Document:

Exhibit 10.2

  

   

  

   

  

  
    
      

      

      

      

    

    

    

    

    

    FORM OF ORIGINATOR RECEIVABLES TRANSFER AGREEMENT

    

    

    between

    

    

    THE VARIOUS ORIGINATORS FROM TIME TO TIME PARTY HERETO,

      as Originators

    

    

    and

    

    

    VERIZON ABS LLC,

      as Depositor

    

    

    

    

    

    

    

    

    Dated as of October 8, 2019

    

    

    

    

    

    

    

    

    
      

      

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

    

    

    
      	
              ARTICLE I USAGE AND DEFINITIONS

            	
              1

            
	
              Section 1.1.

            	
              Usage and Definitions

            	
              1

            
	
              ARTICLE II TRANSFER OF ORIGINATOR TRANSFERRED PROPERTY

            	
              1

            
	
              Section 2.1.

            	
              Transfers and Absolute Assignments of Originator Transferred Property

            	
              1

            
	
              Section 2.2.

            	
              Acquisition of Receivables

            	
              3

            
	
              Section 2.3.

            	
              Acknowledgement of Further Assignments

            	
              3

            
	
              Section 2.4.

            	
              Savings Clause

            	
              3

            
	
              ARTICLE III REPRESENTATIONS AND WARRANTIES

            	
              4

            
	
              Section 3.1.

            	
              Originator Representations and Warranties

            	
              4

            
	
              Section 3.2.

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

            	
              5

            
	
              Section 3.3.

            	
              Originator Representations and Warranties About Each Receivable

            	
              7

            
	
              Section 3.4.

            	
              Originator Reacquisition of Receivables for Breach of Representations

            	
              8

            
	
              Section 3.5.

            	
              Depositor’s Representations and Warranties

            	
              9

            
	
              ARTICLE IV ORIGINATORS’ AGREEMENTS

            	
              11

            
	
              Section 4.1.

            	
              Financing Statements

            	
              11

            
	
              Section 4.2.

            	
              No Transfer or Lien by an Originator

            	
              11

            
	
              Section 4.3.

            	
              Expenses

            	
              12

            
	
              Section 4.4.

            	
              Originator’s Receivables Systems

            	
              12

            
	
              Section 4.5.

            	
              Review of Originator’s Records

            	
              12

            
	
              Section 4.6.

            	
              Reacquisition of Bankruptcy Surrendered Receivables

            	
              12

            
	
              Section 4.7.

            	
              Regulation RR Risk Retention

            	
              13

            
	
              ARTICLE V OTHER AGREEMENTS

            	
              13

            
	
              Section 5.1.

            	
              No Petition

            	
              13

            
	
              Section 5.2.

            	
              Limited Recourse

            	
              13

            
	
              Section 5.3.

            	
              Termination

            	
              13

            
	
              Section 5.4.

            	
              Merger, Consolidation, Succession or Assignment

            	
              13

            
	
              ARTICLE VI MISCELLANEOUS

            	
              14

            
	
              Section 6.1.

            	
              Amendments

            	
              14

            
	
              Section 6.2.

            	
              Benefit of Agreement; Third-Party Beneficiaries

            	
              15

            
	
              Section 6.3.

            	
              Notices

            	
              15

            
	
              Section 6.4.

            	
              GOVERNING LAW

            	
              15

            
	
              Section 6.5.

            	
              Submission to Jurisdiction

            	
              16

            
	
              Section 6.6.

            	
              WAIVER OF JURY TRIAL

            	
              16

            
	
              Section 6.7.

            	
              No Waiver; Remedies

            	
              16

            
	
              Section 6.8.

            	
              Severability

            	
              16

            
	
              Section 6.9.

            	
              Headings

            	
              16

            
	
              Section 6.10.

            	
              Counterparts

            	
              16

            

      

      

      
        -i-

        
          

      

      	
              Section 6.11.

            	
              Additional Originators

            	
              16

            

    

    

    

    
      	
              Schedule A

            	
              Schedule of Receivables

            	
                SA-1

            
	
              Schedule B

            	
              List of Originators

            	
              SB-1

            
	
              Exhibit A

            	
              Form of Receivables Transfer Notice

            	
              EA-1

            
	
              Exhibit B

            	
              Form of Originator Joinder Agreement

            	
              EB-1

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      -ii-

      
        

    

    
    ORIGINATOR RECEIVABLES TRANSFER AGREEMENT, dated as of October 8, 2019 (this “Agreement”), between THE VARIOUS ORIGINATORS FROM TIME TO TIME PARTY HERETO (each, an “Originator”), and
      VERIZON ABS LLC, a Delaware limited liability company, as depositor (the “Depositor”).

     

    BACKGROUND

     

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

     

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

     

    The parties agree as follows:

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

    Section 1.1.   Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Transfer and Servicing Agreement,
      dated as of October 8, 2019, among the Issuer, the Depositor and Cellco, as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”).  Appendix A
      also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

     

    ARTICLE II

      TRANSFER OF ORIGINATOR TRANSFERRED PROPERTY

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

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

     

    

    
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     Section 2.2.   Acquisition of Receivables.

     

    (a) Acquisition of Initial Receivables.  In consideration for the Initial
      Receivables and the other related Originator Transferred Property, the Depositor will distribute to the Originators $30,733,287.39 in the aggregate on the Closing Date, and will transfer collectively to the Originators a portion of the Class A
      Certificate for the benefit of each Originator in proportion to the Initial Receivables transferred by each Originator.  The Depositor, on the one hand, and each Originator, on the other hand, represents and warrants to the other that the amount
      distributed by the Depositor to such Originator on the Closing Date, together with the portion of the Class A Certificate allocated to such Originator, is equal to the fair market value of the Initial Receivables and the other related Originator
      Transferred Property transferred by such Originator to the Depositor on the Closing Date.

     

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

     

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

     

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

     

    
      -3-

      
        

    

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

     

    ARTICLE III

      REPRESENTATIONS AND WARRANTIES

     

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

     

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

     

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

     

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

     

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

     

    
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    (e) No Consent Required. No authorization or approval or other action by, and no
      notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by it of this Agreement or any other Transaction Document to which it is a party, except for any authorizations or approvals that have
      already been obtained and the filing of the UCC financing statements as required by this Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (c) Security Interest in Originator Transferred Property.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      -6-

      
        

    

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

     

    Section 3.3.   Originator Representations and Warranties About Each Receivable.  Each Originator severally represents and warrants that each Receivable transferred and
      absolutely assigned by such Originator to the Depositor under this Agreement is an Eligible Receivable (the “Eligibility Representation”).  Such representation and warranty is made as of the Closing Date (for the Initial Receivables) and each
      Acquisition Date (for the related Additional Receivables) or other dates stated and will survive the transfer and absolute assignment of the Receivables transferred by such Originator to the Depositor under this Agreement and by the Depositor to the
      Issuer under the Transfer and Servicing Agreement and the pledge of such Receivables by the Issuer to the Indenture Trustee under the Indenture.  Any inaccuracy in the Eligibility Representation will be deemed not to constitute a breach of the
      Eligibility Representation if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan
      agreement.  A Receivable will be an Eligible Receivable if:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      -9-

      
        

    

    

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      -10-

      
        

    

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

     

    ARTICLE IV

      ORIGINATORS’ AGREEMENTS

     

    Section 4.1.   Financing Statements.

     

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

     

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

     

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

     

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

     

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

     

    
      -11-

      
        

    

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

     

    Section 4.4.   Originator’s Receivables Systems.  Each Originator will mark its receivables systems to indicate that any Receivable absolutely assigned by such
      Originator to the Depositor is owned by the Depositor or its assignee on the Closing Date or the related Acquisition Date, as applicable, and will not change the indication until the Receivable has been paid in full by the Obligor, reacquired by such
      Originator, acquired by the Servicer or the Marketing Agent or sold to a third party, as applicable, under a Transaction Document.

     

    Section 4.5.   Review of Originator’s Records.  Each Originator will maintain records and documents relating to the origination and underwriting of the Receivables
      according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, each Originator will give the Depositor (or its representative) access to the records and documents to
      conduct a review of such Originator’s performance under this Agreement and the Eligibility Representations made by such Originator about the Receivables absolutely assigned by such Originator to the Depositor.  Any access or review will be conducted
      at an Originator’s offices during its normal business hours at a time reasonably convenient to such Originator and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to such Originator’s
      security, confidentiality and privacy policies and any regulatory, legal or data protection policies.

     

    Section 4.6.   Reacquisition of Bankruptcy Surrendered Receivables.

     

    (a) Reacquisition of Bankruptcy Surrendered Receivables; Payment of Acquisition Amount. 

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

     

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

     

    
      -12-

      
        

    

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

     

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

     

    Section 4.7.   Regulation RR Risk Retention.  Each Originator agrees that it (i) shall collectively with the other Originators, retain, directly or through their
      nominee, the Residual Interest on the Closing Date and (ii) shall not sell, transfer, finance or hedge the Residual Interest except as permitted by the U.S. Credit Risk Retention Rules.

     

    ARTICLE V

      OTHER AGREEMENTS

     

    Section 5.1.   No Petition.  Each Originator agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the
      payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or
      (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section 5.1 will survive the termination of this Agreement.

     

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

     

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

     

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

     

    
      -13-

      
        

    

    ARTICLE VI

      MISCELLANEOUS

     

    Section 6.1.   Amendments.

     

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

     

    (b) Other Amendments.  Other than as set forth in Section 6.1(c), the parties may
      amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying in any manner the rights of the Noteholders under this Agreement, with the consent of the
      Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (y) the Rating
      Agency Condition is satisfied with respect to such amendment.

     

    (c) Amendments Requiring Consent of Noteholders and Certificateholders.

     

    (i) This Agreement may also be amended from time to time by the parties
      hereto, with prior written notice to the Rating Agencies and the Indenture Trustee and, (x) if the interests of the Noteholders are materially and adversely affected, with the consent of the Noteholders of the Notes evidencing at least a majority of
      the Note Balance of the Controlling Class of Notes and (y) if the interests of the Certificateholders are materially and adversely affected, with the consent of the Certificateholders evidencing a majority of the Percentage Interest, for the purpose
      of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under this Agreement.

     

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

     

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or
      consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on
      such Noteholder.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of

     

    
      -14-

      
        

    

    evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

     

    (d) Indenture Trustee Consent.  The consent of the Indenture Trustee will be
      required for any amendment pursuant to Sections 6.1(b) or (c) that has a material adverse effect on the rights, obligations, immunities or indemnities of the Indenture Trustee.

     

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

     

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

     

    Section 6.3.   Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      -15-

      
        

    

    Section 6.5.   Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New
      York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the
      venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

     

    Section 6.6.   WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION,
      PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

     

    Section 6.7.   No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or
      partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any
      powers, rights and remedies under Law.

     

    Section 6.8.   Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and
      will not affect the validity, legality or enforceability of the remaining Agreement.

     

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

     

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

     

    Section 6.11.  Additional

        Originators.  The Originators may request that one or more Persons that is a direct or indirect subsidiary of Verizon from time to time join this Agreement as an additional Originator (each, an “Additional Originator”) by delivering to
      the Depositor:

     

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

     

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

     

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

     

    
      -16-

      
        

    

    and correct; (ii) it is in compliance in all material respects with its covenants and agreements contained in this Agreement and the other Transaction Documents to which it is a party; and (iii) this
      Agreement and the other Transaction Documents to which it is a party have been duly authorized, executed and delivered by it pursuant to its limited liability company, corporate or partnership powers, as applicable, and assuming such Transaction
      Documents have been duly executed by each other party thereto, such agreements constitute its legal, valid and binding obligation enforceable against it in accordance with their respective terms, except as such enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors’ rights generally or by general principles of equity;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    [Remainder of Page Left Blank]

     

    
      -17-

      
        

    

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

     

    	
            Cellco Partnership d/b/a Verizon Wireless,

            as an Originator

          	
            Alltel Corporation d/b/a Verizon Wireless,

            as an Originator

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

            By: AirTouch Cellular Inc., its General Partner,

            as an Originator

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

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

            as an Originator

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

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

            as an Originator

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

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

            as an Originator

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

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

            as an Originator

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

            By: AirTouch Cellular Inc., its General Partner,

            as an Originator

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

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

            as an Originator

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

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

            as an Originator

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

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

            as an Originator

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

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

            as an Originator

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

            as an Originator

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

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

            as an Originator

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

            By: CommNet Cellular Inc., its General Partner,

            as an Originator

          	
            Bell Atlantic Mobile Systems LLC,

            as an Originator

          

    

    

    

    

    
      

      

    

    
      
        

    

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

            By: Alltel Corporation, its General Partner,

            as an Originator

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

            as an Originator

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

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

            as an Originator

          	
            Rural Cellular Corporation d/b/a Verizon Wireless,

            as an Originator

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

            By: Bell Atlantic Mobile Systems LLC, its General Partner,

            as an Originator

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

            as an Originator

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

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

            as an Originator

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

            as an Originator

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

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

            as an Originator

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

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

            as an Originator

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

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

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

            as an Originator

          	 
	 	 

    

    

    

    

    

    

    

    

    
      
        

    

    

    

    	 	
            By:   

            

          	
                                                                                       

          
	 	 	
            Kee Chan Sin

          

    

    

    

    

    	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Alltel Corporation

             

          
	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

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

          
	 	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

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

             

          	 
	 	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

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

             

          	 
	 	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

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

             

          	 
	 	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

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

             

          	 
	 	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc.

          	
            As Vice President and Assistant Treasurer of

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

             

          	 
	 	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Assistant Treasurer of Bell Atlantic Mobile Systems LLC

             

          	 
	 	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

            Verizon Wireless (VAW) LLC

             

          	 
	 	
            As Vice President and Assistant Treasurer of

             

          	
            As Vice President and Assistant Treasurer of

             

          	 

    
      
        

    

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

              

          	
            Rural Cellular Corporation

             

          
	
            As Assistant Treasurer of 

            Bell Atlantic Mobile Systems LLC acting on behalf of Allentown SMSA Limited Partnership

             

          	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc.

             

          
	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

            GTE Wireless of the Midwest Incorporated

             

          
	
            As Vice President and Assistant Treasurer of

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

             

          	
            As Vice President and Assistant Treasurer of

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

             

          
	
            As Vice President and Assistant Treasurer of

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

             

          	 

    

    

    

      

      

    

    

    

     

    
      
        

    

    
      	 	
              VERIZON ABS LLC,

            
	 	 	
              as Depositor

            
	 	 	 
	 	 	 
	 	
              By: 

            	
                                                                                          

            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

     

    

    

    

    

    

    

    
      
        

    

    
    Schedule A

    

    

    

    

    Schedule of Receivables

      

      

      Delivered Electronically to Depositor at Closing

     

    
      SA-1

      
        

    

    
    Schedule B

    

    

    

    

    List of Originators

     
      	
              Legal Name

            	
              Chief Executive Office

            	
              Jurisdiction

                  of Organization

            
	
              Cellco Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Alltel Corporation

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Los Angeles SMSA Limited Partnership, a California Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              New York SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              New York

            
	
              Orange County-Poughkeepsie Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              New York

            
	
              Chicago SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Illinois

            
	
              Illinois RSA 6 and 7 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Illinois

            
	
              GTE Mobilnet of California Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              GTE Mobilnet of South Texas Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Verizon Wireless of the East LP

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Sacramento-Valley Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              Seattle SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of Fort Wayne Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of Indiana Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              Verizon Wireless (VAW) LLC

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Wireless of the Midwest Incorporated

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              Pittsburgh SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              CommNet Cellular Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Gold Creek Cellular of Montana Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Fresno MSA Limited Partnership

            	
              15505 Sand Canyon Avenue

              Irvine, CA 92618

            	
              California

            
	
              AirTouch Cellular Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              ALLTEL Communications of North Carolina Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              North Carolina

            
	
              Bell Atlantic Mobile Systems LLC

            	
              One Verizon Way

            	
              Delaware

            

    

    
      SB-1

      
        

    

    
      	
              Legal Name

            	
              Chief Executive Office

            	
              Jurisdiction

                  of Organization

            
	 	
              Basking Ridge, NJ 07920

            	 
	
              Omaha Cellular Telephone Company

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Nebraska

            
	
              Rural Cellular Corporation

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Minnesota

            
	
              Northeast Pennsylvania SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Allentown SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            

      

      

      

      

    

    
      SB-2

      
        

    

    
    Exhibit A

     

    

    

    

    

    Form of Transfer Notice

     

    U.S. Bank National Association,

    as Indenture Trustee and Note Paying Agent

    190 South LaSalle Street

    Chicago, IL 60603

    MK-IL-SL7C

    Attn: Global Structured Finance / VZOT 2019-C

    

    

    Verizon ABS LLC

    1 Verizon Way

    Basking Ridge, NJ 07920

    Attn: Treasurer

    

    

    Verizon Owner Trust 2019-C

    c/o Wilmington Trust, National Association

    Rodney Square North, 1100 North Market Street

    Wilmington DE 19890-1600

    Attn: Corporate Trust Administration

    

    

    Transfer Notice: Verizon Owner Trust 2019-C

     

    Ladies and Gentlemen:

     

    Under (i) Section 2.1(d) of the Originator Receivables Transfer Agreement, dated as of October 8, 2019 (the “Originator Transfer Agreement”), between the various Originators party thereto from
      time to time and Verizon ABS LLC, as Depositor, and (ii) Section 2.1(d) of the Master Trust Receivables Transfer Agreement, dated as of October 8, 2019 (the “Master Trust Transfer Agreement” and, together with the Originator Transfer
      Agreement, the “Transfer Agreements”), among the Master Trust, Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer, and Verizon ABS LLC, as Depositor, we notify the Indenture Trustee, the Depositor and the Issuer that (x)
      under the Transfer Agreements, the Master Trust and each of the Originators listed on Schedule I will transfer to the Depositor the Additional Receivables listed on the Schedule of Receivables delivered in an electronic file with this Transfer Notice
      for [(i)] an aggregate Additional Receivables Cash Transfer Amount for such Additional Receivables of $[                        ] (the “Current Additional Receivables Cash Transfer Amount”) on [                        ], 20[_]
      (the “Acquisition Date”), which Current Additional Receivables Cash Transfer Amount will be allocated between the Master Trust and the applicable Originators as set forth in the immediately following paragraph [and (ii) an increase in the
      value of the Class A Certificate [of $[____]] and (y) under the Transfer and Servicing Agreement, dated as of October 8, 2019, among Verizon Owner Trust 2019-C, as Issuer, Verizon ABS LLC, as Depositor, and Cellco, as Servicer, Marketing Agent and
      Custodian (the “Transfer and Servicing Agreement”), the Depositor will transfer to the Issuer the Additional Receivables listed on the Schedule of

     

    
      EA-1

      
        

    

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

     

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

     

    [Remainder of Page Left Blank]

     

    
      EA-2

      
        

    

    
      	 	
              Very truly yours,

            
	 	 	 
	 	
              CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

            
	 	 	
              as Administrator

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By   

            	
                                                                                         

            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

     

    

    

    

    

    
      EA-3

      
        

    

    Schedule I to Exhibit A

     

    

    

    

    

    List of Originators

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        Schedule I to Exhibit A

      

    

    
      
        

    

    Schedule II to Exhibit A

     

    

    

    

    

    Schedule of Receivables

     

    

    

    Delivered Electronically to Depositor on the Acquisition Date

     

    

    

     

    

      

      

      

      

      

    

    

    

     

    
      
        
          Schedule II to Exhibit A

        

      

    

    
      
        

    

    
    Exhibit B

     

    FORM OF ORIGINATOR JOINDER AGREEMENT

     

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

        Originator”), with its principal place of business located at _______________________________.

     

    BACKGROUND:

     

    1. The various originators from time to time party thereto, as Originators and Verizon
      ABS LLC, as Depositor, are parties to that certain Originator Receivables Transfer Agreement, dated as of October 8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Originator Receivables Transfer Agreement”).

     

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

     

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

     

    SECTION 1.    Definitions.  Capitalized terms used in this Agreement
      and not otherwise defined herein or in the Originator Receivables Transfer Agreement are defined in Appendix A to the Transfer and Servicing Agreement, dated as of October 8, 2019, among Verizon Owner Trust 2019-C, as Issuer, Verizon ABS LLC, as
      Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

     

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

     

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

     

    SECTION 4.    Representations and Warranties of the Additional Originator. 

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

     

    
      EB-1

      
        

    

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

     

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

     

    SECTION 6.    WAIVER OF TRIAL BY JURY.  TO THE EXTENT PERMITTED BY
      APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR
      OTHERWISE.

     

    SECTION 7.    Miscellaneous.  This Agreement is executed by the
      Additional Originator for the benefit of the Depositor and its assigns, and each of the foregoing parties may rely hereon.  This Agreement shall be binding upon, and shall inure to the benefit of, the Additional Originator and its successors and
      permitted assigns.  Each of the parties hereto hereby agrees that no party hereto shall be deemed to be the drafter of this Agreement.  This Agreement may be executed by different parties on any number of counterparts, each of which constitute an
      original and all of which, taken together, constitute one and the same agreement.

     

    [Signature Pages Follow]

     

     

    

     

    

     

    

     

    

     

    

    
      EB-2

      
        

    

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

     

    
      	 	
              [NAME OF ADDITIONAL ORIGINATOR]

            
	 	 
	 	 
	 	
              By:                                                                             

            
	 	
              Name:                                                                        

            
	 	
              Title:                                                                          

            
	 	 
	 	 
	 	 
	 	
              VERIZON ABS LLC,

            
	 	
                    as Depositor

            
	 	 
	 	 
	 	 
	 	
              By:                                                                             

            
	 	
                    Name:

            
	 	
                    Title:

            

    

    

    

    
      EB-3

      
        

    

    SCHEDULE A TO EXHIBIT B

      

      ADDRESS AND NAME OF ADDITIONAL ORIGINATOR

     

    
      	
              Legal Name

            	
              Chief Executive Office

            	
              Jurisdiction

                  of Organization

            
	
               

              

               

              

            	 	 

    

    

    

    * A location where substantially all records may be accessed.

    

    

  

   

  

   

  

   

  

  

    

  

   

  

  
    Schedule A to Exhibit BExhibit 10.3

  

   

  

   

  

  
    
      
         

            

        

      

      FORM OF MASTER TRUST RECEIVABLES TRANSFER AGREEMENT

      among

      VERIZON DPPA MASTER TRUST,

        as Transferor

      CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

        as Servicer

      and

      VERIZON ABS LLC,

        as Depositor

       

       

       

      Dated as of October 8, 2019

       

       

      
         

        
          
            
              

          

          
          TABLE OF CONTENTS

          

          

          Page

           

            

          
            	
                    ARTICLE I

                  	
                    USAGE AND DEFINITIONS

                  	
                    1

                  
	 	 	 
	
                    Section 1.1.

                  	
                    Usage and Definitions

                  	
                    1

                  
	 	 	 
	
                    ARTICLE II

                  	
                    TRANSFER OF MASTER TRUST TRANSFERRED PROPERTY

                  	
                    1

                  
	 	 	 
	
                    Section 2.1.

                  	
                    Transfers and Absolute Assignments of Master Trust Transferred Property

                  	
                    1

                  
	
                    Section 2.2.

                  	
                    Acquisition of Receivables

                  	
                    3

                  
	
                    Section 2.3.

                  	
                    Acknowledgement of Further Assignments

                  	
                    3

                  
	
                    Section 2.4.

                  	
                    Savings Clause

                  	
                    4

                  
	 	 	 
	
                    ARTICLE III

                  	
                    REPRESENTATIONS AND WARRANTIES

                  	
                    4

                  
	 	 	 
	
                    Section 3.1.

                  	
                    Master Trust Representations and Warranties

                  	
                    4

                  
	
                    Section 3.2.

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

                  	
                    5

                  
	
                    Section 3.3.

                  	
                    Representations and Warranties About Each Receivable

                  	
                    7

                  
	
                    Section 3.4.

                  	
                    Servicer Acquisition of Receivables for Breach of Representations

                  	
                    8

                  
	
                    Section 3.5.

                  	
                    Depositor’s Representations and Warranties

                  	
                    10

                  
	
                    Section 3.6.

                  	
                    Servicer’s Representations and Warranties

                  	
                    11

                  
	 	 	 
	
                    ARTICLE IV

                  	
                    MASTER TRUST’S AGREEMENTS

                  	
                    12

                  
	 	 	 
	
                    Section 4.1.

                  	
                    Financing Statements

                  	
                    12

                  
	
                    Section 4.2.

                  	
                    No Transfer or Lien by the Master Trust

                  	
                    13

                  
	
                    Section 4.3.

                  	
                    Expenses

                  	
                    13

                  
	
                    Section 4.4.

                  	
                    Master Trust Records

                  	
                    13

                  
	
                    Section 4.5.

                  	
                    Review of Master Trust’s Records

                  	
                    13

                  
	
                    Section 4.6.

                  	
                    Review of Servicer’s Records

                  	
                    14

                  
	
                    Section 4.7.

                  	
                    Acquisition of Bankruptcy Surrendered Receivables

                  	
                    14

                  
	 	 	 
	
                    ARTICLE V

                  	
                    OTHER AGREEMENTS

                  	
                    15

                  
	 	 	 
	
                    Section 5.1.

                  	
                    No Petition

                  	
                    15

                  
	
                    Section 5.2.

                  	
                    Limited Recourse

                  	
                    15

                  
	
                    Section 5.3.

                  	
                    Termination

                  	
                    15

                  
	
                    Section 5.4.

                  	
                    Merger, Consolidation, Succession or Assignment

                  	
                    15

                  
	 	 	 
	
                    ARTICLE VI

                  	
                    MISCELLANEOUS

                  	
                    15

                  
	 	 	 
	
                    Section 6.1.

                  	
                    Amendments

                  	
                    15

                  
	
                    Section 6.2.

                  	
                    Benefit of Agreement; Third-Party Beneficiaries

                  	
                    16

                  
	
                    Section 6.3.

                  	
                    Notices

                  	
                    17

                  
	
                    Section 6.4.

                  	
                    GOVERNING LAW

                  	
                    17

                  
	
                    Section 6.5.

                  	
                    Submission to Jurisdiction

                  	
                    17

                  
	
                    Section 6.6.

                  	
                    WAIVER OF JURY TRIAL

                  	
                    17

                  
	
                    Section 6.7.

                  	
                    No Waiver; Remedies

                  	
                    18

                  
	
                    Section 6.8.

                  	
                    Severability

                  	
                    18

                  

            

            

            
              
                -i-

                
                  

              

              TABLE OF CONTENTS

              (continued)

              

              Page

            

            

            

            	
                    Section 6.9.

                  	
                    Headings

                  	
                    18

                  
	
                    Section 6.10.

                  	
                    Counterparts

                  	
                    18

                  
	
                    Section 6.11.

                  	
                    Agreements of the Master Trust

                  	
                    18

                  

          

          

          

          

          

          
            	
                    SCHEDULE A

                  	
                    SA-1

                  
	
                    EXHIBIT A

                  	
                    EA-1

                  
	
                    SCHEDULE I TO EXHIBIT A

                  	
                    SCH-I

                  
	
                    SCHEDULE II TO EXHIBIT A

                  	
                    SCH-II

                  

          

          
            -ii-

            
              

          

          
          MASTER TRUST RECEIVABLES TRANSFER AGREEMENT, dated as of October 8, 2019 (this “Agreement”), among VERIZON DPPA MASTER TRUST, a Delaware statutory trust (the “Master Trust”),
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership (“Cellco”) and VERIZON ABS LLC, a Delaware limited liability company, as depositor (the “Depositor”).

           

          BACKGROUND

           

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

           

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

           

          The parties agree as follows:

           

          ARTICLE I

            USAGE AND DEFINITIONS

           

          Section 1.1.   Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the
            Transfer and Servicing Agreement, dated as of October 8, 2019, among the Issuer, the Depositor and Cellco, as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as
            custodian (in such capacity, the “Custodian”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

           

          ARTICLE II

            TRANSFER OF MASTER TRUST TRANSFERRED PROPERTY

           

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

           

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

           

          
            1

            
              

          

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

           

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

           

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

           

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

           

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

           

          
            
              	

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

                    

            

          

           

          
            
              	

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

                    

            

          

           

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

                    

            

          

           

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

           

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

           

          Section 2.2.   Acquisition of Receivables.

           

          (a) Acquisition of Initial Receivables.  In consideration for the Initial
            Receivables and the other related Master Trust Transferred Property, the Depositor will distribute to the Master Trust $1,546,899,211.51 in the aggregate on the Closing Date, and will transfer a portion of the Class A Certificate to the Master
            Trust, in proportion to the Initial Receivables transferred by the Master Trust to the Depositor.  The Master Trust hereby directs the Depositor to issue the portion of the Class A Certificate referenced in the immediately preceding sentence in
            the name of the True Up Trust, as a distribution from the Master Trust to the True Up Trust, as the sole equityholder of the Master Trust.  The Depositor, on the one hand, and the Master Trust, on the other hand, represents and warrants to the
            other that the amount distributed by the Depositor to the Master Trust on the Closing Date, together with the portion of the Class A Certificate allocated to the Master Trust, is equal to the fair market value of the Initial Receivables and the
            other related Master Trust Transferred Property transferred by the Master Trust to the Depositor on the Closing Date.

           

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

           

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

           

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

           

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

           

          ARTICLE III

            REPRESENTATIONS AND WARRANTIES

           

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

           

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

           

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

           

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

           

          (d) No Consent Required.  No authorization or approval or other action by,
            and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by it of this Agreement or any other Transaction Document to which it is a party, except for the filing of the UCC financing
            statements as required by this Agreement.

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          (c) Security Interest in Master Trust Transferred Property.

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          Section 3.3.   Representations and Warranties About Each Receivable.  With respect to the Receivables transferred by the Master
            Trust to the Depositor under this Agreement, the Servicer represents and warrants that each Receivable transferred and absolutely assigned by the Master Trust to the Depositor under this Agreement is an Eligible Receivable (the “Eligibility
              Representation”).  Such representation and warranty is made as of the Closing Date (for the Initial Receivables) and each Acquisition Date (for the related Additional Receivables) or other dates stated and will survive the transfer and
            absolute assignment of the Receivables transferred by the Master Trust to the Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of such Receivables by the Issuer to the
            Indenture Trustee under the Indenture.  Any inaccuracy in the Eligibility Representation will be deemed not to constitute a breach of the Eligibility Representation if such inaccuracy does not affect the ability of the Issuer to receive and
            retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan agreement.  A Receivable will be an Eligible Receivable if:

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          ARTICLE IV

            MASTER TRUST’S AGREEMENTS

           

          Section 4.1.   Financing Statements.

           

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

           

          
            12

            
              

          

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

           

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

           

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

           

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

           

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

           

          Section 4.4.   Master Trust Records.  The Master Trust will mark its records to indicate that any Receivable absolutely assigned by
            it to the Depositor is owned by the Depositor or its assignee on the related Acquisition Date and will not change the indication until the Receivable has been paid in full by the Obligor, acquired by the Servicer or the Marketing Agent or sold
            to a third party, as applicable, under a Transaction Document.

           

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

           

          
            13

            
              

          

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

           

          Section 4.6.   Review of Servicer’s Records.  Upon reasonable request not more than once during any calendar year, and with
            reasonable notice, the Servicer will give the Depositor (or its representative) access to the records and documents to conduct a review of the Servicer’s performance under this Agreement and the Eligibility Representations made by the Servicer
            about the Receivables absolutely assigned by the Master Trust to the Depositor.  Any access or review will be conducted at the Servicer’s offices during its normal business hours at a time reasonably convenient to the Servicer and in a manner
            that will minimize disruption to its business operations.  Any access or review will be subject to the Servicer’s security, confidentiality and privacy policies and any regulatory, legal or data protection policies.

           

          Section 4.7.   Acquisition of Bankruptcy Surrendered Receivables.

           

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

           

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

           

          
            14

            
              

          

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

           

          ARTICLE V

            OTHER AGREEMENTS

           

          Section 5.1.   No Petition.  Each party hereto agrees that, before the date that is one year and one day (or, if longer, any
            applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in
            starting or pursuing against, (i) the Depositor, (ii) the Issuer or (iii) the Master Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar
            Law.  This Section 5.1 will survive the termination of this Agreement.

           

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

           

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

           

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

           

          ARTICLE VI

            MISCELLANEOUS

           

          Section 6.1.   Amendments.

           

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

           

          
            15

            
              

          

          (b) Other Amendments.  Other than as set forth in Section 6.1(c), the
            parties may amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying in any manner the rights of the Noteholders under this Agreement, with the consent
            of the Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Noteholders or
            (y) the Rating Agency Condition is satisfied with respect to such amendment.

           

          (c) Amendments Requiring Consent of Noteholders and Certificateholders.

           

          (i) This Agreement may also be amended from time to time by
            the parties hereto, with prior written notice to the Rating Agencies and the Indenture Trustee and, (x) if the interests of the Noteholders are materially and adversely affected, with the consent of the Noteholders of the Notes evidencing at
            least a majority of the Note Balance of the Controlling Class of Notes and (y) if the interests of the Certificateholders are materially and adversely affected, with the consent of the Certificateholders evidencing a majority of the Percentage
            Interest, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under this Agreement.

           

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

           

          It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment
            or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse
            effect on such Noteholder.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by
            the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

           

          (d) Indenture Trustee Consent.  The consent of the Indenture Trustee will
            be required for any amendment pursuant to Sections 6.1(b) or (c) that has a material adverse effect on the rights, obligations, immunities or indemnities of the Indenture Trustee.

           

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

           

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

           

          
            16

            
              

          

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

           

          Section 6.3.   Notices.

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          Section 6.5.   Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court
            for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it
            may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

           

          Section 6.6.   WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF
            TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

           

          
            17

            
              

          

          Section 6.7.   No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will
            operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies
            under this Agreement are in addition to any powers, rights and remedies under Law.

           

          Section 6.8.   Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed
            severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

           

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

           

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

           

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

           

          [Remainder of Page Left Blank]

           

          

          

           

          

          

           

          

          

           

          

          

           

          
            18

            
              

          

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

           

          

          

          
            	 	
                    VERIZON DPPA MASTER TRUST,

                  
	 	 	
                    as Transferor

                  
	 	 	 
	 	
                    By:

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

                  
	 	 	 
	 	 	 
	 	
                    By:                                                                              

                  
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	
                    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

                  
	 	 	
                    as Servicer

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	
                                                                                                  

                  
	 	 	
                    Name:

                  
	 	 	
                    Title:

                  
	 	 	 
	 	 	 
	 	
                    VERIZON ABS LLC,

                  
	 	 	
                    as Depositor

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	
                                                                                                  

                  
	 	 	
                    Name:

                  
	 	 	
                    Title:

                  

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          
            
              

          

          
          Schedule A

          

          

          

          

          Schedule of Receivables

            

            Delivered Electronically to Depositor at Closing

           

          

          

           

          

          

           

          

          

           

          

          

           

          

          

           

          

          

           

          
            SA-1

            
              

          

          
           

          Exhibit A

           

          

          

          

          

          Form of Transfer Notice

           

          U.S. Bank National Association,

          as Indenture Trustee and Note Paying Agent

          190 South LaSalle Street

          Chicago, Illinois 60603

          MK-IL-SL7C

          Attn: Global Structured Finance / VZOT 2019-C

          

          

          Verizon ABS LLC

          1 Verizon Way

          Basking Ridge, NJ 07920

          Attn: Treasurer

          

          

          Verizon Owner Trust 2019-C

          c/o Wilmington Trust, National Association

          Rodney Square North, 1100 North Market Street

          Wilmington, Delaware 19890-1600

          Attn:  Corporate Trust Administration

          

          

           

          Transfer Notice: Verizon Owner Trust 2019-C

           

          Ladies and Gentlemen:

           

          Under (i) Section 2.1(d) of the Originator Receivables Transfer Agreement, dated as of October 8, 2019 (the “Originator Transfer Agreement”), between the various Originators party
            thereto from time to time and Verizon ABS LLC, as Depositor, and (ii) Section 2.1(d) of the Master Trust Receivables Transfer Agreement, dated as of October 8, 2019 (the “Master Trust Transfer Agreement” and, together with the Originator
            Transfer Agreement, the “Transfer Agreements”), among the Master Trust, Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer, and Verizon ABS LLC, as Depositor, we notify the Indenture Trustee, the Depositor and the
            Issuer that (x) under the Transfer Agreements, the Master Trust and each of the Originators listed on Schedule I will transfer to the Depositor the Additional Receivables listed on the Schedule of Receivables delivered in an electronic file
            with this Transfer Notice for [(i)] an aggregate Additional Receivables Cash Transfer Amount for such Additional Receivables of $[                               ] (the “Current Additional Receivables Cash Transfer Amount”) on [                               ],
            20[    ] (the “Acquisition Date”), which Current Additional Receivables Cash Transfer Amount will be allocated between the Master Trust and the applicable Originators as set forth in the immediately following paragraph [and (ii)
            an increase in the value of the Class A Certificate [of $[____]] and (y) under the Transfer and Servicing Agreement, dated as of October 8, 2019, among

           

          
            EA-1

            
              

          

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

           

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

           

          [Remainder of Page Left Blank]

           

          

          

           

          

          

           

          

          

           

          

          

           

          
            EA-2

            
              

          

          
            	 	
                    Very truly yours,

                  
	 	 	 
	 	
                    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

                  
	 	 	
                    as Administrator

                  
	 	 	 
	 	 	 
	 	 	 
	 	
                    By

                  	
                                                                                                     

                  
	 	 	
                    Name:

                  
	 	 	
                    Title:

                  

          

           

          

          

          

          

          

          

          

          

          

          

          
            EA-3

            
              

          

          Schedule I to Exhibit A

           

          

          

          

          

          List of Originators

           

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          Schedule I to Exhibit A

          
            
              

          

          Schedule II to Exhibit A

           

          

          

          

          

          Schedule of Receivables

           

          Delivered electronically to the Depositor on the Acquisition Date

           

          

          

           

          

          

           

          

          

           

          

          

           

          

          

           

          

          

           

          

          

           

          Schedule II to Exhibit A

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