Document:

Exhibit 10.8

    

    Execution Version

    

    

    

    

    

    
      

    

    

    

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT

    

    

    among

    

    

    VERIZON OWNER TRUST 2019-B,

        as Issuer

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

        as Servicer

    

    

    and

    

    

    PENTALPHA SURVEILLANCE LLC,

        as Asset Representations Reviewer

    

    

    Dated as of June 12, 2019

    

    

    

      

    

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      Page

       

        

    

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

             

              

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Additional Definitions

          	
            1

          
	
            Section 1.3

          	
            Review Materials and Test Definitions

          	
            2

             

              

          
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

             

              

          
	
            Section 2.1

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2

          	
            Confirmation of Status

          	
            3

             

              

          
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

             

              

          
	
            Section 3.1

          	
            Review Notices

          	
            3

          
	
            Section 3.2

          	
            Identification of Review Receivables

          	
            3

          
	
            Section 3.3

          	
            Review Materials

          	
            3

          
	
            Section 3.4

          	
            Performance of Reviews

          	
            4

          
	
            Section 3.5

          	
            Review Reports

          	
            4

          
	
            Section 3.6

          	
            Review Representatives

          	
            5

          
	
            Section 3.7

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.8

          	
            Limitations on Review Obligations

          	
            5

          
	
            Section 3.9

          	
            Updated Review Materials

          	
            6

             

              

          
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

             

              

          
	
            Section 4.1

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2

          	
            Covenants

          	
            8

          
	
            Section 4.3

          	
            Fees and Expenses

          	
            8

          
	
            Section 4.4

          	
            Limitation on Liability

          	
            9

          
	
            Section 4.5

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7

          	
            Review of Asset Representations Reviewer’s Records

          	
            10

          
	
            Section 4.8

          	
            Delegation of Obligations

          	
            11

          
	
            Section 4.9

          	
            Confidential Information

          	
            11

          
	
            Section 4.10

          	
            Personally Identifiable Information

          	
            13

             

              

          
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            15

             

              

          
	
            Section 5.1

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            15

          
	
            Section 5.2

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            15

          
	
            Section 5.3

          	
            Successor Asset Representations Reviewer

          	
            16

          
	
            Section 5.4

          	
            Merger, Consolidation or Succession

          	
            17

             

              

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            17

             

              

          
	
            Section 6.1

          	
            Independence of Asset Representations Reviewer

          	
            17

          
	
            Section 6.2

          	
            No Petition

          	
            17

          
	
            Section 6.3

          	
            Limitation of Liability of Owner Trustee

          	
            17

          
	
            Section 6.4

          	
            Termination of Agreement

          	
            18

          
	
            Section 6.5

          	
            Monthly Reports

          	
            18

             

              

          

    

    

    
      i

      
        

    

    
      TABLE OF CONTENTS

      (continued)

      Page
        

        

      

    

    	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            18

             

              

          
	
            Section 7.1

          	
            Amendments

          	
            18

          
	
            Section 7.2

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            19

          
	
            Section 7.3

          	
            Notices

          	
            19

          
	
            Section 7.4

          	
            GOVERNING LAW

          	
            19

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            20

          
	
            Section 7.6

          	
            WAIVER OF JURY TRIAL

          	
            20

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            20

          
	
            Section 7.8

          	
            Severability

          	
            20

          
	
            Section 7.9

          	
            Headings

          	
            20

          
	
            Section 7.10

          	
            Counterparts

          	
            20

          
	
            Section 7.11

          	
            Non-exclusive Agreement

          	
            20

          

    

    

    	
             

            Schedule A — Review Materials

          	 
	
            Schedule B — Representations and Warranties and Tests

          	 

    
      ii

      
        

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of June 12, 2019 (this “Agreement”), among VERIZON OWNER TRUST 2019-B, a Delaware statutory trust, as issuer (the “Issuer”), CELLCO PARTNERSHIP d/b/a VERIZON
        WIRELESS, a Delaware general partnership (“Cellco”), as servicer (the “Servicer”), and
        PENTALPHA SURVEILLANCE LLC, a Delaware limited liability company, as asset representations reviewer (the “Asset Representations Reviewer”).

    BACKGROUND

    In the normal course of their businesses, Cellco and the other Originators originate device payment plan agreements
        for various wireless devices.  In addition, the Master Trust holds certain device payment plan agreements originated by Cellco and certain other Originators.

    In connection with a securitization transaction sponsored by Cellco in which the Issuer will issue Notes secured by a
        revolving pool of Receivables consisting of device payment plan agreements, certain of the Originators and/or the Master Trust have transferred an initial pool of Receivables and related property, and any of the Originators and/or the Master Trust
        may from time to time transfer additional Receivables and related property, to the Depositor, who will transfer them to the Issuer.  The Issuer has engaged the Servicer to service the Receivables.

    The Issuer has granted a security interest in the Receivables to the Indenture Trustee, for the benefit of the Secured
        Parties, as security for the Notes issued by the Issuer under the Indenture.

    The Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Receivables for
        compliance with the representations and warranties made by the Originators and the Servicer (with respect to Receivables transferred by the Master Trust) about the Receivables.

    The parties agree as follows.

    ARTICLE I

        

        USAGE AND DEFINITIONS

    Section 1.1      Usage and Definitions. 
        Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among the Issuer, Verizon ABS LLC, as depositor (the “Depositor”) and Cellco, as Servicer, as marketing agent and as custodian.  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

    Section 1.2      Additional Definitions.

    “Confidential Information” has the
        meaning stated in Section 4.9(b).

    “Form Contract” has the meaning stated in
        Schedule A.

    “Information Recipient” has the meaning
        stated in Section 4.9(a).

    
      
        

    

    
    

    

    “Indemnified Person” has the meaning
        stated in Section 4.6(a).

    “Issuer PII” has the meaning stated in
        Section 4.10(a).

    “Monthly Fee” has the meaning stated in
        Section 4.3(a).

    “Personally Identifiable Information” or
        “PII” has the meaning stated in Section 4.10(a).

    “Review” means the performance by the
        Asset Representations Reviewer of the testing procedures for each Test and each Review Receivable solely in accordance with Section 3.4.

    “Review Fee” has the meaning stated in
        Section 4.3(b).

    “Review Materials” means, for a Review
        and a Review Receivable, the documents and other materials listed in Schedule A, as applicable.

    “Review Notice” means the notice provided
        under Section 14.2 of the Indenture by the Indenture Trustee to the Asset Representations Reviewer, the Administrator and the Servicer.

    “Review Receivable” means, for a Review,
        the 60-Day Delinquent Receivables as of the last day of the Collection Period before the date on which a Review Notice is delivered pursuant to  Section 14.2 of the Indenture.

    “Review Report” means, for a Review, the
        report of the Asset Representations Reviewer as described in Section 3.5.

    “Test” has the meaning stated in Section
        3.4(a).

    “Test Complete” has the meaning stated in
        Section 3.4(c).

    “Test Fail” has the meaning stated in
        Section 3.4(a).

    “Test Incomplete” has the meaning stated
        in Section 3.4(a).

    “Test Pass” has the meaning stated in
        Section 3.4(a).

    Section 1.3      Review Materials and Test
            Definitions.  Capitalized terms or terms or phrases in quotation marks used in the Tests, if not defined in Appendix A to the Transfer and Servicing Agreement or in this Agreement, refer to sections, titles or terms in the Form
        Contract or other Review Materials.

    ARTICLE II

        

        ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

    Section 2.1      Engagement; Acceptance. 

        The Issuer engages Pentalpha Surveillance LLC to act as the Asset Representations Reviewer for the Issuer.  Pentalpha Surveillance LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms
        in this Agreement.

    
      2

      
        

    

    

    

    Section 2.2      Confirmation of Status. 

        The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement with
        respect to the Eligibility Representation, or (b) determining whether noncompliance with the Eligibility Representation constitutes a breach of the Transaction Documents.

    ARTICLE III

        

        ASSET REPRESENTATIONS REVIEW PROCESS

    Section 3.1      Review Notices.  Upon
        receipt of a Review Notice from the Indenture Trustee according to Section 14.2 of the Indenture and access to the Review Materials as described in Section 3.3(a), the Asset Representations Reviewer will start a Review.  The Asset Representations
        Reviewer will not be obligated to start a Review until a Review Notice is received.

    Section 3.2      Identification of Review
            Receivables.  Within ten (10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Review Receivables in Excel format (or such other
        format as mutually agreed to by the Servicer and the Asset Representations Reviewer).

    Section 3.3      Review Materials.

    (a)      Access to Review Materials. 
        The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Review Receivables within sixty (60) days after receipt by the Asset Representations Reviewer of the Review Notice by electronic posting to a
        password-protected website to which the Asset Representations Reviewer has access or by otherwise providing the Asset Representations Reviewer with a secure electronic copy or in another manner agreed by the Servicer and the Asset Representations
        Reviewer.  The Servicer shall use its best efforts to redact or remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials for the Review.

    (b)      Missing or Insufficient Review Materials. 

        The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines any
        missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event within ten (10) Business Days after receipt of access to the Review Materials.  The Servicer will have fifteen (15)
        Business Days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct any such insufficiency.  If the missing or insufficient Review Materials or other documents or information
        have not been provided by the Servicer within fifteen (15) Business Days, the related Review Receivable will have a Test Incomplete for the Test or Tests that require use of the missing or insufficient Review Materials and the Review Report will
        report will include the reason for the Test Incomplete.

    
      3

      
        

    

    

    

    Section 3.4      Performance of Reviews.

    (a)      Test Procedures.  For a Review,
        the Asset Representations Reviewer will perform for each Review Receivable the procedures listed under “Tests” in Schedule B for each representation and warranty (each, a “Test”),

        using the Review Materials necessary to perform the procedures as stated in the Test.  For each Test and Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of
        missing or incomplete Review Materials (a “Test Incomplete”).  If a Test or part of a Test cannot be performed for a Review Receivable because the Test circumstances do
        not apply to the Review Receivable, the Test will be considered to be satisfied and will be reported as a Test Pass.

    (b)      Review Period.  The Asset
        Representations Reviewer will complete the Review of all of the Review Receivables within sixty (60) days after receiving access to the Review Materials under Section 3.3(a).  However, if missing or additional Review Materials are provided to the
        Asset Representations Reviewer under Section 3.3(b), the Review period will be extended for an additional thirty (30) days.

    (c)      Completion of Review for Certain Review
            Receivables.  Following the delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer will promptly notify the Asset Representations Reviewer if a
        Review Receivable is paid in full by the Obligor or reacquired or acquired, as applicable, from the Issuer by an Originator or the Servicer according to the Transaction Documents.  If such a notice is received, the Asset Representations Reviewer
        will immediately terminate all Tests of such Receivable and the Review of the Receivable will be considered complete (a “Test Complete”).  In this case, the Asset
        Representations Reviewer will report a Test Complete for the Receivable on the Review Report and the related reason.

    (d)      Previously Reviewed Receivable;
            Duplicative Tests.  If a Review Receivable was included in a prior Review, the Asset Representations Reviewer will not perform any Tests on it, but will report the results of the previous Tests in the Review Report for the current
        Review and note that the results relate to a prior Review.  If the same Test is required for more than one representation or warranty listed on Schedule B, the Asset Representations Reviewer will only perform the Test once for each Review
        Receivable but will report the results of the Test for each applicable representation and warranty on the Review Report.

    (e)      Termination of Review.  If a
        Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Payment Date.  On receipt of notice, the
        Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

    Section 3.5      Review Reports.  Within
        five (5) days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Administrator, the Depositor, the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each
        Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Review Receivable was a Test Incomplete or a Test Complete.  For each Test Fail, Test

    
      4

      
        

    

    

    

    Incomplete or Test Complete, the Review Report will indicate the related reason.  The Review Report will contain a summary of the Review
        results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received.  The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII.  On reasonable request
        of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test results.

    Section 3.6      Review Representatives.

    (a)      Servicer Representative.  The
        Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about
        the Review Materials or Tests, access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests.

    (b)      Asset Representations Reviewer
            Representative.  The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of a Review to answer questions about the Review.

    (c)      Questions About Review.  The
        Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Issuer, the Indenture Trustee or the Servicer until the earlier of (i)
        the payment in full of the Notes and (ii) one year after the delivery of the Review Report; provided, that, for any Receivables which was included in a prior Review, the one year requirement will start as of the date that the first Review Report in
        which that Receivable was included was delivered.  The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from a Noteholder or any other Person and will direct such questions or requests to
        the Servicer.

    Section 3.7      Dispute Resolution.  If
        a Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 11.2 of the Transfer and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute
        resolution proceeding on request of a party to the proceeding.  The reasonable expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the
        dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 11.2 of the Transfer and Servicing Agreement.  However, if such expenses are not
        paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the expenses will be paid by the Issuer according to Section 4.3(d).

    Section 3.8      Limitations on Review Obligations.

    (a)      Review Process Limitations. 
        The Asset Representations Reviewer is not obligated to:

    
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    (i)      determine whether a Delinquency Trigger has occurred or whether the required percentage of the Noteholders
        has voted to direct a Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee;

    (ii)      determine which Receivables are subject to a Review, and may rely on the lists of Review Receivables
        provided by the Servicer;

    (iii)      obtain or confirm the validity of the Review Materials and may rely on the accuracy and completeness of the
        Review Materials and will have no liability for any errors in the Review Materials;

    (iv)      obtain missing or insufficient Review Materials from any party or any other source (other than its
        obligation to notify the Servicer pursuant to Section 3.3(b));

    (v)      take any action or cause any other party to take any action under any of the Transaction Documents or
        otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Review Receivables; or

    (vi)      establish cause, materiality or recourse for any Test Fail.

    (b)      Testing Procedure Limitations. 
        The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Tests” in Schedule B (as updated pursuant to Section 3.9), and will not be obligated to perform additional procedures on any Review Receivable
        or, except as set forth in Section 3.5, to provide any information other than a Review Report.  However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Receivable that it determines in good
        faith to be material to the Review.

    Section 3.9      Updated Review Materials. 

        The Servicer acknowledges that it has provided the Asset Representations Reviewer with sample Review Materials, including a Data Tape, data dictionary and Form Contract which the Asset Representations Reviewer has relied on to program its systems
        to perform the Tests in the event of a Review.  If the Servicer updates, edits or otherwise makes material changes to its systems or to the Review Materials, the Servicer will promptly notify the Asset Representations Reviewer of any such material
        changes and provide new or updated sample Review Materials (and, to the extent impacted, the “Tests” in Schedule B) to the Asset Representations Reviewer.

    ARTICLE IV

        

        ASSET REPRESENTATIONS REVIEWER

    Section 4.1      Representations and Warranties. 

        The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

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

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

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

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

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

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

    (g)      No Conflict. The execution and
        delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms of this Agreement by the Asset Representations Reviewer, (i) do not contravene (A) the organizational documents of the Asset
        Representations Reviewer, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C),
        where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

    (h)      No Violation. The execution and
        delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms of this Agreement by the Asset Representations Reviewer will not violate any Law applicable to the

    
      7

      
        

    

    

    

    Asset Representations Reviewer, except where such violation would not reasonably be expected to have a Material Adverse Effect.

    (i)      Eligibility.  The Asset
        Representations Reviewer meets the eligibility requirements in Section 5.1.

    Section 4.2      Covenants.  The Asset
        Representations Reviewer covenants and agrees that:

    (a)      Eligibility.  It will notify
        the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

    (b)      Review Systems; Personnel.  It
        will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these
        systems allow for each Review Receivable and any related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct
        a Review as required by this Agreement.

    (c)      Maintenance of Review Materials. 

        It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, other than any PII returned or destroyed in accordance with Section 4.10(e), for a period
        of two years after the termination of this Agreement.

    Section 4.3      Fees and Expenses.

    (a)      Monthly Fee.  As compensation
        for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive a monthly fee (the “Monthly Fee”), payable by the Issuer, on each Payment
        Date, beginning with the first Payment Date, in an amount equal to $416.67.  The Issuer will reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it in performing services under this Agreement,
        including fees and disbursements of its counsel.

    (b)      Review Fee.  Following the
        completion of a Review and the delivery of the Review Report pursuant to Section 3.5, or the termination of a Review according to Section 3.4(e), and the delivery to the Issuer, the Administrator and the Servicer of a detailed invoice, the Asset
        Representations Reviewer will be entitled to a fee of $50,000 (the “Review Fee”).  If a detailed invoice is submitted on or before the first day of a month, the Review Fee
        will be paid by the Issuer starting on the Payment Date in that month.  However, if the Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no
        later than five (5) Business Days before the final Payment Date to be reimbursed no later than the final Payment Date.

    (c)      Reimbursement of Travel Expenses. 

        If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review following the delivery to the
        Issuer, the Administrator and the Servicer of on receipt of a detailed invoice in

    
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    respect of such expenses; provided that such reimbursable expenses may not exceed $20,000, unless otherwise authorized in advance by the
        Issuer.

    (d)      Dispute Resolution Expenses. 
        If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after
        the end of the proceeding, the Issuer will promptly reimburse the Asset Representations Reviewer for such expenses on receipt of a detailed invoice.

    (e)      Payments by Issuer.  All
        amounts payable by the Issuer under this Section 4.3 will be payable according to the priority of payments in Section 8.2 of the Indenture.

    Section 4.4      Limitation on Liability. 

        The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful
        misconduct, bad faith or gross negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, punitive, indirect or consequential losses or damages (including lost profit),
        even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.  The Asset Representations Reviewer will have no other duties, obligations or liabilities to any Person,
        including the Noteholders and the Certificateholders, other than as specifically set forth in this Agreement.

    Section 4.5      Indemnification by Asset
            Representations Reviewer.  The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Administrator, the Servicer, the Owner Trustee and the Indenture Trustee and their respective directors, officers,
        employees and agents for all fees, expenses, losses, damages, liabilities, reasonable attorney’s fees and other legal costs (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses
        incurred in connection with any proceedings brought by that Person to enforce the indemnification obligations of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or gross negligence of the Asset
        Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under
        this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

    Section 4.6      Indemnification of Asset
            Representations Reviewer.

    (a)      Indemnification.  The Issuer
        will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses,
        damages, liabilities reasonable attorney’s fees and other legal costs resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability and any fees and
        expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification obligations of the Issuer), but excluding any fee, expense, loss, damage or liability resulting from (i) the Asset Representations
        Reviewer’s willful misconduct, bad faith or

    
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    gross negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

    (b)      Proceedings.  If an Indemnified
        Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), promptly notify the Issuer and the Administrator of the Proceeding.  The Issuer (or the Administrator on behalf of the
        Issuer) may participate in and assume the defense and settlement of a Proceeding at the expense of the Issuer.  If the Issuer (or the Administrator on behalf of the Issuer) notifies the Indemnified Person of its intention to assume the defense of
        the Proceeding with counsel reasonably satisfactory to the Indemnified Person, the Issuer (or the Administrator on behalf of the Issuer) will assume such defense with counsel reasonably satisfactory to the Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Issuer (or the Administrator on behalf of the Issuer) will not be liable for legal fees and
        expenses of separate counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer or the Administrator, as applicable, and the Indemnified Person.  If the Indemnified Person has been advised by counsel that a
        reasonable likelihood exists of a conflict of interest between the Issuer and the Indemnified Person (including the existence of different legal defenses available to each party), the Issuer will pay for the reasonable fees and expenses of separate
        counsel to the Indemnified Person.  No settlement of a Proceeding may be made without the approval of the Issuer and the Indemnified Person, which approval will not be unreasonably withheld.

    (c)      Survival of Obligations.  The
        obligations of the Issuer and the Administrator (on behalf of the Issuer) under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

    (d)      Repayment.  If the Issuer makes
        a payment to an Indemnified Person under this Section 4.6 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer.

    (e)      Force Majeure.  The Asset
        Representations Reviewer shall not be liable for any delay or failure to perform its obligations hereunder to the extent such delay or failure is due in any part to an act of God, fire, natural calamities, war, terrorism, nuclear event, act or
        orders of governments, or other events beyond its reasonable and foreseeable control, including, but not limited to, loss of power and communications outages resulting from such events; provided, however, the Asset Representations Reviewer will use
        commercially reasonable efforts to resume performance as soon as practicable under the circumstances.

    Section 4.7      Review of Asset Representations
            Reviewer’s Records.  The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Issuer (or the Administrator on behalf of the
        Issuer) or the Servicer, during the Asset Representations Reviewer’s normal business hours, to have onsite access to and review the facilities, processes, books of account, records, reports and other documents and materials of the Asset
        Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by
        the Asset Representations Reviewer under this Agreement; provided, that any review under this Section 4.7 will be subject to the confidentiality requirements of Section

    
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    4.9.  In addition, the Asset Representations Reviewer will permit the Issuer’s (or the Administrator’s on behalf of the Issuer) or the
        Servicer’s representatives to discuss the facilities, processes, books of account, records, reports and other documents and materials of the Asset Representations Reviewer with the Asset Representations Reviewer’s officers and employees.  Any
        access and review will be subject to, and may be restricted by, the Asset Representations Reviewer’s confidentiality and privacy policies and attorney-client privilege.  The Asset Representations Reviewer will maintain all relevant books, records,
        reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

    Section 4.8      Delegation of Obligations. 

        The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer, which consent will not be unreasonably withheld and will be provided promptly
        by the Issuer and the Servicer; provided, however, if such consent is not provided within four (4) Business Days, the Asset Representations Reviewer shall have a number of additional days to complete its Review equal to the number of days after the
        fourth Business Day taken by the Issuer or the Servicer to provide consent.  To the extent the Asset Representations Reviewer employs or uses the services of independent contractors to assist with the performance of the services under this
        Agreement, the Asset Representations Reviewer will remain solely responsible for the payment of any costs, fees or expense of any such contractor.  The Asset Representations Reviewer will remain fully responsible for the performance of its
        obligations and duties under this Agreement in accordance with the terms of this Agreement to the same extent and under the same terms and conditions as if it alone were performing those obligations and duties under this Agreement, without
        diminution of any such obligation or liability by virtue of any indemnification from any Person acting as its agents or subcontractor.  The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor
        providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

    Section 4.9      Confidential Information.

    (a)      Treatment.  Each of the Issuer,
        the Servicer and the Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards
        to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, (x) without the consent of the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers,
        directors, employees, agents, representatives or affiliates, including legal counsel (each, an “ARR Information Recipient”) or (y) without the consent of the Asset
        Representations Reviewer be disclosed or used by the Issuer (or the Administrator on behalf of the Issuer) or the Servicer, or their respective officers, directors, employees, agents, representatives or affiliates, including legal counsel (each, an
        “Issuer Information Recipient” and, together with each ARR Information Recipient, the “Information
            Recipients”) other than for the purposes of performing or providing information for Reviews of Review Receivables or performing its respective obligations under this Agreement.  The Asset Representations Reviewer agrees that it will
        not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Issuer, Cellco or their Affiliates or

    
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    special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of
        research reports, newsletters or other publications or similar communications.

    (b)      Definition.  “Confidential Information” means oral, written and electronic materials (regardless of its source or form of communication) furnished before, on or after the date of this
        Agreement to the Asset Representations Reviewer by the Issuer or the Servicer, or to the Issuer (or the Administrator on behalf of the Issuer) or the Servicer by the Asset Representations Reviewer, in each case, for the purposes contemplated by
        this Agreement, including (as applicable):

    (i)      lists of Review Receivables and any related Review Materials;

    (ii)      origination and servicing guidelines, policies and procedures, and Form Contracts; and

    (iii)      notes, analyses, compilations, studies or other documents or records prepared by the Issuer, the Servicer
        or the Asset Representations Reviewer, as applicable, which contain information supplied by or on behalf of the Issuer, the Servicer, the Asset Representations Reviewer or their respective representatives.

    However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a
        result of disclosure by an Information Recipient, (B) was available to, or becomes available to, an Information Recipient on a non-confidential basis from a Person or entity other than the Issuer (or the Administrator on behalf of the Issuer), the
        Servicer or the Asset Representations Reviewer, as applicable, before its disclosure to the Information Recipient who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer (or the Administrator
        on behalf of the Issuer), the Servicer or the Asset Representations Reviewer, as applicable, and is not prohibited from transmitting the information to the Information Recipient, (C) is independently developed by an Information Recipient without
        the use of the Confidential Information, as shown by the Information Recipient’s files and records or other evidence in its possession or (D) the Issuer (or the Administrator on behalf of the Issuer), the Servicer or the Asset Representations
        Reviewer, as applicable, gives permission to the Information Recipient to release.

    (c)      Protection.  Each of the
        Issuer, the Servicer or the Asset Representations Reviewer will take, and the Issuer will cause the Administrator to take, reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information,
        including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care.  The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the
        additional requirements in Section 4.10.

    (d)      Disclosure.  If the Issuer (or
        the Administrator on behalf of the Issuer), the Servicer or the Asset Representations Reviewer, as applicable, is required by applicable Law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to
        disclose part of the Confidential Information, it may disclose the Confidential Information.  However, before a required disclosure, the Issuer (or the Administrator on behalf

    
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    of the Issuer), the Servicer or the Asset Representations Reviewer, as applicable, if permitted by applicable Law, regulation, rule or
        order, will use its reasonable efforts to notify the other parties to this Agreement of the requirement and will cooperate, (i) at the Asset Representations Reviewer’s expense, in the Asset Representations Reviewer’s pursuit of a proper protective
        order or other relief for the disclosure of its Confidential Information or (ii) at the Servicer’s expense, in the Issuer’s (or the Administrator’s on behalf of the Issuer) and the Servicer’s pursuit of a proper protective order or other relief for
        the disclosure of the Confidential Information.  If the Issuer (or the Administrator on behalf of the Issuer), the Servicer or the Asset Representations Reviewer, as applicable, is unable to obtain a protective order or other proper remedy by the
        date that the information is required to be disclosed, the other parties to this Agreement will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

    (e)      Responsibility for Information Recipients. 

        The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by the ARR Information Recipients.  The Issuer and the Servicer will be responsible for a breach of this Section 4.9 by the Issuer Information Recipients.  The
        Issuer agrees to cause the Administrator to comply with this Section 4.9.

    (f)      Violation.  The Asset
        Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Administrator and the Servicer and the Issuer (or the Administrator on behalf of the Issuer) and the Servicer may seek injunctive
        relief in addition to legal remedies.  If an action is initiated by the Issuer (or the Administrator on behalf of the Issuer) or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including
        reasonable attorney’s fees, incurred for the enforcement.  Each of the Issuer and the Servicer agrees that, and the Issuer will cause the Administrator to agree that, a violation of this Agreement may cause irreparable injury to the Asset
        Representations Reviewer and the Asset Representations Reviewer may seek injunctive relief in addition to legal remedies.  If an action is initiated by the Asset Representations Reviewer to enforce this Section 4.9, the prevailing party will be
        reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

    (g)      Property.  All know-how,
        policies and procedures, intellectual property, and trade secret information conceived or originated by the Issuer, the Servicer or the Asset Representations Reviewer, as applicable, which arises out of the performance of the obligations and
        services under this Agreement, or any related material or information, will be the property of the Issuer, the Servicer or the Asset Representations Reviewer, as applicable.

    (h)      Survival.  This Section 4.9
        will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

    Section 4.10      Personally Identifiable
            Information.

    (a)      Definitions.  “Personally Identifiable Information” or “PII” means information in any format about an
        identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used
        separately or

    
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    in combination with other information could identify an individual.  “Issuer

            PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations
        under this Agreement.

    (b)      Use of Issuer PII.  The Issuer
        does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement.  The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically
        directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all Laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s
        business, including any legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Issuer PII.  The Asset Representations Reviewer will implement
        privacy or data protection policies and procedures that comply with applicable Law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including
        administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against
        unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards will include a written data security plan, employee training, information access controls, restricted disclosures,
        systems protections (including intrusion protection, data storage protection and data transmission protection) and physical security measures.

    (c)      Additional Limitations.  In
        addition to the use and protection requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

    (i)      The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel
        access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the consent of the Issuer or (C) as required by applicable Law.  When permitted, the disclosure of or access to
        Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this
        Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

    (ii)      The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any
        third party without the consent of the Issuer.

    (d)      Notice of Breach.  The Asset
        Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and,
        where applicable, immediately take action to prevent any further breach.

    (e)      Return or Disposal of Issuer PII. 

        Except where return or disposal is prohibited by applicable Law, promptly on the earlier of the completion of the Review or the request of the

    
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    Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a
        manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer.  Where
        the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable Law.

    (f)      Compliance; Modification.  The
        Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations Reviewer’s compliance with this Section 4.10.  The Asset Representations Reviewer and the Issuer agree to modify this
        Section 4.10 as necessary for either party to comply with applicable Law.

    (g)      Audit of Asset Representations Reviewer. 

        The Asset Representations Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s normal business hours on
        reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits.  The Issuer agrees to make reasonable efforts to schedule any audit described in this
        Section 4.10 with the inspections described in Section 4.7.

    (h)      Affiliates and Third Parties. 
        If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is
        an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may enforce the PII related terms of this Section 4.10 against the Asset Representations
        Reviewer as if each were a signatory to this Agreement.

    ARTICLE V

        

        RESIGNATION AND REMOVAL;

        SUCCESSOR ASSET REPRESENTATIONS REVIEWER

    Section 5.1      Eligibility Requirements for Asset
            Representations Reviewer.  The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Issuer, the Servicer, the Administrator, the Marketing Agent, the Originators, the Master
        Trust, the Parent Support Provider, the Indenture Trustee, the Owner Trustee, the Cap or any of their Affiliates and (b) was not, and is not Affiliated with any Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence
        on the Receivables prior to the Closing Date.

    Section 5.2      Resignation and Removal of Asset
            Representations Reviewer.

    (a)      No Resignation.  The Asset
        Representations Reviewer will not resign as Asset Representations Reviewer unless it determines, in its sole discretion, that it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take

    
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    to make the performance of its obligations under this Agreement permitted under applicable Law.  The Asset Representations Reviewer will
        notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date, including written advice of counsel supporting its determination.

    (b)      Removal.  If any of the
        following events occur, the Issuer may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement (other than rights and obligations accrued prior to such event, including the right to receive all
        amounts accrued and owing to it under this Agreement) by notifying the Asset Representations Reviewer:

    (i)      the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

    (ii)      the Asset Representations Reviewer breaches any of its representations, warranties, covenants or obligations
        in this Agreement; or

    (iii)      an Insolvency Event of the Asset Representations Reviewer occurs.

    (c)      Notice of Resignation or Removal. 

        The Issuer will notify the Servicer, the Administrator, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

    (d)      Continue to Perform After Resignation or
            Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset
        Representations Reviewer has accepted its engagement according to Section 5.3(b).  If no successor Asset Representations Reviewer has been appointed and accepted its appointment within thirty (30) days after the resignation or removal of the Asset
        Representations Reviewer, the Asset Representations Reviewer may petition a court of competent jurisdiction for the appointment of a successor Asset Representations Reviewer that meets the requirements set forth in Section 5.1.  The Issuer will
        reimburse the Asset Representations Reviewer for any reasonable out-of-pocket expenses (including, reasonable attorney’s fees) in connection with the replacement of the Asset Representations Reviewer, including any petition pursuant to this Section
        5.2(d).

    Section 5.3      Successor Asset Representations
            Reviewer.

    (a)      Engagement of Successor Asset
            Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

    (b)      Effectiveness of Resignation or Removal. 

        No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to
        perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement.

    
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    (c)      Transition and Expenses.  If
        the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
        Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.

    Section 5.4      Merger, Consolidation or
            Succession.  Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the Asset
        Representations Reviewer’s business, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement without the execution or filing of any documents (other than an
        assumption agreement wherein the successor shall agree to perform the obligations of and serve as the Asset Representations Reviewer in accordance with the terms of this Agreement) or any further act on the part of any of the parties hereto,
        notwithstanding anything to the contrary herein.

    ARTICLE VI

        

        OTHER AGREEMENTS

    Section 6.1      Independence of Asset
            Representations Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it
        accomplishes the performance of its obligations under this Agreement.  Unless authorized by the Issuer, the Indenture Trustee or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the
        Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee.  Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the
        Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

    Section 6.2      No Petition.  The
        parties agree that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b)
        the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
        other proceedings under any bankruptcy or similar Law.  This Section 6.2 will survive the termination of this Agreement.

    Section 6.3      Limitation of Liability of Owner
            Trustee.  This Agreement has been signed on behalf of the Issuer by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will Wilmington Trust,
        National Association in its individual capacity or as a beneficial owner of the Issuer be liable for the representations, warranties, covenants, agreements or other obligations of the Issuer under this Agreement.  For all purposes under this
        Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

    
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    Section 6.4      Termination of Agreement. 

        This Agreement will terminate on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.  The Issuer will give the
        Asset Representations Reviewer advance notice of the occurrence of such events.

    Section 6.5      Monthly Reports.  The
        Servicer will provide the Asset Representations Reviewer with a copy of the Monthly Investor Report at the same time it is provided to the Indenture Trustee, to the extent the Monthly Investor Report is not otherwise available from any publicly
        available source.

    ARTICLE VII

        

        MISCELLANEOUS PROVISIONS

    Section 7.1      Amendments.

    (a)      Amendments.  The parties may
        amend this Agreement:

    (i)      to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be
        defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case, without the consent of the Noteholders, the
        Certificateholders or any other Person;

    (ii)      for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus,
        without the consent of the Noteholders, the Certificateholders or any other Person;

    (iii)      to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement, with the
        consent of the Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Noteholders
        or (y) the Rating Agency Condition is satisfied with respect to such amendment; or

    (iv)      to add any provisions to, or change in any manner or eliminate any of the provisions of, this Agreement (x)
        if the interests of the Noteholders are materially and adversely affected, with the consent of the Noteholders of the Notes evidencing at least a majority of the Note Balance of the Controlling Class of Notes and (y) if the interests of the
        Certificateholders are materially and adversely affected, with the consent of the Certificateholders evidencing a majority of the Percentage Interest.

    (b)      Consent of Indenture Trustee and Owner
            Trustee.  The consent of the Indenture Trustee will be required for any amendment to this Agreement that has a material adverse effect on the rights, obligations, immunities or indemnities of the Indenture Trustee.  The consent of
        the Owner Trustee will be required for any amendment to this Agreement that has a material adverse effect on the rights, obligations, immunities or indemnities of the Owner Trustee, which consent will not be unreasonably withheld.

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

    Section 7.2      Assignment; Benefit of Agreement;
            Third Party Beneficiaries.

    (a)      Assignment.  Except as stated
        in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer.

    (b)      Benefit of Agreement; Third-Party
            Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party
        beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or obligation under this Agreement.

    Section 7.3      Notices.

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

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

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

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

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

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

    Section 7.4      GOVERNING LAW.  THIS
        AGREEMENT, INCLUDING THE RIGHTS AND OBLIGATIONS 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).

    
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    Section 7.5      Submission to Jurisdiction. 

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

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

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

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

    Section 7.9      Headings.  The headings
        in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

    Section 7.10      Counterparts.  This
        Agreement may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will together be one document.

    Section 7.11      Non-exclusive Agreement. 

        The Asset Representations Reviewer and its affiliated companies may provide services to other clients, including, but not limited to, persons and entities in the same or similar businesses as the Issuer and the Servicer, without notice to or
        consent from the Issuer or the Servicer.

    

    

    [Remainder of Page Left Blank]

     

      

     

      

     

      

    
      20

      
        

    

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

    
      	 	
              VERIZON OWNER TRUST 2019-B,

            
	 	 	
              as Issuer

            
	 	 	 
	 	
              By:

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

               

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/ Clarice Wright                                      

                  

            
	 	 	
              Name:  Clarice Wright

            
	 	 	
              Title:    Assistant Vice President

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
              CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

            
	 	 	
              as Servicer

               

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/ Kee Chan Sin                                      

              

            
	 	 	
              Name:

            	
               Kee Chan Sin

            
	 	 	
              Title:

            	
              Vice President and Assistant  Treasurer

            
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 
	 	
              PENTALPHA SURVEILLANCE LLC,

            
	 	 	
              as Asset Representations Reviewer

               

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/ James Callahan                                    

                  

            
	 	 	
              Name:    James Callahan

            
	 	 	
              Title:      Executive Director and Solely as an Authorized Signatory for Pentalpha Surveillance LLC

            

    

    

    

    

    

    

    

    
      
        

    

    Schedule A

    Review Materials

    
      
        	1.	
                Forms of device payment plan agreements (each, a “Form Contract”) applicable to the
                    Receivables; and

              

      

    

    
      
        	2.	
                An electronic data tape (the “Data Tape”) describing certain characteristics of the Receivables
                    as of the Cutoff Date or such other applicable date of determination.

              

      

    

    
      
        

    

    Schedule B

    Representations and Warranties and Tests

    	
            Representation and Warranty

          	
            Tests

          
	
            As of the related Cutoff Date, the Obligor on the account for such Receivable had a billing address in the
                United States or in a territory of the United States.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            As of the related Cutoff Date, the remaining term of the Receivable is less than or equal to 24 months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to 24 months.

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

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            The origination date of the Receivable was at least 15 days prior to the related Cutoff Date.

          	
            Check that sale date indicated on Data Tape is greater than 15 days prior to the related Cutoff Date.

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

          	
            Check that account status on Data Tape is active.

          
	
            Under the Receivable, there is no prepayment penalty.

          	
            Check that Form Contract used at time of sale date does not contain a prepayment penalty.

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

          	
            Check that customer type on Data Type is “PE” or “ME.”

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

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any
                amount is 31 days or more Delinquent by the Obligor or (B) that is in 

              

          	
            Check that Data Tape indicates that the account related to the Receivable is less than 31 days past due and
                that account and line is active.

          

    

    

    

    

    
      
        

    

    

    

    

    

    
      	
              Representation and Warranty

            	
              Tests

            

    

    	“suspend”

              or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act, as amended) in accordance with the Servicing Procedures.	 
	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          
	
            The Obligor under such Receivable is required to make payments no less frequently than monthly under the related device payment plan
                agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $2,500.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $2,500.

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

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is
                greater than or equal to 1yr.

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

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            At the time of origination, the Receivable complied in all material respects with any requirements of Law applicable thereto.

          	
            Check that Form Contract used at time of sale date is an approved form.

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

          	
              Check that Form Contract used at time of sale date is an approved form.

          

    

    

    

    

    
      
        

    

    

    

    

    

    
      	
              Representation and Warranty

            	
              Tests

            

    

    	
            enforcement is sought in a proceeding in equity or in law)).

          	

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

          	
            Check that loan status indicated on Data Tape is active.Exhibit 10.7

 

PORTIONS OF THIS EXHIBIT IDENTIFIED BY [*****] HAVE BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE EXCLUDED INFORMATION IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Ref. SU C15/1731A01

Ref. SATT LUTECH: LIC3-2015-0011-AV01 (ST00022)

 

AMENDMENT No. 1 TO THE LICENSE AGREEMENT

 

Between:

 

·                      The company BIOPHYTIS, a public limited company with share capital of 2,692,682 euros, with registered office at 14 Avenue de l’Opéra - 75001 Paris, registered in the Trade and Companies Register of Paris, under number B 492 002 225, represented by Stanislas VEILLET, its Managing Director, duly authorised for this purpose,

 

Hereinafter referred to as “BIOPHYTIS”,

 

ON THE ONE HAND,

 

AND

 

·                      SORBONNE UNIVERSITY, a scientific, cultural and professional public institution, having its registered office located at 21 rue de l’école de médecine, 75006 PARIS, with the SIRET [French businesses directory] number 130 023 385 00011, represented by its President, Mr Jean CHAMBAZ, duly authorised for this purpose,

 

Hereinafter referred to as “SORBONNE UNIVERSITY” or “SU”,

 

The CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE, a scientific and technological public institution, with registered office at 3, rue Michel-Ange - 75794 Paris cedex 16 - France, with the SIRET number 197 517 220 00012, represented by its President, Mr Antoine PETIT, duly authorised for this purpose,

 

Hereinafter referred to as “CNRS”,

 

THE INSTITUT NATIONAL DE LA RECHERCHE AGRONOMIQUE, a scientific and technological public institution, with registered office at 147, rue de l’Université - 75338 Paris cedex 07 - France, with the SIRET number 180 070 039 01803, represented by its President, Mr Philippe MAUGUIN, duly authorised for this purpose,

 

Hereinafter referred to as “INRA”,

 

The CNRS and the INRA having mandated SU to sign for the purposes of this License agreement,

 

SU, the CNRS and the INRA being hereafter collectively referred to as the “INSTITUTIONS”,

 

ON THE OTHER HAND,

 

1

 

AND IN THE PRESENCE OF:

 

·                      The SATT Paris - Ile de France - Compiègne - Oise, the trade name of which is “SATT LUTECH”, a simplified joint-stock company, with registered office at 4-4bis rue de Ventadour-75001 Paris, registered in the RCS [Trade and Companies Register] of Paris under number B 539 984 500, represented by its President, Mr Jacques PINGET, duly authorised for this purpose,

 

Hereinafter referred to as “SATT LUTECH”,

 

Acting as agent of the INSTITUTIONS for negotiating and then following up on the performance of this License agreement, the rights and obligations attributed to SATT LUTECH pursuant to this agreement may at any time be transferred back to the INSTITUTIONS or to any third party that the INSTITUTIONS may appoint as agent instead of SATT LUTECH, without BIOPHYTIS being able to oppose this,

 

The INSTITUTIONS and BIOPHYTIS being hereinafter collectively referred to as “PARTIES” and individually as a “PARTY”.

 

SATT LUTECH, the INSTITUTIONS and BIOPHYTIS being hereinafter collectively referred to as “SIGNATORIES” and individually as “SIGNATORY”.

 

WHEREAS:

 

The Université Pierre et Marie Curie (“UPMC”), the CNRS, the INRA and BIOPHYTIS, in the presence of SATT LUTECH, entered into a License agreement effective on 27 May 2015 concerning the License of a family of patents which the PARTIES co-own (the “License Agreement”).

 

It is recalled that pursuant to Decree No. 2017-596 of 21 April 2017 relating to the creation of the University named “Sorbonne University”, which groups together the universities Paris-IV (Université Paris-Sorbonne) and Paris-VI (Université Pierre et Marie Curie — UPMC), Sorbonne University replaced the two pre-existing universities as from the 1st of January 2018 and, as a result, took over all of the rights and obligations of Paris-IV and Paris-VI, with no need to sign an amendment to the above-mentioned agreements.

 

The SIGNATORIES wish to conclude an amendment to the License Agreement (the “Amendment No. 1”) to (i) include three (3) new patents in addition to the families of patents licensed to BIOPHYTIS pursuant to the License Agreement as on its above-mentioned effective date, (ii) to extend the scope of utilisation of the License Agreement as on its above-mentioned effective date, (iii) to specify the terms for calculating the annual fees owed by BIOPHYTIS pursuant to Article 5.2.1 of the License Agreement in the event of any PRODUCT being sold in a kit or in combination with other products that are not PRODUCTS, and (iv) to modify the conditions of diligence of utilisation incumbent upon BIOPHYTIS in its capacity as licensee.

 

THIS HAVING BEEN SET FORTH, THE FOLLOWING HAS BEEN AGREED AND DECIDED:

 

2

 

ARTICLE 1: MODIFICATIONS OF THE LICENSE AGREEMENT

 

1.1                     Acknowledging the Decree cited in the preamble of this Amendment No. 1, the SIGNATORIES agree to replace in all provisions of the License Agreement, the term “UPMC” by “SU”.

 

1.2                     Paragraph 3) of the preamble of the License Agreement is amended as follows:

 

“3) BIOPHYTIS is a Biotechnologies company created in 2006, specialising in diseases associated with the challenge of ageing, in particular those affecting the muscular and visual functions. BIOPHYTIS wishes to develop and market nutraceuticals and medicines the manufacturing, holding or marketing of which entail the implementation of all or a portion of the claims of the families of patents cited in point 1) above. BIOPHYTIS intends in particular to market them directly or indirectly for applications related to obesity (in particular sarcopenic obesity), sarcopenia, diabetes, muscular dystrophies in particular genetic ones (including in particular duchenne myopathy), cachexia (including cachexia related to heart failure), neuromuscular diseases (including spinal amyotrophy and amyotrophic lateral sclerosis) and respiratory diseases (including obstructive bronchopneumopathy) and cardiovascular disease (including in particular arterial hypertension);”

 

1.3                     Article 1.5 of the License Agreement is deleted and replaced as follows:

 

“1.5 SCOPE, means any application associated with obesity (including in particular sarcopenic obesity), sarcopenia, diabetes, muscular dystrophy and in particular genetic muscular dystrophy (including the duchenne myopathy), cachexia (including cachexia linked to heart failure), neuromuscular diseases (including in particular spinal amyotrophy and amyotrophic lateral sclerosis), respiratory diseases (including in particular obstructive bronchopneumopathy) and cardiovascular diseases (including arterial hypertension);”

 

1.4                     An Article 1.5bis of the License Agreement is inserted as follows:

 

“1.5bis REASONABLE COMMERCIAL EFFORTS, refers to the level of effort and resources comparable to the standards applied by companies of the same size as BIOPHYTIS for the development and marketing of products similar to the PRODUCTS, at a similar stage of development or marketing, taking into account in particular the scientific, technical, clinical, regulatory and normative constraints, and constraints of manufacturing, safety and performance of the product, the level of competition of the market concerned in general or for a given application or indication, the changes in strategy, in particular clinical or regulatory changes, justified by the feedback from a regulatory authority, likely to affect the development or marketing of the PRODUCT or by compliance with the standards of the industry concerned by the PRODUCT (e.g. certification, approval...), likely to affect the development or marketing of the

 

3

 

PRODUCT and significant changes in the conditions of the envisaged market or markets that are likely to affect the potential of the PRODUCT.

 

1.5                     Article 4.3 of the License Agreement is deleted and replaced as follows:

 

“4.3 BIOPHYTIS shall promptly inform SATT LUTECH, acting on behalf of the INSTITUTIONS, of any decision taken by BIOPHYTIS itself or any of the LICENSEES, not to continue the development and/or marketing of any PRODUCT in any country of the TERRITORY or the utilisation of all or a portion of the PATENTS. Where applicable, the INSTITUTIONS or SATT LUTECH acting on their behalf will have the right to withdraw from BIOPHYTIS the exclusivity granted in the country or countries considered or in consideration of the rights not utilised.

 

The INSTITUTIONS, or SATT LUTECH acting on their behalf, may withdraw from BIOPHYTIS the exclusivity granted pursuant to Article 2.1 above, if, for two (2) consecutive years and in consideration of the projections provided pursuant to Article 4.2 above, BIOPHYTIS has not put in place any of the means necessary for the direct or indirect development and marketing of PRODUCTS.

 

Lastly, in the event that the royalties collected (excluding guaranteed minimums) from BIOPHYTIS pursuant to the LICENSE AGREEMENT, on NET SALES and on INDIRECT INCOME, would represent an annual total less than or equal to [****], for a period of two (2) consecutive financial years, SATT LUTECH, acting on behalf of the INSTITUTIONS, may notify to BIOPHYTIS by registered letter with acknowledgement of receipt the automatic and immediate conversion of the exclusive rights concerned by the LICENSE AGREEMENT into non-exclusive rights. However, it is agreed between the PARTIES that in the case referred to in this paragraph, the conversion of the exclusive rights granted into non-exclusive rights will be suspended on condition that BIOPHYTIS demonstrates that it has provided REASONABLE COMMERCIAL EFFORTS over the period considered and that it pays SATT LUTECH a lump sum equal to the difference between the threshold of [****] due annually as indicated above and the royalties already actually paid by BIOPHYTIS to SATT LUTECH, acting on behalf of the INSTITUTIONS, pursuant to Article 5.2 of the AGREEMENT for the period considered. By express agreement between the PARTIES, this paragraph may be implemented at any time during the duration of the LICENSE AGREEMENT, from the expiry of a period of six (6) months after the issuing of a first Marketing Authorisation (or any other equivalent authorisation issued outside of Europe by any health authority before any Marketing Authorisation) in consideration of any PRODUCT, and in any case no later than from the 2023 accounting period.”

 

1.6                     Article 4.5 of the License Agreement is deleted and replaced as follows:

 

“BIOPHYTIS is prohibited from using, for any purposes whatsoever, including in the context of non-commercial transactions, the names “Centre National de la Recherche Scientifique” [National Centre for Scientific Research], “CNRS”, “Université Pierre et Marie Curie”, “UPMC”, “Sorbonne University”, “SU”, “Institut National de la Recherche Agronomique”, “INRA” or any distinctive sign, trade name, registered company name, trade mark, image, logo or figurative sign belonging to any of the INSTITUTIONS and any adaptation thereof, as well as the name of the inventors and of any representative of any of the INSTITUTIONS, without having received prior to each utilisation the written consent of a legal representative of the INSTITUTION 

 

4

 

concerned, duly authorised to commit it on this basis, and, where applicable, the natural person concerned.

 

With a view to obtaining this consent, BIOPHYTIS will notify to the INSTITUTION concerned, in a precise manner, the operation referred to as well as the form of such representation, its duration and the context in which BIOPHYTIS wishes to utilise the distinctive sign, trade name, registered company name, trade mark, image, logo or figurative sign of one or more INSTITUTIONS.

 

It is understood that in the event that the INSTITUTION or INSTITUTIONS concerned give their written consent for the utilisation requested by BIOPHYTIS, they may suspend such authorisation at any time if the disclosure made by BIOPHYTIS no longer corresponds to that described in the notification described in the previous paragraph, whether in terms of form, context, geographic location or duration, or if it could result in a worsening of the image of one or more of the INSTITUTIONS.

 

In any event, and even though an INSTITUTION has given its authorisation for the use planned by BIOPHYTIS, the distinctive signs, trade names, registered company names, trademarks, images, logos or figurative signs belonging to one or more INSTITUTIONS cannot be utilised by BIOPHYTIS in a manner which, by the form and/or the context used, may be interpreted as any guarantee granted by the INSTITUTIONS for any product or service whatsoever developed and/or marketed by BIOPHYTIS.

 

BIOPHYTIS will impose the same obligations on any LICENSEE pursuant to Article 2.3 above.”

 

1.7                     Article 5.2.1 of the License Agreement is deleted and replaced as follows:

 

“5.2.1                      Annual royalties on NET SALES equal to:

 

·                      [****] of NET NUTRACEUTICAL SALES achieved in the year in question. This royalty will be payable on all NUTRACEUTICAL PRODUCTS sold in the countries of the TERRITORY, until the date of expiry or early termination of the LICENSE AGREEMENT;

 

·                      [****] of NET MEDICINAL SALES achieved in the year in question. This royalty will be payable on all MEDICINAL PRODUCTS sold in the countries of the TERRITORY, until the date of expiry or early termination of the LICENSE AGREEMENT.

 

If a PRODUCT is sold in a kit or in combination with other products that are not PRODUCTS, the NET SALES will be calculated by multiplying the NET SALES of the kit or combination by the fraction A/(A+B), where A is the price of the PRODUCTS during the year in question in the country in which the sale took place and B the sum of the prices of the other products or components of the kit or the combination during the year in question in the country in which the sale took place.

 

When the price of the PRODUCT and/or the price of the other products utilised in kit or in combination with the PRODUCT is not known to the SIGNATORIES, the SIGNATORIES will meet to negotiate in good faith the amount of the NET SALES owed on the PRODUCT sold in a kit or in combination with other products which are not PRODUCTS. If no price can be set in good faith between the SIGNATORIES, they will jointly appoint an expert who will then be tasked with determining the corresponding price.”

 

5

 

1.8.                  Article 11.2 of the License Agreement is deleted and replaced as follows:

 

“11.2 Without prejudice to the stipulations of Articles 2.3, 4.3 and 6.4 above, this LICENSE AGREEMENT may be automatically terminated by one of the PARTIES or SATT LUTECH acting on behalf of the INSTITUTIONS, in case of non-fulfilment by another PARTY of one or more of the obligations contained in its various clauses, and in particular in Article 4 (Utilisation) and in Article 5 (Financial Conditions). This termination will become effective only three (3) months after the sending by the complaining PARTY, or SATT LUTECH acting on behalf of the INSTITUTIONS, of a registered letter with acknowledgement of receipt setting forth the reasons for the complaint, unless, within this period, the defaulting PARTY has fulfilled its obligations or has provided proof of an impediment resulting from a case of force majeure within the meaning of Article 1218 of the Civil Code.

 

It will be the defaulting PARTY’s responsibility to notify the other PARTIES and SATT LUTECH, as soon as possible of a case of force majeure as well as the cessation thereof. The defaulting PARTY must make all efforts to limit the duration and the effects of the case of force majeure in question and to quickly remedy the cause of the non-fulfilment and resume its obligation as soon as possible. The occurrence of a case of force majeure will cause, subject however to compliance with the aforementioned notification within the time limit allowed, the suspension of the obligation in question, it being understood that the defaulting PARTY will be exempt from its obligation only within the limit of said impediment.

 

Notwithstanding the preceding, if the case of force majeure persists more than six (6) months, this LICENSE AGREEMENT may be automatically terminated by the complaining PARTY by means of notification.

 

The exercise of the termination option defined in this Article 11.2 does not release the defaulting PARTY from fulfilling the obligations accepted until the effective date of the termination, without prejudice to the payment of damages owed by the defaulting PARTY for the loss potentially sustained by the other PARTIES due to the early termination of this LICENSE AGREEMENT.

 

In the event of termination of this LICENSE AGREEMENT by the INSTITUTIONS or SATT LUTECH, for any cause other than a breach by BIOPHYTIS of the stipulations of Article 2.3 above, the INSTITUTIONS undertake to take over on their own account and to maintain any license granted by BIOPHYTIS.”

 

1.9                     Article 13.1 of the License Agreement is deleted and replaced as follows:

 

“13.1 Any notification required in connection with the fulfilment of this LICENSE AGREEMENT will be considered legal from the moment that it is sent by registered letter with acknowledgement of receipt to the addresses indicated below. Any change of address of BIOPHYTIS must be notified to SATTLUTECH, which will be responsible for forwarding it to the INSTITUTIONS. Any change of address of the INSTITUTIONS or SATT LUTECH must be notified to BIOPHYTIS.

 

For SATT LUTECH:

SATT LUTECH

To the attention of its President

4-4bis rue de Ventadour, 75001 PARIS

Telephone: 01 78 94 68 51

Email: licensing@sattlutech.com

Ref. SATT to be specified: LIC3-2015-0011

 

6

 

For SU and the INSTITUTIONS:

SORBONNE UNIVERSITY

Directorate General for Research and Innovation (DR&I)

Office of Development of Contractual Activity

4 place Jussieu

75252 PARIS cedex 05

Telephone: 01 44 27 30 65

 

For BIOPHYTIS:

BIOPHYTIS

14 Avenue de l’Opéra

75001 Paris

Email: stanislas.veillet@biophytis.com

 

Any notice will be deemed to have been carried out on the day when it was actually received by its intended recipient.

 

Any other written communication required by this LICENSE AGREEMENT may be effected by any written means, including by email.”

 

1.10              Annex 1 of the License Agreement is deleted and replaced by Annex 1bis attached to this Amendment No. 1 which includes the three (3) new patents.

 

ARTICLE 2: INTANGIBILITY OF THE UNAMENDED CLAUSES

 

All other provisions of the License Agreement, not amended by Amendment No. 1, will remain in full force.

 

ARTICLE 3: EFFECTIVE DATE

 

Amendment No. 1 will enter into force on the date of its signature by the last SIGNATORY to sign.

 

IN WITNESS WHEREOF, the SIGNATORIES signed this Amendment No. 1 in triplicate through their respective duly authorised representatives on the date indicated below.

 

7

 

Signed in four (4) originals drawn up in French, one (1) for each of the SIGNATORIES and one (1) for the purpose of registration with the National Register of Patents.

 

 

	
For BIOPHYTIS
    	
 
    	
For SATT LUTECH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Jacques   Pinget
    
	
/s/ Stanislas Veillet
    	
 
    	
[logo:]   SATT LUTECH
    
	
[stamp:] BIOPHYTIS   14 avenue de l’Opéra 75001 PARIS SA with share capital of €2,692,682.60 — RCS   [Trade and Companies Register] PARIS 492 002 225

Name:   STANISLAS VEILLET

Position:   Managing Director

Signed at:   Paris

On:
    	
 
    	
[stamp:] SATT LUTECH S.A.S. 4 and 4bis Rue de Ventadour, 75001   Paris SIRET [French businesses directory] 539 984 500 00030 VAT   No. FR 65 539 984 500 contact@sattlutech.com

Name:   Jacques PINGET

Position:   President

Signed at:   Paris

On: [stamp]   27 MARCH 2019
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    	
 
    	
 
    
	
For SORBONNE UNIVERSITY
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Jean Chambaz
    	
 
    	
 
    
	
Name: Jean   CHAMBAZ
    	
 
    	
 
    
	
Position:   President
    	
 
    	
 
    
	
Signed at:   Paris
    	
 
    	
 
    
	
On: [hw:] 02/04/2019
    	
 
    	
 
    
	
[stamp:]   Sorbonne University
    	
 
    	
 
    
	
For the   president and by delegation
    	
 
    	
 
    
	
Bruno   Bachimont
    	
 
    	
 
    
	
Deputy   Director of the SAIC
    	
 
    	
 
    

 

8

 

ANNEX 1bis - List of PATENTS

 

	
No.
    	
 
    	
Declaration of
   invention (UPMC
   ref.)
    	
 
    	
Declaration of
   invention (SATT
   LUTECH ref.)
    	
 
    	
Priority application
   filing No.
    	
 
    	
Priority
   application
   filing date
    	
 
    	
Priority application title
    	
 
    	
Co-owners
    
	
PATENT 1
    	
 
    	
X07059
    	
 
    	
SL00419
    	
 
    	
FR0759478
    	
 
    	
30/11/2007
    	
 
    	
Utilisation   of phytoecdysones in the preparation of a compound to act on metabolic   syndrome
    	
 
    	
BIOPHYTIS
    
    UPMC
    
    CNRS
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
PATENT 2
    	
 
    	
X10100
    	
 
    	
SL00420
    	
 
    	
FR1160280
    	
 
    	
10/11/2011
    	
 
    	
Phytoecdysones   for use in stabilisation of weight after a weight-loss diet
    	
 
    	
BIOPHYTIS
    
    UPMC
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
PATENT 3
    	
 
    	
X13O98
    	
 
    	
SL00422
    	
 
    	
FR1161519
    	
 
    	
13/12/2011
    	
 
    	
Phytoecdysones   for use in improving the muscle quality of obese and/or sarcopenic mammals
    	
 
    	
BIOPHYTIS
    
    UPMC
    
    INRA
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
PATENT 4
    	
 
    	
X14039
    	
 
    	
SL00421
    	
 
    	
FR1454538
    	
 
    	
20/05/2014
    	
 
    	
Derivatives   of 20-hydroxyecdysone and their use in the preparation of drugs
    	
 
    	
BIOPHYTIS
    
    UPMC
    
    METABRAIN RESEARCH
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
PATENT 5
    	
 
    	
X17066
    	
 
    	
SL00785
    	
 
    	
FR1753775
    	
 
    	
28/04/2017
    	
 
    	
Extract of   20-hydroecdysone of pharmaceutical quality, its use and its preparation
    	
 
    	
BIOPHYTIS
    
    SORBONNE UNIVERSITY
    

 

[signature] [stamp:] JP

 

9

 

	
PATENT 6
    	
 
    	
X17102
    	
 
    	
SL00786
    	
 
    	
FR1758071
    	
 
    	
31/08/2017
    	
 
    	
Utilisation   of 20-hydroecdysone and its derivatives in the treatment of myopathies
    	
 
    	
BIOPHYTIS
    
    SORBONNE
    UNIVERSITY
    
    CNRS
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
PATENT 7
    	
 
    	
X18078
    	
 
    	
[hw:] SL00942
    	
 
    	
FR1851778
    	
 
    	
28/02/2018
    	
 
    	
Photoecdysones   for use in the prevention of loss of muscle strength during a period of   immobilisation
    	
 
    	
BIOPHYTIS
    
    SORBONNE
    UNIVERSITY
    

 

[signature] [stamp:] JP

 

10

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