Document:

Exhibit 4.1

     

    

    

     

    

    

    

    

     

    

    

     

    FORM OF MASTER COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT

      

      

      among

     

    VERIZON MASTER TRUST,

      as Trust,

      

      

      [___],

      as Master Collateral Agent,

     

    CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS,

      as Servicer

     

    and

      

      

      each Creditor Representative from time to time

      party hereto

      

      

      

      Dated as of [____], 20[_]

    

    

     

    

    

    
      
        

    

    
    TABLE OF CONTENTS

     

    	
            ARTICLE I DEFINITIONS AND INTERPRETIVE RULES

          
	 	 	 
	
            ARTICLE II GRANT OF SECURITY INTEREST

          
	 	 	 
	
            ARTICLE III TRUST FINANCINGS

          
	 	 	 
	
            SECTION 3.1

          	
            Trust Financings

          	
            1

          
	
            SECTION 3.2

          	
            Designation of Groups; Allocation to Groups

          	
            4

          
	
            SECTION 3.3

          	
            Re-Designation of Receivables

          	
            4

          
	 	 	 
	
            ARTICLE IV REPRESENTATIONS AND WARRANTIES

          
	 	 	 
	
            SECTION 4.1

          	
            Representations and Warranties

          	
            5

          
	 	 	 
	
            ARTICLE V COVENANTS

          
	 	 	 
	
            SECTION 5.1

          	
            Protection of the Collateral; Further Assurances

          	
            7

          
	
            SECTION 5.2

          	
            Maintenance of UCC Location

          	
            8

          
	
            SECTION 5.3

          	
            Opinion as to the Collateral.

          	
            8

          
	
            SECTION 5.4

          	
            Performance of Obligations; Servicing of Collateral

          	
            8

          
	
            SECTION 5.5

          	
            Negative Covenants

          	
            9

          
	
            SECTION 5.6

          	
            Successor or Transferee

          	
            10

          
	
            SECTION 5.7

          	
            Notice of Amortization Event, Events of Default and Servicer Termination Events

          	
            10

          
	
            SECTION 5.8

          	
            Enforcement of Transaction Documents and Series Related Documents

          	
            11

          
	
            SECTION 5.9

          	
            Notices to Rating Agencies, the Master Collateral Agent and Creditor Representatives

          	
            12

          
	
            SECTION 5.10

          	
            Paying Agent’s Obligations

          	
            12

          
	 	 	 
	
            ARTICLE VI EVENTS OF DEFAULTS AND REMEDIES

          
	 	 	 
	
            SECTION 6.1

          	
            Events of Default; Remedies

          	
            12

          
	
            SECTION 6.2

          	
            Creditor Conflicting Requests

          	
            14

          
	
            SECTION 6.3

          	
            Restoration of Rights and Remedies

          	
            14

          
	
            SECTION 6.4

          	
            Rights and Remedies Cumulative

          	
            15

          
	
            SECTION 6.5

          	
            Delay or Omission Not a Waiver

          	
            15

          
	
            SECTION 6.6

          	
            Control by Group Creditors

          	
            15

          
	
            SECTION 6.7

          	
            Undertaking for Costs

          	
            16

          
	
            SECTION 6.8

          	
            Waiver of Stay or Extension Laws

          	
            16

          
	
            SECTION 6.9

          	
            Action on Credit Extensions

          	
            16

          
	
            SECTION 6.10

          	
            Sale of Collateral

          	
            16

          
	 	 	 
	
            ARTICLE VII THE MASTER COLLATERAL AGENT AND THE PAYING AGENT

          
	 	 	 
	
            SECTION 7.1

          	
            Duties of the Master Collateral Agent

          	
            17

          
	
            SECTION 7.2

          	
            Rights of the Master Collateral Agent

          	
            21

          
	
            SECTION 7.3

          	
            Funds Held in Trust

          	
            24

          
	
            SECTION 7.4

          	
            Compensation and Indemnity

          	
            24

          
	
            SECTION 7.5

          	
            Resignation and Removal; Appointment of Successor

          	
            25

          
	
            SECTION 7.6

          	
            Successor Master Collateral Agent by Merger

          	
            26

          
	
            SECTION 7.7

          	
            Appointment of Co-Agent or Separate Agent

          	
            26

          
	
            SECTION 7.8

          	
            Eligibility; Disqualification

          	
            28

          

    

    

    
      -i-

      
        

    

    	
            SECTION 7.9

          	
            Representations and Warranties

          	
            28

          
	
            SECTION 7.10

          	
            The Paying Agent

          	
            29

          
	
            SECTION 7.11

          	
            Reports by Master Collateral Agent

          	
            30

          
	
            SECTION 7.12

          	
            Reporting of Receivables Reacquisition and Acquisition Demands

          	
            31

          
	 	 	 
	
            ARTICLE VIII CREDITORS LISTS; COMMUNICATIONS

          
	 	 	 
	
            SECTION 8.1

          	
            Creditors Lists

          	
            31

          
	
            SECTION 8.2

          	
            Preservation of Information; Communications to Creditors

          	
            32

          
	
            SECTION 8.3

          	
            List of Creditors

          	
            32

          
	
            SECTION 8.4

          	
            Noteholder Communications

          	
            32

          
	 	 	 
	
            ARTICLE IX ACCOUNTS, DISBURSEMENTS AND RELEASES

          
	 	 	 
	
            SECTION 9.1

          	
            Collection of Amounts Due

          	
            32

          
	
            SECTION 9.2

          	
            Trust Accounts

          	
            32

          
	
            SECTION 9.3

          	
            Rights of Creditors

          	
            34

          
	
            SECTION 9.4

          	
            Collections and Allocations

          	
            34

          
	
            SECTION 9.5

          	
            Shared Collections

          	
            36

          
	
            SECTION 9.6

          	
            Excess Collections

          	
            37

          
	
            SECTION 9.7

          	
            Release of Collateral

          	
            37

          
	 	 	 
	
            ARTICLE X AMENDMENTS

          
	 	 	 
	
            SECTION 10.1

          	
            Amendments Without Consent of Creditors

          	
            39

          
	
            SECTION 10.2

          	
            Amendments With Consent of Creditors

          	
            40

          
	
            SECTION 10.3

          	
            Execution of Amendments

          	
            41

          
	
            SECTION 10.4

          	
            Effect of Amendment

          	
            41

          
	
            SECTION 10.5

          	
            Creditor Consent to Amendments to Transaction Documents

          	
            42

          
	 	 	 
	
            ARTICLE XI MISCELLANEOUS

          
	 	 	 
	
            SECTION 11.1

          	
            Compliance Certificates and Opinions, etc.

          	
            42

          
	
            SECTION 11.2

          	
            Form of Documents Delivered to the Master Collateral Agent

          	
            42

          
	
            SECTION 11.3

          	
            Acts of Creditors

          	
            43

          
	
            SECTION 11.4

          	
            Notices, etc., to the Master Collateral Agent, the Trust and Rating Agencies

          	
            44

          
	
            SECTION 11.5

          	
            Notices to Creditors; Waiver

          	
            45

          
	
            SECTION 11.6

          	
            Successors and Assigns

          	
            46

          
	
            SECTION 11.7

          	
            Severability

          	
            46

          
	
            SECTION 11.8

          	
            Benefits of this Agreement

          	
            46

          
	
            SECTION 11.9

          	
            Governing Law; Jurisdiction; Waiver of Jury Trial

          	
            46

          
	
            SECTION 11.10

          	
            Counterparts

          	
            47

          
	
            SECTION 11.11

          	
            The Trust Obligation

          	
            47

          
	
            SECTION 11.12

          	
            Agents of the Trust

          	
            47

          
	
            SECTION 11.13

          	
            Subordination

          	
            48

          
	
            SECTION 11.14

          	
            Title to Trust Property

          	
            48

          
	
            SECTION 11.15

          	
            Compliance with Applicable Anti-Terrorism and Anti‐Money Laundering Regulations

          	
            48

          
	
            SECTION 11.16

          	
            Limitation of Liability

          	
            49

          
	
            SECTION 11.17

          	
            Intent of the Parties; Reasonableness

          	
            49

          
	
            SECTION 11.18

          	
            Electronic Signatures

          	
            49

          
	 	 	 

    

    

    
      -ii-

      
        

    

    	
            ARTICLE XII

          
	 	 	 
	
            ASSET REPRESENTATIONS REVIEW

          
	 	 	 
	
            SECTION 12.1

          	
            Public Noteholder and Note Owner Requests for Vote on Asset Representations Review

          	
            50

          
	
            SECTION 12.2

          	
            Public Noteholder and Note Owner Vote on Asset Representations Review

          	
            51

          
	
            SECTION 12.3

          	
            Evaluation of Review Report

          	
            51

          

    

    

    

    

    EXHIBIT A          Form of Creditor Representative Joinder

    EXHIBIT B          Servicing Criteria to be Addressed in Assessment of Compliance

    EXHIBIT C          Form of Re-Designation Notice

    EXHIBIT D          Form of Group Supplement

    

    

     

    APPENDIX A      Usage and Definitions

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

      

      

      

      

      

      

      

      

      

      

      

    

    
      -iii-

      
        

    

    THIS MASTER COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT (this “Agreement”), dated as of [___], 20[_] (this “Agreement”), is among (i) VERIZON MASTER TRUST, a Delaware statutory trust
      (the “Trust”), (ii) [___], a [___], as Master Collateral Agent, (iii) CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS, as Servicer and (iv) each Creditor Representative from time to time party hereto.

     

    PRELIMINARY STATEMENTS

     

    The Trust has acquired and will acquire Receivables and certain related assets pursuant to the Transfer and Servicing Agreement.  The Trust has requested and may hereafter request from time to time
      that Creditors extend credit to the Trust on the terms and subject to the conditions set forth in their respective Trust Financing Agreements, secured by, among other things, the Receivables, pursuant to this Agreement.

     

    For and in consideration of the premises set forth herein, it is mutually covenanted and agreed, for the benefit of all Creditor Parties, as follows:

     

    ARTICLE I

      DEFINITIONS AND INTERPRETIVE RULES

     

    Except as otherwise specified or as the context may otherwise require, capitalized terms not otherwise defined in this Agreement are used herein as defined in Appendix A hereto.  The
      interpretive rules set forth in the Usage section of Appendix A hereto apply to this Agreement.

     

    ARTICLE II

      GRANT OF SECURITY INTEREST

     

    To secure the Secured Obligations, whether now existing or hereafter arising, the Trust hereby Grants to the Master Collateral Agent, for the benefit of the Secured Parties, a security interest in
      all of the Trust’s right, title and interest in, to and under the Collateral.  Notwithstanding the foregoing, each of the parties hereto hereby acknowledges and agrees that if any Series Enhancement is expressly provided for in any Trust Financing
      Agreement, then all of the Trust’s right, title and interest in such Series Enhancement shall be made available to and allocated solely to the related Series (unless otherwise provided for in such Trust Financing Agreement).  Unless specified in any
      Group Supplement, Collections on and proceeds from the Receivables designated to a Group shall solely by applied to the related Group and shall not constitute Group Available Funds for any other Group.

     

    ARTICLE III

      TRUST FINANCINGS

     

    SECTION 3.1          Trust Financings.

     

    (a)          Pursuant to one or more Trust Financing Agreements, the Trust may from time to time borrow, issue or incur Credit Extensions under one or more Trust Financings.  For the avoidance of
      doubt, borrowings and increases in Credit Extensions up to an applicable existing maximum commitment amount under an existing Trust Financing Agreement shall not constitute a new Trust Financing that separately needs to satisfy the requirements of
      Section 3.1(b). The

     

    
      
        

    

    
    Credit Extensions of all outstanding Trust Financings related to a Group shall be equally and ratably entitled as provided herein to the benefits of this Agreement without preference, priority or distinction, all in
      accordance with the terms and provisions of this Agreement and the related Trust Financing Agreements except, with respect to any Trust Financing, as provided in the Trust Financing Agreement related to such Trust Financing.  If a conflict exists
      between the terms and provisions of this Agreement and any Trust Financing Agreement, the terms and provisions of the Trust Financing Agreement shall be controlling solely with respect to the related Trust Financing; provided that, any provision of
      any Trust Financing Agreement that conflicts with the terms hereof regarding the rights, duties, obligations, indemnities or immunities of the Master Collateral Agent or the Paying Agent with respect to such Trust Financing or otherwise shall not be
      effective without the written consent of the Master Collateral Agent or the Paying Agent.

     

    (b)          On or before the Closing Date relating to any Trust Financing, the Trust and the applicable other parties thereto will execute and deliver a Trust Financing Agreement which will specify
      the Principal Series Terms of such Trust Financing and identify and appoint a Creditor Representative having the power and authority to act for and provide direction to the Master Collateral Agent on behalf of the Creditors of such Series.  The
      Master Collateral Agent is hereby authorized and directed by the Grantor and each Creditor Representative to execute and deliver each such Trust Financing Agreement, any related account control agreement and any related Transaction Documents, and to
      execute and deliver any certificates or other documents contemplated hereby or thereby in connection with a Trust Financing.  The terms of such Trust Financing Agreement may modify or amend the terms of this Agreement solely as applied to such new
      Trust Financing, provided that, any provision of any Trust Financing Agreement that conflicts with the terms hereof regarding the rights, duties, obligations, indemnities or immunities of the Master Collateral Agent or the Paying Agent with respect
      to such Trust Financing or otherwise shall not be effective without the written consent of the Master Collateral Agent or the Paying Agent.  The designation of any financing as a Trust Financing having the benefit of this Agreement, other than in the
      case of any Trust Financing to be entered into on the date hereof, is subject to the satisfaction of the following conditions:

     

    (i)          on or before the tenth (10th) day immediately preceding the applicable Closing Date (unless a shorter period shall be acceptable to each required recipient of the notice), the Trust
      shall have given written notice to the Master Collateral Agent, any Group Creditor Representative, and each Rating Agency (if any) of such Trust Financing and of the Closing Date for such Trust Financing;

     

    (ii)          the Trust shall have delivered to the Master Collateral Agent the related Trust Financing Agreement, executed by each party thereto;

     

    (iii)          the Trust shall have delivered to the Master Collateral Agent any Enhancement Agreement to be entered into in connection with such Trust Financing executed by the applicable Series
      Enhancer;

     

    (iv)          either (a) the Rating Agency Condition shall have been satisfied with respect to each Trust Financing for which the related Credit Extensions are rated by a Rating Agency, or (b) the
      Servicer shall have delivered an Officer’s Certificate substantially to the effect

     

    
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    that, in the reasonable determination of the Servicer, the entry into such Trust Financing will not result in an Adverse Effect;

     

    (v)          (x) no Event of Default or Potential Default shall have occurred and be continuing or result from the consummation of such Trust Financing with respect to the Group to which such Trust
      Financing will relate, (y) no Amortization Event shall have occurred and be continuing or result from the consummation of such Trust Financing with respect to any Series related to the Group to which such Trust Financing will relate and (z) no
      Servicer Termination Event or Potential Servicer Termination Event shall have occurred and be continuing or result from the consummation of such Trust Financing, in each case as evidenced by an Officer’s Certificate of the Trust, in each case
      determined based on calculations as of the related Measurement Date;

     

    (vi)          no Pool Balance Deficit for the related Group is continuing or will result on the Closing Date of such Trust Financing from the issuance of such Trust Financing as evidenced by an
      Officer’s Certificate of the Servicer that sets forth a calculation of the related Group Pool Balance and Required Pool Balance as of the related Measurement Date;

     

    (vii)          the Trust shall have delivered to the Master Collateral Agent and each Group Creditor Representative (with a copy to each Rating Agency, if any) a Tax Opinion, dated the applicable
      Closing Date with respect to such issuance;

     

    (viii)     unless otherwise specified in the related Trust Financing Agreement, the Trust shall have delivered to the Master Collateral Agent and each Group Creditor Representative an Opinion of
      Counsel, subject to the assumptions and qualifications stated therein, and in a form reasonably acceptable to such Persons, dated the applicable Closing Date, substantially to the effect that:

     

    (A)          all conditions precedent provided for in this Section 3.1(b) and the Trust Financing Agreement with respect to the designation of a Trust Financing having the benefit
      of this Agreement have been complied with;

     

    (B)          the related Trust Financing Agreement has been duly authorized, executed and delivered by the Trust; and

     

    (C)          the related Trust Financing Agreement constitutes the legal, valid and binding obligation of the Trust, entitled to the benefits of this Agreement and enforceable in
      accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and to general principles of equity;

     

    (ix)          the Trust shall have delivered such other documents, instruments, certifications, agreements or other items as the Master Collateral Agent may reasonably require;

     

    (x)          any Creditor Representative in connection with such Trust Financing shall become party to this Agreement by executing and delivering to the Trust and the Master Collateral Agent a
      joinder substantially in the form of Exhibit A, to the extent that such Creditor Representative has not previously become a party hereto in connection with an existing Trust

     

    
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    Financing (any such Creditor Representative shall act hereunder on behalf of each Series for which it is a Creditor Representative); and

     

    (xi)          the Trust shall have satisfied the conditions, if any, to the designation of any financing as a Trust Financing having the benefit of this Agreement set forth in any Trust Financing
      Agreement, including the delivery of such other documents, instruments, certifications, agreements or other items required by any party specified in such Trust Financing Agreement.

     

    SECTION 3.2          Designation of Groups; Allocation to Groups.

     

    (a)          From time to time, by delivery of a notice to the Master Collateral Agent substantially in the form of Exhibit D hereto (each, a “Group Supplement”), the Trust may create distinct
      Groups and subsequently designate certain Receivables and other related Collateral to such Groups in accordance with this Agreement. Each Credit Extension must relate to a Group for purposes of allocations pursuant to this Agreement.

     

    (b)          Receivables conveyed to the Trust and all related Collateral with respect thereto shall be designated to a Group as set forth in the related Acquisition Notice.  Collections on and
      proceeds from the Receivables in each Group shall be applied to make payments on the Credit Extensions of each Series related to the Group.  For the avoidance of doubt, all calculations and allocations among Series shall be based upon only those
      Series included in the related Group.

     

    SECTION 3.3          Re-Designation of Receivables. From time to time, no later than [each Payment Date], the Trust (or the Administrator on behalf of the
      Trust), with the written consent of the Servicer, may deliver to the Depositor, the Trust and the Master Collateral Agent, a Re-Designation Notice for Receivables previously acquired by the Trust that are to be re-designated on any Re-Designation
      Date that occurred during the Collection Period related to such [Payment Date] to a different Group than the Group to which such Receivables were designated on the related Acquisition Date; provided that the Group from which any such Receivables are
      to be re-designated does not have any Outstanding Credit Extensions as of such Re-Designation Date.  Each Re-Designation Notice will include a report setting forth (I) the Group to which such Receivables were re-designated and the Group from which
      such Re-Designated Receivable were removed, (II) the Group Pool Balance for the Group to which such Receivables were re-designated [and the Group from which such Re-Designated Receivables were removed], (III) the Required Pool Balance for the Group
      to which such Receivables were re-designated and (IV) the Excess Concentration Amount and Ineligible Amount, in each case, for each Series of the Group to which such Receivables were re-designated, in each case, for which Credit Extensions are
      Outstanding as of the related Re-Designation Date, and in each case, after giving effect to the re-designation of Receivables to the related Group on such Re-Designation Date and calculated as of the related Measurement Date.  As of the related
      Re-Designation Cutoff Date, the Group to which such Receivables are being re-designated shall be entitled to all Collections in respect of such Receivables after the related Re-Designation Cutoff Date.

     

    
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     ARTICLE IV

      REPRESENTATIONS AND WARRANTIES

     

    SECTION 4.1          Representations and Warranties.  The Trust represents and warrants to each Creditor Party on the date hereof and on each Closing Date:

     

    (a)          Offices; Legal Name.  The Trust’s sole jurisdiction of organization is the State of Delaware and such jurisdiction has not changed within four months prior to the date of this
      Agreement.  The legal name of the Trust is Verizon Master Trust and the organizational identification number of the Trust is 86-6471965.

     

    (b)          Perfection Representations.

     

    (i)          The Trust hereby represents, warrants, and covenants to the Master Collateral Agent as follows on each Closing Date:

     

    	

          	1.	
            This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Master Collateral Agent, which security interest is prior to all other Liens and is enforceable as such
              against creditors of and purchasers from the Trust (subject to Permitted Liens).

          

     

    	

          	2.	
            The Receivables are either “accounts,” “payment intangibles” or “chattel paper,” as applicable, within the meaning of the applicable UCC. The Trust Accounts and all subaccounts thereof, constitute either deposit accounts or securities
              accounts.

          

     

    	

          	3.	
            The Trust owns and has good and marketable title to the Collateral free and clear of any Liens, claim or encumbrance of any Person (subject to Permitted Liens).

          

     

    	

          	4.	
            The Trust has received all consents and approvals to the grant of the security interest in the Collateral hereunder to the Master Collateral Agent required by the terms of the Collateral, except if a requirement for consent or approval is
              extinguished under the applicable UCC.

          

     

    	

          	5.	
            The Trust has caused or will have caused, within ten (10) days after the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law
              in order to perfect the security interest in the Collateral (to the extent such security interest can be perfected by the filing of a financing statement) granted to the Master Collateral Agent hereunder.  All financing statements filed or to
              be filed against the Trust in favor of the Master Collateral Agent under this Agreement describing the Collateral will contain a statement to the following effect: “An absolute assignment or transfer of or grant of a security interest in any
              collateral described in this financing statement will violate the rights of the Secured Parties.”

          

     

    	

          	6.	
            With respect to the Trust Accounts and all subaccounts thereof that constitute deposit accounts, either:

          

     

    
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          	(a)	
            The Trust has delivered to the Master Collateral Agent a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Master Collateral Agent or the
              Paying Agent with respect to such Series, as applicable, directing disposition of the funds in the Trust Accounts without further consent by the Trust; or

          

     

    	

          	(b)	
            The Trust has taken all steps necessary to cause the Master Collateral Agent or the Paying Agent with respect to such Series, as applicable, to become the account holder of the Trust Accounts.

          

     

    	

          	7.	
            With respect to Collateral or Trust Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either:

          

     

    	

          	(a)	
            The Trust has caused or will have caused, within ten (10) days after the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law
              in order to perfect the security interest granted in the Collateral to the Master Collateral Agent; or

          

     

    	

          	(b)	
            The Trust has delivered to the Master Collateral Agent a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Master Collateral Agent relating to the Trust
              Accounts without further consent by the Trust; or

          

     

    	

          	(c)	
            The Trust has taken all steps necessary to cause the securities intermediary to identify in its records the Master Collateral Agent as the person having a security entitlement against the securities intermediary in the Trust Accounts.

          

     

    	

          	8.	
            Other than the security interest Granted to the Master Collateral Agent under this Agreement, the Trust has not sold or Granted a security interest in any of the Collateral.  The Trust has not authorized the filing of and is not aware of
              any financing statements against the Trust, other than financing statements relating to the security interest Granted to the Master Collateral Agent under this Agreement.  The Trust is not aware of any judgment or tax Lien filings against it.

          

     

    	

          	9.	
            Neither the Trust Accounts nor any subaccounts thereof are in the name of any Person other than the Trust or the Master Collateral Agent. The Trust has not consented to the securities intermediary of any Trust Account to comply with
              entitlement orders of any Person other than the Master Collateral Agent.

          

     

    (ii)          Notwithstanding any other provision of this Agreement, the Transaction Documents or any other Series Related Document, the perfection representations contained in clause (i) above shall
      be continuing, remain in full force and effect until such time as all obligations under this Agreement have been finally and fully paid and performed and may not be waived by the Master Collateral Agent.

     

    
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    (c)          The Trust shall provide the Master Collateral Agent written notice of any breach of the perfection representations contained in Section 4.1(b) promptly upon becoming aware thereof.

     

    ARTICLE V

      COVENANTS

     

    SECTION 5.1          Protection of the Collateral; Further Assurances.

     

    (a)          The Trust will from time to time execute and deliver all such supplements and amendments hereto and all such writings of further assurance and other writings, and will take such other
      action necessary or advisable, or that the related Majority Group Creditor Representatives may deem necessary, to:

     

    (i)          Grant more effectively any portion of the Collateral pursuant to this Agreement;

     

    (ii)          maintain or preserve the Lien and security interest (and the priority of the security interest) of this Agreement in the Collateral;

     

    (iii)          perfect, maintain perfection, publish notice of or protect the validity of a Grant made or to be made by this Agreement in the Collateral;

     

    (iv)          enforce the Collateral; and

     

    (v)          maintain and defend title to the Collateral and the rights of the Secured Parties in such Collateral against the claims of all Persons, subject to Permitted Liens, the Transaction
      Documents and the other related Series Related Documents.

     

    (b)          In furtherance of the foregoing, the Trust shall, from time to time and within the time limits established by applicable Law, authorize, prepare and file all financing statements,
      amendments, continuation statements or other filings necessary to continue, maintain and perfect the Master Collateral Agent’s Lien as a first priority perfected Lien (subject to Permitted Liens).

     

    (c)          The Trust shall file, and hereby authorizes the Master Collateral Agent to file, at the expense of the Trust, UCC financing statements with a collateral description covering all of the
      Trust’s personal property, wherever located, whether now existing or arising in the future.  The Trust hereby designates the Master Collateral Agent as its agent and attorney-in-fact to execute, authorize and/or file any financing statement,
      continuation statement, writing of further assurance or other writing required to be executed, authorized and/or filed to accomplish the foregoing; provided, however, that nothing in this paragraph shall obligate the Master Collateral Agent to
      execute, authorize or file any financing statement or continuation statement or to take any other action hereunder.  This appointment is coupled with an interest and is irrevocable.  In connection with the filing of any financing statement (or any
      amendment or continuation thereof), the Master Collateral Agent shall be entitled to rely on the advice of counsel and shall not be required to exercise any discretion with respect to such filings.  For the avoidance of doubt, the Master Collateral
      Agent shall have no duty or obligation to execute, authorize, file or provide any instruction with respect to any financing statement or amendment or continuation thereof absent receipt of written direction from the Majority Group Creditor
      Representatives.

     

    
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    (d)          Neither the Trust nor the Servicer shall have any authority to file a termination, partial termination, release, partial release or any amendment with respect to any UCC financing
      statement or continuation statement naming the Servicer, the Depositor or the Trust as debtor that deletes the name of a debtor or excludes any Collateral from such financing statement, amendment or continuation statement without the prior written
      consent of the Master Collateral Agent (acting at the written direction of the Majority Creditor Representatives or the Majority Group Creditor Representatives, respectively).

     

    SECTION 5.2          Maintenance of UCC Location.  The Trust will not change its name, form or jurisdiction of organization or its “location” as a debtor, as determined under Section 9-307 of
      the UCC or any other change or occurrence that would make any financing statement or amendment seriously misleading within the meaning of Section 9-506 of the UCC or any successor statute thereto, without, in each case, giving the Master Collateral
      Agent at least ten (10) days’ prior written notice thereof and taking all action necessary or requested by the Master Collateral Agent (at the written direction of the Majority Creditor Representatives) to maintain the perfection of the security
      interest Granted under this Agreement.

    

    

    SECTION 5.3          Opinion as to the Collateral.

     

    (a)          On the date hereof, the Trust will furnish to the Master Collateral Agent an Opinion of Counsel with respect to the filing of any financing statements as is necessary to perfect and make
      effective the Lien created by this Agreement and recited the details of such action.

     

    (b)          On or before April 30 of each year, starting in 20[_], the Trust will furnish to the Master Collateral Agent and each Creditor Representative an Opinion of Counsel either (i) stating
      that, in the opinion of that counsel, all action has been taken for the recording, filing,  re-recording and refiling of this Agreement and all financing statements and continuation statements to maintain the Lien of this Agreement or (ii) stating
      that in the opinion of that counsel no action is necessary to maintain the Lien.  Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Agreement and any other requisite documents, and the recording and
      filing of any financing statements and continuation statements, that will, in the opinion of such counsel, be required to maintain the Lien of this Agreement until April 30 in the following calendar year.

     

    SECTION 5.4          Performance of Obligations; Servicing of Collateral.

     

    (a)          The Trust will not take any action and will use commercially reasonable efforts not to permit any action to be taken by others that would release any Person from any material covenants
      or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or
      agreement, except as expressly provided in this Agreement, the Transaction Documents or any other Series Related Document or such instrument or agreement.

     

    (b)          The Trust and the Master Collateral Agent hereby covenant and agree that upon the occurrence of a Servicer Termination Event (i) the Master Collateral Agent shall deliver notice to the
      Servicer terminating the servicing responsibilities of the Servicer under the Transfer and

     

    
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    Servicing Agreement if it is directed to terminate the Servicer by the Majority Creditor Representatives and (ii) the Master Collateral Agent shall not deliver notice to the Servicer terminating the servicing
      responsibilities of the Servicer under the Transfer and Servicing Agreement without the consent of the Majority Creditor Representatives.  Promptly after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant
      to Section 7.2 of the Transfer and Servicing Agreement, the Master Collateral Agent (acting at the written direction of the Majority Creditor Representatives) shall appoint a Successor Servicer, such appointment to be reflected by a written
      assumption in a form acceptable to the Trust.  In the event that a Successor Servicer has not been appointed and accepted its appointment at the time when the previous Servicer ceases to act as Servicer, the Master Collateral Agent without further
      action shall automatically be appointed the Successor Servicer in accordance with Section 7.4(a)(ii) of the Transfer and Servicing Agreement.

     

    SECTION 5.5          Negative Covenants.  Prior to the Collateral Release Date, the Trust shall not:

     

    (a)          sell, transfer, exchange or otherwise dispose of any of the Collateral, except as permitted by this Agreement, the Transaction Documents and the other Series Related Documents;

     

    (b)          seek dissolution or liquidation or wind up its affairs in whole or in part, or reorganize its business or affairs;

     

    (c)          permit the Lien of this Agreement to not constitute a valid and perfected first priority Lien on the Collateral, subject to no Adverse Claims;

     

    (d)          consolidate or merge with or into any other Person or convey or transfer substantially all of its assets unless:

     

    (i)          such Person (if other than the Trust) shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State;

     

    (ii)          such Person shall expressly assume (unless the assumption occurs by operation of Law), by written agreement, executed and delivered to the Master Collateral Agent, in form reasonably
      satisfactory to the Creditor Representatives, the due and punctual payment of the principal of and interest on all Credit Extensions and the performance or observance of every other agreement and covenant of this Agreement, the Transaction Documents
      and the other Series Related Documents on the part of the Trust to be performed or observed;

     

    (iii)          immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing;

     

    (iv)          the Rating Agency Condition shall have been satisfied with respect to such transaction (if any Credit Extensions are then rated by a Rating Agency);

     

    (v)          the Trust shall have received a Tax Opinion (and shall have delivered copies thereof to the Master Collateral Agent and each Creditor Representative);

     

    
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    (vi)          in the case of a sale of the assets included in the Collateral, such Person expressly agrees by a written agreement that (A) all right, title and interest so conveyed or transferred by
      the Trust will be subject and subordinate to the rights of the Creditor Parties, (B) such Person will make all filings with the Commission required by the Exchange Act in connection with the Trust Financings, if any, and (C) such Person expressly
      agrees to indemnify the Trust and the Creditor Parties and their respective directors, officers, employees, agents and assigns for any fee, loss, liability, damage or expense (including fees and expenses (including attorney’s fees and expenses) of
      defending itself against any loss, damage or liability or bringing an action or proceeding to enforce any indemnification or other obligation) arising under this Agreement, the Transaction Documents and the Series Related Documents;

     

    (vii)          any action that is necessary to maintain the Lien created by this Agreement and the security interest Granted thereby shall have been taken; and

     

    (viii)          the Trust shall have delivered to the Master Collateral Agent and the Creditor Representatives an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation
      or merger or such conveyance or transfer, as the case may be, and such assumption agreement comply with this Section 5.5 and that all conditions precedent herein (and in the Transaction Documents or any other Series Related Document) provided for
      relating to such transaction have been complied with (including any filing, if any, required by the Exchange Act) and the assumption agreement described in clause (ii) above is duly authorized, executed and delivered and is enforceable subject to
      applicable bankruptcy, insolvency, moratorium or other similar laws, now or hereafter in effect, relating to or affecting the rights of creditors generally and subject to legal and equitable limitations on the enforcement of specified remedies;

     

    (e)          amend, modify, supplement or waive, or consent to or permit to become effective any amendment, modification, supplement or waiver of any Transaction Document or Series Related Document
      unless such amendment, modification, supplement or waiver is permitted by the terms thereof; or

     

    (f)          permit the validity or effectiveness of this Agreement to be impaired.

     

    SECTION 5.6          Successor or Transferee.

     

    (a)          Upon any consolidation or merger of the Trust in accordance with Section 5.5(d), the Person formed by or surviving such consolidation or merger (if other than the Trust) shall succeed
      to, and be substituted for, and may exercise every right and power of and have every obligation of, the Trust under this Agreement with the same effect as if such Person had been named as the original Trust.

     

    (b)          Upon a conveyance or transfer of all the assets and properties of the Trust and the assumption of all of the duties and obligations of the Trust hereunder pursuant to Section 5.5(d), the
      Trust will be released from every covenant and agreement of this Agreement to be observed or performed on the part of the Trust immediately upon the delivery of written notice to the Master Collateral Agent and each Creditor Representative stating
      that the Trust is to be so released.

     

    SECTION 5.7          Notice of Amortization Event, Events of Default and Servicer Termination Events.

     

    

    
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    (a)          The Trust shall give the Master Collateral Agent, each related Group Creditor Representative and the Rating Agencies (if any) written notice of (i) each Amortization Event for any Series
      related to such Group, (ii) each Event of Default for such Group and (iii) each Servicer Termination Event (and, in the case of a Servicer Termination Event, shall specify in such notice the action, if any, the Trust is taking with respect to such
      Servicer Termination Event), in each case within five (5) Business Days after a Responsible Person of the Trust obtains actual knowledge thereof.

     

    (b)          The Trust shall deliver to the Master Collateral Agent and each related Group Creditor Representative, within five (5) Business Days after a Responsible Person of the Trust obtains
      actual knowledge thereof, written notice in the form of an Officer’s Certificate of any Potential Amortization Event for any Series related to such Group or Potential Default for such Group, its status and what action the Trust is taking or proposes
      to take with respect thereto.

     

    SECTION 5.8          Enforcement of Transaction Documents and Series Related Documents.

     

    (a)          With respect to the Transaction Documents and any other Series Related Document to which it is a party (other than the Transfer and Servicing Agreement), the Trust will use commercially
      reasonable efforts to enforce the rights and remedies afforded to the Trust under such Transaction Document or Series Related Document, as applicable, including, without limitation, by making claims to which it may be entitled under any indemnity,
      reimbursement or similar provision contained in such Transaction Document or Series Related Document, as applicable; provided that nothing in this Section 5.8 shall require the Trust to institute legal proceedings against any other party to a
      Transaction Document or Series Related Document, as applicable.

     

    (b)          The Trust shall, at its own expense, (i) take all such lawful action to enforce the obligations of the Servicer under and exercise any and all rights, remedies, powers and privileges
      lawfully available to the Trust under or in connection with the Transfer and Servicing Agreement to the extent and in the manner directed by the Master Collateral Agent (acting at the direction of Creditor Representatives for Creditors holding not
      less than a majority of the aggregate Credit Exposure for all Trust Financings), including, without limitation, by making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Transfer and
      Servicing Agreement and (ii) if a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Transfer and Servicing Agreement, take all reasonable actions available to it to remedy or
      cause the Servicer to remedy such failure; provided, however, that any Servicer Termination Event may be waived by the Trust upon the consent of Majority Creditor Representatives.  Notwithstanding anything to the contrary contained herein, other than
      in connection with any enforcement by the Master Collateral Agent (acting at the written instruction of the requisite Creditor Representatives as set forth herein) of its rights and remedies hereunder and under the Transaction Documents and the other
      Series Related Documents after the declaration or automatic occurrence of an Event of Default for any Group, nothing in this Section 5.8(b) shall require the Trust or the Master Collateral Agent to institute legal proceedings against any other party
      to a Transaction Document or any other Series Related Document.

     

    
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    SECTION 5.9          Notices to Rating Agencies, the Master Collateral Agent and Creditor Representatives.  The Trust shall notify:

     

    (a)          each Rating Agency (if any), the Master Collateral Agent and each Creditor Representative promptly following any amendment, modification, or waiver of any provision of the Transfer and
      Servicing Agreement, the Trust Agreement or any other Transaction Document, and

     

    (b)          each Rating Agency (if any) and each Creditor Representative of any notice of resignation delivered by the Master Collateral Agent in accordance with the terms set forth in Section 7.5
      promptly upon receipt thereof.

     

    

    SECTION 5.10          Paying Agent’s Obligations.  The Trust will cause each Paying Agent to comply with the obligations of the Paying Agent set forth in Section 7.10. 

     

    ARTICLE VI

      EVENTS OF DEFAULTS AND REMEDIES

     

    SECTION 6.1          Events of Default; Remedies.

     

    (a)          If an Event of Default for any Group shall have occurred and be continuing, and any Credit Extensions related to such Group have been accelerated pursuant to the related Trust Financing
      Agreement, upon written direction from the applicable Group Creditor Representatives, the Master Collateral Agent may do one or more of the following:

     

    (i)          institute Proceedings for the collection of all amounts then payable on the Credit Extensions related to such Group, whether by declaration or otherwise, enforce any judgment obtained,
      and collect from the Trust and any other obligor upon such Credit Extensions moneys adjudged due;

     

    (ii)          take any appropriate action to protect and enforce the rights and remedies of the Master Collateral Agent and the related Group Creditors; and

     

    (iii)          cause the Trust to sell the Group Assets related to such Credit Extensions and, in the limited circumstances set forth below, a portion of the Group Assets of any other Group, in
      accordance with Section 6.10;

     

    provided, however, that the Master Collateral Agent will not have the authority to, and will not, exercise any of the remedies above unless directed in writing by the relevant Group Creditor
      Representatives in accordance with the terms hereof, and provided further that the Master Collateral Agent will not have the authority to, and will not, exercise the remedy described in subparagraph (iii) above unless:

     

    a.          the Event of Default is a Primary Event of Default and:

     

    (A)          Group Creditor Representatives representing Group Creditors holding not less than one hundred percent (100%) of the Credit Exposure of the Credit Extensions related to
      such Group consent to the sale; or

     

    
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    (B)          the proceeds of the sale are expected to be sufficient to pay in full all amounts owed by the Trust to the Group Secured Parties under the Transaction Documents and
      related Series Related Documents payable from related Group Available Funds; or

     

    b.          the Event of Default is a Secondary Event of Default and:

     

    (A)          Group Creditor Representatives representing Group Creditors holding not less than one hundred percent (100%) of the Credit Exposure of the Credit Extensions related to
      such Group consent to the sale; or

     

    (B)          the proceeds of the sale are expected to be sufficient to pay in full all amounts owed by the Trust to the Group Secured Parties under the Transaction Documents and
      related Series Related Documents payable from related Group Available Funds; or

     

    (C)          (1) the proceeds of the sale are not expected to provide sufficient money for the payment of all amounts owed by the Trust to the Group Secured Parties under the
      Transaction Documents and related Series Related Documents, as those payments would have become due if the Credit Extensions related to such Group had not been accelerated and (2) the Majority Group Creditor Representatives consent to the sale.

     

    Subject to the conditions described above, the Master Collateral Agent, upon written direction from the applicable Group Creditor Representatives, may cause the Trust to sell (i) the Group Assets
      related to the Group for which the Event of Default occurred and (ii) a portion of the Group Assets related to any other Group, so long as such sale will not result in an Event of Default, Potential Default, Amortization Event, Potential Amortization
      Event or Pool Balance Deficit, in each case, for such other Group or any Series related to such other Group, as applicable.  The sale of any portion of the Group Assets related to any other Group pursuant to clause (ii) of the immediately preceding
      sentence will only be in an amount that, together with the proceeds of the sale of Group Assets related to the Group for which the Event of Default occurred, is sufficient to pay in full all amounts owed by the Trust, as set forth in clause (a).(B)
      or (b).(B) above.  The Trust, or the Administrator on behalf of the Trust, shall not select any Receivables from such other Group to be sold in any such sale in a manner materially adverse to the interests of the Creditors of such other Group.

     

    In determining whether the condition in clause a.(B), b.(B) or b.(C)(1) above has been satisfied, the Master Collateral Agent at the expense of the Trust, may obtain, and conclusively rely on an
      opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants on the expected proceeds or on the sufficiency of the Collateral for that purpose and the feasibility of such proposed action.

     

    (b)          The Creditor Representative related to any Trust Financing shall notify the Master Collateral Agent of any acceleration of maturity of the Credit Extensions under such Trust Financing
      and of any rescission of such acceleration.

     

    (c)          If the Master Collateral Agent collects any money or property pursuant to this Article VI following the acceleration of the Credit Extensions of the affected Trust Financing
      pursuant to this Section 6.1 (so long as such a declaration shall not have been rescinded or

     

    
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    annulled), it shall pay out the money or property first, in the event that there are no Trust Financings Outstanding, to the Master Collateral Agent and the Paying Agent for amounts due pursuant to Section 7.4 and
      second, in accordance with the related Trust Financing Agreement, without duplication to any amounts paid pursuant to the immediately preceding clause.

     

    (d)          Amounts then held in the Collection Account or any Trust Accounts or Series Accounts for such Trust Financing and any amounts available under any Series Enhancement for such Trust
      Financing shall be used to make payments for such Trust Financing in accordance with the terms of this Agreement, the related Trust Financing Agreement and the Series Enhancement for such Trust Financing.

     

    (e)          Each of the Master Collateral Agent, each Creditor Representative and each Creditor by its entering into a Trust Financing Agreement or accepting the benefits thereof covenants that,
      before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Trust or by a trust for which the Depositor was a depositor and (b) the Credit
      Extensions, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
      proceedings under any bankruptcy or similar law; provided that the foregoing shall not be deemed to prevent the Master Collateral Agent from filing a proof of claim in any such proceeding; provided further that the foregoing shall not in any way
      limit a Creditor’s rights to pursue any other creditor rights or remedies that such Creditor may have for claims against the Trust.  This Section 6.1(e) will survive the resignation or removal of the Master Collateral Agent under this Agreement and
      the termination of this Agreement.

     

    SECTION 6.2          Creditor Conflicting Requests.  Notwithstanding anything to the contrary contained herein, in the event the Master Collateral Agent shall receive conflicting or
      inconsistent requests and indemnity from two or more groups of Creditors (given through the relevant Creditor Representative) of affected Trust Financings, which, individually or in the aggregate, do not represent the Majority Creditor
      Representatives or Majority Group Creditor Representatives, as applicable, the Master Collateral Agent shall take action at the written direction of the Creditor Representative or Creditor Representatives representing a group of Creditors holding the
      greatest percentage of the Credit Exposure of all affected Trust Financings, unless (i) the Master Collateral Agent has commenced taking action pursuant to a direction with an earlier effective date or (ii) such action expressly requires consent or
      direction from the Majority Creditor Representatives or Majority Group Creditor Representatives, as applicable, or a greater percentage of Group Creditors or Group Creditor Representatives.

     

    

    SECTION 6.3          Restoration of Rights and Remedies.  If the Master Collateral Agent has instituted any Proceeding to enforce any right or remedy under this Agreement and such Proceeding
      has been discontinued or abandoned for any reason or has been determined adversely to the Master Collateral Agent, then and in every such case the Trust, the Master Collateral Agent and the other Creditor Parties shall, subject to any determination
      in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Master Collateral Agent and the other Creditor Parties shall continue as though no such Proceeding had been
      instituted.

     

    
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    SECTION 6.4          Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the Master Collateral Agent or to the Creditors is intended to be exclusive of any
      other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or
      employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

    

    

    SECTION 6.5          Delay or Omission Not a Waiver.  No delay or omission of the Master Collateral Agent or any other Creditor Party to exercise any right or remedy accruing upon any Event of
      Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article VI or by law to the Master Collateral Agent or to the other Creditor Parties
      may be exercised from time to time, and as often as may be deemed expedient, by the Master Collateral Agent or by the applicable Creditor Parties, as the case may be.

     

    

    SECTION 6.6          Control by Group Creditors.  Prior to the occurrence and continuance of an Event of Default for a Group of which the Master Collateral Agent has received written notice,
      and subject to Article VII, the related Majority Group Creditor Representatives shall have the right to direct the Master Collateral Agent in the exercise of its rights and obligations hereunder; provided, however, that (i) if any Creditor
      Representative of any Series of the related Group requests that the Master Collateral Agent take any action pursuant to any Trust Financing Agreement to which the Master Collateral Agent is a party that has not been consented to in writing by the
      related Majority Group Creditor Representatives, the Master Collateral Agent shall promptly notify in writing (which notice may be via email) the Creditor Representatives of each Series of the related Group of such request and (ii) unless the
      Creditor Representative of any such Series objects in writing (which objection may be via email) to the Master Collateral Agent within ten (10) Business Days following receipt of such notice, the Master Collateral Agent may take such action
      contemplated in any Trust Financing Agreement to be taken by the Master Collateral Agent at the direction of the Creditor Representative of such Series (acting alone without the consent of any Creditor Representative of any other Series of the
      related Group), subject to all of the rights and protections of the Master Collateral Agent set forth herein.   Upon the occurrence and continuation of an Event of Default for a Group, except as otherwise expressly provided in this Agreement or any
      Trust Financing Agreement, the related Majority Group Creditor Representatives shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Master Collateral Agent with respect to such Trust
      Financing; provided that such direction shall not be in conflict with any rule of law or with this Agreement; provided, further, that, the Master Collateral Agent need not take any action that it determines, or shall be advised by counsel, might be
      contrary to applicable law or subject it to liability for which it is not indemnified to its satisfaction.  For the avoidance of doubt, the Master Collateral Agent may rely without liability or investigation upon any instruction given by a Creditor
      Representative with respect to its Series, and under no circumstances shall the Master Collateral Agent have any duty or obligation to determine whether or not the Creditor Representative has obtained the consents of the requisite number or
      percentage of Creditors required under this Agreement or any Trust Financing Agreement with respect to any particular action, as long as the Master Collateral Agent has obtained the written instruction of the requisite number or percentage of
      applicable Creditor Representatives.

     

    
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    SECTION 6.7          Undertaking for Costs.  All parties to this Agreement agree (and each Creditor by such Creditor’s making of a Credit Extension shall be deemed to have agreed) that any
      court may in its discretion require, in any suit for the enforcement of any right or remedy under this Agreement, or in any suit against the Master Collateral Agent for any action taken, suffered or omitted by it as the Master Collateral Agent, the
      filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees, against any party litigant in such suit, having due
      regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 6.7 shall not apply to: (a) any suit instituted by the Master Collateral Agent, (b) any suit instituted by any Creditor(s)
      holding in the aggregate more than ten percent (10%) of the Credit Extensions of the affected Trust Financing, or (c) any suit instituted by any Creditor for the enforcement of the payment of principal of or interest on any Credit Extension on or
      after the respective due dates expressed in the related Trust Financing Agreement.

     

    

    SECTION 6.8          Waiver of Stay or Extension Laws.  The Trust covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
      whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may adversely affect the covenants or the performance of this Agreement; and the Trust (to the extent that
      it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Master Collateral Agent, but will suffer and permit the
      execution of every such power as though no such law had been enacted.

     

    

    SECTION 6.9          Action on Credit Extensions.  Any Creditor Party’s right to seek and recover judgment on the Credit Extensions or under the related Trust Financing Agreement shall not be
      affected by the seeking, obtaining or application of any other relief under or with respect to this Agreement.  Neither the Lien created by this Agreement nor any rights or remedies of the Master Collateral Agent or the Creditors shall be impaired by
      the recovery of any judgment by a Creditor Party against the Trust or by the levy of any execution under such judgment upon any portion of the Collateral.  Any funds or other property collected by the Master Collateral Agent shall be applied in
      accordance with the applicable Trust Financing Agreement.

     

    

    SECTION 6.10          Sale of Collateral.

     

    (a)          The power to effect any sale of any portion of Collateral described pursuant to Section 6.1 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining
      unsold, but shall continue unimpaired until proceeds of the Collateral permitted to be sold pursuant to Section 6.1 in an amount up to the aggregate Series Payoff Amount of the Trust Financings of the related Group shall have been sold or all amounts
      due to the related Group Creditors under this Agreement and the applicable Trust Financing Agreement have been paid in full.

     

    (b)          To the extent permitted by applicable Law, the Master Collateral Agent shall not sell Collateral, or any portion thereof, pursuant to Section 6.1 except in accordance with
      Section 6.1(a)(iii). The foregoing provisions shall not preclude or limit the ability of the Master Collateral Agent to purchase all or any portion of Collateral at a private sale.

     

    
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    (c)          In connection with a sale of all or any portion of Collateral pursuant to and in accordance with Section 6.1:

     

    (i)          any one or more Creditor Parties (other than the Depositor and its Affiliates) may bid for and purchase the property offered for sale, and upon compliance with the terms of sale may
      hold, retain, and possess and dispose of such property, without further accountability, and any Creditor may, in paying the purchase price therefor, deliver in lieu of cash, any Credit Extension of such Trust Financing or claims for interest thereon
      for credit in the amount that shall, upon distribution of the net proceeds of such sale, be payable thereon, and the Credit Extensions, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the
      Creditors of such Trust Financing after being appropriately stamped to show such partial payment;

     

    (ii)          the Master Collateral Agent is hereby irrevocably appointed the agent and attorney-in-fact of the Trust to transfer and convey any portion of the Collateral in connection with a sale
      thereof, and to take all action necessary to effect such sale;

     

    (iii)          the Master Collateral Agent shall execute and deliver an appropriate instrument of conveyance transferring, without representation, warranty or recourse, any portion of the Collateral
      in connection with a sale thereof; and

     

    (iv)          no purchaser or transferee at such a sale shall be bound to ascertain the Master Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the
      application of any funds.

     

    (d)          Any sale of all or any portion of Collateral conducted in accordance with the terms of this Section 6.10 shall be deemed to be commercially reasonable.

     

    (e)          The provisions of this Section 6.10 shall not be construed to restrict the ability of the Master Collateral Agent to exercise any rights and powers against the Trust or all or a portion
      of the Collateral that are vested in the Master Collateral Agent by this Agreement, including the power of the Master Collateral Agent to proceed against the Collateral subject to the Lien of this Agreement and to institute judicial proceedings for
      the collection of any deficiency remaining thereafter.

     

    (f)          The purchase price received by the Master Collateral Agent in respect of any sale made in accordance with this Section 6.10 shall be deemed conclusive and binding on the parties hereto
      and the related Group Creditors and the proceeds of such sale shall be applied in accordance with Section 9.4.

     

    ARTICLE VII

      THE MASTER COLLATERAL AGENT AND THE PAYING AGENT

     

    SECTION 7.1          Duties of the Master Collateral Agent.

     

    (a)          Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Master Collateral
      Agent shall be subject to this Article VII.  [___] is hereby appointed as the Master Collateral Agent hereunder and shall have the power and authority in such capacity to execute, deliver and perform

     

    
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    each of its express duties as Master Collateral Agent hereunder or under the Transaction Documents.  In the performance of its duties and obligations hereunder:

     

    (i)          the Master Collateral Agent undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no implied covenants, duties or obligations shall
      be read into this Agreement against the Master Collateral Agent; and

     

    (ii)          in the absence of bad faith, willful misconduct or gross negligence on its part, the Master Collateral Agent may conclusively rely, as to the truth of the statements and the correctness
      of the opinions expressed therein, upon certificates or opinions furnished to the Master Collateral Agent and conforming to the requirements of this Agreement; provided, however, in the case of any such certificates or opinions that
      are specifically required to be furnished to the Master Collateral Agent pursuant to any provision of this Agreement, the Master Collateral Agent shall examine the certificates and opinions to determine whether or not they conform on their face to
      the specific requirements of this Agreement.  The Master Collateral Agent need not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any report, certificate, information, statement, representation or warranty or
      any fact or matter stated in any such document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.

     

    (b)          [Reserved].

     

    (c)          No provision of this Agreement shall be construed to relieve the Master Collateral Agent from liability for its own grossly negligent action, its own grossly negligent failure to act,
      its grossly negligent action or failure to act in the handling of funds or its own willful misconduct, except that:

     

    (i)          this clause (c) does not limit the effect of clause (a) of this Section;

     

    (ii)          the Master Collateral Agent shall not be liable for any error of judgment made in good faith by an officer or employee of the Master Collateral Agent unless it is proved that the Master
      Collateral Agent was grossly negligent in determining the relevant facts;

     

    (iii)          the Master Collateral Agent shall not be liable with respect to any action taken or not taken in good faith in accordance with a direction received by it pursuant to this Agreement;

     

    (iv)          the Master Collateral Agent shall not be charged with knowledge of a breach of any Group Eligibility Representation (including whether any reacquisition or acquisition request remains
      unresolved for one-hundred eighty (180) days), Event of Default, Potential Default, Amortization Event, Potential Amortization Event, Servicer Termination Event, or Potential Servicer Termination Event unless a Responsible Person of the Master
      Collateral Agent obtains actual knowledge of such event or the Master Collateral Agent receives written notice of such event from the Trust, the Servicer or a Creditor Representative, as applicable.  Knowledge or information acquired by [___] in its
      capacity as Master Collateral Agent or Paying Agent, as applicable, shall not be imputed to [___] in any other capacity in which it may act under the Transaction Documents or any Series Related Documents or to any affiliate of [___] and vice versa. 
      For the avoidance of doubt, receipt by the Master Collateral Agent of a Review Report

     

    
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    under the Asset Representations Review Agreement shall not constitute knowledge of any such event or breach.  Upon the actual knowledge of or receipt of written notice by a Responsible Person of the Master Collateral
      Agent of a material breach of an Originator’s Group Eligibility Representation made in Section 3.3 of the Originator Receivables Transfer Agreement, a material breach of the Servicer’s Group Eligibility Representation made in Section 3.3 of any
      Additional Transferor Receivables Transfer Agreement or Section 2.7 of the Transfer and Servicing Agreement, or any other specified breach by the Servicer under the Transfer and Servicing Agreement, the Master Collateral Agent’s sole obligations are
      (x) at the written direction of the Majority Group Creditor Representatives, to make a demand upon the applicable Originator (or to direct the Depositor to make a demand upon the applicable Originator) to reacquire the Receivable under Section 3.4 of
      the Originator Receivables Transfer Agreement or upon the Servicer (or to direct the Depositor to make a demand upon the Servicer) to acquire the Receivable under Section 3.4 of the applicable Additional Transferor Receivables Transfer Agreement, if
      any, or Section 2.7 or Section 3.3 of the Transfer and Servicing Agreement, as applicable and (y) to the extent amounts due under clause (x) are not remitted by the applicable Originator or the Servicer, as applicable, to promptly provide written
      notice to the Parent Support Provider of the failure by such party to remit the related Reconveyance Amount, as set forth in clause (vii) below;

     

    (v)          the Master Collateral Agent shall have no duty to monitor the performance of the Trust or its agents, nor shall it have any liability in connection with malfeasance or nonfeasance by the
      Trust.  The Master Collateral Agent shall have no liability in connection with compliance of the Trust or its agents with statutory or regulatory requirements related to the Receivables. The Master Collateral Agent shall not make or be deemed to have
      made any representations or warranties with respect to the Receivables or the validity or sufficiency of any grant of a security interest in the Collateral to the Master Collateral Agent;

     

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

     

    (vii)          promptly, but not later than five (5) days, after a Responsible Person of the Master Collateral Agent has actual knowledge of, or actually receives written notice of, the failure of
      (i) any Originator to remit a Reconveyance Amount under Section 3.4 or Section 4.6 of the Originator Receivables Transfer Agreement, (ii) the Servicer to remit a Reconveyance Amount under Section 3.4 or Section 3.5 of any Additional Transferor
      Receivables Transfer Agreement or Section 2.7 or Section 3.3 of the Transfer and Servicing Agreement, (iii) the Servicer to deposit Collections into the Collection Account when such amounts are to be deposited or (iv) the Marketing Agent to remit, or
      to cause the related Originator to remit, any amounts due under Section 3.11(b) of the Transfer and Servicing Agreement, the Master Collateral Agent will notify the Parent Support Provider in writing of such payment default;

     

    (viii)          the Master Collateral Agent shall not be responsible for determining the reference banks, rates or method used to calculate One-Month LIBOR or be liable for any error resulting from
      its calculation of One-Month LIBOR made in good faith. In no event will the Master Collateral Agent be responsible for determining the unavailability of or cessation of One-Month LIBOR and any substitute or successor for One-Month LIBOR. The Master
      Collateral Agent will not have any liability or obligation with respect to any determination of One-Month LIBOR by the Administrator or the selection of any replacement index, or whether any conditions to the designation of such a rate have  

    

     

    
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     been satisfied, and shall have no obligation to monitor, give notice of, or make any determination, decision or election in connection with a Benchmark Replacement Date, Benchmark Transition Event, Benchmark
      Replacement, Benchmark Replacement Adjustment and/or any Benchmark Replacement Conforming Changes (all of which shall be the sole obligation of the Administrator), even if the Administrator does not act; and

     
    (ix)          the Master Collateral Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in the Transaction Documents  as a result of the
      unavailability of One-Month LIBOR (or other applicable Benchmark) and absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without
      limitation the Administrator, in providing any direction, instruction, notice or information required or contemplated by the terms of the Transaction Documents and reasonably required for the performance of such duties.

     

    (d)          The Master Collateral Agent shall not be liable for interest on any amounts received by it, except as the Master Collateral Agent may agree in writing with the Trust.

     

    (e)          No provision of this Agreement shall require the Master Collateral Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties
      hereunder or in the exercise of any of its rights or powers hereunder if it reasonably believes that repayments of such funds or adequate indemnity satisfactory to it against any loss, liability or expense is not reasonably assured to it.

     

    (f)          In no event shall the Master Collateral Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited
      to, loss of profit), even if the Master Collateral Agent is advised of the likelihood of such loss, and regardless of the form of action. In no event shall the Master Collateral Agent be liable for any failure or delay in the performance of its
      obligations under this Agreement or any related documents from or caused by, directly or indirectly, circumstances beyond the Master Collateral Agent’s control, including, but not limited to, strikes, work stoppages, accidents, acts of war,
      terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes, epidemics, a material adverse change in the COVID-19 pandemic or a new pandemic and interruptions, loss or
      malfunctions of utilities, computer services (software and hardware) or mechanical, electronic or communication systems or the Federal Reserve Bank Wire Service.  The Master Collateral Agent will use reasonable efforts consistent with accepted
      practices in the banking industry to resume performance as soon as practicable under the circumstances.

     

    (g)          Except as expressly provided in this Agreement, the Master Collateral Agent shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or
      otherwise supervise the administration, servicing or collection of the Receivables. The Master Collateral Agent shall be under no duty or obligation in connection with the acquisition or Grant by the Trust to the Secured Parties of any item
      constituting the Collateral, or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Trust in connection with its Grant or otherwise, in each case, in order to determine compliance with applicable
      requirements of and restrictions on transfer in respect of such Collateral.

     

    
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    (h)          The Master Collateral Agent shall not have any duty or responsibility to  (i) take any action in respect of any recording, filing, or depositing of this Agreement or any other agreement
      or instrument, monitoring or filing any financing statement, amendment or continuation statement evidencing a security interest, the maintenance of any such recording, filing or depositing or any re-recording, re-filing or re-depositing of any
      thereof, or otherwise monitoring the perfection, continuation of perfection or the sufficiency or validity of any security interest in or related to the Collateral absent written direction of the Creditor Representatives in accordance with Section
      5.1(c) or Section 6.6, (ii) take any action with respect to the acquisition or maintenance of any insurance, (iii) make any filing pursuant to federal, State or foreign tax laws or the payment or discharge of any tax, assessment, or other
      governmental charge or any Lien of any kind owing with respect to, assessed or levied against, any part of the Collateral, (iv) take any action to protect against any diminution in value of the Collateral, or (v) monitor or enforce any risk retention
      requirements.

     

    (i)          The Master Collateral Agent:

     

    (i)          shall at all times be a “participant” (as such term is defined in the Federal Book-Entry Regulations) in the Federal Reserve System;

     

    (ii)          shall, to the extent that any of the Trust Accounts is a securities account (as such term is defined in the UCC), comply with all of the obligations of a securities intermediary under
      Article 8 of the UCC with respect thereto;

     

    (iii)          agrees that each item of property including cash received by it for deposit in or credit to a Trust Account, and each investment made by it pursuant to the Transaction Documents or
      Series Related Documents, as applicable, shall constitute and be treated by it as a financial asset; and

     

    (iv)          shall not, except as provided herein, consent to or permit anyone to have “control” (as such term is defined in Section 8-106 of Article 8 of the UCC and Section 9-104 of Article 9 of
      the UCC) of any of the Trust Accounts.

     

    (j)          The Master Collateral Agent will not have any obligation or responsibility to monitor or enforce the Sponsor’s compliance with any risk retention requirements under the U.S. Credit Risk
      Retention Rules or other rules or regulations relating to risk retention.  The Master Collateral Agent shall not be charged with knowledge of such rules, nor shall it be liable to any Creditor 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.

     

    (k)          Except as required by the Transaction Documents and any Series Related Documents to which the Master Collateral Agent is a party, the Master Collateral Agent shall not be liable for the
      dissemination of any information contained in any Review Report or summary thereof, any 10-D or other filing, or any other dissemination of information required or made in accordance with the Transaction Documents and any Series Related Documents and
      shall have no responsibility, or liability for the failure of any party to redact or remove any Personally Identifiable Information or other confidential information in any document.

     

    SECTION 7.2          Rights of the Master Collateral Agent.

     

    
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    (a)          Subject to the provisions of Section 7.1:

     

    (i)          the Master Collateral Agent may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
      report, notice, request, direction, consent, order, note, debenture, evidence of indebtedness or any other paper or document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper
      Person.  The Master Collateral Agent is not required to investigate any facts or matters or to verify any calculations or amounts stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
      order, note, debenture, other evidence of indebtedness, or other paper or document, but the Master Collateral Agent, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Master
      Collateral Agent shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Trust, personally or by agent or attorney.  The Master Collateral Agent will not be liable for any
      action taken or not taken in good faith in reliance on a document reasonably believed by it to be genuine;

     

    (ii)          before the Master Collateral Agent acts or does not act, it may require and conclusively rely on an Officer’s Certificate or an Opinion of Counsel, at the expense of the Trust.  The
      Master Collateral Agent will not be liable for any action taken or not taken in good faith in reliance on an Officer’s Certificate or Opinion of Counsel;

     

    (iii)          the Master Collateral Agent may exercise its rights or powers under this Agreement or perform its obligations under this Agreement either directly or by or through agents or attorneys
      or a custodian or nominee.  The Master Collateral Agent will not be responsible for misconduct or negligence on the part of, or for the supervision of, the agent, counsel, custodian or nominee appointed with due care by it under this Agreement;

     

    (iv)          the Master Collateral Agent will not be liable for any action taken or not taken in good faith which it believes to be authorized or within its rights or powers under this Agreement so
      long as the action taken or not taken does not amount to gross negligence;

     

    (v)          the Master Collateral Agent, at the expense of the Trust, may consult with counsel, accountants, appraisers or other experts or advisors, and the advice or opinion of counsel,
      accountants, appraisers or other experts or advisors on any matters relating to this Agreement, the Transaction Documents and the Series Related Documents will be full and complete authorization and protection from liability for any action taken or
      not taken by it under this Agreement in good faith and according to the advice or opinion of that counsel, accountant, appraiser or other expert or advisor;

     

    (vi)          the Master Collateral Agent shall not be bound to ascertain or inquire as to the performance or satisfaction of any covenants, conditions or agreements on the part of the Trust or
      required to determine the materiality or adverse effect of breaches of representations or warranties or other events for purposes of notice or enforcement hereunder or under the Transaction Documents or any other Series Related Document;

     

    
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    (vii)          the Master Collateral Agent may request that the Trust and any other Person deliver a certificate setting forth the names of Responsible Persons and/or titles of officers authorized at
      such time to take specified actions pursuant to this Agreement and the Master Collateral Agent shall have the right to require that any directions, instructions or notices provided to it be signed by a Responsible Person, be provided on corporate
      letterhead, or contain such other evidence as may be reasonably requested by the Master Collateral Agent to establish the identity and/signatures thereon.  The identity of such Responsible Persons, as well as their specimen signatures, title,
      telephone number and e-mail address, shall be delivered to the Master Collateral Agent and shall remain in effect until the applicable party, or an entity acting on its behalf, notifies the Master Collateral Agent of any change thereto;

     

    (viii)          the Master Collateral Agent shall be under no obligation to (i) exercise any of the rights or powers vested in it by, or expend or risk its own funds or incur any financial liability
      in the performance of its obligations under, this Agreement or any other Transaction Documents or other Series Related Documents or (ii) start, pursue or defend litigation, investigate any matter or honor the request or direction of any of the
      Creditor Representatives (or any Creditor) pursuant to this Agreement (other than (x) requests, demands or directions relating to an asset representations review demand as set forth in Article XII of this Agreement and Section 11.1 of the Transfer
      and Servicing Agreement, (y) forwarding notices related to dispute resolution procedures as set forth in Section 11.2 of the Transfer and Servicing Agreement and (z) facilitating creditor communications pursuant to Section 8.4 of this Agreement), if
      the Master Collateral Agent reasonably believes it will not be adequately indemnified against the costs, expenses and liabilities which might be incurred by it in complying with that request or direction.  Notwithstanding anything to the contrary in
      this Agreement, the Master Collateral Agent will not be required to take any action if (A) the Master Collateral Agent is advised by counsel that the action it is directed to take is in conflict with applicable Laws or this Agreement, any Transaction
      Document or any other Series Related Document or (B) the Master Collateral Agent determines in good faith that the requested actions would be illegal or involve the Master Collateral Agent in personal liability;

     

    (ix)          delivery of reports, information and documents to the Master Collateral Agent shall not constitute constructive notice of any information contained therein or determinable from
      information contained therein, including the Trust’s or any other entity’s compliance with any covenants under this Agreement or any other related documents;

     

    (x)          the permissive rights of the Master Collateral Agent to do things enumerated in this Agreement shall not be construed as a duty and the Master Collateral Agent shall not be answerable
      for other than its gross negligence, bad faith or willful misconduct; and

     

    (xi)          any request or direction or action of the Trust mentioned herein shall be sufficiently evidenced by a Trust Order.

     

    (b)          The Master Collateral Agent will not be liable for (a) the validity or adequacy of this Agreement or the Credit Extensions, (b) the Trust’s use of the proceeds from the Credit
      Extensions, or (c) any statement of the Trust in this Agreement, the Transaction Documents or in any other Series Related Documents.

     

    
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    (c)          In the performance of its duties and obligations hereunder and under any Transaction Document, the Paying Agent shall be entitled to all of the same rights, protections, indemnities and
      immunities as the Master Collateral Agent hereunder as if expressly set forth herein.

     

    (d)          It is expressly acknowledged, agreed and consented to that [___] will be acting in the capacities of Master Collateral Agent and Paying Agent hereunder, and may also act in the capacity
      of Indenture Trustee and/or Paying Agent under an Indenture.  [___] may, in such multiple capacities, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach
      of fiduciary duties to the extent that any such conflict or breach arises from the performance by [___] of express duties set forth in this Agreement or any Indenture in any of such capacities, all of which defenses, claims or assertions are hereby
      expressly waived by the parties hereto and any other person having rights pursuant hereto.

     

    SECTION 7.3          Funds Held in Trust.  Funds and investments and other property held by the Master Collateral Agent, any Paying Agent or any Creditor Representative shall be held in trust
      in one or more Trust Accounts hereunder, but need not be segregated from other funds except to the extent required by Law.

     

    

    SECTION 7.4          Compensation and Indemnity.

     

    (a)          As compensation for its services as Master Collateral Agent and Paying Agent hereunder, the Trust shall pay, pursuant to the priority of payments contained herein and in each Trust
      Financing Agreement, to the Master Collateral Agent from time to time the Master Collateral Agent Annual Fee and the Master Collateral Agent Series Fee in such amounts as the Trust and the Master Collateral Agent may agree in writing (which
      compensation shall not be limited by any law on compensation of a trustee of an express trust) from time to time.  The Trust shall reimburse, pursuant to the priority of payments contained herein and in each Trust Financing Agreement, the Master
      Collateral Agent, for all reasonable and documented out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing notices and
      costs of counsel, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and out-of-pocket expenses, disbursements and advances of the Master Collateral Agent’s agents, counsel, accountants and
      experts, but exclude expenses resulting from its willful misconduct, bad faith or gross negligence.  The Trust shall indemnify, pursuant to the priority of payments contained herein and in each Trust Financing Agreement, the Master Collateral Agent
      and its officers, directors, employees, agents, successors and assigns (each individually an “Indemnified Person” and collectively, the  “Indemnified Persons”) against any and all losses, liabilities, claims, damages,  actions, suits,
      stamp or similar taxes, fees, penalties, disbursements and reasonable and documented out-of-pocket costs or expenses (including, but not limited to, reasonable attorneys’ fees and expenses, including reasonable legal fees and expenses in connection
      with the enforcement of its rights (including rights of indemnification) hereunder) of whatever kind or nature regardless of merit, demanded, asserted or claimed against or incurred by them (collectively, “Indemnified Amounts”) to the extent
      related to or arising out of the administration of this Agreement and the performance of its duties hereunder or under the Transaction Documents or any other Series Related Documents, including the costs and expenses of enforcing this

     

    
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    Agreement against the Trust (including this Section 7.4) and defending itself against or investigating any claims (whether asserted by the Trust, any Creditor or any other Person), not resulting from the gross
      negligence, bad faith or willful misconduct by the Indemnified Person seeking indemnification.  The Master Collateral Agent shall notify the Trust promptly of any claim for which it may seek indemnity.  Failure by the Master Collateral Agent to so
      notify the Trust shall not relieve the Trust of its obligations hereunder.  The Trust may participate in and assume the defense and settlement of any proceeding at its expense.  If the Trust notifies the Indemnified Person of its intention to assume
      the defense of such proceeding, the Trust will assume such defense with counsel reasonably satisfactory to the Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Trust will not be liable for legal expenses of
      separate counsel to the Indemnified Person unless there is a conflict between the interests of the Trust and the Indemnified Person.  If there is a conflict or if the parties cannot reasonably agree as to the selection of counsel, the Trust will pay
      for the separate counsel to the Indemnified Person.  No settlement of the proceeding in which a claim is brought against the Trust may be settled in the name of, on behalf of or in any manner in which the Trust is understood to acknowledge the
      validity of any claim without the approval of the Trust and the Indemnified Person, which approvals will not be unreasonably withheld.  This Section 7.4 shall not limit or affect any other rights, including indemnification rights that the Master
      Collateral Agent may have hereunder, under the Transaction Documents or any other Series Related Document or under applicable Law.

     

    (b)          To the fullest extent permitted by Law, Indemnified Amounts to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Trust prior to the
      final disposition of any matter upon receipt by the Trust of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be finally determined by a court of competent jurisdiction that the Indemnified Person is not
      entitled to such Indemnified Amounts under this Agreement.  Amounts payable by the Trust under this Section 7.4 shall be paid in accordance with the priority of payments contained herein and in each Trust Financing Agreement.  The Trust’s payment and
      indemnification obligations to the Master Collateral Agent pursuant to this Section 7.4 shall survive the discharge of this Agreement, or the earlier resignation or removal of the Master Collateral Agent.  When the Master Collateral Agent incurs
      expenses after the occurrence of an Event of Default as a result of any Insolvency Event with respect to the Trust, the expenses are intended to constitute expenses of administration under any Debtor Relief Law.

     

    (c)          It is expressly understood and agreed that the Paying Agent shall be entitled to the same rights of compensation and indemnification as the Master Collateral Agent pursuant to this
      Section 7.4; provided that if the Paying Agent and the Master Collateral Agent are the same Person, the Trust shall be responsible for paying any such compensation and indemnification without duplication.

     

    SECTION 7.5          Resignation and Removal; Appointment of Successor.

     

    (a)          No resignation or removal of the Master Collateral Agent and no appointment of a successor Master Collateral Agent shall become effective until the acceptance of appointment by the
      successor Master Collateral Agent pursuant to this Section 7.5.  The Master Collateral Agent may resign at any time by giving ninety (90) days written notice to the Trust and each Creditor Representative. The Majority Creditor Representatives may
      remove the Master Collateral Agent by so notifying the Master Collateral Agent in writing and may appoint a successor Master

     

    
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    Collateral Agent (so long as no Servicer Termination Event or Event of Default exists at such time, with the consent of the Trust, such consent not to be unreasonably withheld, delayed or conditioned).  The Trust shall
      remove the Master Collateral Agent if:

     

    (i)          the Master Collateral Agent fails to comply with Section 7.8;

     

    (ii)          the Master Collateral Agent is subject to an Insolvency Event;

     

    (iii)          a receiver or other public officer takes charge of the Master Collateral Agent or its property; or

     

    (iv)          the Master Collateral Agent otherwise becomes incapable of acting or it becomes unlawful for it to do so.

     

    (b)          If the Master Collateral Agent resigns or is removed or if a vacancy exists in the office of the Master Collateral Agent for any reason (the Master Collateral Agent in such event being
      referred to herein as the retiring Master Collateral Agent), the Trust or Majority Creditor Representatives shall promptly appoint a successor Master Collateral Agent.

     

    (c)          A successor Master Collateral Agent shall deliver a written acceptance of its appointment to the retiring Master Collateral Agent and to the Trust.  Thereupon the resignation or removal
      of the retiring Master Collateral Agent shall become effective, and the successor Master Collateral Agent shall have all the rights, powers and duties of the Master Collateral Agent under this Agreement.  The successor Master Collateral Agent shall
      mail a notice of its succession to Creditors.  The retiring Master Collateral Agent shall promptly transfer all property held by it as the Master Collateral Agent to the successor Master Collateral Agent.

     

    (d)          If a successor Master Collateral Agent does not take office within sixty (60) days after the retiring Master Collateral Agent resigns or is removed, the retiring Master Collateral Agent,
      the Trust or Majority Creditor Representatives may petition any court of competent jurisdiction for the appointment of a successor Master Collateral Agent.

     

    (e)          If the Master Collateral Agent fails to comply with Section 7.8, any Creditor may petition any court of competent jurisdiction for the removal of the Master Collateral Agent and the
      appointment of a successor Master Collateral Agent.

     

    (f)          Notwithstanding the replacement of the Master Collateral Agent pursuant to this Section 7.5, the Trust’s obligations under Section 7.4 shall continue for the benefit of the retiring
      Master Collateral Agent.  The retiring Master Collateral Agent shall have no liability for any act or omission by any successor Master Collateral Agent.

     

    SECTION 7.6          Successor Master Collateral Agent by Merger.  If the Master Collateral Agent consolidates with, merges or converts into, or transfers all or substantially all its
      corporate trust business or assets to, another Person, the resulting, surviving or transferee Person without any further act shall be the successor Master Collateral Agent; provided that such Person shall be otherwise qualified and eligible under
      Section 7.8.

     

    

    SECTION 7.7          Appointment of Co-Agent or Separate Agent.

     

    
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    (a)          Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the
      time be located, the Master Collateral Agent shall have the power and may execute and deliver all instruments to appoint one or more Person(s) to act as co-agent(s), or separate agent(s) for the benefit of the Creditors, and to vest in such
      Person(s), in such capacity, all rights hereunder with respect to the Collateral, or any part thereof, and, subject to the other provisions of this Section 7.7, such powers, duties, obligations, rights and trusts as the Master Collateral Agent may
      consider necessary or desirable.  No co-agent or separate agent hereunder shall be required to meet the terms of eligibility as a successor Master Collateral Agent under this Section 7.7, and no notice to Creditors of the appointment of any co-agent
      or separate agent shall be required under Section 7.5.

     

    (b)          Every separate agent and co-agent shall, to the extent permitted by Law, be appointed and act subject to the following provisions and conditions:

     

    (i)          all rights, powers, duties and obligations conferred or imposed upon the Master Collateral Agent set forth in the instrument of appointment shall be conferred or imposed upon and
      exercised or performed by the separate agent or the Master Collateral Agent and co-agent jointly (it being understood that a co-agent is not authorized to act separately without the Master Collateral Agent joining in such act, except to the extent
      that under any Law of any jurisdiction in which any particular act(s) are to be performed, the Master Collateral Agent shall be incompetent or unqualified to perform such act(s), in which event such rights, powers, duties and obligations (including
      the holding of rights with respect to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by the co-agent, but solely at the direction of the requisite Creditor Representatives);

     

    (ii)          no agent hereunder shall be personally liable by reason of any act or omission of any other agent hereunder; and

     

    (iii)          the Master Collateral Agent may at any time accept the resignation of or remove, in its sole discretion, any separate agent or co-agent.

     

    (c)          Any notice, request or other writing given to the Master Collateral Agent shall be deemed to have been given to each of the then separate agents and co-agents, as effectively as if given
      to each of them.  Every instrument appointing any separate agent or co-agent shall refer to this Agreement and the conditions of this Article VII.  Each separate agent and co-agent, upon its acceptance of the trusts conferred, shall be vested with
      the estates or property specified in its instrument of appointment, either jointly with the Master Collateral Agent or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of
      this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Master Collateral Agent.

     

    (d)          Any separate agent or co-agent may at any time constitute the Master Collateral Agent as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law,
      to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate agent or co-agent shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts
      shall vest in and be exercised by the Master Collateral Agent, to the extent permitted by Law, without the appointment of a new or successor

     

    
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    agent.  The Master Collateral Agent shall have no obligation to determine whether a co-agent or separate agent is legally required in any jurisdiction in which any portion of the Collateral may be located.

     

    SECTION 7.8          Eligibility; Disqualification.  There shall at all times be a Master Collateral Agent hereunder which shall (a) be a bank organized and doing business under the laws of
      the United States of America, any State or the District of Columbia, authorized under such laws to exercise corporate trust powers; (b) have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual
      report of condition; and (c) be a Qualified Institution.

     

    

    If such bank publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 7.8, the
      combined capital and surplus of such bank shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Master Collateral Agent shall cease to be eligible in accordance
      with the provisions of this Section 7.8, it shall resign immediately in the manner and with the effect specified in this Article VII.

     

    SECTION 7.9          Representations and Warranties.  The Master Collateral Agent hereby represents and warrants that:

     

    

    (a)          the Master Collateral Agent is duly organized, validly existing and qualified as a [national banking association] under the federal laws of the United States;

     

    (b)          the Master Collateral Agent has the corporate power and authority to execute, deliver and perform this Agreement and to carry out its obligations hereunder; the Master Collateral Agent
      satisfies the eligibility requirements set forth in Section 7.8 hereof; and the execution, delivery and performance of this Agreement have been duly authorized by the Master Collateral Agent by all necessary action;

     

    (c)          each of this Agreement, the Transaction Documents and the other Series Related Documents to which it is a party has been duly executed and delivered by the Master Collateral Agent and
      constitutes the legal, valid and binding obligation of the Master Collateral Agent, enforceable against the Master Collateral Agent in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium,
      liquidation, or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of
      whether such enforceability is considered in a proceeding in equity or at law) and with respect to rights of indemnity hereunder, limitations of public policy under applicable securities laws;

     

    (d)          to the best knowledge of the Responsible Persons of the Master Collateral Agent, the Master Collateral Agent is not in breach of or default under any law or regulation of the United
      States of America, or any department, division, agency or instrumentality thereof having jurisdiction over the trust powers of the Master Collateral Agent which would materially impair the ability of the Master Collateral Agent to perform its
      obligations hereunder; and

     

    
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    (e)          to the best knowledge of the Responsible Persons of the Master Collateral Agent, no authorization, consent or other order of any federal government authority or agency having
      jurisdiction over the trust powers of the Master Collateral Agent are required to be obtained by the Master Collateral Agent for the valid authorization, execution and delivery by the Master Collateral Agent of this Agreement.

     

    SECTION 7.10          The Paying Agent. 

    

     

    (a)          The Trust hereby appoints the Master Collateral Agent as the initial Paying Agent.  All payments of amounts due and payable with respect to any Credit Extensions that are to be made from
      amounts withdrawn from any Trust Account pursuant to Article IX and the applicable Trust Financing Agreement shall be made on behalf of the Trust by the Paying Agent or by such party as set forth therein.

     

    (b)          The Paying Agent hereby agrees that subject to the provisions of this Section 7.10, it shall:

     

    (i)          hold any sums held by it for the payment of amounts due with respect to the Credit Extensions in trust for the benefit of the Persons entitled thereto until such sums shall be paid to
      such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

     

    (ii)          give the Master Collateral Agent and each Creditor Representative prompt notice of any default by the Trust of which a Responsible Person of the Paying Agent has actual knowledge in the
      making of any payment required to be made with respect to the Credit Extensions;

     

    (iii)          at any time during the continuance of any default referenced in clause (ii) above, upon the written request of the Master Collateral Agent, forthwith pay to the Master Collateral Agent
      any sums so held in trust by such Paying Agent; and

     

    (iv)          immediately resign as a Paying Agent and forthwith pay to the Master Collateral Agent any sums held by it in trust for the payment of Credit Extensions if at any time it ceases to meet
      the standards set forth in Section 7.8 required to be met by a Paying Agent.

     

    (c)          The Trust shall at any time when necessary or required, for the purpose of obtaining the satisfaction and discharge of this Agreement with respect to all the Credit Extensions or for any
      other purpose, by Trust Order, cause any Paying Agent other than the Master Collateral Agent to pay to the Master Collateral Agent any sums held in trust by such Paying Agent with respect to the Credit Extensions, such sums to be held by the Master
      Collateral Agent upon the same trusts as those upon which the sums were held by such Paying Agent and, in the case of satisfaction and discharge of this Agreement, applied according to Article IX; and upon such payment by any Paying Agent to the
      Master Collateral Agent, such Paying Agent shall be released from all further liability with respect to such sums.

     

    (d)          Subject to applicable laws with respect to escheat of funds, any amounts held by the Master Collateral Agent or any Paying Agent in trust for the payment of any amount due with respect
      to any Credit Extension and remaining unclaimed for two (2) years after such amount has

     

    
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    become due and payable shall be discharged from such trust and be paid to the Trust on a Trust Order; and the related Creditor shall thereafter, as an unsecured general creditor, look only to the Trust for payment
      thereof (but only to the extent of the amounts so paid to the Trust), and all liability of the Master Collateral Agent or such Paying Agent with respect to such trust funds shall thereupon cease; provided, however, that the Master Collateral Agent or
      such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Trust cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of
      general circulation in The City of New York, notice that such funds remain unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such funds then
      remaining will be repaid to the Trust.

     

    (e)          Each Paying Agent (other than the initial Paying Agent) shall be appointed by Trust Order with written notice thereof to the Master Collateral Agent and each Creditor Representative. 
      The initial Paying Agent shall be [___], in its capacity as Master Collateral Agent, and shall be deemed to be eligible hereunder.  Any successor Paying Agent appointed by the Trust shall be a Person who would be eligible to be Master Collateral
      Agent hereunder as provided in Section 7.8.

     

    (f)          The Paying Agent shall be entitled to (and shall be entitled to enforce) all of the protections, rights, exculpations, immunities and indemnities afforded to the Master Collateral Agent
      under this Agreement.

     

    SECTION 7.11          Reports by Master Collateral Agent.

     

    (a)          Annual Assessment of Compliance.  On or before March 1st of each year during which an Indenture Series is outstanding and for which a report on Form 10-K is required to be filed
      with the Commission by or on behalf of the Trust, beginning in the year after the date hereof, the Master Collateral Agent shall:

     

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

     

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

     

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

     

    (b)          Obligation to Update Disclosure.  The Master Collateral Agent will notify and provide information, and certify that information in an Officer’s Certificate, to the Trust, the

     

    
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    Administrator and the Depositor on the occurrence of any event or condition relating to the Master Collateral Agent or actions taken by the Master Collateral Agent that (i) may be required to be disclosed by the Trust
      under Item 2 (the institution of, material developments in, or termination of legal proceedings against the Master Collateral Agent that are material to the Noteholders of an Indenture Series) of Form 10-D under the Exchange Act within five (5)
      Business Days of a Responsible Person of the Master Collateral Agent having actual knowledge of such proceeding, (ii) the Trust, or the Administrator on behalf of the Trust, reasonably requests of the Master Collateral Agent that the Administrator
      believes is necessary to comply with the Trust’s reporting obligations under the Exchange Act within two (2) Business Days of request, (iii) is required to be disclosed under Item 5 (submission of matters to a vote of the Creditors) of Form 10-D
      under the Exchange Act (other than with respect to submissions of matter to a vote of the Public Noteholders of a Group pursuant to Article XII of this Agreement) within five (5) Business Days of a Responsible Person of the Master Collateral Agent
      having actual knowledge of the submission, or (iv) is required to be disclosed under Item 6.04 (failure to make a distribution when required) of Form 8-K under the Exchange Act within two (2) Business Days of the failure to make a distribution when
      required, as applicable.

     

    SECTION 7.12          Reporting of Receivables Reacquisition and Acquisition Demands.  The Master Collateral Agent will (a) notify the Sponsor, the Administrator, the Depositor and the Servicer, as soon as
      practicable and within five (5) Business Days, of demands or requests actually received by a Responsible Person of the Master Collateral Agent for the reacquisition or acquisition, as applicable, of any Receivable under Section 3.4 of the Originator
      Receivables Transfer Agreement, Section 3.4 of any Additional Transferor Receivables Transfer Agreement or Sections 2.7 of the Transfer and Servicing Agreement, (b) promptly on request by the Sponsor, the Depositor, the Administrator or the Servicer,
      provide to them other information reasonably requested and within its possession to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and (c) if requested by the Sponsor, the Depositor, the Administrator or the Servicer, provide a
      written certification no later than fifteen (15) days following the end of any quarter or year that the Master Collateral Agent has not received any reacquisition demands or requests for that period, or if reacquisition or acquisition, as applicable,
      demands or requests have been received during that period, that the Master Collateral Agent has provided all the information reasonably requested under clause (b) above.  The Master Collateral Agent and the Trust will not have responsibility or
      liability for a filing required to be made by a securitizer under the Exchange Act.

     

    ARTICLE VIII

      CREDITORS LISTS; COMMUNICATIONS

     

    SECTION 8.1          Creditors Lists.  The Trust will furnish or cause to be furnished to the Master Collateral Agent, a list of the names, addresses, wiring instructions and taxpayer
      identification numbers of the Creditor Representatives of each Series as the Master Collateral Agent may reasonably request in writing, within ten (10) days after receipt by the Trust of any such request and as of a date not more than ten (10) days
      prior to the time such list is furnished.  The Creditor Representative with respect to a Series shall, upon request of the Trust or the Master Collateral Agent, provide to the Trust or the Master Collateral Agent a list of the Creditors under such
      Series and each related Trust Financing of such Series, indicating their respective names, addresses,

     

    
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    taxpayer identification numbers and the then outstanding principal amount of their respective Credit Extensions.

     

    SECTION 8.2          Preservation of Information; Communications to Creditors.  The Master Collateral Agent shall preserve, at all times, the names and addresses of the Creditors contained in
      the most recent list furnished to the Master Collateral Agent as provided in Section 8.1.  The Master Collateral Agent shall be entitled to conclusively rely upon the most recent list furnished to it pursuant to Section 8.1.  The Master Collateral
      Agent may destroy any list furnished to it as provided in Section 8.1 upon receipt of a new list so furnished.

     

    

    SECTION 8.3          List of Creditors.  Creditors holding not less than ten percent (10%) of the Credit Exposure of any Trust Financing may obtain access to the list of Creditors so held by
      the Master Collateral Agent under Section 8.2 for the purpose of communicating with the other Creditors.  The Master Collateral Agent may elect not to allow the requesting Creditors access to the list of Creditors if the Master Collateral Agent
      agrees to mail the requested communication or proxy, on behalf and at the expense of the requesting Creditors, to all Creditors of record.

    

    

    SECTION 8.4          Noteholder Communications.  A Noteholder of any Indenture Series or a Verified Note Owner may send a written request to the Trust (or the Administrator, on behalf of the
      Trust) stating that such Noteholder or Verified Note Owner is interested in communicating with Noteholders and Note Owners of other Publicly Registered Credit Extensions about the possible exercise of rights under the Transaction Documents.  The
      Administrator has agreed in Section 2.9 of the Administration Agreement to include in the Form 10-D for any Collection Period any written request received by the Administrator during that Collection Period from a Noteholder of any Indenture Series or
      a Verified Note Owner to communicate with Noteholders and Note Owners of other Publicly Registered Credit Extensions regarding exercising their rights under the Transaction Documents.

     

     

    ARTICLE IX

      ACCOUNTS, DISBURSEMENTS AND RELEASES

     

    SECTION 9.1          Collection of Amounts Due.  Except as otherwise expressly provided herein and in any Trust Financing Agreement, the Master Collateral Agent may demand payment or delivery
      of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all sums and other property payable to or receivable by the Master Collateral Agent pursuant to this Agreement.  The Master
      Collateral Agent shall apply all such amounts received by it as provided in this Agreement.  In the event that there are no Trust Financings Outstanding, the Master Collateral Agent and/or the Paying Agent is entitled to withdraw amounts from the
      Collection Account to pay any reasonable fees, expenses and indemnities due and owing to the Master Collateral Agent and the Paying Agent under this Agreement, the Transaction Documents and any Series Related Documents.

    

    

    SECTION 9.2          Trust Accounts.  On or prior to the date hereof (in respect of clause (i) below) or the Closing Date for the applicable Trust Financing (in respect to clause (ii) below),
      the

     

    
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    Trust shall have established and thereafter maintained the following accounts with a Qualified Institution (the “Trust Accounts”):(i)          Collection Account; and

     

    (ii)          any applicable Trust Financing Accounts for the applicable Trust Financing.

     

    (b)          The Collection Account shall be maintained in accordance with the applicable Account Control Agreement.

     

    (c)          With respect to the Trust Account Property, the Trust and the Master Collateral Agent agree, as security for the Trust’s obligations under this Agreement, that:

     

    (A)          any Trust Account Property that constitutes, or is held through or in, a deposit account (as such term is defined in the UCC) shall be, or shall be held through or in,
      an account maintained with a Qualified Institution continuously identified in the deposit bank’s books and records as subject to a security interest of the Master Collateral Agent and, except as may be expressly provided herein to the contrary, in
      order to perfect the security interest of the Master Collateral Agent in accordance with Section 9-104 of the UCC, the Master Collateral Agent shall have the power to direct disposition of the funds in such deposit account without further consent by
      the Trust; provided, however, that prior to delivery by the Master Collateral Agent to the Trust of notice otherwise, the Trust shall direct the disposition of the funds in such deposit account in accordance with the terms of the Transaction
      Documents and the other Series Related Documents; provided, further, that the Master Collateral Agent agrees with the Trust that it will not deliver such notice or exercise its power to direct disposition of the funds in such deposit account unless
      an Event of Default for the related Group has occurred and is continuing; provided, further, that the Master Collateral Agent agrees for the benefit of the Creditors to give any such notice or direction upon the direction of Creditor Representatives
      representing Creditors holding not less than a majority of the Credit Extensions of the affected Trust Financings; and

     

    (B)          any Trust Account Property that constitutes a Permitted Investment or a similar investment shall be held by a securities intermediary under and in accordance with an
      account control agreement in form and substance reasonably satisfactory to the Master Collateral Agent and the Majority Creditor Representatives and shall be subject to the Master Collateral Agent’s security interest in such Trust Account Property.

     

    (d)          The Servicer may instruct (by standing instructions or otherwise) the institution maintaining the Collection Account to invest funds on deposit in the Collection Account from time to
      time in Permitted Investments in the name of the Master Collateral Agent, and Permitted Investments shall be credited to the Collection Account; provided, however, that any such investment shall mature not later than the second Business Day prior to
      the first Payment Date following the date on which such investment was made.  The Servicer shall not direct the Master Collateral Agent to dispose of (or permit the disposal of) any Permitted Investments prior to the

     

    
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    maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the
      Collection Account shall remain uninvested.  With respect to the Collection Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security entitlement with respect to financial assets
      credited to the Collection Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

     

    SECTION 9.3          Rights of Creditors.  The Collateral shall secure the rights of the Creditors to receive (i) the portion of Group Available Funds allocable to the Creditors of such Trust
      Financing pursuant to this Agreement and the related Trust Financing Agreement, (ii) funds and other property credited to the Collection Account (or any subaccount thereof) allocable to the Creditors of such Trust Financing and such Person pursuant
      to this Agreement and such Trust Financing Agreement, (iii) funds and other property credited to any related Trust Financing Account and (iv) funds available pursuant to any related Series Enhancement, it being understood that, except as specifically
      set forth in the Trust Financing Agreement with respect thereto, (a) the Credit Extensions of any Trust Financing shall not be secured by any interest in any Trust Financing Account or Series Enhancement specifically pledged for the sole benefit of
      another Trust Financing and (b) upon (x) the termination of all commitments, if any, to extend credit under the related Trust Financing Agreement and (y) the termination of the related Trust Financing Agreement in accordance with its terms, amounts
      on deposit in any Trust Financing Account specifically pledged for the sole benefit of such Trust Financing or amounts received in respect of any Series Enhancement specifically pledged for the sole benefit of such Trust Financing, shall be released
      to the Equityholder.

     

    

    SECTION 9.4          Collections and Allocations.

     

    (a)          The Servicer shall allocate Group Available Funds to (i) each Trust Financing in the related Group in accordance with its Series Allocation Percentage and (ii) the Certificateholders in
      accordance with the Transferor Percentage for the related Group, in each case, on the first Determination Date following the Collection Period in which such amounts are received. Notwithstanding the foregoing, in the event that any Trust Financing
      related to a Group is in an Amortization Period, the Servicer shall allocate (i) the related Amortizing Series Group Available Funds to each Trust Financing related Group in an Amortization Period and (ii) all related Group Available Funds in excess
      of the Amortizing Series Group Available Funds (A) to each Trust Financing in the related Group not in an Amortization Period in accordance with its Series Allocation Percentage (calculated excluding all Trust Financings related to such Group in an
      Amortization Period) and (B) the Certificateholders in accordance with the Transferor Percentage for such Group (calculated excluding all Trust Financings related to such Group in an Amortization Period), in each case, on the first Determination Date
      following the Collection Period in which such amounts are received.  Promptly following identification thereof, the Servicer shall direct the Paying Agent in writing to withdraw and pay amounts on deposit in the Collection Account that do not
      constitute Group Available Funds and to distribute such amounts to the Servicer to be further distributed to the owner thereof.

     

    (b)          On the Business Day preceding each Payment Date, the Servicer shall direct the Paying Agent in writing to withdraw from the Collection Account and remit to (i) the Distribution

     

    
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    Account for each Series, an amount equal to the aggregate amount of related Group Available Funds allocated to such Series in accordance with the applicable Series Allocation Percentage pursuant to Section 9.4(a) for
      the applicable Collection Period and (ii) the Equityholder, an amount equal to the aggregate amount of Group Available Funds for each Group allocated to the Certificateholders in accordance with the Transferor Percentage pursuant to Section 9.4(a)
      for the applicable Collection Period.

     

    (c)          The amount remitted to the Distribution Account for each Series pursuant to the preceding clause (b) shall be distributed on each Payment Date in accordance with the terms of the Trust
      Financing Agreement for such Series.

     

    (d)          On any Acquisition Date, the Trust (or the Servicer on its behalf) may, subject to any other restrictions in any Transaction Document or other Series Related Document, use Group
      Available Funds for the Group to which the related Receivables will be designated in an amount equal to the aggregate Receivables Cash Transfer Amount of the related Receivables to pay the Receivables Cash Transfer Amount for Receivables to be
      acquired by the Trust; provided, that (i) no amount of Group Available Funds shall be withdrawn from any Trust Financing Account to pay the Receivables Cash Transfer Amount and (ii) neither the Trust nor the Servicer shall make any such payment
      unless, in either such case:

     

    (i)          no event has occurred and is continuing, or would result from such withdrawal, which constitutes (i) an Amortization Event or Potential Amortization Event for any Series related to the
      Group to which such Receivables will be designated, (ii) a Potential Default, Event of Default or Pool Balance Deficit for the Group to which such Receivables will be designated or (iii) a Servicer Termination Event or Potential Servicer Termination
      Event, in each case determined based on calculations as of the related Measurement Date;

     

    (ii)          immediately after giving effect to such acquisition of Receivables, the Trust shall be in compliance in all material respects with all representations, warranties and covenants under
      the Transaction Documents and the other Series Related Documents;

     

    (iii)          the Servicer shall have delivered to the Depositor, the Trust, the Master Collateral Agent and each related Group Creditor Representative the related Acquisition Date Supplement; and

     

    (iv)          the related Receivables are Eligible Receivables with respect to one or more related Group Series for which Credit Extensions are Outstanding as of the related Acquisition Date.

     

    Upon each withdrawal of or direction to withdraw Group Available Funds from the Collection Account pursuant to this Section 9.4(d), each of the Trust and the Servicer shall be deemed to represent and warrant to the
      Master Collateral Agent that each of the foregoing conditions have been satisfied with respect thereto.

     

    (e)          The Trust (or the Servicer on its behalf) may, subject to any other restrictions in any Transaction Document or other Series Related Document, (i) so long as Group Available Funds in
      excess of the aggregate Series Monthly Payment Amount for all Group Series for the related Payment Date are on deposit in the Collection Account (after giving effect to any

     

    
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    prepayment or distribution made pursuant to this clause (e)), use the Aggregate Non-Amortizing Series Allocation Percentage of related Group Available Funds in excess of the aggregate Series Monthly Payment Amount for
      all Group Series for the related Payment Date on deposit in the Collection Account to make a voluntary prepayment of any related Credit Extensions related to such Group, subject to the provisions of the related Trust Financing Agreement, (ii) (x) so
      long as Group Available Funds in excess of the aggregate Series Monthly Payment Amount for all related Group Series for the related Payment Date are on deposit in the Collection Account (after giving effect to any prepayment or distribution made
      pursuant to this clause (e)), distribute the cash portion of any Transfer Proceeds to or at the direction of the Equityholder and (y) distribute the portion of any Transfer Proceeds consisting of Securitization Equity to or at the direction of the
      Equityholder, which Transfer Proceeds (including any Securitization Equity) shall be distributed free and clear of the Lien of this Agreement or any other Transaction Document; provided, that (1) no amount of Group Available Funds or Transfer
      Proceeds shall be withdrawn from any Trust Financing Account to make any such prepayment or distribution and (2) neither the Trust nor the Servicer shall make any such prepayment or distribution unless:

     

    (i)          no event has occurred and is continuing, or would result from such prepayment or distribution, which constitutes (i) an Amortization Event or Potential Amortization Event for any related
      Group Series, (ii) a Potential Default, Event of Default or Pool Balance Deficit for the related Group or (iii) a Servicer Termination Event or Potential Servicer Termination Event, in each case determined based on calculations as of the related
      Measurement Date;

     

    (ii)          immediately after giving effect to such prepayment or distribution, the Trust shall be in compliance in all material respects with all representations, warranties and covenants under
      the Transaction Documents and the other Series Related Documents; and

     

    (iii)          the Servicer shall have delivered to the Master Collateral Agent and each Creditor Representative, a report in form and substance reasonably acceptable to such Persons, setting forth a
      calculation of the Pool Balance and the Required Pool Balance with respect to the related Group as of the related Measurement Date.

     

    Upon each withdrawal of or direction to withdraw or distribute Group Available Funds or Transfer Proceeds (including any Securitization Equity) pursuant to this Section 9.4(e), each of the Trust and the Servicer shall
      be deemed to represent and warrant to the Master Collateral Agent that each of the foregoing conditions have been satisfied with respect thereto.

     

    SECTION 9.5          Shared Collections.  In the manner described in the Trust Financing Agreement for each Series, to the extent that Group Available Funds that are remitted to the
      Distribution Account for a Series pursuant to Section 9.4(b) on a Payment Date exceed the sum of (i) the Series Monthly Payment Amount for such Series on such Payment Date and (ii) the aggregate amount required to be deposited in a Trust Financing
      Account for such Series on such Payment Date pursuant to the related Trust Financing Agreement, such excess shall be treated as “Shared Collections” for the related Group.  The Servicer shall allocate Shared Collections for each Group on each Payment
      Date to each Sharing Series in such Group pro rata, in proportion to the Shortfall, if any, for such Series.  If the aggregate amount of Shared Collections for all Sharing Series in a Group on a Payment Date is less than the Shortfalls for all
      Sharing Series in such Group

     

    
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    for such Payment Date, then the Servicer shall allocate and direct the Master Collateral Agent in writing to withdraw from the Collection Account and remit to the Distribution Account for each Sharing Series, an amount
      equal to the product of (a) the aggregate amount of Shared Collections for such Group for such Payment Date and (b) a fraction, the numerator of which is the Shortfall for such Series for such Payment Date and the denominator of which is the
      aggregate Shortfalls for all Sharing Series in such Group for such Payment Date.  Any Shared Collections for a Group that are not required to be applied on a Payment Date to make a payment or deposit in respect of a Trust Financing shall be applied
      in accordance with Section 9.6.

     

    SECTION 9.6          Excess Collections.  If, after giving effect to Section 9.5, Group Available Funds allocated to any Series on any Payment Date exceed the amount required to be paid or
      deposited in respect of such Series pursuant to the Trust Financing Agreement for such Series, then any such excess Group Available Funds shall be released to the Trust for distribution to the Certificateholders or such other party as may be entitled
      thereto as set forth in such Trust Financing Agreement.

    

    

    SECTION 9.7          Release of Collateral.

     

    (a)          The Master Collateral Agent may, and when required by this Agreement shall, execute instruments to release property from the Lien of this Agreement, or convey the Master Collateral
      Agent’s interest in the same, in a manner and under circumstances that are not inconsistent with this Agreement.  No party relying upon an instrument executed by the Master Collateral Agent as provided in this Article shall be bound to ascertain the
      Master Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any funds.  Subject to payment of its outstanding fees, expenses and indemnification amounts owed pursuant to Section 7.4, the
      Master Collateral Agent shall release Collateral from the Lien of this Agreement upon receipt of a Trust Order directing such release and an Officer’s Certificate of the Administrator meeting the requirements of Section 11.1 and certifying as of the
      related Transfer Date that the following conditions have been satisfied:

     

    (i)          no event has occurred and is continuing, or would result from such release, which constitutes (i) an Amortization Event or Potential Amortization Event for any Series related Group
      Series, (ii) a Potential Default, Event of Default or Pool Balance Deficit for the related Group or (iii) a Servicer Termination Event or Potential Servicer Termination Event, in each case determined based on calculations as of the related
      Measurement Date;

     

    (ii)          immediately after giving effect to such release of Collateral, the Trust shall be in compliance in all material respects with all representations, warranties and covenants under the
      Transaction Documents and other Series Related Documents, except to the extent that any such failure would not have a material adverse effect on the Credit Extensions;

     

    (iii)          the Servicer shall have delivered to the Master Collateral Agent and each Creditor Representative, a Transfer Date Supplement; and

     

    (iv)          the Trust (or the Administrator on its behalf) has not selected the Collateral for release from the Lien of this Agreement in a manner that could be reasonably expected to adversely
      affect the interest of the Creditors.

     

    
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    (b)          The Master Collateral Agent shall, upon the occurrence of the Collateral Release Date, release and transfer, without recourse, all of the Collateral.  Subject to payment of its fees,
      expenses and indemnities owed pursuant to Section 7.4, the Master Collateral Agent shall release property from the Lien of this Agreement pursuant to this Section 9.7(b) only upon receipt of a Trust Order directing such release accompanied by an
      Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Section 11.1.

     

    (c)          Notwithstanding any other provision of this Section 9.7, the Trust may (A) collect, liquidate, sell or otherwise dispose of Collateral released in accordance with Section 9.7(a), Section
      9.7(b), the Transaction Documents and the Series Related Documents, as and to the extent permitted or required hereby and thereby and (B) make cash payments out of the Trust Financing Accounts as and to the extent permitted or required hereby or by
      the Transaction Documents and the other Series Related Documents.

     

    (d)          For any transfer of a Receivable permitted under this Section 9.7, the Trust will be deemed to have transferred and absolutely assigned such Transferred Receivable, effective as of the
      related Transfer Date, all of the Trust’s right, title and interest in such Transferred Receivable and all security and documents relating to such Transferred Receivable, and the related transferee will be entitled to all collections on or proceeds
      of the Transferred Receivable on and after the related Transferred Receivable Cutoff Date.  In connection with the transfer and absolute assignment of a Receivable, the Servicer will mark its receivables systems to indicate that the Transferred
      Receivable is no longer a Receivable and may take any action necessary or advisable to transfer and absolutely assign the Transferred Receivable, free from any Lien of the Depositor, the Trust or the Master Collateral Agent.

     

    (e)          The Master Collateral Agent will be deemed to release, and does release, and each Creditor acknowledges that the Master Collateral Agent will release, Liens and other rights and
      interests it possesses, without further action of the parties, in, to and under:

     

    (i)          each Receivable and all proceeds of the Receivable reacquired by an Originator under Section 3.4(c) or 4.6 of the Originator Receivables Transfer Agreement or acquired by the Servicer
      under Section 3.4(c) or 3.5 of any Additional Transferor Receivables Transfer Agreement or Section 2.7 or 3.3(e) of the Transfer and Servicing Agreement, effective when the Receivable is deemed transferred and assigned by the Trust under the
      applicable Section; and

     

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

     

    
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    ARTICLE X

      AMENDMENTS

     

    SECTION 10.1          Amendments Without Consent of Creditors.

     

    (a)          The Trust and the Master Collateral Agent, when authorized and directed by a Trust Order, without the consent of any Creditor Representatives or Creditors may amend this Agreement
      (including Appendix A), for any of the following purposes:

     

    (i)          to correct or expand the description of any property at any time subject to the Lien of this Agreement, or better to Grant to the Master Collateral Agent a Lien on any property subject
      or required to be subjected to the Lien of this Agreement, or to subject additional property to the Lien of this Agreement;

     

    (ii)          to evidence the succession of any other Person to the Trust, and the assumption by the successor of the obligations of the Trust in this Agreement and in the Credit Extensions;

     

    (iii)          to add to the covenants of the Trust, for the benefit of the Creditors, or to surrender any right or power given to the Trust under this Agreement;

     

    (iv)          to convey, transfer, assign, mortgage or pledge any property to or with the Master Collateral Agent for the benefit of the Creditors;

     

    (v)          to cure any ambiguity, to correct an error or to correct or supplement any provision of this Agreement that may be defective or inconsistent with the other terms of this Agreement;

     

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

     

    (vii)          to provide for the designation under this Agreement of one or more Groups; or

     

    (viii)          to provide for the designation under this Agreement of one or more Series related to the Group Receivables, in accordance with the provisions of Section 3.1.

     

    The Master Collateral Agent is hereby authorized to join in the execution of any such amendment and to make any further appropriate agreements and stipulations that may be therein contained.

     

    (b)          The Trust and the Master Collateral Agent, when authorized and directed by a Trust Order, may, also without the consent of any Creditor Representatives or Creditors, also enter into an
      amendment or amendments to this Agreement (including Appendix A) for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement (including Appendix A) or modifying in any manner the
      rights of the Creditors or Creditor Representatives under this Agreement (including Appendix A) if (A) the Trust or the

     

    
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    Administrator shall have delivered to the Master Collateral Agent and each Creditor Representative an Officer’s Certificate, dated the date of any such action, stating that the Trust or the Administrator, as
      applicable, reasonably believe that such action will not have a material adverse effect on the interest of any Creditor or (B) the Rating Agency Condition has been satisfied for all Credit Extensions then rated by a Rating Agency.  Additionally,
      notwithstanding the preceding sentence, the Trust and the Master Collateral Agent, when authorized and directed by a Trust Order, may, without the consent of any Creditor Representatives or Creditors, enter into an amendment or amendments to this
      Agreement (including Appendix A) to add, modify or eliminate such provisions as may be necessary or advisable to avoid the imposition of State or local income or franchise taxes imposed on the Trust’s property or its income if (x) the Trust or the
      Administrator deliver to the Master Collateral Agent and each Creditor Representative an Officer’s Certificate to the effect that the proposed action meets the requirements set forth in this Section 10.1(b) and (y) the proposed action does not
      adversely affect the rights, duties, obligations, immunities or indemnities of the Master Collateral Agent.

     

    (c)          The Trust shall notify the Rating Agencies (if any Credit Extensions are then rated by a Rating Agency) as to any amendment pursuant to this Section 10.1.

     

    SECTION 10.2          Amendments With Consent of Creditors.

     

    (a)          If Section 10.1 is not applicable, the Trust and the Master Collateral Agent, when authorized and directed by a Trust Order, with the consent of the Majority Creditor Representatives of
      each Group adversely affected thereby, may, with prior written notice to the Rating Agencies (if any Credit Extensions of an affected Group are then rated by a Rating Agency), enter into an amendment or amendments to this Agreement (including
      Appendix A) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement (including Appendix A) or of modifying in any manner the rights of the Creditors or the Creditor Representatives
      under this Agreement (including Appendix A).

     

    (b)          No amendment to this Agreement, without the consent of each Creditor Representative representing each Series in each Group adversely affected by the amendment, will:

     

    (A)          modify the percentage of the amount of Credit Exposure required for any action;

     

    (B)          modify or alter the definition of “Outstanding” or “Credit Exposure;”

     

    (C)          permit the creation of any Lien ranking prior or equal to the Lien of this Agreement on the Collateral, other than Permitted Liens, or, except as permitted by this
      Agreement, the other Transaction Documents and each other Series Related Documents, release the Lien of this Agreement on the Collateral;

     

    (D)          impair the right to institute suit for the enforcement of payment as provided in Section 6.1(e);

     

    
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    (E)          modify (i) the definition of “Event of Default” or “Eligible Receivable” or (ii) any other definition in this Agreement that is defined by reference to the applicable
      Trust Financing Agreement; or

     

    (F)          result (solely by virtue of such amendment) in a reduction of the Series Allocation Percentage for any Series of the related Group.

     

    (c)          The Master Collateral Agent shall be entitled to conclusively rely on and shall incur no liability in connection with any Act of a Creditor Representative given pursuant to the terms of
      this Section 10.2.  The manner of obtaining such consents (and any other consents of Creditor Representatives provided for in this Agreement, the Transaction Documents or in any other Series Related Document) and of evidencing the authorization of
      the execution thereof by Creditor Representatives shall be subject to such reasonable requirements as the Master Collateral Agent may provide.

     

    (d)          Promptly after the execution by the Trust and the Master Collateral Agent of any amendment pursuant to this Section 10.2, the Administrator shall, at the expense of the Trust, mail to
      the Creditor Representatives to which such amendment relates a notice setting forth in general terms the substance of such amendment.  Any failure of the Administrator to mail such notice, or any defect therein, shall not, however, in any way impair
      or affect the validity of any such amendment.

     

    (e)          In the event that the Trust Financing Agreement for a Series enables a portion of the Creditors of that Series, or any Class of that Series, to exercise consent rights for such Series,
      the consent (or lack thereof) of such portion of the Creditors shall be deemed to be the consent (or lack thereof) of all Creditors of such Series including for purposes of Section 10.2(b).

     

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

     

    SECTION 10.3          Execution of Amendments.  Before executing any amendment to this Agreement, or any other Transaction Document or Series Related Documents to which the Master Collateral
      Agent is a party, the Master Collateral Agent shall be entitled to receive and conclusively rely upon, in addition to the documents required by Section 11.1, an Opinion of Counsel stating that the execution of the amendment is authorized and
      permitted by this Agreement, the Transaction Documents and the Series Related Documents, and all conditions precedent thereto have been satisfied.  The Master Collateral Agent may, but shall not be obligated to, enter into any such amendment that
      affects the Master Collateral Agent’s (or, to the extent they remain the same entity, the Paying Agent’s) own rights, duties, obligations, immunities or indemnities under this Agreement, the Transaction Documents or the Series Related Documents.  The
      consent of the Owner Trustee will be required for any amendment under Sections 10.1(b) or 10.2 that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of the Owner Trustee, which consent will not be
      unreasonably withheld.

     

    

    SECTION 10.4          Effect of Amendment.  Upon the execution of any amendment pursuant to the provisions hereof, this Agreement shall be and be deemed to be modified and amended in
      accordance therewith, and such amendment shall form a part of the terms and

     

    
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    conditions of this Agreement for any and all purposes and every Creditor, theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

     

    SECTION 10.5          Creditor Consent to Amendments to Transaction Documents.  For any amendment to this Agreement requiring the consent of any Creditors or the Creditors of any Group, the
      Master Collateral Agent will, when directed by Trust Order, notify the related Creditor Representatives to request consent and follow its reasonable procedures to obtain consent.  It shall not be necessary for the consent of any related Creditor
      (acting through its Creditor Representatives) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Creditor (acting
      through its Creditor Representative) consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor and any Creditor Representative consenting to any amendment shall be deemed to
      agree that such amendment does not have a material adverse effect on such Creditor Representative or its Creditors.

     

    ARTICLE XI

      MISCELLANEOUS

     

    SECTION 11.1          Compliance Certificates and Opinions, etc.

     

    (a)          Upon any written application or request by the Trust to the Master Collateral Agent to take any action under this Agreement, the Master Collateral Agent shall be entitled to receive an
      Officer’s Certificate stating that all conditions precedent, if any, provided for in this Agreement, the Transaction Documents and any Series Related Document relating to the proposed action have been complied with. Every certificate with respect to
      compliance with a condition or covenant provided for in this Agreement shall include:

     

    (i)          a statement that each signatory of such certificate has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

     

    (ii)          a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate are based;

     

    (iii)          a statement that, in the opinion of each such signatory, such signatory has made (or has caused to be made) such examination or investigation as is necessary to enable such signatory
      to express an informed opinion as to whether or not such covenant or condition has been complied with; and

     

    (iv)          a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

     

    SECTION 11.2          Form of Documents Delivered to the Master Collateral Agent.

     

    (a)          In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
      covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and

     

    
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    one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

     

    (b)          Any certificate or opinion of a Responsible Person of the Trust may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
      unless such officer knows, or in the exercise of reasonable care should know, that the certificate, opinion or representations with respect to the matters upon which his certificate or opinion is based is/are erroneous.  Any certificate of a
      Responsible Person or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Depositor and/or the Trust, stating that the
      information with respect to such factual matters is in the possession of the Servicer, the Depositor and/or the Trust, as applicable, unless such Responsible Person or the applicable counsel knows, or in the exercise of reasonable care should know,
      that the certificate, opinion or representations with respect to such matters is/are erroneous.  Any Opinion of Counsel may be based on the written opinion of other counsel, in which event such Opinion of Counsel shall be accompanied by a copy of
      such other counsel’s opinion.

     

    (c)          Where any Person is required or permitted to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this
      Agreement, they may, but need not, be consolidated and form one instrument.

     

    (d)          Whenever in this Agreement, in connection with any application, certificate or report to the Master Collateral Agent, it is provided that the Trust shall deliver any document as a
      condition of the granting of such application, or as evidence of the Trust’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or
      report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Trust to have such application granted or to the sufficiency of such certificate or report.  The foregoing
      shall not, however, be construed to affect the Master Collateral Agent’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VII.

     

    SECTION 11.3          Acts of Creditors.

     

    (a)          Pursuant to each Trust Financing Agreement, every Creditor of a Series shall appoint the Creditor Representative of such Series to act on its behalf hereunder.  All votes, directions,
      consents or exercise of any other rights of a Creditor hereunder shall be given or taken solely by and through the Creditor Representative for such Series on its behalf and no Creditor shall have the right to instruct the Master Collateral Agent
      directly, other than with respect to an Asset Representations Review under Article XII or dispute resolution proceedings under Section 11.2 of the Transfer and Servicing Agreement. The Master Collateral Agent shall be entitled to rely in good faith
      upon the written instruction of the Creditor Representatives (or their duly appointed agents) duly delivered hereunder as conclusive evidence  in connection with any request, demand, authorization, direction, notice, vote, consent, waiver or other
      exercise of any right of the Creditors hereunder, and shall have no duty or obligation to investigate or confirm that the Creditor Representative has obtained the requisite number or percentage of consents, votes, authorizations or directions of its
      respective Creditors needed in order to direct such action or inaction.  Any request, demand, authorization, direction, notice, vote, consent, waiver or other action provided

     

    
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    by this Agreement to be given or taken by Creditor Representatives or Creditors may be embodied in and evidenced by one or more instrument(s) of substantially similar tenor signed by such Creditor Representatives
      representing such Creditors in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument(s) are delivered to the Master Collateral Agent, and, where it is
      hereby expressly required, to the Trust.  Such instrument(s) (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Creditor Representatives or of the Creditors represented by the Creditor
      Representatives signing such instrument(s).  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and (subject to Section 7.1) conclusive in favor of the Master
      Collateral Agent and the Trust, if made in the manner provided in this Section 11.3.  At any time the Notes of any Class are maintained as Book-Entry Notes, any reference in this Agreement to an Act of Creditors or of Creditor Representatives
      representing Creditors that include a Noteholder or Noteholders representing a specified portion of the Outstanding Principal Amount of the Notes or such Class of Notes shall be deemed to refer to an Act of Note Owners or a Note Owner or Note Owners
      holding such specified portion of the Outstanding Principal Amount of the Notes or Class, as the case may be.

     

    (b)          The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or
      other officer authorized by Law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof.  Where such execution is by a signer acting in a capacity other than his
      individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority.  The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved
      in any other manner which the Master Collateral Agent deems sufficient.

     

    (c)          Each Creditor, by making Credit Extensions pursuant to the Trust Financing Agreements, and each Creditor Representative irrevocably appoints the Master Collateral Agent hereunder as the
      special attorney-in-fact for such Creditor or Creditor Representative vested with full power on behalf of such Creditor or Creditor Representative to effect and enforce the rights of such Creditor Representative or Creditor in the Collateral pursuant
      hereto for the benefit of such Creditor or Creditor Representative; provided that nothing contained in this Section 11.3 shall be deemed to confer upon the Master Collateral Agent any duty or power to vote on behalf of the Creditors or the Creditor
      Representatives with respect to any matter on which the Creditors or the Creditor Representatives have a right to vote pursuant to the terms of this Agreement.

     

    SECTION 11.4          Notices, etc., to the Master Collateral Agent, the Trust and Rating Agencies.

     

    (a)          Any request, demand, authorization, direction, notice, consent, waiver or Act of Creditor Representatives, or other documents provided or permitted by this Agreement, shall be in writing
      and will be considered received by the recipient:

     

    a.          for personally delivered, express or certified mail or courier, when received;

     

    
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    b.          for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

     

    c.          for an email, when receipt is confirmed by telephone or reply email from the recipient; and

     

    d.          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)          Notices, if any, required to be given to the Rating Agencies (if any) by the Trust, the Master Collateral Agent or the Owner Trustee shall be sufficient for purposes of this Agreement,
      the Transaction Documents and the other Series Related Documents if sent to such mailing addresses or such email addresses as may be provided by the Rating Agencies (if any), unless otherwise set forth for any Trust Financing in the related Trust
      Financing Agreement.

     

    SECTION 11.5          Notices to Creditors; Waiver.

     

    (a)          Where this Agreement provides for notice to Creditors of any event or the mailing of any report to Creditors, such notice shall be sufficiently given (unless otherwise herein expressly
      provided) if in writing and mailed, first-class, postage prepaid or certified mail return receipt requested, or sent by private courier or confirmed telecopy to each Creditor affected by such event or to whom such report is required to be mailed, at
      its address as it appears on the list of Creditors delivered to the Master Collateral Agent pursuant to this Agreement, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or the mailing of
      such report.  In any case where notice or report to Creditors is given by mail, neither the failure to mail such notice or report nor any defect in any notice or report so mailed to any particular Creditor shall affect the sufficiency of such notice
      or report with respect to other Creditors, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

     

    (b)          Where this Agreement provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such
      waiver shall be the equivalent of such notice.  Waivers of notice by Creditors shall be filed with the Master Collateral Agent but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

     

    (c)          In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to mail or send notice to Creditors, in accordance with this Section
      11.5, of any event or any report to Creditors when such notice or report is required to be delivered pursuant to any provision of this Agreement, then such notification or delivery as shall be made with the approval of the Master Collateral Agent
      shall constitute a sufficient notification for every purpose hereunder.

     

    (d)          Where this Agreement provides for notice to the Rating Agencies (if any), failure to give such notice shall not affect any other rights or obligations created hereunder and shall not
      under any circumstance constitute an Event of Default.

     

    
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    (e)          Whenever a notice or other communication to any Noteholder is required under this Agreement, unless and until Definitive Notes have been issued to the related Note Owners, the
      Administrator or its agent shall give all such notices and communications to the Clearing Agency.

     

    (f)          Where this Agreement provides for notice in any manner to Creditor Representatives, then with respect to any agent for any group of Creditors party to the related Trust Financing, the
      notice need be delivered only to the Creditor Representative for all of such Creditors.

     

    SECTION 11.6          Successors and Assigns.  All covenants and agreements in this Agreement by the Trust shall bind its successors and assigns, whether so expressed or not.  All agreements
      of the Master Collateral Agent in this Agreement shall bind its successors, co-agents and agents of the Master Collateral Agent, whether so expressed or not.

     

    

    SECTION 11.7          Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining provisions hereof or of the Transaction Documents or the Series Related Documents, as applicable, and any such prohibition or unenforceability in any jurisdiction shall not
      invalidate or render unenforceable such provision in any other jurisdiction.

     

    

    SECTION 11.8          Benefits of this Agreement.  Nothing in this Agreement, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the
      Owner Trustee, the Creditor Parties, any other party secured hereunder and any other Person with an ownership interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Agreement.  Notwithstanding
      the foregoing or anything else to the contrary in this Agreement, each of the Depositor and the Servicer is hereby authorized to make any filings, reports, notices, applications and registrations with, and seek consents and authorizations from, the
      Commission and any State securities authority on behalf of the Trust as may be necessary or advisable to comply with any Federal or State securities laws or reporting requirements.

     

    

    SECTION 11.9          Governing Law; Jurisdiction; Waiver of Jury Trial.

     

    (a)          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 OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE
      INTERESTS OF THE MASTER COLLATERAL AGENT OR ANY PURCHASER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).

     

    (b)          EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT

     

    
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    SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY
      BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE, 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.  THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
      OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

     

    (c)          EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING, ACTION OR COUNTERCLAIM INVOLVING, DIRECTLY OR INDIRECTLY,
      ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER SERIES RELATED DOCUMENT.

     

    SECTION 11.10          Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts
      shall together constitute but one and the same instrument.  Executed counterparts may be delivered electronically.

     

    

    SECTION 11.11          The Trust Obligation.  No recourse may be taken, directly or indirectly, with respect to the obligations of the Trust under this Agreement or any certificate or other
      writing delivered in connection herewith or therewith, against (i) the Master Collateral Agent in its individual capacity or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Trust or (iii) any partner,
      owner, beneficiary, agent, officer, director, employee or agent of the Master Collateral Agent in its individual capacity or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Trust, the Owner Trustee or the
      Master Collateral Agent or of any successor or assign of the Master Collateral Agent in its individual capacity or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Master
      Collateral Agent and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable Law, for any unpaid consideration for
      stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

     

    

    SECTION 11.12          Agents of the Trust.  The Master Collateral Agent hereby acknowledges that it has been advised that any agent of the Trust may act on behalf of the Trust hereunder for
      purposes of all consents, amendments, waivers and other actions permitted or required to be taken, delivered or performed by the Trust, and the Master Collateral Agent agrees that any such action taken by an agent on behalf of the Trust shall satisfy
      the Trust’s obligations hereunder.

     

    
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    SECTION 11.13          Subordination.  The Trust and each Creditor by making its Credit Extension acknowledge and agree that such Credit Extension is indebtedness of the Trust and does not
      represent an interest in any assets (other than the Trust estate) of Depositor (including by virtue of any deficiency claim in respect of obligations not paid or otherwise satisfied from the Trust estate and proceeds thereof).  In furtherance of and
      not in derogation of the foregoing, to the extent Depositor enters into other financial transactions, the Trust as well as each Creditor by making its Credit Extension acknowledge and agree that it shall have no right, title or interest in or to any
      Other Assets.  To the extent that, notwithstanding the agreements and provisions contained in the preceding sentences of this subsection, the Trust or any Creditor either (i) asserts an interest or claim to, or benefit from, Other Assets, whether
      asserted against or through Depositor or any other Person owned by Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted against or through Depositor or any other Person
      owned by Depositor, then the Trust and each Creditor by making a Credit Extension further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in
      full of all obligations and liabilities of Depositor which, under the terms of the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other
      Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distribution or application under applicable Law, including insolvency laws, and whether asserted against Depositor or any
      other Person owned by Depositor), including, the payment of post-petition interest on such other obligations and liabilities.  This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the
      Bankruptcy Code.  Each Creditor further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 11.13 and the terms of this Section 11.13 may be enforced by an action for specific performance.

     

    

    SECTION 11.14          Title to Trust Property.  In the event that applicable Law in any jurisdiction requires title to any part of the Collateral to be vested in the Owner Trustee, the Owner
      Trustee (solely in its capacity as Owner Trustee) by its signature hereto on behalf of the Trust, shall be deemed to Grant, and the Owner Trustee (solely in its capacity as Owner Trustee) by its signature hereto on behalf of the Trust, hereby Grants,
      to the Master Collateral Agent a security interest in all of the Owner Trustee’s right, title and interest in, to and under the Collateral.  In the event that applicable Law in any jurisdiction requires title to any part of the Collateral to be
      vested in any trustee (“Other Trustee”) other than the Owner Trustee, the Trust shall cause such Other Trustee to Grant to the Master Collateral Agent a security interest in such Other Trustee’s right, title and interest in, to and under the
      Collateral.

    

    

    SECTION 11.15          Compliance with Applicable Anti-Terrorism and Anti‐Money Laundering Regulations.  In order to comply with the laws, rules, regulations and executive orders in effect
      from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law,” for example section 326 of the USA PATRIOT Act (Title III of Pub. L. 107-56)), the
      Master Collateral Agent and the Paying Agent is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Master Collateral Agent.  Accordingly,

     

    
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    each of the parties hereto agree to provide to the Master Collateral Agent, upon its reasonable request from time to time such identifying information and documentation as may be available for such party in order to
      enable the Master Collateral Agent to comply with Applicable Law.

     

    SECTION 11.16          Limitation of Liability.  In the performance of its obligations hereunder, the Master Collateral Agent acts solely in its capacity as Master Collateral Agent and not in
      its individual capacity.  The Master Collateral Agent has no duties, obligations or liabilities other than those expressly set forth in this Agreement, nor any fiduciary relationship with any Creditor Party, the Trust or the Servicer.

     

    

    SECTION 11.17          Intent of the Parties; Reasonableness.  The Trust and the Master Collateral Agent acknowledge and agree that the purpose of Section 7.11 of this Agreement is to
      facilitate compliance by the Trust and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Trust nor the Administrator (acting on behalf of the Trust) 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 Master Collateral Agent 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 reasonable requests made by the Trust (or the Administrator, acting on
      behalf of the Trust) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with this transaction, the Master Collateral Agent shall cooperate fully with the Trust
      (or the Administrator, acting on behalf of the Trust) to deliver to the Trust (or the Administrator, acting on behalf of the Trust), any and all statements, reports, certifications, records and any other information necessary in the good faith
      determination of the Trust (or the Administrator, acting on behalf of the Trust) to permit the Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Master Collateral Agent reasonably believed by the
      Trust (or the Administrator, acting in good faith on behalf of the Trust) to be necessary in order to effect such compliance.  The Trust (or the Administrator, acting on behalf of the Trust) shall cooperate with the Master Collateral Agent by
      providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Trust to comply with Regulation AB.

     

    SECTION 11.18          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.  The Master Collateral Agent and the Paying Agent shall be fully
      justified, indemnified and protected in relying and acting upon any electronic signature believed by the Master Collateral Agent or the Payment Agent, as applicable, to have been signed by the Trust, the Administrator, the Servicer or another such
      Person as is required to deliver such document, as applicable, and shall not otherwise have any duty or obligation to verify such electronic signature independently. 

     

    
      49

      
        

    

    ARTICLE XII

     

    ASSET REPRESENTATIONS REVIEW

     

    SECTION 12.1          Public Noteholder and Note Owner Requests for Vote on Asset Representations Review.  If the Master Collateral Agent receives a notice from the Servicer that the Servicer
      will be providing notice to the Administrator, the Master Collateral Agent, each Creditor Representative for each Series of Publicly Registered Notes of the related Group, and each Public Noteholder of the related Group (and to each applicable
      Clearing Agency for distribution to Note Owners of Publicly Registered Notes of such Group in accordance with the rules of such Clearing Agency) pursuant to Section 11.1(a) of the Transfer and Servicing Agreement regarding the occurrence of a Group
      Delinquency Trigger, then the Master Collateral Agent shall promptly inform the Servicer and the Administrator regarding the method by which Public Noteholders of the related Group (including Note Owners of Publicly Registered Notes of such Group)
      may contact the Master Collateral Agent in order to request a formal vote on whether to cause the related Group 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations
      Review Agreement.  The Master Collateral Agent shall promptly notify the Servicer, the Depositor, each Creditor Representative for each Series of Publicly Registered Notes of the related Group and the Administrator upon the receipt of any request for
      a vote.  The Master Collateral Agent will provide the Administrator with the most recent Record Date for purposes of determining the identity of Public Noteholders of the related Group or Note Owners of Publicly Registered Notes of such Group, as
      applicable, entitled to vote as of the date of filing of the Form 10-D that disclosed that the Group Delinquency Trigger was met or exceeded.  Public Noteholders of the related Group and Note Owners of such Group may request a vote not later than
      ninety (90) days after the date on which the Form 10-D describing the occurrence of such Group Delinquency Trigger shall have been filed by the Administrator, on behalf of the Trust, pursuant to the terms of Section 2.9(a)(i) of the Administration
      Agreement; provided that, if the requesting party is a Note Owner of Publicly Registered Notes of the related Group and not a Public Noteholder of such Group, the Note Owner must include with its request a written certification (in a form reasonably
      acceptable to the Master Collateral Agent) that the requesting party is a Note Owner, together with one of the following additional forms of documentation of the requesting party’s status as a Note Owner: (A) a trade confirmation; (B) an account
      statement; (C) a letter from a broker-dealer that is reasonably acceptable to the Master Collateral Agent; or (D) any other form of documentation that is reasonably acceptable to the Master Collateral Agent (any such Note Owner who provides the
      required certification and documentation, a “Verified Note Owner”).  The Master Collateral Agent shall promptly notify the Servicer, the Depositor, each Creditor Representative for each Series of Publicly Registered Notes of the related Group
      and the Administrator if Public Noteholders of the related Group and Verified Note Owners of the related Group representing at least 5% of the aggregate Outstanding Principal Amount of all Publicly Registered Notes of such Group (such requesting
      Public Noteholders and Verified Note Owners, collectively, the “Requesting Noteholders”) properly and timely request a vote to cause the Group 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the
      terms of the Asset Representations Review Agreement.  For the avoidance of doubt, the Master Collateral Agent shall not be required to (i) determine whether, or give notice to Public Noteholders of a Group that, a Group Delinquency Trigger has
      occurred or (ii) to provide any instruction regarding

     

    
      50

      
        

    

    any Asset Representations Review (other than to provide a Review Notice) or to determine which Receivables are subject to any particular Asset Representations Review.

     

    SECTION 12.2          Public Noteholder and Note Owner Vote on Asset Representations Review.  Beginning promptly after receipt from the Administrator of a copy of a notice sent to Public
      Noteholders of the related Group and Note Owners of Publicly Registered Notes of such Group pursuant to Section 2.9(a)(ii) of the Administration Agreement, the Master Collateral Agent shall cause the initiation of such a review to be submitted to a
      yes or no vote of the Public Noteholders of the related Group (with respect to Book-Entry Notes, as directed by the related Note Owners via the applicable Clearing Agency pursuant to its procedures for such votes) of record as of the most recent
      Record Date.  Any Public Noteholder or Verified Note Owner vote about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review shall be conducted by the Master Collateral Agent in accordance with its standard
      internal vote solicitation process.  The Master Collateral Agent may select a vote agent that is experienced in the administration of noteholder votes and/or consent solicitations to conduct and administer any Public Noteholder or Verified Note Owner
      vote about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review and, so long as the Master Collateral Agent selects such vote agent with due care, the Master Collateral Agent will not be liable for any
      actions or inactions of such vote agent. If, by no earlier than the deadline specified by the Administrator pursuant to Section 2.9(a)(ii) of the Administration Agreement, votes in favor of an Asset Representations Review have been cast by Public
      Noteholders of a Group representing at least a majority of the Note Balance of all Publicly Registered Notes of such Group then Outstanding held by voting Public Noteholders of that Group (and those affirmative votes represent votes by Public
      Noteholders of such Group holding at least 5% of the aggregate Outstanding Principal Amount of all Publicly Registered Notes of such Group, the Master Collateral Agent will promptly notify the Asset Representations Reviewer, each Creditor
      Representative for each Series of Publicly Registered Notes of the related Group, the Administrator and the Servicer that the requisite Public Noteholders of the related Group have directed the Asset Representations Reviewer to perform a review of
      the Group 60-Day Delinquent Receivables for the purpose of determining whether such Group 60-Day Delinquent Receivables were in compliance with the Group Eligibility Representation made by the applicable Originator pursuant to Section 3.3 of the
      Originator Receivables Transfer Agreement  or by the Servicer pursuant to Section 3.3 of any Additional Transferor Receivables Transfer Agreement or Section 2.7 of the Transfer and Servicing Agreement.

     

    SECTION 12.3          Evaluation of Review Report.  If Public Noteholders of a Group evidencing not less than a majority of the Note Balance of all Publicly Registered Notes of such Group then
      Outstanding, acting together as a single class, notify the Master Collateral Agent in writing that they consider any non-compliance of any representation to be a breach of the applicable Receivables Transfer Agreement or the Transfer and Servicing
      Agreement, or request in writing that any Receivable designated to the related Group be reacquired or acquired, as applicable (including, for the avoidance of doubt, as described in Section 11.2 of the Transfer and Servicing Agreement), the Master
      Collateral Agent will forward, as soon as practicable and within five (5) Business Days, that written notice to the Administrator and the related Originator or the Servicer (in the case of Receivables transferred by an Additional Transferor or
      re-designated to such Group on a Re-Designation Date).  In addition, the Master Collateral Agent, on behalf of the Requesting Party may, but is not obligated to, request the reacquisition or acquisition, as

     

    
      51

      
        

    

    applicable, of a Group 60-Day Delinquent Receivable on behalf of all Public Noteholders of the related Group.  Subject to the provisions for indemnification and certain limitations contained in this Agreement, the
      Master Collateral Agent (acting at the direction of the Majority Creditor Representatives representing each Series of Publicly Registered Notes of the related Group) shall, in the time, method and place directed by such Majority Creditor
      Representatives, exercise any trust or power conferred on the Master Collateral Agent, including the ability to assert to the Administrator and the related Originator or the Servicer (in the case of Receivables transferred by an Additional Transferor
      or re-designated to such Group on a Re-Designation Date), on behalf of all Public Noteholders of such Group, whether any such non-compliance may be a breach and to request the reacquisition or acquisition, as applicable, of the related Group 60-Day
      Delinquent Receivable.  The Master Collateral Agent shall have no duty or obligation to determine whether any noncompliance with representations or warranties constitute a breach under the Transaction Documents or any Series Related Documents or to
      make any determination as to the materiality of any breach.

     

              The related Originator or the Servicer (in the case of Receivables transferred by an Additional Transferor or re-designated to such Group on a Re-Designation Date) will have the sole ability to determine if
      there was non-compliance with the applicable Group Eligibility Representation made by it that constitutes a breach, and whether to reacquire or acquire, as applicable, the related Group 60-Day Delinquent Receivable from the Trust.

     

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      52

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

     

    	 	
            VERIZON MASTER TRUST

          
	 	 
	 	
            By:  [___], not in its individual capacity, but solely

          
	 	
            as Owner Trustee on behalf of the Trust

          
	 	 
	 	 
	 	
            By:                                                                     

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

      

      

      

      

      

      

      

      

      

      

      

        

        

        

        

        

      

      

    

    

    
      

      

    

    
      
        

    

    	 	
            [___],

          
	 	
            as Master Collateral Agent

          
	 	 
	 	 
	 	
            By:                                                                         

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    

    

    

      

      

      

      

      

      

      

        

        

        

        

        

        

        

        

        

        

        

        

        
          
            

            

          

        

      

    

    
      
        

    

    	 	
            CELLCO PARTNERSHIP d/b/a VERIZON

          
	 	
            WIRELESS,

          
	 	
            as Servicer

          
	 	 
	 	 
	 	
            By:                                                                             

          
	 	
            Name:

          
	 	
            Title:

          
	 	 

    

    

    

    

    

    

    

      

      

      

      

      

      

      

      

      

      

      

        

      

      

      
        

        

      

    

    
      
        

    

    
    EXHIBIT A

     

    FORM OF CREDITOR REPRESENTATIVE JOINDER (Section 3.1)

     

    

    

     

    Date: [_____________]

     

    To the Master Collateral Agent referred to below:

     

    Reference is made to (i) the Master Collateral Agency and Intercreditor Agreement, dated as of [___], 20[_] (the “Master Collateral Agency Agreement”), among Verizon Master Trust (the “Trust”),

      [___], as master collateral agent (in such capacity, the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer and each Creditor Representative from time to time party thereto (the “Master
        Collateral Agency Agreement”), and (ii) [describe Trust Financing Agreement] (the “Designated Trust Financing”), under which the undersigned is the [describe
        Creditor Representative capacity] (the “Designated Creditor Representative”).  Capitalized terms not otherwise defined herein are used herein as defined in Appendix A to the Master Collateral Agency Agreement, and the
      interpretive rules set forth in the Usage section of Appendix A to the Master Collateral Agency Agreement apply to this Joinder.

     

    Pursuant to Section 3.1 of the Master Collateral Agency Agreement, the Trust has designated the Designated Trust Financing as a Trust Financing under the Master Collateral Agency Agreement. 
      Accordingly, the Designated Creditor Representative hereby assumes effective as of [insert effective date] the rights and benefits of a Creditor Representative under the Master Collateral Agency Agreement, the
      Transaction Documents and the other Series Related Documents with respect to the Designated Trust Financing. With effect on and after [insert effective date], the Designated Creditor Representative shall be a
      party to the Master Collateral Agency Agreement and have all of the rights of a Creditor Representative under the Master Collateral Agency Agreement.

     

    [Remainder of Page Left Blank]

     

    

    

    

    

    

    

    
      Exhibit A-1

      
        

    

    	 	
            [__________], as Designated Creditor Representative

          
	 	 
	 	
            By:                                                                                

          
	 	
            Name:

          
	 	
            Title:

          
	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    
    EXHIBIT B

     

    SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    The assessment of compliance to be delivered by the Master Collateral Agent, shall address, at a minimum, the criteria specified below:

    

    

    

    

    	
            Reference

          	
            Criteria

          
	 	
            Cash Collection and Administration

          
	
            1122(d)(2)(ii)

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

          
	
            1122(d)(2)(iv)

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

          
	
            1122(d)(2)(v)

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

          
	 	
            Investor Remittances and Reporting

          
	
            1122(d)(3)(ii)

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

          
	
            1122(d)(3)(iii)

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

          
	
            1122(d)(3)(iv)

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

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Exhibit B-1

      
        

    

    
    EXHIBIT C

     

    

    

    

    

    Form of Re-Designation Notice

     

    [___],

    as Master Collateral Agent

    [___]

    [___]

    

    

    Verizon ABS II LLC

    One Verizon Way

    Basking Ridge, New Jersey 07920

    Attn: Chief Financial Officer

    

    

    Verizon Master Trust

    [___]

    [___]

    [___]

    Attn:  [___]

    

    

    Re-Designation Notice: Verizon Master Trust

     

    Ladies and Gentlemen:

     

    Under Section 3.3 of the Master Collateral Agency and Intercreditor Agreement, dated as of [___], 20[_] (the “Master Collateral Agreement”), among Verizon Master Trust (the “Trust”),
      [___], as master collateral agent (in such capacity, the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer and each Creditor Representative from time to time party thereto (the “Master
        Collateral Agency Agreement”), we notify the Master Collateral Agent, the Depositor and the Trust that on [____], 20[__], [___], 20[_] and [___], 20[_] (each, a “Re-Designation Date”), (x) under the Master Collateral Agreement, the
      Administrator designated to Group [_] the Receivables listed on the related Schedule of Receivables; and (y) (I) the Group to which such Receivables were re-designated and the Group from which such Re-Designated Receivable were removed, (II) the
      Group Pool Balance for the Group to which such Receivables were re-designated [and the Group from which such Re-Designated Receivable were removed], (III) the Required Pool Balance for the Group to which such Receivables were re-designated and (IV)
      the Excess Concentration Amount and Ineligible Amount, in each case, for each Series of the Group to which such Receivables were re-designated, in each case, for which Credit Extensions are Outstanding as of the related Re-Designation Date, and in
      each case, after giving effect to the re-designation of Receivables to the related Group on such Re-Designation Date and calculated as of the related Measurement Date, are as follows:

     

    	
              1.  Pool Balance [Identify Group]:

          	 
	
              2.  Required Pool Balance [Identify Group]:

          	 
	
              3.  Excess Concentration Amount [Identify Series and Group]

          	 

    

    

    
      Exhibit C-1

      
        

    

    	
              4.  Ineligible Amount [Identify Series and Group]

          	 
	
              5.  Cutoff Date

          	 

    

    

     

    Capitalized terms used but not defined herein will have the meanings provided in Appendix A of the Master Collateral Agreement.

     

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      Exhibit C-2

      
        

    

    	 	
            Very truly yours,

          
	 	 	 
	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	 	
            as Administrator

          
	 	 	 
	 	 	 
	 	
            By

          	
                                                                                             

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            Consented to:

          
	 	 	 
	 	 	 
	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By

          	
                                                                                             

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

    

    

    

    

    

      

      

      

    

     

    
      
        

    

    
    EXHIBIT D

     

    Form of Group Supplement

     

    [___],

    as Master Collateral Agent

    [___]

    [___]

    

    

    Group Supplement

     

    Ladies and Gentlemen:

     

    Under Section 3.2 of the Master Collateral Agency and Intercreditor Agreement, dated as of [___], 20[_] (the “Master Collateral Agreement”), among Verizon Master Trust (the “Trust”),
      [___], as master collateral agent (in such capacity, the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer and each Creditor Representative from time to time party thereto (the “Master
        Collateral Agency Agreement”), we notify the Master Collateral Agent that on the date hereof (the “Group Creation Date”), the Trust hereby creates a Group to be designated as “Group [_]” and that on and after the Group Creation Date,
      Receivables and other related Collateral may be designated to Group [_] in accordance with the Master Collateral Agreement. Group [_] will have the terms set forth below.

     

    Events of Default

     

    Each of the following will constitute an “Event of Default” for Group [_]:

     

    Primary Events of Default

     

    Each of the Events of Default specified in clauses [_] - [_] of the definition thereof.

     

    Secondary Events of Default

     

    Each of the Events of Default specified in clauses [_] - [_] of the definition thereof.

     

    Initial Cutoff Date

     

    The Initial Cutoff Date for Group [_] will be [___], 20[_].

     

    Available Subordinated Percentage

     

    The Available Subordinated Percentage for Group [_] will be [_]%, which percentage may be increased or decreased by the Administrator on any Payment Date with written notice to the Master Collateral
      Agent.

     

    Capitalized terms used but not defined herein will have the meanings provided in Appendix A of the Master Collateral Agreement.

     

    
      Exhibit D-1

      
        

    

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      Exhibit D-2

      
        

    

    	 	
            Very truly yours,

          
	 	 	 
	 	
            VERIZON MASTER TRUST,

          
	 	 	 
	 	 	 
	 	 	 
	 	
            By  

          	
                                                                      

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

     

    

      

      

      

      

      

      

      

      

      

      

      

        

        

        

      

      

    

    
      
        

    

    
    APPENDIX A

     

    USAGE AND DEFINITIONS

     

    

    

     

    (See attached)

     

    

    

    
      
        
          

      

      Appendix A

      

      

      Usage and Definitions

      

      

      Verizon Master Trust

      

      

      Usage

       

      The following usage rules apply to this Appendix, any document that incorporates this Appendix and any document delivered under any such document:

       

      (a)          The term “document” includes any document, agreement, instrument, certificate, notice, report, statement or other writing, whether in electronic or physical form.

       

      (b)          Accounting terms not defined or not completely defined in this Appendix will have the meanings given to them under generally accepted accounting principles, international financial reporting standards or
        other applicable accounting principles in effect in the United States of America on the date of the document that incorporates this Appendix.

       

      (c)          References to “Article,” “Section,” “Exhibit,” “Schedule,” “Appendix” or another subdivision of or to an attachment are, unless otherwise stated, to an article, section, exhibit, schedule, appendix or
        subdivision of or an attachment to the document in which the reference appears.

       

      (d)          Any document defined or referred to in this Appendix or in any document that incorporates this Appendix means the document as amended, modified, supplemented, restated or replaced, including by waiver or
        consent, and includes all attachments to and instruments incorporated in the document.

       

      (e)          Any statute defined or referred to in this Appendix or in any document that incorporates this Appendix means the statute as amended, modified, supplemented, restated or replaced, including by succession of
        comparable successor statute, and includes any rules and regulations under the statute and any judicial and administrative interpretations of the statute.

       

      (f)          References to “law” or “applicable law” in this Appendix or in any document that incorporates this Appendix include all rules and regulations enacted under such law.

       

      (g)          The calculation of any amount as of any day, unless otherwise stated, will be determined as of the end of that calendar day after the application or processing of any funds, payments and other transactions
        on that day.

       

      (h)          References to deposits, transfers and payments of any funds refer to deposits, transfers or payments of such funds in immediately available funds.

       

      (i)          The terms defined in this Appendix apply to the singular and plural forms of those terms.

       

      (j)          The term “including” means “including without limitation.”

       

      
        
          

      

      
      (k)          References to a Person are also to its permitted successors and assigns, whether in its individual or representative capacity.

       

      (l)          In the computation of periods of time from one date to or through a later date, the word “from” means “from and including,” the word “to” means “to but excluding,” and the word “through” means “to and
        including.”

       

      (m)          Except where “not less than zero” or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

       

      (n)          References to a month, quarter or year are, unless otherwise stated, to a calendar month, calendar quarter or calendar year.

       

      (o)          No Person will be deemed to have “knowledge” of a particular event or occurrence for purposes of any document that incorporates this Appendix, unless either (i) a Responsible Person of the Person has
        actual knowledge of the event or occurrence or (ii) the Person has received notice of the event or occurrence according to any Transaction Document.

       

      Definitions

      

      

      “60-Day Delinquent Receivable” means, for any date of determination, a Receivable for which there are unpaid charges remaining on the account sixty (60) days after the bill’s due date; provided that a
        Written-Off Receivable is not considered a 60-Day Delinquent Receivable.

       

      “AAA” means the American Arbitration Association.

       

      “Account Control Agreement” means each of (i) the Account Control Agreement relating to the Collection Account, dated as of the Initial Closing Date, among the Trust, as grantor, the Master Collateral Agent, as
        secured party, and [___], in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC and (ii) any account control agreement entered into in connection with any
        Series and relating to any Trust Accounts thereunder, in each case, among the Trust, as grantor, the Master Collateral Agent or applicable Indenture Trustee or other collateral agent, as secured party, and [___], in its capacity as both a
        “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC.

       

      “Acquisition Date” means each date on which the Trust acquires Receivables under Section 2.1(a) of the Transfer and Servicing Agreement, and the Depositor acquires Receivables under Section 2.1(a) of a
        Receivables Transfer Agreement, as set forth in the related Acquisition Notice.

       

      “Acquisition Date Supplement” means, for any Collection Period that includes an Acquisition Date, the supplement (which may be incorporated into the Monthly Investor Report) delivered by the Servicer setting
        forth (a) the aggregate Principal Balance as of the Cutoff Date for the Receivables transferred to the Trust, (b) the Receivables Transfer Amount for such Acquisition Date, and (c) such other information as required by a Trust Financing Agreement.

       

      
        A-2

        
          

      

      “Acquisition Notice” means the notice to the Depositor, the Trust, the Master Collateral Agent and each related Group Creditor Representative regarding the acquisition of Receivables under Section 2.1(a) of a
        Receivables Transfer Agreement, substantially in the form of Exhibit A to such Receivables Transfer Agreement.

       

      “Act” is defined, with respect to Creditor Representatives, in Section 11.3(a) of the Master Collateral Agreement, and, with respect to Noteholders, in the Indenture for the related Indenture Series.

       

      “Additional Originator” has the meaning set forth in Section 6.11 of the Originator Receivables Transfer Agreement.

       

      “Additional Series Successor Servicer Fee” has the meaning set forth in the applicable Trust Financing Agreement for a Series.

       

      “Additional Successor Servicer Fee” means, for any Payment Date, the sum of the Additional Series Successor Servicer Fees for each Series.

       

      “Additional Transferor” means each additional transferor under an Additional Transferor Receivables Transfer Agreement.

       

      “Additional Transferor Receivables Transfer Agreement” means each Additional Transferor Receivables Transfer Agreement among the related Additional Transferor, the Servicer and the Depositor.

       

      “Additional Transferor Transferred Property” means, for any Acquisition Date, (a) the related Receivables transferred by an Additional Transferor, (b) all amounts received and applied on such Receivables on or
        after the related Cutoff Date, (c) all present and future claims, demands, causes of action and choses in action relating to any of the property described above and (d) all payments on or under and all proceeds of the property described above.

       

      “Adjusted Series Invested Amount” means, with respect to any Series and with respect to any date of determination (and calculated as of the related Measurement Date), an amount equal to the sum of (i) the
        Discounted Series Invested Amount for such Series and (ii) the Series Incremental Required Invested Amount for such Series.

       

      “Administration Agreement” means the Administration Agreement, dated as of the Initial Closing Date, between the Administrator and the Trust.

       

      “Administrator” means Cellco, in its capacity as administrator under the Administration Agreement.

       

      “Adverse Claim” means any Lien other than a Permitted Lien.

       

      “Adverse Effect” means, with respect to any action, that such action will (a) result in the occurrence of an Amortization Event, a Potential Amortization Event, a Servicer Termination Event, a Potential Servicer
        Termination Event, an Event of Default or a Potential Default or (b)

       

      
        A-3

        
          

      

      materially and adversely affect the amount or timing of distributions to be made to the Creditors of any Trust Financing pursuant to the Series Related Documents.

       

      “Affiliate” means, for a specified Person (other than a natural Person), (a) another Person controlling, controlled by or under common control with the specified Person, (b) any other Person beneficially owning
        or controlling more than fifty percent (50%) of the outstanding voting securities or rights of or interest in the capital, distributions or profits of the specified Person or (c) any controlling shareholder of, or partner in, the specified Person.
        For the purposes of this definition, “control” when used with respect to any Person means the direct or indirect possession of the power to direct or cause the direction of the management or policies of the Person, whether through ownership, by
        contract, arrangement or understanding, or otherwise.

       

      [“Affiliate Agreement” means, with respect to any Business Device Payment Plan Agreement, the related parent/affiliate agreement, if any, that is entered into between Cellco and the related Affiliated Party, as
        the same may be amended from time to time.]

       

      [“Affiliated Party” means, with respect to any Business Device Payment Plan Agreement, (i) the Person that has entered into the related Affiliate Agreement and is identified therein as the “Affiliate” party
        thereto or (ii) the Person that is an affiliate or parent of the related Associated Account Agreement Party and is otherwise authorized by such Associated Account Agreement Party to enter into a Device Payment Plan Agreement pursuant to the terms
        of the related Associated Account Agreement.]

       

      “Aggregate Amortizing Series Allocation Percentage” means, with respect to any Group as of any date of determination (and calculated as of the related Measurement Date), the sum of the Series Allocation
        Percentages of each related Group Series in an Amortization Period as of such date of determination.

       

      “Aggregate Non-Amortizing Series Allocation Percentage” means, with respect to any Group as of any date of determination, the excess of 100% over the Aggregate Amortizing Series Allocation Percentage for such
        Group.

       

      “Amortization Event” means, as to any Series, each event, if any, specified in the relevant Trust Financing Agreement as an “Amortization Event,” “Loan Series Amortization Event,” “Indenture Series Amortization
        Event” or words to that effect for that Series.

       

      “Amortization Period” means, as to any Series any period specified in the related Trust Financing Agreement as an “Amortization Period,” “Loan Series Amortization Period,” “Indenture Series Amortization Period”
        or words to that effect for that Series.

       

      “Amortizing Series Group Available Funds” means with respect to any Payment Date and any Series of a Group in an Amortization Period, the product of the Aggregate Amortizing Series Allocation Percentage for such
        Group with respect to such Payment Date and the related Group Available Funds with respect to such Payment Date.

       

      

      

       

      
        A-4

        
          

      

      “Amount Financed” means, for a Receivable, the amount of credit provided to the Obligor for the purchase of the related Device.

       

      “Annual Percentage Rate” or “APR” of a Receivable means the annual rate of finance charges stated in the Receivable or in any federal Truth-in-Lending Act correction notice related to the Receivable.

       

       “Applicable Anti-Money Laundering Law” has the meaning set forth in Section 6.8 of the Trust Agreement.

       

      “Applicable Law” has the meaning set forth in Section 11.15 of the Master Collateral Agreement.

       

      “Applicable Tax State” means the State in which the Owner Trustee maintains its Corporate Trust Office, the State in which the Owner Trustee maintains its principal executive offices and the State of Delaware.

       

      “Arbitration Rules” means the AAA’s Commercial Arbitration Rules and Mediation Procedures.

       

      “ARR Series Allocation Percentage” means, with respect to any Group Series with at least one Class of Publicly Registered Notes and any date of determination, a fraction expressed as a percentage (i) the
        numerator of which is equal to the Adjusted Series Invested Amount for such Group Series as of such date and (ii) the denominator of which is equal to the aggregate Adjusted Series Invested Amount for all Group Series with at least one Class of
        Publicly Registered Notes as of such date; provided, however, if any such Group Series is in an amortization period, the numerator used to determine the ARR Series Allocation Percentage for such Group Series will be fixed as of the last day of the
        revolving period for such Group Series.

       

      “Asset Representations Review” means, following the occurrence of a Group Delinquency Trigger, the review of the related Group 60-Day Delinquent Receivables to be undertaken by the Asset Representations Reviewer
        pursuant to the terms of the Asset Representations Review Agreement.

       

      “Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated as of the Initial Closing Date, among the Asset Representations Reviewer, the Trust and the Servicer.

       

      “Asset Representations Reviewer” means [___], or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

       

      “Asset Representations Reviewer Fee” means (i) a monthly fee equal to $[_] per month, payable on each Payment Date, and (ii) the amount of any fee payable to the Asset Representations Reviewer in connection with
        its review of any Group 60-Day Delinquent Receivables in accordance with the terms of the Asset Representations Review Agreement.

       

      “Associated Account Agreement” means, with respect to any Business Device Payment Plan Agreement, the related major account agreement and/or enterprise account agreement or

       

      
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      other similar agreement, if any, that is entered into between Cellco (on behalf of its and its controlled and/or managed affiliates) and the related Associated Account Agreement Party, as the same may be amended from time to time.

       

      “Associated Account Agreement Party” means, with respect to any Associated Account Agreement, the Person identified therein as the “Customer” party thereto (or in the case of an Associated Account Agreement that
        is not a major account agreement or enterprise account agreement, such other similar designation used therein to describe the applicable party thereto).

       

       “Authenticating Agent” has the meaning set forth in Section 2.14(a) of the Indenture for an Indenture Series.

       

      “Available Subordinated Amount” means, with respect to any Payment Date and any Group, an amount equal to the product of (i) the Transferor’s Allocation for such Payment Date and (ii) the Available Subordinated
        Percentage.

       

      “Available Subordinated Percentage” means, with respect to any Group, the percentage set forth in the related Group Supplement, as such percentage may be modified in accordance with such Group Supplement.

       

      “Bankruptcy Action” has the meaning set forth in Section 5.5 of the Trust Agreement.

       

      “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. 101 et seq.

       

      “Bankruptcy Surrendered Receivable” means any Receivable that is secured by the related Device and is not a Written-Off Receivable for which (i) the related Obligor has entered into a bankruptcy proceeding and
        (ii) the Servicer has accepted the surrender of the related Device in satisfaction of the Receivable.

       

      “BBA Partnership Audit Rules” has the meaning set forth in Section 2.11(c) of the Trust Agreement.

       

      “Benchmark Replacement Conforming Changes” has the meaning set forth in Section 2.14(a) of the Indenture for an Indenture Series.

       

      “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to the provisions of Title I of ERISA, a “plan” described in and subject to Section 4975 of 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 Similar Law.

       

      “Book-Entry Note” means any Note issued in book-entry form.

       

      “Business Day” means any day other than (a) a Saturday, Sunday or other day on which banks in New York, New York, [___], [___] or any jurisdiction in which the Corporate Trust Office of the Master Collateral
        Agent, an Indenture Trustee, the Owner Trustee or any Paying Agent is located are authorized or required to close or (b) a holiday on the Federal Reserve calendar.

       

      
        A-6

        
          

      

      “Business Device Payment Plan Agreement” means a device payment plan agreement that is associated with an account of a Person that is a business customer.

       

      “Business Obligor” means an Obligor under a Business Device Payment Plan Agreement.

       

      “Business Receivable” means a Receivable that is a Business Device Payment Plan Agreement.

       

      “Cap Agreement” means any interest rate cap agreement relating to a Credit Extension, together with the schedule and credit support annex, in each case, between the Trust and the counterparty thereto, as such
        agreement may be amended and supplemented from time to time in accordance with its terms, in each case, as set forth in the related Trust Financing Agreement.

       

      “Cellco” means Cellco Partnership d/b/a Verizon Wireless, a Delaware general partnership, doing business as Verizon Wireless.

       

      “Certificate” means either the Class A Certificate or the Class B Certificate, as the context requires.

       

      “Certificate Distribution Account” means the account established and maintained as such pursuant to Section 4.1(a) of the Trust Agreement.

       

      “Certificate of Trust” means the Certificate of Trust of Verizon Master Trust.

       

      “Certificate Paying Agent” means initially the Owner Trustee and any other Person appointed as Certificate Paying Agent under Section 3.11 of the Trust Agreement.

       

      “Certificateholder” means the registered holder of a Certificate.

       

      “Class” means any class of Notes of any Series.

       

      “Class A Certificate” means the Class A Certificate executed by the Trust and authenticated by the Owner Trustee, evidencing a portion of the Equity Interest in the Trust, substantially in the form attached as
        Exhibit B-1 to the Trust Agreement.

       

      “Class A Certificateholder” means collectively, the Originators or their designee.

       

      “Class B Certificate” means the variable funding certificate executed by the Trust and authenticated by the Owner Trustee, substantially in the form attached as Exhibit B-2 to the Trust Agreement.

       

      “Class B Certificate Principal Balance” means (i) on the Initial Closing Date, $0 and (ii) on any Acquisition Date, an amount equal to the excess, if any, of the Receivables Transfer Amount for the Receivables
        to be acquired by the Trust on such Acquisition Date over the Receivables Cash Transfer Amount for such Receivables; provided, that, with respect to clause (ii), immediately following the acquisition by the
        Depositor of Receivables from the Originators on any Acquisition Date, and upon distribution by the Depositor to the Originators of the

       

      
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      amounts set forth in Section 2.2 of the Originator Receivables Transfer Agreement, the Class B Certificate Principal Balance will be decreased to zero for such date.

       

      “Class B Certificateholder” means the Depositor or its designee.

       

      “Clearing Agency” means an organization registered as a “clearing agency” under Section 17A of the Exchange Act.

       

      “Closing Date” means, with respect to any Series, the date specified as such in the related Trust Financing Agreement.

       

      “Code” means the Internal Revenue Code of 1986, as amended.

       

      “Collateral” means (a) the Trust Property, (b) all present and future claims, demands, causes of action and choses in action relating to the Trust Property and (c) all payments on or under and all proceeds of
        the Trust Property.

       

      “Collateral Account” has the meaning set forth in Section 2.1 of the relevant Account Control Agreement.

       

      “Collateral Release Date” means the earliest date on which all of the following shall have occurred: (i) the satisfaction and discharge of each Indenture in accordance with its terms, (ii) the termination of all
        commitments to extend credit under all other Trust Financings, and (iii) the payment in full of all Secured Obligations (other than contingent indemnification obligations that have not been asserted).

       

      “Collection Account” means the account or accounts established under Section 4.1(a) of the Transfer and Servicing Agreement.

       

      “Collection Period” means (i) initially, for any Group, the period beginning on the Initial Cutoff Date for such Group and ending on the last day of the calendar month in which such Initial Cutoff Date occurs
        and (ii) each calendar month thereafter.  For a Payment Date, the related Collection Period means the Collection Period before the month in which such Payment Date occurs, unless otherwise specified for any Series in the related Trust Financing
        Agreement.

       

      “Collections” means, for a Collection Period, all cash collections received from Obligors and any other cash proceeds (whether in the form of cash, wire transfer or check) in respect of the Receivables received
        and applied by the Servicer to the payment of the Receivables during that Collection Period, but excluding:

       

      	

            	(i)	
              the Supplemental Servicing Fee;

            

       

      	

            	(ii)	
              amounts with respect to any Reconveyed Receivable received on or after the related Reconveyance Cutoff Date;

            

       

      	

            	(iii)	
              any Recoveries or cash collections received with respect to Written-Off Receivables that were written-off before or during such Collection Period; and

            

       

      
        A-8

        
          

      

      	

            	(iv)	
              amounts with respect to any Transferred Receivable received on or after the related Transferred Receivable Cutoff Date.

            

       

      “Commission” means the U.S. Securities and Exchange Commission, and any successor thereto.

       

      “Consumer Device Payment Plan Agreement” means a device payment plan agreement that is associated with an account of a Person that is a consumer customer.

       

      “Consumer Obligor” means an Obligor under a Consumer Device Payment Plan Agreement.

       

      “Consumer Receivable” means a Receivable that is a Consumer Device Payment Plan Agreement.

       

      “Controlling Class” means with respect to each Series, the meaning set forth in the related Trust Financing Agreement.

       

      “Corporate Trust Office” means,

       

      (a) for the Owner Trustee or the Trust:

       

      [___]

      [___]

      Attn: [___]

      Telephone: [___]

      Fax: [___]

       

      or at another address in the State of Delaware as the Owner Trustee may notify the Master Collateral Agent, the Creditor Representatives, the Administrator, the Depositor and any Indenture Trustee,

       

      
        	

              	(b)	
                for any Indenture Trustee, the office of such Indenture Trustee at which at any particular time its corporate trust business shall be administered as set forth in the applicable Indenture, and

              

         

      	

            	(c)	
              for the Master Collateral Agent or the Paying Agent:

            

       

      [___]

      [___]

      [___]

      [___]

      [___]

      Attn: [___]

      Telephone: [___]

      Fax: [___]

      Email: [___]

       

      or at such other address as the Master Collateral Agent or Paying Agent may notify the Owner Trustee, the Depositor, the Administrator and the Creditor Representatives.

       

      
        A-9

        
          

      

      “Credit” means any payment credit (including one-time upfront credits and contingent, recurring credits), including the application of a returned security deposit and credits accrued on Verizon’s rewards credit
        card, allocated to the account of an Obligor that is applied by the Servicer against amounts due on the Obligor’s related invoice.

       

      “Credit Exposure” means (i) with respect to the Trust and any Noteholder and any Indenture Series or Class at any time, the Outstanding Principal Amount of all Notes of such Noteholder under such Indenture
        Series or Class that are Outstanding at such time, and (ii) with respect to the Trust and any other Creditor and the related Trust Financing Agreement at any time, the greater of (A) the then current amount of the commitments or credit limits, as
        applicable (Outstanding and unused) of such Creditor under such Trust Financing Agreement to make Credit Extensions to the Trust at such time, and (B) the Outstanding Principal Amount of all Credit Extensions of such Creditor under such Trust
        Financing that are Outstanding at such time.

       

      “Credit Extension” means a Loan, Note or other extension of credit by a Creditor to the Trust under a Trust Financing.

       

      “Credit Payment” means, with respect to any Collection Period, an amount equal to the reduction in the amount owed by an Obligor under a Receivable due to the application of any Credits to such Obligor’s account
        that would have otherwise constituted Collections during such Collection Period.

       

      “Creditor” means each Lender, Noteholder or other similar creditor of the Trust under any Trust Financing Agreement.  For the avoidance of doubt, each Group Creditor is also a Creditor.

       

      “Creditor Party” means the Master Collateral Agent, the Owner Trustee, any Authenticating Agent, any Paying Agent, each Creditor Representative and each Creditor.

       

      “Creditor Representative” means each agent, trustee or other Person designated as a representative of the Creditors under a Trust Financing Agreement that delivers a joinder to the Master Collateral Agreement
        pursuant to Section 3.1(b)(x) of the Master Collateral Agreement.  For the avoidance of doubt, each Group Creditor Representative is also a Creditor Representative.

       

      “Current Upgrade Offer” means the current upgrade offer extended by Verizon Wireless as of the date hereof to an existing Obligor under which such Obligor can upgrade certain specified Devices that are the
        subject of a device payment plan agreement if the following terms and conditions specified in such offer are satisfied:

       

      	

            	•	
              The customer may be able to upgrade an eligible device for a new qualifying device after thirty (30) days provided that such customer has paid at least 50% of the retail price of the eligible device under the related device payment plan
                agreement and returns such eligible device to Verizon Wireless in good working condition with no significant damage as determined by Verizon Wireless;

            

       

      
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            	•	
              The customer is required to purchase a new qualifying device under a new device payment plan agreement.  New device purchases are subject to then-available offers and any associated wireless service requirements;

            

       

      	

            	•	
              A customer’s account must be in good standing and such customer must satisfy Verizon Wireless’ eligibility requirements for a new device payment plan agreement;

            

       

      	

            	•	
              Upon entering into a device payment plan agreement for a new qualifying device, and after returning the eligible device to Verizon Wireless within fourteen (14) days, Verizon Wireless will agree, for the benefit of such customer and for
                the express benefit of any assignee of such customer’s original device payment plan agreement, to acquire such customer’s eligible device for the remaining balance of the related customer’s original device payment plan agreement and pay off
                and settle that remaining balance.  After Verizon Wireless does that, such customer’s only remaining obligations will be under the new device payment plan agreement and for associated wireless service;

            

       

      	

            	•	
              If a customer does not return an eligible device when upgrading, or if it is not returned to Verizon Wireless in good working condition, in each case the remaining balance under such customer’s original device payment plan agreement will
                be due on such customer’s next bill.  Good working condition requires, among other things, that the customer’s returned device powers on and off, does not have a cracked screen, has no significant damage as determined by Verizon Wireless,
                and has all password-protected security features (e.g., Find My iPhone) turned off;

            

       

      	

            	•	
              The Annual Upgrade Offer and the related terms and conditions may be modified or terminated by Verizon Wireless at any time.  A customer’s upgrade eligibility will be determined in the sole discretion of Verizon Wireless.  If the Annual
                Upgrade Offer is terminated or the related terms and conditions are not satisfied, a customer will remain responsible for the remaining balance due under the original device payment plan agreement.

            

       

      “Custodian” means Cellco, in its capacity as custodian of the Receivable Files.

       

      “Customer ID” means, with respect to any Receivable, the unique identification value assigned to a customer by Verizon, which is associated with the invoicing or billing for the underlying account related to
        such Receivable.

       

      “Customer Tenure” means the number of months the Obligor has had a Verizon Wireless account based on the oldest active account establishment date for such Obligor, which may include periods of up to fifty (50)
        days of disconnected service, up to ninety (90) days of suspended service or longer service suspensions in connection with the Servicemembers Civil Relief Act.

       

      “Cutoff Date” means, (a) with respect to each Receivable designated to a Group on an Acquisition Date, (i) the date specified as the Cutoff Date relating to such Receivable (which in any event shall not be later
        than the related Acquisition Date) in the Acquisition Notice delivered

       

      
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      with respect to the month in which such Acquisition Date occurred or (ii) if no such date is specified as the Cutoff Date relating to such Receivable in the Acquisition Notice delivered with respect to the month in which such Acquisition Date
        occurred, the end of the day on the last day of the month immediately preceding the month in which the Acquisition Date for such Receivable occurs and (b) with respect to each Receivable re-designated to a Group on a Re-Designation Date, (i) the
        date specified as the Cutoff Date in the Re-Designation Notice relating to such Receivable (which in any event shall not be later than the related Re-Designation Date) or (ii) if no such date is specified as the Cutoff Date in the Re-Designation
        Notice relating to such Receivable, the end of the day on the last day of the month immediately preceding the month in which the Re-Designation Date for such Receivable occurs.

       

      “Debtor Relief Law” means the Code and any liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, reorganization or similar Laws, whether United States Federal or State, affecting the
        rights or remedies of creditors generally, as in effect from time to time.

       

      “Definitive Notes” has the meaning set forth in Section 2.13 of the Indenture for the applicable Indenture Series.

       

      “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code.

       

      “Delinquency Trigger Percentage” with respect to any Group, has the meaning set forth in the related Trust Financing Agreement.

       

      “Delinquent” means an account on which an Obligor has unpaid charges remaining on the related account on the day immediately following the related date due as indicated on the Obligor’s bill, it being understood
        that with respect to a Business Receivable, such calculation shall be made as if payments on such Business Receivable were due on a monthly basis.

       

      “Depositor” means Verizon ABS II LLC, a Delaware limited liability company.

       

      “Depositor Transferred Property” means, for any Acquisition Date, (a) the Originator Transferred Property, (b) the Additional Transferor Transferred Property, if applicable, (c) the Depositor’s rights under the
        applicable Receivables Transfer Agreements, (d) all present and future claims, demands, causes of action and choses in action relating to any of the property described above, and (e) all payments on or under and all proceeds of the property
        described above.

       

      “Determination Date” means, for each Payment Date, the third Business Day immediately preceding such Payment Date.

       

      “Device” means the wireless device that is the subject of a device payment plan agreement that is a Receivable.

       

      “Discount Rate” means, with respect to any Receivable and any Series, the greater of (a) the “Discount Rate” set forth in the Trust Financing Agreement for such Series and (b) the contractual interest rate, if
        any, for such Receivable.

       

      
        A-12

        
          

      

      “Discount Ratio” means, as of any date of determination (and calculated as of the related Measurement Date) with respect to any Series, the ratio determined as (a) the related Group Pool Balance, divided by (b)
        the present value, calculated for such Series and each related Group Receivable using the applicable Discount Rate for such Series, of the remaining unpaid payments for the related Group Eligible Receivables.

       

      “Discounted Series Invested Amount” means, with respect to any Series and any date of determination (and calculated as of the related Measurement Date), an amount equal to the product of (i) the Series Invested
        Amount for such Series and (ii) (a) the related Group Pool Balance, divided by (b) the present value (discounted using the Discount Rate for such Series) of the remaining unpaid payments for all Group Receivables included in the related Group Pool
        Balance.

       

      “Distribution Account” means, with respect to any Series, an account established as such pursuant to the applicable Trust Financing Agreement.

       

      “Dispute Resolution Party” has the meaning set forth in Section 11.2 of the Transfer and Servicing Agreement.

       

      “Eligible Receivable” means, with respect to any Series, a Receivable that satisfies the eligibility characteristics set forth in the related Trust Financing Agreement.

       

      “Enhancement Agreement” means any agreement, instrument or document governing the terms of any Series Enhancement or pursuant to which any Series Enhancement is issued.

       

      “Equityholder” means Verizon DPPA True-up Trust, a Delaware statutory trust.

       

      “Equity Interest” means a beneficial ownership interest in the Trust, as recorded on the Trust Register.

       

      “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

       

      “Event of Default” means, with respect to a Group, the events of default set forth in the related Group Supplement.

       

      “Excess Concentration Amount” means, with respect to each Series and any date of determination (and calculated as of the related Measurement Date), an amount equal to the aggregate Principal Balance of the
        related Group Eligible Receivables that exceed the concentration limits for such Series (without duplication).

       

      “Exchange Act” means the Securities Exchange Act of 1934, as amended.

       

      “FATCA” means Sections 1471 through 1474 of the Code (or any amended or successor version that is substantively comparable), any current or future regulations or official interpretations thereof, any
        intergovernmental agreements or implementing legislation, regulations or official guidance with respect thereto, and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

       

      
        A-13

        
          

      

      “FICO® Score 8” means the FICO®
        Score 8 calculated, with respect to each Consumer Receivable on or about the date on which such Consumer Receivable was originated.

       

      “Final Maturity Date” means, with respect to any Credit Extensions, the final maturity date for such Credit Extension as set forth in the related Trust Financing Agreement.

       

      “Financial Institution” has the meaning set forth in the preamble to the relevant Account Control Agreement.

       

      “Financing Adjustment Date” means, with respect to any Group, each of (i) the opening of business on the first day of each Collection Period, (ii) the last day of each Collection Period, (iii) each Cutoff Date
        for related Group Receivables, (iv) each Transferred Receivable Cutoff Date for related Group Receivables, (v) each Re-Designation Cutoff Date for related Group Receivables (with respect to Receivables being designated to or from such Group), (vi)
        each date on which the Outstanding Principal Amount of any Group Credit Extension is increased or decreased and (vii) the Closing Date for any Group Series.

       

      “Fitch” means Fitch Ratings, Inc.

       

      “Government Receivable” means a Receivable that is associated with the account of a government customer.

       

      “Governmental Authority” means any government or political subdivision or any agency, authority, bureau, regulatory body, central bank, commission, department or instrumentality of any such government or
        political subdivision, or any other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government or any court, tribunal, grand jury or arbitrator, or any accounting board or authority
        (whether or not part of a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic.

       

      “Grant” means to mortgage, pledge, assign and to grant a lien on and a security interest in the relevant property.

       

      “Group” means any pool to which Receivables have been designated in accordance with the Master Collateral Agreement.

       

      “Group 60-Day Delinquent Receivable” means, for any date of determination and any Group, a 60-Day Delinquent Receivable that is a Receivable designated to such Group.

       

      “Group Allocated Percentage” means, with respect to any Series of a Group and any date of determination (and calculated as of the related Measurement Date), an amount equal to the product of (i) the Group
        Percentage for such Group and (ii) the Series Allocation Percentage for such Series.

       

      “Group Available Funds” means, for a Payment Date and any Group, the sum of the following amounts for the Payment Date (without duplication):

       

      
        A-14

        
          

      

      	

            	(a)	
              Collections on the Group Receivables for the related Collection Period (other than Collections on Written-Off Receivables) less any Receivables Cash Transfer Amounts paid by the Trust from Collections on the related Group Receivables for
                Receivables to be acquired by the Trust and designated to the related Group during the related Collection Period; plus

            

       

      	

            	(b)	
              Reconveyance Amounts received on Group Receivables that became Reconveyed Receivables during the related Collection Period and any amounts in respect of such Reconveyance Amounts paid by the Parent Support Provider; plus

            

       

      	

            	(c)	
              Credit Payments received on Group Receivables from the Marketing Agent or the related Originators during the related Collection Period and any amounts in respect of such Credit Payments paid by the Parent Support Provider; plus

            

       

      	

            	(d)	
              Upgrade Payments received from the Marketing Agent or the related Originators on Group Receivables subject to an Upgrade Offer during the related Collection Period and any amounts in respect of such Upgrade Payments paid by the Parent
                Support Provider; plus

            

       

      	

            	(e)	
              the excess of (i) Transfer Proceeds received on Group Receivables that became Transferred Receivables during the related Collection Period over (ii) the portion of any Transfer Proceeds received on Group Receivables that became
                Transferred Receivables during the related Collection Period distributed to or at the direction of the Equityholder in accordance with Section 9.4(e) of the Master Collateral Agreement; plus

            

       

      	

            	(f)	
              the Available Subordinated Amount for such Group for such Payment Date.

            

       

      “Group Assets” means, with respect to any Group, (a) the Trust Property relating to Receivables designated to such Group, (b) all present and future claims, demands, causes of action and choses in action
        relating to the Trust Property relating to Receivables designated to such Group and (c) all payments on or under and all proceeds of the Trust Property relating to Receivables designated to such Group.

       

      “Group Creditors” means, with respect to any Group, the Creditors of each Series related to such Group.

       

      “Group Creditor Representatives” means, with respect to any Group, each Creditor Representative for any Series related to such Group.

       

      “Group Delinquency Trigger” means, with respect to a Collection Period, the aggregate Principal Balance of Group 60-Day Delinquent Receivables as a percentage of the aggregate Principal Balance of the related
        Group Receivables as of the end of such Collection Period exceeds the related Delinquency Trigger Percentage for such Collection Period.

       

      “Group Eligibility Representation” has the meaning set forth in Section 3.3 of the related Receivables Transfer Agreement.

       

      “Group Eligible Receivable” means, with respect to any Group, each Receivable that is an Eligible Receivable for at least one Series related to such Group.

       

      
        A-15

        
          

      

      “Group Percentage” means, with respect to any Group and any date of determination (and calculated as of the related Measurement Date), a fraction, expressed as a percentage, (i) the numerator of which is equal
        to the aggregate Principal Balance of all Receivables designated to such Group and (ii) the denominator of which is equal to the aggregate Principal Balance of all Receivables.

       

      “Group Pool Balance” means, for any Group, the Pool Balance for such Group.

       

      “Group Receivable” means, with respect to any Group, each Receivable designated to such Group in an Acquisition Notice or re-designated to such Group in accordance with the Section 3.3 of the Master Collateral
        Agreement, but excluding any such Receivable that becomes a Transferred Receivable or Reconveyed Receivable, or is re-designated from such Group to another Group in accordance with the Section 3.3 of the Master Collateral Agreement.

       

      “Group Review Receivable” has the meaning set forth in the Asset Representations Review Agreement.

       

      “Group Secured Obligations” means, with respect to any Group, the Secured Obligations for each Group Series.

       

      “Group Secured Parties” means, with respect to any Group (i) the Master Collateral Agent, (ii) the related Group Creditors and related Group Creditor Representatives and (iii) each other Person specified as a
        secured party in any Trust Financing Agreement for a Series related to such Group.

       

      “Group Series” means, with respect to any Group, each Series related to such Group.

       

      “Group Supplement” has the meaning set forth in Section 3.2 of the Master Collateral Agreement.

       

      “Indemnified Amounts” has the meaning set forth in Section 7.4(a) of the Master Collateral Agreement and as may be specified in any Series Related Document.

       

      “Indemnified Person” has the meaning set forth in Section 6.3(a) of the Transfer and Servicing Agreement, Section 7.2(a) of the Trust Agreement, Section 7.4(a) of the Master Collateral Agreement and as may be
        specified in any Series Related Document.

       

      “Indenture” means, with respect to any Indenture Series, an indenture to be entered into between the Trust and the related Indenture Trustee, executed and delivered in connection with the original issuance of
        the Notes of such Indenture Series, as it may be amended, supplemented or modified from time to time.

       

      “Indenture Series” means any series of Notes issued under an Indenture, which may include within any such Indenture Series a Class or Classes of Notes subordinate to another such Class or Classes of Notes of the
        same Indenture Series.

       

      “Indenture Trustee” means the indenture trustee appointed under the Indenture for the applicable Indenture Series.

       

      
        A-16

        
          

      

      “Independent” means that the relevant Person (a) is independent of the Trust, the Depositor and their Affiliates, (b) does not have any direct financial interest or any material indirect financial interest in
        the Trust, the Depositor or their Affiliates and (c) is not an officer, employee, underwriter, trustee, partner, director or person performing similar functions of or for the Trust, the Depositor or their Affiliates.

       

      “Independent Certificate” means a certificate or opinion to be delivered to an Indenture Trustee under the circumstances described in Section 11.3 of the related Indenture, made by an Independent appraiser, a
        firm of certified public accountants of national reputation or other expert appointed by a Trust Order and approved by the related Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has
        read the definition of “Independent” in the related Indenture and that the signer is Independent within the meaning thereof.

       

      “Independent Investment Banker” means an independent investment banking or commercial banking institution of national standing appointed by Verizon Communications.

       

      “Ineligible Amount” means, with respect to any Series and any date of determination (and calculated as of the related Measurement Date), an amount equal to the aggregate Principal Balance of the related Group
        Receivables that are not Eligible Receivables for such Series.

       

      “Initial Closing Date” means [___], 20[_].

       

      “Initial Cutoff Date” means, with respect to any Group, the date specified in the related Group Supplement.

       

      “Initial Trust Property” means (a) the Depositor Transferred Property for the Initial Closing Date, (b) the Trust’s rights under the Transfer and Servicing Agreement, (c) all security entitlements to the Trust
        Accounts  and the Trust Account Property, (d) all present and future claims, demands, causes of action and choses in action for any of the foregoing and (e) all payments on and proceeds for any of the foregoing.

       

      “Insolvency Event” means, for a Person, that (1) (a) such Person admits in writing its inability to pay its debts generally as they become due, or makes a general assignment for the benefit of creditors, or (b)
        any proceeding is instituted by or against such Person seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any
        law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property, or (c)
        such Person generally does not pay its debts as such debts become due and, in the case of any proceeding instituted against such Person, such proceeding remains unstayed for more than sixty (60) days or an order or decree approving or ordering any
        of the foregoing shall be entered or (2) such person takes any corporate action to authorize any such action.

       

      “Investment Company Act” means the Investment Company Act of 1940, as amended.

       

      
        A-17

        
          

      

      “Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, executive order, order, court order, injunction, writ, decree, directive, judgment, injunction, award or
        similar item of or by a Governmental Authority or any interpretation, implementation or application thereof.

       

      “Lender” has the meaning set forth in any Trust Financing Agreement.

       

      “Letter of Credit” means any letter of credit entered into for the benefit of the related Credit Extensions, as set forth in the related Trust Financing Agreement.

       

      “Letter of Credit Provider” means any provider of a Letter of Credit, as set forth in the related Trust Financing Agreement.

       

      “Lien” means a security interest, lien, charge, pledge or encumbrance.

       

      “Loan” has the meaning assigned to such term, to an “Advance” or to any similar term in any Trust Financing Agreement.

       

      “Loan Series” means any Trust Financing provided under a loan or similar financing agreement with the Trust as borrower.

       

      “Majority Creditor Representatives” means, at any time and without duplication, Creditor Representatives for Creditors representing a majority of the aggregate Credit Exposure of the Trust Financings Outstanding
        at such time.

       

      “Majority Group Creditor Representatives” means, with respect to any Group, at any time and without duplication, Creditor Representatives of all Series of such Group representing a majority of the aggregate
        Credit Exposure of the Credit Extensions of such Group.

       

      “Majority Noteholders” has the meaning set forth in the Indenture for the applicable Indenture Series.

       

      “Majority Public Noteholders” means, at any time and without duplication, Public Noteholders representing a majority of the Outstanding Principal Amount of all Publicly Registered Notes.

       

      “Marketing Agent” means Cellco.

       

      “Marketing Agent Agency Agreement” means the Amended and Restated Marketing Agent Agency Agreement, dated as of September 27, 2016, between the Marketing Agent and the Verizon Originators.

       

      “Master Collateral Agent” means [___] not in its individual capacity but solely as Master Collateral Agent under the Master Collateral Agreement, or any successor Master Collateral Agent under the Master
        Collateral Agreement.

       

      
        A-18

        
          

      

      “Master Collateral Agent Annual Fee” means the administration fee of $[_] payable by the Trust annually in advance to the Master Collateral Agent as compensation for its services under the Master Collateral
        Agreement.

       

      “Master Collateral Agent Series Fee” means a monthly fee for each Series payable by the Trust on each Payment Date to the Master Collateral Agent as compensation for its services with respect to such Series.

       

      “Master Collateral Agreement” means the Master Collateral Agency and Intercreditor Agreement, dated as of the Initial Closing Date, among the Trust, the Master Collateral Agent, the Servicer and the Creditor
        Representatives from time to time party thereto.

       

      “Material Adverse Effect” means, with respect to any event or circumstance, a material adverse effect on the ability of the applicable Person to perform its obligations under any Transaction Document or Series
        Related Document.

       

      “Measurement Date” means, for purposes of making any calculation or performing any measurement or making any determination, the applicable date set forth below:

       

      	

            	(a)	
              if such calculation or measurement or determination is being made on any date of determination (including on or with respect to any Payment Date) with respect to the Receivables or any portion thereof and no other Measurement Date is
                specified in this definition, the last day of the Collection Period preceding the calendar month in which such date of determination (or such Payment Date) occurs;

            

       

      	

            	(b)	
              if such calculation or measurement or determination is being made on or with respect to any Acquisition Date or Re-Designation Date and any Receivables, the related Cutoff Date or Re-Designation Cutoff Date;

            

       

      	

            	(c)	
              if such calculation or measurement or determination is being made on or with respect to any Transfer Date and any Receivables, the related Transferred Receivable Cutoff Date;

            

       

      	

            	(d)	
              if such calculation or measurement or determination is being made on or with respect to any Closing Date and any Receivables, the related Cutoff Date;

            

       

      	

            	(e)	
              if such calculation or measurement or determination is being made with respect to (i) to the Outstanding Principal Amount of any Credit Extension or (ii) amounts on deposit in any Trust Account, the applicable date of determination; or

            

       

      	

            	(f)	
              if such calculation or measurement or determination is being made on or with respect to any other date of determination, such date of determination specifically set forth in the related Transaction Documents or Series Related Documents.

            

       

      “Monthly Investor Report” has the meaning set forth in Section 3.5(a) of the Transfer and Servicing Agreement.

       

      
        A-19

        
          

      

      “Monthly Remittance Condition” means the satisfaction of the following conditions:

       

      	

            	(i)	
              Verizon Communications’ long-term unsecured debt is rated equal to or higher than “[_]” by [_] (“[_]”)][, “[_]” by [_] (“[_]”)] and “[_]” by [_] (“[_]”)],

            

       

      	

            	(ii)	
              Verizon Communications guarantees certain payment obligations of Cellco, as Servicer, as provided in the Parent Support Agreement, and

            

       

      	

            	(iii)	
              no Servicer Termination Event has occurred.

            

       

      “Moody’s” means Moody’s Investors Service, Inc.

       

      “New Upgrade DPP” has the meaning set forth in Section 4.3(g) of the Transfer and Servicing Agreement.

       

      “Non-U.S. Person” means any Person who is not (i) a citizen or resident of the United States in the case of a natural person, (ii) a corporation or partnership (or an entity treated as a corporation or
        partnership for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state thereof, including the District of Columbia (unless, in the case of an entity treated as a partnership for U.S. federal
        income tax purposes, Treasury Regulations are adopted that provide otherwise), (iii) an estate, the income of which is subject to United States Federal income taxation, regardless of its source, (iv) a trust, if a court within the United States is
        able to exercise primary supervision over the administration of the trust and one or more United States persons (as defined in the Code and Treasury Regulations) have the authority to control all substantial decisions of the trust; or (v) a trust
        that was in existence prior to August 20, 1996 and that, under Treasury Regulations, is eligible to elect, and does validly elect, to be treated as a United States person (as defined in the Code and Treasury Regulations) despite not meeting the
        requirements of clause (iv).

       

      “Note” means one of the notes issued by the Trust pursuant to an Indenture.

       

      “Note Owner” means, with respect to a Book-Entry Note that is a Publicly Registered Note, the Person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of
        a Person maintaining an account with the Clearing Agency (directly as a Clearing Agency participant or as an indirect participant, in each case in accordance with the rules of the Clearing Agency).

       

      “Noteholder” means the Person in whose name a Note is registered on the Note Register or such other Person deemed to be a “Noteholder” in the Indenture for the applicable Indenture Series.

       

      “Note Register” has the meaning set forth in the Indenture for the applicable Indenture Series.

       

      “Note Registrar” has the meaning set forth in the Indenture for the applicable Indenture Series.

       

      
        A-20

        
          

      

      “Notice of Sole Control” has the meaning set forth in Section 6.8(a) of the relevant Account Control Agreement.

       

      “Obligor” means, with respect to any Receivable, the Person that (x) has signed the account agreement that relates to such Receivable and (y) owes payment under such Receivable; provided that, in the case of any
        Business Receivable, (A) for purposes of any discussion under any Transaction Document or other Series Related Document, regarding the Person that is obligated to make payments under such Receivable, [(i) if no Affiliated Party exists with respect
        to such Receivable,] such Person [under clause (x) above] shall be deemed to be the related Associated Account Agreement Party [and (ii) if an Affiliated Party exists with respect to such Receivable, (1) such Person [under clause (x) above] shall
        be deemed to be such Affiliated Party and (2) except as otherwise set forth in the related Associated Account Agreement, the term “Obligor” shall also be deemed to refer to the related Associated Account Agreement Party] and (B) for all other
        purposes, such Person shall be deemed to be the related Person assigned to the related Customer ID for such Receivable.

       

      “Officer’s Certificate” means (a) for the Trust, a certificate signed by a Responsible Person of the Trust and (b) for the Depositor, the Administrator, the Marketing Agent, the Parent Support Provider, any
        Originator or the Servicer, a certificate signed by any officer of such entity, as applicable.

       

      “Opinion of Counsel” means a written opinion of counsel (which may be internal counsel) which counsel is reasonably acceptable to the Master Collateral Agent, the Owner Trustee and the Rating Agencies, as
        applicable.

       

      “Originator” means Cellco, each Affiliate of Verizon Communications listed on Schedule 1 to Exhibit A of the Originator Receivables Transfer Agreement and any additional Affiliate of Verizon
        Communications not listed on Schedule 1 to Exhibit A of the Originator Receivables Transfer Agreement that either (x) executes an Originator Joinder Agreement substantially in the form of Exhibit B to the Originator
        Receivables Transfer Agreement and otherwise becomes a party to the Originator Receivables Transfer Agreement in accordance with its terms or (y) that has transferred any Receivables to an Additional Transferor which Receivables are transferred to
        the Depositor pursuant to the applicable Additional Transferor Receivables Transfer Agreement.

       

      “Originator Joinder Agreement” means each Originator Joinder Agreement substantially in the form of Exhibit B to the Originator Receivables Transfer Agreement.

       

      “Originator Receivables Transfer Agreement” means the Originator Receivables Transfer Agreement, dated as of the Initial Closing Date, between the Originators party thereto and the Depositor.

       

      “Originator Transferred Property” means, for any Acquisition Date, (a) the related Receivables transferred by related Originators, (b) all amounts received and applied on such Receivables on or after the related
        Cutoff Date, (c) all present and future claims, demands, causes of action and choses in action relating to any of the property described above and (d) all payments on or under and all proceeds of the property described above.

       

      
        A-21

        
          

      

      “Other Assets” means any assets (other than the Trust Property) sold, assigned or conveyed or intended to be sold, assigned or conveyed by the Depositor to any Person other than the Trust, whether by way of a
        sale, capital contribution, pledge or otherwise.

       

      “Other Trustee” has the meaning set forth in Section 11.14 of the Master Collateral Agreement.

       

      “Outstanding” means, as of any date of determination, (x) all Notes theretofore authenticated and delivered under the Indenture except: (a) Notes theretofore canceled by the Note Registrar or delivered to the
        Note Registrar for cancellation; (b) Notes or portions thereof the payment for which funds in the necessary amount have been theretofore deposited with the applicable Indenture Trustee or any Paying Agent in trust for the Noteholders (provided,
        however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture); and (c) Notes in exchange for or in lieu of other Notes that have been authenticated and delivered pursuant to the Indenture
        unless proof satisfactory to the applicable Indenture Trustee is presented that any such Notes are held by a Protected Purchaser; and (y) Credit Extensions outstanding under any other Trust Financings; provided that in determining whether the
        Creditors holding the requisite Outstanding Principal Amount of the Notes and other Credit Extensions have given any request, demand, authorization, direction, notice, consent or waiver under any Series Related Document, Notes or other Credit
        Extensions owned by the Trust, the Depositor, the Servicer or their respective Affiliates shall be disregarded and deemed not to be Outstanding, provided that, the Master Collateral Agent or any Creditor Representative, as the case may be, shall be
        fully protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, containing a certification to the effect that such Noteholder or Creditor is not an Affiliate of the Trust, the Depositor or the
        Servicer, absent manifest error. Notes and other Credit Extensions owned by the Trust, the Depositor, the Servicer or their respective Affiliates that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
        satisfaction of the Master Collateral Agent or such Creditor Representative, as the case may be, the pledgee’s right so to act with respect to such Notes and other Credit Extensions and certifies to the Master Collateral Agent or such Creditor
        Representative that the pledgee is not the Trust, the Depositor, the Servicer or any Affiliate thereof.  However, Notes owned by the Trust, the Depositor, the Servicer or their respective Affiliates will be considered to be Outstanding if (A) no
        other Notes remain Outstanding, or (B) the Notes have been pledged in good faith and the pledgee establishes to the reasonable satisfaction of the applicable Indenture Trustee the pledgee’s right to act for the Notes and that the pledgee is not the
        Trust, the Depositor, the Servicer or their Affiliates.  The Master Collateral Agent may rely upon any request, demand, authorization, direction, notice, consent or waiver delivered to it by a Creditor Representative and shall have no duty or
        obligation to monitor, investigate or determine whether the Creditor Representative has properly obtained or determined that the Notes or Credit Extensions owned by the Creditors it represents are Outstanding.

       

      “Outstanding Principal Amount” means, as of any date of determination (and calculated as of the related Measurement Date) with respect to the Notes, the Loans or other Credit Extensions, the aggregate
        outstanding principal amount of the Notes, Loans or other Credit Extensions, as the context requires.

       

      
        A-22

        
          

      

      “Owner Trustee” means [___], a [national banking association], not in its individual capacity but solely as Owner Trustee under the Trust Agreement.

       

      “Owner Trustee Fee” means an annual fee equal to $[_], payable on the Payment Date in [___] of each calendar year, beginning in [___], 20[_].

       

      “Parent Support Agreement” means the Parent Support Agreement, dated as of the Initial Closing Date, among the Parent Support Provider, the Depositor, the Trust and the Master Collateral Agent.

       

      “Parent Support Provider” means Verizon Communications.

       

      “Paying Agent” means with respect to the Collection Account and each Trust Account, initially the Master Collateral Agent or any other Person that meets the eligibility standards for the Master Collateral Agent
        (except subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act) specified in Section 7.8 of the Master Collateral Agreement and is authorized by the Trust to make the payments from such accounts, including payment of principal of or
        interest on the Credit Extensions on behalf of the Trust; provided that if the Trust Financing Agreement for a Series so provides, a separate or additional Paying Agent may be appointed with respect to such Series.

       

      “Payment Date” means the [_] day of each month or, if not a Business Day, the next Business Day, starting in [___], 20[_].  For a Collection Period, the related Payment Date means the Payment Date following the
        end of the Collection Period.

       

      “Percentage Interest” means, with respect to each Certificate, the percentage interest in the Trust represented by such Certificate.

       

      “Permitted Activities” has the meaning set forth in Section 2.3(a) of the Trust Agreement.

       

      “Permitted Investments” means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form that evidence:

       

      (a)          (x) direct or fully guaranteed United States treasury obligations, (y) U.S. Department of Housing and Urban Development public agency bonds, Federal Housing Administration debentures, Government National
        Mortgage Association guaranteed mortgage-backed securities or participation certificates, RefCorp debt obligations, SBA-guaranteed participation certificates and guaranteed pool certificates or (z) Farm Credit System consolidated systemwide bonds
        and notes, Federal Home Loan Banks’ consolidated debt obligations, Federal Home Loan Mortgage Corp. debt obligations and Federal National Mortgage Association debt obligations, if, with respect to the investments listed in clause (z) and if any
        Credit Extensions are then rated, they meet the criteria of each Rating Agency for collateral for securities having ratings equivalent to the respective ratings of the Credit Extensions in effect at such time;

       

      (b)          demand deposits, time deposits, certificates of deposit or bankers’ acceptances of any depository institution or trust company (i) incorporated under the laws of the United States or any State or any
        United States branch or agency of a foreign bank, (ii) subject to

       

      
        A-23

        
          

      

      supervision and examination by federal or State banking or depository institution authorities and (iii) where the commercial paper or other short-term unsecured debt obligations (other than obligations with a rating
        based on the credit of a Person other than the depository institution or trust company) of such depository institution or trust company have the Required Rating;

       

      (c)          commercial paper, including asset-backed commercial paper, having the Required Rating;

       

      (d)          investments in money market funds having the Required Rating (including funds for which the Master Collateral Agent or the Owner Trustee or any of their Affiliates is investment manager or advisor); and

       

      (e)          if any Credit Extensions are then rated, any other investment that is acceptable to each Rating Agency of any such Credit Extensions hereunder.

       

      “Permitted Lien” means a Lien that attaches by operation of law, or any security interest of the Depositor in the Originator Transferred Property under the Originator Receivables Transfer Agreement, the
        Depositor in the Additional Transferor Transferred Property under the related Additional Transferor Receivables Transfer Agreement, the Trust in the Depositor Transferred Property under the Transfer and Servicing Agreement, the Master Collateral
        Agent in the Collateral under the Master Collateral Agreement or any Indenture Trustee in any collateral specified with respect to the related Series under the related Indenture.

       

      “Person” means a legal person, including a corporation, natural person, joint venture, limited liability company, partnership, trust, business trust, association, government, a department or agency of a
        government or any other entity.

       

      “Personally Identifiable Information” has the meaning set forth in the Asset Representations Review Agreement.

       

      “Pool Balance” means, for any Group as of any date of determination (and calculated as of the related Measurement Date), an amount equal to the aggregate Principal Balance of the Group Eligible Receivables. For
        purposes of calculating the Pool Balance of any Group as of any Measurement Date, such Pool Balance shall (i) include (x) all Group Receivables with a Cutoff Date on or prior to such Measurement Date, even if the Acquisition Date for such Group
        Receivables occurs subsequent to such Measurement Date, so long as the Acquisition Date with respect to such Group Receivables occurs on or prior to the date of determination to which such Measurement Date relates and (y) all Group Receivables
        re-designated to such Group with a Re-Designation Cutoff Date on or prior to such Measurement Date, even if the Re-Designation Date for such Group Receivables occurs subsequent to such Measurement Date, so long as the Re-Designation Date with
        respect to such Group Receivables occurs on or prior to the date of determination to which such Measurement Date relates and (ii) exclude (x) all Transferred Receivables and Reconveyed Receivables with a Transferred Receivables Cutoff Date or
        Reconveyance Cutoff Date, as applicable, on or prior to such Measurement Date, even if the Transfer Date for such Transferred Receivables or the Reconveyance Date for such Reconveyed Receivables, as applicable, occurs after such Measurement Date,
        so long as the Transfer Date with respect to such Transferred Receivables or Reconveyance Date with respect to such

       

      
        A-24

        
          

      

      Reconveyed Receivables, as applicable, occurs on or prior to the date of determination to which such Measurement Date relates and (y) all Receivables re-designated from such Group with a Re-Designation Cutoff Date on or prior to such Measurement
        Date, even if the Re-Designation Date for such Re-Designated Receivables, as applicable, occurs after such Measurement Date, so long as the Re-Designation Date with respect to such Re-Designated Receivables occurs on or prior to the date of
        determination to which such Measurement Date relates.

       

      “Pool Balance Deficit” means, for any Group as of any date of determination (and calculated as of the related Measurement Date), the amount, if any, by which (a) the Required Pool Balance for such Group is
        greater than (b) the Group Pool Balance.

       

      “Potential Amortization Event” means any event that would constitute an Amortization Event with the giving of notice or the passage of time or both.

       

      “Potential Default” means any event that with notice or the passage of time or both would become an Event of Default.

       

      “Potential Servicer Termination Event” means any event that would constitute a Servicer Termination Event with the giving of notice or the passage of time or both.

       

      “Primary Event of Default” means, with respect to a Group, the primary events of default set forth in the related Group Supplement.

       

      “Primary Series Document” means, with respect to any Series, each of (i) the Master Collateral Agreement and (ii) the related Trust Financing Agreement.

       

      “Principal Balance” means, for a Receivable as of any date of determination (and calculated as of the related Measurement Date), an amount (not less than zero) equal to, without duplication:

       

      	

            	(a)	
              the Amount Financed; minus

            

       

      	

            	(b)	
              the portion of the amounts paid by the related Obligor applied on or before that date allocable to principal on such Receivable; minus

            

       

      	

            	(c)	
              any Credits allocated to such Receivable;

            

       

      provided, that, the Principal Balance for any Written-Off Receivable will be deemed to be zero.

       

      “Principal Funding Account” means, with respect to any Series, any account designated as a “Principal Funding Account” pursuant to the applicable Trust Financing Agreement.

       

      “Principal Funding Account Limit” means, with respect to any Series, the amount set forth in the applicable Trust Financing Agreement.

       

      “Principal Series Terms” means, with respect to any Series, the following information related thereto, not all of which will necessarily apply to each Series:

       

      
        A-25

        
          

      

      (a)          the name or designation and Closing Date for such Series;

       

      (b)          the initial Outstanding Principal Amount of each Class of Notes, Loans or other type of Credit Extensions (or method for calculating such amount);

       

      (c)          the interest rate for each Class of Notes, Loans or other type of Credit Extensions of such Series (or method for the determination thereof);

       

      (d)          the date or dates from which interest shall accrue;

       

      (e)          the method for allocating related Group Available Funds to Creditors of such Series;

       

      (f)          the terms of any form of Series Enhancement with respect thereto;

       

      (g)          the terms, if any, on which the Notes, Loans or other Credit Extensions of such Series may be exchanged for Notes or other Credit Extensions of another Series, repurchased or remarketed to other investors;

       

      (h)          (x) the number of Classes of Credit Extensions of such Series, (y) the Final Maturity Date for each Class of Credit Extensions issued in such Series and (z) if more than one Class, the rights and
        priorities of each such Class;

       

      (i)          the extent to which the Credit Extensions of such Series will be issuable in temporary or permanent global form (and, in such case, the depositary for such global note or notes, the terms and conditions,
        if any, upon which such global note or notes may be exchanged, in whole or in part, for Definitive Notes, and the manner in which any interest payable on a temporary or global note will be paid);

       

      (j)          whether the Credit Extensions of such Series may be issued in bearer form and any limitations imposed thereon;

       

      (k)          the priority of such Series with respect to any other Series;

       

      (l)          whether such Series will be a Sharing Series;

       

      (m)          the related Trust Financing Agreement;

       

      (n)          the Required OC Percentage and Discount Rate for such Series;

       

      (o)          the Amortization Events for such Series;

       

      (p)          the criteria for determining whether a Receivable is an Eligible Receivable for such Series;

       

      (q)          the criteria for determining the Excess Concentration Amounts for such Series;

       

      (r)          any Series Enhancement for such Series and the related Series Enhancer;

       

      
        A-26

        
          

      

      (s)          the Creditor Representative for such Series; and

       

      (t)          the Group or Groups to which such Series relates.

       

      “Proceeding” means a suit in equity, action at law or other judicial or administrative proceeding, or governmental investigation.

       

      “Protected Purchaser” has the meaning set forth in Section 8-303 of the UCC.

       

      “Public Noteholder” means any Noteholder of Publicly Registered Notes.

       

      “Publicly Registered Credit Extensions” means the notes of any Indenture Series that are registered under and offered in compliance with the requirements of the Securities Act.

       

      “Publicly Registered Notes” means the Notes of any Indenture Series in a Group that are registered under and offered in compliance with the requirements of the Securities Act.

       

      “Qualified Institution” means [___], [___], or a trust company or a bank or depository institution organized under the laws of the United States or any State or any United States branch or agency of a foreign
        bank or depository institution that (i) is subject to supervision and examination by federal or State banking authorities, (ii) has a short-term deposit rating of “F1+” from Fitch, if rated by Fitch, “P-1” from Moody’s, if rated by Moody’s, and
        “A-1+” from S&P, if rated by S&P, (iii) if the institution holds any Trust Accounts, has a long-term unsecured debt rating or issuer rating of at least “A” from Fitch, if rated by Fitch, at least “Aa3” from Moody’s, if rated by Moody’s, and
        at least “A” from S&P, if rated by S&P and (iv) if the institution is organized under the laws of the United States, whose deposits are insured by the Federal Deposit Insurance Corporation.

       

      “Rating Agency” means any nationally recognized statistical rating organization rating any Credit Extensions, if any, as set forth in the related Trust Financing Agreement.

       

      “Rating Agency Condition” means, with respect to an action or request, if any rating agency has been engaged to rate any Credit Extensions, that, according to the then-current policies of each such rating
        agency, such rating agency has either notified the Depositor, the Servicer, the Owner Trustee, the Master Collateral Agent and, with respect to actions or requests relating to the Notes of an Indenture Series, the Indenture Trustee for such
        Indenture Series, that the proposed action or request will not result in a downgrade or withdrawal of its then current rating on any of such Credit Extensions, or does not notify the Depositor, the Servicer, the Owner Trustee, the Master Collateral
        Agent or, with respect to actions or requests relating to the Notes of an Indenture Series, the Indenture Trustee for such Indenture Series, that the proposed action or request will result in a downgrade or withdrawal of its then-current rating on
        any of such Credit Extensions, within ten (10) days following any request therefor.

       

      “Receivable” means any device payment plan agreement acquired by the Trust on an Acquisition Date, excluding (i) any device payment plan agreement that was a Written-Off Receivable sold under Section 3.4 of the
        Transfer and Servicing Agreement, (ii) any Reconveyed Receivable and (iii) any Transferred Receivable.

       

      
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      “Receivable File” has the meaning set forth in Section 3.10(b) of the Transfer and Servicing Agreement.

       

      “Receivables Cash Transfer Amount” means, for an Acquisition Date, the lesser of (a) the Receivables Transfer Amount and (b) the excess of (i) with respect to the Group to which the related Receivables will be
        designated, the Aggregate Non-Amortizing Series Allocation Percentage of Collections on the Group Receivables received by the Servicer that have yet to be distributed to the Group Series in accordance with the Master Collateral Agreement over (ii)
        if such Acquisition Date occurs (A) prior to the Payment Date in any month, the aggregate Series Monthly Payment Amount for each Group Series as reasonably determined by the Servicer for such Payment Date and the immediately following Payment Date
        and (B) on or after the Payment Date in any month, the aggregate Series Monthly Payment Amount for each Group Series as reasonably determined by the Servicer for the immediately following Payment Date.

       

      “Receivables Transfer Agreements” or “Receivables Transfer Agreement” means, collectively or individually, the Originator Receivables Transfer Agreement and each Additional Transferor Receivables Transfer
        Agreement, as the context may require.

       

      “Receivables Transfer Amount” means, for an Acquisition Date, an amount equal to the discounted present value of the remaining unpaid payments (as of the end of the day on the related Cutoff Date) for the
        remaining term of such Receivable discounted using the Weighted Average Discount Rate for the Group to which such Receivable will be designated as of the related Cutoff Date, on the basis of a 360-day year of twelve 30-day months and assuming each
        amount is received at the end of the Collection Period in which the amount is scheduled to be received.

       

      “Reconveyance Amount” means, for a Reconveyed Receivable, the present value of the Principal Balance of the Receivable as of the Reconveyance Cutoff Date (calculated using the Weighted Average Discount Rate for
        the related Group as of such date, on the basis of a 360-day year of twelve 30-day months and assuming each amount is received at the end of the Collection Period in which the amount is scheduled to be received).

       

      “Reconveyance Cutoff Date” means, for any Reconveyed Receivable, the last day of the Collection Period preceding the Collection Period in which the related Reconveyance Date occurs.

       

      “Reconveyance Date” means, for any Reconveyed Receivable, the date on which the related Reconveyance Amount is deposited in the Collection Account.

       

      “Reconveyed Receivable” means a Receivable (a) acquired by the Servicer under Section 2.7 of the Transfer and Servicing Agreement, Section 3.3 of the Transfer and Servicing Agreement or Section 3.4 or Section
        3.5 of any Additional Transferor Receivables Transfer Agreement, (b) acquired by the Marketing Agent under Section 4.3(i) of the Transfer and Servicing Agreement or (c) reacquired by an Originator under Section 3.4 or Section 4.6 of the Originator
        Receivables Transfer Agreement.

       

      “Record Date” means, for a Payment Date and a Book-Entry Note, the end of the day on the day before the Payment Date, and for a Payment Date and a Definitive Note, the last day of

       

      
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      the month before the month in which the Payment Date occurs, and with respect to any notice, vote or consent, the most recently occurring Record Date for a Payment Date.

       

      “Recoveries” means, for any Written-Off Receivable and a Collection Period, an amount equal to:

       

      (a)          all amounts received and applied by the Servicer during the Collection Period for such Written-Off Receivable after the date on which it became a Written-Off Receivable including any proceeds from the sale
        of a Device securing any Receivable; minus

       

      (b)          any amounts paid by the Servicer for the account of the related Obligor with respect to such Written-Off Receivable, including collection expenses and other amounts paid to third parties, if any, in
        connection with collections on the Written-Off Receivable; minus

       

      (c)          amounts, if any, required by Law or under the Servicing Procedures to be paid to the Obligor with respect to such Written-Off Receivable.

       

      “Redemption Date” means any redemption date specified in the Trust Financing Agreement for a Series.

       

      “Re-Designation Cutoff Date” means, for any Re-Designated Receivable, the last day of the Collection Period preceding the Collection Period in which the related Re-Designation Date occurs.

       

      “Re-Designation Date” means each date on which a Receivable is re-designated from one Group to another Group in accordance with Section 3.3 of the Master Collateral Agreement, as set forth in the related
        Re-Designation Notice.

       

      “Re-Designation Notice” means the notice to the Trust, the Depositor and the Master Collateral Agent regarding the re-designation of Receivables from one Group to a different Group under Section 3.3 of the
        Master Collateral Agreement, substantially in the form of Exhibit C to the Master Collateral Agreement.

       

       “Re-Designated Receivable” means a Receivable re-designated from one Group to another Group in accordance with the Master Collateral Agreement.

       

      “Reference Treasury Dealer” means (1) any independent investment banking or commercial banking institution of national standing and any of its successors appointed by Verizon Communications; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States, referred to as a “Primary Treasury Dealer,” another Primary Treasury Dealer
        substituted therefor, and (2) any other Primary Treasury Dealer selected by an Independent Investment Banker and approved in writing by Verizon Communications.

       

      “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as
        have been provided by the Commission in the adopting

       

      
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      releases (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014)) or
        by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

       

      “Requesting Noteholders” has the meaning set forth in Section 12.1 of the Master Collateral Agreement.

       

      “Requesting Party” has the meaning set forth in Section 11.2 of the Transfer and Servicing Agreement.

       

      “Required OC Amount” means, with respect to any Series as of any date of determination (and calculated as of the related Measurement Date), an amount equal to (a) the product of (i) the Required OC Percentage
        for such Series, expressed as a fraction, times (ii) (x) during the Revolving Period for such Series, the Outstanding Principal Amount of any Credit Extensions Outstanding in such Series and (y) during the Amortization Period for such Series, the
        Outstanding Principal Amount of any Credit Extensions Outstanding in such Series as of the last day of the Revolving Period for such Series, divided by (b) the percentage, expressed as a fraction, equal to 100% minus the Required OC Percentage for
        such Series.

       

      “Required OC Percentage” means, as of any date of determination (and calculated as of the related Measurement Date) with respect to any Series, the “Required OC Percentage,” “Loan Series Required OC Percentage,”
        “Indenture Series Required OC Percentage” or words to that effect set forth in the Trust Financing Agreement for such Series.

       

      “Required Pool Balance” means for any Group as of any date of determination (and calculated as of the related Measurement Date) an amount equal to the excess (if any) of (i) the sum of the Adjusted Series
        Invested Amount for all related Group Series over (ii) the sum, for each related Group Series, of the following amount for each such Group Series: the lesser of (a) all amounts in any Principal Funding Account for such Group Series and (b) the
        Principal Funding Account Limit for such Group Series, as applicable.

       

      “Required Rating” means, for short term unsecured debt obligations, a rating of at least (a) “A-1” from S&P and (b) the equivalent of “A-1” from each Rating Agency rating a Credit Extension, if any.

       

      “Reserve Account” means, with respect to any Series, an account established as such pursuant to the applicable Trust Financing Agreement.

       

       “Reset Date” means, for all Series, each date that is the last day of a Revolving Period for any Series.

       

      “Responsible Person” means:

       

      	

            	(a)	
              for the Administrator, the Depositor, the Sponsor, the Servicer, the Marketing Agent, the Parent Support Provider or any Originator, a Person designated in an Officer’s Certificate of the Person or other notice signed by an officer of
                the

            

       

      
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              Person authorized to act for the Person or any treasurer, assistant treasurer or corporate secretary of such Person that has responsibility for the matter;

            

       

      	

            	(b)	
              for the Trust, an officer in the Corporate Trust Office of the Owner Trustee, any officer of the Owner Trustee to whom any matter is referred because of the officer’s knowledge of and familiarity with the matter, and a Responsible Person
                of the Administrator;

            

       

      	

            	(c)	
              for the Master Collateral Agent or the Owner Trustee, an officer in the Corporate Trust Office of the Master Collateral Agent or the Owner Trustee, respectively, including each vice president, assistant vice president, secretary,
                assistant secretary or other officer customarily performing functions similar to those performed by those officers listed above, and any officer of the Master Collateral Agent or the Owner Trustee, as applicable, to whom any matter is
                referred because of the officer’s knowledge of and familiarity with the matter, and in each case, having direct responsibility for the administration of the Transaction Documents to which it is a party; and

            

       

      	

            	(d)	
              for any Indenture Trustee, an officer in the Corporate Trust Office of such Indenture Trustee, including each vice president, assistant vice president, secretary, assistant secretary or other officer customarily performing functions
                similar to those performed by those officers listed above, and any officer of such Indenture Trustee to whom any matter is referred because of the officer’s knowledge of and familiarity with the matter, and in each case, having direct
                responsibility for the administration of the related Indenture and other Series Related Documents to which it is a party.

            

       

      “Review” has the meaning set forth in the Asset Representations Review Agreement.

       

      “Review Materials” has the meaning set forth in the Asset Representations Review Agreement.

       

      “Review Notice” has the meaning set forth in the Asset Representations Review Agreement.

       

      “Review Report” means, for an Asset Representations Review, the report of the Asset Representations Reviewer described in Section [3.5] of the Asset Representations Review Agreement.

       

      “Revolving Period” means, as to any Series, any period specified in the relevant Trust Financing Agreement as a “Revolving Period,” “Loan Series Revolving Period,” “Indenture Series Revolving Period” or words to
        that effect, if any, for that Series.

       

      “S&P” means S&P Global Ratings.

       

      “Sarbanes Certification” has the meaning set forth in Section 6.7(a)(iv) of the Transfer and Servicing Agreement.

       

      
        A-31

        
          

      

      “Schedule of Receivables” means each schedule identifying any Receivables attached as Schedule A to any Acquisition Notice or Re-Designation Notice or the electronic file with respect thereto delivered by the
        Depositor, or the Administrator on its behalf, to the Trust and the Master Collateral Agent for an Acquisition Date.

       

      “Secondary Event of Default” means, with respect to a Group, the secondary events of default set forth in the related Group Supplement.

       

      “Secured Obligations” means, with respect to any Series, all present and future indebtedness and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute
        or contingent, or due or to become due) of the Trust to any Secured Party arising under or in connection with the related Series Related Document or the transactions contemplated thereby, and shall include, without limitation, all principal of and
        interest on any Credit Extensions of such Series and all other amounts due or to become due under the related Series Related Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation,
        interest, fees and other obligations that accrue after the commencement of any bankruptcy, insolvency or similar proceeding with respect to the Trust (in each case whether or not allowed as a claim in such proceeding).

       

      “Secured Parties” means the Master Collateral Agent, the Creditors and each Indemnified Person.

       

      “Secured Party Order” has the meaning set forth in Section 3.2 of the relevant Account Control Agreement.

       

      “securities account” means each Trust Account subject to the terms of an Account Control Agreement.

       

      “Securities Act” means the Securities Act of 1933, as amended.

       

      “securities intermediary” means [___].

       

      “Securitization Equity” means any equity interest in a securitization trust (or other entity) sponsored by Cellco, including any increase in the value of such equity interest.

       

      “Series” means an Indenture Series or a Loan Series, in each case, entitled to Collections on and other proceeds of the Receivables designated
          to the Group of which such Series relates. 

      

       

      “Series Account” means for any Series any distribution account, principal funding account, reserve account or other deposit, trust, securities escrow or similar account maintained for the benefit of the
        Creditors with respect to such Series, as specified in the related Trust Financing Agreement.

       

      “Series Allocation Percentage” means, for any date of determination with respect to any Series and as determined by the Servicer, a fraction, expressed as a percentage, (a) the numerator of which is (i) if the
        Revolving Period for such Series is in effect as of the last day of the Collection Period immediately preceding the Collection Period in which such date of determination occurs, the sum, for each Financing Adjustment Date for the related Group

       

      
        A-32

        
          

      

      occurring in such immediately preceding Collection Period, of the product of (1) the Adjusted Series Invested Amount for such Series on such Financing Adjustment Date calculated as of the related Measurement Date, multiplied by (2) the number of
        days from and including such Financing Adjustment Date, to but (x) including the immediately succeeding Financing Adjustment Date for the related Group if such Financing Adjustment Date is the last day of each Collection Period or (y) excluding the
        immediately succeeding Financing Adjustment Date for the related Group if such Financing Adjustment Date is any other Financing Adjustment Date, and (ii) if the Revolving Period for such Series is not in effect as of the last day of the Collection
        Period immediately preceding the Collection Period in which such date of determination occurs, the product of (1) the Adjusted Series Invested Amount for such Series as of the last day of the Revolving Period for such Series calculated as of the
        related Measurement Date, multiplied by (2) the number of days in such immediately preceding Collection Period, and (b) the denominator of which is the greater of (i) the sum of the numerators set forth in clause (a) in this definition for all
        Group Series on such date, and (ii) the sum for each Financing Adjustment Date for the related Group occurring in the Collection Period immediately preceding the Collection Period in which such date of determination occurs of the product of (1) the
        Group Pool Balance on such Financing Adjustment Date calculated as of the related Measurement Date multiplied by (2) the number of days from and including such Financing Adjustment Date, to but (x) including the immediately succeeding Financing
        Adjustment Date for the related Group if such Financing Adjustment Date is the last day of each Collection Period or (y) excluding the immediately succeeding Financing Adjustment Date for the related Group if such Financing Adjustment Date is any
        other Financing Adjustment Date.

       

      “Series Enhancement” means the rights and benefits provided to the Trust or the Creditors of any Series, Class or other Trust Financing pursuant to any letter of credit, surety bond, cash collateral account,
        collateral interest, spread account, reserve account, cash collateral guaranty, insurance policy, tax protection agreement, interest rate swap agreement, Cap Agreement or other similar arrangement.  The subordination of any Series, Class or other
        Trust Financing to another Series, Class or other Trust Financing shall be deemed to be a Series Enhancement.

       

      “Series Enhancer” means the Person or Persons providing any Series Enhancement, other than (except to the extent otherwise provided with respect to any Trust Financing in the related Trust Financing Agreement)
        any account or deposits therein or the Creditors of any Series, Class or other Trust Financing which is subordinated to another Series, Class or other Trust Financing.

       

      “Series Incremental Required Invested Amount” means, with respect to any Series and any date of determination (and calculated as of the related Measurement Date), an amount equal to the product of (i) the sum
        (without duplication) of the (a) the Ineligible Amount for such Series and (b) the Excess Concentration Amount for such Series and (ii) the Series Share for such Series.

       

      “Series Invested Amount” means, with respect to any Series and any date of determination (and calculated as of the related Measurement Date), an amount equal to the sum of (i) the aggregate Outstanding Principal
        Amount of any Credit Extensions in such Series and (ii) the Required OC Amount for such Series.

       

      
        A-33

        
          

      

      “Series Monthly Payment Amount” means, with respect to any Series as of any Payment Date, the sum of all accrued and unpaid principal, interest, fees and all other amounts then due and payable on such Payment
        Date pursuant to the related Trust Financing Agreement and the Series Related Documents (including, without limitation, all costs, expenses, indemnification amounts or other amounts owed by the Trust).

       

      “Series Payoff Amount” means, with respect to any Series as of any date of determination, all accrued and unpaid principal, interest, fees and all other amounts then due and payable pursuant to the related Trust
        Financing Agreement and the Series Related Documents (including, without limitation, all costs, expenses, indemnification amounts or other amounts owed by the Trust, and all interest, fees and other obligations that accrue after the commencement of
        any bankruptcy, insolvency or similar proceeding with respect to the Trust (in each case whether or not allowed as a claim in such proceeding)).

       

      “Series Related Documents” means, with respect to any Series, the Transaction Documents, the related Trust Financing Agreement, any related Series Enhancement, and all other pledges, powers of attorney, Notes,
        Certificates, fee letters, consents, assignments, contracts, notices, agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Person, or any employee of any Person, and delivered in connection
        with any of the foregoing.  Any reference in the foregoing documents to a Series Related Document shall include all Annexes, Exhibits and Schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall
        refer to such Series Related Documents as the same may be in effect at any and all times such reference becomes operative.

       

      “Series Share” means, with respect to any Series and any date of determination (and calculated as of the related Measurement Date), a fraction, expressed as a percentage, (i) the numerator of which is equal to
        the Discounted Series Invested Amount for such Series and (ii) the denominator of which is equal to the greater of (a) the related Group Pool Balance and (b) the sum of the Discounted Series Invested Amounts for all related Group Series.

       

       “Servicemembers Civil Relief Act” means the Servicemembers Civil Relief Act of 2003, as amended.

       

      “Servicer” means Cellco or any Successor Servicer engaged under Section 7.4 of the Transfer and Servicing Agreement.

       

      “Servicer Termination Event” has the meaning set forth in Section 7.2 of the Transfer and Servicing Agreement.

       

      “Servicer’s Certificate” means an Officer’s Certificate of the Servicer delivered pursuant to Section 6.6 of the Transfer and Servicing Agreement.

       

      “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time.

       

      “Servicing Fee” means, for a Collection Period and any Group, the fee payable to the Servicer in an amount equal to the product of:

       

      
        A-34

        
          

      

      (a)          one-twelfth of the Servicing Fee Rate; times

       

      (b)          the Group Pool Balance at the beginning of the prior calendar month;

       

      provided, that the Servicing Fee for the initial Payment Date and any Group will equal the product of (i) a fraction, the numerator of which is the number of days in such Collection Period since the Initial Cutoff Date for such Group and the
        denominator of which is 360, and (ii) the Servicing Fee Rate times the Group Pool Balance as of the first day of such Collection Period.

       

      “Servicing Fee Rate” means [_]%.

       

      “Servicing Procedures” means, with respect to (a) Business Receivables, the servicing procedures of Cellco relating to Business Device Payment Plan Agreements originated by the Originators and (b) Consumer
        Receivables, the servicing procedures of Cellco relating to Consumer Device Payment Plan Agreements originated by the Originators, in each case, as amended or modified from time to time.

       

      “Shared Collections” means all amounts that any Trust Financing Agreement designates as “Shared Collections.”

       

      “Sharing Series” means a Series that, pursuant to the related Trust Financing Agreement, is entitled to receive Shared Collections.

       

      “Shortfall” means any amount that any Trust Financing Agreement designates as a “Shortfall.”

       

      “Similar Law” means any federal, State, local or non-U.S. law or regulation that is substantially similar to Title I of ERISA or Section 4975 of the Code.

       

      “Solvent” means, with respect to any Person and as of any particular date, that (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount
        required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and
        other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business and (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they
        mature.

       

      “Sponsor” means Cellco.

       

      “State” means a state or commonwealth of the United States of America, or the District of Columbia.

       

      “Subcontractor” means any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the asset-backed securities market) of
        the Receivables but performs one or more discrete functions

       

      
        A-35

        
          

      

      identified in the Servicing Criteria with respect to the Receivables under the direction or authority of the Servicer or a Subservicer.

       

      “Subservicer” means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a
        substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in the Servicing Criteria.

       

      “Successor Servicer” has the meaning set forth in Section 7.4(a)(i) of the Transfer and Servicing Agreement.

       

      “Successor Servicer Engagement Fee” means, the sum of (A) $[_] payable by the Trust upon the appointment of the Successor Servicer, in its capacity as Successor Servicer with respect to the first Series for
        which the Successor Servicer assumes such capacity, and (B) $[_] payable by the Trust upon the appointment of the Successor Servicer, in its capacity as Successor Servicer, with respect to each Series thereafter for which the Successor Servicer
        assumes such capacity.

       

      “Supplemental Servicing Fee” means, for a Collection Period, all net Recoveries, late fees, prepayment charges, extension fees and other administrative fees or similar charges on the Receivables.

       

      “Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for Federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of Notes of
        any outstanding Class or other outstanding Trust Financing with respect to which an Opinion of Counsel was delivered at the time of their issuance that such Notes or other Credit Extensions would be characterized as debt, (b) such action will not
        cause the Trust to be classified as an association (or publicly traded partnership) taxable as a corporation, and (c) such action will not cause or constitute an event in which tax gain or loss would be recognized by any Creditor.

       

      “Transaction Documents” means the Certificate of Trust, the Trust Agreement, the Receivables Transfer Agreements, the Transfer and Servicing Agreement, the Master Collateral Agreement, the Administration
        Agreement, the Parent Support Agreement, the Asset Representations Review Agreement, the Marketing Agent Agency Agreement and each Account Control Agreement.

       

      “Transfer and Servicing Agreement” means the Transfer and Servicing Agreement, dated as of the Initial Closing Date, among the Trust, the Depositor, and Cellco, as Servicer, Marketing Agent and Custodian.

       

      “Transfer Date” means, with respect to any Transferred Receivable, the later of (a) the date on which the Trust (or the Servicer on its behalf) receives the related Transfer Proceeds for such Transferred
        Receivable in accordance with the applicable Transaction Document and (b) any date designated as the Transfer Date by the Servicer, which date shall be on or after the related Transferred Receivable Cutoff Date but on or prior to the date on which
        the Servicer marks its receivables systems that such Transferred Receivable is sold by the Trust.

       

      
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      “Transfer Date Supplement” means, for any Transfer Date, a supplement delivered by the Servicer setting forth (a) the aggregate Principal Balance as of the Transferred Receivable Cutoff Date for the Transferred
        Receivables transferred on such date, (b) the Transfer Proceeds for such date, (c) the related Group Pool Balance and Required Pool Balance for the related Group after giving effect to such transfer and (d) such other information as required by a
        Trust Financing Agreement.

       

      “Transfer Proceeds” means the proceeds of the sale of any Transferred Receivable, which may include Securitization Equity.

       

      “Transferor’s Allocation” means, with respect to a Group and each Payment Date, an amount equal to the product of (x) the Transferor’s Percentage for such Group and (y) Group Available Funds for such Group and
        such Payment Date.

       

      “Transferor’s Interest” means, with respect to a Group and any date of determination (calculated as of the related Measurement Date), the product of (x) the Transferor’s Percentage for such Group and (y) the
        related Group Pool Balance for such Group.

       

      “Transferor’s Percentage” means, with respect to a Group and any date of determination (calculated as of the related Measurement Date), an amount equal to 100% minus the sum of Series Allocation Percentages for
        all Group Series.

       

      “Transferred Receivable” means any Receivable transferred from the Trust in accordance with Section 9.7 of the Master Collateral Agreement.

       

      “Transferred Receivable Cutoff Date” means, with respect to any Transferred Receivable, the cut-off date with respect to such Transferred Receivable specified in the report delivered pursuant to Section 9.7 of
        the Master Collateral Agreement in connection with such transfer.

       

      “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include
        analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

       

      “True-up Trust” has the meaning set forth in Section 3.9 of the Trust Agreement.

       

      “Trust” means Verizon Master Trust, a Delaware statutory trust.

       

      “Trust Account” has the meaning set forth in Section 9.2 of the Master Collateral Agreement.

       

      “Trust Account Property” means the Trust Accounts, and all amounts and other investments, financial assets or other property held from time to time in or credited to any Trust Account and all proceeds of the
        foregoing.

       

      “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Initial Closing Date, between the Depositor and the Owner Trustee.

       

      
        A-37

        
          

      

      “Trust Financing” means (i) any Indenture Series or Class of Notes issued under an Indenture and (ii) any Loan Series or any other financing of the Trust designated as a “Trust Financing” pursuant to the terms
        and conditions of Section 3.1 of the Master Collateral Agreement, in each case, so long as such Trust Financing is outstanding.

       

      “Trust Financing Account” means any deposit, trust, escrow or similar account maintained for the benefit of the Creditors of any Trust Financing, as specified in the related Trust Financing Agreement.  Each
        Trust Financing Agreement shall require that each Trust Financing Account is established at a Qualified Institution.

       

      “Trust Financing Agreement” means (i) with respect to any Indenture Series or Class of Notes, the related Indenture and (ii) with respect to any Loan Series, the related agreement(s) designated as “Trust
        Financing Agreements” pursuant to the terms and conditions of Section 3.1 of the Master Collateral Agreement.

       

      “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided.

       

      “Trust Order” means, with respect to any order by the Trust to take an action under the Transaction Documents or any Series Related Document, a written order, signed in the name of the Trust by a Responsible
        Person.

       

      “Trust Property” means (a) the Depositor Transferred Property, (b) the Trust’s rights under the Transfer and Servicing Agreement, (c) all Trust Account Property, (d) all Series Enhancement, (e) the Trust’s
        rights under all Enhancement Agreements, (f) all present and future claims, demands, causes of action and choses in action for any of the foregoing and (g) all payments on or under and all proceeds for any of the foregoing.

       

      “Trust Register” has the meaning set forth in Section 3.3(a) of the Trust Agreement.

       

      “Trust Registrar” has the meaning set forth in Section 3.3(a) of the Trust Agreement.

       

      “Trust Request” means, with respect to any request to the Trust to take an action under the Transaction Documents or any Series Related Document, a written request, signed in the name of the Trust by a
        Responsible Person.

       

      “U.S. Credit Risk Retention Rules” means Regulation RR, 17 C.F.R. §246.1, et seq.

       

      “UCC” means the Uniform Commercial Code as in effect in any relevant jurisdiction.

       

      “Underwriting Procedures” means, with respect to (a) Business Receivables, the underwriting procedures of the Originators, as established by Cellco, relating to device payment plan agreements associated with the
        accounts of business customers originated by the Originators and (b) Consumer Receivables, the underwriting procedures of the Originators, as established by Cellco, relating to device payment plan agreements associated with the accounts of
        customers other than businesses and governments originated by the Originators, as such underwriting procedures may be amended or modified from time to time.

       

      
        A-38

        
          

      

      “Upgrade Contract” has the meaning set forth in the Glossary of the Marketing Agent Agency Agreement.

       

      “Upgrade Offer” means the Current Upgrade Offer or any other upgrade offer extended by Verizon Wireless to an existing Obligor under which such Obligor can upgrade a Device that is the subject of a device
        payment plan agreement if the terms and conditions specified in such offer are satisfied.

       

      “Upgrade Payment” means a prepayment amount equal to the remaining unpaid Principal Balance of the related Receivable determined as of the date of the relevant upgrade, after giving effect to any prepayment made
        by the related Obligor in connection with the related Upgrade Offer.

       

      “Verified Note Owner” has the meaning set forth in Section 12.1 of the Master Collateral Agreement.

       

      “Verizon” means Verizon Communications and its subsidiaries.

       

      “Verizon Communications” means Verizon Communications Inc., a Delaware corporation.

       

      “Verizon Originators” means the various subsidiaries and Affiliates of Cellco listed on Schedule I to the Marketing Agent Agency Agreement, including any Originators added by an Originator Joinder
        Agreement from time to time.

       

      “Verizon Wireless” means the wireless business of Verizon operated by Cellco and other subsidiaries of Verizon Communications, including the Originators, under the Verizon brand.

       

      “Weighted Average Discount Rate” means, with respect to any Group as of any date of determination (calculated as of the related Measurement Date), the percentage equal to:

       

      	

            	(a)	
              the sum, with respect to each Group Series of the product of (i) the Discount Rate for such Series, times (ii) the Series Invested Amount for such Series;

            

       

      divided by:

       

      	

            	(b)	
              the aggregate Series Invested Amount for all Group Series.

            

       

      “Written-Off Receivable” means any Receivable that in accordance with the Servicing Procedures has been charged off or written off by the Servicer.

       

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

  

  A-39Exhibit 4.2

    

     

    

     

    

     

    

    
      

      

      
        

      

      

       

      FORM OF INDENTURE

       

       

      

      between

       

       

      

      VERIZON MASTER TRUST,

        as Trust

       

       

      

      and

       

       

      

      [_____],

        as Indenture Trustee and Note Paying Agent

    

    
      

      

       

      Dated as of [____], 20[_]

       

       
        

      

      

       

       

      

      

       

      

      

    

    
      
        

    

    
    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Incorporation by Reference of Trust Indenture Act

          	
            17

          
	
            ARTICLE II

          	
            THE NOTES

          	
            18

          
	
            Section 2.1

          	
            Form of Notes

          	
            18

          
	
            Section 2.2

          	
            Execution, Authentication and Delivery

          	
            18

          
	
            Section 2.3

          	
            Tax Treatment

          	
            19

          
	
            Section 2.4

          	
            Note Register

          	
            19

          
	
            Section 2.5

          	
            Registration of Transfer and Exchange

          	
            20

          
	
            Section 2.6

          	
            [Reserved]

          	
            21

          
	
            Section 2.7

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            21

          
	
            Section 2.8

          	
            Persons Deemed Owners

          	
            22

          
	
            Section 2.9

          	
            Payments on Notes

          	
            22

          
	
            Section 2.10

          	
            Cancellation of Notes

          	
            23

          
	
            Section 2.11

          	
            Release of Series [_]-[_] Collateral

          	
            23

          
	
            Section 2.12

          	
            Book-Entry Notes

          	
            24

          
	
            Section 2.13

          	
            Definitive Notes

          	
            24

          
	
            Section 2.14

          	
            Authenticating Agents

          	
            25

          
	
            Section 2.15

          	
            Note Paying Agents

          	
            25

          
	
            Section 2.16

          	
            [Effect of Benchmark Transition Event

          	
            25

          
	
            ARTICLE III

          	
            COVENANTS, REPRESENTATIONS AND WARRANTIES

          	
            27

          
	
            Section 3.1

          	
            Payment of Principal, Interest and Other Amounts

          	
            27

          
	
            Section 3.2

          	
            Maintenance of Office or Agency

          	
            27

          
	
            Section 3.3

          	
            Money for Payments To Be Held in Trust

          	
            27

          
	
            Section 3.4

          	
            Existence

          	
            29

          
	
            Section 3.5

          	
            Protection of Collateral

          	
            29

          
	
            Section 3.6

          	
            Performance of Obligations

          	
            30

          
	
            Section 3.7

          	
            Negative Covenants

          	
            30

          
	
            Section 3.8

          	
            Opinions on Collateral

          	
            31

          
	
            Section 3.9

          	
            Annual Certificate of Compliance

          	
            31

          
	
            Section 3.10

          	
            Successor or Transferee

          	
            32

          
	
            Section 3.11

          	
            Further Acts and Documents

          	
            32

          
	
            Section 3.12

          	
            Review of Trust’s Records

          	
            32

          

    

    

    
      ii

      
        

    

    	
            Section 3.13

          	
            Trust’s Representations and Warranties

          	
            32

          
	
            Section 3.14

          	
            Trust’s Representations and Warranties About Security Interest

          	
            33

          
	
            ARTICLE IV

          	
            SATISFACTION AND DISCHARGE

          	
            35

          
	
            Section 4.1

          	
            Satisfaction and Discharge of Indenture

          	
            35

          
	
            ARTICLE V

          	
            EVENTS OF DEFAULT; REMEDIES

          	
            36

          
	
            Section 5.1

          	
            Events of Default

          	
            36

          
	
            Section 5.2

          	
            Acceleration of Maturity; Rescission

          	
            36

          
	
            Section 5.3

          	
            Collection of Indebtedness by Indenture Trustee

          	
            37

          
	
            Section 5.4

          	
            Trustee May File Proofs of Claim

          	
            37

          
	
            Section 5.5

          	
            Enforcement of Claims Without Possession of Notes

          	
            38

          
	
            Section 5.6

          	
            Remedies; Priorities

          	
            38

          
	
            Section 5.7

          	
            [Reserved]

          	
            39

          
	
            Section 5.8

          	
            Limitation on Suits

          	
            39

          
	
            Section 5.9

          	
            Unconditional Rights to Receive Principal and Interest

          	
            39

          
	
            Section 5.10

          	
            Restoration of Rights and Remedies

          	
            40

          
	
            Section 5.11

          	
            Rights and Remedies Cumulative

          	
            40

          
	
            Section 5.12

          	
            Delay or Omission Not a Waiver

          	
            40

          
	
            Section 5.13

          	
            Control by Noteholders

          	
            40

          
	
            Section 5.14

          	
            Waiver of Potential Defaults and Events of Default

          	
            41

          
	
            Section 5.15

          	
            Agreement to Pay Costs

          	
            41

          
	
            Section 5.16

          	
            Waiver of Stay or Extension Laws

          	
            41

          
	
            Section 5.17

          	
            Performance and Enforcement of Obligations

          	
            41

          
	
            ARTICLE VI

          	
            INDENTURE TRUSTEE

          	
            42

          
	
            Section 6.1

          	
            Indenture Trustee’s Obligations

          	
            42

          
	
            Section 6.2

          	
            Indenture Trustee’s Rights

          	
            46

          
	
            Section 6.3

          	
            Indenture Trustee’s Individual Rights

          	
            47

          
	
            Section 6.4

          	
            Indenture Trustee’s Disclaimer

          	
            47

          
	
            Section 6.5

          	
            Notice of Potential Defaults and Notice of Payment Defaults

          	
            47

          
	
            Section 6.6

          	
            Reports by Indenture Trustee

          	
            47

          
	
            Section 6.7

          	
            Compensation and Indemnity

          	
            48

          
	
            Section 6.8

          	
            Resignation or Removal of Indenture Trustee

          	
            49

          
	
            Section 6.9

          	
            Merger or Consolidation; Transfer of Assets

          	
            50

          
	
            Section 6.10

          	
            Appointment of Separate Trustee or Co-Trustee

          	
            51

          

    

    

    
      iii

      
        

    

    	
            Section 6.11

          	
            Eligibility

          	
            52

          
	
            Section 6.12

          	
            Inspections of Indenture Trustee

          	
            52

          
	
            Section 6.13

          	
            Indenture Trustee’s Representations and Warranties

          	
            52

          
	
            Section 6.14

          	
            Reporting of Receivables Reacquisition and Acquisition Demands

          	
            53

          
	
            Section 6.15

          	
            Preferential Collection of Claims Against the Trust

          	
            53

          
	
            ARTICLE VII

          	
            NOTEHOLDER COMMUNICATIONS AND REPORTS

          	
            54

          
	
            Section 7.1

          	
            Noteholder Communications

          	
            54

          
	
            Section 7.2

          	
            Reports by Trust

          	
            55

          
	
            Section 7.3

          	
            Reports by Indenture Trustee

          	
            55

          
	
            ARTICLE VIII

          	
            ACCOUNTS, DISTRIBUTIONS AND RELEASES

          	
            55

          
	
            Section 8.1

          	
            Collection of Funds

          	
            55

          
	
            Section 8.2

          	
            Series [_]-[_] Accounts; Distributions

          	
            56

          
	
            Section 8.3

          	
            Series [_]-[_] Accounts

          	
            64

          
	
            Section 8.4

          	
            Release of Series [_]-[_] Collateral

          	
            66

          
	
            ARTICLE IX

          	
            AMENDMENTS

          	
            66

          
	
            Section 9.1

          	
            Amendments Without Consent of Noteholders

          	
            66

          
	
            Section 9.2

          	
            Amendments with Consent of Controlling Class

          	
            67

          
	
            Section 9.3

          	
            Execution of Amendments

          	
            68

          
	
            Section 9.4

          	
            Effect of Amendment

          	
            69

          
	
            Section 9.5

          	
            Reference in Notes to Supplemental Indentures

          	
            69

          
	
            Section 9.6

          	
            [Consent of Cap Counterparty

          	
            69

          
	
            Section 9.7

          	
            Conformity with TIA

          	
            69

          
	
            ARTICLE X

          	
            REDEMPTION OF NOTES

          	
            69

          
	
            Section 10.1

          	
            Redemption

          	
            69

          
	
            ARTICLE XI

          	
            OTHER AGREEMENTS

          	
            70

          
	
            Section 11.1

          	
            No Petition

          	
            70

          
	
            Section 11.2

          	
            [Reserved]

          	
            71

          
	
            Section 11.3

          	
            Trust Orders; Certificates and Opinions

          	
            71

          
	
            Section 11.4

          	
            Acts of Noteholders

          	
            72

          
	
            Section 11.5

          	
            Trust Obligation

          	
            72

          
	
            Section 11.6

          	
            Conflict with Trust Indenture Act

          	
            73

          
	
            Section 11.7

          	
            Regulation RR Risk Retention

          	
            73

          
	
            ARTICLE XII

          	
            MISCELLANEOUS

          	
            73

          

    

    

    
      iv

      
        

    

    	
            Section 12.1

          	
            Benefits of Indenture; Third-Party Beneficiaries

          	
            73

          
	
            Section 12.2

          	
            Notices

          	
            74

          
	
            Section 12.3

          	
            GOVERNING LAW

          	
            74

          
	
            Section 12.4

          	
            Submission to Jurisdiction

          	
            75

          
	
            Section 12.5

          	
            WAIVER OF JURY TRIAL

          	
            75

          
	
            Section 12.6

          	
            No Waiver; Remedies

          	
            75

          
	
            Section 12.7

          	
            Severability

          	
            75

          
	
            Section 12.8

          	
            Headings

          	
            75

          
	
            Section 12.9

          	
            Counterparts

          	
            75

          
	
            Section 12.10

          	
            Customer Identification Program

          	
            75

          
	
            Section 12.11

          	
            [Limitation of Rights of the Cap Counterparty

          	
            75

          
	
            Section 12.12

          	
            Intent of the Parties; Reasonableness

          	
            76

          
	
            Section 12.13

          	
            Electronic Signatures

          	
            76

          
	
            ARTICLE XIII

          	
            [THE CAP AGREEMENT]

          	
            77

          
	
            Section 13.1

          	
            [Duties With Respect to the Cap Agreement

          	
            77

          
	
            Section 13.2

          	
            Enforcement of Cap Agreement; Replacement Cap Agreement

          	
            77

          

    

    

    	
            Exhibit A

          	
            Form of Notes

          	
            A-1

          
	
            Exhibit B

          	
            Servicing Criteria to be Addressed in Assessment of Compliance

          	
            B-1

          

    

    

    

    

    

    

    

      

        

        

        

        

      

      

    

    

    

    
      v

      
        

    

    INDENTURE, dated as of [___], 20[_] (this “Indenture”), between VERIZON MASTER TRUST, a Delaware statutory trust, as issuer (the “Trust”), and [_____], a [national banking
      association], as indenture trustee for the benefit of the Series [_]-[_] Secured Parties (in such capacity, the “Indenture Trustee”), and as note paying agent (in such capacity, the “Note Paying Agent”).

     

    The Trust, [___], as master collateral agent (the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless, as servicer (the “Servicer”), and the Creditor
      Representatives from time to time party thereto entered into the Master Collateral Agency and Intercreditor Agreement, dated as of [____], 20[_], pursuant to which the Trust granted a security interest in the Receivables and its other assets to the
      Master Collateral Agent to secure the obligations of the Trust under this Indenture and other Trust Financings.

     

    Pursuant to the terms of the Master Collateral Agreement, this Indenture constitutes a Trust Financing Agreement and the Notes issued under this Indenture constitute Credit Extensions and
      a Trust Financing that is an Indenture Series.  The Indenture Trustee is hereby appointed as Creditor Representative for Series [_]-[_], and the Indenture Trustee hereby accepts such appointment.  On or prior to the date hereof, the Indenture Trustee
      has executed a Creditor Representative Joinder Agreement as required by Section 3.1 of the Master Collateral Agreement.

     

    The parties agree as follows:

     

    GRANTING CLAUSE

     

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

     

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

     

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

     

    ARTICLE I

      

      USAGE AND DEFINITIONS

     

    Section 1.1          Usage and Definitions.  Capitalized terms used but not defined in this Indenture are defined
        in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of [____], 20[_], among the Trust, the Master Collateral Agent, Cellco Partnership d/b/a Verizon Wireless, as servicer (the “Servicer”), and
        the Creditor Representatives from time to time party thereto.  Appendix A also contains usage rules that apply to this Indenture.  Appendix A is incorporated by reference into this Indenture.  As used in this Indenture, the following terms shall
        have the following meanings

     

    
      
        

    

    
    with respect to Series [_]-[_] (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

     

    “Accrued Note Interest” means, for a Class and a Payment Date, the sum of the Note Monthly Interest and the Note Interest Shortfall.

     

    “Act” is defined, with respect to Creditor Representatives, in Section 11.3(a) of the Master Collateral Agreement, and, with respect to Noteholders, in Section 11.4(a).

     

    “Additional Interest Amount” means, with respect to any class of Notes, interest accrued on such class of Notes during the related Interest Period at the related Additional Interest
      Rate.

     

    “Additional Interest Rate” means, with respect to (i) the Class A Notes, [_]%, (ii) the Class B Notes, [_]%, (iii) the Class C Notes, [_]%, (iv) the Class D Notes, [_]% and (v) the
      Class E Notes, [_]%.

     

    “Additional Series Successor Servicer Fee” means, for any Payment Date, the product of (i) the Series [_]-[_] Group Allocated Percentage and (ii) the excess, if any, of (x) $[___]
      over (y) the Servicing Fee.

     

    “Amortization Period” means the period beginning on the Payment Date on or immediately following the occurrence of a Series [_]-[_] Amortization Event and ending on the Final
      Maturity Date or an earlier date on which the Notes are paid in full.

     

    “Anticipated Redemption Date” means [___], 20[_].

     

    “Authenticating Agent” has the meaning stated in Section 2.14(a) of the Indenture.

     

    [“Benchmark” means, initially, One-Month LIBOR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to One-Month
      LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.]

     

    [“Benchmark Administrator” means, (1) with respect to One-Month LIBOR, the ICE Benchmark Administration Limited, (2) with respect to SOFR, the Federal Reserve Bank of New York and
      (3) with respect to any other Benchmark, the entity responsible for administration of such Benchmark (or in each case, any successor administrator).]

     

    [“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Administrator as of the Benchmark Replacement Date:

     

    	

          	(1)	
            the sum of (a) Term SOFR and (b) the Benchmark Replacement Adjustment, provided that there has been no official public statement or publication of information by the Benchmark Administrator or the
              regulatory supervisor for the Benchmark Administrator announcing that Term SOFR is not yet representative that has not been either withdrawn or superseded by a similar official public statement or publication that Term SOFR has become
              representative,

          

     

    
      2

      
        

    

    	

          	(2)	
            the sum of (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment,

          

     

    	

          	(3)	
            the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment,

          

     

    	

          	(4)	
            the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable
              Corresponding Tenor and (b) the Benchmark Replacement Adjustment, and

          

     

    	

          	(5)	
            the sum of (a) the alternate rate of interest that has been selected by the Administrator in its reasonable discretion as the replacement for the then-current Benchmark for the applicable
              Corresponding Tenor and (b) the Benchmark Replacement Adjustment.]

          

     

    [“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Administrator          as of the Benchmark Replacement
      Date:

     

    	

          	(1)	
            the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant
              Governmental Body for the applicable Unadjusted Benchmark Replacement,

          

     

    	

          	(2)	
            if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment, and

          

     

    	

          	(3)	
            the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator in its reasonable discretion for the replacement of the then-current Benchmark
              with the applicable Unadjusted Benchmark Replacement.]

          

     

    [“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the timing
      and frequency of determining rates and making payments of interest, and other administrative matters) that the Administrator decides in its reasonable discretion may be appropriate to reflect the adoption of such Benchmark Replacement in a manner
      substantially consistent with market practice (or, if the Administrator decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator determines that no market practice for use of the Benchmark
      Replacement exists, in such other manner as the Administrator determines in its reasonable discretion is reasonably necessary).]

     

    [“Benchmark Replacement Date” means, with respect to any Benchmark Replacement:

     

    	

          	(1)	
            in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”, the later of (a) the date of the related official public statement or publication of information referenced therein
              and (b) the date on which the applicable

          

     

    
      3

      
        

    

    	

          	

          	
            Benchmark Administrator permanently or indefinitely ceases to provide the Benchmark, or

          

     

    	

          	(2)	
            in the case of clause (3) of the definition of “Benchmark Transition Event”, the date of the official public statement or publication of information.

          

     

    For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the
      Benchmark Replacement Date shall be deemed to have occurred prior to the Reference Time for such determination.]

     

    [“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

     

    	

          	(1)	
            an official public statement or publication of information by or on behalf of the Benchmark Administrator announcing that such Benchmark Administrator has ceased or will cease to provide the
              Benchmark, permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor Benchmark Administrator that will continue to provide the Benchmark,

          

     

    (2)          an official public statement or publication of information by the regulatory supervisor for the Benchmark Administrator, the central bank for the currency
      of the Benchmark, an insolvency official with jurisdiction over the Benchmark Administrator, a resolution authority with jurisdiction over the Benchmark Administrator or a court or an entity with similar insolvency or resolution authority over the
      Benchmark Administrator, which states that the Benchmark Administrator has ceased or will cease to provide the Benchmark permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor Benchmark
      Administrator that will continue to provide the Benchmark, or

     

    (3)          an official public statement or publication of information by the regulatory supervisor for the Benchmark Administrator announcing that the Benchmark is no
      longer representative.]

    

    

    [“Cap Agreement” means the interest rate cap agreement relating to the Class A-1b Notes consisting of the 2002 ISDA Master Agreement (Multicurrency Cross-Border), schedule and
      credit support annex, each dated as of [___], 20[_], and the confirmation, dated on or about [___], 20[_], in each case, between the Trust and the Cap Counterparty, as such agreement may be amended and supplemented from time to time in accordance
      with its terms.]

     

    [“Cap Collateral Account” means the account or accounts, if any, established under Section 8.2(h) as required by the terms of the Cap Agreement.]

     

    [“Cap Counterparty” means [___], or any Eligible Replacement Cap Counterparty, to the extent such Eligible Replacement Cap Counterparty replaces the existing Cap Counterparty under
      the Cap Agreement or any replacement interest rate cap agreement.]

     

    
      4

      
        

    

    [“Cap Custodian” has the meaning stated in Section 8.2(h).]

     

    [“Cap Payment” means, for any Interest Period in which One-Month LIBOR (calculated in accordance with the Cap Agreement) exceeds [_]%, an amount equal to the product of (x) the
      excess, if any, of One-Month LIBOR (calculated in accordance with the Cap Agreement) for the related Payment Date over [_]%, (y) the notional amount of the cap for such Payment Date, as set forth in the Cap Agreement, and (z) a fraction, the
      numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360, which payment shall be deposited into the Distribution Account by the Cap Counterparty on or before the second Business Day preceding
      the related Payment Date.]

     

    “Class” means the Class A-1[a] Notes, [the Class A-1b Notes,] the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
      Notes, as applicable.

     

    “Class A Notes” means, collectively, the Class A-1[a] Notes, [the Class A-1b Notes,] the Class A-2 Notes and the Class A-3 Notes.

     

    “Class A-1[a] Notes” means the $[___] Class A-1[a] [_]% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

     

    [“Class A-1b Notes” means the $[___] Class A-1b One-Month LIBOR (or, upon the occurrence of a Benchmark Transition Event, the appropriate Benchmark Replacement) + [_]% Asset Backed
      Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.]

     

    “Class A-2 Notes” means the $[___] Class A-2 [_]% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

     

    “Class A-3 Notes” means the $[___] Class A-3 [_]% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

     

    “Class B Notes” means the $[___] Class B [_]% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

     

     “Class C Notes” means the $[___] Class C [_]% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

     

    “Class D Notes” means the $[___] Class D [_]% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

     

    “Class E Notes” means the $[___] Class E [_]% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

     

    [“Class R Interest” means Class R interests issued by the Trust as part of Series [_]-[_].]

     

    “Closing Date” means [___], 20[_].

     

    
      5

      
        

    

    [“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology of this rate, and conventions of this rate (which, for
      example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Collection Period or compounded in advance) being established by the Administrator in
      accordance with:

     

    (1)          the rate, or methodology of this rate, and conventions of this rate selected or recommended by the Relevant
        Governmental Body for determining Compounded SOFR; provided that

     

    (2)          if, and to the extent that, the Administrator determines that Compounded SOFR cannot be determined in
        accordance with clause (1) above, then the rate, or methodology of this rate, and conventions of this rate that have been selected by the Administrator in its reasonable discretion.]

     

    [“Control Agreement” has the meaning stated in Section 8.2(h).]

     

    “Controlling Class” means (a) the Outstanding Class A Notes, voting together as a single class, (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes, (c) if no
      Class B Notes are Outstanding, the Outstanding Class C Notes, (d) if no Class C Notes are Outstanding, the Outstanding Class D Notes and (e) if no Class D Notes are Outstanding, the Outstanding Class E Notes.

     

    “Corporate Trust Office” means, for the Indenture Trustee, the office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered
      which office on the date of the execution of the Indenture is located at:

     

    (1) solely for the purposes of transfer, surrender, exchange or presentation for final payment:

     

    [___]

    [___]

    [___]

    Attn: [___]

    

    

    and (2) for all other purposes:

     

    [___]

    [___]

    [___]

    Attn: [___]

    Fax: [___]

    

    

    or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Servicer, the Master Collateral Agent and the Owner Trustee, or the
      principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Servicer, the Master Collateral Agent and the Owner Trustee).

     

    
      6

      
        

    

    [“Corresponding Tenor” means a tenor (including overnight) having approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current
      Benchmark.]

     

    “Creditor Representative” means, with respect to Series [_]-[_], the Indenture Trustee.

     

    “Delinquency Trigger Percentage” means [_]%.

     

    “Depository Agreement” means the letter of representations for the Notes, dated [___], 20[_], by the Trust in favor of The Depository Trust Company.

     

    “Discount Rate” means [_]%.

     

    “Distribution Account” means the account established with the Indenture Trustee for the purpose of holding and making distributions of Series [_]-[_] Available Funds.

     

    “Earliest Redemption Date” means the Payment Date occurring in [____], 20[_].

     

    [“Eligible Replacement Cap Counterparty” means a counterparty that meets the eligibility requirements set forth in the Cap Agreement.]

     

    “FATCA Information” has the meaning stated in Section 3.3(e).

     

    “FATCA Withholding Tax” has the meaning stated in Section 3.3(e).

     

    “Fifth Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes, Class B
      Notes, Class C Notes, Class D Notes and Class E Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the sum of the Series [_]-[_] Allocated Pool Balance, any First Priority Principal
      Payment, any Second Priority Principal Payment, any Third Priority Principal Payment and any Fourth Priority Principal Payment for such Payment Date.

     

     “Final Maturity Date” means, for (i) the Class A-1[a] Notes, the Payment Date in [___], 20[_], [(ii) the Class A-1b Notes, the Payment Date in [___], 20[_],] (iii) the Class A-2
      Notes, the Payment Date in [___], 20[_], (iv) the Class A-3 Notes, the Payment Date in [___], 20[_], (v) the Class B Notes, the Payment Date in [___], 20[_], (vi) the Class C Notes, the Payment Date in [___], 20[_], (vii) the Class D Notes, the
      Payment Date in [___], 20[_], and (viii) the Class E Notes, the Payment Date in [___], 20[_].

     

    “First Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes as of the
      immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the Series [_]-[_] Allocated Pool Balance.

     

    “Fourth Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes, Class B
      Notes, Class C Notes and Class D Notes as of the immediately preceding Payment Date (or, for

     

    
      7

      
        

    

    the initial Payment Date, as of the Closing Date) over (y) the sum of the Series [_]-[_] Allocated Pool Balance, any First Priority Principal Payment, any Second Priority Principal Payment and any Third
      Priority Principal Payment for such Payment Date.

     

    “Group [_]” or “Group [_] Receivables” means the pool of Receivables designated to Group [_].

     

    “Group [_] Assets” means the assets of the Trust designated to Group [_] under Section 3.2 of the Master Collateral Agreement.

     

    “Group [_] Pool Balance” means the Pool Balance of the Group [_] Receivables.

     

    “Group [_] Series” means each Series related to Group [_].

     

    “Indenture” means this Indenture, dated as of the Closing Date, between the Trust and the Indenture Trustee.

     

    “Indenture Trustee” means [___], a [___], not in its individual capacity but solely as Indenture Trustee under this Indenture.

     

    “Indenture Trustee Fee” means a monthly fee equal to 1/12th of $[_], payable on each Payment Date.

     

    “Interest Period” means for any Payment Date and [(a)] the Class A-1[a] Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and
      the Class E Notes, the period from and including the [_] day of the calendar month immediately preceding the Payment Date to but excluding the [_] day of the month in which the Payment Date occurs (or from and including the Closing Date to but
      excluding [___], 20[_] for the first Payment Date) [or (b) the Class A-1b Notes, the period from and including the Payment Date immediately preceding the current Payment Date to but excluding the current Payment Date (or from and including the
      Closing Date to but excluding [___], 20[_] for the first Payment Date)].

     

    [“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from
      time to time, or any successor definitional booklet for interest rate derivatives published from time to time.]

     

    [“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
      Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.]

     

    [“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date
      with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.]

     

    [“Letter of Credit” means any letter of credit entered into for the benefit of the Notes.]

     

    
      8

      
        

    

    [“Letter of Credit Provider” means [___], a [___], as letter of credit provider.]

     

    [“LIBOR Determination Date” means, (i) with respect to the first Payment Date, the second London Business Day prior to the Closing Date and (ii) with respect to each subsequent
      Payment Date, the second London Business Day prior to the immediately preceding Payment Date.]

     

    [“London Business Day” means any day other than a Saturday, Sunday or day on which banking institutions in London, England are authorized or obligated by law or government decree to
      be closed.]

     

    [“Make-Whole Payment” means, with respect to any Payment Date, an amount equal to:

     

    	

          	•	
            for each class of Notes [other than the Class A-1b Notes], the present value of (i) the amount of all future interest payments that would otherwise accrue on the Note Balance of such class of Notes
              from the Optional Redemption date until [_], 20[_], discounted from the Payment Date on which such payment of interest would be made to the Optional Redemption date, monthly on a 30/360 day basis at [_]% plus [the then-current maturity
              matched Treasury rate to such payment] [; or

          

     

    	

          	•	
            for the Class A-1b Notes, the present value of (i) the amount of all future interest payments that would otherwise accrue on the Note Balance of such class of Notes at an interest rate of [One-Month
              LIBOR] applicable to such Payment Date plus the spread applicable to the Class A-1b Notes from the Optional Redemption date until [_], 20[_], discounted from the Payment Date on which such payment of interest would be made to the Optional
              Redemption date, monthly on an actual/360 day basis at One-Month LIBOR applicable to such Payment Date;

          

     

    provided that, the Make-Whole Payment for the Class A-1b Notes may change if One-Month LIBOR is replaced by another Benchmark following a Benchmark Transition Event.]

     

    “Note Balance” means, for a Note or Class, the initial aggregate principal balance of the Note or Class minus all amounts distributed on the Note or Class that is applied to
      principal.

     

    “Note Interest Rate” means a per annum rate equal to, for: (i) the Class A-1[a] Notes, [_]% (computed on the basis of a 360 day year consisting of twelve 30 day months), [(ii) the
      Class A-1b Notes, One-Month LIBOR (or, upon the occurrence of a Benchmark Transition Event, the appropriate Benchmark Replacement) + [_]% (computed on the basis of the actual number of days elapsed during the relevant Interest Period and a 360 day
      year),] (iii) the Class A-2 Notes, [_]% (computed on the basis of a 360 day year consisting of twelve 30 day months), (iv) the Class A-3 Notes, [_]% (computed on the basis of a 360 day year consisting of twelve 30 day months), (v) the Class B Notes,
      [_]% (computed on the basis of a 360 day year consisting of twelve 30 day months), (vi) the Class C Notes, [_]% (computed on the basis of a 360 day year consisting of twelve 30 day months), (vii) the Class D Notes, [_]% (computed on the basis of a
      360 day year consisting of twelve 30 day months) and (viii) the Class E Notes, [_]% (computed on the basis of a 360 day year consisting of twelve 30 day months).

     

    
      9

      
        

    

    “Note Interest Shortfall” means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the Payment Date immediately preceding such
      Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the Payment Date immediately preceding such Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest
      Rate for the Class for that Interest Period.

     

    “Note Monthly Interest” means, for a Class and a Payment Date, the aggregate amount of interest accrued on the Note Balance of the Class at the Note Interest Rate for the Class for
      the related Interest Period.

     

    “Note Paying Agent” means initially the Indenture Trustee and any other Person appointed as Note Paying Agent under Section 2.15 of the Indenture.

     

    “Note Register” and “Note Registrar” have the meanings stated in Section 2.4.

     

    “Noteholder” means the Person in whose name a Note is registered on the Note Register.

     

    “Noteholder Tax Identification Information” means properly completed and signed tax certifications (generally with respect to U.S. Federal Income Tax, IRS Form W-9 (or applicable
      successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person”
      within the meaning of Section 7701(a)(30) of the Code).

     

    “Notes” or “Note” means, collectively or individually, as the context may require, the Class A-1[a] Notes, [the Class A-1b Notes,] the Class A-2 Notes, the Class A-3 Notes,
      the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes.

     

    [“One-Month LIBOR” means, with respect to any Interest Period for which One-Month LIBOR is the Benchmark, the London interbank offered rate for deposits in U.S. Dollars having a
      maturity of one (1) month commencing on the related LIBOR Determination Date which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such LIBOR Determination Date; provided, however,
      that for the first Interest Period, One-Month LIBOR shall mean an interpolated rate for deposits based on London interbank offered rates for deposits in U.S. Dollars for a period that corresponds to the actual number of days in the first Interest
      Period.  If the rates used to determine One-Month LIBOR do not appear on the Reuters Screen LIBOR01 Page, the rates for that day will be determined on the basis of the rates at which deposits in U.S. Dollars, having a maturity of one month and in a
      principal balance of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the
      principal London office of each Reference Bank to provide a quotation of its rate to the Administrator and the Indenture Trustee.  If at least two (2) such quotations are provided, the Indenture Trustee will
      calculate the rate for that day as the

     

    
      10

      
        

    

    arithmetic mean of such quoted rates to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of all such quotations.  If fewer than two (2) such
      quotations are provided, the Indenture Trustee will calculate  the rate for that day as the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of the offered per annum rates
      that one or more major banks in New York City, selected by the Administrator, are quoting as of approximately 11:00 a.m., New York City time, on such LIBOR Determination Date to leading European banks for United States Dollar deposits for that
      maturity; provided that if the Administrator is not able to identify any major banks in New York City that are quoting as described in this sentence and for the avoidance of doubt, regardless of whether
      others in similar transactions are using a different index, it shall direct the Indenture Trustee to use One-Month LIBOR in effect for the applicable Interest Period which will be One-Month LIBOR in effect for the previous Interest Period, and any
      such direction will be deemed to apply to all subsequent LIBOR Determination Dates unless otherwise directed by the Administrator.  In no event shall the Indenture Trustee be responsible for determining One-Month LIBOR or any substitute for One-Month
      LIBOR if such rate does not appear on Reuters Screen LIBOR01 Page.]

     

    “Optional Redemption” has the meaning stated in Section 10.1.

     

    “Principal Funding Account” means the account established with the Indenture Trustee for the benefit of the Noteholders under Section 8.2(a).

     

    “Principal Funding Account Limit” means, with respect to any date, an amount equal to [_]% of the Note Balance as of such date.

     

    “Priority Principal Payments” means, collectively, the First Priority Principal Payment, the Second Priority Principal Payment, the Third Priority Principal Payment, the Fourth
      Priority Principal Payment, the Fifth Priority Principal Payment and the Regular Priority Principal Payment.

     

    “Prospectus” means the prospectus dated as of [___], 20[_], relating to the offering of the Notes.

     

    “Rating Agency” means each of [___], [___] and [___].

     

    “Redemption Date” has the meaning stated in Section 10.1.

     

    [“Reference Banks” means, with respect to any LIBOR Determination Date, the four major banks in the London interbank market selected by the Administrator.]

     

    [“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is One-Month LIBOR, 11:00 a.m. (London time) on the day that is two (2) London
      banking days preceding the date of such determination, and (2) if the Benchmark is not One-Month LIBOR, the time determined by the Administrator in accordance with the Benchmark Replacement Conforming Changes.]

     

    “Regular Priority Principal Payment” means, with respect to any Payment Date, an amount equal to (a) prior to the Amortization Period, the excess, if any, of (x) the product of the

     

    
      11

      
        

    

    Series [_]-[_] Allocation Percentage and any Pool Balance Deficit for such Payment Date over (y) the sum of any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal
      Payment, Fourth Priority Principal Payment and Fifth Priority Principal Payment for such Payment Date and (b) during the Amortization Period, the aggregate Note Balance of the Class A Notes, Class B Notes, Class C Notes, Class D Notes and Class E
      Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) minus the sum of any First Priority Principal Payment, any Second Priority Principal Payment, any Third Priority Principal Payment, any
      Fourth Priority Principal Payment and any Fifth Priority Principal Payment for such Payment Date.

     

    “Required Reserve Amount” means [$[_] (which is approximately [_]% of the Series Invested Amount as of the Closing Date)] [(i) during the Revolving Period, an amount equal to $[_]
      (which is approximately [_]% of the Series Invested Amount as of the Closing Date), and (ii) during the Amortization Period, an amount equal to the greater of (A) $[_] (which is approximately [_]% of the Series Invested Amount as of the Closing Date)
      and (B) [_]% of the Series Invested Amount as of the end of the calendar month immediately preceding the related Payment Date] [(i) during the Revolving Period, an amount equal to [_]% of the Series Invested Amount as of the end of the calendar month
      immediately preceding the related Payment Date, and (ii) during the Amortization Period, an amount equal to [_]% of the Series Invested Amount as of the end of the calendar month immediately preceding the related Payment Date] [; provided, that the
      Required Reserve Amount on any Payment Date will not be less than [_]% of the Series Invested Amount as of the Closing Date][; provided that the Required Reserve Amount on any Payment Date during the Amortization Period will be equal to zero].

     

    “Reserve Account” means the account established with the Indenture Trustee for the benefit of the Noteholders under Section 8.2(a).

     

    “Reserve Account Draw Amount” means:

     

    (1)          on each Payment Date during the Revolving Period, an amount equal to the excess of (i) the amount on deposit
        in the Reserve Account on such Payment Date (before giving effect to distributions on such Payment Date) over (ii) the Required Reserve Amount; and

     

    (2)          on the first Payment Date occurring in the Amortization Period, an amount equal to the amount on deposit in
        the Reserve Account, if that amount together with Series [_]-[_] Available Funds for that Payment Date is sufficient to pay the entire Note Balance of the Notes, all accrued and unpaid interest and any unpaid Make-Whole Payments, unpaid Additional
        Interest Amounts and all other amounts to be distributed to the Series [_]-[_] Secured Parties under this Indenture in full.

     

    “Reserve Deposit Amount” means, with respect to any Payment Date, an amount equal to (a) the Required Reserve Amount minus (b) [(i)] the amount in the Reserve Account on the Payment
      Date (before payments under Section 8.2(c) on that Payment Date) [and (ii) the amount available under the Letter of Credit on such Payment Date].

     

    “Revolving Period” means the period beginning on the Closing Date and ending on the date when the Amortization Period begins.

     

    
      12

      
        

    

    “Second Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes and Class
      B Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the sum of the Series [_]-[_] Allocated Pool Balance and any First Priority Principal Payment for such Payment Date.

     

    “Securities Intermediary” means, with respect to the Series [_]-[_] Accounts, [___].

     

    “Series [_]-[_]” means the Group [_] Series of Group [_] Credit Extensions designated as “Series [_]-[_]”.

     

    “Series [_]-[_] Account” means each of the Distribution Account, the Principal Funding Account and the Reserve Account.

     

    “Series [_]-[_] Account Control Agreement” means the Series [_]-[_] Account Control Agreement, dated as of the Closing Date, among the Trust, as grantor, the Indenture Trustee, as
      secured party, and [___], in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC, as amended, restated, supplemented or modified from time to time.

     

    “Series [_]-[_] Allocated Pool Balance” means, an amount equal to the product of (i) the Series [_]-[_] Allocation Percentage and (ii) the Group Pool Balance for Group [_],
      discounted at the Series [_]-[_] Discount Rate.

     

    “Series [_]-[_] Allocation Percentage” means the Series Allocation Percentage for Series [_]-[_].

     

    “Series [_]-[_] Amortization Event” means, with respect to Series [_]-[_], the occurrence of any of the following:

     

    	

          	(a)	
            on any Payment Date interest due is not paid on any class of Notes,

          

     

    	

          	(b)	
            [on any Payment Date during the Revolving Period, the Required Reserve Amount is not [on deposit in the Reserve Account][available under the Letter of Credit],]

          

     

    	

          	(c)	
            as of the Anticipated Redemption Date, the Trust has not redeemed the Notes,

          

     

    	

          	(d)	
            as of any Payment Date, a Pool Balance Deficit exists with respect to Group [_] after giving effect to distributions on such Payment Date (including deposits to the Principal Funding Account on such
              Payment Date),

          

     

    	

          	(e)	
            for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate
              Principal Balance of all Group [_] Receivables which became Written-Off Receivables during each of the three (3) prior Collection Periods by the Group [_] Pool Balance as of the first day of each of those Collection Periods, multiplied by
              four (4), exceeds [_]%,

          

     

    
      13

      
        

    

    	

          	(f)	
            for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate
              Principal Balance of all Group [_] Receivables that are [ninety-one (91)] days or more delinquent at the end of each of the three (3) prior Collection Periods by the Group [_] Pool Balance as of the last day of each of those Collection
              Periods, divided by three (3), exceeds [_]%,

          

     

    	

          	(g)	
            with respect to any Payment Date, the Series [_]-[_] Allocated Pool Balance is less than [_]% of (x) the aggregate Note Balance minus (y) the amount on deposit in the Principal Funding Account, in
              each case as of such Payment Date,

          

     

    	

          	(h)	
            a Servicer Termination Event has occurred and is continuing, or

          

     

    	

          	(i)	
            an Event of Default for Group [_] has occurred and is continuing.

          

     

    “Series [_]-[_] ARR Series Allocation Percentage” means the ARR Series Allocation Percentage for Series [_]-[_].

     

    “Series [_]-[_] Available Funds” means, with respect to any Payment Date, an amount equal to [the sum of (i)] the product of the Series [_]-[_] Allocation Percentage and the Group
      [_] Available Funds for the related Collection Period, [(ii) any amounts paid by the Cap Counterparty to the Trust under the Cap Agreement with respect to that Payment Date] and (iii) any amounts released from the Principal Funding Account with
      respect to such Payment Date.

     

    “Series [_]-[_] Collateral” means (a) all security entitlements relating to the Series [_]-[_] Accounts and the property deposited in or credited to any of the Series [_]-[_]
      Accounts, [(b) the Trust’s rights under the Cap Agreement,] [(c) the Trust’s rights under the Letter of Credit,] (d) all present and future claims, demands, causes of action and choses in action for any of the foregoing and (e) all payments on or
      under and all proceeds for any of the foregoing.

     

    “Series [_]-[_] Concentration Limit” means each test used to calculate the Series [_]-[_] Excess Concentration Amount.

     

    “Series [_]-[_] Discount Rate” means [_]%.

     

    “Series [_]-[_] Eligible Receivable” means a Group [_] Receivable that satisfies all of the following criteria:

     

    	

          	•	
            [as of the related Cutoff Date, the [original][remaining] term of the Receivable [was][is] less than or equal to [_] months;]

          

     

    	

          	•	
            [the Receivable did not contain a contractual right to an upgrade of the Device related to the device payment plan agreement at the time the Receivable was originated;]

          

     

    	

          	•	
            [as of the related Cutoff Date, as indicated on the records of the related Originator, one of its affiliates or the Servicer, the Obligor on the account for the Receivable maintains service with
              Verizon Wireless;]

          

     

    
      14

      
        

    

    	

          	•	
            [as of the related Cutoff Date, the Receivable is not associated with the account of a government customer;]

          

     

    	

          	•	
            [under the Receivable, there is no prepayment penalty;]

          

     

    	

          	•	
            [as of the related Cutoff Date, the Obligor on the account for the Receivable is not indicated to be subject to a current bankruptcy proceeding on the records of the related Originator (or, with
              respect to Receivables [transferred from the Additional Transferor] designated to Group [_] on a Re-Designation Date, the Servicer) or one of its affiliates, acting as its agent;]

          

     

    	

          	•	
            [as of the related Cutoff Date, it is not a Receivable that is part of an account (i) on which any amount is [_] days or more delinquent by the Obligor, or (ii) that is in “suspend” or “disconnect”
              status (including as a result of the application of the Servicemembers Civil Relief Act) in accordance with the Servicing Procedures;]

          

     

    	

          	•	
            [the Receivable is denominated and payable only in U.S. dollars;]

          

     

    	

          	•	
            [the Receivable is a legal and binding obligation of the related Obligor enforceable against the Obligor in accordance with its terms;]

          

     

    	

          	•	
            [as of the related Cutoff Date, the Obligor on the account for the Receivable had a billing address in the United States or in a territory of the United States;]

          

     

    	

          	•	
            [installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement;]

          

     

    	

          	•	
            [as of the related Cutoff Date, the outstanding Principal Balance of the Receivable does not exceed $[_]; and]

          

     

    	

          	•	
            [as of the related Cutoff Date, either (i) at least [_] 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 [_] year(s) of Customer Tenure with Verizon Wireless];

          

     

    	

          	•	
            [for any Business Receivable for which the related Obligor is a Business Obligor:]

          

     

    	

          	•	
            [it is identified in the systems of the Servicer by such Person’s U.S. federal employer identification number or taxpayer identification number;]

          

     

    	

          	•	
            [the Business Obligor on the account for such Business Receivable is not a natural person, unless such natural person has entered into such Business Receivable in connection with his or her business;
              and]

          

     

    	

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

          

     

    
      15

      
        

    

    “Series [_]-[_] Excess Concentration Amount” means, with respect to Group [_] and the Group [_] Receivables, the sum of the following amounts, without duplication:

     

    (1) for all Group [_] Receivables:

     

    	

          	•	
            [the amount by which the aggregate Principal Balance of Group [_] Receivables with Obligors that have less than twelve (12) months of Customer Tenure with Verizon Wireless exceeds [_]% of the Group
              Pool Balance,]

          

     

    	

          	•	
            [the amount by which the aggregate Principal Balance of Group [_] Receivables with Obligors that have less than sixty (60) months of Customer Tenure with Verizon Wireless exceeds [_]% of the Group
              Pool Balance,] and

          

     

    	

          	•	
            [the amount by which the aggregate Principal Balance of Group [_] Receivables that are part of an account (x) on which any amount is [thirty-one (31)] days or more delinquent by the Obligor or (y)
              that is in “suspend” or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act), in each case, in accordance with Servicing Procedures, exceeds [_]% of the Group Pool Balance,]

          

     

    (2) for Group [_] Receivables that Consumer Receivables only:

     

    	

          	•	
            [the aggregate Principal Balance of all Group [_] Receivables that are Consumer Receivables with the lowest FICO®
              Scores that would need to be excluded from the calculation of the Pool Balance of all Group [_] Receivables that are Consumer Receivables in order to cause the weighted average FICO® Score of the Consumer Obligors with respect to all Group [_] Receivables that are Consumer Receivables (weighted based on Principal Balances) included in such calculation of the Pool Balance of all Group [_]
              Receivables that are Consumer Receivables to be at least [_] (excluding any Group [_] Receivables that are Consumer Receivables with Consumer Obligors for whom FICO®
              Scores are not available),] and

          

     

    	

          	•	
            [the amount by which the aggregate Principal Balance of Group [_] Receivables that are Consumer Receivables with Consumer Obligors for whom FICO® Scores are not available exceeds [_]% of the Pool Balance of all Group [_] Receivables that are Consumer Receivables,]

          

     

    (3) for Group [_] Receivables that are Business Receivables only:

     

    	

          	•	
            [the amount by which the aggregate Principal Balance of Group [_] Receivables that are Business Receivables exceeds [10]% of the Group Pool Balance].

          

     

    “Series [_]-[_] Group Allocated Percentage” means the Group Allocated Percentage for Series [_]-[_].

     

    “Series [_]-[_] Required Overcollateralization Amount” means, with respect to any date of determination, an amount equal to (a) the product of (i) the Series [_]-[_] Required
      Overcollateralization Percentage, expressed as a fraction, and (ii) (x) during the Revolving

     

    
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    Period, the Note Balance of the Notes as of such date and (y) during the Amortization Period, the Note Balance of the Notes as of the last day of the Revolving Period, divided by (b) the percentage,
      expressed as a fraction, equal to 100% minus the Series [_]-[_] Required Overcollateralization Percentage.

     

    “Series [_]-[_] Required Overcollateralization Percentage” means [_]%.

     

    “Series [_]-[_]Secured Parties” means, with respect to Series [_]-[_], the Indenture Trustee, for the benefit of the Noteholders.

     

    “Series [_]-[_] Securities Account” means each Series [_]-[_] Account subject to the terms of the Series [_]-[_] Account Control Agreement.

     

    “Series [_]-[_] Series Related Documents” means, collectively, means this Indenture, the Cap Agreement, the Depository Agreement, the Series [_]-[_] Account Control Agreement, [the
      Letter of Credit,] and any other Series Related Documents with respect to Series 20[_]-[_].

     

    [“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the Benchmark Administrator for SOFR
      (or a successor Benchmark Administrator).]

     

    “Sponsor” means Cellco.

     

    [“Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.]

     

    “Third Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes, Class B
      Notes and Class C Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the sum of the Series [_]-[_] Allocated Pool Balance, any First Priority Principal Payment and any Second
      Priority Principal Payment for such Payment Date.

     

    “Trust Order” has the meaning stated in Section 11.3(a).

     

    “Trust Request” has the meaning stated in Section 11.3(a).

     

    [“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.]

     

    “Underwriting Agreement” means the Underwriting Agreement, dated as of [___], 20[_], by and among the Depositor, Cellco and each of [___], [___], [___] and [___], each on its own
      behalf and as a representative of the several underwriters identified therein.

     

    Section 1.2          Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a
        provision of the TIA, the provision is incorporated by reference in and made

     

    
      17

      
        

    

    a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

     

    “indenture securities” means the Notes

     

    “indenture security holder” means a Noteholder

     

    “indenture to be qualified” means this Indenture

     

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

     

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

     

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

     

    ARTICLE II

      

      THE NOTES

     

    Section 2.1          Form of Notes.

     

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

     

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

     

    Section 2.2          Execution, Authentication and Delivery.

     

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

     

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

     

    
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            Class

          	
            Note Interest Rate

          	
            Initial Note Balance

          
	
            Class A-1[a] Notes

          	
            [_]%

          	
            $[_]

          
	
            [Class A-1b Notes]

          	
            [One-Month LIBOR* + [_]%]

          	
            [$[_]]

          
	
            Class A-2 Notes

          	
            [_]%

          	
            $[_]

          
	
            Class A-3 Notes

          	
            [_]%

          	
            $[_]

          
	
            Class B Notes

          	
            [_]%

          	
            $[_]

          
	
            Class C Notes

          	
            [_]%

          	
            $[_]

          
	
            Class D Notes

          	
            [_]%

          	
            $[_]

          
	
            Class E Notes

          	
            [_]%

          	
            $[_]

          

    _______________

    * Upon the occurrence of a Benchmark Transition Event, One-Month LIBOR will be replaced by the appropriate Benchmark Replacement as set forth in Section 2.16 of the
      Indenture.

    

    

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

     

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

     

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

     

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

     

    
      19

      
        

    

    Section 2.5          Registration of Transfer and Exchange.

     

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

     

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

     

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

     

    (d)          Surrendered Notes.  Every Note surrendered for registration of transfer or exchange will be (i) duly
        endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Note Registrar duly executed by, the Noteholder of the Note or the Noteholder’s authorized attorney, with the signature guaranteed by an “eligible guarantor
        institution” meeting the requirements of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another “signature guarantee program”, according to the Exchange Act and (ii) accompanied by
        other documents the Note Registrar may require.

     

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

     

    (f)          Registration of Transfers and Exchanges.

     

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

     

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

     

    
      20

      
        

    

    expressly required by this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

     

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

     

    Section 2.6          [Reserved].

     

    Section 2.7          Mutilated, Destroyed, Lost or Stolen Notes.

     

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

     

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

     

    (c)          Additional Obligation.  Each replacement Note issued under Section 2.7(a) will be an original
        additional contractual obligation of the Trust and will have the benefits of this

     

    
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    Indenture equally and proportionately with other Notes of the same Class duly issued under this Indenture.

     

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

     

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

     

    Section 2.9          Payments on Notes.

     

    (a)          Interest Accrual.  Each Class of Notes will accrue interest on its Note Balance for each Interest
        Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period.  Interest on the Notes for each Interest Period will be calculated on the basis of [(i)] in the case of the Class
        A-1[a] Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, a 360-day year consisting of twelve 30-day months [and (ii) in the case of the Class A-1b Notes, a 360-day year
        and the actual number of days elapsed in the related Interest Period].  Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

     

    (b)          Principal.  Prior to the beginning of the Amortization Period, principal payments will not be made on
        the Notes, other than in connection with an Optional Redemption.  If Priority Principal Payments are required to be made on any Payment Date prior to the beginning of the Amortization Period in accordance with the provisions of Article VIII, such
        amounts will be deposited into the Principal Funding Account on such Payment Date in accordance with the provisions of Article VIII, to the extent of Series [_]-[_] Available Funds, in lieu of such amounts being applied to pay principal on the
        Notes on such Payment Date.  Amounts on deposit in the Principal Funding Account will be applied in accordance with the provisions of Article VIII.  On each Payment Date during the Amortization Period, the principal of each Class of Notes will be
        payable in installments on each Payment Date in accordance with the provisions of Article VIII.  The Note Balance of each Class of Notes will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In
        addition, the Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to [[Section 5.2(a)]].

     

    (c)          Make-Whole Payments.  A Make-Whole Payment will be due in connection with the Optional Redemption of
        the Notes on any date on or after the Earliest Redemption Date but prior to [[____], 20[_]][the Payment Date occurring [three (3) months] prior to the Anticipated Redemption Date], as described in Section [_], solely to the extent funds are
        available therefor.  Any Make-Whole Payments on a Class of Notes not previously paid will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In addition, any Make-Whole Payments on a Class of Notes not
        previously paid will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to [[Section 5.2(a)]].  For the avoidance of doubt, no Make-Whole Payment

     

    
      22

      
        

    

    will be payable in connection with an Optional Redemption of the Notes on or after [[___], 20[_]][the Payment Date occurring [three (3) months] prior to the Anticipated Redemption Date].

     

    (d)          Additional Interest Amounts.  If the Notes have not been redeemed as of the Anticipated Redemption
        Date, beginning on such Payment Date, in addition to interest at the stated interest rate, each class of Notes will accrue additional interest at the Additional Interest Rate applicable to that class of Notes, which accrued Additional Interest
        Amounts will be distributed to Noteholders in accordance with the provisions of Article VIII, to the extent of Series [_]-[_] Available Funds.

     

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

     

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

     

    Section 2.10          Cancellation of Notes.  Any Person that receives a Note surrendered for payment,
        registration of transfer, exchange or redemption will deliver the Note to the Indenture Trustee, and the Indenture Trustee will promptly cancel it.  The Trust may surrender to the Indenture Trustee for cancellation Notes previously authenticated
        and delivered under this Indenture which the Trust may have acquired, and the Indenture Trustee will promptly cancel them.  No Notes will be authenticated in place of or in exchange for Notes cancelled as stated in this Section 2.10.  The Indenture
        Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless the Trust directs, by Trust Order, that they be destroyed or returned to it.

     

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

     

    
      23

      
        

    

    Section 2.12          Book-Entry Notes.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (g)          CUSIP Numbers.  The Trust in issuing the Notes may use “CUSIP” numbers (if then generally in use),
        and, if so, the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on
        the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers.  The
        Trust will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers.

     

    Section 2.13          Definitive Notes.  No Note Owner will receive a definitive, fully registered Note (a “Definitive
          Note”) representing the Note Owner’s interest in the Note unless and until (a) the Administrator notifies the Indenture Trustee that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as depository for
        the Book-Entry Notes and the Administrator is unable to reach an agreement on satisfactory terms with a

     

    
      24

      
        

    

    qualified successor, (b) the Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence and during the continuation
      of an Event of Default with respect to Group [_] or a Servicer Termination Event, Note Owners of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to terminate the book-entry
      system through the Clearing Agency.  In these cases, the Clearing Agency will notify Note Owners and the Indenture Trustee of the availability of Definitive Notes.  After the Clearing Agency has surrendered the printed Notes representing the
      Book-Entry Notes and delivered the registration instructions to the Indenture Trustee, the Trust will execute and the Indenture Trustee, on Trust Request, will authenticate the Definitive Notes according to the instructions of the Clearing Agency. 
      None of the Trust, the Note Registrar or the Indenture Trustee will be liable for delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions.  On the issuance of Definitive Notes to Note
      Owners, the Indenture Trustee will recognize the holders of the Definitive Notes as Noteholders.

     

    Section 2.14          Authenticating Agents.

     

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

     

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

     

    Section 2.15          Note Paying Agents.

     

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

     

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

     

    Section 2.16          [Effect of Benchmark Transition Event.

     

    (a)          Benchmark Replacement.  If the Administrator determines that a Benchmark Transition Event and its
        related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark

     

    
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    Replacement will replace the then-current Benchmark with respect to Series [_]-[_] for all purposes under the Transaction Documents, the Series [_]-[_] Series Related Documents and the Notes in respect of
      such determination on such date and all determinations on all subsequent dates.  As set forth in Section 3.5(a)(iii) of the Transfer and Servicing Agreement, the Servicer will include in the Monthly Investor Report notice of the occurrence of (i) any
      Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the determination of any Benchmark Replacement, and (iii) the making of any Benchmark Replacement Conforming Changes.

     

    (b)          Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark
        Replacement, the Administrator shall have the right to make Benchmark Replacement Conforming Changes from time to time.  Notice of the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the determination of a
        Benchmark Replacement and the making of any Benchmark Replacement Conforming Changes will be delivered in writing by the Administrator to the Trust, the Owner Trustee, the Master Collateral Agent, a Responsible Person of the Indenture Trustee, the
        Parent Support Provider, the Sponsor, the Depositor and the Servicer and included in the Monthly Investor Report. Notwithstanding anything in the Transaction Documents or the Series [_]-[_] Series Related Documents to the contrary, upon the
        delivery of notice to a Responsible Person of the Indenture Trustee and the inclusion of such information in the Monthly Investor Report, the relevant Transaction Documents (with respect to Series [_]-[_]), the Series [_]-[_] Series Related
        Documents and the Notes will be deemed to have been amended to reflect the new Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the amendment
        provisions of the relevant Transaction Documents or the Series [_]-[_] Series Related Documents.

     

    (c)          Decisions and Determinations. Any determination, decision or election that may be made by the
        Administrator pursuant to this Section 2.16, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action
        or any selection, shall be conclusive and binding absent manifest error, may be made in the Administrator’s sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents or the Series [_]-[_] Series Related Documents,
        shall become effective without consent from any other party or Noteholder and shall not be subject to any of the amendment provisions of the Transaction Documents or the Series [_]-[_] Series Related Documents (including, without limitation, the
        provisions under Article IX). None of the Trust, the Owner Trustee, the Indenture Trustee, the Note Paying Agent, the Note Registrar, the Master Collateral Agent, the Administrator, the Sponsor, the Depositor or the Servicer shall have any
        liability for any determination made by or on behalf of the Administrator in connection with a Benchmark Transition Event or a Benchmark Replacement as set forth above, and each Noteholder, by its acceptance of a Note or a beneficial interest in a
        Note, shall be deemed to waive and release any and all claims against the Trust, the Owner Trustee, the Indenture Trustee, the Note Paying Agent, the Note Registrar, the Master Collateral Agent, the Administrator, the Sponsor, the Depositor or the
        Servicer relating to any such determinations.  Notwithstanding anything in the Transaction Documents or any Series [_]-[_] Series Related Document to the contrary, upon the delivery of notice to a Responsible Person of the Indenture Trustee and
        inclusion in a Monthly Investor Report of the information set forth in Section 3.5(a)(iii) in the Transfer and Servicing

     

    
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    Agreement, the relevant Transaction Documents (with respect to Series [_]-[_]) and the Series [_]-[_] Series Related Documents shall be deemed to have been amended to reflect the new Unadjusted Benchmark
      Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the amendment provisions of the relevant Transaction Documents or the Series [_]-[_] Series Related Documents.  None of the
      Indenture Trustee, the Note Paying Agent, the Note Registrar, the Master Collateral Agent or the Owner Trustee will have any liability or obligation with respect to any determination by the Administrator that a Benchmark Transition Event has occurred
      or the selection of any replacement index.]

     

    ARTICLE III

      

      COVENANTS, REPRESENTATIONS AND WARRANTIES

     

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

     

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

     

    Section 3.3          Money for Payments To Be Held in Trust.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (d)          Unclaimed Money.  Subject to applicable law, money held by the Indenture Trustee or a Note Paying
        Agent in trust under this Section 3.3 which remains unclaimed for two (2) years after it became due and payable will be discharged from the trust and paid to the Trust on Trust Request.  After discharge and payment, the Noteholder of the Note will,
        as an unsecured general creditor, look only to the Trust for payment of the amount due and unclaimed, and the Indenture Trustee or the Note Paying Agent will be released from liability for such amounts.  However, the Indenture Trustee or the Note
        Paying Agent, before making the payment, will publish once, at the expense and direction of the Trust, in a newspaper customarily published on each Business Day in the English language and of general circulation in The City of New York, notice that
        the money remains unclaimed and that after a date stated in the notice, which must be at least thirty (30) days from the date of publication, any unclaimed balance of the money then remaining will be paid to the Trust.  The Indenture Trustee will
        also use other reasonable means to notify Noteholders of unclaimed payments.

     

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

     

    
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    by acceptance of such Note or such interest in such Note, will be deemed to have agreed to provide the Trust, the Indenture Trustee, the Note Registrar and the Note Paying Agent with the Noteholder Tax
      Identification Information and, to the extent FATCA Withholding Tax is applicable, the FATCA Information. In addition, each holder of a Note will be deemed to understand that the Note Paying Agent has the right to withhold interest payable with
      respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the foregoing requirements.

     

    Section 3.4          Existence.  The Trust will obtain and maintain its qualification in each jurisdiction in
        which the qualification is or will be necessary to protect the validity and enforceability of this Indenture, the Notes and the Series [_]-[_] Collateral.

     

    Section 3.5          Protection of Collateral.

     

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

     

    (A)          Grant more effectively any portion of the Series [_]-[_] Collateral pursuant to this
        Indenture;

     

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

     

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

     

    (D)          enforce the Series [_]-[_] Collateral; or

     

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

     

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

     

    (c)          Indenture Trustee Not Obligated.  The Indenture Trustee is not obligated to (i) make a determination
        of whether filing financing or continuation statements, or amendments

     

    
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    to the statements, is required or (ii) file any financing or continuation statements, or amendments to the statements, and will not be liable for failure to do so.

     

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

     

    Section 3.6          Performance of Obligations.

     

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

     

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

     

    (c)          [Reserved].

     

    (d)          [Cap Agreement.  Promptly following the termination of the Cap Agreement due to an “Event of Default”
        or “Termination Event” (as each such term is defined in the Cap Agreement), the Trust will use reasonable efforts to enter into a replacement cap agreement on terms similar to those of the terminated Cap Agreement with an Eligible Replacement Cap
        Counterparty unless the Master Collateral Agent sells the Group [_] Assets and, to the extent required, a portion of the Group Assets of any other Group pursuant to Sections 6.1(a)(iii) and 6.10 of the Master Collateral Agreement.]

     

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

     

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

     

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

     

    
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    that would impair the validity or enforceability of the Series [_]-[_] Collateral or a document included in the Series [_]-[_] Collateral;

     

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

     

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

     

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

     

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

     

    Section 3.8          Opinions on Collateral.

     

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

     

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

     

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

     

    Section 3.9          Annual Certificate of Compliance.  The Trust will deliver to the Indenture Trustee within
        ninety (90) days after the end of each calendar year, beginning in the year after the Closing Date, an Officer’s Certificate signed by a Responsible Person of the Trust, stating that (a) a review of the Trust’s activities and of its performance
        under this Indenture during the prior year has been made under a Responsible Person’s supervision and (b) to the Responsible

     

    
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    Person’s knowledge, based on the review, the Trust has fulfilled in all material respects its obligations under this Indenture throughout the prior year or, if there has been a failure to fulfill an
      obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the failure.  A copy of the Officer’s Certificate may be obtained by any Noteholder or Person certifying it is a Note Owner by a
      request to the Indenture Trustee at its Corporate Trust Office.  The Trust’s obligation to deliver an Officer’s Certificate under this Section 3.9 will terminate on the payment in full of the Notes.

     

    Section 3.10          Successor or Transferee.  (a) On a merger or consolidation of the Trust or a transfer under
        Section 5.5(d) of the Master Collateral Agreement, the Person formed by or surviving the merger or consolidation (if other than the Trust) will succeed to, and be substituted for, and may exercise the rights and powers of, the Trust under this
        Indenture with the same effect as if that Person had been named as the Trust in this Indenture and (b) for a transfer of the assets of the Trust under Section 5.5(d) of the Master Collateral Agreement, the predecessor Trust will be released from
        its obligations under this Indenture to be performed by the successor Trust for the Notes immediately on receipt of notice by the Indenture Trustee stating that the Trust is to be released.

     

    Section 3.11          Further Acts and Documents.  On request of the Indenture Trustee, the Trust will take action
        and execute and deliver additional documents reasonably required to perform and carry out the purposes of this Indenture.

     

    Section 3.12          Review of Trust’s Records.  The Trust will maintain records and documents relating to its
        performance under this Indenture according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Trust will give the Indenture Trustee (or its representatives)
        access to the records and documents to conduct a review of the Trust’s performance under this Indenture.  Any access or review will be conducted at the Trust’s offices during its normal business hours at a time reasonably convenient to the Trust
        and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Trust’s security, confidentiality and privacy policies and any legal, regulatory and data protection policies.  Notwithstanding
        the foregoing, the permissive right of the Indenture Trustee to access and review the Trust’s records shall not constitute an obligation of the Indenture Trustee to do so.

     

    Section 3.13          Trust’s Representations and Warranties.  The Trust represents and warrants to the Indenture
        Trustee as of the Closing Date:

     

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

     

    (b)          Power, Authority and Enforceability.  The Trust has the power and authority to execute, deliver and
        perform its obligations under the Transaction Documents and the Series [_]-[_] Series Related Documents to which it is a party.  The Trust has authorized the execution, delivery and performance of the Transaction Documents and the Series [_]-[_]
        Series Related Documents to which it is a party.  The Transaction Documents and the Series [_]-[_] Series Related Documents to which it is a party are the legal, valid and binding obligation of the Trust enforceable against the Trust, except as may
        be limited by insolvency, bankruptcy,

     

    
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    reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

     

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

     

    (d)          No Proceedings.  To the Trust’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 Trust or its properties (i) asserting the invalidity of the Transaction Documents, the
        Series [_]-[_] Series Related Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents or the Series [_]-[_] Series Related Documents, (iii) seeking
        any determination or ruling that would reasonably be expected to have a Material Adverse Effect or would materially adversely impact the validity or enforceability of the Notes or (iv) relating to the Trust that would reasonably be expected to (A)
        affect the treatment of the Notes as indebtedness for purposes of U.S. federal and State income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income, (B) be deemed to cause a taxable exchange of the Notes for
        U.S. federal income tax purposes or (C) cause the Trust to be treated as an association or publicly traded partnership, in either case taxable as a corporation for U.S. federal income tax purposes, in each case, other than any proceedings that, to
        the Trust’s knowledge, would not reasonably be expected to have a material adverse effect on the Trust, the performance by the Trust of its obligations under, or the validity and enforceability of, the Transaction Documents, the Series [_]-[_]
        Series Related Documents or the Notes or the tax treatment of the Trust or the Notes.

     

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

     

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

     

    Section 3.14          Trust’s Representations and Warranties About Security Interest.  The Trust represents and
        warrants to the Indenture Trustee as of the Closing Date, which

     

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

     

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

     

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

     

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

     

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

     

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

     

    (f)          Securities Intermediary Agreement.  The Trust has delivered to the Indenture Trustee a fully executed
        Series [_]-[_] Account Control Agreement (1) that provides that the agreement is governed solely by the law of the State of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities
        Convention, (2) pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Series [_]-[_] Securities Accounts without further consent by the Trust, and (3) with a
        Securities Intermediary that at the time of this Indenture has one or more offices (within the meaning of the Hague Securities Convention) in the United States of America which satisfies the “qualifying office” condition provided in the second
        sentence of Article 4(1) of the Hague Securities Convention.

     

    
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    (g)          Name of Series [_]-[_] Securities Accounts.  The Series [_]-[_] Securities Accounts are not in the
        name of a Person other than the Trust or the Note Paying Agent.  The Trust has not consented to the Securities Intermediary of a Series [_]-[_] Securities Account complying with entitlement orders of a Person other than the Indenture Trustee.

     

    ARTICLE IV

      

      SATISFACTION AND DISCHARGE

     

    Section 4.1          Satisfaction and Discharge of Indenture.

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE V

      

      EVENTS OF DEFAULT; REMEDIES

     

    Section 5.1          Events of Default.

     

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

     

    Section 5.2          Acceleration of Maturity; Rescission.

     

    (a)          Acceleration.  If a Primary Event of Default with respect to Group [_] or a Secondary Event of
        Default with respect to Group [_], other than a Secondary Event of Default with respect to Group [_] set forth under [clause (iv)] of the
        definition thereof, in each case, as set forth in the Group Supplement for Group [_] occurs and is continuing, the Indenture Trustee may, or the Noteholders of a majority of the Note Balance of the Controlling Class may, declare the Notes to be
        accelerated by notifying the Trust (and the Indenture Trustee if declared by the Noteholders).  If a Secondary Event of Default with respect to Group [_] set forth under [clause (iv)] of the definition thereof as set forth in the Group Supplement
        for Group [_] occurs, the Notes will be accelerated and will automatically become immediately due and payable without a declaration or other act of the Indenture Trustee or a Noteholder.  On acceleration, the unpaid Note Balance of the Notes,
        together with accrued and unpaid interest and unpaid Additional Interest Amounts and Make-Whole Payments, if any, will become immediately due and payable.  On the declaration of acceleration or upon actual knowledge of a Responsible Person of the
        Indenture Trustee of an automatic acceleration, the Indenture Trustee will promptly notify the Trust, the Master Collateral Agent, each Noteholder and each Qualified Institution (if not the Indenture Trustee) maintaining a Series [_]-[_] Account.

     

    (b)          Rescission of Acceleration.  The Noteholders of a majority of the Note Balance of the Controlling
        Class, by notifying the Trust and the Indenture Trustee (who will notify the Master Collateral Agent), may rescind any declaration of acceleration of the Notes if:

     

    (i)          notice of the rescission is given before a judgment or decree for payment of the amount
        due has been obtained by the Indenture Trustee or the Master Collateral Agent as stated in this Article V;

     

    (ii)          the Trust has deposited with the Indenture Trustee an amount sufficient to (A) pay the
        due and unpaid principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default with respect to Group [_] giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture
        Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Trust in respect of Series [_]-[_]; and

     

    (iii)          all Events of Default with respect to Group [_], other than the non-payment of amounts
        due solely because of acceleration, have been cured or waived by

     

    
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    Noteholders of the majority of the Note Balance of the Controlling Class, pursuant to and subject to the terms of Section 5.14.

     

    Section 5.3          Collection of Indebtedness by Indenture Trustee.

     

    (a)          Overdue Amounts.  If a Primary Event of Default with respect to Series [_]-[_] as set forth in the
        Group Supplement for Group [_] occurs and is continuing, the Trust, on demand of the Indenture Trustee, will pay to the Note Paying Agent for the benefit of the Noteholders, the overdue amount with interest at the rate of interest then applicable
        to the Notes.

     

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

     

    (c)          Proceedings.  If the Trust fails to pay those amounts and the collection costs set forth in Section
        5.3(b) on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start a Proceeding to collect the money due and unpaid, and may pursue the Proceeding to final judgment, and may enforce the judgment against the Trust
        and collect the money due and unpaid in the manner provided by law out of the Group [_] Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement.

     

    Section 5.4          Trustee May File Proofs of Claim.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 5.5          Enforcement of Claims Without Possession of Notes.

     

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

     

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

     

    Section 5.6          Remedies; Priorities.

     

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

     

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

     

    (ii)          take any other action to protect and enforce the rights and remedies of the Indenture
        Trustee and the Noteholders; or

     

    (iii)          vote as a Group Creditor Representative for Group [_] to cause the Trust to sell the
        Group [_] Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement.

     

    (b)          Notice of Sale of Collateral.  The Indenture Trustee will notify each Noteholder and the Depositor of
        a sale under Section 5.6(a)(iii) above and Section 6.1 of the Master Collateral Agreement at least fifteen (15) days before the sale.  A Noteholder, the Depositor or the Servicer may submit a bid during the sale.

     

    (c)          [Reserved].

     

    
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    (d)          Payments Following Acceleration and any Sale of Collateral.  Any money or property deposited with the
        Indenture Trustee as Series [_]-[_] Available Funds after the occurrence of an Event of Default with respect to Group [_] that has not been waived or cured and an acceleration of the Notes, including after the sale of Group [_] Assets and, to the
        extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement, will be deposited in the Distribution Account for distribution according to Section 8.2(e) on the Payment Date after
        the Collection Period during which those amounts are collected.  In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default with respect to Group [_].

     

    Section 5.7          [Reserved].

     

    Section 5.8          Limitation on Suits.

     

    (a)          Proceedings.  No Noteholder has the right to start a Proceeding under this Indenture or for the
        appointment of a receiver or trustee, or for any other remedy under this Indenture, unless all of the following have occurred:

     

    (i)          the Noteholder has notified the Indenture Trustee of a continuing Event of Default with respect to Group [_];

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 5.9          Unconditional Rights to Receive Principal and Interest.  Each Noteholder has an absolute and
        unconditional right to receive payment of the principal of and interest on its

     

    
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    Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on or after the Redemption Date) and to start a Proceeding for the enforcement of the payment according to Section
      5.8.  Those rights may not be impaired or affected without the consent of the Noteholder.

     

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

     

    Section 5.11          Rights and Remedies Cumulative.  No right or remedy of the Indenture Trustee or the
        Noteholders under this Indenture is intended to be exclusive of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right and remedy under this Indenture.  The exercise of a
        right or remedy will not prevent the exercise of another right or remedy at the same time.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture will not be affected by the seeking, obtaining or use of
        other relief under this Indenture.  The rights or remedies of the Indenture Trustee or the Noteholders will not be impaired by the recovery of a judgment by the Indenture Trustee against the Trust or by the execution of a judgment on the Group [_]
        Assets.

     

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

     

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

     

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

     

    (b)          Direction to Sell or Liquidate.  Except under Section 5.6(a)(iii), a direction to the Indenture
        Trustee to vote pursuant to Section 6.1(a)a.(A) or Section 6.1(a)b.(A) of the Master Collateral Agreement as a Group Creditor Representative for Group [_] to cause the Trust to sell the Group [_] Assets and, to the extent required, a portion of the
        Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement, must have been made by the Noteholders of 100% of the Note Balance [of the Controlling Class].

     

    (c)          [Reserved].

     

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

     

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

     

    Section 5.14          Waiver of Potential Defaults and Events of Default.

     

    (a)          Waiver by Controlling Class.  The Noteholders of a majority of the Note Balance of the Controlling
        Class may waive a Potential Default with respect to Group [_] or Event of Default
            with respect to Group [_] except an Event of Default with respect to Group [_] (i) in the
        payment of principal of or interest, Additional Interest Amounts or Make-Whole Payments on the Notes (other than an Event of Default with respect to Group [_] relating to failure to pay principal due only by reason of acceleration) or (ii) for a
        covenant or term of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

     

    (b)          Effect of Waiver.  On any waiver, the Potential Default with respect to Group [_]
        or Event of Default with respect to Group [_] will be considered not to have occurred with respect to Series [_]-[_] for all purposes of this Indenture.  No waiver will extend to any other Potential Default with respect to Group [_] or Event of Default with respect to Group [_] or impair any right relating to any other Potential Default with respect to Group [_] or Event of
        Default with respect to Group [_].

     

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

     

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

     

    Section 5.17          Performance and Enforcement of Obligations.

     

    (a)          Actions Requested by Indenture Trustee.  At the Administrator’s expense, until the date on which all
        Notes are paid in full and this Indenture is discharged, the Trust will promptly take any lawful action the Indenture Trustee requests to (i) compel the performance by (A) the Depositor and the Servicer of their obligations to the Trust under the
        Transfer and

     

    
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    Servicing Agreement [and the Additional Transferor Receivables Transfer Agreement] or (B) the Depositor and the Originators of their obligations under the Originator Receivables Transfer Agreement and (ii)
      exercise any rights, remedies, powers, privileges and claims available to the Trust under those agreements as directed by the Indenture Trustee.

     

    (b)          Exercise by Indenture Trustee.  If an Event of Default with respect to Group [_] has occurred and is
        continuing, until the date on which all Notes are paid in full and this Indenture is discharged, (i) the Indenture Trustee may, and at the written direction of the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class will,
        exercise all rights, remedies, powers, privileges and claims of the Trust against (A) the Depositor or the Servicer under the Transfer and Servicing Agreement [and the Additional Transferor Receivables Transfer Agreement], (B) the Depositor and the
        Originators under the Originator Receivables Transfer Agreement, [(C) the Cap Counterparty under the Cap Agreement], including the right or power to take any action to compel or secure performance or observance by those Persons of their obligations
        to the Trust under those agreements, and to give a consent, request, notice, direction, approval, extension or waiver under those agreements and (ii) the right and power of the Trust to take any such action will be suspended.

     

    ARTICLE VI

      

      INDENTURE TRUSTEE

     

    Section 6.1          Indenture Trustee’s Obligations.

     

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

     

    (b)          Obligations; Reliance.  Except during the continuance of an Event of Default with respect to Group [_]:

     

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

     

    (ii)          in the absence of willful misconduct, bad faith or negligence on its part, the Indenture
        Trustee may conclusively rely, for the truth of the statements and the correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by this Indenture, conforming to the requirements of this Indenture. 
        The Indenture Trustee will examine the certificates and opinions to determine whether or not they conform as to form to the requirements (but need not confirm or investigate the accuracy of mathematical calculations or other facts therein), if any,
        of this Indenture.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (g)          No Deemed Knowledge.  The Indenture Trustee will not be deemed to have knowledge of a breach of the
        Group Eligibility Representation, Potential Default with respect to Group [_] or any Event of Default with respect to Group [_] or any other fact (including whether any reacquisition or acquisition request
        remains unresolved for one-hundred eighty (180) days) or event unless (i) a Responsible Person of the Indenture Trustee has actual knowledge of the breach, Potential Default with respect to Group [_], Event of
        Default with respect to Group [_] or other fact or event or (ii) where written notice is required, a Responsible Person of the Indenture Trustee has actually received written notice of the specific breach, Potential Default with respect to Group [_], Event of Default with respect to Group [_] or other fact or event at its Corporate Trust Office, and such notice specifically identifies the Trust, this Indenture and such breach, Potential Default with respect to Group [_], Event of Default with respect to Group [_], or other fact or event.  Any notice of an occurrence of a breach of the Group Eligibility Representation under a Receivables Transfer Agreement or the Transfer and
        Servicing Agreement delivered to the Indenture Trustee shall specifically identify the Group [_] Receivables in breach.  Knowledge or information acquired by [___] in its capacity as Indenture Trustee, Note Paying Agent or Note Registrar, as
        applicable, shall not be imputed to [___] in any other capacity in which it may act under the Transaction Documents or any Series [_]-[_] Series Related Document or to any affiliate of [___] and vice versa.  For the avoidance of doubt, receipt by
        the Indenture Trustee of a Review Report under the Asset Representations Review Agreement shall not constitute knowledge of any such event or breach.

     

    (h)          [Reserved].

     

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

     

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

     

    (k)          Not Required to Pay or Risk Funds.  The Indenture Trustee is not obligated to (i) exercise the rights
        or powers under this Indenture or the other Series [_]-[_] Series Related Documents, expend or risk its own funds or incur any financial liability in the performance of its obligations under this Indenture or the other Series [_]-[_] Series Related
        Documents, including after an Event of Default with respect to Group [_], if it has reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against that risk or liability is not reasonably assured or given
        to it by the Trust or (ii) start, pursue or defend litigation, investigate any matter or honor the request or direction of the Noteholders under this Indenture, unless the Noteholders have offered to the Indenture Trustee reasonable security or
        indemnity satisfactory to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the request or direction. Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee will not be
        required to take any action if the Indenture Trustee reasonably determines that such action (x) will not be in the best interests of the Noteholders or (y) will be contrary to applicable Law.  The permissive right of the Indenture Trustee to take
        any action under the Series [_]-[_] Series Related Documents shall not be construed as a duty to take such action.

     

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

     

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

     

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

     

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

     

    (p)          [Determination of One-Month LIBOR.  For as long as One-Month LIBOR is the Benchmark, the Indenture
        Trustee shall calculate One-Month LIBOR as of each LIBOR Determination Date for so long as the Class A-1b Notes are Outstanding; provided that if One-Month LIBOR does not appear on the Reuters Screen LIBOR01 Page on any LIBOR Determination Date the
        Indenture Trustee shall calculate One-Month LIBOR using the rates solicited or as otherwise directed by the Administrator[; provided further that, if the Administrator does not provide a rate or any such direction to the Indenture Trustee prior to
        the related Payment Date, the Indenture Trustee shall use One-Month LIBOR in effect for the immediately preceding Interest Period until otherwise directed by the Administrator.  All calculations of One-Month LIBOR by the Indenture Trustee, in
        absence of manifest error, shall be conclusive for all purposes and binding on the Noteholders.  None of the Indenture Trustee, the Note Paying Agent or the Note Registrar shall be responsible for determining the reference banks, rates or method
        used to calculate One-Month LIBOR or be liable for any error resulting from its calculation of One-Month LIBOR made in good faith.  In no event will the Indenture Trustee, Note Paying Agent, or Note Registrar be responsible for determining the
        unavailability of or cessation of One-Month LIBOR and any substitute or successor for One-Month LIBOR. The Indenture Trustee, Note Paying Agent, and Note Registrar will not have any liability or obligation with respect to any determination of
        One-Month LIBOR by the Administrator or the selection of any replacement index, or whether any conditions to the designation of such a rate have been satisfied, and shall have no obligation to monitor, give notice of, or make any determination,
        decision or election in connection with a Benchmark Replacement Date, Benchmark Transition Event, Benchmark Replacement, Benchmark Replacement Adjustment and/or any Benchmark Replacement Conforming Changes (all of which shall be the sole obligation
        of the Administrator), even if the Administrator does not act.  None of the Indenture Trustee, Note Paying Agent, or Note Registrar shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this
        Indenture as a result of the unavailability of One-Month LIBOR (or other applicable Benchmark) and absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other
        transaction party, including without limitation the Administrator, in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably required for the performance of such duties.]

     

    (q)          Liability for Dissemination of Information.  Except as required by the Series [_]-[_] Series Related
        Documents, the Indenture Trustee shall not be liable for the dissemination of any information contained in any Review Report or summary thereof, any 10-D or other filing, or any other dissemination of information required or made in accordance with
        the Series [_]-[_] Series Related Documents and shall have no responsibility, or liability for the failure of any party to redact or remove any Personally Identifiable Information or other confidential information in any document.

     

    
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    Section 6.2          Indenture Trustee’s Rights.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (h)          No Duty with Respect to Regulatory Requirements.  The Indenture Trustee shall have no responsibility
        to prepare or file or make any determination with respect to any tax or securities law filing or report, or to monitor, enforce, make any determination or take any action with respect to any risk retention requirements or other regulatory
        requirements and shall have no liability for the failure of the Trust, the Notes or the Noteholders or any other Person to satisfy any such requirements.

     

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

     

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

     

    Section 6.5          Notice of Potential Defaults and Notice of Payment Defaults.  Within ninety (90) days after a
        Responsible Person of the Indenture Trustee has actual knowledge of, or actually receives written notice of, a Potential Default with respect to Group [_], the Indenture Trustee will mail, as described in Section 313(c) of the TIA, to each
        Noteholder, notice of the Potential Default, unless the Potential Default has been corrected or waived.  However, except for a Potential Default in the payment of principal of or interest on a Note, the Indenture Trustee may withhold the notice if
        and so long as a committee of its Responsible Persons in good faith determines that the withholding of the notice is in the interests of the Noteholders.

     

    Section 6.6          Reports by Indenture Trustee.

     

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

     

    (b)          Monthly Investor Report.  On each Payment Date, the Indenture Trustee will deliver the Monthly
        Investor Report to each Noteholder of record as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note Register without need for confirmation of receipt or by making the report available to the
        Noteholders through the Indenture Trustee’s website, which initially is located at [___] (or via such other internet website as may be designated by the Indenture Trustee for such purpose)).  Noteholders with questions may direct them to the
        Indenture Trustee’s bondholder services group at [___].

     

    (c)          [Reserved]. 

     

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

     

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

     

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

     

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

     

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

     

    Section 6.7          Compensation and Indemnity.

     

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

     

    (b)          Indemnification.  The Trust agrees to indemnify [___] in each of its capacities under this Indenture
        and the other Series [_]-[_] Series Related Documents and its officers, directors, employees and agents (each, an “Indemnified Person”) against any and all loss, liability, claim, suit, action, expense (including reasonable attorney’s fees
        and expenses), damages, costs and disbursements incurred in connection with, arising out of or resulting from the administration of the trusts created hereunder and the performance of its obligations under this Indenture and the other Series
        [_]-[_] Series Related Documents (including any such amount incurred by the Indemnified Person in connection with (x) defending itself against any claim, legal action or proceeding or (y) the enforcement of any indemnification or other obligation
        of the Trust, the Servicer or any other transaction party) not resulting from (i) the Indenture

     

    
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    Trustee’s own willful misconduct, negligence or bad faith or (ii) the Indenture Trustee’s breach of its representations or warranties in this Indenture.

     

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

     

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

     

    (e)          Repayment.  If the Trust makes a payment from Series [_]-[_] Available Funds to an Indemnified Person
        under Section 6.7(b) and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Trust.

     

    (f)          Available Funds.  Payments required to be made by the Trust under this Section 6.7 will be made
        solely from Series [_]-[_] Available Funds used to make payments under this Indenture.

     

    Section 6.8          Resignation or Removal of Indenture Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (f)          Transition of Indenture Trustee Obligations.  On the resignation or removal of the Indenture Trustee
        becoming effective under Section 6.8(e), all rights, powers and obligations of the Indenture Trustee under this Indenture will become the rights, powers and obligations of the successor Indenture Trustee.  The predecessor Indenture Trustee will
        promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.  The Depositor will reimburse the Indenture Trustee and any successor Indenture Trustee for expenses related to the replacement of the Indenture
        Trustee, if those amounts have not been paid under Section 8.2.

     

    Section 6.9          Merger or Consolidation; Transfer of Assets.

     

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

     

    (b)          Authentication of Notes.  If, at the time the successor by merger or consolidation to the Indenture
        Trustee succeeds to the trusts created by this Indenture, Notes have been authenticated but not delivered, the successor Indenture Trustee may adopt the certificate of authentication of a predecessor Indenture Trustee and deliver the Notes so
        authenticated.  If at

     

    
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    that time any Notes have not been authenticated, the successor Indenture Trustee may authenticate the Notes.  In each of those cases, the certificates will have the same force and effect given in the Notes
      or in this Indenture as the certificate of the predecessor Indenture Trustee.

     

    Section 6.10          Appointment of Separate Trustee or Co-Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (d)          Rights of Appointee.  Every document appointing a separate trustee or co-trustee will refer to this
        Indenture and the conditions of this Section 6.10.  Each separate trustee and co-trustee, on its acceptance of its appointment will have the rights, powers and obligations stated in its appointment, subject to this Indenture.  The document will be
        filed with the Indenture Trustee, and the Indenture Trustee will provide the Trust with a copy of each document.

     

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

     

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

     

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

     

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

     

    (a)          Organization.  The Indenture Trustee is duly organized, validly existing and qualified as a [___]
        under the laws of the United States.

     

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

     

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

     

    
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    equity) and (iii) with respect to rights of indemnity hereunder, limitations of public policy under applicable securities laws.

     

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

     

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

     

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

     

    Section 6.14          Reporting of Receivables Reacquisition and Acquisition Demands.  The Indenture Trustee will
        (a) notify the Sponsor, the Administrator, the Depositor and the Servicer, as soon as practicable and within five (5) Business Days, of demands or requests actually received by a Responsible Person of the Indenture Trustee for the reacquisition or
        acquisition, as applicable, of any Receivable under Section 3.4 of the Originator Receivables Transfer Agreement[, Section 3.4 of the Additional Transferor Receivables Transfer Agreement] or Sections 2.5 or 2.7 of the Transfer and Servicing
        Agreement, (b) promptly on request by the Sponsor, the Depositor, the Administrator or the Servicer, provide to them other information reasonably requested and within its possession to facilitate compliance by them with Rule 15Ga-1 under the
        Exchange Act and (c) if requested by the Sponsor, the Depositor, the Administrator or the Servicer, provide a written certification no later than fifteen (15) days following the end of any quarter or year that the Indenture Trustee has not received
        any reacquisition demands or requests for that period, or if reacquisition or acquisition, as applicable, demands or requests have been received during that period, that the Indenture Trustee has provided all the information reasonably requested
        under clause (b) above.  The Indenture Trustee and the Trust will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act.

     

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

     

    
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    ARTICLE VII

      

      NOTEHOLDER COMMUNICATIONS AND REPORTS

     

    Section 7.1          Noteholder Communications.

     

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

     

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

     

    (c)          Noteholder Communications.  Noteholders may communicate with other Noteholders about their rights
        under this Indenture or under the Notes.  Within ten (10) days following receipt by the Indenture Trustee of a request by three (3) or more Noteholders to receive a copy of the current list of Noteholders, the Indenture Trustee will (i) provide a
        current list of Noteholders to the Noteholders making the request and (ii) notify the Administrator of the request by giving to the Administrator a copy of the request and a copy of the list of Noteholders produced in response to the request.

     

    (d)          Noteholder Communications with Indenture Trustee.  A Noteholder (if the Notes are represented by
        Definitive Notes) or a Verified Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the
        procedures of the Clearing Agency and by notifying the Indenture Trustee and providing to the Indenture Trustee a copy of the communication such Noteholder or Verified Note Owner, as applicable, proposes to send.  The Indenture Trustee will not be
        required to take action in response to requests, demands or directions of a Noteholder or a Verified Note Owner unless the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture
        Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.

     

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

     

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

     

    
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    Section 7.2          Reports by Trust.

     

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

     

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

     

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

     

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

     

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

     

    Section 7.3          Reports by Indenture Trustee.

     

    (a)          Annual Report.  Within ninety (90) days after each April 15, beginning in the year after the Closing
        Date, the Indenture Trustee will prepare and transmit to each Noteholder a report dated as of April 15 of the applicable year that complies with Section 313(a) of the TIA, but only if the report is required under Section 313(a) of the TIA.  The
        Indenture Trustee will also prepare and transmit to Noteholders any report required under Section 313(b) of the TIA.  A report transmitted to the Noteholders under this Section 7.3(a) will be transmitted in compliance with Section 313(c) of the
        TIA.

     

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

     

    ARTICLE VIII

      

      ACCOUNTS, DISTRIBUTIONS AND RELEASES

     

    Section 8.1          Collection of Funds.  Except as permitted under this Indenture, the Indenture Trustee may
        demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Note Paying Agent under this

     

    
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    Indenture, the Master Collateral Agreement and the Transfer and Servicing Agreement.  The Note Paying Agent will apply the funds and other property received by it, and will make deposits into, and
      distributions from, the Series [_]-[_] Accounts, under this Indenture, the Master Collateral Agreement and the Transfer and Servicing Agreement.  The Trust, or the Administrator on its behalf, will direct the Cap Counterparty to remit any Cap
      Payments into the Distribution Account on or before the second Business Day preceding each Payment Date.

     

    Section 8.2          Series [_]-[_] Accounts; Distributions.

     

    (a)          Establishment.  On or prior to the Closing Date, the Trust, or the Servicer on behalf of the Trust,
        caused the following segregated trust accounts or subaccounts to be established as Trust Financing Accounts solely for Series [_]-[_] in accordance with Section 9.2 of the Master Collateral Agreement at a Qualified Institution (which will initially
        be the corporate trust department of [___]), in the name “[___], as Note Paying Agent, for the benefit of the Indenture Trustee, as secured party for Verizon Master Trust, Series [_]-[_],” designated as follows:

     

    (i)          “Distribution Account” with account number [___];

     

    (ii)          “Reserve Account” with account number [___]; and

     

    (iii)          “Principal Funding Account” with account number [___].

     

    The Distribution Account set forth in clause (i) above shall constitute the Distribution Account for Series [_]-[_].  The Reserve Account set forth in clause (ii) above shall constitute
      the Reserve Account for Series [_]-[_].  The Principal Funding Account set forth in clause (iii) above shall constitute the Principal Funding Account for Series [_]-[_].  Each of the Series [_]-[_] Accounts (x) shall constitute a Trust Financing
      Account for Series [_]-[_] and (y) has been (or will be) pledged by the Trust to the Indenture Trustee for the sole benefit of the Series [_]-[_] Secured Parties of Series [_]-[_].  No Credit Extensions of any Trust Financing (other than Series
      [_]-[_]) shall be secured by any interest in any Series [_]-[_] Account.

     

    On and after the Closing Date, the Note Paying Agent will maintain the Series [_]-[_] Accounts established by the Servicer under this Section 8.2.  If an institution maintaining the Series
      [_]-[_] Accounts ceases to be a Qualified Institution, the Indenture Trustee will, with the Servicer’s assistance as necessary, move the Series [_]-[_] Accounts to a Qualified Institution within thirty (30) days.  Deposits to, and distributions from,
      the Distribution Account, the Reserve Account and the Principal Funding Account shall be made solely as set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the other Series [_]-[_] Series Related Documents.

     

    (b)          Series [_]-[_] Account Withdrawals.  On or before each Payment Date, the Note Paying Agent will
        withdraw the amounts required to be withdrawn from the Reserve Account and deposit them into the Distribution Account or pay them to the Depositor, as applicable, according to Section 8.3(e).

     

    (c)          Distributions from Distribution Account.  Subject to Section 8.2(e), on each Payment Date, the Note
        Paying Agent will (based on the information in the most recent Monthly

     

    
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    Investor Report) withdraw from the Distribution Account and make deposits and payments, to the extent of Series [_]-[_] Available Funds in the Distribution Account for that Payment Date, in the following
      order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

     

    (i)          first, pro rata, (A) to the Master
        Collateral Agent and the Owner Trustee, the Series [_]-[_] Group Allocated Percentage of all amounts due, including (x) fees due to such parties and (y) expenses and indemnities due to such parties, up to a maximum aggregate amount, in the case of
        clause (y), of $[_] per year, (B) to the Asset Representations Reviewer, the Series [_]-[_] ARR Series Allocation Percentage of all amounts due including (x) fees due to the Asset Representations Reviewer (including fees due in connection with any
        Asset Representations Review of Group [_] Receivables) and (y) expenses and indemnities due to the Asset Representations Reviewer, up to a maximum aggregate amount, in the case of clause (y), of $[_] per year and (C) to the Indenture Trustee [and
        the Letter of Credit Provider] all amounts due, including (x) fees due to such parties and (y) expenses and indemnities due to such parties, up to a maximum aggregate amount, in the case of clause (y), of $[_] per year; provided, that after the
        occurrence of an Event of Default with respect to Group [_] (other than a [Secondary] Event of Default
            with respect to Group [_] described in clause [(iii)] of the definition thereof), the caps on expenses and indemnities in
        this clause (i) will not apply;

     

    (ii)          second, (A) to the Servicer, the Series [_]-[_] Allocation Percentage of the
        Servicing Fee and (B) to any Successor Servicer, the Series [_]-[_] Group Allocated Percentage of a one-time Successor Servicer engagement fee of $[_], payable on the first Payment Date following its assumption of duties as Successor Servicer;

     

    (iii)          third, [pro rata, based on the aggregate Note Balance of the Class A Notes and
        the amount of any payment due and payable by the Trust to the Swap Counterparty under this clause (iii): (A)] to the Noteholders of the Class A-1[a] Notes, [Class A-1b Notes,] Class A-2 Notes and Class A-3 Notes, the aggregate amount of interest
        due on the Class A Notes, distributed pro rata based on the amount of interest due to the Class A-1[a] Notes, [Class A-1b Notes,] Class A-2 Notes and Class A-3 Notes[, (B) to the Swap Counterparty, the
        amount of any swap termination payment due under the Swap Agreement due to a swap termination resulting from a payment default by the Trust or the insolvency of the Trust; provided, that if any amounts allocable to the Class A Notes are not needed
        to pay the Noteholders of the Class A Notes any interest as of that Payment Date, those amounts will be applied to pay the portion, if any, of any swap termination payment under this clause (B) remaining unpaid, and (C) to the Swap Counterparty,
        the amount of interest at [_]% under the Swap Agreement];

     

    (iv)          fourth, (A) during the Revolving Period, for deposit to the Principal Funding
        Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the First Priority Principal Payment;

     

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

     

    
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    (vi)          sixth, (A) during the Revolving Period, for deposit to the Principal Funding
        Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Second Priority Principal Payment;

     

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

     

    (viii)          eighth, (A) during the Revolving Period, for deposit to the Principal Funding
        Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Third Priority Principal Payment;

     

    (ix)          ninth, to the Noteholders of Class D Notes, the Accrued Note Interest for the
        Class D Notes;

     

    (x)          tenth, (A) during the Revolving Period, for deposit to the Principal Funding
        Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Fourth Priority Principal Payment;

     

    (xi)          eleventh, to the Noteholders of Class E Notes, the Accrued Note Interest for the
        Class E Notes;

     

    (xii)          twelfth, (A) during the Revolving Period, for deposit to the Principal Funding
        Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Fifth Priority Principal Payment;

     

    (xiii)          thirteenth, [(A) first, to the Letter of Credit Provider, the amount, if any,
        necessary to cause the amount available under the Letter of Credit to equal the amount available under the Letter of Credit on the date of issuance together with interest accrued on the amount drawn on the Letter of Credit] and (B) second,] to the
        Reserve Account, the amount, if any, necessary to cause the amount in the Reserve Account to equal the Required Reserve Amount [less the amount available under the Letter of Credit];

     

    (xiv)          fourteenth, (A) during the Revolving Period, for deposit to the Principal
        Funding Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Regular Priority Principal Payment;

     

    (xv)          fifteenth, to any Successor Servicer, the Additional Series Successor Servicer
        Fee, if any;

     

      

    (xvi)         sixteenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by
      Class [(with any Additional Interest Amounts applied to the Class A Notes allocated to the Class A-1[a] Notes, [the Class A-1b Notes,] the Class A-2 Notes and the Class A-3 Notes, pro rata, based on the 

     

     

    
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    Additional Interest Amount due to each of the Class A-1[a] Notes, [the Class A-1b Notes,] the Class A-2 Notes and the Class A-3 Notes)];

     

    (xvii)          seventeenth, to the Noteholders, any Make-Whole Payments due on the Notes,
        payable sequentially by Class, based on the amount due [(with any such Make-Whole Payments applied to the Class A-1a Notes and the Class A-1b Notes allocated to each such class of Notes, pro rata based on
        the Make-Whole Payment due to each such Class)];

     

    (xviii)          eighteenth, (A) to the Indenture Trustee[, the Letter of Credit Provider]
        [and][,] [and the Swap Counterparty], all remaining amounts due but not paid under priority (i) [or (iii) including, in the case of the Swap Counterparty, any unpaid amounts due to a swap termination resulting from a payment default by the Trust or
        the insolvency of the Trust], (B) to the Master Collateral Agent and the Owner Trustee, the Series [_]-[_] Group Allocated Percentage of all remaining amounts due to the extent not paid under priority (i) above, (C) to the Asset Representations
        Reviewer, the Series [_]-[_] ARR Series Allocation Percentage of all remaining amounts due to the extent not paid under priority (i) above and (D) to the Administrator, reimbursement of fees and expenses of the Master Collateral Agent, the
        Indenture Trustee, the Owner Trustee[, the Letter of Credit Provider] and the Asset Representations Reviewer paid by the Administrator on behalf of the Trust pursuant to the Administration Agreement;

     

    (xix)          nineteenth, to any other parties as the Administrator has identified, any
        remaining expenses of the Trust, up to the Series [_]-[_] Group Allocated Percentage of such amounts; and

     

    (xx)          twentieth, to the [Certificate Distribution Account for distribution sequentially
        to the Class B Certificateholders and the Class A Certificateholders, in that order][Class R Interest], any remaining amounts.

     

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

     

    (d)          Distributions of Principal.

     

    (i)          In the event that any First Priority Principal Payment, Second Priority Principal
        Payment, Third Priority Principal Payment, Fourth Priority Principal Payment, Fifth Priority Principal Payment or Regular Priority Principal Payment is required to be made on any Payment Date prior to the beginning of the Amortization Period
        pursuant to Section 8.2(c), such amounts will be deposited pursuant to such applicable clauses on such Payment Date into the Principal Funding Account, to the extent of Series [_]-[_] Available Funds.  Amounts, if any, on deposit in the Principal
        Funding Account shall remain on deposit therein, except to be applied as follows:

     

    
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          	(A)	
            in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series [_]-[_] Allocated Pool Balance exceeds the Adjusted Series Invested
              Amount for Series [_]-[_], the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the Distribution Account on the immediately succeeding
              Payment Date to be included as Series [_]-[_] Available Funds on such immediately succeeding Payment Date;

          

     

    	

          	(B)	
            in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or

          

     

    	

          	(C)	
            in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid to the
              Noteholders on such Payment Date, sequentially by class, in the order set forth under Section 8.2(d)(ii), until the aggregate Note Balance of the Class A Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes is reduced to zero.

          

     

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

     

    	

          	(A)	
            first, to the Noteholders of Class A-1[a] Notes [and Class A-1b Notes, pro rata based on the Note Balance of each such Class of Notes,] in payment of
              principal until the aggregate Note Balance of the Class A Notes has been reduced to zero;

          

     

    	

          	(B)	
            second, to the Noteholders of Class A-2 Notes in payment of principal until the Note Balance of the Class A-2 Notes has been reduced to zero;

          

     

    	

          	(C)	
            third, to the Noteholders of Class A-3 Notes in payment of principal until the Note Balance of the Class A-3 Notes has been reduced to zero;

          

     

    	

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

          

     

    	

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

          

     

    
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          	(F)	
            sixth, to the Noteholders of Class D Notes in payment of principal until the Note Balance of the Class D Notes has been reduced to zero;

          

     

    	

          	(G)	
            seventh, to the Noteholders of Class E Notes in payment of principal until the Note Balance of the Class E Notes has been reduced to zero; and

          

     

    	

          	(H)	
            eighth, to the [Certificate Distribution Account for distribution sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order][Class R Interest], any
              remaining amounts.

          

     

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

     

    (i)          first, pro rata, (A) to the Indenture
        Trustee [and the Letter of Credit Provider], all amounts due to such parties, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee, the Series [_]-[_] Group Allocated Percentage of all amounts due to
        such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer, the Series [_]-[_] ARR Series Allocation Percentage of all amounts due to the Asset Representations Reviewer, including fees (including fees due
        in connection with any Asset Representations Review of Group [_] Receivables), expenses and indemnities;

     

    (ii)          second, (A) to the Servicer, the Series [_]-[_] Allocation Percentage of the
        Servicing Fee and (B) to any Successor Servicer, the Series [_]-[_] Group Allocated Percentage of a one-time Successor Servicer engagement fee of $[_], payable on the first Payment Date following its assumption of duties as Successor Servicer;

     

    (iii)          third, [pro rata, based on the
        aggregate Note Balance of the Class A Notes and the amount of any payment due and payable by the Trust to the Swap Counterparty under this clause (iii): (A)] to the Noteholders of the Class A-1[a] Notes, [Class A-1b Notes,] Class A-2 Notes and
        Class A-3 Notes, [the aggregate amount of] interest due on the Class A Notes[, distributed pro rata based on the amount of interest due to the Class A-1[a] Notes, [Class A-1b Notes,] Class A-2 Notes and
        Class A-3 Notes][, (B) to the Swap Counterparty, the amount of any payment due under the Swap Agreement due to a swap termination resulting from a payment default by the Trust or the insolvency of the Trust; provided, that if any amounts allocable
        to the Class A Notes are not needed to pay the Noteholders of the Class A Notes any interest as of that Payment Date, those amounts will be applied to pay the portion, if any, of any payment under this clause (B) remaining

     

    
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    unpaid, and (C) to the Swap Counterparty, the amount of interest at [____]% under the Swap Agreement];

     

    (iv)          fourth, to the Noteholders of Class A-1a Notes and Class A-1b Notes, pro rata based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A-1a Notes and Class A-1b Notes has been reduced to zero;

     

    (v)          fifth, to the Noteholders of Class A-2 Notes and Class A-3 Notes, pro rata based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A-2 Notes and Class A-3 Notes has been reduced to zero;

     

    (vi)          sixth, to the Noteholders of Class B Notes, the Accrued Note Interest for the
        Class B Notes;

     

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

     

    (viii)          eighth, to the Noteholders of Class C Notes, the Accrued Note Interest for the
        Class C Notes;

     

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

     

    (x)          tenth, to the Noteholders of Class D Notes, the Accrued Note Interest for the
        Class D Notes;

     

    (xi)          eleventh, to the Noteholders of Class D Notes in payment of principal until the
        Note Balance of the Class D Notes is reduced to zero;

     

    (xii)          twelfth, to the Noteholders of Class E Notes, the Accrued Note Interest for the
        Class E Notes;

     

    (xiii)          thirteenth, to the Noteholders of Class E Notes in payment of principal until
        the Note Balance of the Class E Notes is reduced to zero;

     

    (xiv)          fourteenth, to any Successor Servicer, the Additional Series Successor Servicer
        Fee, if any;

     

    (xv)          fifteenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts
        due on the Notes, payable sequentially by Class [(with any Additional Interest Amounts applied to the Class A Notes allocated to the Class A-1[a] Notes, [the Class A-1b Notes,] the Class A-2 Notes and the Class A-3 Notes, pro rata, based on the
        Additional Interest Amount due to each of the Class A-1[a] Notes, [the Class A-1b Notes,] the Class A-2 Notes and the Class A-3 Notes)];

     

    
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    (xvi)          sixteenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable
        sequentially by Class, based on the amount due [(with any such Make-Whole Payments applied to the Class A-1a Notes and the Class A-1b Notes allocated to each such class of Notes, pro rata based on the
        Make-Whole Payment due to each such Class)];

     

    (xvii)          [seventeenth, to the Swap Counterparty, the amount of any payment due under the
        Swap Agreement due to a swap termination due to it and not paid under clause (iii) above;

     

    (xviii)          eighteenth, to any other parties as the Administrator has identified, any
        remaining expenses of the Trust, up to the Series [_]-[_] Group Allocated Percentage of such amounts; and

     

    (xix)          nineteenth, to the [Certificate Distribution Account for distribution
        sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order][Class R Interest], any remaining amounts.

     

    (f)          [Reserved].

     

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

     

    (h)          [Cap Collateral Account.  If the Cap Counterparty is required to post collateral under the terms of
        the Cap Agreement, upon written direction and notification of such requirement, the Trust, or the Servicer on behalf of the Trust, shall establish a segregated account (the “Cap Collateral Account”) at a Qualified Institution that (i) is not
        affiliated with the Cap Counterparty and (ii) has total assets of at least $10,000,000,000 (the “Cap Custodian”), titled as an account of the Cap Counterparty as depositor and entitlement holder.  In the event that the Cap Custodian no
        longer satisfies the requirements set forth in the immediately preceding sentence, the Issuer, the Servicer and the Cap Counterparty shall use their reasonable best efforts to move the Cap Collateral Account and any collateral posted therein to
        another financial institution satisfying the requirements set forth in the immediately preceding sentence within sixty (60) calendar days.  The Cap Collateral Account shall be subject to a tri-party account control agreement to be entered into
        among the Cap Counterparty, the Issuer and the Cap Custodian (the “Control Agreement”).  The Control Agreement shall provide, among other customary matters, that (x) the Cap Counterparty shall be entitled to originate entitlement orders and
        instructions, and receive interest and distributions, with respect to the Cap Collateral

     

    
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    Account so long as the Issuer has not delivered a notice to the Cap Custodian and the Cap Counterparty to the effect that the Issuer shall have exclusive control over the Cap Collateral Account, (y)
      following delivery of such notice of exclusive control the Cap Custodian shall comply with instructions and entitlement orders originated by the Issuer without further consent by the Cap Counterparty, and (z) the Control Agreement shall terminate on
      the fifth Business Day following delivery of a notice from the Cap Counterparty to the Cap Custodian and the Issuer that the Cap Counterparty has designated an “Early Termination Date” (as defined in the Cap Agreement) in respect of all
      “Transactions” (as defined in the Cap Agreement) for the reason that the Issuer is the “Defaulting Party” (as defined in the Cap Agreement) or the sole “Affected Party” (as defined in the Cap Agreement) with respect to a “Termination Event” (as
      defined in the Cap Agreement), unless such notice is contested by the Issuer within such period of five (5) Business Days. The Issuer agrees that it shall not assert exclusive control over, or originate entitlement orders or instructions for the
      disposition of funds with respect to, the Cap Collateral Account unless the conditions for the exercise of its rights and remedies pursuant to the Cap Agreement are met and such assertion of exclusive control or origination of instructions or
      entitlement orders is for the purpose of exercising such rights and remedies.  The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Cap Collateral Account shall be (i) for application to
      obligations of the Cap Counterparty to the Issuer under the Cap Agreement in accordance with the terms of the Cap Agreement or (ii) to return collateral to the Cap Counterparty when and as required by the Cap Agreement or applicable law.  Investment
      earnings on the Cap Collateral Account, if any, will be distributed to the Cap Counterparty.]

     

    Section 8.3          Series [_]-[_] Accounts.

     

    (a)          Investment of Funds in Series [_]-[_] Accounts.  If (i) no Potential Default or Event of Default with
        respect to Group [_] has occurred and is continuing and (ii) Cellco is the Servicer, the Servicer may instruct the Indenture Trustee to invest any funds in the Series [_]-[_] Accounts in Permitted Investments and, if investment instructions are
        received, the Indenture Trustee will direct the Qualified Institution maintaining the Series [_]-[_] Accounts to invest the funds in the Distribution Account, the Reserve Account or the Principal Funding Account, as applicable, in those Permitted
        Investments.  If (i) the Servicer fails to give investment instructions for any funds in the Distribution Account, the Reserve Account or the Principal Funding to the Indenture Trustee by 11:00 a.m. New York time (or other time as may be agreed by
        the Indenture Trustee) on the Business Day before a Payment Date or (ii) the Qualified Institution receives notice from the Indenture Trustee that a Potential Default with respect to Group [_] or Event of Default with respect
        to Group [_] has occurred and is continuing, the Qualified Institution will invest and reinvest funds in such Series [_]-[_] Account according to the last investment instructions received, if any.  If no prior investment instructions have been
        received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are
        received.  The Servicer may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any action, on any matters available to the holder of the Permitted Investments.  If Cellco is not the Servicer, funds on
        deposit in the Distribution Account, the Reserve Account and the Principal Funding Account will remain uninvested.  For so long as Cellco is the Servicer, any Permitted Investments of funds in the Series [_]-[_] Accounts (or any reinvestments of
        the Permitted Investments) for a Collection

     

    
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    Period must mature, if applicable, and be available no later than the second Business Day before the related Payment Date.  Any Permitted Investments with a maturity date will be held to their maturity,
      except that such Permitted Investments may be sold or disposed of before their maturity in connection with the sale of the Series [_]-[_] Collateral under Section 5.6.

     

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

     

    (c)          Notice to Qualified Institution.  A Responsible Person of the Indenture Trustee will notify the
        Qualified Institution maintaining the Series [_]-[_] Accounts (if not the Indenture Trustee) if an Event of Default with respect to Group [_] has occurred and is continuing.

     

    (d)          Control of Series [_]-[_] Accounts.  Each of the Series [_]-[_] Accounts will be under the control of
        the Indenture Trustee so long as the Series [_]-[_] Accounts remain subject to the Lien of the Indenture, except that the Servicer and the Master Collateral Agent may make deposits into the Series [_]-[_] Accounts and the Servicer may direct the
        Note Paying Agent to make deposits into or withdrawals from the Series [_]-[_] Accounts according to this Indenture and the Transaction Documents.  Following the payment in full of the Notes and the release of the Series [_]-[_] Accounts from the
        Lien of the Indenture, the Series [_]-[_] Accounts will be under the control of the Trust.

     

    (e)          Release of Funds.  The Indenture Trustee shall, at such time as there are no Notes outstanding,
        release any remaining portion of the Distribution Account and the Principal Funding Account from the Lien of the Indenture and release to or to the order of the Trust or, in the case of the Reserve Account, to the Depositor.

     

    (f)          Investment Earnings.  Investment earnings (net of losses and investment expenses) on the Distribution
        Account, the Reserve Account and the Principal Funding Account will be deposited into the Certificate Distribution Account [per the direction of the Servicer] for distribution to the Certificateholders in the priority set forth in Section 4.1(b) of
        the Trust Agreement.

     

    (g)          Reserve Account.

     

    (i)          Initial Reserve Account Deposit.  On the Closing Date, the Required Reserve Amount
        into the Reserve Account [from the net proceeds of the sale of the Notes].

     

    (ii)          Reserve Account Draw Amount.  On or before two (2) Business Days before a Payment
        Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Note Paying Agent to withdraw from the Reserve Account and deposit into the Distribution Account on or before the Payment Date (x) the
        Reserve Account Draw Amount and (y) any amount in excess of the Required Reserve Amount for such Payment Date, after giving effect to the withdrawal of the Reserve Account Draw Amount with respect to such Payment Date.

     

    
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    Section 8.4          Release of Series [_]-[_] Collateral.

     

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

     

    (b)          [Reserved].

     

    (c)          Release of Funds.  When there are no Notes Outstanding and all amounts due from the Trust to the
        Indenture Trustee have been paid in full under Section 6.7 or 10.1, the Indenture Trustee will release the Series [_]-[_] Collateral from the Lien of this Indenture and release to the Trust or any other Person entitled to those funds under this
        Indenture, the other Series [_]-[_] Series Related Documents or the Transaction Documents, the funds then in the Series [_]-[_] Accounts under this Indenture.  The Indenture Trustee will release Series [_]-[_] Collateral from the Lien of this
        Indenture under this Section 8.4(c) only on receipt of a Trust Request and an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

     

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

     

    ARTICLE IX

      

      AMENDMENTS

     

    Section 9.1          Amendments Without Consent of Noteholders.

     

    (a)          General Amendments.  The Trust and the Indenture Trustee may, and the Indenture Trustee, when
        directed by Trust Order will, amend this Indenture, without the consent of any Noteholders, for any of the following purposes:

     

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

     

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

     

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

     

    (iv)          to convey, transfer, assign, mortgage or pledge property to or with the Indenture
        Trustee for the benefit of the Noteholders;

     

    (v)          to cure any ambiguity, to correct an error or to correct or supplement any provision of
        this Indenture that may be defective or inconsistent with the other terms of this Indenture;

     

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

     

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

     

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

     

    [In addition, the Administrator may amend this Indenture for the purpose of making Benchmark Replacement Conforming Changes, without the consent of Noteholders, any party to this Indenture
      or any other Person.]

     

    (b)          Amendments without Material Adverse Effect.  Other than as set forth in Section 9.2, the Trust and
        the Indenture Trustee may, and the Indenture Trustee when directed by Trust Order will, amend this Indenture, also without the consent of the Noteholders, for the purpose of adding any provisions to, or changing in any manner or eliminating any of
        the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture, if:

     

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

     

    (ii)          the Rating Agency Condition has been satisfied with respect to the Notes.

     

    Section 9.2          Amendments with Consent of Controlling Class.

     

    (a)          Amendments.  The Trust and the Indenture Trustee may, and the Indenture Trustee when directed by
        Trust Order will, amend this Indenture, with the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and with prior written notice to the Rating Agencies, for the purpose of adding any provisions to or changing in
        any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture.  No amendment to this Indenture, without the consent of each Noteholder of each Outstanding Note
        adversely affected by the amendment, shall:

     

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

          

     

    	

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

          

     

    	

          	(C)	
            modify or alter the definition of “Controlling Class;”

          

     

    	

          	(D)	
            permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on the Series [_]-[_] Collateral, other than Permitted Liens, or, except as permitted by this Indenture, the other
              Series [_]-[_] Series Related Documents or the Transaction Documents, release the Lien of this Indenture on the Series [_]-[_] Collateral; or

          

     

    	

          	(E)	
            impair the right to institute suit for the enforcement of this Indenture, as provided in Section 5.8.

          

     

    In addition, unless (i) the Rating Agency Condition has been satisfied for all Credit Extensions of Group [_] then rated by a Rating Agency or (ii) each Group Creditor of each Credit
      Extension of Group [_] adversely affected thereby consents, no amendment to this Indenture may result (solely by virtue of such amendment) in an increase in the Series Allocation Percentage for Series [_]-[_].

     

    (b)          Noteholder Consent.  For any amendment to this Indenture or any Transaction Document requiring the
        consent of the Noteholders, the Indenture Trustee will, when directed by Trust Order, notify the Noteholders to request consent and follow its reasonable procedures to obtain consent.  For the avoidance of doubt, any Noteholder consenting to any
        amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder.

     

    Section 9.3          Execution of Amendments.

     

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

     

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

     

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

     

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

     

    Section 9.6          [Consent of Cap Counterparty.  Notwithstanding anything to the contrary herein, no amendment
        under Sections 9.1 or 9.2 shall materially adversely affect (i) the Cap Counterparty’s ability to enforce or protect its rights or remedies under the Cap Agreement, (ii) the ability of the Trust to timely and fully perform its obligations under the
        Cap Agreement or (iii) any of the Trust’s obligations under the Cap Agreement that relates to the Cap Counterparty unless the Cap Counterparty shall have consented in writing to such action.]

     

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

     

    ARTICLE X

      

      REDEMPTION OF NOTES

     

    Section 10.1          Redemption.

     

    (a)          Optional Redemption.

     

    (i)          On any date on or after the Earliest Redemption Date,  the Class A Certificateholder (for
        as long as the Class A Certificateholder is an Originator or an Affiliate of the Originators), with the consent of the Administrator, on behalf of the Trust, shall have the option to direct the Trust to redeem the Notes, in whole but not in part
        (the “Optional Redemption”).  The Class A Certificateholder may exercise this Optional Redemption by notifying the Trust, the Servicer, the Master Collateral Agent, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in
        writing, at least ten (10) days before the date of the redemption of the Notes (the “Redemption Date”).  [If the Trust effects an Optional Redemption on any date prior to [[____], 20[_]][the Payment Date occurring [three (3) months] prior to
        the Anticipated Redemption Date], the Trust will be required to pay a Make-Whole Payment in connection with such redemption.]

     

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

     

    	

          	(A)	
            of the Redemption Date;

          

     

    

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

          

     

    	

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

          

     

    	

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

          

     

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

     

    (b)          Deposit of Note Redemption Price.  The Trust may not exercise an Optional Redemption unless the Note
        Balance of the Notes, any accrued but unpaid interest, any unpaid Additional Interest Amounts and any unpaid Make-Whole Payments [and all other amounts payable by the Trust with respect to Series [_]-[_], including such amounts due and payable to
        the Indenture Trustee, the Owner Trustee, the Master Collateral Agent and the Asset Representations Reviewer as of such Redemption Date] are paid in full in connection therewith.  On the Redemption Date, the Indenture Trustee shall transfer any
        amounts on deposit in the Reserve Account and the Principal Funding Account into the Distribution Account.  Upon the exercise of the Optional Redemption, the Notes will be redeemed and paid in full.

     

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

     

    ARTICLE XI

      

      OTHER AGREEMENTS

     

    Section 11.1          No Petition.  The Indenture Trustee and each Noteholder or Note Owner, by accepting a Note
        or an interest or participation in a Note, agrees that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust
        for which the Depositor was a depositor and (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law; provided that the foregoing shall not be deemed to prevent the

     

    
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    Indenture Trustee from filing a proof of claim in any such proceeding.  This Section 11.1 will survive the resignation or removal of the Indenture Trustee under this Indenture and the termination of this
      Indenture.

     

    Section 11.2          [Reserved].

     

    Section 11.3          Trust Orders; Certificates and Opinions.

     

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

     

    (b)          Form of Certificates and Opinions.

     

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

     

    	

          	(A)	
            a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture, any other Series [_]-[_] Series Related Document or any
              Transaction Document relating to the covenant or condition;

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    (ii)          Any Officer’s Certificate of a Responsible Person of the Trust may be based, for legal
        matters, on an opinion of counsel, unless that Responsible Person knows, or in the exercise of reasonable care should know, that the opinion is erroneous.  Any Officer’s Certificate of a Responsible Person of the Trust or opinion of counsel may be

     

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

     

    (c)          Ordinary Course of Business.  The Trust may, without furnishing any Officer’s Certificates under this
        Section 11.3, (i) collect, sell or dispose of Group [_] Receivables in the ordinary course of its business, so long as Collections and other proceeds of the dispositions are applied according to the Master Collateral Agreement and this Indenture to
        the extent of Series [_]-[_] Available Funds and (ii) make cash payments out of the Series [_]-[_] Accounts, in each case, as and if permitted or required by this Indenture, any other Series [_]-[_] Series Related Document or any Transaction
        Document.

     

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

     

    Section 11.4          Acts of Noteholders.

     

    (a)          Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
        Indenture to be given or taken by the Noteholders or a stated percentage of Noteholders may be embodied in and evidenced by one or more instruments or documents signed by the Noteholders or Note Owners in person or by agents duly appointed in
        writing.  Except as otherwise expressly stated in this Indenture, the action will become effective when the instruments or documents are delivered to the Indenture Trustee and, if required, to the Trust.  Such instruments or documents (and the
        action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or document.  Proof of execution of such instrument or of a writing appointing any such agent shall be
        sufficient for any purpose of this Indenture and conclusive in favor of the Indenture Trustee if made in the manner provided in this Section 11.4.  Any such acts will bind the Noteholder of every Note issued upon the registration of the Note or in
        exchange for the Note or in place of the Note, for all purposes including in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Trust in reliance thereon, whether or not notation of the action is made on the
        Note.

     

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

     

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

     

    Section 11.5          Trust Obligation.  No recourse may be taken, directly or indirectly, for the obligations of
        the Trust, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the Notes, against (a)

     

    
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    the Indenture Trustee or the Owner Trustee each in its individual capacity, (b) each holder of a beneficial interest in the Trust, (c) each partner, owner, beneficiary, agent, officer, director, employee or
      agent of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (d) each holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.  The Indenture Trustee and the Owner
      Trustee have none of these obligations in their individual capacities.  For all purposes of this Indenture, the Owner Trustee will be subject to, and have the benefits of, Articles V, VI and VII of the Trust Agreement.

     

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

     

    Section 11.7          Regulation RR Risk Retention.  Cellco, as Sponsor, has complied, and on the Closing Date
        will comply, either directly or (to the extent permitted by the U.S. Credit Risk Retention Rules through a “wholly-owned affiliate” (as defined in the U.S. Credit Risk Retention Rules), with all requirements imposed on the “sponsor” of a
        “securitization transaction” (as each such term is defined in the U.S. Credit Risk Retention Rules) in accordance with the provisions of Regulation RR in connection with the securitization transaction contemplated by this Indenture and the other
        Series [_]-[_] Series Related Documents and in the manner described in the Prospectus under the heading “Credit Risk Retention.”  Cellco, as Sponsor, will cause the True-up Trust, as nominee of the Originators to, and the True-up Trust will, retain
        the required economic interest in the credit risk of the Group [_] Receivables in satisfaction of the Sponsor’s obligations under the U.S. Credit Risk Retention Rules in the form of the Transferor’s Interest [, as [partially] [wholly] offset by an
        “eligible horizontal residual interest” in Series [_]-[_] consisting of the Class R Interest].  [Cellco determined the fair value of the Class R Interest, and will determine the fair value of such Class R Interest, on the Closing Date as required
        by Rule 5(i)(2) of the U.S. Credit Risk Retention Rules.  Cellco determined the fair value of the Class R Interest based on its own valuation methodology, inputs and assumptions and is solely responsible for the valuation methodology, inputs and
        assumptions.]

     

    ARTICLE XII

      

      MISCELLANEOUS

     

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

     

    
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    Section 12.2          Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 12.3          GOVERNING LAW.  THIS INDENTURE, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL
        BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO

     

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

     

    Section 12.4          Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the
        United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Indenture.  Each party irrevocably waives, to the fullest extent permitted by
        law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

     

    Section 12.5          WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
        IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS INDENTURE ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

     

    Section 12.6          No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy
        under this Indenture will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers,
        rights and remedies under this Indenture are in addition to any powers, rights and remedies under law.

     

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

     

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

     

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

     

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

     

    Section 12.11          [Limitation of Rights of the Cap Counterparty.  All of the rights of the Cap Counterparty
        in, to and under this Indenture, any other Series [_]-[_] Series Related Documents or any Transaction Document, other than the Cap Agreement (including, but not limited to, the Cap Counterparty’s rights to receive notice of any action hereunder or
        under any other Series [_]-[_] Series Related Documents or any Transaction Document and to give or withhold consent to any action hereunder or under any other Series [_]-[_] Series Related Documents or any

     

    
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    Transaction Document), shall terminate upon the termination of the Cap Agreement in accordance with the terms thereof.]

     

    Section 12.12          Intent of the Parties; Reasonableness.  The Trust and the Indenture Trustee acknowledge and
        agree that the purpose of Sections 3.9 and 6.6 of this Indenture is to facilitate compliance by the Trust and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Trust nor the
        Administrator (acting on behalf of the Trust) shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the
        Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Indenture Trustee acknowledges that interpretations of the
        requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to
        comply with reasonable requests made by the Trust (or the Administrator, acting on behalf of the Trust) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with
        this transaction, the Indenture Trustee shall cooperate fully with the Trust (or the Administrator, acting on behalf of the Trust) to deliver to the Trust (or the Administrator, acting on behalf of the Trust), any and all statements, reports,
        certifications, records and any other information necessary in the good faith determination of the Trust (or the Administrator, acting on behalf of the Trust) to permit the Trust to comply with the provisions of Regulation AB, together with such
        disclosures relating to the Indenture Trustee reasonably believed by the Trust (or the Administrator, acting in good faith on behalf of the Trust) to be necessary in order to effect such compliance.  The Trust (or the Administrator, acting on
        behalf of the Trust) shall cooperate with the Indenture Trustee by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Trust
        to comply with Regulation AB.

     

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

     

    
      76

      
        

    

    ARTICLE XIII

      

      [THE CAP AGREEMENT]

     

    Section 13.1          [Duties With Respect to the Cap Agreement.  With respect to the Cap Agreement, the Trust
        will, or will cause the Administrator to:

     

    (a)          prepare for execution all documents that are the duty of the Trust to prepare or deliver pursuant to the Cap
        Agreement;

     

    (b)          direct the Cap Counterparty to remit any Cap Payments into the Distribution Account no later than the second
        Business Day preceding the related Payment Date;

     

    (c)          if the Cap Counterparty is required to post collateral under the Cap Agreement, coordinate with the Servicer
        and the Indenture Trustee to establish a Cap Collateral Account (as set forth in the Cap Agreement and in Section 8.2(h)), and coordinate the holding of securities deposited therein and the investment of any cash deposited therein;

     

    (d)          provide to the Rating Agencies a copy of any proposed amendment or supplement to the Cap Agreement at least
        five (5) days prior to the effective date of such amendment or supplement.  Such proposed amendment or supplement will be effective only after the Rating Agency Condition is satisfied, unless such amendment or supplement solely clarifies any term
        or provision, corrects any inconsistency, cures any ambiguity or corrects any typographical error in the Cap Agreement;

     

    (e)          obtain from the Cap Counterparty the determination of One-Month LIBOR under the Cap Agreement and the amount
        of any Cap Payments payable on each Payment Date; and

     

    (f)          use reasonable efforts to enforce the rights of the Trust under the Cap Agreement.

     

    Section 13.2          Enforcement of Cap Agreement; Replacement Cap Agreement.

     

    (a)          If at any time the Cap Agreement becomes subject to early termination due to the occurrence of any
        “Termination Event” or “Event of Default” (as each such term is defined in the Cap Agreement), the Administrator or the Trust shall deliver written notice of the occurrence of such “Termination Event” or “Event of Default” (as each such term is
        defined in the Cap Agreement) to the Owner Trustee, the Master Collateral Agent and the Indenture Trustee and the Trust, or the Administrator on behalf of the Trust, and, if applicable, the Indenture Trustee (at the written direction of the
        Noteholders of a majority of the Note Balance of the Controlling Class) shall use reasonable efforts (following the expiration of any applicable grace period) to enforce the rights of the Trust thereunder as may be permitted by the terms of the Cap
        Agreement and consistent with the terms hereof.

     

    (b)          Promptly following the early termination of the Cap Agreement due to a “Termination Event” or “Event of
        Default” (as each such term is defined in the Cap Agreement) (unless the Indenture Trustee is selling or liquidating the Series [_]-[_] Collateral pursuant to this Indenture), the Trust shall, or shall cause the Administrator to, use reasonable
        efforts to enter into

     

    
      77

      
        

    

    a replacement interest rate cap agreement on terms similar to those of the Cap Agreement with an Eligible Replacement Cap Counterparty.]

     

    [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      78

      
        

    

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

    

    

    

    

    	 	
            VERIZON MASTER TRUST,

          
	 	 	
            as Trust

          
	 	 	 
	 	
            By:  

            

          	
            [___], not in its individual capacity but solely as Owner Trustee of Verizon Master Trust

          
	 	 	 
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                       

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	 	 
	 	
            [___],

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

          
	 	 	 
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                       

          
	 	 	
            Name:

          
	 	 	
            Title:

          

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      
        

    

    Solely with respect to Section 11.7:

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

      as Sponsor

      

      

      

      

      By:                                                   

                Name:

                Title:

    

    

     

     

    

     

    

     

    

     

    

     

    

    

      

      

      

      

      

        

        

        

      

      

    

     

    

     

    

     

    

    
      
        

    

    
    Exhibit A

    

    

    Form of Notes

     

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

     

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

     

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

     

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

     

    
      A-1

      
        

    

    REGISTERED          $[___________]

    	
            No. R-1

          	
            CUSIP NO. [_______]

          

    

    

    VERIZON MASTER TRUST, SERIES [_]-[_]

    

    

    CLASS [A-1[a]][A-1b][A-2][A-3][B][C][D][E] [One-Month LIBOR1 +] [___]% ASSET BACKED NOTES

     

    Verizon Master Trust, a statutory trust organized under the laws of the State of Delaware (the “Trust”), for value received, promises to pay to CEDE & CO.,
      or registered assigns, the principal sum of [____________] DOLLARS payable as set forth in Section 8.2 of the Indenture, dated as of [___], 20[_] (the “Indenture”), between the Trust and [___], as Indenture Trustee (the “Indenture Trustee”)
      on the [_] day of each month, or, if that day is not a Business Day, the next succeeding Business Day, starting in [___] 20[_] (each, a “Payment Date”) in an amount equal to the aggregate amount payable to Noteholders of Class
      [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Notes on that Payment Date from the amounts payable as principal on the Class [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Notes under Section 3.1 of the Indenture.  However, the entire unpaid Note Balance of this Note
      will be due and payable on the earlier of (a) the [______] Payment Date (the “Final Maturity Date”), or (b) the Redemption Date under Section 10.1 of the Indenture.  The entire unpaid Note Balance of the Notes will be due and payable on the
      date on which the Notes are declared to be, or have automatically become, immediately due and payable under Section 5.2(a) of the Indenture.  Principal payments on the Class [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Notes will be made pro rata to the
      Noteholders entitled to those principal payments.  Capitalized terms used but not defined in this Note are defined in Article I of the Indenture, which also contains usage rules that apply to this Note, including by reference to other documents.

     

    The Trust will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment,
      on the Note Balance of this Note outstanding on the Payment Date immediately preceding such Payment Date (in each case, after giving effect to payments of principal made on the Payment Date immediately preceding such Payment Date), subject to
      limitations in Section 3.1 of the Indenture[Class A-1b only:, and provided that, if the sum of One-Month LIBOR plus [__]% is less than 0.00% for any Interest Period, then the per annum rate at which interest
      will accrue on this Class A-1b Note for such Interest Period will be 0.00%].  [Class A-1[a], Class A-2, Class A-3, Class B, Class C, Class D and Class E only:][Interest on this Note will accrue for each
      Payment Date from and including the [_] day of the calendar month immediately preceding such Payment Date to but excluding the [_] day of the calendar month in which such Payment Date occurs (or, for the initial Payment Date, from and including the
      Closing Date to but excluding [___], 20[_]).  Interest will be computed on the basis of a 360-day year of twelve 30 day months.][Class A-1b only:][Interest on this Note will accrue for each Payment Date from
      and including the Payment Date immediately preceding the current Payment Date to but excluding the current Payment Date (or, for the initial Payment Date, from and including the Closing Date to but excluding [___], 20[_]).  Interest will be computed
      on the basis of a 360-day year and the actual number of days elapsed in the related Interest Period.]

     

    

    

    

    1 [ONLY FOR THE CLASS A-1B NOTES: Upon the occurrence of a Benchmark Transition Event, One-Month LIBOR will be
      replaced by the appropriate Benchmark Replacement as set forth in Section 2.16 of the Indenture.

     

    
      A-2

      
        

    

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

     

    This Note is one of a duly authorized issue of Class [A-1[a]][A-1b][A-2][A-3][B][C][D][E] [One-Month LIBOR +] [___%] Asset Backed Notes (the “Class
        [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Notes”) of the Trust.  Also authorized under the Indenture are the Class [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Notes.  The Indenture and indentures supplemental to the Indenture state the respective rights
      and obligations of the Trust, the Indenture Trustee and the Noteholders.  The Notes are subject to the Indenture.

     

    The Class [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Notes are and will be equally and ratably secured by the collateral pledged as security therefor under the Master
      Collateral Agreement and the Indenture.  Interest on and principal of the Notes will be payable according to the priority of payments stated in Section 8.2 of the Indenture.  [Class B only:][The Class B Notes
      are subordinated in right of payment to the Class A Notes.] [Class C only:][The Class C Notes are subordinated in right of payment to the Class A Notes and the Class B Notes.] [Class
        D only:][The Class D Notes are subordinated in right of payment to the Class A Notes, the Class B Notes and the Class C Notes.] [Class E only:][The Class E Notes are subordinated in right of payment to
      the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.]

     

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

     

    
      A-3

      
        

    

    The Trust will pay interest on overdue installments of interest at the Class [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Note Interest Rate if lawful.

     

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

     

    The transfer of this Note is subject to the restrictions on transfer stated on the face of this Note and to the other limitations in the Indenture.  Subject to the
      satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer at the office or agency designated by the Trust under the Indenture, duly
      endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or its attorney-in-fact, with the signature guaranteed by an “eligible guarantor institution”
      meeting the requirements of the Note Registrar, and then one or more new Notes of the same Class in authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge
      will be charged for the registration of transfer or exchange of this Note, but the transferor may be required to pay an amount to cover any tax or other governmental charge that may be imposed under any registration of transfer or exchange.

     

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

     

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

     

    
      A-4

      
        

    

    A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

     

    Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that, before the date that is two (2) years and
      one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the Notes, it will not start or pursue against (i) the
      Depositor or (ii) the Trust, respectively, or join any other Person in starting or pursuing against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any
      bankruptcy or similar law.

     

    The Trust has entered into the Indenture, and this Note is issued with the intention that, for purposes of U.S. federal, State and local income tax, franchise tax, and
      any other tax imposed on or measured in whole or in party by income, Notes will qualify as indebtedness and the Trust as a mere security device formed to hold the Group [_] Receivables and issues Notes and Certificate.  Each Noteholder or Note Owner,
      by its acceptance of a Note or an interest or participation in a Note, will be deemed to agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax and any other tax imposed on or measured in
      whole or in part by income and the Trust as a mere security device formed to hold the Group [_] Receivables and issue Notes and Certificates.

     

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

     

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

     

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

     

    
      A-5

      
        

    

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

     

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

     

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

     

    No reference in this Note to the Indenture, and no terms of this Note or of the Indenture, will alter or impair the obligation of the Trust, which is absolute and
      unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

     

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

     

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

     

    [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      A-6

      
        

    

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

     

    Date: [__________]

    	 	
            VERIZON MASTER TRUST

          
	 	 	 
	 	
            BY:  

          	
            [___], not in its individual capacity but solely as Owner Trustee of Verizon Master Trust

          
	 	 	 
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                          

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    CERTIFICATE OF AUTHENTICATION

     

    This is one of the Class [A-1[a]][A-1b][A-2][A-3][B][C][D][E] Notes designated above and referred to in the Indenture.

     

    Date: [__________]

    	 	
            [___],

          
	 	 	
            not in its individual capacity but

          
	 	 	
            solely as Indenture Trustee

          
	 	 	 
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                          

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

      

    

    
      A-7

      
        

    

    ASSIGNMENT

     

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

     

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

     

    ___________________________________

      (name and address of assignee)

     

    the within Note and all rights under said Note, and hereby irrevocably constitutes and appoints _________________, attorney, to transfer said Note on the books kept for registration of said Note, with full
      power of substitution in the premises.

     

    

    

    	
            Dated:

          	 	 	 	
            */

          
	 	 	 	
            Signature Guaranteed

          	 
	 	 	 	 	 
	 	 	
               */

          	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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

          

    
      A-8

      
        

    

    
    Exhibit B

    

    

    SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

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

    

    

    

    

    	
            Reference

          	
            Criteria

          
	 	
            Cash Collection and Administration

          
	
            1122(d)(2)(ii)

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

          
	
            1122(d)(2)(iv)

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

          
	
            1122(d)(2)(v)

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

          
	 	
            Investor Remittances and Reporting

          
	
            1122(d)(3)(ii)

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

          
	
            1122(d)(3)(iii)

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

          
	
            1122(d)(3)(iv)

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

          

    

    

     

    

    

    

    

    

    

  

  B-1

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