Document:

Exhibit 10.5

    

    

    

    

    

    

    
      
        

        

        

        FORM OF ADMINISTRATION AGREEMENT

        

        

        between

        

        

        VERIZON MASTER TRUST,

        as Trust,

        

        

        

        and

        

        

        

        CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

        as Administrator

        

        

        

        

        

        Dated as of [___], 20[_]

      

        

        

        

        

        

        

        

        

      

    

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

    

    

    	
            ARTICLE I USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            ARTICLE II ADMINISTRATION OF TRUST

          	
            1

          
	
            Section 2.1.

          	
            Engagement of Administrator

          	
            1

          
	
            Section 2.2.

          	
            Administrator’s Rights and Obligations.

          	
            1

          
	
            Section 2.3.

          	
            Limits on Administrator’s Rights and Obligations.

          	
            3

          
	
            Section 2.4.

          	
            Power of Attorney

          	
            3

          
	
            Section 2.5.

          	
            Access to Trust Records

          	
            4

          
	
            Section 2.6.

          	
            Review of Administrator’s Records

          	
            4

          
	
            Section 2.7.

          	
            Updating List of Responsible Persons

          	
            4

          
	
            Section 2.8.

          	
            Administrator’s Fees and Expenses

          	
            4

          
	
            Section 2.9.

          	
            Form 10-Ds; Investor Communications.

          	
            4

          
	
            Section 2.10.

          	
            Benchmark Replacement Conforming Changes

          	
            7

          
	
            Section 2.11.

          	
            Additional Requirements of the Administrator

          	
            7

          
	
            ARTICLE III ADMINISTRATOR

          	
            8

          
	
            Section 3.1.

          	
            Administrator’s Representations and Warranties

          	
            8

          
	
            Section 3.2.

          	
            Liability of Administrator.

          	
            10

          
	
            Section 3.3.

          	
            Resignation and Removal of Administrator.

          	
            11

          
	
            Section 3.4.

          	
            Successor Administrator.

          	
            12

          
	
            Section 3.5.

          	
            Merger, Consolidation, Succession or Assignment

          	
            12

          
	
            Section 3.6.

          	
            Delegation and Contracting

          	
            12

          
	
            ARTICLE IV OTHER AGREEMENTS

          	
            13

          
	
            Section 4.1.

          	
            Independence of Administrator; No Joint Venture

          	
            13

          
	
            Section 4.2.

          	
            Transactions with Affiliates; Other Transactions

          	
            13

          
	
            Section 4.3.

          	
            No Effect on Cellco in Other Capacities

          	
            13

          
	
            Section 4.4.

          	
            No Petition

          	
            13

          
	
            Section 4.5.

          	
            Limitation of Liability of Owner Trustee and Master Collateral Agent.

          	
            13

          
	
            Section 4.6.

          	
            Termination

          	
            14

          
	
            ARTICLE V MISCELLANEOUS

          	
            14

          

    
       

      

      
        -i-

        
          

      

      TABLE OF CONTENTS

      (continued)

      Page

      

      

    

    	
            Section 5.1.

          	
            Amendments.

          	
            14

          
	
            Section 5.2.

          	
            Assignment; Benefit of Agreement; Third-Party Beneficiary.

          	
            15

          
	
            Section 5.3.

          	
            Notices.

          	
            16

          
	
            Section 5.4.

          	
            GOVERNING LAW

          	
            16

          
	
            Section 5.5.

          	
            Submission to Jurisdiction

          	
            16

          
	
            Section 5.6.

          	
            WAIVER OF JURY TRIAL

          	
            16

          
	
            Section 5.7.

          	
            No Waiver; Remedies

          	
            17

          
	
            Section 5.8.

          	
            Severability

          	
            17

          
	
            Section 5.9.

          	
            Headings

          	
            17

          
	
            Section 5.10.

          	
            Counterparts

          	
            17

          
	
            Section 5.11.

          	
            Electronic Signatures

          	
            17

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      -ii-

      
        

    

    ADMINISTRATION AGREEMENT, dated as of [___], 20[_] (this “Agreement”),  between VERIZON MASTER TRUST, a Delaware statutory
      trust (the “Trust”), and CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership (“Cellco” or, in its capacity as administrator, the “Administrator”).

    BACKGROUND

    Cellco is the sponsor of certain financing transactions for which the Trust was formed under the Trust Agreement and will make
      borrowings under Loans or issue Notes, in each case, under the Transaction Documents and certain other Series Related Documents.

    The Trust and the Owner Trustee have obligations under the Transaction Documents and other Series Related Documents and intend that
      Cellco administer the activities of the Trust and perform certain obligations of the Trust and the Owner Trustee under the Transaction Documents and other Series Related Documents.

    The parties agree as follows:

    ARTICLE I

      USAGE AND DEFINITIONS

    Section 1.1.          Usage and Definitions. 
        Capitalized terms used in this Agreement and not otherwise defined herein are defined in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of [___], 20[_], among the Trust, Cellco, as servicer (in such capacity, the “Servicer”),

        [__________], as master collateral agent (the “Master Collateral Agent”) and the Creditor Representatives from time to time party thereto (the “Creditor Representatives”) (the “Master Collateral Agreement”).  Appendix A also
        contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

    ARTICLE II

      ADMINISTRATION OF TRUST

    Section 2.1.          Engagement of Administrator.  The Trust and the
        Owner Trustee engage the Administrator to perform the obligations of the Trust and the Owner Trustee under the Transaction Documents and the other Series Related Documents as described in this Agreement, and the Administrator accepts the
        engagement.

    Section 2.2.          Administrator’s Rights and Obligations.

    (a)          Rights and Obligations under
          Transaction Documents and Other Series Related Documents.  The Administrator will perform the obligations of the Trust and the Owner Trustee (in its capacity as Owner Trustee under the Trust Agreement) and take all action that the Trust and
        the Owner Trustee are required to take under the Transaction Documents and the other Series Related Documents, except for the Trust’s obligations to make payments on the Credit Extensions.  In addition, the Administrator will perform the
        obligations of, and may exercise any rights given to, the Administrator in the Transaction Documents and the other Series Related Documents as if it were a party to the Transaction Documents or other Series Related Documents, as applicable, in its
        capacity as Administrator, including, but not limited to, selecting

    
      
        

    

    
    the Receivables to be acquired by the Depositor and the Trust and the Receivables to be designated to a Group, in each case, under the Transaction
      Documents.

    (b)          Consulting and Monitoring.  The
        Administrator will consult with the Owner Trustee about performing the Trust’s obligations under the Transaction Documents and other Series Related Documents.  The Administrator will monitor the Trust’s performance and will advise the Owner Trustee
        when action is necessary to perform the Trust’s obligations under the Transaction Documents and the other Series Related Documents to comply with the Transaction Documents and the other Series Related Documents.

    (c)          Preparing and Executing Documents. 
        The Administrator will prepare, or cause to be prepared, all documents that the Trust is required to prepare, file or deliver under the Transaction Documents and the other Series Related Documents, including all financing and continuation
        statements, and amendments to such statements, required to be filed pursuant to Section 5.1(b) of the Master Collateral Agreement.  The Administrator will cause the documents to be executed by the Trust or may execute the documents as Administrator
        on behalf of the Trust.  Upon preparation or execution of the documents by the Trust or by the Administrator on behalf of the Trust, the Administrator will file or deliver the documents as required by the Transaction Documents and the other Series
        Related Documents.  The Administrator will prepare, or cause to be prepared and, after execution by the Trust, file with the Commission any documents required to be prepared and filed on a periodic basis with the Commission pursuant to the Master
        Collateral Agreement or any Trust Financing Agreement.

    (d)          Notices to Rating Agencies and Other
          Parties.  If Cellco is the Administrator, the Administrator will prepare and give all notices to the Rating Agencies (if any Credit Extensions are then rated) and other Parties required to be given by the Trust or the Administrator under the
        Transaction Documents, including all notices required to be delivered under Section 5.7 and Section 5.9 of the Master Collateral Agreement.  If Cellco is no longer the Administrator, the Administrator will prepare any Rating Agency notices, if any,
        provide them to the Sponsor and direct the Sponsor to give them to the Rating Agencies, if any.

    (e)          Payment of Fees and Expenses.  The
        Administrator shall, on behalf of the Trust, pay fees, expenses and indemnities of the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer, each Creditor Representative of an Indenture Series and any Letter of Credit
        Provider, in each case, to the extent applicable, due and payable under the Transaction Documents and the other Series Related Documents if such amounts are not otherwise paid by the Trust after all amounts distributable pursuant to the Trust
        Financing Agreements on each Payment Date have been so distributed; provided that the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer, each Creditor Representative of an
        Indenture Series and/or any Letter of Credit Provider, as applicable, shall promptly reimburse the Administrator for any such amounts to the extent the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer, each Creditor
        Representative of an Indenture Series and/or any Letter of Credit Provider, as applicable, subsequently receives payment or reimbursement in respect thereof from the Trust.  To the extent that the Administrator, on behalf

    
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    of the Trust, pays any fees of the Master Collateral Agent, the Owner Trustee, the Asset Representations Reviewer, each Creditor Representative of an
      Indenture Series and/or any Letter of Credit Provider on a Closing Date, the Administrator will be reimbursed for such amounts in accordance with the relevant Trust Financing Agreement.

    Section 2.3.          Limits on Administrator’s Rights and Obligations.

    (a)          Non-Ministerial Matters.  The
        Administrator will not take any action relating to a matter that, in its reasonable judgment, is a non-ministerial matter unless, at least thirty (30) days before taking the action, the Administrator has notified the Trust of the proposed action
        and the Trust has not directed the Administrator not to take the action and/or provided an alternative direction before the thirtieth (30th) day after receipt of the notice.  For purposes of this Agreement, “non-ministerial matters” includes:

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

    (ii)          appointing or engaging
        a successor Master Collateral Agent under the Master Collateral Agreement or consenting to the assignment by the Master Collateral Agent of its obligations under the Master Collateral Agreement;

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

    (iv)          appointing or engaging
        a successor Indenture Trustee under an Indenture for an Indenture Series or consenting to the assignment by any Indenture Trustee of its obligations under the applicable Indenture.

    (b)          Prohibited Actions.  The
        Administrator will not be obligated to, and will not (i) make any payments to the Creditors under the Transaction Documents or any other Series Related Document, (ii) sell the Collateral under Section 6.1 of the Master Collateral Agreement or (iii)
        take any other action that the Owner Trustee or the Master Collateral Agent directs the Administrator not to take on its behalf or that would result in a breach by the Trust under a Transaction Document or any other Series Related Document.

    (c)          Obligations to be Performed by Owner
          Trustee.  The Administrator will have no responsibility or obligation to perform the obligations of the Owner Trustee relating to reacquisition or acquisition demands under Section 5.12 of the Trust Agreement or relating to Regulation AB
        disclosure under Section 6.7 of the Trust Agreement.

    Section 2.4.          Power of Attorney.  The
        Trust appoints the Administrator as the Trust’s attorney-in-fact, with full power of substitution to exercise all rights of the Trust under the Transaction Documents and the other Series Related Documents.  This power of attorney, and all

    
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    authority given, under this Section 2.4 is revocable and is given solely to facilitate the performance of the Administrator’s obligations under this
      Agreement and may only be used by the Administrator consistent with this Agreement.  On request of the Administrator, the Trust will furnish the Administrator with written powers of attorney and other documents to enable the Administrator to perform
      its obligations under this Agreement.

    Section 2.5.          Access to Trust Records. 
        The Trust will maintain records and documents relating to its performance under this Agreement according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the
        Trust will give the Administrator (or its representatives) access to the records and documents to conduct a review of the Trust.  Any access or review will be conducted at the Trust’s offices during its normal business hours at a time reasonably
        convenient to the Trust and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Trust’s security, confidentiality and privacy policies and any legal, regulatory and data protection
        policies.

    Section 2.6.          Review of Administrator’s
          Records.  The Administrator will maintain records and documents relating to its performance under this Agreement according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with
        reasonable notice, the Administrator will give the Trust, the Depositor, the Parent Support Provider, the Owner Trustee and the Creditor Representatives (or their respective representatives) access to the records and documents to conduct a review
        of the Administrator’s performance under this Agreement.  Any access or review will be conducted by all parties at the same time at the Administrator’s offices during its normal business hours at a time reasonably convenient to the Administrator
        and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Administrator’s security, confidentiality and privacy policies and any regulatory, legal and data protection policies. 
        Notwithstanding the foregoing, the permissive right of a Creditor Representative to access or review any records of the Administrator shall not be deemed to be an obligation of such Creditor Representative to do so.

    Section 2.7.          Updating List of Responsible
          Persons.  On or before a Closing Date, the Administrator will notify the Owner Trustee, the Master Collateral Agent, each Indenture Trustee, the Servicer and the Depositor of each Person who is a Responsible Person for the Administrator.  The
        Administrator may change such Persons at any time by notifying the Owner Trustee, the Master Collateral Agent, each Indenture Trustee, the Servicer and the Depositor.

    Section 2.8.          Administrator’s Fees and
          Expenses.  The Servicer will pay the Administrator as compensation for performing its obligations under this Agreement a fee separately agreed to by the Servicer and the Administrator.  The Administrator will be responsible for its costs and
        expenses in performing its obligations under this Agreement.

    Section 2.9.          Form 10-Ds; Investor
          Communications.

    
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    (a)          Form 10-Ds.

    (i)          If the Administrator
        receives a notice from the Servicer pursuant to Section 11.1(a) of the Transfer and Servicing Agreement regarding the occurrence of a Group Delinquency Trigger with respect to a Collection Period, and describing the related rights of Public
        Noteholders of that Group, the Administrator shall include the contents of such notice in the Form 10-D for such Collection Period filed by the Administrator pursuant to Section 2.2(c) hereof and shall notify the Master Collateral Agent of the date
        of the filing of such Form 10-D.  If the Administrator receives a notice from the Master Collateral Agent pursuant to Section 12.1 of the Master Collateral Agreement regarding the method by which Public Noteholders of that Group and Note Owners of
        that Group may contact the Master Collateral Agent in order to request a vote on whether to cause the related Group 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset
        Representations Review Agreement, the Administrator shall include the contents of such notice in the Form 10-D for such Collection Period filed by the Administrator pursuant to Section 2.2(c) hereof.

    (ii)          If the Administrator
        receives a notice from the Master Collateral Agent pursuant to Section 12.1 of the Master Collateral Agreement indicating that sufficient Requesting Noteholders of a Group have properly and timely requested a vote to cause the related Group 60-Day
        Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall: (1) promptly set a deadline for the receipt of votes of Public Noteholders of
        that Group on that matter, which shall be a date not earlier than one-hundred fifty (150) days after the date on which the Form 10-D describing the occurrence of the related Group Delinquency Trigger shall have been filed by the Administrator
        pursuant to the terms of Section 2.2(c) hereof; (2) promptly prepare and send to the Master Collateral Agent, each Creditor Representative for any Series of Publicly Registered Notes of the related Group and each Public Noteholder of the related
        Group (and to each applicable Clearing Agency for distribution to Note Owners of each Series of the related Group in accordance with the rules of such Clearing Agency) a notice (A) stating that there will be a vote of Public Noteholders of that
        Group pursuant to Section 12.2 of the Master Collateral Agreement on whether to initiate an Asset Representations Review of the related Group 60-Day Delinquent Receivables by the Asset Representations Reviewer pursuant to the Asset Representations
        Review Agreement, and (B) describing those procedures, including the means by which the Public Noteholders of such Group may make their votes known to the Master Collateral Agent and the related voting deadline that will be used to calculate
        whether the requisite amount of Public Noteholders of that Group have cast affirmative votes to direct the Master Collateral Agent to notify the Asset Representations Reviewer to commence an Asset Representations Review; and (3) include the
        contents of such notice in the next Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof; provided,

    
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    that if the notice is received by the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D,
      the contents of such notice will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof.

    (iii)          If the Administrator
        receives a notice from the Master Collateral Agent pursuant to Section 12.2 of the Master Collateral Agreement indicating that sufficient Public Noteholders of that Group have voted to cause the related Group 60-Day Delinquent Receivables to be
        reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall include the contents of such notice in the next Form 10-D to be filed by the Administrator pursuant to
        Section 2.2(c) hereof; provided, that if the notice is received by the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D, the contents of such notice will be included in the next succeeding Form 10-D to be
        filed by the Administrator pursuant to Section 2.2(c) hereof.

    (iv)          After receipt by the
        Administrator of a Review Report, the Administrator will include a summary of such report in the next Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof; provided, that if the report is received by the Administrator later
        than two (2) Business Days before the filing deadline for that Form 10-D, the summary will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof.  The Form 10-D filed pursuant to this clause
        (iv) will also specify the means by which Public Noteholders of that Group and Verified Note Owners may notify their Creditor Representative, the Master Collateral Agent, the related Originator and the Servicer in writing that it considers any
        non-compliance of the Eligibility Representation made with respect to Receivables designated to the related Group to be a breach of the applicable Receivables Transfer Agreement, or request in writing that a Group 60-Day Delinquent Receivable be
        reacquired or acquired, as applicable.

    (v)          In the event of any
        resignation, removal, replacement or substitution of the Asset Representations Reviewer, or the appointment of a new Asset Representations Reviewer, pursuant to the terms of the Asset Representations Review Agreement, the Administrator will report
        the occurrence of such event, together with a description of the circumstances surrounding the change and, if applicable, information regarding the new Asset Representations Reviewer, in the Form 10-D filed by the Administrator pursuant to Section
        2.2(c) hereof for the Collection Period in which such change occurs.

    (vi)          If the Administrator
        receives notice and information from the Master Collateral Agent pursuant to Section 7.11(b) of the Master Collateral Agreement, from any Indenture Trustee pursuant to Section [6.6(e)] of the Indenture related to an Indenture Series or from the
        Owner Trustee pursuant to Section 6.7 of the Trust Agreement, the Administrator will include such information in the next Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof; provided, that if the report is received by

    
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    the Administrator later than two (2) Business Days before the filing deadline for that Form 10-D, the summary will be included in the
      next succeeding Form 10-D to be filed by the Administrator pursuant to Section 2.2(c) hereof.

    (b)          Investor Communications.  If the
        Administrator receives, during any Collection Period, a request from a Noteholder or Verified Note Owner of any Publicly Registered Credit Extensions to communicate with other Noteholders or Note Owners of any Publicly Registered Credit Extensions
        regarding the exercise of rights under the terms of the Transaction Documents and any Series Related Documents, the Administrator will include in the Form 10-D for such Collection Period the following information, to the extent provided by such
        Noteholder or Verified Note Owner in its request: (i) the name of the Noteholder or Verified Note Owner making the request, (ii) the date the request was received; (iii) a statement that the Administrator has received the request from that
        Noteholder or Verified Note Owner that it is interested in communicating with other Noteholders or Note Owners of any Publicly Registered Credit Extensions with regard to the possible exercise of rights under the Transaction Documents and the
        applicable Series Related Documents; and (iv) a description of the method other Noteholders or Note Owners of any Publicly Registered Credit Extensions may use to contact the requesting Noteholder or Verified Note Owner.  The Administrator is not
        required to include any additional information regarding the Noteholder or Verified Note Owner and its request in the Form 10-D, and is required to disclose a Noteholder’s or Verified Note Owner’s request only where the communication relates to the
        exercise by a Noteholder or Verified Note Owner of its rights under the Transaction Documents and applicable Series Related Documents.  The Administrator will be responsible for the expenses of administering the investor communications provisions
        set forth in this Section 2.9, which will be compensated by means of the fee payable to it by the Servicer, as described in Section 2.8.

    Section 2.10.          Benchmark Replacement
          Conforming Changes.  To the extent set forth in and required by the terms of any Trust Financing Agreement, the Administrator shall use its commercially reasonable efforts to determine if and when a “Benchmark Transition Event” (as defined in
        the applicable Trust Financing Agreement) has occurred, and if it makes such a determination, shall have the right to make “Benchmark Replacement Conforming Changes” (as defined in the applicable Trust Financing Agreement).

    Section 2.11.          Additional Requirements of
          the Administrator.

    (a)          Reporting Requirements.

    (i)          If so requested by the
        Trust for the purpose of satisfying its reporting obligation under the Exchange Act with respect to the Publicly Registered Notes of any Indenture Series, the Administrator shall (x) notify the Trust in writing of any material litigation or
        governmental proceedings pending against the Administrator and (y) provide to the Trust a description of such proceedings.

    
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    (ii)          As a condition to the
        succession to the Administrator by any Person as permitted by Article III hereof, the Administrator shall provide to the Trust, at least ten (10) Business Days prior to the effective date of such succession or appointment, (x) written notice to the
        Trust of such succession or appointment and (y) in writing all information in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the Publicly Registered Notes of any Indenture Series.

    (iii)          In addition to such
        information as the Administrator is obligated to provide pursuant to other provisions of this Agreement, the Administrator shall provide to the Trust and the Servicer such information regarding the performance or servicing of the Receivables
        designated to each Group as is reasonably required by the Servicer to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB.

    (b)          Intent of the Parties; Reasonableness. 

        The Trust and the Administrator acknowledge and agree that the purpose of this Section 2.11 is to facilitate compliance by the Trust with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Trust nor
        the Administrator shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and
        regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Administrator acknowledges that interpretations of the requirements of Regulation AB may
        change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the
        Master Collateral Agent, any Indenture Trustee, the Servicer or any other party to the Transaction Documents in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection
        therewith, the Administrator shall cooperate fully with the Trust to deliver to the Trust (including any of its assignees or designees), any and all statements, reports, certifications, records and any other information necessary in the good faith
        determination of the Trust, to permit the Trust to comply with the provisions of Regulation AB.  The Trust (including any of its assignees or designees) shall cooperate with the Administrator by providing timely notice of requests for information
        under these provisions and by reasonably limiting such requests to information required, in the Trust’s reasonable judgment, to comply with Regulation AB.

    ARTICLE III

      ADMINISTRATOR

    Section 3.1.          Administrator’s
          Representations and Warranties.  The Administrator represents and warrants to the Trust, the Owner Trustee and the Master Collateral Agent as of the date of this Agreement and represents and warrants to the Trust, the Owner Trustee, the
        Master Collateral Agent and the Indenture Trustee for the related Indenture Series as of the Closing Date for each Series:

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

    (b)          Due Qualification.  The
        Administrator 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 and each other Transaction Document and other Series Related Document to which it is a party, have been duly authorized by the Administrator by all necessary partnership action on the part of the
        Administrator.

    (d)          No Proceedings. There are no
        actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Administrator 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 Administrator 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, if any, required to be obtained, effected or given to it in connection with the execution and delivery of this Agreement and each other Transaction
        Document and other Series Related Document to which it is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document or other Series Related Document by the Administrator, in each case, have
        been duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material Adverse Effect.

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

    (g)          No Conflict. The execution and
        delivery of this Agreement or any other Transaction Document or other Series Related Document to which it is a party by the Administrator, and the performance by it of the transactions contemplated by the Transaction

    
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    Documents and the other Series Related Documents, and the fulfillment of the terms hereof and thereof applicable to the Administrator, (i) do not
      contravene (A) the organizational documents of the Administrator, (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, 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 Administrator, the performance by the Administrator of the transactions contemplated by this Agreement or any other Transaction Document or other Series Related Document to which it is a party and the fulfillment
        of the terms hereof and thereof applicable to the Administrator will not violate any Law applicable to the Administrator, except where such violation would not reasonably be expected to have a Material Adverse Effect.

    Section 3.2.          Liability of Administrator.

    (a)          Liability for Specific Obligations. 

        The Administrator will be liable only for its specific obligations under this Agreement.  All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Administrator.  The
        Administrator will be liable only for its own willful misconduct, bad faith or gross negligence in performing its obligations under this Agreement.

    (b)          No Liability of Others.  The
        Administrator’s obligations under this Agreement are corporate obligations.  No Person will have recourse, directly or indirectly, against any member, manager, officer, director, employee or agent of the Administrator for the Administrator’s
        obligations under this Agreement.

    (c)          Legal Proceedings.  The
        Administrator is not required to start, pursue or participate in any legal proceeding that is not incidental or related to its obligations under this Agreement and that in its opinion may result in liability or cause it to pay or risk funds or
        incur financial liability.  The Administrator may in its sole discretion start or pursue any legal proceeding to protect the interests of the Creditors or the Depositor under the Transaction Documents and the Series Related Documents.  The
        Administrator will be responsible for the fees and expenses of legal counsel and any liability resulting from the legal proceeding.

    (d)          Force Majeure.  The Administrator
        will not be responsible or liable for any failure or delay in performing its obligations under this Agreement caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military
        disturbances, fire, flood, earthquakes, storms, hurricanes or other natural disasters or failures of mechanical, electronic or communication systems; provided, however that this provision shall not limit the Owner Trustee’s right to remove the
        Administrator for its failure to perform under this Agreement, as provided in Section 3.3(c).  The Administrator will use

    
      10

      
        

    

    commercially reasonable efforts to resume performance as soon as practicable in the circumstances.

    (e)          Reliance by Administrator.  The
        Administrator may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party for any matters under this Agreement.

    Section 3.3.          Resignation and Removal of
          Administrator.

    (a)          No Resignation.  Except as stated
        in Section 3.3(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement.  The Administrator will notify the Trust and the Owner Trustee of its resignation,
        which notification shall include an Opinion of Counsel supporting its determination.

    (b)          Mandatory Resignation.  On the
        appointment or engagement of a Successor Servicer under the Transfer and Servicing Agreement (other than the Master Collateral Agent), the Administrator will immediately resign and the Successor Servicer will automatically become the successor
        Administrator.

    (c)          Removal.  If any of the following
        events occurs and is continuing, the Owner Trustee, with the consent of Creditor Representatives representing Creditors holding at least sixty-six and two thirds percent (66 2/3%) of the Credit Exposure of each Trust Financing, may remove the
        Administrator and terminate its rights and obligations under this Agreement by notifying the Administrator:

    (i)          the Administrator fails
        to perform in any material respect its obligations under this Agreement, which failure has a material adverse effect on the Creditors and continues for ninety (90) days after the Administrator receives written notice of the failure from the Owner
        Trustee, the Master Collateral Agent or the Majority Creditor Representatives; provided, however, that such period shall be extended for an additional period of ninety (90) days if such delay or failure of performance was caused by force majeure or
        other similar occurrence, as further described in Section 3.2(d); or

    (ii)          an Insolvency Event of
        the Administrator occurs.

    (d)          Notice of Resignation or Removal. 
        The Trust will notify the Depositor, the Owner Trustee, the Creditor Representatives and the Master Collateral Agent of any resignation or removal of the Administrator.

    (e)          Continue to Perform.  No
        resignation or removal of the Administrator will be effective, and the Administrator will continue to perform its obligations under this Agreement, until a successor Administrator has accepted its engagement according to Section 3.4(b).

    
      11

      
        

    

    Section 3.4.          Successor Administrator.

    (a)          Engagement of Successor Administrator. 

        Following the resignation or removal of the Administrator, the Trust, at the direction of the Majority Creditor Representatives, will engage a successor Administrator. No such direction from the Majority Creditor Representatives is required if the
        successor Administrator is the Successor Servicer. If the Trust does not receive direction from the Majority Creditor Representatives within a reasonable period of time, the Trust may engage a successor Administrator.

    (b)          Effectiveness of Resignation or Removal. 

        No resignation or removal of the Administrator will be effective until (i) the successor Administrator has executed and delivered to the Trust an agreement accepting its engagement and agreeing to perform the obligations of the Administrator under
        this Agreement or a new administration agreement on substantially the same terms as this Agreement, in a form acceptable to the Trust and (ii) the Rating Agency Condition is satisfied (if any Credit Extensions are then rated).

    (c)          Notice of Successor Administrator. 
        The Trust will notify the Depositor, the Owner Trustee, the Master Collateral Agent and the Creditor Representatives of the engagement of a successor Administrator.

    (d)          Transition to Successor Administrator. 

        If the Administrator resigns or is removed, the Administrator will cooperate with the Trust and take all actions reasonably requested to assist the Trust in making an orderly transition of the Administrator’s obligations to the successor
        Administrator.

    Section 3.5.          Merger, Consolidation, Succession or Assignment. 

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

     

      

    Section 3.6.          Delegation and Contracting. For as long as
        Cellco is the Administrator, the Administrator may delegate to or contract with any Person to perform its obligations under this Agreement without the consent of the Trust.  No delegation or contracting will relieve the Administrator of its
        responsibilities, and the Administrator will remain responsible for those obligations.  The Administrator will be responsible for the fees of its delegates and contractors.

    

    

    
      12

      
        

    

    ARTICLE IV

      OTHER AGREEMENTS

    Section 4.1.          Independence of Administrator;
          No Joint Venture.  The Administrator will be an independent contractor and will not be subject to the supervision of the Trust or the Owner Trustee for the manner in which it performs its obligations under this Agreement.  Except as expressly
        authorized by the Transaction Documents and the other Series Related Documents, the Administrator will have no authority to act for or represent the Trust or the Owner Trustee and will not be considered an agent of the Trust or the Owner Trustee. 
        This Agreement will not make the Administrator and the Trust or the Owner Trustee members of a partnership, joint venture or other entity or impose any liability as such on any of them.

    Section 4.2.          Transactions with Affiliates;
          Other Transactions.  In performing its obligations under this Agreement, the Administrator may enter into transactions or deal with any of its Affiliates.  This Agreement will not prevent the Administrator or its Affiliates from engaging in
        other businesses or from acting in a similar capacity as an administrator for any other Person even though that Person may engage in activities similar to those of the Trust.

    Section 4.3.          No Effect on Cellco in Other
          Capacities.  This Agreement will not affect or limit any right or obligation Cellco may have in any other capacity.

    Section 4.4.          No Petition.  Each party
        agrees that, before the date that is one (1) year and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was depositor or (b)
        the Credit Extensions, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation
        proceedings or other proceedings under any bankruptcy or similar Law. This Section 4.4 will survive termination of this Agreement.

    Section 4.5.          Limitation of Liability of
          Owner Trustee and Master Collateral Agent.

    (a)          Owner Trustee.  This Agreement has
        been executed on behalf of the Trust by [____], not in its individual capacity but solely in its capacity as Owner Trustee of the Trust.  In no event will [____] in its individual capacity or a holder of a beneficial interest in the Trust be liable
        for the Trust’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.  Neither the Trust nor the Owner Trustee will have any liability
        for any act or failure to act of the Administrator, including any action taken under a power of attorney given under this Agreement.

    (b)          Master Collateral Agent.  This
        Agreement has been signed by [____] not in its individual capacity but solely in its capacity as Master Collateral Agent.  In performing its obligations under this Agreement, the Master Collateral Agent is subject to, and entitled to the benefits
        of, the Master Collateral Agreement.  Notwithstanding any provisions in this Agreement

    
      13

      
        

    

    or any Transaction Document to the contrary, the Master Collateral Agent shall not be required to take any action which exposes the Master Collateral
      Agent to personal liability or which is contrary to applicable Law.  The Master Collateral Agent will not have any liability for any act or failure to act of the Servicer, the Custodian, the Marketing Agent, any Creditor or Creditor Representative,
      the Administrator, the Trust or any other person or entity hereunder or under any Transaction Document.

    Section 4.6.          Termination.  This
        Agreement will terminate when the Trust is terminated under the Trust Agreement.

    ARTICLE V

      MISCELLANEOUS

    Section 5.1.          Amendments.

    (a)          Amendments to Clarify and Correct
          Errors and Defects.  The Trust and the Administrator, without the consent of the Creditors, the Creditor Representatives, the Master Collateral Agent or any other Person, may amend this Agreement to cure any ambiguity, to correct an error or
        to correct or supplement any provision of this Agreement that may be defective or inconsistent with the other terms of this Agreement.

    (b)          Other Amendments.  Other than as
        set forth in Section 5.1(c), the Trust and the Administrator, without the consent of the Creditors, the Creditor Representatives, the Master Collateral Agent (other than as set forth in Section 5.1(d)) or any other Person, may also amend this
        Agreement for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or modifying in any manner the rights of the Creditors under this Agreement if either (x) the Trust or the
        Administrator delivers an Officer’s Certificate to the Master Collateral Agent and the Owner Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that the amendment will not have a material adverse effect on the
        interest of any Creditor or (y) the Rating Agency Condition is satisfied with respect to such amendment (if any Credit Extensions are then rated).

    (c)          Amendments Requiring Consent of
          Creditors.  The Trust and the Administrator, with the consent of the Majority Creditor Representatives of each Group affected thereby, may, with prior written notice to the Rating Agencies (if any Credit Extensions of an affected Group are
        then rated by such Rating Agencies), and the Master Collateral Agent, amend this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
        the rights of the Creditors under this Agreement.

    It shall not be necessary for the consent of the Creditors, any Creditor Representatives or the Master Collateral Agent pursuant to
      this Section 5.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Creditor (acting through its Creditor

    
      14

      
        

    

    Representative) consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor and any
      Creditor Representative consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor Representative or its Creditors.

    (d)          Master Collateral Agent Consent. 
        The consent of the Master Collateral Agent will be required for any amendment under Section 5.1(b) or (c) that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of the Master Collateral Agent.

    (e)          Notice of Amendments.  Promptly
        after the execution of any amendment to this Agreement, the Administrator will deliver a copy of the amendment to the Rating Agencies, if any.

    (f)          Opinions.  Prior to the execution
        of any amendment to this Agreement, the Owner Trustee and the Master Collateral Agent shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the
        Transaction Documents.

    (g)          Deemed Consent for All Creditors. 
        In the event that the Trust Financing Agreement for a Series enables a portion of the Creditors of that Series, or any Class of that Series, to exercise consent rights for such Series, the consent (or lack thereof) of such portion of the Creditors
        shall be deemed to be the consent (or lack thereof) of all Creditors of such Series.

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

    Section 5.2.          Assignment; Benefit of
          Agreement; Third-Party Beneficiary.

    (a)          Assignment.  Except as stated in
        Section 3.5, this Agreement may not be assigned by the Administrator without the consent of the Trust, the Master Collateral Agent and the Owner Trustee and satisfaction of the Rating Agency Condition (if any Credit Extensions are then rated).

    (b)          Benefit of Agreement; Third-Party
          Beneficiary.  This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns.  The Owner Trustee and the Master Collateral Agent will each be third-party beneficiaries of
        this Agreement and may enforce this Agreement against the Administrator. No other Person will have any right or obligation under this Agreement.

    
      15

      
        

    

    Section 5.3.          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 A to the Transfer and Servicing Agreement, which address the party may change by notifying the other party.

    Section 5.4.          GOVERNING

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

    Section 5.5.          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 5.6.          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.

    
      16

      
        

    

    Section 5.7.          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 5.8.          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 5.9.          Headings.  The headings in
        this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

    Section 5.10.          Counterparts.  This
        Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document

    Section 5.11.          Electronic Signatures. 
        Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten
        signatures for the purposes of validity, enforceability, and admissibility.

     

    

     [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      17

      
        

    

    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 MASTER TRUST,

          
	 	 	
            as Trust

          
	 	 	 
	 	
            By:

          	
            [____________],

          
	 	 	
            not in its individual capacity but solely as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                          

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	 	
            as Administrator

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                          

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    AGREED AND ACCEPTED BY:

    

    

    VERIZON ABS II LLC,

    as Depositor

    

    

    

    

    By:                                                                                   

        

    Name:

    Title:

    

    

    

    

    [___________],

       not in its individual capacity but

       solely as Master Collateral Agent

    

    

    

    

    By:                                                                                   

        

    Name:

    Title:

    

    

    

    

  

  18Exhibit 10.6

  

  

  

  

  

  

  

  

  
    

  

  

  
    

    

  

  FORM OF ACCOUNT CONTROL AGREEMENT

  among

  VERIZON MASTER TRUST,

    as Grantor

  [_],

    as Secured Party

  and

  [_],

    as Financial Institution

  

  

  Dated as of [_], 20[_]

   

  

  
    

  
    

    

  

  

  

  
    
      

  

  
  TABLE OF CONTENTS

  

  

  Page

  
    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            ARTICLE II

          	
            ESTABLISHMENT OF THE COLLATERAL ACCOUNT

          	
            1

          
	
            Section 2.1

          	
            Description of Accounts

          	
            1

          
	
            Section 2.2

          	
            Account Changes

          	
            1

          
	
            Section 2.3

          	
            Account Types

          	
            2

          
	
            Section 2.4

          	
            Securities Accounts

          	
            2

          
	
            Section 2.5

          	
            “Financial Assets” Election

          	
            2

          
	
            ARTICLE III

          	
            SECURED PARTY CONTROL

          	
            3

          
	
            Section 3.1

          	
            Control of the Collateral Account

          	
            3

          
	
            Section 3.2

          	
            Investment Instructions

          	
            3

          
	
            Section 3.3

          	
            Conflicting Orders or Instructions

          	
            3

          
	
            ARTICLE IV

          	
            SUBORDINATION OF LIEN; WAIVER OF SET-OFF

          	
            3

          
	
            Section 4.1

          	
            Subordination of Lien; Waiver of Set-Off

          	
            3

          
	
            ARTICLE V

          	
            REPRESENTATIONS, WARRANTIES AND COVENANTS

          	
            4

          
	
            Section 5.1

          	
            Financial Institution’s Representations and Warranties

          	
            4

          
	
            Section 5.2

          	
            Financial Institution’s Covenants

          	
            5

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            5

          
	
            Section 6.1

          	
            Reliance by Financial Institution

          	
            5

          
	
            Section 6.2

          	
            Termination

          	
            5

          
	
            Section 6.3

          	
            No Petition

          	
            6

          
	
            Section 6.4

          	
            Limitation of Liability

          	
            6

          
	
            Section 6.5

          	
            Conflict With Other Agreement

          	
            6

          
	
            Section 6.6

          	
            [Reserved]

          	
            7

          
	
            Section 6.7

          	
            Adverse Claims

          	
            7

          
	
            Section 6.8

          	
            Maintenance of the Collateral Account

          	
            7

          
	
            ARTICLE VII

          	
            MISCELLANEOUS

          	
            8

          
	
            Section 7.1

          	
            Amendment

          	
            8

          
	
            Section 7.2

          	
            Benefit of Agreement

          	
            9

          
	
            Section 7.3

          	
            Notices

          	
            9

          
	
            Section 7.4

          	
            GOVERNING LAW

          	
            10

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            10

          
	
            Section 7.6

          	
            WAIVER OF JURY TRIAL

          	
            10

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            10

          
	
            Section 7.8

          	
            Severability

          	
            10

          
	
            Section 7.9

          	
            Headings

          	
            10

          
	
            Section 7.10

          	
            Counterparts

          	
            10

          

    
       

      

      
        -i-

        
          

      

      TABLE OF CONTENTS

      

      

      Page

    

    	
            Section 7.11

          	
            Electronic Signatures

          	
            11

          

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    -ii-

    
      

  

  THIS ACCOUNT CONTROL AGREEMENT, dated as of [_], 20[_] (this “Agreement”), is among VERIZON MASTER TRUST, a Delaware statutory trust, as grantor (the
    “Grantor”), [_], a [___], as Master Collateral Agent for the benefit of the Secured Parties (in this capacity, the “Secured Party”), and [_], a [___], in its capacity as both a “securities intermediary” as defined in Section 8-102 of the
    UCC and a “bank” as defined in Section 9-102 of the UCC (in these capacities, the “Financial Institution”).

  BACKGROUND

  The Grantor is engaging in financing transactions in which it will become obligated under Credit Extensions issued under certain Trust Financing Agreements,
    and the Secured Party will hold funds in bank accounts for the benefit of the Creditors.

  The parties are entering into this Agreement to perfect the security interest in the bank accounts.

  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 Master Collateral Agency and Intercreditor Agreement, dated as of [_], 20[_], among the Trust, Cellco Partnership d/b/a Verizon Wireless, as servicer (the “Servicer”), [___], as
      master collateral agent (the “Master Collateral Agent”), and each Creditor Representative from time to time party thereto (the “Master Collateral Agreement”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix
      A is incorporated by reference into this Agreement.  References to the “UCC” mean the Uniform Commercial Code as in effect in the State of New York.

  For purposes of this Agreement, “Hague Securities Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities
    Held with an Intermediary (Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

  ARTICLE II

    ESTABLISHMENT OF THE COLLATERAL ACCOUNT

  Section 2.1          Description of Accounts.  Pursuant to this
      Agreement and the Transfer and Servicing Agreement, the Servicer and the Financial Institution have established the following account, subject to the lien of the Master Collateral Agent (the “Collateral Account”):

  “Collection Account – [_], as Master Collateral Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust”
    with account number [_].

  Section 2.2          Account Changes.  Neither the Financial
      Institution nor the Grantor will change the name or account number of the Collateral Account without the consent of the Secured Party.  The Financial Institution will promptly notify the Servicer of any changes to the name or

  
    
      

  

  
  account number of the Collateral Account.  This Agreement will apply to each successor account to the Collateral Account, which will also be the Collateral Account.

  Section 2.3          Account Types.  The Grantor, the Financial
      Institution and the Secured Party hereby confirm and agree that the Collateral Account is either a “securities account” (as defined in Section 8-501 of the UCC) or a “deposit account” (as defined in Section 9-102(a)(29) of the UCC).  The Grantor, the
      Financial Institution and the Secured Party acknowledge and agree that the Collateral Account is intended to be a “securities account.”  Notwithstanding such intention, (x) if the Collateral Account constitutes a “deposit account” under the UCC, the
      provisions of this Agreement governing a “deposit account” shall apply to the Collateral Account and (y) as used herein “deposit account” shall mean the Collateral Account to the extent that it is determined to be a “deposit account” (within the
      meaning of Section 9-102(a)(29) of the UCC) and “securities account” shall mean the Collateral Account to the extent that it is determined to be a “securities account” (within the meaning of Section 8-501 of the UCC).

  Section 2.4          Securities Accounts.  If the Collateral Account is
      a securities account, the Financial Institution agrees that:

  (a)          Financial Assets.  All property delivered to the Financial
      Institution pursuant to the Master Collateral Agreement that is granted to the Master Collateral Agent shall be promptly credited to the Collateral Account in accordance with the terms of the Master Collateral Agreement;

  (b)          Registration and Indorsement.  All securities or other
      property underlying any financial assets credited to any securities account (other than cash) shall be registered in the name of the Financial Institution, indorsed to the Financial Institution or in blank or credited to another securities account
      maintained in the name of the Financial Institution, and in no case will any financial asset credited to any securities account be registered in the name of the Grantor or any other person, payable to the order of the Grantor or any other person, or
      specially indorsed to the Grantor or any other person, except to the extent the foregoing have been specially indorsed to the Financial Institution or in blank; and

  (c)          Exercise of Rights.  The Collateral Account is an account
      to which financial assets or other property are or may be credited, and the Financial Institution shall, subject to the terms of this Agreement, treat the Grantor as entitled to exercise the rights that comprise any financial asset or other property
      credited to such account.

  Section 2.5          “Financial Assets”
          Election.  The Financial Institution hereby agrees that each item of property (whether investment property, financial asset, security, instrument, general intangible or cash) credited to the
      Collateral Account to the extent that it constitutes a securities account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC.

  
    2

    
      

  

  ARTICLE III

    SECURED PARTY CONTROL

  Section 3.1          Control of the Collateral Account.

  (a)          Notwithstanding any other provision of this Agreement, if at any
      time the Financial Institution shall receive any order from the Secured Party directing transfer or redemption of any financial asset relating to the Collateral Account or any instruction originated by the Secured Party directing the disposition of
      funds in the Collateral Account, the Financial Institution shall comply with such entitlement order or instruction without further consent by the Grantor or any other person.  If the Grantor is otherwise entitled to issue entitlement orders or
      instructions and such entitlement orders or instructions conflict with any entitlement order or instruction issued by the Secured Party, the Financial Institution shall follow the entitlement orders or instructions issued by the Secured Party and
      shall incur no liability therewith.

  (b)          Until the Financial Institution receives a Notice of Sole Control
      pursuant to Section 6.8(a) from the Secured Party, the Financial Institution is authorized to act upon instructions, including entitlement orders, from either the Secured Party or the Grantor.  The Secured Party may exercise sole and exclusive
      control of the Collateral Account at any time by delivering to the Financial Institution a Notice of Sole Control as set forth in Section 6.8(a).

  Section 3.2          Investment Instructions.  If (a) the Financial
      Institution has not received an order or instruction from the Grantor directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to the Collateral Account (a “Secured Party Order”) for the
      investment of funds in the Collateral Account by [_] New York time (or another time agreed to by the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Secured Party that a
      Potential Default or Event of Default has occurred and is continuing, the Financial Institution will invest and reinvest funds in the Collateral Account according to the last investment instruction received, if any.  If no prior investment
      instructions have been received or if the instructed investments are no longer available or permitted, the Financial Institution will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new
      investment instructions are received.  For the avoidance of doubt, the Financial Institution shall have no investment discretion.

  Section 3.3          Conflicting Orders or Instructions.  If the
      Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantor or any other Person, the Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor or such other
      Person and shall incur no liability in connection therewith.

  ARTICLE IV

    SUBORDINATION OF LIEN; WAIVER OF SET-OFF

  Section 4.1          Subordination of Lien; Waiver of
        Set-Off.  In the event that the Financial Institution has or subsequently obtains by agreement, by operation of Law or otherwise a security interest in the Collateral Account or any “security entitlement” or other property credited thereto, the
      Financial Institution hereby agrees that such security interest shall be

  
    3

    
      

  

  subordinate to the security interest of the Secured Party.  The financial assets, money and other items credited to the Collateral Account will not be subject to deduction,
    set-off, banker’s lien, or any other right in favor of any Person other than the Secured Party (except that the Financial Institution may set off (i) all amounts due to the Financial Institution in respect of customary fees and expenses for the routine
    maintenance and operation of the Collateral Account and (ii) the face amount of any checks which have been credited to the Collateral Account but are subsequently returned unpaid because of uncollected or insufficient funds).

  ARTICLE V

    REPRESENTATIONS, WARRANTIES AND COVENANTS

  Section 5.1          Financial Institution’s Representations and Warranties. 
      The Financial Institution represents and warrants to the Grantor and the Secured Party as follows:

  (a)          Organization.  The Financial Institution is duly
      organized, validly existing and qualified as a [___] under the laws of the United States.

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

  (c)          Enforceability.  This Agreement has been duly executed by
      an authorized officer of the Financial Institution and constitutes the legal, valid and binding obligation of the Financial Institution, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable
      bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors’ rights generally and, if applicable, the rights of creditors from time to time in effect or by general principles of equity.

  (d)          No Agreements with Grantor.  There are no agreements
      between the Financial Institution and the Grantor or the Servicer governing or relating to the Collateral Account other than this Agreement, the Master Collateral Agreement and the other Transaction Documents and other Series Related Documents.

  (e)          No Other Agreements.  The Financial Institution has not
      entered into, and until the termination of this Agreement will not enter into, an agreement relating to the Collateral Account in which it has agreed to comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) or “instructions”
      (within the meaning of Section 9-104 of the UCC) of any Person other than the Secured Party or purporting to limit or condition the obligation of the Financial Institution to comply with entitlement orders or instructions.

  (f)          No Limitations.  The Financial Institution has not entered
      into an agreement limiting or conditioning the Financial Institution’s obligation to comply with any Secured Party Order.

  (g)          No Liens.  Except for the claims and interest of the
      Secured Party and of the Grantor in the Collateral Account, the Financial Institution has no actual knowledge of any Lien

  
    4

    
      

  

  on or claim to, or interest in, the Collateral Account or in any “financial asset” (as defined in Section 8-102(a) of the UCC) or other property credited thereto.

  (h)          Maintenance of Collateral Account.  The Collateral Account
      has been established as set forth in Article II, and the Collateral Account will be maintained in the manner set forth herein until termination of this Agreement.

  (i)          Maintenance of Offices.  The Financial Institution has at
      the time of this Agreement, and had at the time of entry into the Master Collateral Agreement and the other Transaction Documents and other Series Related Documents executed on or prior to the date of this Agreement, one or more offices in the United
      States that maintains securities accounts.

  Section 5.2          Financial Institution’s Covenants.

  (a)          Statements, Confirmations and Other Correspondence.  The
      Financial Institution will promptly deliver copies of statements, confirmations and correspondence about the Collateral Account and the cash or other financial assets credited to the Collateral Account to the Grantor and the Secured Party.

  (b)          Notice of Claim.  If a Person asserts a Lien against the
      Collateral Account (or in the cash or other financial assets credited to the Collateral Account), the Financial Institution will promptly notify the Secured Party.

  (c)          Negative Covenants.  Until the termination of this
      Agreement, the Financial Institution will not enter into (i) an agreement relating to the Collateral Account in which it agrees to comply with entitlement orders or instructions of any Person other than the Secured Party or (ii) an agreement limiting
      or conditioning the Financial Institution’s obligation to comply with Secured Party Orders.

  ARTICLE VI

    OTHER AGREEMENTS

  Section 6.1          Reliance by Financial Institution.  The Financial
      Institution is not obligated to investigate or inquire whether the Secured Party may deliver a Secured Party Order.  The Financial Institution may rely on communications (including Secured Party Orders) believed by it in good faith to be genuine and
      given by the proper party.

  Section 6.2          Termination.

  (a)          The Financial Institution may terminate its rights and
      obligations under this Agreement if the Secured Party resigns or is removed as Master Collateral Agent under the Master Collateral Agreement.  The Grantor may terminate the rights and obligations of the Financial Institution if the Financial
      Institution ceases to be a Qualified Institution.  No termination of the rights and obligations of the Financial Institution under this Agreement will be effective until a new Collateral Account is established with, and the cash and other financial
      assets credited to the Collateral Account are transferred to, another securities intermediary who has agreed to accept the obligations of the Financial Institution under this Agreement or a similar agreement.

  
    5

    
      

  

  (b)          The Secured Party agrees to provide a Notice of Termination in
      substantially the form of Exhibit B hereto to the Financial Institution upon the request of the Grantor on or after the termination of the Secured Party’s security interest in the Collateral Account pursuant to the terms of the Master Collateral
      Agreement.  The termination of this Agreement does not terminate the Collateral Account or alter the obligations of the Financial Institution to the Grantor pursuant to any other agreement with respect to the Collateral Account.

  Section 6.3          No Petition.  Each party agrees that, before the
      date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after 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 Credit Extensions, it
      will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Grantor, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings
      under any bankruptcy or similar Law.  This Section 6.3 will survive the termination of this Agreement.

  Section 6.4          Limitation of Liability.

  (a)          Financial Institution.  The Financial Institution will not
      be liable under this Agreement, except for (i) its own willful misconduct, bad faith or gross negligence or (ii) breach of its representations, warranties or covenants in this Agreement.  The Financial Institution will not be liable for special,
      indirect, punitive or consequential losses or damages (including lost profit), even if the Financial Institution has been advised of the likelihood of the loss or damage and regardless of the form of action.

  (b)          Secured Party.  The Secured Party is executing this
      Agreement not in its individual capacity but solely in its capacity as Master Collateral Agent.   In performing its obligations under this Agreement, the Secured Party is subject to, and entitled to the benefits of, the terms of the Master Collateral
      Agreement that apply to the Master Collateral Agent.  The Master Collateral Agent will not have any liability for any act or failure to act of the Servicer, the Custodian, the Marketing Agent, any Creditor Representative, the Administrator, the
      Grantor or any other Person.

  (c)          Owner Trustee.  This Agreement has been signed on behalf
      of the Grantor by [_], not in its individual capacity, but solely in its capacity as Owner Trustee of the Grantor.  In no event will [_] in its individual capacity or a beneficial owner of the Grantor be liable for the Grantor’s obligations under
      this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

  Section 6.5          Conflict With Other Agreement.

  (a)          In the event of any conflict between this Agreement (or any
      portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail.

  (b)          No amendment or modification of this Agreement or waiver of any
      right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto.

  
    6

    
      

  

  (c)          The Financial Institution hereby confirms and agrees that:

  (i)          there are no agreements entered into between
      the Financial Institution and the Grantor with respect to the Collateral Account other than this Agreement, the Master Collateral Agreement and the Transfer and Servicing Agreement; and

  (ii)          other than the Transfer and Servicing
      Agreement and the Master Collateral Agreement, it has not entered into, and until the termination of this Agreement will not enter into, any agreement with any other person relating to the Collateral Account or any financial assets or other property
      credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) or instructions (within the meaning of Section 9-104 of the UCC) of such other person.

  Section 6.6          [Reserved].

  Section 6.7          Adverse Claims.  If the Financial Institution
      receives written notice that any person is asserting any lien, encumbrance or Adverse Claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Collateral Account or any financial asset or
      other property credited thereto, the Financial Institution will promptly notify the Secured Party and the Grantor thereof.

  Section 6.8          Maintenance
          of the Collateral Account.  In addition to, and not in lieu of, the obligation of the Financial Institution to honor entitlement orders and instructions as set forth in Section 3.2 hereof, the Financial Institution, the Grantor and the
        Secured Party agree that the Collateral Account shall be maintained as follows:

  (a)          Notice of Sole Control.  If at any time
      the Secured Party delivers to the Financial Institution a Notice of Sole Control in substantially the form set forth in Exhibit A hereto (a “Notice of Sole Control”), the Financial Institution agrees that after receipt of such notice, it will
      take all instructions with respect to the Collateral Account solely from the Secured Party and shall not comply with instructions or entitlement orders of any other person.

  (b)          Voting Rights.  Until such time as the
      Financial Institution receives a Notice of Sole Control signed by the Secured Party pursuant to subsection (a) of this Section 6.8, the Grantor shall direct the Financial Institution with respect to the voting of any financial assets credited to the
      Collateral Account.

  (c)          Eligible Account.  Until such time as
      the Financial Institution receives a Notice of Sole Control signed by the Secured Party, the Grantor shall direct, to the extent permitted by the Master Collateral Agreement, the Financial Institution with respect to the selection of investments to
      be made for the credit of the Collateral Account if it is a securities account, and after the Financial Institution receives a Notice of Sole Control signed by the Secured Party, the Secured Party shall direct, to the extent permitted by the Master
      Collateral Agreement, the Financial Institution with respect to the selection of investments to be made for the credit of the Collateral Account if it is a securities

  
    7

    
      

  

  account; provided, however, that the Financial Institution
    shall not honor any instruction from such Person to purchase any investments other than Permitted Investments.

  (d)          Statements and Confirmations.  The
      Financial Institution shall promptly send copies of all statements, confirmations and other correspondence concerning the Collateral Account or any financial assets or other property credited thereto simultaneously to each of the Grantor and the
      Secured Party at the address for each set forth in Section 7.3 of this Agreement.

  ARTICLE VII

    MISCELLANEOUS

  Section 7.1          Amendment.

  (a)          Amendments to Clarify and Correct Errors and Defects.  The
      parties may amend this Agreement, without the consent of any Creditor Representatives or Creditors, for the purpose of curing any ambiguity, correcting an error or correcting or supplementing any provision of this Agreement that may be defective or
      inconsistent with the other terms of this Agreement.

  (b)          Other Amendments.  Other than as set forth in Section
      7.1(c), the parties may also amend this Agreement, without the consent of any Creditor Representatives or Creditors, for the purpose of adding any provisions to, or changing in any manner or eliminating any provisions of, this Agreement or of
      modifying in any manner the rights of the Creditors under this Agreement if either (x) the Grantor or the Administrator delivers an Officer’s Certificate to the Master Collateral Agent and the Owner Trustee stating that the Grantor or the
      Administrator, as applicable, reasonably believes that such amendment will not have a material adverse effect on the interest of any Creditor or (y) the Rating Agency Condition has been satisfied for all Credit Extensions then rated by a Rating
      Agency with respect to such amendment.

  (c)          Amendments Requiring Consent of all Affected Creditors. 
      This Agreement may also be amended from time to time by the parties hereto, with the consent of the Majority Creditor Representatives of each Group adversely affected thereby, with prior written notice to the applicable Rating Agencies (if any Credit
      Extensions of an affected Group are then rated by such Rating Agency), and the Master Collateral Agent, for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or of modifying in
      any manner the rights of the Creditors under this Agreement.

  It shall not be necessary for the consent of the Creditors, the applicable Creditor Representatives or the Master Collateral Agent pursuant to this Section
    7.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Creditor (acting through its Creditor Representative) consenting
    to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor and any Creditor Representative consenting to any amendment shall be deemed to agree that such amendment does not have a material
    adverse effect on such Creditor Representative or its Creditors.

  
    8

    
      

  

  (d)          Master Collateral Agent Consent.  The consent of the
      Master Collateral Agent will be required for any amendment to this Agreement pursuant to Sections 7.1(b) or (c) that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of the Master Collateral Agent.

  (e)          Notice of Amendments.  Promptly after the execution of an
      amendment, the Grantor or the Administrator, on behalf of the Grantor, will deliver a copy of the amendment to the Rating Agencies, if any.

  (f)          Deemed Consent for All Creditors.  In the event that the
      Trust Financing Agreement for a Series enables a portion of the Creditors of that Series, or any Class of that Series, to exercise consent rights for such Series, the consent (or lack thereof) of such portion of the Creditors shall be deemed to be
      the consent (or lack thereof) of all Creditors of such Series.

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

  Section 7.2          Benefit of Agreement.  This Agreement is for the
      benefit of and will be binding on the parties and their permitted successors and assigns.  No other Person will have any right or obligation under this Agreement.

  Section 7.3          Notices.

  (a)          Notices to Parties.  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 A to the Transfer and Servicing Agreement, which address the party may change by notifying the other parties.

  
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  Section 7.4          GOVERNING LAW.  BOTH THIS AGREEMENT AND THE COLLATERAL ACCOUNT (AS WELL AS THE “SECURITIES ENTITLEMENTS” RELATING THERETO), INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
        THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).  REGARDLESS OF ANY PROVISION IN ANY
        OTHER AGREEMENT, FOR PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE THE “BANK’S JURISDICTION” (WITHIN THE MEANING OF SECTION 9-304 OF THE UCC) AND THE “SECURITIES INTERMEDIARY’S JURISDICTION” (WITHIN THE MEANING OF SECTION 8-110 OF THE UCC). 
        THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.  NOTWITHSTANDING SECTION 7.1 OF THIS AGREEMENT, THE PARTIES WILL NOT AGREE TO ANY AMENDMENT TO THIS AGREEMENT TO CHANGE THE
        GOVERNING LAW TO ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK.

  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.

  
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  Section 7.11          Electronic Signatures.  Each party agrees that
      this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes
      of validity, enforceability, and admissibility.

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    11

    
      

  

  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 MASTER TRUST,

          
	 	 	
            as Grantor

          
	 	 	 
	 	
            By:  

          	
            [_],

          
	 	 	
            not in its individual capacity but solely as Owner

          
	 	 	
            Trustee of Verizon Master Trust

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                           

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            [_], not in its individual capacity but solely as Master Collateral Agent, as Secured Party

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                           

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	 	 
	 	
            [_],

          	 
	 	 	
            as Financial Institution

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                           

          
	 	 	
            Name:

          
	 	 	
            Title:

          

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    
      

  

  
  Exhibit A

  [Letterhead of [_]]

  [Date]

  [Financial Institution], as Financial Institution

  [Address]

  [Address]

  	

        	Re:	
          Notice of Sole Control

        

  Ladies and Gentlemen:

  As referenced in the Account Control Agreement dated as of [_], 20[_] (the “Agreement”), among Verizon Master Trust, a Delaware statutory trust, as grantor (the “Grantor”),
    [_], a [___], as Master Collateral Agent for the benefit of the Lenders (in such capacity, the “Secured Party”), and [_], a [___], in its capacity as both a “securities intermediary” as defined in Section 8-102 of the Uniform Commercial Code (“UCC”)
    and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”), we hereby give you notice of our sole control over the Collateral Account (as defined in the Agreement) and all financial assets or other
    property credited thereto.  You are hereby instructed, in your capacity as Financial Institution, not to accept any direction, instruction or entitlement order with respect to the Collateral Account or the financial assets or other property credited
    thereto from any person other than the undersigned, unless otherwise ordered by a court of competent jurisdiction.

  You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master
    Trust at [_______].

   
    	 	
            Very truly yours,

          
	 	 	 
	 	
            [_], not in its individual capacity, but solely as

          
	 	 	
            Secured Party

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                  

          
	 	 	
            Name:

          
	 	 	
            Title:

          

  

  

  

  

  

  

  

  

  

  

  

  
    A-1

    
      

  

  
  Exhibit B

  [Letterhead of [_]]

  [Date]

  [Financial Institution], as Financial Institution

  [Address]

  [Address]

  

  

  	

        	Re:	
          Termination of Securities Account Control Agreement (Account #            )

        

  You are hereby notified that the Account Control Agreement dated as of [_], 20[_] (the “Agreement”), among Verizon Master Trust, a Delaware statutory trust, as grantor
    (the “Grantor”), [_], a [___], as Master Collateral Agent for the benefit of the Lenders (in such capacity, the “Secured Party”), and [_], a [___], in its capacity as both a “securities intermediary” as defined in Section 8-102 of the
    Uniform Commercial Code (“UCC”) and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”) is terminated and you have no further obligations to the undersigned pursuant to the Agreement. 
    Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to the Collateral Account (as defined in the Agreement) from the Grantor.  This notice terminates any obligations you may have to
    the undersigned with respect to the Agreement; however, nothing contained in this notice shall alter any obligations which you may otherwise owe to [_] pursuant to any other agreement.

  You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master
    Trust at [_______].

   
    	 	
            Very truly yours,

          
	 	 	 
	 	
            [_], not in its individual capacity, but solely as

          
	 	 	
            Secured Party

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                  

          
	 	 	
            Name:

          
	 	 	
            Title:

          

  

  

  

  

  

  

  

  

  

  

  

  B-1

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