out of the Trust Property, the Owner Trustee will distribute the remaining Trust Property as directed by the Class A Certificateholder.

   

  
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  (d) Funds Deposited with Owner Trustee. All funds deposited with the Owner Trustee may be held in a non-interest bearing trust account and are not required to be segregated from other funds, except to the extent required by Law or the
      terms of this Agreement.

   

  (e) Withholding Tax.  If federal withholding tax is imposed on the Issuer’s payments (or allocations of income) to the Certificateholders made by the Owner Trustee, that tax will reduce the amount distributable to the applicable
      Certificateholder.  The Owner Trustee is authorized and directed to retain from amounts distributable to the Certificateholders a sufficient amount for the payment of the withholding tax that is legally owed by the Issuer.  The Owner Trustee may
      contest the tax and withhold payment of the tax, if permitted by Law, pending the outcome of such contest.  The amount of withholding tax imposed on the Certificateholders will be treated as cash distributed to the Certificateholders at the time it
      is withheld by the Issuer and paid to the taxing authority.  If any Certificateholder seeks to apply for a refund of the applicable withholding tax, the Owner Trustee will cooperate with the holder in making the claim so long as such
      Certificateholder agrees to reimburse the Owner Trustee for expenses incurred in cooperating.

   

  Section 4.2  Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others.  The Administrator will (a) maintain
      (or cause to be maintained) the books of the Issuer on a fiscal year basis or a calendar year basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such
      information (including Schedules K-1 to an IRS Form 1065, if the Issuer is treated as a partnership) as may be required to enable each Certificateholder to prepare its federal and state income tax returns, and (c) collect or cause to be collected any
      withholding tax as described in and in accordance with Section 4.1(e) with respect to income allocated to or distributions made to the Certificateholders.  The Administrator will make any elections as so directed by the Class A Certificateholder;
      provided, however, that neither the Administrator nor any Certificateholder shall make any election to have the Issuer treated as a corporation for federal, state or local income or franchise tax purposes.

   

  ARTICLE V

    OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

   

  Section 5.1  General Authority.

   

  (a) Execution of Transaction Documents; Direction to Indenture Trustee.  The Owner Trustee is authorized and directed, on behalf of the Issuer, to (i) execute and deliver the Transaction Documents to which the Issuer is a party and
      the other documents required to be delivered on the Closing Date by the Issuer under the Transaction Documents and (ii) direct the Indenture Trustee to authenticate and deliver the Notes.

   

  (b) Actions under Transaction Documents.  The Owner Trustee is authorized, but not obligated, to take all actions required of the Issuer under the Transaction Documents and is authorized to take actions on behalf of the Issuer, if
      permitted by the Transaction Documents, that the Servicer or the Administrator directs, except if this Agreement requires the consent of the Noteholders or the Certificateholders for the action.  In addition, the Administrator is

   

  
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  authorized to take actions on behalf of the Issuer, if permitted by the Transaction Documents, according to this Agreement and the Administration Agreement.

   

  Section 5.2  General Obligations.

   

  (a) Obligations Under Transaction Documents.  Subject to Section 5.3, the Owner Trustee will perform the obligations of the Owner Trustee under this Agreement and the Transaction Documents to which the Issuer is a party.  The Owner
      Trustee will administer the Issuer in the interest of the Certificateholders, subject to the Lien of the Indenture and according to the Transaction Documents.

   

  (b) Discharge of Liens.  The Owner Trustee will promptly take, at its own expense, action necessary to discharge a Lien (other than the Lien of the Indenture) on the Trust Property resulting from actions by, or claims against, the
      Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Trust Property.

   

  (c) Obligations Performed by Administrator.  The Owner Trustee will be considered to have performed its obligations under the Transaction Documents if the Administrator is required in the Administration Agreement to perform the
      obligations of the Owner Trustee or the Issuer.  The Owner Trustee will not be liable for the default or failure of the Administrator to perform its obligations under the Administration Agreement.

   

  Section 5.3  Action Requiring Prior Notice.  For the following matters, the Owner Trustee may not take action unless (a) at least thirty (30) days before
      taking the action, the Owner Trustee has notified the Indenture Trustee (who will notify the Noteholders), the Certificateholders and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) neither (x) the Indenture
      Trustee, acting on instruction of the Noteholders of a majority of the Note Balance of the Controlling Class nor (y) the Class A Certificateholder has notified the Owner Trustee before the thirtieth (30th) day after the Noteholders or the Class A
      Certificateholder receives notice pursuant to clause (a) above that those Noteholders or the Certificateholder, as applicable, have withheld consent or given alternative direction:

   

  (i) starting or pursuing of a material Proceeding by the Issuer and the settlement of any material Proceeding brought by or against the Issuer;

   

  (ii) amending the Certificate of Trust (unless the amendment is required to be filed under the Delaware Statutory Trust Act), except to correct an ambiguity or to amend or supplement it in a manner that would not materially adversely affect
      the interests of the holders of the Notes or the Equity Interest;

   

  (iii) 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 or this Agreement;

   

  (iv) the amendment of the Indenture, whether or not by a supplemental Indenture, in circumstances where the consent of any Noteholder is required;

   

  
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  (v) the amendment of the Indenture, whether or not by a supplemental Indenture, in circumstances where the consent of any Noteholder is not required but such amendment materially adversely affects the interest of the Certificateholders;

   

  (vi) (i) the appointment pursuant to the Indenture of a successor Note Registrar, (ii) the appointment pursuant to this Agreement of a successor Trust Registrar or (iii) any consent by the Note Registrar, Indenture Trustee or Trust Registrar
      to the assignment of its respective obligations under the Indenture or this Agreement, as applicable;

   

  (vii) the amendment of the Transfer and Servicing Agreement in circumstances where the consent of any Noteholder is required; or

   

  (viii)      directing the Administrator to take any of the actions
      described above.

   

  Section 5.4  Action by the Certificateholders with Respect to Certain Matters.  The Owner Trustee shall not have the power, except upon the direction of the
      Class A Certificateholder, to (a) remove the Administrator pursuant to Section 3.3(c) of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 3.4 of the Administration Agreement, (c) remove the Servicer pursuant to
      Article VII of the Transfer and Servicing Agreement or (d) except as expressly provided in the Transaction Documents, sell the Receivables after the termination of the Indenture.  The Owner Trustee shall take the actions referred to in the preceding
      sentence only upon written instructions signed by the authorized representative of 100% of the Class A Certificateholders.  In addition, the Owner Trustee will take all actions, if permitted by the Transaction Documents, that the Class A
      Certificateholder directs, subject to the consent of the Noteholders, if such consent is required by the Transaction Documents.

   

    

  Section 5.5  Action for Bankruptcy.  The Issuer shall not, without the prior written consent of the Owner Trustee and 100% of the Class A Certificateholders,
      (i) institute any proceedings to adjudicate the Issuer as bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Issuer, (iii) file a petition seeking or consenting to reorganization or relief under
      any applicable federal or state Law relating to bankruptcy with respect to the Issuer, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or a substantial part of its
      property, (v) make any assignment for the benefit of the Issuer’s creditors, (vi) cause the Issuer to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action in furtherance of any of the foregoing (any
      of the above foregoing actions, a “Bankruptcy Action”).  In considering whether to give or withhold written consent to the Bankruptcy Action by the Issuer, the Owner Trustee and the Certificateholders shall consider the interests of the
      Noteholders in addition to the interests of the Issuer and whether the Issuer is insolvent.  The Owner Trustee shall have no duty to give such written consent to the Bankruptcy Action by the Issuer if the Owner Trustee shall not have been furnished
      (at the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Issuer is then insolvent.  The Owner Trustee
      shall not be personally liable to any Noteholder or Certificateholder on account of the Owner Trustee’s good faith reliance on the provisions of this Section 5.5 and no Noteholder

   

  
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  or Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee for withholding or granting its consent to any such Bankruptcy Action.

   

  Section 5.6  Action on Administrator’s Instruction.  If (a) the Owner Trustee is unsure of the application of a term of a Transaction Document, (b) a term of
      a Transaction Document is, or appears to be, in conflict with another term, (c) this Agreement permits a determination by the Owner Trustee or is silent or is unclear about the action the Owner Trustee is required to take or (d) the Owner Trustee is
      unable to decide between alternative actions permitted or required by a Transaction Document, the Owner Trustee may, and for clause (d) will, notify the Administrator requesting instruction on the matter.  If the Owner Trustee acts or does not act in
      good faith according to the instruction received, the Owner Trustee will not be liable for the action or inaction.  If the Owner Trustee does not receive instruction before ten (10) days after it has notified the Administrator (or sooner if
      reasonably requested in the notice or necessary under the circumstances) it may, but is not obligated to, take or not take the action that it considers to be in the best interests of the Certificateholders, and will not be liable for the action or
      inaction.

   

    

  Section 5.7  No Obligations or Actions Except as Stated in Transaction Documents or Instructions.  The Owner Trustee is not obligated to, and will not,
      manage, use, sell or dispose of the Trust Property, except according to the rights and powers granted to and the authority given to the Issuer and the Owner Trustee under this Agreement and the other Transaction Documents or in an instruction
      received by the Owner Trustee under Section 5.4 or 5.6.  The right of the Owner Trustee to perform a discretionary act stated in a Transaction Document will not be interpreted as an obligation.  There are no implied obligations of the Owner Trustee
      under the Transaction Documents.  To the extent that, at law or in equity, the Owner Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Certificateholders, it is hereby understood and agreed by the
      other parties hereto that all such duties and liabilities are replaced by the duties and liabilities of the Owner Trustee expressly set forth in this Agreement.

   

    

  Section 5.8  Prohibition on Some Actions.  The Owner Trustee will not take action (a) that is inconsistent with the purposes of the Issuer in Section 2.3 or
      (b) that, to the knowledge of a Responsible Person of the Owner Trustee, absent direction by the Certificateholders, would (i) cause a Class of Notes not to be treated as indebtedness for purposes of U.S. federal and State income tax, franchise tax,
      or any other tax imposed on or measured in whole or in part by income, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be recognized on the deemed sale or exchange for
      U.S. federal income tax purposes), (iii) cause the Issuer or any part of the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax or for state and local income or franchise tax
      purposes, or for purposes of any other tax imposed on or measured in whole or in part by income, or (iv) not be in accordance with applicable Law.  The Certificateholders shall not direct the Owner Trustee to take action that would violate clause
      (b)(i) of this Section 5.8 or cause the Issuer or any part of the Issuer to be an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax or for state and local income or franchise tax purposes, or for
      purposes of any other tax imposed on or measured in whole or in part by income.

   

    

  Section 5.9  Action Not Required.  The Owner Trustee will not be required to do any of the following:

   

    

  
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  (a) Actions Resulting in Liability.  To take any action under a Transaction Document if the Owner Trustee reasonably determines, or is advised by counsel, that the action is likely to result in liability on the part of the Owner
      Trustee, is contrary to a Transaction Document or is not permitted by applicable Law.

   

  (b) Actions Resulting in Financial Liability.  To pay or risk funds or incur any financial liability in the performance of its rights or powers under a Transaction Document if the Owner Trustee has reasonable grounds for believing
      that payment of such funds or adequate indemnity against the risk or liability is not reasonably assured or given to it.

   

  (c) Administering or Collecting Receivables.  To administer, service or collect the Receivables or to monitor or supervise the administration, servicing or collection of the Receivables.

   

  (d) Perfecting Security Interest.  To file financing statements or continuation statements or to perfect or maintain the perfection of a security interest or Lien granted to it under this Agreement or to prepare or file a Securities
      and Exchange Commission filing for the Issuer or to record a Transaction Document.

   

  (e) Advice.  To provide advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance implications and consequences of the formation, funding and ongoing administration of the Issuer, including
      income, gift and estate tax issues, insurable interest issues, doing business or other licensing matters and the initial and ongoing selection and monitoring of financing arrangements.

   

  (f) Investigation.  To make investigation about the accuracy of representations, warranties or other obligations of the Issuer under the Transaction Documents.

   

  (g) Verification.  To prepare or verify information, disclosure or other statements in the offering documents or other documents issued or delivered in connection with the sale or transfer of the Notes, except as separately agreed by
      the Owner Trustee.

   

  (h) Actions of other Parties.  To monitor or supervise the activities or performance of other parties under the Transaction Documents.

   

  (i) Compliance With U.S. Credit Risk Retention Rules.  To monitor or enforce the Sponsor’s compliance with any risk retention requirements under the U.S. Credit Risk Retention Rules.  The Owner Trustee shall not be charged with
      knowledge of such rules, nor shall it be liable to any Certificateholder, Noteholder or other party for violation of such rules now or hereafter in effect, except as otherwise may be explicitly required by law, rule or regulation.

   

  Section 5.10  Inspection of Owner Trustee; Access to Records.  The Owner Trustee agrees that, with reasonable advance notice, it will permit
      authorized representatives of the Servicer or the Administrator, during the Owner Trustee’s normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of the
      Owner Trustee relating to (a) the performance of the Owner Trustee’s obligations under this Agreement, (b) payments of fees and expenses of the Owner Trustee for its performance and (c) a claim made by the Owner Trustee under this Agreement.  In
      addition, the

   

  
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  Owner Trustee will permit the Servicer’s or the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Owner Trustee’s officers
    and employees.  Any access and review will be subject to the Owner Trustee’s confidentiality and privacy policies.  The Owner Trustee will maintain all relevant books, records, reports and other documents and materials for a period of two (2) years
    after the termination of its obligations under this Agreement.

   

  Section 5.11  Furnishing of Documents.  The Owner Trustee will provide to the Administrator and, on request from any Certificateholder (if a
      different Person than the Administrator), to the Certificateholder copies of reports, notices, requests, demands, certificates and other documents provided to the Owner Trustee under the Transaction Documents, including any requests received by the
      Owner Trustee from a Noteholder to communicate with other Noteholders and any Review Reports received from the Asset Representations Reviewer.

   

    

  Section 5.12  Reporting of Receivables Reacquisition and Acquisition Demands.  The Owner Trustee will (a) notify the Sponsor, the Administrator,
      the Depositor and the Servicer, as soon as practicable, but in any event, within five (5) Business Days, of demands or requests received by a Responsible Person of the Owner Trustee (including to the Owner Trustee on behalf of the Issuer) for the
      reacquisition or acquisition, as applicable, of any Receivable under Section 3.4 or 4.6 of the Originator Receivables Transfer Agreement, Section 3.4 or 4.7 of the Master Trust Receivables Transfer Agreement or Section 2.5 of the Transfer and
      Servicing Agreement, (b) promptly on request by the Sponsor, the Administrator, the Depositor or the Servicer, provide to them other information in the Owner Trustee’s possession reasonably requested to facilitate compliance by them with Rule 15Ga-1
      under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB and (c) if requested by the Sponsor, the Administrator, the Depositor or the Servicer, provide a written certification no later than fifteen (15) days following the end of a
      quarter or year that the Owner Trustee has not received reacquisition or acquisition demands or requests for the relevant period, or if reacquisition or acquisition demands or requests have been received during the relevant period, that the Owner
      Trustee has given the information reasonably requested under clause (b) above.  The Owner Trustee and the Issuer will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act.

   

    

  Section 5.13  Sarbanes-Oxley Act.  The Owner Trustee will not be required to execute, deliver or certify on behalf of the Issuer, the Servicer,
      the Depositor or the Sponsor any filings, certificates or other documents required by the Commission or required under the Sarbanes-Oxley Act of 2002 in connection with the Transaction Documents.  The Owner Trustee will provide any relevant
      information in the Owner Trustee’s possession and Officer’s Certificates reasonably requested by the Person responsible for the filings, certificates or other documents on behalf of the Issuer.

   

  ARTICLE VI

    OWNER TRUSTEE

   

  Section 6.1  Acceptance of Trusts.  The Owner Trustee accepts the trusts created by this Agreement and agrees to exercise its rights and powers and perform
      its obligations under this Agreement.

   

  
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  Section 6.2  Limitations on Liability.  The Owner Trustee will not be liable under the Transaction Documents, including for the following actions, except (a)
      for its own willful misconduct, bad faith or gross negligence (except for errors in judgment) or (b) if a representation or warranty in Section 6.6 is not true and correct as of the Closing Date:

   

  (i) the Owner Trustee will not be liable for any action taken or not taken by it (A) according to the instructions of the Noteholders of a majority of the Note Balance of the Controlling Class, the Indenture Trustee, the Depositor, the
      Certificateholders, the Administrator or the Servicer or (B) in good faith which it believes to be authorized or within its rights and powers under this Agreement so long as the action taken or not taken does not amount to gross negligence; provided,
      however, that the foregoing shall not relieve the Owner Trustee of its obligation to perform its duties under this Agreement;

   

  (ii) the Owner Trustee will not be liable for indebtedness evidenced by or created under the Transaction Documents, including the principal of and interest or Make-Whole Payments on the Notes or amounts distributable to the
      Certificateholders;

   

  (iii) the Owner Trustee will not be liable for and makes no representations as to (A) the validity or sufficiency of this Agreement, (B) the due execution of this Agreement by the Depositor, (C) the form, genuineness, sufficiency, value or
      validity of the Trust Property, (D) the validity or sufficiency of the other Transaction Documents or related documents, (E) the legality, validity and enforceability of the Certificates or the Notes, (F) the perfection and priority of a security
      interest created in the Receivables or the maintenance of any perfection and priority, (G) the sufficiency of the Trust Property or the ability of the Trust Property to generate the amounts necessary to make payments to the Noteholders under the
      Indenture or distributions to the Certificateholders under this Agreement or (H) the accuracy of a representation or warranty made under a Transaction Document (other than the representations and warranties made by the Owner Trustee in Section 6.6);

   

  (iv) the Owner Trustee will not have any responsibility or liability for or with respect to (A) the legality, validity and enforceability of any Receivable, (B) the existence and ownership of any Receivable, (C) the existence and contents of
      any device payment plan agreement or any computer or other record thereof, (D) the completeness of any device payment plan agreement or (E) the performance or enforcement of any device payment plan agreement;

   

  (v) the Owner Trustee will not have any responsibility or liability for or with respect to the compliance by the Issuer with any covenant or the breach by the Issuer of any warranty or representation made under this Agreement or in any
      related document and the accuracy of any such warranty or representation prior to the Owner Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach thereof;

   

  (vi) the Owner Trustee will not be liable for the default or misconduct of or acts or omissions of the Servicer, the Administrator, the Depositor, any Certificateholder, the Indenture Trustee or the Asset Representations Reviewer under the
      Transaction

   

  
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  Documents or for any action taken by the Indenture Trustee, the Administrator or the Servicer in the name of the Owner Trustee and the Owner Trustee shall have no obligations to perform any
    of the duties of or to monitor the performance by the Issuer, the Servicer, the Indenture Trustee, the Administrator, the Asset Representations Reviewer or any other Person; provided that, to the extent a Responsible Person of the Owner Trustee has
    actual knowledge of a breach of a representation, warranty or covenant of any party, the Owner Trustee shall notify such party of the breach;

   

  (vii) the Owner Trustee shall not be accountable for (A) the use or application by the Depositor of the proceeds of the sale of the Notes, (B) the use or application by the Certificateholders of the Certificates or the proceeds of the
      Certificates, (C) the use or application by the holder of any Notes of any of the Notes or of the proceeds of such Notes, or (D) the use or application of any funds paid to the Servicer in accordance with the Transfer and Servicing Agreement.

   

  (viii)   the Owner Trustee will not be responsible or liable for
      special, punitive, indirect or consequential damages (including lost profit), even if the Owner Trustee has been advised of the likelihood of the loss or damage and regardless of the form of action; or

   

  (ix) the Owner Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Agreement from or caused by, directly or indirectly, forces beyond its control, including strikes, work
      stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, loss or failures of mechanical, electronic or communication
      systems; and the Owner Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

   

  Section 6.3  Reliance; Advice of Counsel; Use of Agents.

   

  (a) Reliance.  The Owner Trustee may rely on, and will not be liable to anyone for acting in reliance on, a signature, notice, resolution, request, consent, certificate, report, opinion or other document believed by it to be genuine
      that appears on its face to be properly signed by the proper party or parties.  The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of a corporate party as conclusive evidence that the
      resolution has been duly adopted and that the resolution is in full force and effect.

   

  (b) Advice of Counsel.  In the exercise or administration of the trusts under this Agreement and in the exercise of its rights and powers or the performance of its obligations under the Transaction Documents, the Owner Trustee may
      consult with counsel, accountants and other Persons whom the Owner Trustee selects with reasonable care.  The Owner Trustee may rely on the written opinion or advice of counsel, accountants or other Persons and will not be liable for any action taken
      or not taken in good faith according to such opinion or advice, including that such action or inaction is not contrary to the Transaction Documents.

   

  
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  (c) Use of Agents.  In the exercise or administration of the trusts under this Agreement and in the performance of its rights, powers and obligations under the Transaction Documents, the Owner Trustee may act directly or through its
      agents or attorneys under agreements entered into with any of them and will not be liable for the conduct or misconduct of those agents or attorneys if the Owner Trustee selects those agents or attorneys with due care.

   

  Section 6.4  Not Acting in Individual Capacity.  Except as stated in this Article VI, in accepting the trusts created by this Agreement Wilmington Trust,
      National Association acts solely as Owner Trustee under this Agreement and not in its individual capacity.  Any Person with a claim against the Owner Trustee related to a Transaction Document will look only to the Trust Property for payment or
      satisfaction of that claim.

   

    

  Section 6.5  Owner Trustee May Own Notes.  Wilmington Trust, National Association, in its individual or another capacity, may become the owner or pledgee of
      Notes and may deal with the Depositor, the Certificateholder, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it were not the Owner Trustee.

   

    

  Section 6.6  Owner Trustee’s Representations and Warranties.  The Owner Trustee represents and warrants to the Depositor and for the benefit of the
      Certificateholders as of the Closing Date:

   

    

  (a) Organization and Qualification.  The Owner Trustee is duly formed, validly existing and duly qualified as a national banking association under the laws of the United States.  The Owner Trustee has obtained necessary
      qualifications, licenses and approvals in each jurisdiction in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses
      or approvals would not reasonably be expected to have a Material Adverse Effect.

   

  (b) Power, Authority and Enforceability.  The Owner Trustee has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Owner Trustee has authorized the execution, delivery and performance of
      this Agreement.  This Agreement has been duly executed by an authorized officer of the Owner Trustee and is the legal, valid and binding obligation of the Owner Trustee enforceable against the Owner Trustee in accordance with its terms, except as may
      be limited by insolvency, bankruptcy, reorganization or other Laws relating to the enforcement of creditors’ rights or by general equitable principles.

   

  (c) No Conflicts and No Violation.  The completion of the transactions under this Agreement and the performance by the Owner Trustee of its obligations under this Agreement will not (i) conflict with, or be a breach or default under,
      any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Owner Trustee is a debtor or guarantor, (ii) result in the creation or imposition of any Lien on the Owner Trustee’s properties or assets under the
      terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the Owner Trustee’s organizational documents or by-laws, or (iv) violate a Law or, to the Owner Trustee’s knowledge, an order, rule or
      regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having

   

  
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  jurisdiction over the Owner Trustee or its properties that applies to the Owner Trustee, which, in each case, would reasonably be expected to have a Material Adverse Effect.

   

  (d) No Proceedings.  To the Owner Trustee’s knowledge, there are no proceedings or investigations pending or threatened in writing, before a federal or State court, regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Owner Trustee or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction
      Documents or (iii) seeking a determination or ruling that would reasonably be expected to have a Material Adverse Effect.

   

  (e) Banking Association.  The Owner Trustee is a banking association satisfying Section 3807(a) of the Delaware Statutory Trust Act and meets the eligibility requirements of Section 9.1(a).

   

  (f) Information Provided by Owner Trustee.  The information provided by the Owner Trustee in its individual capacity in each certificate or agreement delivered by a Responsible Person of the Owner Trustee is true and correct in all
      material respects.

   

  Section 6.7  Obligation to Update Disclosure.  The Owner Trustee will notify and provide information in the Owner Trustee’s possession, and certify the
      information in an Officer’s Certificate, to the Depositor and the Administrator on the occurrence of any event or condition relating to the Owner Trustee or actions taken by the Owner Trustee that (a) may be required to be disclosed by the Depositor
      under Item 2 (the start of, material developments in, or termination of legal proceedings against the Owner Trustee, in its individual capacity, that are material to the Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days
      of a Responsible Person of the Owner Trustee becoming aware of such proceeding, (b) the Depositor or the Administrator reasonably requests of the Owner Trustee that the Depositor or the Administrator, as applicable, in good faith, believes is
      necessary to comply with the Depositor’s reporting obligations under the Exchange Act within two (2) Business Days of request, or (c) may be required to be disclosed under Item 6.02 (resignation, removal, replacement or substitution of the Owner
      Trustee, in its individual capacity) of Form 8-K under the Exchange Act within two (2) Business Days of the resignation, removal, replacement or substitution of the Owner Trustee.

   

    

  Section 6.8  Anti-Money Laundering.  To help the government fight the funding of terrorism and money laundering activities, the Customer Identification
      Program (CIP) requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its
      implementing regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to
      banking institutions (“Applicable Anti-Money Laundering Law”), requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order to comply with Applicable
      Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before the Closing Date and from time to time thereafter documentation to verify and record information that identifies

   

  
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  each person who opens an account.  For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to verify
    its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and
    information (including beneficial owners of such entities).  The Owner Trustee may, to the fullest extent permitted by applicable law, including Applicable Anti-Money Laundering Law, conclusively rely on, and shall be fully protected and indemnified in
    relying on, any information received, and failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation
    of the Owner Trustee, notwithstanding anything to the contrary in this Agreement but subject to Section 9.2(e).

   

  Section 6.9  Persons Deemed Beneficial Owners and Control Parties.  The parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, (a)
      each Certificateholder owning twenty-five percent (25%) or more of the beneficial interest in the Issuer is and shall be deemed to be the beneficial owners of the Issuer for purposes of providing the information required under Applicable Anti-Money
      Laundering Law, and (b) each such Certificateholder and the Administrator is and shall deemed to be the parties with the power and authority to control the Issuer.

   

  ARTICLE VII

    COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

   

  Section 7.1  Owner Trustee’s Fees and Expenses.  The Issuer will pay the Owner Trustee as compensation for performing its obligations under this Agreement
      the Owner Trustee Fee.  The Issuer will reimburse the Owner Trustee for its reasonable expenses in performing its obligations under this Agreement and the other Transaction Documents, including the reasonable fees and expenses of the Owner Trustee’s
      agents, counsel and advisors, but excluding expenses resulting from the Owner Trustee’s willful misconduct, bad faith or gross negligence (other than errors in judgment).  These amounts will be paid to the Owner Trustee as set forth in Section 8.2 of
      the Indenture.

   

    

  Section 7.2  Indemnification of Owner Trustee.

   

  (a) Indemnification.  The Issuer will indemnify the Owner Trustee in its individual capacity, and its officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses, damages and
      liabilities resulting from the administration of and the performance of its obligations under this Agreement and the other Transaction Documents (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 Issuer), but excluding any fee, expense, loss, damage or liability resulting from (i) the Owner Trustee’s
      willful misconduct, bad faith or gross negligence (other than errors in judgment) or (ii) the Owner Trustee’s breach of its representations and warranties in this Agreement.  These amounts will be paid to the Owner Trustee as set forth in Section 8.2
      of the Indenture.

   

  
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  (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 7.2(a), promptly notify the Issuer and the Administrator of the Proceeding. 
      The Issuer may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer notifies, or causes the Administrator to notify, the Indemnified Person of its intention to assume the defense of the Proceeding with
      counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer will not be liable for fees and expenses of counsel
      to the Indemnified Person unless there is a conflict between the interests of the Issuer and an Indemnified Person.  If there is a conflict, the Issuer 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 Issuer and the Indemnified Person, which approval will not be unreasonably withheld.

   

  (c) Survival of Obligations.  The obligations of the Issuer under this Section 7.2 will survive the resignation or removal of the Owner Trustee and the termination of this Agreement.

   

  (d) Repayment.  If the Issuer makes a payment to an Indemnified Person under this Section 7.2 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 Issuer.

   

  Section 7.3  Organizational Expenses of Issuer.  The Depositor will, or will cause the Administrator to, pay the organizational fees and expenses of the
      Issuer.

   

  ARTICLE VIII

    TERMINATION

   

  Section 8.1  Termination of Trust Agreement and Issuer.

   

  (a) Termination of Trust Agreement and Issuer.  The Issuer will dissolve, on the later to occur of (i) the final distribution by the Owner Trustee of all Trust Property according to the Indenture, the Transfer and Servicing Agreement
      and Article IV of this Agreement and (ii) the satisfaction and discharge of the Indenture under Article IV of the Indenture.  An Insolvency Event, liquidation or dissolution of any Certificateholder will not (A) operate to terminate this Agreement or
      the Issuer, (B) allow any Certificateholder’s legal representatives to claim an accounting or to start an action or proceeding in court for a partition or winding up of the Issuer or the Trust Property or (C) affect the rights, powers, obligations
      and liabilities of the parties to this Agreement.  On dissolution of the Issuer, the Administrator will wind up the activities and affairs of the Issuer as required by Section 3808 of the Delaware Statutory Trust Act.

   

  (b) Notice of Dissolution.  Notice of any dissolution of the Issuer, specifying the Payment Date upon which the Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distributions and
      cancellation, shall be given by the Owner Trustee to the Certificateholders mailed within five (5) Business Days of receipt of notice of such termination by the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment
      of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner Trustee therein designated, (ii) the amount of any such

   

  
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  final payment and (iii) that payment to be made on such Payment Date will be made only upon presentation and surrender of the Certificates at the office of the Owner Trustee therein
    specified.  The Owner Trustee shall give such notice to the Trust Registrar (if other than the Owner Trustee) at the time such notice is given to the Certificateholders.  Upon presentation and surrender of the Certificates, the Owner Trustee shall
    cause to be distributed to the Certificateholders amounts distributable on such Payment Date.

   

  (c) Failure to Surrender Certificates.  In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written
      notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto.  If within one (1) year after the second notice
      all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their
      Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement.  Any funds remaining in the Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee to the
      Depositor (subject to applicable escheatment laws).

   

  (d) No Termination of Issuer.  Except as provided in this Section 8.1, none of the Depositor, the Administrator or the Certificateholders may cancel or terminate the Issuer.

   

  (e) Trust Property; Certificate of Cancellation.  On dissolution of the Issuer, any remaining Trust Property will be distributed to the Certificateholders in the priority set forth in Section 4.1(b) of this Agreement, and on
      completion of the windup, the Owner Trustee will (at the written direction of the Administrator) cause the Certificate of Trust to be cancelled by preparing, executing and filing a certificate of cancellation as required by the Delaware Statutory
      Trust Act.  On the filing of the certificate of cancellation, this Agreement and the Owner Trustee’s rights, powers and obligations under this Agreement will simultaneously terminate.  The Owner Trustee will promptly deliver a file-stamped copy of
      the certificate of cancellation to the Administrator.

   

  ARTICLE IX

    SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

   

  Section 9.1  Eligibility Requirements for Owner Trustee.

   

  (a) Eligibility Requirements.  The Owner Trustee must (i) be authorized to exercise corporate trust powers, (ii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or
      State authorities, and (iii) have (or have a parent that has) a long-term debt rating of at least investment grade by each of the Rating Agencies or be acceptable to the Rating Agencies.  It is hereby understood that Wilmington Trust, National
      Association meets the requirements set forth in the immediately preceding sentence as of the date hereof.  If the Owner Trustee publishes reports of condition at least annually, under Law or the requirements of its supervising or examining authority,
      then for the purpose of this Section 9.1, the combined capital and surplus of the Owner Trustee will be considered to be its combined capital and surplus as stated in its most recent published report.

   

  
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  (b) Notice of Ineligibility.  The Owner Trustee will promptly notify the Depositor and the Administrator if it no longer meets the eligibility requirements in this Section 9.1.

   

  (c) Trustee in Delaware.  The Owner Trustee must satisfy Section 3807(a) of the Delaware Statutory Trust Act.

   

  Section 9.2  Resignation or Removal of Owner Trustee.

   

  (a) Resignation.  The Owner Trustee may resign as the Owner Trustee by notifying the Depositor and the Administrator at least thirty (30) days in advance.  The Owner Trustee must resign immediately if it no longer meets the
      eligibility requirements in Section 9.1 or is legally unable to act as Owner Trustee.

   

  (b) Removal by Administrator.  The Administrator may, without cause, remove the Owner Trustee and terminate its rights and obligations under this Agreement by notifying the Owner Trustee at least thirty (30) days in advance.

   

  (c) Removal for Cause.  The Administrator will, if any of the following events occurs and is continuing, remove the Owner Trustee and terminate its rights and obligations under this Agreement by notifying the Owner Trustee:

   

  (i) the Owner Trustee no longer meets the eligibility requirements in Section 9.1;

   

  (ii) the Owner Trustee is legally unable to act as Owner Trustee; or

   

  (iii) an Insolvency Event of the Owner Trustee occurs.

   

  (d) Notice of Resignation or Removal.  The Administrator will notify the Depositor, the Indenture Trustee and the Rating Agencies of any resignation or removal of the Owner Trustee.

   

  (e) Continue to Perform.  No resignation or removal of the Owner Trustee will be effective, and the Owner Trustee will continue to perform its obligations under this Agreement, until a successor Owner Trustee has accepted its
      engagement according to Section 9.3(b).

   

  Section 9.3  Successor Owner Trustee.

   

  (a) Appointment of Successor Owner Trustee.  If the Owner Trustee resigns or the Administrator removes the Owner Trustee, the Administrator will promptly appoint a successor Owner Trustee who meets the eligibility requirements in
      Section 9.1.  If no successor Owner Trustee is appointed and has accepted the appointment within thirty (30) days after the Administrator receives notice of the resignation or removal of the Owner Trustee, the Owner Trustee may petition a court of
      competent jurisdiction to appoint a successor Owner Trustee.  No successor Owner Trustee may accept appointment under this Section 9.3 unless, at the time of the acceptance, the successor Owner Trustee meets the eligibility requirements in Section
      9.1.

   

  
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  (b) Effectiveness of Resignation or Removal.  No resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee under this Section 9.3 will become effective until (i) the successor Owner Trustee accepts its
      appointment as the Owner Trustee under Section 9.3(a) by executing and delivering to the Administrator an agreement accepting its appointment under this Agreement and (ii) the successor Owner Trustee files the certificate of amendment to the
      Certificate of Trust referred to in Section 9.3(e).

   

  (c) Transition of Owner Trustee Obligations.  On the resignation or removal of the Owner Trustee becoming effective under Section 9.3(b), all rights, powers and obligations of the Owner Trustee under this Agreement will become the
      rights, powers and obligations of the successor Owner Trustee.  The Owner Trustee will deliver to the successor Owner Trustee all documents and amounts held by it under this Agreement, and the Administrator and the Owner Trustee will execute and
      deliver any documents and do other things reasonably required to confirm in the successor Owner Trustee those rights, powers and obligations.  The Issuer will reimburse the Owner Trustee and any successor Owner Trustee for expenses related to the
      replacement of the Owner Trustee.

   

  (d) Notification.  On the acceptance of appointment by a successor Owner Trustee under this Section 9.3, the Administrator will notify the Depositor, the Indenture Trustee, the Noteholders, the Certificateholders and the Rating
      Agencies of the successor Owner Trustee.

   

  (e) Certificate of Amendment.  A successor Owner Trustee appointed under this Agreement will promptly file a certificate of amendment to the Certificate of Trust with the Secretary of State of the State of Delaware identifying the
      name and principal place of business of the successor Owner Trustee in the State of Delaware.  The successor Owner Trustee will promptly deliver a file-stamped copy of the certificate of amendment to the Administrator.

   

  Section 9.4  Merger or Consolidation; Transfer of Assets.  If the Owner Trustee merges or consolidates with, or transfers its corporate trust business or
      assets to, any Person, the resulting, surviving or transferee Person will be the successor Owner Trustee so long as that Person is qualified and eligible under Section 9.1.  The Owner Trustee will (i) notify the Issuer and the Administrator (who will
      notify the Rating Agencies) of the merger or consolidation within fifteen (15) Business Days of the event and (ii) file a certificate of amendment to the Certificate of Trust as required by Section 9.3(e).

   

    

  Section 9.5  Appointment of Separate Trustee or Co-Trustee.

   

  (a) General.  For the purpose of meeting a legal requirement of any jurisdiction in which the Trust Property may be located, the Administrator and the Owner Trustee acting jointly will have the power to appoint one or more Persons
      approved by the Owner Trustee to act as a separate trustee or as separate trustees, or as co-trustee, jointly with the Owner Trustee, of the Issuer, and to vest in that Person, in that capacity, the title to the Trust Property, and, subject to this
      Section 9.5, the trusts, rights, powers and obligations as the Administrator and the Owner Trustee consider necessary or advisable.  If the Administrator has not joined in the appointment within fifteen (15) Business Days of its receipt of a request
      so to do, the Owner Trustee will have the power to make the appointment.  No separate trustee or co-trustee under this Agreement will

   

  
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  be required to be eligible under Section 9.1 and no notice of the appointment of a separate trustee or co-trustee is required.

   

  (b) Rights; Liability; Resignation or Removal.  Each separate trustee and co-trustee will, if permitted by Law, be appointed and act subject to the following:

   

  (i) all rights, powers and obligations of the Owner Trustee will be exercised or performed by the Owner Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee is not authorized to
      act separately without the Owner Trustee joining in the act), except if under the Law of each jurisdiction in which a particular act or acts are to be performed, the Owner Trustee is incompetent or unqualified to perform the act or acts, in which
      event the rights, powers and obligations (including the holding of title to any Trust Property) may be exercised and performed separately by the separate trustee or co-trustee;

   

  (ii) no trustee under this Agreement will be personally liable for any act or failure to act by another trustee under this Agreement; and

   

  (iii) the Administrator and the Owner Trustee acting jointly may accept the resignation of or remove a separate trustee or co-trustee.

   

  (c) Joint or Separate Trusts.  Any notice, request or other communication given to the Owner Trustee will be considered given to each of the then separate trustees and co-trustees, as if given to each of them.  Every appointment of a
      separate trustee or co-trustee must refer to this Agreement and the conditions of this Article IX.  Each separate trustee and co-trustee, on its acceptance of the appointment, will be vested with the properties, trusts, rights and powers stated in
      its appointment, either jointly with the Owner Trustee or separately.  The Owner Trustee will keep a copy of the appointment in its files and will deliver a copy to the Administrator.

   

  (d) Owner Trustee as Agent.  Any separate trustee or co-trustee may appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, if not prohibited by Law, to do any act under this Agreement on its behalf
      and in its name.  If a separate trustee or co-trustee becomes incapable of acting, resigns or is removed, its properties, trusts, rights and powers will be vested in and may be exercised by the Owner Trustee, if permitted by Law, without the
      appointment of a new or successor trustee.

   

  Section 9.6  Compliance with Delaware Statutory Trust Act.  The Issuer must have at least one trustee that meets the requirements of Section 3807(a) of the
      Delaware Statutory Trust Act.

   

  ARTICLE X

    OTHER AGREEMENTS

   

  Section 10.1  Limitation on Rights of Others.  Except for Sections 2.6, 7.2 and 11.2, this Agreement is solely for the benefit of the Owner
      Trustee, the Depositor, the Administrator, the Servicer, the Certificateholders and the Secured Parties.  Nothing in this Agreement (other than Section 2.6), will give to any other Person any legal or equitable right, remedy or claim in the Trust
      Property or under this Agreement.

   

  
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  Section 10.2  No Petition.  To the fullest extent permitted by Law, each of the parties hereto, by entering into this Agreement hereby covenants
      and agrees, and the Indenture Trustee and each Certificateholder and Noteholder by accepting a Certificate or accepting the benefits of this Agreement, as the case may be, are each deemed to covenant and agree, that it shall not at any time
      acquiesce, petition or otherwise invoke or cause the Issuer or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer or the Depositor under any federal or state
      bankruptcy, insolvency or similar Law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or the Depositor, as the case may be, or any substantial part of its property, or, except
      as expressly set forth herein, ordering the winding up or liquidation of the affairs of the Issuer or the Depositor, in connection with any obligations relating to the Notes, the Certificates, this Agreement or any of the Transaction Documents prior
      to the date that is one (1) year and one day after the payment in full of all securities issued by the Depositor or by a trust for which the Depositor was a depositor.  This Section 10.2 shall survive the termination of this Agreement.

   

    

  Section 10.3  Restrictions on the Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or refrain from
      taking any action if such action or inaction would be contrary to any obligations of the Issuer or of the Owner Trustee under any of the Transaction Documents nor shall the Owner Trustee be obligated to follow any such direction, if given.

   

    

  Section 10.4  Class A Certificateholder Controls.  Except as otherwise expressly provided herein, any action that may be taken by the
      Certificateholders under this Agreement may be taken by the Class A Certificateholder, except as expressly provided otherwise herein.  Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this
      Agreement shall be effective if signed by the Class A Certificateholder.

   

    

  Section 10.5  Optional Acquisition.  On each Payment Date following the last day of a Collection Period as of which the aggregate Principal
      Balance of the Receivables shall be equal to or less than 10% of the aggregate Principal Balance of the Receivables as of the Closing Date, the Class A Certificateholder, with the consent of the Administrator, on behalf of the Issuer, shall have the
      option to acquire, as of the end of the immediately preceding Collection Period, the corpus of the Trust Property for an amount equal to the Optional Acquisition Amount, as set forth in Section 8.1 of the Transfer and Servicing Agreement.  Upon such
      Optional Acquisition, the Issuer will redeem the Notes, in whole but not in part.

   

    

  Section 10.6  Optional Redemption of Notes.  On any Payment Date on and after the Payment Date in November 2021, the Class A Certificateholder,
      with the consent of the Administrator, on behalf of the Issuer, shall have the option to redeem the Notes, in whole but not in part, as set forth in Section 8.2 of the Transfer and Servicing Agreement.

   

  
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  ARTICLE XI

    MISCELLANEOUS

   

  Section 11.1  Amendments.

   

  (a) Amendments to Clarify and Correct Errors and Defects.  The parties may amend this Agreement to (i) 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, or (ii) provide for, or facilitate the acceptance of this Agreement by, a successor Owner Trustee, in each case of (i) or (ii), 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 11.1(c), the parties may amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying
      in any manner the rights of the Noteholders under this Agreement, with the consent of the Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that
      the amendment will not have a material adverse effect on the Noteholders or (y) the Rating Agency Condition is satisfied with respect to such amendment; and

   

  (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 with the consent of the Certificateholders and, if the
      interests of the Noteholders are materially and adversely affected, with the consent of the Noteholders evidencing at least a majority of the outstanding Note Balance of the Controlling Class of Notes, for the purpose of adding any provisions to or
      changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under this Agreement.

   

  (ii) No amendment to this Agreement may, without the consent of all adversely affected Noteholders or Certificateholders, as applicable, (i) change the applicable Final Maturity Date on a Note or change the
      principal amount of or interest rate or Make-Whole Payment on a Note or (ii) modify the percentage of the Note Balance of the Notes or the Controlling Class 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 11.1 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

   

  
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  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.  Any amendment to this Agreement pursuant to Section 11.1(b) or (c) will require the consent of the Indenture Trustee if the amendment has a material adverse effect on the rights, duties, obligations,
      immunities or indemnities of the Indenture Trustee.

   

  (e) Notice of Amendments.  Promptly after the execution of an amendment, (i) the Administrator will deliver a copy of the amendment to the Rating Agencies and (ii) the Owner Trustee will notify the Indenture Trustee of the substance
      of the amendment or consent.

   

  (f) Certificate of Amendment.  Promptly after the execution of any certificate of amendment to the Certificate of Trust, the Owner Trustee will cause the amendment to be filed with the Secretary of State of the State of Delaware.  The
      Owner Trustee will promptly deliver a file-stamped copy of the certificate of amendment to the Administrator.

   

  (g) Amendment by Owner Trustee.  The Owner Trustee may enter into any amendment or certificate of amendment to the Certificate of Trust that affects the Owner Trustee’s own rights, powers and obligations under this Agreement.

   

  (h) Opinions of Counsel.

   

  (i) Before executing any amendment to this Agreement or certificate of amendment to the Certificate of Trust, the Depositor or the Administrator will deliver to the Owner Trustee, an Opinion of Counsel stating that
      the execution of the amendment or certificate of amendment is authorized or permitted by this Agreement.

   

  (ii) Before executing any amendment to this Agreement or any other Transaction Document to which the Issuer is a party, the Depositor or the Administrator will deliver to the Owner Trustee, an Opinion of Counsel
      stating that the amendment is permitted by the Transaction Documents and that all conditions in the Transaction Documents for the execution and delivery of the amendment by the Issuer or the Owner Trustee have been satisfied.

   

  (i) Noteholder Consent.  For any amendment to this Agreement or any other Transaction Document requiring the consent of the Noteholders, the Owner Trustee will notify the Indenture Trustee to request consent from the Noteholders and
      follow its reasonable procedures to obtain consent.

   

  Section 11.2  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 11.3  Notices.

   

  
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  (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 11.4  GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING
      EFFECT TO PRINCIPLES OF CONFLICT OF LAWS.

   

    

  Section 11.5  Exclusive Jurisdiction.  Each party to this Agreement and each person beneficially owning a beneficial interest in the Issuer, to
      the fullest extent permitted by Law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Issuer or its business and affairs,
      the Delaware Statutory Trust Act or this Agreement, including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce the provisions of this Agreement, will be exclusively brought in the courts of the State of
      Delaware or the State of New York and (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding.

   

    

  Section 11.6  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 11.7  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 11.8  Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this
      Agreement.

   

  
    33

    
      

  

  Section 11.9  Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts
      will together be one document.

   

    

  Section 11.10  No Recourse.  Each Certificateholder by accepting an interest in a Certificate acknowledges that such Certificate represents a
      beneficial interest in the Issuer only and does not represent an interest in or obligation of the Depositor, Cellco (in any capacity), the Administrator, the Parent Support Provider, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
      and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Certificates or the Transaction Documents.

   

    

  Section 11.11  Intent of the Parties; Reasonableness.  The Depositor and the Owner Trustee acknowledge and agree that the purpose of Section 6.7
      of this Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Depositor nor the Owner Trustee 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 comparable to that required under the Securities Act).  The Owner Trustee 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 Depositor in good faith for delivery of information under these provisions
      on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Owner Trustee shall cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements,
      reports, certifications, records, attestations, and any other information in the Owner Trustee’s possession necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together
      with such disclosures relating to the Owner Trustee or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance.

   

    

  Section 11.12  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.

   

  

  

   

  [Remainder of Page Left Blank]

   

  

  

   

  

  

   

  

  

   

  
    34

    
      

  

  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 ABS LLC,

          
	 	 	
            as Depositor

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            WILMINGTON TRUST, NATIONAL ASSOCIATION,

          
	 	 	
            as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:

          

  

   

  

   

  

   

  

  

  

  

  
    
      

  

  
  Exhibit A

   

  Form of Certificate of Trust of

    Verizon Owner Trust 2020-C

   

  This Certificate of Trust of Verizon Owner Trust 2020-C (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust
    under the Delaware Statutory Trust Act (12 Del. C., § 3801 et seq.) (the “Act”).

   

  1. Name.  The name of the statutory trust formed by this Certificate of Trust is “Verizon Owner Trust 2020-C”.

   

  2. Owner Trustee.  The name and business address of the sole trustee of the Trust with a principal place of business in the State of Delaware are Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware
      19890, Attn: Corporate Trust Administration.

   

  3. Effective Date.  This Certificate of Trust will be effective on filing.

   

  IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

   

  	 	
          WILMINGTON TRUST, NATIONAL

            ASSOCIATION, not in its individual capacity but

            solely as Owner Trustee of the Trust

        
	 	 	 
	 	
          By:  

        	
                                                                          

        
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  

  

  
    A-1

    
      

  

  
  Exhibit B-1

   

  FORM OF CLASS A CERTIFICATE

   

  THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, THE PARENT SUPPORT PROVIDER,
    CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS (IN ANY CAPACITY) OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

   

  THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.  THIS
    CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

   

  THIS CERTIFICATE OR INTEREST HEREIN MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO A PERSON THAT EITHER (i) IS NOT A NON-U.S. PERSON OR
    (ii) WHO HOLDS ON BEHALF OF ONE OR MORE BENEFICIAL OWNERS (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) NONE OF WHOM IS A NON-U.S. PERSON. EACH HOLDER SHALL REPRESENT AND WARRANT THAT EACH BENEFICIAL OWNER OF THE CERTIFICATE ON WHOSE BEHALF IT
    HOLDS (INCLUDING SUCH HOLDER IF IT IS A BENEFICIAL HOLDER) IS NOT A NON-U.S. PERSON. EACH TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE
    OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY.

   

  EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT ACQUIRING THE CERTIFICATE WITH THE ASSETS OF AN
    “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE
    INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY
    LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

   

  
    B-I-1

    
      

  

  NUMBER R‐1

   

  VERIZON OWNER TRUST 2020-C

   

  ASSET-BACKED CERTIFICATE

   

  THIS CERTIFIES THAT VERIZON DPPA TRUE UP TRUST is the registered owner of 100% of the nonassessable, fully-paid, fractional undivided beneficial interest in Verizon
    Owner Trust 2020-C (the “Issuer”) formed by Verizon ABS LLC.

   

  The Issuer was created pursuant to a Trust Agreement, dated as of October 5, 2020 (as amended and supplemented, including the Amended and Restated Trust Agreement dated
    as of November 2, 2020, the “Trust Agreement”), between Verizon ABS LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as Owner Trustee (the “Owner Trustee”), a summary
    of certain of the pertinent provisions of which is set forth below.  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement, dated as of November 2, 2020, among Verizon Owner Trust 2020-C, as
    Issuer, Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.

   

  This Certificate is the duly authorized Class A Certificate designated as an “Asset Backed Certificate” (the “Class A Certificate”) issued pursuant to the Trust
    Agreement.  Certain debt instruments evidencing obligations of the Issuer have been issued under the Indenture, consisting of Notes designated as “0.41% Asset Backed Notes, Class A,” “0.67% Asset Backed Notes, Class B” and “0.77% Asset Backed Notes,
    Class C” (collectively, the “Notes”).  This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The holder of this Class A Certificate, by virtue of its acceptance hereof, assents
    to and is bound by all of the provisions of the Trust Agreement.

   

  The property of the Issuer includes the Receivables, all monies due thereunder and received after the applicable Cutoff Date, certain bank accounts and the proceeds thereof and certain other
    rights under the Trust Agreement and the Transfer and Servicing Agreement and all proceeds of the foregoing.

   

  It is the intent of the Depositor, Cellco and the Certificateholders that, for U.S. federal, state and local income and franchise tax purposes and for purposes of any
    other tax imposed on or measured in whole or in part by income, the Issuer is to be characterized as a mere security device formed to hold the Trust Property and issue the Notes.  Each Certificateholder, by acceptance of a Certificate or any beneficial
    interest on a Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Issuer as a mere security device formed to hold the Trust Property securing the Notes for such tax purposes.

   

  Under the Trust Agreement, there will be distributed to the holder hereof on each Payment Date the amounts to be distributed to the Certificateholders on such Payment
    Date pursuant to the Indenture and the Trust Agreement.

   

  The holder of this Class A Certificate acknowledges and agrees that its rights to receive distributions in respect of this Class A Certificate are subordinated to the
    rights of the Noteholders, as described in the Transfer and Servicing Agreement and the Indenture.

   

  
    B-I-2

    
      

  

  Distributions on this Class A Certificate will be made as provided in the Trust Agreement by wire transfer or check mailed to the Class A Certificateholder without the
    presentation or surrender of this Class A Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Class A Certificate will be made after due
    notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Class A Certificate at the office or agency of the Owner Trustee designated in such notice.

   

  Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a Certificate, covenants and agrees that such Certificateholder will not at any
    time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States,
    federal or state bankruptcy or similar Law in connection with any obligations relating to the Certificates, the Notes, the Trust Agreement or any of the Transaction Documents.

   

  Reference is hereby made to the further provisions of this Class A Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the
    same effect as if set forth at this place.

   

  Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or an authenticating agent, by manual or facsimile
    signature, this Class A Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement, the Indenture or the Transfer and Servicing Agreement or be valid for any purpose.

   

  THIS CLASS A CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
    AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  

  

  

  

  

  

  

  

  
    B-I-3

    
      

  

  IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual capacity, has caused this Class A Certificate to be duly executed.

   

  	 	
          VERIZON OWNER TRUST 2020-C

        
	 	 
	 	 
	 	
          By:   

        	
          Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

        
	 	 	 
	 	 	 
	 	
          By:

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

  

  

   

  Dated:  November 2, 2020

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

  
    B-I-4

    
      

  

  OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

   

  This is the Class A Certificate referred to in the within-mentioned Trust Agreement.

   

  	 	
          WILMINGTON TRUST, NATIONAL

            ASSOCIATION, not in its individual capacity but

            solely as Owner Trustee

        
	 	 	 
	 	
          By:  

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

   

  

   

   

  

   

  

   

  

   

  

  
    B-I-5

    
      

  

  (REVERSE OF CERTIFICATE)

   

  The holder of this Class A Certificate, by accepting an interest in this Class A Certificate, acknowledges that this Class A Certificate represents a beneficial interest
    in the Issuer only and does not represent any interest in or obligation of the Depositor, Cellco (in any capacity), the Administrator, the Parent Support Provider, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be
    had against such parties or their assets, except as may be expressly set forth or contemplated in this Class A Certificate or the Transaction Documents.  In addition, this Class A Certificate is not guaranteed by any governmental agency or
    instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Transaction Documents.  A copy of each of the Transaction
    Documents, including the Trust Agreement, may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by a Certificateholder upon written request.

   

  As provided in the Trust Agreement, and subject to certain limitations therein set forth, the transfer of this Class A Certificate is registerable in the Trust Register
    upon surrender of this Class A Certificate for registration of transfer at the offices or agencies of the Trust Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the
    Trust Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon a new Class A Certificate of a Percentage Interest of 100% evidencing the same aggregate interest in the Issuer will be issued to the
    designated transferee or transferees. The initial Trust Registrar appointed under the Trust Agreement is Wilmington Trust, National Association.

   

  The Owner Trustee, the Trust Registrar and any agent of the Owner Trustee or the Trust Registrar may treat the person in whose name this Class A Certificate is
    registered as the owner hereof for all purposes and none of the Owner Trustee, the Trust Registrar or any such agent shall be affected by any notice to the contrary.

   

  The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof by the Depositor and the Owner Trustee, without the consent of any of the
    Noteholders, to clarify any ambiguity, to correct an error or supplement any provisions in the Trust Agreement or, with the consent of the Certificateholders and the affected Noteholders, for the purpose of adding any provisions to or changing in any
    manner or eliminating any of the provisions in the Trust Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate has been delivered to the Owner Trustee
    and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (ii) the Rating Agency Condition has been satisfied in respect of any such amendment.

   

  No amendment otherwise permitted under Section 11.1 of the Trust Agreement may (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 without, in either case, the consent of
    all adversely affected Noteholders or Certificateholders.

   

  
    B-I-6

    
      

  

  The obligations and responsibilities created by the Trust Agreement and the Issuer created thereby shall terminate upon the payment to the Certificateholders of all
    amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all Trust Property.  The True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf
    of the Issuer, acquire the Receivables at a price specified in the Transfer and Servicing Agreement, and any such acquisition of the Receivables and other property of the Issuer will effect a redemption of the Notes, in whole but not in part, and an
    early retirement of the Class A Certificate; however, such right of acquisition is exercisable only on a Payment Date after the last day of the Collection Period as of which the aggregate Principal Balance of the Receivables is less than or equal to
    10% of the aggregate Principal Balance as of the Closing Date.  In addition, the True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf of the Issuer, redeem the Notes, in whole but not in
    part, on any Payment Date on or after the Payment Date in November 2021; provided, that the amount remitted to the Issuer in connection with such redemption is at least equal to the amount described in the
    Transfer and Servicing Agreement, and any such redemption of the Notes will effect early retirement of the Class A Certificate.

   

  

   

  

   

  

   

  

   

  

   

  

   

  

  
    B-I-7

    
      

  

  ASSIGNMENT

   

  Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

   

  FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto:

   

  	 

  (name and address of assignee)

   

  the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

  ______________________, attorney, to transfer said Certificate on the books of the Trust Registrar, with full power of substitution in the premises.

   

  Dated:                         */

   

  Signature Guaranteed:

    __________________*/

   

  */NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such
    signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

   

  
    B-I-8

    
      

  

  
  Exhibit B-2

   

  FORM OF CLASS B CERTIFICATE

   

  THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, THE PARENT SUPPORT PROVIDER,
    CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS (IN ANY CAPACITY) OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

   

  THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.  THIS
    CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

   

  THIS CERTIFICATE OR INTEREST HEREIN MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO A PERSON THAT EITHER (i) IS NOT A NON-U.S. PERSON OR
    (ii) WHO HOLDS ON BEHALF OF ONE OR MORE BENEFICIAL OWNERS (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) NONE OF WHOM IS A NON-U.S. PERSON. EACH HOLDER SHALL REPRESENT AND WARRANT THAT EACH BENEFICIAL OWNER OF THE CERTIFICATE ON WHOSE BEHALF IT
    HOLDS (INCLUDING SUCH HOLDER IF IT IS A BENEFICIAL HOLDER) IS NOT A NON-U.S. PERSON. EACH TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE
    OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY.

   

  EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT ACQUIRING THE CERTIFICATE WITH THE ASSETS OF AN
    “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE
    INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY
    LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

   

  

  

   

  
    B-2-1

    
      

  

  NUMBER R‐1

   

  Initial Class B Certificate Principal Balance: $0

  

  

   

  VERIZON OWNER TRUST 2020-C

   

  VARIABLE FUNDING CERTIFICATE

   

  THIS CERTIFIES THAT VERIZON ABS LLC is the registered owner of this Class B Certificate, representing a fractional, undivided beneficial interest in Verizon Owner Trust
    2020-C (the “Issuer”) formed by Verizon ABS LLC.

   

  The Issuer was created pursuant to a Trust Agreement, dated as of October 5, 2020 (as amended and supplemented, including the Amended and Restated Trust Agreement dated
    as of November 2, 2020, the “Trust Agreement”), between Verizon ABS LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as Owner Trustee (the “Owner Trustee”), a summary
    of certain of the pertinent provisions of which is set forth below.  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement, dated as of November 2, 2020, among Verizon Owner Trust 2020-C, as
    Issuer, Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.

   

  This Certificate is the duly authorized Class B Certificate designated as a “Variable Funding Certificate” (the “Class B Certificate”) issued pursuant to the
    Trust Agreement.  Certain debt instruments evidencing obligations of the Issuer have been issued under the Indenture, consisting of Notes designated as “0.41% Asset Backed Notes, Class A,” “0.67% Asset Backed Notes, Class B” and “0.77% Asset Backed
    Notes, Class C” (collectively, the “Notes”).  This Class B Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The holder of this Class B Certificate, by virtue of its acceptance hereof,
    assents to and is bound by all of the provisions of the Trust Agreement. The Class B Certificate Principal Balance may be increased on any Acquisition Date as set forth in Section 3.10 of the Trust Agreement and as recorded on Schedule I hereto. 
    Principal and any other amounts to be paid to the Class B Certificateholder on each Payment Date or each Acquisition Date, as applicable, shall be distributed to the holder hereof in accordance with the terms and provisions of the Trust Agreement, the
    Transfer and Servicing Agreement and the Indenture, as applicable.

   

  The property of the Issuer includes the Receivables, all monies due thereunder and received after the applicable Cutoff Date, certain bank accounts and the proceeds thereof and certain other
    rights under the Trust Agreement and the Transfer and Servicing Agreement and all proceeds of the foregoing.

   

  It is the intent of the Depositor, Cellco and the Certificateholders that, for U.S. federal, state and local income and franchise tax purposes and for purposes of any
    other tax imposed on or measured in whole or in part by income, the Issuer is to be characterized as a mere security device formed to hold the Trust Property and issue the Notes.  Each Certificateholder, by acceptance of a Certificate or any beneficial
    interest on a Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Issuer as a mere security device formed to hold the Trust Property and issue the Notes for such tax purposes.

   

  
    B-2-2

    
      

  

  The holder of this Class B Certificate acknowledges and agrees that its rights to receive distributions in respect of this Class B Certificate are subordinated to the
    rights of the Noteholders, as described in the Transfer and Servicing Agreement and the Indenture.

   

  Distributions on this Class B Certificate will be made as provided in the Trust Agreement by wire transfer or check mailed to the Class B Certificateholder without the
    presentation or surrender of this Class B Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Class B Certificate will be made after due
    notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Class B Certificate at the office or agency of the Owner Trustee designated in such notice.

   

  Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a Certificate, covenants and agrees that such Certificateholder will not at any
    time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States,
    federal or state bankruptcy or similar Law in connection with any obligations relating to the Certificates, the Notes, the Trust Agreement or any of the Transaction Documents.

   

  Reference is hereby made to the further provisions of this Class B Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the
    same effect as if set forth at this place.

   

  Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or an authenticating agent, by manual or facsimile
    signature, this Class B Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement, the Indenture or the Transfer and Servicing Agreement or be valid for any purpose.

   

  THIS CLASS B CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
    AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

   

  

   

  

   

  

   

  

  
    B-2-3

    
      

  

  IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual capacity, has caused this Class B Certificate to be duly executed.

   

  	 	
          VERIZON OWNER TRUST 2020-C

        
	 	 	 
	 	 	 
	 	
          By:  

        	
          Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

        
	 	 	 
	 	 	 
	 	
          By:

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

   

  

   

  Dated:  November 2, 2020

   

  

   

  

   

  

   

  

   

  

  
    B-2-4

    
      

  

  OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

   

  This is the Class B Certificate referred to in the within-mentioned Trust Agreement.

   

  	 	
          WILMINGTON TRUST, NATIONAL

            ASSOCIATION, not in its individual capacity but

            solely as Owner Trustee

        
	 	 
	 	
          By:

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

   

  

   

   

  

   

  

   

  

   

  

  
    B-2-5

    
      

  

  (REVERSE OF CERTIFICATE)

   

  The holder of this Class B Certificate, by accepting an interest in this Class B Certificate, acknowledges that this Class B Certificate represents a beneficial interest
    in the Issuer only and does not represent any interest in or obligation of the Depositor, Cellco (in any capacity), the Administrator, the Parent Support Provider, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be
    had against such parties or their assets, except as may be expressly set forth or contemplated in this Class B Certificate or the Transaction Documents.  In addition, this Class B Certificate is not guaranteed by any governmental agency or
    instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Transaction Documents.  A copy of each of the Transaction
    Documents, including the Trust Agreement, may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by a Certificateholder upon written request.

   

  As provided in the Trust Agreement, and subject to certain limitations therein set forth, the transfer of this Class B Certificate is registerable in the Trust Register
    upon surrender of this Class B Certificate for registration of transfer at the offices or agencies of the Trust Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the
    Trust Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Class B Certificates of authorized portions of the Class B Certificate Principal Balance evidencing the same
    aggregate interest in the Issuer will be issued to the designated transferee or transferees, which may only be the Depositor or the holder of the Class A Certificate. The initial Trust Registrar appointed under the Trust Agreement is Wilmington Trust,
    National Association.

   

  The Owner Trustee, the Trust Registrar and any agent of the Owner Trustee or the Trust Registrar may treat the person in whose name this Class B Certificate is
    registered as the owner hereof for all purposes and none of the Owner Trustee, the Trust Registrar or any such agent shall be affected by any notice to the contrary.

   

  The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof by the Depositor and the Owner Trustee, without the consent of any of the
    Noteholders, to clarify any ambiguity, to correct an error or supplement any provisions in the Trust Agreement or, with the consent of the Certificateholders and the affected Noteholders, for the purpose of adding any provisions to or changing in any
    manner or eliminating any of the provisions in the Trust Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate has been delivered to the Owner Trustee
    and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (ii) the Rating Agency Condition has been satisfied in respect of any such amendment.

   

  No amendment otherwise permitted under Section 11.1 of the Trust Agreement may (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

   

  
    B-2-6

    
      

  

  to consent to any action without, in either case, the consent of all adversely affected Noteholders or Certificateholders.

   

  The obligations and responsibilities created by the Trust Agreement and the Issuer created thereby shall terminate upon the payment to the Certificateholders of all
    amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all Trust Property.  The True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf
    of the Issuer, acquire the Receivables at a price specified in the Transfer and Servicing Agreement, and any such acquisition of the Receivables and other property of the Issuer will effect a redemption of the Notes, in whole but not in part, and an
    early retirement of the Class B Certificate; however, such right of acquisition is exercisable only on a Payment Date after the last day of the Collection Period as of which the aggregate Principal Balance of the Receivables is less than or equal to
    10% of the aggregate Principal Balance as of the Closing Date.  In addition, the True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf of the Issuer, redeem the Notes, in whole but not in
    part, on any Payment Date on or after the Payment Date in November 2021; provided, that the amount remitted to the Issuer in connection with such redemption is at least equal to the amount described in the
    Transfer and Servicing Agreement, and any such redemption of the Notes will effect early retirement of the Class B Certificate.

  

  

   

  
    B-2-7

    
      

  

  ASSIGNMENT

   

  Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

   

  FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto:

   

  	 

  (name and address of assignee)

   

  the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

  ______________________, attorney, to transfer said Certificate on the books of the Trust Registrar, with full power of substitution in the premises.

   

  Dated:                         */

   

  Signature Guaranteed:

    __________________*/

   

  */NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such
    signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

   

  

   

  

   

  

  
    B-2-8

    
      

  

  Schedule I

   

  TRANSACTIONS ON CLASS B CERTIFICATE

   

  

  

   

  	
          Acquisition Date

        	
          Amount of Class B Certificate Principal Balance Increase

        	
          Amount of Class B Certificate Principal Balance Decrease

        	
          Ending Class B Certificate Principal Balance

        
	 	 	 	 
	 	 	 	 

   

  

   

  

   

  

  
    B-2-9

    
      

  

  
  Exhibit C

   

  FORM OF TRANSFEREE REPRESENTATION LETTER

   

  Verizon Owner Trust 2020-C

  c/o Wilmington Trust, National Association,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

   Attn:  Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Trust Registrar

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

  Attn:  Corporate Trust Administration

  

  

   

  Re:  Transfer of Verizon Owner Trust 2020-C Class [A][B] Certificate (the “Certificates”)

   

  Ladies and Gentlemen:

   

  This letter is delivered pursuant to Section 3.3(d) of the Amended and Restated Trust Agreement, dated as of November 2, 2020 (the “Trust Agreement”), between Verizon ABS LLC, as
    Depositor, and Wilmington Trust, National Association, as Owner Trustee, in connection with the transfer by [________________] to the undersigned (the “Purchaser”) of the Certificates, a copy of which are attached hereto. Capitalized terms used
    but not defined herein are defined in the Trust Agreement.

   

  In connection with such transfer, the undersigned hereby represents and warrants to you and the addressees hereof as follows:

   

  1. I
      am not acquiring and will not hold this Certificate on behalf of any beneficial owner (as defined for U.S. federal income tax purposes), including myself, that is a Non-U.S. Person as defined in the Trust Agreement; and

   

  2. I
      am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, (ii) a “plan” described in and subject to
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity, or (iv) any other employee
      benefit plan that is subject to any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code.

   

  Signature appears on next page.

   

  
    C-1

    
      

  

  IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the ___ day of  ___________.

   

  Very truly yours,

   

  ______________________________

  The Purchaser

   

   

  

   

  

   

  

  
    C-2

    
      

  

  
  Exhibit D

   

  FORM OF TRANSFEROR REPRESENTATION LETTER

   

  Verizon Owner Trust 2020-C

  c/o Wilmington Trust, National Association,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

   Attn:  Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Trust Registrar

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

  Attn:  Corporate Trust Administration

   

  Re:  Transfer of Verizon Owner Trust 2020-C Class [A][B] Certificate (the “Certificates”)

   

  Ladies and Gentlemen:

   

  This letter is delivered pursuant to Section 3.3(d) of the Amended and Restated Trust Agreement, dated as of November 2, 2020 (the “Trust Agreement”), between Verizon ABS LLC, as
    Depositor, and Wilmington Trust, National Association, as Owner Trustee, in connection with the transfer by [______________________] (the “Transferor”) to [___________] of the Certificates, a copy of which are attached hereto (the “Transferred

      Certificates”). Capitalized terms used but not defined herein are defined in the Trust Agreement. The Transferor hereby certifies, represents and warrants to you, as Trust Registrar, that:

   

  1. The Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any and all claims and encumbrances whatsoever.

   

  2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of any Transferred Certificate, any interest in any Transferred
    Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of any Transferred Certificate, any interest in any Transferred Certificate or any other similar
    security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other similar security with any person in any manner, (d) made any general
    solicitation by means of general advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts described in clauses (a) through (d) hereof) would constitute a distribution of any Transferred Certificate under
    the Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition of any Transferred Certificate a violation of Section 5 of the Securities Act or any state securities laws, or would require registration or
    qualification of any Transferred Certificate pursuant to the Securities Act or any state securities laws.

   

  
    D-1

    
      

  

  Very truly yours,

   

  

   

  (Transferor)

   

  By:

   

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

  D-2

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