Document:

Exhibit 10.1

   

  
    

    

    
      

    

    

  

  AMENDED AND RESTATED

    TRUST AGREEMENT

   

  between

   

  VERIZON ABS LLC,

    as Depositor

   

  and

   

  WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Owner Trustee

   

  for

   

  VERIZON OWNER TRUST 2020-C

   

  Dated as of November 2, 2020

   

  
    

    

  

  

  

   

  
    
      

  

  
  TABLE OF CONTENTS

  Page

  

  

  	
          ARTICLE I

        	
          USAGE AND DEFINITIONS

        	
          1

        
	 	 	 
	
          Section 1.1

        	
          Usage and Definitions

        	
          1

        
	 	 	 
	
          ARTICLE II

        	
          ORGANIZATION OF TRUST

        	
          1

        
	 	 	 
	
          Section 2.1

        	
          Name

        	
          1

        
	
          Section 2.2

        	
          Maintenance of Office or Agency

        	
          1

        
	
          Section 2.3

        	
          Purposes and Powers

        	
          2

        
	
          Section 2.4

        	
          Appointment of Owner Trustee

        	
          4

        
	
          Section 2.5

        	
          Contribution and Transfer of Trust Property

        	
          4

        
	
          Section 2.6

        	
          Declaration of Trust

        	
          4

        
	
          Section 2.7

        	
          Limitations on Liability

        	
          5

        
	
          Section 2.8

        	
          Title to Trust Property

        	
          5

        
	
          Section 2.9

        	
          Location of Issuer

        	
          5

        
	
          Section 2.10

        	
          Depositor’s Representations and Warranties

        	
          5

        
	
          Section 2.11

        	
          Tax Matters

        	
          6

        
	 	 	 
	
          ARTICLE III

        	
          CERTIFICATES AND TRANSFER OF INTERESTS

        	
          7

        
	 	 	 
	
          Section 3.1

        	
          The Certificates

        	
          7

        
	
          Section 3.2

        	
          Execution, Authentication and Delivery of Certificates

        	
          8

        
	
          Section 3.3

        	
          Registration of Transfer and Exchange of Certificates

        	
          8

        
	
          Section 3.4

        	
          Mutilated, Destroyed, Lost or Stolen Certificate

        	
          10

        
	
          Section 3.5

        	
          [Reserved]

        	
          10

        
	
          Section 3.6

        	
          Persons Deemed Certificateholders

        	
          10

        
	
          Section 3.7

        	
          Access to List of Certificateholders’ Names and Addresses

        	
          10

        
	
          Section 3.8

        	
          Regarding the Certificate

        	
          11

        
	
          Section 3.9

        	
          Initial Registration of Certificates

        	
          11

        
	
          Section 3.10

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

        	
          11

        
	
          Section 3.11

        	
          Appointment of Certificate Paying Agent

        	
          12

        
	 	 	 
	
          ARTICLE IV

        	
          APPLICATION OF TRUST PROPERTY

        	
          12

        
	 	 	 
	
          Section 4.1

        	
          Application of Trust Property

        	
          12

        
	
          Section 4.2

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

        	
          14

        
	 	 	 
	
          ARTICLE V

        	
          OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

        	
          14

        
	 	 	 
	
          Section 5.1

        	
          General Authority

        	
          14

        
	
          Section 5.2

        	
          General Obligations

        	
          15

        
	
          Section 5.3

        	
          Action Requiring Prior Notice

        	
          15

        
	
          Section 5.4

        	
          Action by the Certificateholders with Respect to Certain Matters

        	
          16

        
	
          Section 5.5

        	
          Action for Bankruptcy

        	
          16

        
	
          Section 5.6

        	
          Action on Administrator’s Instruction

        	
          17

        
	
          Section 5.7

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

        	
          17

        

   

  

  
    
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    TABLE OF CONTENTS

    (continued)

    

    Page

    

    

  

  	
          Section 5.8

        	
          Prohibition on Some Actions

        	
          17

        
	
          Section 5.9

        	
          Action Not Required

        	
          17

        
	
          Section 5.10

        	
          Inspection of Owner Trustee; Access to Records

        	
          18

        
	
          Section 5.11

        	
          Furnishing of Documents

        	
          19

        
	
          Section 5.12

        	
          Reporting of Receivables Reacquisition and Acquisition Demands

        	
          19

        
	
          Section 5.13

        	
          Sarbanes-Oxley Act

        	
          19

        
	 	 	 
	
          ARTICLE VI

        	
          OWNER TRUSTEE

        	
          19

        
	 	 	 
	
          Section 6.1

        	
          Acceptance of Trusts

        	
          19

        
	
          Section 6.2

        	
          Limitations on Liability

        	
          20

        
	
          Section 6.3

        	
          Reliance; Advice of Counsel; Use of Agents

        	
          21

        
	
          Section 6.4

        	
          Not Acting in Individual Capacity

        	
          22

        
	
          Section 6.5

        	
          Owner Trustee May Own Notes

        	
          22

        
	
          Section 6.6

        	
          Owner Trustee’s Representations and Warranties

        	
          22

        
	
          Section 6.7

        	
          Obligation to Update Disclosure

        	
          23

        
	
          Section 6.8

        	
          Anti-Money Laundering

        	
          23

        
	
          Section 6.9

        	
            Persons Deemed Beneficial Owners and Control Parties

        	
          24

        
	 	 	 
	
          ARTICLE VII

        	
          COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

        	
          24

        
	 	 	 
	
          Section 7.1

        	
          Owner Trustee’s Fees and Expenses

        	
          24

        
	
          Section 7.2

        	
          Indemnification of Owner Trustee

        	
          24

        
	
          Section 7.3

        	
          Organizational Expenses of Issuer

        	
          25

        
	 	 	 
	
          ARTICLE VIII

        	
          TERMINATION

        	
          25

        
	 	 	 
	
          Section 8.1

        	
          Termination of Trust Agreement and Issuer

        	
          25

        
	 	 	 
	
          ARTICLE IX

        	
          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

        	
          26

        
	 	 	 
	
          Section 9.1

        	
          Eligibility Requirements for Owner Trustee

        	
          26

        
	
          Section 9.2

        	
          Resignation or Removal of Owner Trustee

        	
          27

        
	
          Section 9.3

        	
          Successor Owner Trustee

        	
          27

        
	
          Section 9.4

        	
          Merger or Consolidation; Transfer of Assets

        	
          28

        
	
          Section 9.5

        	
          Appointment of Separate Trustee or Co-Trustee

        	
          28

        
	
          Section 9.6

        	
          Compliance with Delaware Statutory Trust Act

        	
          29

        
	 	 	 
	
          ARTICLE X

        	
          OTHER AGREEMENTS

        	
          29

        
	 	 	 
	
          Section 10.1

        	
          Limitation on Rights of Others

        	
          29

        
	
          Section 10.2

        	
          No Petition

        	
          30

        
	
          Section 10.3

        	
          Restrictions on the Certificateholders’ Power

        	
          30

        
	
          Section 10.4

        	
          Class A Certificateholder Controls

        	
          30

        
	
          Section 10.5

        	
          Optional Acquisition

        	
          30

        
	
          Section 10.6

        	
          Optional Redemption of Notes

        	
          30

        
	 	 	 

  
     

    

    
      
        -ii-

        
          

      

      TABLE OF CONTENTS

      (continued)

      

      Page

      

      

    

  

  	
          ARTICLE XI

        	
          MISCELLANEOUS

        	
          31

        
	 	 	 
	
          Section 11.1

        	
          Amendments

        	
          31

        
	
          Section 11.2

        	
          Benefit of Agreement

        	
          32

        
	
          Section 11.3

        	
          Notices

        	
          32

        
	
          Section 11.4

        	
          GOVERNING LAW

        	
          33

        
	
          Section 11.5

        	
          Exclusive Jurisdiction

        	
          33

        
	
          Section 11.6

        	
          WAIVER OF JURY TRIAL

        	
          33

        
	
          Section 11.7

        	
          Severability

        	
          33

        
	
          Section 11.8

        	
          Headings

        	
          33

        
	
          Section 11.9

        	
          Counterparts

        	
          34

        
	
          Section 11.10

        	
          No Recourse

        	
          34

        
	
          Section 11.11

        	
          Intent of the Parties; Reasonableness

        	
          34

        
	
          Section 11.12

        	
          Electronic Signatures

        	
          34

        

  

  

  EXHIBITS

   

  	
          EXHIBIT A

        	
          Form of Certificate of Trust

        	
          A‐1

        
	
          EXHIBIT B-1

        	
          Form of Class A Certificate

        	
          B‐1-1

        
	
          EXHIBIT B-2

        	
          Form of Class B Certificate

        	
          B‐2-1

        
	
          EXHIBIT C

        	
          Form of Transferee Representation Letter

        	
          C‐1

        
	
          EXHIBIT D

        	
          Form of Transferor Representation Letter

        	
          D‐1

        

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    -iii-

    
      

  

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

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

   

  BACKGROUND

   

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

   

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

   

  The parties agree as follows:

   

  ARTICLE I

    USAGE AND DEFINITIONS

   

  Section 1.1  Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Transfer and Servicing
      Agreement, dated as of November 2, 2020, among Verizon Owner Trust 2020-C, as Issuer, Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”), as marketing agent (in such
      capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

   

  ARTICLE II

    ORGANIZATION OF TRUST

   

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

   

    

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

   

  
    
      

  

  
  Section 2.3  Purposes and Powers.

   

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

   

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

   

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

   

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

   

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

   

  (v)             to issue the Certificates under this Agreement;

   

  (vi)    to administer and manage the Trust Property;

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    2

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    3

    
      

  

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

   

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

   

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

   

  (xx)       not have any employees;

   

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

   

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

   

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

   

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

   

    

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

   

    

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

   

  
    4

    
      

  

  Section 2.7  Limitations on Liability.

   

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

   

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

   

  Section 2.8  Title to Trust Property.

   

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

   

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

   

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

   

    

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

   

    

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

   

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

   

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

   

  
    5

    
      

  

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

   

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

   

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

   

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

   

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

   

  Section 2.11  Tax Matters.

   

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

   

  
    6

    
      

  

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

   

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

   

  ARTICLE III

    CERTIFICATES AND TRANSFER OF INTERESTS

   

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

   

  

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

   

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

   

  
    7

    
      

  

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

   

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

   

    

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

   

    

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  (ii) such transferee is not a Benefit Plan;

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

    

  Section 3.5  [Reserved].

   

    

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

   

    

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

   

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

   

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

   

    

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

   

    

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

   

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

   

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

   

  ARTICLE IV

    APPLICATION OF TRUST PROPERTY

   

  Section 4.1  Application of Trust Property.

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  ARTICLE V

    OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

   

  Section 5.1  General Authority.

   

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

   

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

   

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

   

  Section 5.2  General Obligations.

   

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

   

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

   

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

   

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

   

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

   

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

   

  (iii) appointing or engaging a successor Indenture Trustee under the Indenture or consenting to the assignment by the Indenture Trustee of its obligations under the Indenture or this Agreement;

   

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

   

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

   

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

   

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

   

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

   

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

   

    

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

   

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

   

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

   

    

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

   

    

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

   

    

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

   

    

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

    

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

   

    

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

   

  ARTICLE VI

    OWNER TRUSTEE

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

    

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

   

    

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

   

    

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

    

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

   

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

   

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

   

  ARTICLE VII

    COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

   

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

   

    

  Section 7.2  Indemnification of Owner Trustee.

   

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

   

  
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  (b) Proceedings.  If an Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 7.2(a), promptly notify the Issuer and the Administrator of the Proceeding. 
      The Issuer may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer notifies, or causes the Administrator to notify, the Indemnified Person of its intention to assume the defense of the Proceeding with
      counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer will not be liable for fees and expenses of counsel
      to the Indemnified Person unless there is a conflict between the interests of the Issuer and an Indemnified Person.  If there is a conflict, the Issuer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No
      settlement of a Proceeding may be made without the approval of the Issuer and the Indemnified Person, which approval will not be unreasonably withheld.

   

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

   

  (d) Repayment.  If the Issuer makes a payment to an Indemnified Person under this Section 7.2 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay
      those amounts to the Issuer.

   

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

   

  ARTICLE VIII

    TERMINATION

   

  Section 8.1  Termination of Trust Agreement and Issuer.

   

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

   

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

   

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

   

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

   

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

   

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

   

  ARTICLE IX

    SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

   

  Section 9.1  Eligibility Requirements for Owner Trustee.

   

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

   

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

   

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

   

  Section 9.2  Resignation or Removal of Owner Trustee.

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  Section 9.3  Successor Owner Trustee.

   

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

   

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

   

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

   

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

   

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

   

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

   

    

  Section 9.5  Appointment of Separate Trustee or Co-Trustee.

   

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

   

  
    28

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  ARTICLE X

    OTHER AGREEMENTS

   

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

   

  
    29

    
      

  

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

   

    

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

   

    

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

   

    

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

   

    

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

   

  
    30

    
      

  

  ARTICLE XI

    MISCELLANEOUS

   

  Section 11.1  Amendments.

   

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

   

  (b) Other Amendments.  Other than as set forth in Section 11.1(c), the parties may amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying
      in any manner the rights of the Noteholders under this Agreement, with the consent of the Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that
      the amendment will not have a material adverse effect on the Noteholders or (y) the Rating Agency Condition is satisfied with respect to such amendment; and

   

  (c) Amendments Requiring Consent of Noteholders and Certificateholders.

   

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

   

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

   

  It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section 11.1 to approve the particular
    form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not
    have a material adverse effect on such Noteholder.  The manner of obtaining such consents (and any other consents of

   

  
    31

    
      

  

  Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be
    subject to such reasonable requirements as the Owner Trustee may prescribe.

   

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

   

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

   

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

   

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

   

  (h) Opinions of Counsel.

   

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

   

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

   

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

   

  Section 11.2  Benefit of Agreement.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and
      assigns.  No other Person will have any right or obligation under this Agreement.

   

    

  Section 11.3  Notices.

   

  
    32

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

    

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

   

    

  Section 11.6  WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY
      IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

   

    

  Section 11.7  Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the
      remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

   

    

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

   

  
    33

    
      

  

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

   

    

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

   

    

  Section 11.11  Intent of the Parties; Reasonableness.  The Depositor and the Owner Trustee acknowledge and agree that the purpose of Section 6.7
      of this Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Depositor nor the Owner Trustee shall exercise its right to request delivery of
      information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a
      private offering of disclosure comparable to that required under the Securities Act).  The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the
      Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions
      on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Owner Trustee shall cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements,
      reports, certifications, records, attestations, and any other information in the Owner Trustee’s possession necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together
      with such disclosures relating to the Owner Trustee or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance.

   

    

  Section 11.12  Electronic Signatures.  Each party agrees that this Agreement and any other documents to be delivered in connection herewith may
      be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

   

  

  

   

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    34

    
      

  

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

   

  
    	
             

          	
            VERIZON ABS LLC,

          
	
             

          	
             

          	
            as Depositor

          
	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          
	
             

          	
            By:   

            

          	
            /s/ Kee Chan Sin                                               

          
	
             

          	
             

          	
            Name: Kee Chan Sin

          
	
             

          	
             

          	
            Title:   Chief Financial Officer

          
	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          
	
             

          	
            WILMINGTON TRUST, NATIONAL ASSOCIATION,

          
	
             

          	
             

          	
            as Owner Trustee

          
	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          
	
             

          	
            By:

          	
            /s/ Adam R. Vogelsong                                      

              

          
	
             

          	
             

          	
            Name: Adam R. Vogelsong

          
	
             

          	
             

          	
            Title:   Vice President

          

  

   

  

   

  

   

  

  

  

  

  
    
      

  

  
  Exhibit A

   

  Form of Certificate of Trust of

    Verizon Owner Trust 2020-C

   

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

   

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

   

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

   

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

   

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

   

  	 	
          WILMINGTON TRUST, NATIONAL

            ASSOCIATION, not in its individual capacity but

            solely as Owner Trustee of the Trust

        
	 	 	 
	 	
          By:  

        	
                                                                          

        
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  

  

  
    A-1

    
      

  

  
  Exhibit B-1

   

  FORM OF CLASS A CERTIFICATE

   

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

   

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

   

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

   

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

   

  
    B-I-1

    
      

  

  NUMBER R‐1

   

  VERIZON OWNER TRUST 2020-C

   

  ASSET-BACKED CERTIFICATE

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    B-I-2

    
      

  

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

   

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

   

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

   

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

   

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

  

  

  

  

  

  

  

  

  
    B-I-3

    
      

  

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

   

  	 	
          VERIZON OWNER TRUST 2020-C

        
	 	 
	 	 
	 	
          By:   

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

        
	 	 	 
	 	 	 
	 	
          By:

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

  

  

   

  Dated:  November 2, 2020

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

  
    B-I-4

    
      

  

  OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

   

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

   

  	 	
          WILMINGTON TRUST, NATIONAL

            ASSOCIATION, not in its individual capacity but

            solely as Owner Trustee

        
	 	 	 
	 	
          By:  

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

   

  

   

   

  

   

  

   

  

   

  

  
    B-I-5

    
      

  

  (REVERSE OF CERTIFICATE)

   

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

   

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

   

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

   

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

   

  No amendment otherwise permitted under Section 11.1 of the Trust Agreement may (x) change the applicable Final Maturity Date on a Note or change the principal amount of
    or interest rate or Make-Whole Payment on a Note or (y) modify the percentage of the Note Balance of the Notes or the Controlling Class or the Percentage Interest of Certificates required to consent to any action without, in either case, the consent of
    all adversely affected Noteholders or Certificateholders.

   

  
    B-I-6

    
      

  

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

   

  

   

  

   

  

   

  

   

  

   

  

   

  

  
    B-I-7

    
      

  

  ASSIGNMENT

   

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

   

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

   

  	 

  (name and address of assignee)

   

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

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

   

  Dated:                         */

   

  Signature Guaranteed:

    __________________*/

   

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

   

  
    B-I-8

    
      

  

  
  Exhibit B-2

   

  FORM OF CLASS B CERTIFICATE

   

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

   

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

   

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

   

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

   

  

  

   

  
    B-2-1

    
      

  

  NUMBER R‐1

   

  Initial Class B Certificate Principal Balance: $0

  

  

   

  VERIZON OWNER TRUST 2020-C

   

  VARIABLE FUNDING CERTIFICATE

   

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

   

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

   

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

   

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

   

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

   

  
    B-2-2

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

  

   

  

   

  

   

  

  
    B-2-3

    
      

  

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

   

  	 	
          VERIZON OWNER TRUST 2020-C

        
	 	 	 
	 	 	 
	 	
          By:  

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

        
	 	 	 
	 	 	 
	 	
          By:

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

   

  

   

  Dated:  November 2, 2020

   

  

   

  

   

  

   

  

   

  

  
    B-2-4

    
      

  

  OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

   

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

   

  	 	
          WILMINGTON TRUST, NATIONAL

            ASSOCIATION, not in its individual capacity but

            solely as Owner Trustee

        
	 	 
	 	
          By:

        	
          _________________________________

        
	 	 	
          Authorized Signatory

        

   

  

   

   

  

   

  

   

  

   

  

  
    B-2-5

    
      

  

  (REVERSE OF CERTIFICATE)

   

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

   

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

   

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

   

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

   

  No amendment otherwise permitted under Section 11.1 of the Trust Agreement may (x) change the applicable Final Maturity Date on a Note or change the principal amount of
    or interest rate or Make-Whole Payment on a Note or (y) modify the percentage of the Note Balance of the Notes or the Controlling Class or the Percentage Interest of Certificates required

   

  
    B-2-6

    
      

  

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

   

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

  

  

   

  
    B-2-7

    
      

  

  ASSIGNMENT

   

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

   

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

   

  	 

  (name and address of assignee)

   

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

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

   

  Dated:                         */

   

  Signature Guaranteed:

    __________________*/

   

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

   

  

   

  

   

  

  
    B-2-8

    
      

  

  Schedule I

   

  TRANSACTIONS ON CLASS B CERTIFICATE

   

  

  

   

  	
          Acquisition Date

        	
          Amount of Class B Certificate Principal Balance Increase

        	
          Amount of Class B Certificate Principal Balance Decrease

        	
          Ending Class B Certificate Principal Balance

        
	 	 	 	 
	 	 	 	 

   

  

   

  

   

  

  
    B-2-9

    
      

  

  
  Exhibit C

   

  FORM OF TRANSFEREE REPRESENTATION LETTER

   

  Verizon Owner Trust 2020-C

  c/o Wilmington Trust, National Association,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

   Attn:  Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Trust Registrar

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

  Attn:  Corporate Trust Administration

  

  

   

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

   

  Ladies and Gentlemen:

   

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

   

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

   

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

   

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

   

  Signature appears on next page.

   

  
    C-1

    
      

  

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

   

  Very truly yours,

   

  ______________________________

  The Purchaser

   

   

  

   

  

   

  

  
    C-2

    
      

  

  
  Exhibit D

   

  FORM OF TRANSFEROR REPRESENTATION LETTER

   

  Verizon Owner Trust 2020-C

  c/o Wilmington Trust, National Association,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

   Attn:  Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Trust Registrar

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

  Attn:  Corporate Trust Administration

   

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

   

  Ladies and Gentlemen:

   

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

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

   

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

   

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

   

  
    D-1

    
      

  

  Very truly yours,

   

  

   

  (Transferor)

   

  By:

   

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

   

  

  D-2Exhibit 10.2

      
        

        

        

        

      

      
        	
                 

              

      

      

      

      

      

      

      

      

      

      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 November 2, 2020

      

      

      

      

      
        
          

          

        

        
          	
                   

                

        

        

        

      

      
        

        

      

      
        
          

      

      
      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

            

       

      

      
        
          -i-

          
            

        

        TABLE OF CONTENTS

        (continued)

        

        Page

        

        

      

      	
              Section 6.8.

            	
              Severability

            	
              16

            
	
              Section 6.9.

            	
              Headings

            	
              16

            
	
              Section 6.10.

            	
              Counterparts

            	
              16

            
	
              Section 6.11.

            	
              Additional Originators

            	
              16

            
	
              Section 6.12.

            	
              Electronic Signatures

            	
              18

            

      

      

      

      

      
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        TABLE OF CONTENTS

        (continued)

        

        Page

        

        

      

      
        	
                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

              

      

      

      

      
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      ORIGINATOR RECEIVABLES TRANSFER AGREEMENT, dated as of November 2, 2020 (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 2020-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 November 2, 2020, 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

       

      
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      than such Originator’s obligations under this Agreement), all of such Originator’s right, title and 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 $371,992,347.91 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

       

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

       

      ARTICLE III

        REPRESENTATIONS AND WARRANTIES

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (c) Security Interest in Originator Transferred Property.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
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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 $3,000;

       

      (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.

       

      
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      (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.

       

      
        -17-

        
          

      

      Section 6.12.   Electronic Signatures.  Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically
        signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

       

      

      

       

      [Remainder of Page Left Blank]

       

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

      
        -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.

       

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

              as an Originator

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

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

              as an Originator

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

              By: Alltel Corporation, its General Partner,

              as an Originator

            	 	
              Alltel Corporation d/b/a Verizon Wireless,

              as an Originator

            
	 	 	 
	
              Anderson CellTelCo d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              as an Originator

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

              as an Originator

            	 	
              Cellco Partnership d/b/a Verizon Wireless,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

            	 	
              Gadsden CellTelCo Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              By: CommNet Cellular Inc., its General Partner,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              as an Originator

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

              By: Verizon Americas LLC, its General Partner,

              as an Originator

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

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

            

      

      

      
        
          

      

      	
              By: Verizon Americas LLC, its General Partner,

              as an Originator

            	 	
              By: Verizon Americas LLC, its General Partner,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              By: Verizon Americas LLC, its General Partner,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

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

              By: Teton Cellular Inc., its General Partner

              By: CommNet Cellular Inc., its Managing Agent,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

            	 	
              Indiana RSA 2 Limited Partnership,

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

              as an Originator

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

              By: CommNet Cellular Inc., its General Partner,

              as an Originator

            	 	
              Iowa RSA 5 Limited Partnership,

              By: Verizon Americas LLC d/b/a Verizon Wireless, its General Partner,

              as an Originator

            
	 	 	 
	
              Iowa RSA No. 4 Limited Partnership,

              By: Verizon Americas LLC d/b/a Verizon Wireless, its General Partner,

              as an Originator

            	 	
              Kentucky RSA No. 1 Partnership,

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

              as an Originator

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

              By: AirTouch Cellular Inc., its General Partner,

              as an Originator

            	 	
              Muskegon Cellular Partnership,

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

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

            	 	
              New Mexico RSA No. 5 Limited Partnership,

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

              as an Originator

            

      

      

      
        
          

      

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

            
	 	 	 
	
              Northern New Mexico Limited Partnership,

              By: CommNet Cellular Inc. d/b/a Verizon Wireless, its General Partner,

              as an Originator

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

              By: Cellco Partnership, its Managing General Partner,

              as an Originator

            
	 	 	 
	
              Petersburg Cellular Partnership d/b/a Verizon Wireless,

              By: Alltel Corporation, its Managing General Partner,

              as an Originator

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

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

            	 	
              Rural Cellular Corporation d/b/a Verizon Wireless,

              as an Originator

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

              By: AirTouch Cellular Inc., its General Partner,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

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

              By: Alltel Corporation, its General Partner,

              as an Originator

            	 	
              Tuscaloosa Cellular Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its Managing General Partner,

              as an Originator

            

      

      

      
        
          

      

      	
              Verizon Americas LLC d/b/a Verizon Wireless,

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

            
	 	 	 
	
              Virginia RSA 5 Limited Partnership,

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

              as an Originator

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

              By: Cellco Partnership, its General Partner,

              as an Originator

            
	 	 	 
	
              Wisconsin RSA #1 Limited Partnership,

              By: Alltel Corporation, its Managing Partner,

              as an Originator

            	 	
              Wisconsin RSA #6 Partnership, LLP,

              By: Alltel Corporation, its Managing Partner,

              as an Originator

            
	 	 	 
	
              Wisconsin RSA No. 8 Limited Partnership,

              By: Alltel Corporation, its General Partner,

              as an Originator

            	 	 

      

      

      

      

      
        
          

      

      	
               

              

            	
              By:   

              

            	
              /s/ Kee Chan Sin                                             

              

              Kee Chan Sin

            
	 	 	 
	
              As Vice President and Assistant Treasurer of

              AirTouch Cellular Inc.

               

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

               

               

            
	
              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

              Alltel Corporation

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Anderson CellTelCo

               

            	 	
              As Vice President and Assistant Treasurer of Athens Cellular, Inc.

            
	
              As Vice President and Assistant Treasurer of Bell Atlantic Mobile Systems LLC d/b/a Verizon Wireless

               

            	 	
              As Vice President and Assistant Treasurer of

              Cellco Partnership d/b/a Verizon Wireless

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Chicago SMSA Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              CommNet Cellular Inc.

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Fresno MSA Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Gadsden CellTelCo Partnership

            
	
              As Vice President and Assistant Treasurer of

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

               

            	 	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of GTE Mobilnet of California Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              GTE Mobilnet of Florence, Alabama Incorporated

               

            	 	
              As Vice President and Assistant Treasurer of

              Verizon Americas LLC acting on behalf of GTE Mobilnet of Fort Wayne Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Verizon Americas LLC acting on behalf of GTE Mobilnet of Indiana Limited Partnership

               

               

            	 	
              As Vice President and Assistant Treasurer of

              Verizon Americas LLC acting on behalf of GTE Mobilnet of Indiana RSA #3 Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of GTE Mobilnet of South Texas Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of

              

              

               

            

      

      

      
        
          

      

      	 	 	Verizon Americas LLC acting on behalf of GTE Mobilnet of Terre Haute Limited Partnership 

            
	 	 	 
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of GTE Mobilnet of Texas RSA #17 Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              Verizon Americas LLC d/b/a Verizon Wireless

               

            
	
              As Vice President and Assistant Treasurer of

              CommNet Cellular Inc. acting on behalf of Teton Cellular Inc., acting on behalf of Teton Cellular Idaho Limited Partnership, acting on behalf of Idaho 6-Clark Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              Cellco Partnership 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 Indiana RSA 2 Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              CommNet Cellular Inc. acting on behalf of Iowa 8 – Monona Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Verizon Americas LLC d/b/a Verizon Wireless acting on behalf of Iowa RSA 5 Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              Verizon Americas LLC d/b/a Verizon Wireless acting on behalf of Iowa RSA No. 4 Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership d/b/a Verizon Wireless acting on behalf of Kentucky RSA No. 1 Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

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

               

            
	
              As Vice President and Assistant Treasurer of

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

               

            	 	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of New Mexico RSA 6-I Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership d/b/a Verizon Wireless acting on behalf of New Mexico RSA No. 5 Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of New York SMSA Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Northeast Pennsylvania SMSA Limited Partnership

               

            	 	
              As Vice President and Assistant Treasurer of

              CommNet Cellular Inc. d/b/a Verizon Wireless acting on behalf of Northern New Mexico Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Omaha Cellular Telephone Company

                

            	 	
              As Vice President and Assistant Treasurer of

              Alltel Corporation acting on behalf of Petersburg Cellular Partnership

               

            

      
        
          

      

      

      

      	
              As Vice President and Assistant Treasurer of Pinnacles Cellular, Inc.

               

            	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Pittsburgh SMSA Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Pittsfield Cellular Partnership

               

            	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of RSA 7 Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Rural Cellular Corporation

               

            	
              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 acting on behalf of Seattle SMSA Limited Partnership

               

            	
              As Vice President and Assistant Treasurer of

              Alltel Corporation acting on behalf of Texas RSA #11B Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Tuscaloosa Cellular Partnership

            	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Verizon Wireless of the East LP

               

            
	
              As Vice President and Assistant Treasurer of

              Cellco Partnership d/b/a Verizon Wireless acting on behalf of Virginia RSA 5 Limited Partnership

               

            	
              As Vice President and Assistant Treasurer of

              Cellco Partnership acting on behalf of Wasatch Utah RSA No. 2 Limited Partnership

               

            
	
              As Vice President and Assistant Treasurer of

              Alltel Corporation acting on behalf of Wisconsin RSA #1 Limited Partnership

               

            	
              As Vice President and Assistant Treasurer of

              Alltel Corporation acting on behalf of Wisconsin RSA #6 Partnership, LLP

               

            
	
              As Vice President and Assistant Treasurer of

              Alltel Corporation acting on behalf of Wisconsin RSA No. 8 Limited Partnership

               

            	 

      

      

      
        
          

      

      
        	 	
                VERIZON ABS LLC,

              
	 	 	
                as Depositor

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/ Kee Chan Sin                                             

              
	 	 	
                Name:  Kee Chan Sin

              
	 	 	
                Title:    Chief Financial Officer

                

              

      

      

      

      

        

        

        

        

        

      

      

      
        
          

      

      Schedule A

      

      

      

      

      Schedule of Receivables

        

        Delivered Electronically to Depositor at Closing

       

       

      

       

      

       

      

       

      

       

      

       

      

       

      

      
        
          

      

      
      Schedule B

      

      

      

      

      List of Originators

       

      
        	
                Legal Name

              	
                Chief Executive Office

              	
                Jurisdiction

                  of Organization

              
	
                AirTouch Cellular Inc.

              	
                15505 Sand Canyon Avenue

                Irvine, CA 92618

              	
                California

              
	
                Allentown SMSA Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                ALLTEL Communications of North Carolina  Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                North Carolina

              
	
                Alltel Corporation

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Anderson CellTelCo

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                District of Columbia

              
	
                Athens Cellular, Inc.

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Bell Atlantic Mobile Systems LLC

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Cellco Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Chicago SMSA Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Illinois

              
	
                CommNet Cellular Inc.

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Colorado

              
	
                Fresno MSA Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                California

              
	
                Gadsden CellTelCo Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Alabama

              
	
                Gold Creek Cellular of Montana Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Colorado

              
	
                GTE Mobilnet of California Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                California

              
	
                GTE Mobilnet of Florence, Alabama Incorporated

              	
                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

              
	
                GTE Mobilnet of Indiana RSA #3 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Indiana

              
	
                GTE Mobilnet of South Texas Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                GTE Mobilnet of Terre Haute Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                GTE Mobilnet of Texas RSA #17 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Idaho 6-Clark Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Idaho

              

        

        

        
          SB-1

          
            

        

        	
                Legal Name

              	
                Chief Executive Office

              	
                Jurisdiction

                  of Organization

              
	
                Illinois RSA 6 and 7 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Illinois

              
	
                Indiana RSA 2 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Indiana

              
	
                Iowa 8-Monona Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Colorado

              
	
                Iowa RSA 5 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Iowa RSA No. 4 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Kentucky RSA No. 1 Partnership

              	
                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

              
	
                Muskegon Cellular Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                District of Columbia

              
	
                New Mexico RSA 6-I Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                New Mexico

              
	
                New Mexico RSA No. 5 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                New York SMSA Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                New York

              
	
                Northeast Pennsylvania SMSA Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Northern New Mexico Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Colorado

              
	
                Omaha Cellular Telephone Company

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Nebraska

              
	
                Petersburg Cellular Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Pinnacles Cellular, Inc.

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Pittsburgh SMSA Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Pittsfield Cellular Telephone Company

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Massachusetts

              
	
                RSA 7 Limited Partnership

              	
                One Verizon Place

                  Alpharetta, GA 30004

              	
                Iowa

              
	
                Rural Cellular Corporation

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Minnesota

              
	
                Sacramento-Valley Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                California

              
	
                Seattle SMSA Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Texas RSA #11B Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Tuscaloosa Cellular Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Alabama

              

        

        

        
          SB-2

          
            

        

        	
                Legal Name

              	
                Chief Executive Office

              	
                Jurisdiction

                  of Organization

              
	
                Verizon Americas LLC

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Verizon Wireless of the East LP

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Virginia RSA 5 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Virginia

              
	
                Wasatch Utah RSA No. 2 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              
	
                Wisconsin RSA #1 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Wisconsin

              
	
                Wisconsin RSA #6 Partnership, LLP

              	
                417 5th Avenue North

                  Strum, WI 54770

              	
                Wisconsin

              
	
                Wisconsin RSA No. 8 Limited Partnership

              	
                One Verizon Way

                Basking Ridge, NJ 07920

              	
                Delaware

              

      

       

      

       

      

       

      

       

      

       

      

      
        SB-3

        
          

      

      
      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 2020-C

      

      

      Verizon ABS LLC

      1 Verizon Way

      Basking Ridge, NJ 07920

      Attn: Treasurer

      

      

      Verizon Owner Trust 2020-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 2020-C

       

      Ladies and Gentlemen:

       

      Under (i) Section 2.1(d) of the Originator Receivables Transfer Agreement, dated as of November 2, 2020 (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 November 2, 2020 (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 November 2, 2020, among Verizon Owner Trust 2020-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 November 2, 2020 (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 November 2, 2020, among Verizon Owner Trust 2020-C, as Issuer, Verizon ABS LLC, as Depositor, and Cellco
        Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.  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.

       

      SECTION 8. Electronic Signatures.  Each party agrees that this Agreement and any other
        documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity,
        enforceability, and admissibility.

       

      [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 B

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]