Document:

Exhibit 4.1

    Execution Version

   

  
     

    

    MASTER COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT

      

      among

     

    VERIZON MASTER TRUST,

      as Trust,

      

      U.S. BANK NATIONAL ASSOCIATION,

      as Master Collateral Agent,

     

    CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS,

      as Servicer

     

     

    

    and

      

      

      each Creditor Representative from time to time

      party hereto

      

      

      

      Dated as of May 25, 2021

    

    

     

    

    

    
      
        

    

    
    	
            TABLE OF CONTENTS

          
	 
	
            ARTICLE I DEFINITIONS AND INTERPRETIVE RULES

          
	 	 	 
	
            ARTICLE II GRANT OF SECURITY INTEREST

          
	 	 	 
	
            ARTICLE III TRUST FINANCINGS

          
	 	 	 
	
            SECTION 3.1

          	
            Trust Financings.

          	
            1

          
	
            SECTION 3.2

          	
            Designation of Groups; Allocation to Groups.

          	
            4

          
	
            SECTION 3.3

          	
            Re-Designation of Receivables

          	
            4

          
	 	 	 
	
            ARTICLE IV REPRESENTATIONS AND WARRANTIES

          
	 	 	 
	
            SECTION 4.1

          	
            Representations and Warranties

          	
            5

          
	 	 	 
	
            ARTICLE V COVENANTS

          
	 	 	 
	
            SECTION 5.1

          	
            Protection of the Collateral; Further Assurances.

          	
            7

          
	
            SECTION 5.2

          	
            Maintenance of UCC Location

          	
            8

          
	
            SECTION 5.3

          	
            Opinion as to the Collateral.

          	
            8

          
	
            SECTION 5.4

          	
            Performance of Obligations; Servicing of Collateral.

          	
            8

          
	
            SECTION 5.5

          	
            Negative Covenants

          	
            9

          
	
            SECTION 5.6

          	
            Successor or Transferee.

          	
            10

          
	
            SECTION 5.7

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

          	
            10

          
	
            SECTION 5.8

          	
            Enforcement of Transaction Documents and Series Related Documents.

          	
            11

          
	
            SECTION 5.9

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

          	
            12

          
	
            SECTION 5.10

          	
            Paying Agent’s Obligations

          	
            12

          
	 	 	 
	
            ARTICLE VI EVENTS OF DEFAULTS AND REMEDIES

          
	 	 	 
	
            SECTION 6.1

          	
            Events of Default; Remedies.

          	
            12

          
	
            SECTION 6.2

          	
            Creditor Conflicting Requests

          	
            14

          
	
            SECTION 6.3

          	
            Restoration of Rights and Remedies

          	
            15

          
	
            SECTION 6.4

          	
            Rights and Remedies Cumulative

          	
            15

          
	
            SECTION 6.5

          	
            Delay or Omission Not a Waiver

          	
            15

          
	
            SECTION 6.6

          	
            Control by Group Creditors

          	
            15

          
	
            SECTION 6.7

          	
            Undertaking for Costs

          	
            16

          
	
            SECTION 6.8

          	
            Waiver of Stay or Extension Laws

          	
            16

          
	
            SECTION 6.9

          	
            Action on Credit Extensions

          	
            16

          
	
            SECTION 6.10

          	
            Sale of Collateral.

          	
            16

          
	 	 	 
	
            ARTICLE VII THE MASTER COLLATERAL AGENT AND THE PAYING AGENT

          
	 	 	 
	
            SECTION 7.1

          	
            Duties of the Master Collateral Agent.

          	
            18

          
	
            SECTION 7.2

          	
            Rights of the Master Collateral Agent.

          	
            22

          
	
            SECTION 7.3

          	
            Funds Held in Trust

          	
            24

          
	
            SECTION 7.4

          	
            Compensation and Indemnity.

          	
            24

          
	
            SECTION 7.5

          	
            Resignation and Removal; Appointment of Successor.

          	
            26

          
	
            SECTION 7.6

          	
            Successor Master Collateral Agent by Merger

          	
            27

          
	
            SECTION 7.7

          	
            Appointment of Co-Agent or Separate Agent.

          	
            27

          
	
            SECTION 7.8

          	
            Eligibility; Disqualification

          	
            28

          

    

    

    

    

    
      -i-

      
        

    

    	
            SECTION 7.9

          	
            Representations and Warranties

          	
            28

          
	
            SECTION 7.10

          	
            The Paying Agent.

          	
            29

          
	
            SECTION 7.11

          	
            Reports by Master Collateral Agent.

          	
            30

          
	
            SECTION 7.12

          	
            Reporting of Receivables Reacquisition and Acquisition Demands

          	
            31

          
	 	 	 
	
            ARTICLE VIII CREDITORS LISTS; COMMUNICATIONS

          
	 	 	 
	
            SECTION 8.1

          	
            Creditors Lists

          	
            32

          
	
            SECTION 8.2

          	
            Preservation of Information; Communications to Creditors

          	
            32

          
	
            SECTION 8.3

          	
            List of Creditors

          	
            32

          
	
            SECTION 8.4

          	
            Noteholder Communications

          	
            32

          
	 	 	 
	
            ARTICLE IX ACCOUNTS, DISBURSEMENTS AND RELEASES

          
	 	 	 
	
            SECTION 9.1

          	
            Collection of Amounts Due

          	
            33

          
	
            SECTION 9.2

          	
            Trust Accounts.

          	
            33

          
	
            SECTION 9.3

          	
            Rights of Creditors

          	
            34

          
	
            SECTION 9.4

          	
            Collections and Allocations.

          	
            34

          
	
            SECTION 9.5

          	
            Shared Collections

          	
            37

          
	
            SECTION 9.6

          	
            Excess Collections

          	
            37

          
	
            SECTION 9.7

          	
            Release of Collateral.

          	
            37

          
	 	 	 
	
            ARTICLE X AMENDMENTS

          
	 	 	 
	
            SECTION 10.1

          	
            Amendments Without Consent of Creditors.

          	
            39

          
	
            SECTION 10.2

          	
            Amendments With Consent of Creditors.

          	
            40

          
	
            SECTION 10.3

          	
            Execution of Amendments

          	
            41

          
	
            SECTION 10.4

          	
            Effect of Amendment

          	
            42

          
	
            SECTION 10.5

          	
            Creditor Consent to Amendments to Transaction Documents

          	
            42

          
	 	 	 
	
            ARTICLE XI MISCELLANEOUS

          
	 	 	 
	
            SECTION 11.1

          	
            Compliance Certificates and Opinions, etc.

          	
            42

          
	
            SECTION 11.2

          	
            Form of Documents Delivered to the Master Collateral Agent.

          	
            43

          
	
            SECTION 11.3

          	
            Acts of Creditors.

          	
            44

          
	
            SECTION 11.4

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

          	
            45

          
	
            SECTION 11.5

          	
            Notices to Creditors; Waiver.

          	
            45

          
	
            SECTION 11.6

          	
            Successors and Assigns

          	
            46

          
	
            SECTION 11.7

          	
            Severability

          	
            46

          
	
            SECTION 11.8

          	
            Benefits of this Agreement

          	
            46

          
	
            SECTION 11.9

          	
            Governing Law; Jurisdiction; Waiver of Jury Trial.

          	
            47

          
	
            SECTION 11.10

          	
            Counterparts

          	
            47

          
	
            SECTION 11.11

          	
            The Trust Obligation

          	
            47

          
	
            SECTION 11.12

          	
            Agents of the Trust

          	
            48

          
	
            SECTION 11.13

          	
            Subordination

          	
            48

          
	
            SECTION 11.14

          	
            Title to Trust Property

          	
            49

          
	
            SECTION 11.15

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

          	
            49

          
	
            SECTION 11.16

          	
            Limitation of Liability

          	
            49

          
	
            SECTION 11.17

          	
            Intent of the Parties; Reasonableness

          	
            49

          
	
            SECTION 11.18

          	
            Electronic Signatures

          	
            50

          
	 	 	 
	
            ARTICLE XII

          

    

    

    
      -ii-

      
        

    

    	
            ASSET REPRESENTATIONS REVIEW

          
	 	 	 
	
            SECTION 12.1

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

          	
            50

          
	
            SECTION 12.2

          	
            Public Noteholder and Note Owner Vote on Asset Representations Review

          	
            51

          
	
            SECTION 12.3

          	
            Evaluation of Review Report

          	
            52

          

    

    

    

    

    	EXHIBIT A	
            Form of Creditor Representative Joinder

          

    	EXHIBIT B	
            Servicing Criteria to be Addressed in Assessment of Compliance

          

    	EXHIBIT C	
            Form of Re-Designation Notice

          

    	EXHIBIT D	
            Form of Group Supplement

          

    

    

     

    	APPENDIX A	
            Usage and Definitions

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      -iii-

      
        

    

    THIS MASTER COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT (this “Agreement”), dated as of May 25, 2021 (this “Agreement”), is among (i) VERIZON MASTER
      TRUST, a Delaware statutory trust (the “Trust”), (ii) U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Master Collateral Agent, (iii) CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS, as Servicer and (iv) each Creditor
      Representative from time to time party hereto.

     

    PRELIMINARY STATEMENTS

     

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

     

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

     

    ARTICLE I

      DEFINITIONS AND INTERPRETIVE RULES

     

    Except as otherwise specified or as the context may otherwise require, capitalized terms not otherwise defined in this Agreement are used herein as defined in Appendix

        A hereto.  The interpretive rules set forth in the Usage section of Appendix A hereto apply to this Agreement.

     

    ARTICLE II

      GRANT OF SECURITY INTEREST

     

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

     

    ARTICLE III

      TRUST FINANCINGS

     

    SECTION 3.1          Trust Financings.

     

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

     

    
      
        

    

    
    a new Trust Financing that separately needs to satisfy the requirements of Section 3.1(b). The Credit Extensions of all outstanding Trust Financings related to a Group shall be equally
      and ratably entitled as provided herein to the benefits of this Agreement without preference, priority or distinction, all in accordance with the terms and provisions of this Agreement and the related Trust Financing Agreements.  If a conflict exists
      between the terms and provisions of this Agreement and any Trust Financing Agreement, the terms and provisions of the Trust Financing Agreement shall be controlling solely with respect to the related Trust Financing; provided that, any provision of
      any Trust Financing Agreement that conflicts with the terms hereof regarding the rights, duties, obligations, indemnities or immunities of the Master Collateral Agent or the Paying Agent with respect to such Trust Financing or otherwise shall not be
      effective without the written consent of the Master Collateral Agent or the Paying Agent.

     

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

     

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

     

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

     

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

     

    (iv)          with respect to any such Trust Financing that is an Indenture Series, if a Rating
        Agency is rating any outstanding Trust Financing, then that Rating Agency shall have received 10 days’ prior notice of such Trust Financing;

     

    
      2

      
        

    

    (v)          with respect to any such Trust Financing that is a Loan Series, if a Rating Agency is
        rating any outstanding Trust Financing, that Rating Agency shall have received 10 days’ prior notice of such Trust Financing and documentation related to such Trust Financing;

     

    (vi)          with respect to any such Trust Financing, the Trust (or the Administrator on behalf of
        the Trust) shall have delivered to the Master Collateral Agent an Officer’s Certificate to the effect that, based upon the facts known to such officer, the consummation of such Trust Financing with respect to the Group to which such Trust Financing
        will relate will not (x) result in the occurrence of (1) an Amortization Event with respect to any Series related to  such Group or (2) an Event of Default with respect to such Group or (y) materially and adversely affect the amount of
        distributions to be made to the Creditors of any Series pursuant to the Transaction Documents and other Series Related Documents, in each case determined based on calculations as of the related Measurement Date;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xi)          any Creditor Representative in connection with such Trust Financing shall become party
        to this Agreement by executing and delivering to the Trust and the Master Collateral Agent a joinder substantially in the form of Exhibit A, to the extent that such Creditor

     

    
      3

      
        

    

    Representative has not previously become a party hereto in connection with an existing Trust Financing (any such Creditor Representative shall act hereunder on behalf of each Series for
      which it is a Creditor Representative); and

     

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

     

    SECTION 3.2          Designation of Groups; Allocation to Groups.

     

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

     

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

     

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

     

    ARTICLE IV

      REPRESENTATIONS AND WARRANTIES

     

    
      4

      
        

    

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

     

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

     

    (b)          Perfection Representations.

     

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

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

          	(a)	
            The Trust has delivered to the Master Collateral Agent a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by
              the Master Collateral Agent or the Paying Agent with respect to such Series, as applicable,

          

     

    
      5

      
        

    

    	

          	

          	
            directing disposition of the funds in the Trust Accounts without further consent by the Trust; or

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

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

     

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

     

    
      6

      
        

    

    ARTICLE V

      COVENANTS

     

    SECTION 5.1          Protection of the Collateral; Further Assurances.

     

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

     

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

     

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

     

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

     

    (iv)    enforce the Collateral; and

     

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

     

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

     

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

     

    
      7

      
        

    

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

     

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

     

    SECTION 5.3          Opinion as to the Collateral.

     

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

     

    (b)          On or before April 30 of each year, starting in 2022, the Trust will furnish to the
        Master Collateral Agent and each Creditor Representative an Opinion of Counsel either (i) stating that, in the opinion of that counsel, all action has been taken for the recording, filing,  re-recording and refiling of this Agreement and all
        financing statements and continuation statements to maintain the Lien of this Agreement or (ii) stating that in the opinion of that counsel no action is necessary to maintain the Lien.  Such Opinion of Counsel shall also describe the recording,
        filing, re-recording and refiling of this Agreement and any other requisite documents, and the recording and filing of any financing statements and continuation statements, that will, in the opinion of such counsel, be required to maintain the Lien
        of this Agreement until April 30 in the following calendar year.

     

    SECTION 5.4          Performance of Obligations; Servicing of Collateral.

     

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

     

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

     

    
      8

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

      

    
      9

      
        

    

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

     

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

     

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

     

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

     

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

     

    SECTION 5.6          Successor or Transferee.

     

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

     

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

     

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

     

    
      10

      
        

    

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

     

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

     

    SECTION 5.8          Enforcement of Transaction Documents and Series Related Documents.

     

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

     

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

     

    
      11

      
        

    

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

     

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

     

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

     

      

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

     

      

    SECTION 5.11          Restricted Payments.

     

    (a)          No Set-off. The Trust will not, directly or
        indirectly, (i) make payments (by reduction of capital or otherwise) to the Owner Trustee or the Certificateholders, (ii) redeem, purchase, retire or acquire for value an ownership interest in the Trust or (iii) set aside or segregate amounts for
        those purposes, except in any of such cases as permitted under this Agreement, the other Transaction Documents and any other Series Related Document.

     

    (b)          No Other Payments. The Trust will not, directly
        or indirectly, make payments to or distributions from the Trust Accounts, including any Series Accounts, except according to the Transaction Documents and any other Series Related Document.

     

    ARTICLE VI

      EVENTS OF DEFAULTS AND REMEDIES

     

    SECTION 6.1          Events of Default; Remedies.

     

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

     

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

     

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

     

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

     

    
      12

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      13

      
        

    

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

     

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

     

    (c)          If the Master Collateral Agent collects any money or property pursuant to this Article

          VI following the acceleration of the Credit Extensions of the affected Trust Financing pursuant to this Section 6.1 (so long as such a declaration shall not have been rescinded or annulled), it shall pay out the money or property first, in
        the event that there are no Trust Financings Outstanding, to the Master Collateral Agent and the Paying Agent for amounts due pursuant to Section 7.4 and second, in accordance with the related Trust Financing Agreement, without duplication to any
        amounts paid pursuant to the immediately preceding clause.

     

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

     

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

     

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

     

    
      14

      
        

    

    such action expressly requires consent or direction from the Majority Creditor Representatives or Majority Group Creditor Representatives, as applicable, or a greater percentage of Group
      Creditors or Group Creditor Representatives.

     

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

     

      

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

     

      

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

     

      

    SECTION 6.6          Control by Group Creditors.  Prior to the occurrence and continuance of
        an Event of Default for a Group of which the Master Collateral Agent has received written notice, and subject to Article VII, the related Majority Group Creditor Representatives shall have the right to direct the Master Collateral Agent in the
        exercise of its rights and obligations hereunder; provided, however, that (i) if any Creditor Representative of any Series of the related Group requests that the Master Collateral Agent take any action pursuant to any Trust Financing Agreement to
        which the Master Collateral Agent is a party that has not been consented to in writing by the related Majority Group Creditor Representatives, the Master Collateral Agent shall promptly notify in writing (which notice may be via email) the Creditor
        Representatives of each Series of the related Group of such request and (ii) unless the Creditor Representative of any such Series objects in writing (which objection may be via email) to the Master Collateral Agent within ten (10) Business Days
        following receipt of such notice, the Master Collateral Agent may take such action contemplated in any Trust Financing Agreement to be taken by the Master Collateral Agent at the direction of the Creditor Representative of such Series (acting alone
        without the consent of any Creditor Representative of any other Series of the related Group), subject to all of the rights and protections of the Master Collateral Agent set forth herein.   Upon the occurrence and continuation of an Event of
        Default for a Group, except as otherwise expressly provided in this Agreement or any Trust Financing Agreement, the related Majority Group Creditor

     

    
      15

      
        

    

    Representatives shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Master Collateral Agent with respect to such Trust
      Financing; provided that such direction shall not be in conflict with any rule of law or with this Agreement; provided, further, that, the Master Collateral Agent need not take any action that it determines, or shall be advised by counsel, might be
      contrary to applicable law or subject it to liability for which it is not indemnified to its satisfaction.  For the avoidance of doubt, the Master Collateral Agent may rely without liability or investigation upon any instruction given by a Creditor
      Representative with respect to its Series, and under no circumstances shall the Master Collateral Agent have any duty or obligation to determine whether or not the Creditor Representative has obtained the consents of the requisite number or
      percentage of Creditors required under this Agreement or any Trust Financing Agreement with respect to any particular action, as long as the Master Collateral Agent has obtained the written instruction of the requisite number or percentage of
      applicable Creditor Representatives.

     

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

     

      

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

     

      

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

     

      

    SECTION 6.10          Sale of Collateral.

     

    
      16

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      17

      
        

    

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

     

    ARTICLE VII

      THE MASTER COLLATERAL AGENT AND THE PAYING AGENT

     

    SECTION 7.1          Duties of the Master Collateral Agent.

     

    (a)          Whether or not therein expressly so provided, every provision of this Agreement
        relating to the conduct or affecting the liability of or affording protection to the Master Collateral Agent shall be subject to this Article VII.  U.S. Bank National Association is hereby appointed as the Master Collateral Agent hereunder and
        shall have the power and authority in such capacity to execute, deliver and perform each of its express duties as Master Collateral Agent hereunder or under the Transaction Documents.  In the performance of its duties and obligations hereunder:

     

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

     

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

     

    (b)          [Reserved].

     

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

     

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

     

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

     

    
      18

      
        

    

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

     

    (iv)          the Master Collateral Agent shall not be charged with knowledge of a breach of any
        Group Eligibility Representation (including whether any reacquisition or acquisition request remains unresolved for one-hundred eighty (180) days), Event of Default, Potential Default, Amortization Event, Potential Amortization Event, Servicer
        Termination Event, or Potential Servicer Termination Event unless a Responsible Person of the Master Collateral Agent obtains actual knowledge of such event or the Master Collateral Agent receives written notice of such event from the Trust, the
        Servicer or a Creditor Representative, as applicable.  Knowledge or information acquired by U.S. Bank National Association in its capacity as Master Collateral Agent or Paying Agent, as applicable, shall not be imputed to U.S. Bank National
        Association in any other capacity in which it may act under the Transaction Documents or any Series Related Documents or to any affiliate of U.S. Bank National Association and vice versa.  For the avoidance of doubt, receipt by the Master
        Collateral Agent of a Review Report under the Asset Representations Review Agreement shall not constitute knowledge of any such event or breach.  Upon the actual knowledge of or receipt of written notice by a Responsible Person of the Master
        Collateral Agent of a material breach of an Originator’s Group Eligibility Representation made in Section 3.3 of the Originator Receivables Transfer Agreement, a material breach of the Servicer’s Group Eligibility Representation made in Section 3.3
        of any Additional Transferor Receivables Transfer Agreement or Section 2.7 of the Transfer and Servicing Agreement, or any other specified breach by the Servicer under the Transfer and Servicing Agreement, the Master Collateral Agent’s sole
        obligations are (x) at the written direction of the Majority Group Creditor Representatives, to make a demand upon the applicable Originator (or to direct the Depositor to make a demand upon the applicable Originator) to reacquire the Receivable
        under Section 3.4 of the Originator Receivables Transfer Agreement or upon the Servicer (or to direct the Depositor to make a demand upon the Servicer) to acquire the Receivable under Section 3.4 of the applicable Additional Transferor Receivables
        Transfer Agreement, if any, or Section 2.7 or Section 3.3 of the Transfer and Servicing Agreement, as applicable and (y) to the extent amounts due under clause (x) are not remitted by the applicable Originator or the Servicer, as applicable, to
        promptly provide written notice to the Parent Support Provider of the failure by such party to remit the related Reconveyance Amount, as set forth in clause (vii) below;

     

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

     

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

     

    
      19

      
        

    

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

     

    (viii)          the Master Collateral Agent shall not be responsible for determining the reference
        banks, rates or method used to calculate One-Month LIBOR (as such term is defined in the Trust Financing Agreement for the applicable Series) or be liable for any error resulting from its calculation of One-Month LIBOR made in good faith.  In no
        event will the Master Collateral Agent be responsible for determining the unavailability of or cessation of One-Month LIBOR and any substitute or successor for One-Month LIBOR. The Master Collateral Agent will not have any liability or obligation
        with respect to any determination of One-Month LIBOR by the Administrator or the selection of any replacement index, or whether any conditions to the designation of such a rate have been satisfied, and shall have no obligation to monitor, give
        notice of, or make any determination, decision or election in connection with a Benchmark Replacement Date, Benchmark Transition Event, Benchmark Replacement, Benchmark Replacement Adjustment and/or any Benchmark Replacement Conforming Changes (as
        each such term is defined in the Trust Financing Agreement for the applicable Series) (all of which shall be the sole obligation of the Administrator), even if the Administrator does not act; and

     

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

     

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

     

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

     

    (f)          In no event shall the Master Collateral Agent be responsible or liable for special,
        indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Master Collateral Agent is advised of the likelihood of such

     

    
      20

      
        

    

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

     

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

     

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

     

    (i)          The Master Collateral Agent:

     

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

     

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

     

    (iii)          agrees that each item of property including cash received by it for deposit in or
        credit to a Trust Account, and each investment made by it pursuant to the Transaction

     

    
      21

      
        

    

    Documents or Series Related Documents, as applicable, shall constitute and be treated by it as a financial asset; and

     

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

     

    (j)          The Master Collateral Agent will not have any obligation or responsibility to monitor
        or enforce the Sponsor’s compliance with any risk retention requirements under the U.S. Credit Risk Retention Rules or other rules or regulations relating to risk retention.  The Master Collateral Agent shall not be charged with knowledge of such
        rules, nor shall it be liable to any Creditor or other party for violation of such rules now or hereafter in effect, except as otherwise may be explicitly required by law, rule or regulation.

     

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

     

    SECTION 7.2          Rights of the Master Collateral Agent.

     

    (a)          Subject to the provisions of Section 7.1:

     

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

     

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

     

    (iii)          the Master Collateral Agent may exercise its rights or powers under this Agreement or
        perform its obligations under this Agreement either directly or by or through agents

     

    
      22

      
        

    

    or attorneys or a custodian or nominee.  The Master Collateral Agent will not be responsible for misconduct or negligence on the part of, or for the supervision of, the agent, counsel,
      custodian or nominee appointed with due care by it under this Agreement;

     

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

     

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

     

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

     

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

     

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

     

    
      23

      
        

    

    to take is in conflict with applicable Laws or this Agreement, any Transaction Document or any other Series Related Document or (B) the Master Collateral Agent determines in good faith
      that the requested actions would be illegal or involve the Master Collateral Agent in personal liability;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

      

    SECTION 7.4          Compensation and Indemnity.

     

    (a)          As compensation for its services as Master Collateral Agent and Paying Agent hereunder,
        the Trust shall pay, pursuant to the priority of payments contained herein and in each Trust Financing Agreement, to the Master Collateral Agent from time to time the Master Collateral Agent Fee in such amounts as the Trust and the Master
        Collateral Agent may agree in writing

     

    
      24

      
        

    

    (which compensation shall not be limited by any law on compensation of a trustee of an express trust) from time to time.  The Trust shall reimburse, pursuant to the priority of payments
      contained herein and in each Trust Financing Agreement, the Master Collateral Agent, for all reasonable and documented out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparing and reviewing reports,
      certificates and other documents, costs of preparation and mailing notices and costs of counsel, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and out-of-pocket expenses, disbursements and
      advances of the Master Collateral Agent’s agents, counsel, accountants and experts, but exclude expenses resulting from its willful misconduct, bad faith or gross negligence.  The Trust shall indemnify, pursuant to the priority of payments contained
      herein and in each Trust Financing Agreement, the Master Collateral Agent and its officers, directors, employees, agents, successors and assigns (each individually an “Indemnified Person” and collectively, the  “Indemnified Persons”)
      against any and all losses, liabilities, claims, damages,  actions, suits, stamp or similar taxes, fees, penalties, disbursements and reasonable and documented out-of-pocket costs or expenses (including, but not limited to, reasonable attorneys’ fees
      and expenses, including reasonable legal fees and expenses in connection with the enforcement of its rights (including rights of indemnification) hereunder) of whatever kind or nature regardless of merit, demanded, asserted or claimed against or
      incurred by them (collectively, “Indemnified Amounts”) to the extent related to or arising out of the administration of this Agreement and the performance of its duties hereunder or under the Transaction Documents or any other Series Related
      Documents, including the costs and expenses of enforcing this Agreement against the Trust (including this Section 7.4) and defending itself against or investigating any claims (whether asserted by the Trust, any Creditor or any other Person), not
      resulting from the gross negligence, bad faith or willful misconduct by the Indemnified Person seeking indemnification.  The Master Collateral Agent shall notify the Trust promptly of any claim for which it may seek indemnity.  Failure by the Master
      Collateral Agent to so notify the Trust shall not relieve the Trust of its obligations hereunder.  The Trust may participate in and assume the defense and settlement of any proceeding at its expense.  If the Trust notifies the Indemnified Person of
      its intention to assume the defense of such proceeding, the Trust will assume such defense with counsel reasonably satisfactory to the Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Trust will not be liable
      for legal expenses of separate counsel to the Indemnified Person unless there is a conflict between the interests of the Trust and the Indemnified Person.  If there is a conflict or if the parties cannot reasonably agree as to the selection of
      counsel, the Trust will pay for the separate counsel to the Indemnified Person.  No settlement of the proceeding in which a claim is brought against the Trust may be settled in the name of, on behalf of or in any manner in which the Trust is
      understood to acknowledge the validity of any claim without the approval of the Trust and the Indemnified Person, which approvals will not be unreasonably withheld.  This Section 7.4 shall not limit or affect any other rights, including
      indemnification rights that the Master Collateral Agent may have hereunder, under the Transaction Documents or any other Series Related Document or under applicable Law.

     

    (b)          To the fullest extent permitted by Law, Indemnified Amounts to be incurred by an
        Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Trust prior to the final disposition of any matter upon receipt by the Trust of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if it
        shall be finally determined by a court of competent jurisdiction that the Indemnified Person is not entitled to such Indemnified Amounts under this Agreement.  Amounts payable by the Trust under this Section 7.4 shall be paid in accordance with

     

    
      25

      
        

    

    the priority of payments contained herein and in each Trust Financing Agreement.  The Trust’s payment and indemnification obligations to the Master Collateral Agent pursuant to this
      Section 7.4 shall survive the discharge of this Agreement, or the earlier resignation or removal of the Master Collateral Agent.  When the Master Collateral Agent incurs expenses after the occurrence of an Event of Default as a result of any
      Insolvency Event with respect to the Trust, the expenses are intended to constitute expenses of administration under any Debtor Relief Law.

     

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

     

    SECTION 7.5          Resignation and Removal; Appointment of Successor.

     

    (a)          No resignation or removal of the Master Collateral Agent and no appointment of a
        successor Master Collateral Agent shall become effective until the acceptance of appointment by the successor Master Collateral Agent pursuant to this Section 7.5.  The Master Collateral Agent may resign at any time by giving ninety (90) days
        written notice to the Trust and each Creditor Representative. The Majority Creditor Representatives may remove the Master Collateral Agent by so notifying the Master Collateral Agent in writing and may appoint a successor Master Collateral Agent
        (so long as no Servicer Termination Event or Event of Default exists at such time, with the consent of the Trust, such consent not to be unreasonably withheld, delayed or conditioned).  The Trust shall remove the Master Collateral Agent if:

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      26

      
        

    

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

     

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

     

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

     

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

     

      

    SECTION 7.7          Appointment of Co-Agent or Separate Agent.

     

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

     

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

     

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

     

    
      27

      
        

    

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

     

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

     

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

     

    (d)          Any separate agent or co-agent may at any time constitute the Master Collateral Agent
        as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate agent or co-agent shall die, become
        incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Master Collateral Agent, to the extent permitted by Law, without the appointment of a new or successor
        agent.  The Master Collateral Agent shall have no obligation to determine whether a co-agent or separate agent is legally required in any jurisdiction in which any portion of the Collateral may be located.

     

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

     

    

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

     

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

     

      

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

     

      

    (b)          the Master Collateral Agent has the corporate power and authority to execute, deliver
        and perform this Agreement and to carry out its obligations hereunder; the Master

     

    
      28

      
        

    

    Collateral Agent satisfies the eligibility requirements set forth in Section 7.8 hereof; and the execution, delivery and performance of this Agreement have been duly authorized by the
      Master Collateral Agent by all necessary action;

     

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

     

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

     

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

     

    SECTION 7.10          The Paying Agent.

      

     

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

     

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

     

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

     

    (ii)          give the Master Collateral Agent and each Creditor Representative prompt notice of any
        default by the Trust of which a Responsible Person of the Paying Agent has actual

     

    
      29

      
        

    

    knowledge in the making of any payment required to be made with respect to the Credit Extensions;

     

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

     

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

     

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

     

    (d)          Subject to applicable laws with respect to escheat of funds, any amounts held by the
        Master Collateral Agent or any Paying Agent in trust for the payment of any amount due with respect to any Credit Extension and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust
        and be paid to the Trust on a Trust Order; and the related Creditor shall thereafter, as an unsecured general creditor, look only to the Trust for payment thereof (but only to the extent of the amounts so paid to the Trust), and all liability of
        the Master Collateral Agent or such Paying Agent with respect to such trust funds shall thereupon cease; provided, however, that the Master Collateral Agent or such Paying Agent, before being required to make any such repayment, shall at the
        expense and direction of the Trust cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such funds remain unclaimed
        and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such funds then remaining will be repaid to the Trust.

     

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

     

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

     

    SECTION 7.11          Reports by Master Collateral Agent.

     

    
      30

      
        

    

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

     

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

     

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

     

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

     

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

     

    SECTION 7.12          Reporting of Receivables Reacquisition and Acquisition Demands.  The Master Collateral Agent
        will (a) notify the Sponsor, the Administrator, the Depositor and the Servicer, as soon as practicable and within five (5) Business Days, of demands or requests actually received by a Responsible Person of the Master Collateral Agent for the
        reacquisition or acquisition, as applicable, of any Receivable under Section 3.4 of the Originator Receivables Transfer Agreement, Section 3.4 of any Additional Transferor Receivables Transfer Agreement

     

    
      31

      
        

    

    or Sections 2.7 of the Transfer and Servicing Agreement, (b) promptly on request by the Sponsor, the Depositor, the Administrator or the Servicer, provide to them other information
      reasonably requested and within its possession to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and (c) if requested by the Sponsor, the Depositor, the Administrator or the Servicer, provide a written certification no later
      than fifteen (15) days following the end of any quarter or year that the Master Collateral Agent has not received any reacquisition demands or requests for that period, or if reacquisition or acquisition, as applicable, demands or requests have been
      received during that period, that the Master Collateral Agent has provided all the information reasonably requested under clause (b) above.  The Master Collateral Agent and the Trust will not have responsibility or liability for a filing required to
      be made by a securitizer under the Exchange Act.

     

    ARTICLE VIII

      CREDITORS LISTS; COMMUNICATIONS

     

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

     

      

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

     

      

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

     

      

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

     

    
      32

      
        

    

    of any Indenture Series or a Verified Note Owner to communicate with Noteholders and Note Owners of other Publicly Registered Credit Extensions regarding exercising their rights under
      the Transaction Documents.

     

     

    ARTICLE IX

      ACCOUNTS, DISBURSEMENTS AND RELEASES

     

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

     

      

    SECTION 9.2          Trust Accounts.  (a)          On or prior to the date hereof (in respect
        of clause (i) below) or the Closing Date for the applicable Trust Financing (in respect to clause (ii) below), the Trust shall have established and thereafter maintained the following accounts with a Qualified Institution (the “Trust Accounts”):

     

    (i)          Collection Account; and

     

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

     

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

     

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

     

    (A)          any Trust Account Property that constitutes, or is held through or
        in, a deposit account (as such term is defined in the UCC) shall be, or shall be held through or in, an account maintained with a Qualified Institution continuously identified in the deposit bank’s books and records as subject to a security
        interest of the Master Collateral Agent and, except as may be expressly provided herein to the contrary, in order to perfect the security interest of the Master Collateral Agent in accordance with Section 9-104 of the UCC, the Master Collateral
        Agent shall have the power to direct disposition of the funds in such deposit account without further consent by the Trust; provided, however, that prior to delivery by the Master Collateral Agent to the Trust of notice otherwise, the Trust shall
        direct the disposition of the funds in such deposit account in accordance with the terms of the Transaction Documents and the other Series Related Documents; provided, further, that the Master Collateral Agent agrees with the Trust that it will not
        deliver such

     

    
      33

      
        

    

    notice or exercise its power to direct disposition of the funds in such deposit account unless an Event of Default for the related Group has occurred and is
      continuing; provided, further, that the Master Collateral Agent agrees for the benefit of the Creditors to give any such notice or direction upon the direction of Creditor Representatives representing Creditors holding not less than a majority of the
      Credit Extensions of the affected Trust Financings; and

     

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

     

    (d)          The Servicer may instruct (by standing instructions or otherwise) the institution
        maintaining the Collection Account to invest funds on deposit in the Collection Account from time to time in Permitted Investments in the name of the Master Collateral Agent, and Permitted Investments shall be credited to the Collection Account;
        provided, however, that any such investment shall mature not later than the second Business Day prior to the first Payment Date following the date on which such investment was made.  The Servicer shall not direct the Master Collateral Agent to
        dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment. In the absence of written investment
        instructions hereunder, funds on deposit in the Collection Account shall remain uninvested.  With respect to the Collection Account, all interest and earnings (net of losses and investment expenses) paid on funds on deposit in or on any security
        entitlement with respect to financial assets credited to the Collection Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

     

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

     

      

    SECTION 9.4          Collections and Allocations.

     

    
      34

      
        

    

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

     

    (b)          On the Business Day preceding each Payment Date, the Servicer shall direct the Paying
        Agent in writing to withdraw from the Collection Account and remit to (i) the Distribution Account for each Series, an amount equal to the aggregate amount of related Group Available Funds allocated to such Series in accordance with the applicable
        Series Allocation Percentage pursuant to Section 9.4(a) for the applicable Collection Period and (ii) the Equityholder, an amount equal to the aggregate amount of Group Available Funds for each Group allocated to the Certificateholders in
        accordance with the Transferor Percentage pursuant to Section 9.4(a) for the applicable Collection Period.

     

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

     

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

     

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

     

    
      35

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      36

      
        

    

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

     

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

     

    SECTION 9.5          Shared Collections.  In the manner described in the Trust Financing
        Agreement for each Series, to the extent that Group Available Funds that are remitted to the Distribution Account for a Series pursuant to Section 9.4(b) on a Payment Date exceed the sum of (i) the Series Monthly Payment Amount for such Series on
        such Payment Date and (ii) the aggregate amount required to be deposited in a Trust Financing Account for such Series on such Payment Date pursuant to the related Trust Financing Agreement, such excess shall be treated as “Shared Collections” for
        the related Group.  The Servicer shall allocate Shared Collections for each Group on each Payment Date to each Sharing Series in such Group pro rata, in proportion to the Shortfall, if any, for such Series.  If the aggregate amount of Shared
        Collections for all Sharing Series in a Group on a Payment Date is less than the Shortfalls for all Sharing Series in such Group for such Payment Date, then the Servicer shall allocate and direct the Master Collateral Agent in writing to withdraw
        from the Collection Account and remit to the Distribution Account for each Sharing Series, an amount equal to the product of (a) the aggregate amount of Shared Collections for such Group for such Payment Date and (b) a fraction, the numerator of
        which is the Shortfall for such Series for such Payment Date and the denominator of which is the aggregate Shortfalls for all Sharing Series in such Group for such Payment Date.  Any Shared Collections for a Group that are not required to be
        applied on a Payment Date to make a payment or deposit in respect of a Trust Financing shall be applied in accordance with Section 9.6.

     

      

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

     

      

    SECTION 9.7          Release of Collateral.

     

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

     

    
      37

      
        

    

    of the Administrator meeting the requirements of Section 11.1 and certifying as of the related Transfer Date that the following conditions have been satisfied:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      38

      
        

    

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

     

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

     

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

     

    ARTICLE X

      AMENDMENTS

     

    SECTION 10.1          Amendments Without Consent of Creditors.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      39

      
        

    

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

     

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

     

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

     

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

     

    SECTION 10.2          Amendments With Consent of Creditors.

     

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

     

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

     

    
      40

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION 10.3          Execution of Amendments.  Before executing any amendment to this
        Agreement, or any other Transaction Document or Series Related Documents to which the

     

    
      41

      
        

    

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

     

    SECTION 10.4          Effect of Amendment.  Upon the execution of any amendment pursuant to
        the provisions hereof, this Agreement shall be and be deemed to be modified and amended in accordance therewith, and such amendment shall form a part of the terms and conditions of this Agreement for any and all purposes and every Creditor,
        theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

     

      

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

     

    ARTICLE XI

      MISCELLANEOUS

     

    SECTION 11.1          Compliance Certificates and Opinions, etc.

     

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

     

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

     

    
      42

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      43

      
        

    

    SECTION 11.3          Acts of Creditors.

     

    (a)          Pursuant to each Trust Financing Agreement, every Creditor of a Series shall appoint
        the Creditor Representative of such Series to act on its behalf hereunder.  All votes, directions, consents or exercise of any other rights of a Creditor hereunder shall be given or taken solely by and through the Creditor Representative for such
        Series on its behalf and no Creditor shall have the right to instruct the Master Collateral Agent directly, other than with respect to an Asset Representations Review under Article XII or dispute resolution proceedings under Section 11.2 of the
        Transfer and Servicing Agreement. The Master Collateral Agent shall be entitled to rely in good faith upon the written instruction of the Creditor Representatives (or their duly appointed agents) duly delivered hereunder as conclusive evidence  in
        connection with any request, demand, authorization, direction, notice, vote, consent, waiver or other exercise of any right of the Creditors hereunder, and shall have no duty or obligation to investigate or confirm that the Creditor Representative
        has obtained the requisite number or percentage of consents, votes, authorizations or directions of its respective Creditors needed in order to direct such action or inaction.  Any request, demand, authorization, direction, notice, vote, consent,
        waiver or other action provided by this Agreement to be given or taken by Creditor Representatives or Creditors may be embodied in and evidenced by one or more instrument(s) of substantially similar tenor signed by such Creditor Representatives
        representing such Creditors in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument(s) are delivered to the Master Collateral Agent, and, where it
        is hereby expressly required, to the Trust.  Such instrument(s) (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Creditor Representatives or of the Creditors represented by the Creditor
        Representatives signing such instrument(s).  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and (subject to Section 7.1) conclusive in favor of the Master
        Collateral Agent and the Trust, if made in the manner provided in this Section 11.3.  At any time the Notes of any Class are maintained as Book-Entry Notes, any reference in this Agreement to an Act of Creditors or of Creditor Representatives
        representing Creditors that include a Noteholder or Noteholders representing a specified portion of the Outstanding Principal Amount of the Notes or such Class of Notes shall be deemed to refer to an Act of Note Owners or a Note Owner or Note
        Owners holding such specified portion of the Outstanding Principal Amount of the Notes or Class, as the case may be.

     

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

     

    (c)          Each Creditor, by making Credit Extensions pursuant to the Trust Financing Agreements,
        and each Creditor Representative irrevocably appoints the Master Collateral Agent hereunder as the special attorney-in-fact for such Creditor or Creditor Representative vested with full power on behalf of such Creditor or Creditor Representative to
        effect and enforce the rights of

     

    
      44

      
        

    

    such Creditor Representative or Creditor in the Collateral pursuant hereto for the benefit of such Creditor or Creditor Representative; provided that nothing contained in this Section
      11.3 shall be deemed to confer upon the Master Collateral Agent any duty or power to vote on behalf of the Creditors or the Creditor Representatives with respect to any matter on which the Creditors or the Creditor Representatives have a right to
      vote pursuant to the terms of this Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION 11.5          Notices to Creditors; Waiver.

     

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

     

    
      45

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

      

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

     

      

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

     

    
      46

      
        

    

    may be necessary or advisable to comply with any Federal or State securities laws or reporting requirements.

     

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

     

    (a)          THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE
        GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW
        PRINCIPLES, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF THE MASTER COLLATERAL AGENT OR ANY PURCHASER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW
        YORK).

     

    (b)          EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE
        UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY
        AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
        PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR IN THE FUTURE HAVE TO THE VENUE OF A PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT THE PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM.  THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN
        ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

     

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

     

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

     

      

    SECTION 11.11          The Trust Obligation.  No recourse may be taken, directly or
        indirectly, with respect to the obligations of the Trust under this Agreement or any certificate or other writing delivered in connection herewith or therewith, against (i) the Master Collateral Agent

     

    
      47

      
        

    

    in its individual capacity or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Trust or (iii) any partner, owner, beneficiary, agent, officer,
      director, employee or agent of the Master Collateral Agent in its individual capacity or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Trust, the Owner Trustee or the Master Collateral Agent or of any
      successor or assign of the Master Collateral Agent in its individual capacity or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Master Collateral Agent and the Owner
      Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable Law, for any unpaid consideration for stock, unpaid capital contribution
      or failure to pay any installment or call owing to such entity.

     

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

     

      

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

     

    
      48

      
        

    

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

     

      

    SECTION 11.15          Compliance with Applicable Anti-Terrorism and Anti‐Money Laundering
          Regulations.  In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable

          Law,” for example section 326 of the USA PATRIOT Act (Title III of Pub. L. 107-56)), the Master Collateral Agent and the Paying Agent is required to obtain, verify, record and update certain information relating to individuals and entities
        which maintain a business relationship with the Master Collateral Agent.  Accordingly, each of the parties hereto agree to provide to the Master Collateral Agent, upon its reasonable request from time to time such identifying information and
        documentation as may be available for such party in order to enable the Master Collateral Agent to comply with Applicable Law.

     

      

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

     

      

    SECTION 11.17          Intent of the Parties; Reasonableness.  The Trust and the Master
        Collateral Agent acknowledge and agree that the purpose of Section 7.11 of this Agreement is to facilitate compliance by the Trust and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither
        the Trust nor the Administrator (acting on behalf of the Trust) shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the
        Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Master Collateral Agent acknowledges that
        interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or
        otherwise, and agrees to comply with reasonable requests made by the Trust (or the Administrator, acting on behalf of the Trust) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation
        AB.  In connection with this transaction, the Master Collateral Agent shall cooperate fully with the Trust (or the Administrator, acting on behalf of the Trust) to deliver to the Trust (or the Administrator, acting on behalf of the Trust), any and
        all statements, reports, certifications, records and any other information necessary in the good faith determination of the Trust (or the Administrator, acting on behalf of the Trust) to permit the Trust to comply with the provisions of Regulation
        AB, together

     

    
      49

      
        

    

    with such disclosures relating to the Master Collateral Agent reasonably believed by the Trust (or the Administrator, acting in good faith on behalf of the Trust) to be necessary in
      order to effect such compliance.  The Trust (or the Administrator, acting on behalf of the Trust) shall cooperate with the Master Collateral Agent by providing timely notice of requests for information under these provisions and by reasonably
      limiting such requests to information required, in the reasonable judgment or the Trust to comply with Regulation AB.

     

    SECTION 11.18          Electronic Signatures.  Each party agrees that this Agreement and any
        other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity,
        enforceability, and admissibility.  The Master Collateral Agent and the Paying Agent shall be fully justified, indemnified and protected in relying and acting upon any electronic signature believed by the Master Collateral Agent or the Payment
        Agent, as applicable, to have been signed by the Trust, the Administrator, the Servicer or another such Person as is required to deliver such document, as applicable, and shall not otherwise have any duty or obligation to verify such electronic
        signature independently. 

     

    ARTICLE XII

     

    ASSET REPRESENTATIONS REVIEW

     

    SECTION 12.1          Public Noteholder and Note Owner Requests for Vote on Asset Representations
          Review.  If the Master Collateral Agent receives a notice from the Servicer that the Servicer will be providing notice to the Administrator, the Master Collateral Agent, each Creditor Representative for each Series of Publicly Registered
        Notes of the related Group, and each Public Noteholder of the related Group (and to each applicable Clearing Agency for distribution to Note Owners of Publicly Registered Notes of such Group in accordance with the rules of such Clearing Agency)
        pursuant to Section 11.1(a) of the Transfer and Servicing Agreement regarding the occurrence of a Group Delinquency Trigger, then the Master Collateral Agent shall promptly inform the Servicer and the Administrator regarding the method by which
        Public Noteholders of the related Group (including Note Owners of Publicly Registered Notes of such Group) may contact the Master Collateral Agent in order to request a formal vote on whether to cause the related Group 60-Day Delinquent Receivables
        to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.  The Master Collateral Agent shall promptly notify the Servicer, the Depositor, each Creditor Representative for each Series
        of Publicly Registered Notes of the related Group and the Administrator upon the receipt of any request for a vote.  The Master Collateral Agent will provide the Administrator with the most recent Record Date for purposes of determining the
        identity of Public Noteholders of the related Group or Note Owners of Publicly Registered Notes of such Group, as applicable, entitled to vote as of the date of filing of the Form 10-D that disclosed that the Group Delinquency Trigger was met or
        exceeded.  Public Noteholders of the related Group and Note Owners of such Group may request a vote not later than ninety (90) days after the date on which the Form 10-D describing the occurrence of such Group Delinquency Trigger shall have been
        filed by the Administrator, on behalf of the Trust, pursuant to the terms of Section 2.9(a)(i) of the Administration Agreement; provided that, if the requesting party is a Note Owner of Publicly Registered Notes of the related Group and not a
        Public Noteholder of such Group, the Note Owner must include with its request a written certification (in a form reasonably acceptable to the Master

     

    
      50

      
        

    

    Collateral Agent) that the requesting party is a Note Owner, together with one of the following additional forms of documentation of the requesting party’s status as a Note Owner: (A) a
      trade confirmation; (B) an account statement; (C) a letter from a broker-dealer that is reasonably acceptable to the Master Collateral Agent; or (D) any other form of documentation that is reasonably acceptable to the Master Collateral Agent (any
      such Note Owner who provides the required certification and documentation, a “Verified Note Owner”).  The Master Collateral Agent shall promptly notify the Servicer, the Depositor, each Creditor Representative for each Series of Publicly
      Registered Notes of the related Group and the Administrator if Public Noteholders of the related Group and Verified Note Owners of the related Group representing at least 5% of the aggregate Outstanding Principal Amount of all Publicly Registered
      Notes of such Group (such requesting Public Noteholders and Verified Note Owners, collectively, the “Requesting Noteholders”) properly and timely request a vote to cause the Group 60-Day Delinquent Receivables to be reviewed by the Asset
      Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.  For the avoidance of doubt, the Master Collateral Agent shall not be required to (i) determine whether, or give notice to Public Noteholders of a Group
      that, a Group Delinquency Trigger has occurred or (ii) to provide any instruction regarding any Asset Representations Review (other than to provide a Review Notice) or to determine which Receivables are subject to any particular Asset Representations
      Review.

     

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

     

    
      51

      
        

    

    pursuant to Section 3.3 of the Originator Receivables Transfer Agreement  or by the Servicer pursuant to Section 3.3 of any Additional Transferor Receivables Transfer Agreement or
      Section 2.7 of the Transfer and Servicing Agreement.

     

    SECTION 12.3          Evaluation of Review Report.  If Public Noteholders of a Group
        evidencing not less than a majority of the Note Balance of all Publicly Registered Notes of such Group then Outstanding, acting together as a single class, notify the Master Collateral Agent in writing that they consider any non-compliance of any
        representation to be a breach of the applicable Receivables Transfer Agreement or the Transfer and Servicing Agreement, or request in writing that any Receivable designated to the related Group be reacquired or acquired, as applicable (including,
        for the avoidance of doubt, as described in Section 11.2 of the Transfer and Servicing Agreement), the Master Collateral Agent will forward, as soon as practicable and within five (5) Business Days, that written notice to the Administrator and the
        related Originator or the Servicer (in the case of Receivables transferred by an Additional Transferor or re-designated to such Group on a Re-Designation Date).  In addition, the Master Collateral Agent, on behalf of the Requesting Party may, but
        is not obligated to, request the reacquisition or acquisition, as applicable, of a Group 60-Day Delinquent Receivable on behalf of all Public Noteholders of the related Group.  Subject to the provisions for indemnification and certain limitations
        contained in this Agreement, the Master Collateral Agent (acting at the direction of the Majority Creditor Representatives representing each Series of Publicly Registered Notes of the related Group) shall, in the time, method and place directed by
        such Majority Creditor Representatives, exercise any trust or power conferred on the Master Collateral Agent, including the ability to assert to the Administrator and the related Originator or the Servicer (in the case of Receivables transferred by
        an Additional Transferor or re-designated to such Group on a Re-Designation Date), on behalf of all Public Noteholders of such Group, whether any such non-compliance may be a breach and to request the reacquisition or acquisition, as applicable, of
        the related Group 60-Day Delinquent Receivable.  The Master Collateral Agent shall have no duty or obligation to determine whether any noncompliance with representations or warranties constitute a breach under the Transaction Documents or any
        Series Related Documents or to make any determination as to the materiality of any breach.

     

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

     

    [Remainder of Page Left Blank]

     

    

    

    

    

    

    

    

    

    

    

    

    

    
      52

      
        

    

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

     

    	 	
            VERIZON MASTER TRUST

          
	 	 	 
	 	
            By:  Wilmington Trust, National Association, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Mark H. Brzoska             

              

          
	 	
            Name:

          	 Mark H. Brzoska

          
	 	
            Title:

          	 Vice President

          

    

    

    

    

    

    

    
      
        

    

    	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            as Master Collateral Agent

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/  Matthew M. Smith             

              

          
	           

          	
            Name:

          	 Matthew M. Smith

          
	 	
            Title:

          	 Vice President

          

    

    

    

    

    
      
        

    

    	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/  Kee Chan Sin

              

          
	  

          	
            Name:

          	 Kee Chan Sin

          
	 	
            Title:

          	 

    

    

    

    

    
      
        

    

    
    EXHIBIT A

     

    FORM OF CREDITOR REPRESENTATIVE JOINDER (Section 3.1)

     

    

    

     

    Date: [_____________]

     

    To the Master Collateral Agent referred to below:

     

    Reference is made to (i) the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021 (the “Master Collateral Agency Agreement”), among
      Verizon Master Trust (the “Trust”), U.S. Bank National Association, as master collateral agent (in such capacity, the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer and each Creditor
      Representative from time to time party thereto (the “Master Collateral Agency Agreement”), and (ii) [describe Trust Financing Agreement] (the “Designated Trust Financing”), under which the
      undersigned is the [describe Creditor Representative capacity] (the “Designated Creditor Representative”).  Capitalized terms not otherwise defined herein are used herein as defined in Appendix A
      to the Master Collateral Agency Agreement, and the interpretive rules set forth in the Usage section of Appendix A to the Master Collateral Agency Agreement apply to this Joinder.

     

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

     

    [Remainder of Page Left Blank]

     

    

    

    

    

    

    

    
      Exhibit A-1

      
        

    

    	 	
            [__________], as Designated Creditor Representative

          
	 	 
	 	
            By:                                                                        

          
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    
      Exhibit A-2

      
        

    

    
    EXHIBIT B

     

    SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

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

    

    

    

    

    	
            Reference

          	
            Criteria

          
	 	
            Cash Collection and Administration

          
	
            1122(d)(2)(ii)

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

          
	
            1122(d)(2)(iv)

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

          
	
            1122(d)(2)(v)

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

          
	 	
            Investor Remittances and Reporting

          
	
            1122(d)(3)(ii)

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

          
	
            1122(d)(3)(iii)

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

          
	
            1122(d)(3)(iv)

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

          

    

    

    

    

    

    

    
      Exhibit B-1

      
        

    

    
    EXHIBIT C

     

    

    

    

    

    Form of Re-Designation Notice

     

    U.S. Bank National Association,

    as Master Collateral Agent

    Global Structured Finance

    190 South LaSalle Street,

    Chicago, IL 60603

    MK-IL-SL7

    Attn: Global Structure Finance/Verizon Master Trust

    

    

    Verizon ABS II LLC

    One Verizon Way

    Basking Ridge, New Jersey 07920

    Attn: Chief Financial Officer

    

    

    Verizon Master Trust

    c/o Wilmington Trust, National Association

    Rodney Square North, 1100 North Market Street

    Wilmington DE 19890-1600

    Attn: Corporate Trust Administration

    

    

    Re-Designation Notice: Verizon Master Trust

     

    Ladies and Gentlemen:

     

    Under Section 3.3 of the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021 (the “Master Collateral Agreement”), among Verizon
      Master Trust (the “Trust”), U.S. Bank National Association, as master collateral agent (in such capacity, the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer and each Creditor
      Representative from time to time party thereto (the “Master Collateral Agency Agreement”), we notify the Master Collateral Agent, the Depositor and the Trust that on [____], 20[__], [___], 20[_] and [___], 20[_] (each, a “Re-Designation
        Date”), (x) under the Master Collateral Agreement, the Administrator designated to Group [_] the Receivables listed on the related Schedule of Receivables; and (y) (I) the Group to which such Receivables were re-designated and the Group from
      which such Re-Designated Receivable were removed, (II) the Group Pool Balance for the Group to which such Receivables were re-designated, (III) the Required Pool Balance for the Group to which such Receivables were re-designated and (IV) the Excess
      Concentration Amount and Ineligible Amount, in each case, for each Series of the Group to which such Receivables were re-designated, in each case, for which Credit Extensions are Outstanding as of the related Re-Designation Date, and in each case,
      after giving effect to the re-designation of Receivables to the related Group on such Re-Designation Date and calculated as of the related Measurement Date, are as follows:

     

    
      Exhibit C-1

      
        

    

    	
            1.  Pool Balance [Identify Group]:

          	 
	
            2.  Required Pool Balance [Identify Group]:

          	 
	
            3.  Excess Concentration Amount [Identify Series and Group]

          	 
	
            4.  Ineligible Amount [Identify Series and Group]

          	 
	
            5.  Cutoff Date

          	 

    

    

     

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

     

    [Remainder of Page Left Blank]

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      Exhibit C-2

      
        

    

    	 	
            Very truly yours,

          
	 	 	 
	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	 	
            as Administrator

          
	 	 	 
	 	 	 
	 	
            By

          	
                                                                                               

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            Consented to:

          
	 	 	 
	 	 	 
	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By

          	
                                                                                               

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

    

    

     

    
      Exhibit C-3

      
        

    

    
    EXHIBIT D

     

    Form of Group Supplement

     

    U.S. Bank National Association,

    as Master Collateral Agent

    Global Structured Finance

    190 South LaSalle Street,

    Chicago, IL 60603

    MK-IL-SL7

    Attn: Global Structure Finance/Verizon Master Trust

    

    

    

    

    Group Supplement

     

    Ladies and Gentlemen:

     

    Under Section 3.2 of the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021 (the “Master Collateral Agreement”), among Verizon
      Master Trust (the “Trust”), U.S. Bank National Association, as master collateral agent (in such capacity, the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer and each Creditor
      Representative from time to time party thereto (the “Master Collateral Agency Agreement”), we notify the Master Collateral Agent that on the date hereof (the “Group Creation Date”), the Trust hereby creates a Group to be designated as
      “Group [_]” and that on and after the Group Creation Date, Receivables and other related Collateral may be designated to Group [_] in accordance with the Master Collateral Agreement. Group [_] will have the terms set forth below.

     

    Available Subordinated Percentage

     

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

     

    Events of Default

     

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

     

    Group [_] or Group [_] Receivables

     

    The Group Receivables for Group [_] will be the pool of Receivables designated to Group [_] in accordance with the Master Collateral Agreement.

     

    Group [_] Assets

     

    The Group Assets for Group [_] will be (a) the Trust Property relating to the Group [_] Receivables in accordance with Section 3.2 of the Master Collateral Agreement,
      (b) all present and future claims, demands, causes of action and choses in action relating to the Trust Property

     

    
      Exhibit D-1

      
        

    

    relating to the Group [_] Receivables and (c) all payments on or under and all proceeds of the Trust Property relating to the Group [_] Receivables.

     

    Group [_] Pool Balance

     

    The Group Pool Balance for Group [_] will be the Pool Balance of the Group [_] Receivables.

     

    Group [_] Series

     

    A Group Series for Group [_] will be any Series related to Group [_].

     

    Initial Cutoff Date

     

    The Initial Cutoff Date for Group [_] will be the end of the calendar day on [___], 20[_].

     

    Primary Events of Default

     

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

     

    Secondary Events of Default

     

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

     

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

     

    [Remainder of Page Left Blank]

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      Exhibit D-2

      
        

    

    	 	
            Very truly yours,

          
	 	 	 
	 	
            VERIZON MASTER TRUST,

          
	 	 	 
	 	 	 
	 	 	 
	 	
            By   

          	
                                                                                               

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

     

    
      Exhibit D-3

      
        

    

    
    APPENDIX A

     

    USAGE AND DEFINITIONS

     

    

    

     

    (See attached)

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

  

  App. A-1

  
    
      

  

  
    Appendix A

    

    

    Usage and Definitions

    

    

    Verizon Master Trust

    

    

    Usage

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        

    

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

     

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

     

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

     

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

     

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

     

    Definitions

    

    

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

     

    “AAA” means the American Arbitration Association.

     

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

     

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

     

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

     

    
      A-2

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-3

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    

     

    
      A-4

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Asset Representations Reviewer” means Pentalpha Surveillance LLC, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

     

    “Asset Representations Reviewer Fee” means (i) a monthly fee equal to $416.67 per month, payable on each Payment Date, and (ii) the amount of any fee payable to the Asset
      Representations Reviewer in connection with its review of any Group 60-Day Delinquent Receivables in accordance with the terms of the Asset Representations Review Agreement.

     

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

     

    
      A-5

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to the provisions of Title I of ERISA, a “plan” described in and subject to
      Section 4975 of the Code, an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity or any other employee benefit plan that is subject to any Similar Law.

     

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

     

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

     

    
      A-6

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Certificateholder” means the registered holder of a Certificate.

     

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

     

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

     

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

     

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

     

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

     

    
      A-7

      
        

    

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

     

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

     

    “Class R Interest” has the meaning set forth in the applicable Trust Financing Agreement for a Series, if applicable.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    	

          	(i)	
            the Supplemental Servicing Fee;

          

     

    	

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

          

     

    
      A-8

      
        

    

    	

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

          

     

    	

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

          

     

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

     

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

     

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

     

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

     

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

     

    “Corporate Trust Office” means,

     

    (a)   for the Owner Trustee or the Trust:

     

    Rodney Square North, 1100 North Market Street

    Wilmington, Delaware 19890-1600

    Attn:  Corporate Trust Administration

    Telephone: 302-636-6704

    Fax: 302-636-4141

     

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

      

    

    
      	

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

            

       

    	

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

          

     

    U.S. Bank National Association

    Global Structured Finance

    190 South LaSalle Street,

    Chicago, IL 60603

    MK-IL-SL7

    Attn: Global Structure Finance/Verizon Master Trust

    Telephone:  312-332-7462

    Fax:  312-332-7992

    

    

    
      A-9

      
        

    

    matthew.smith2@usbank.com

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    	

          	•	
            The customer may be able to upgrade an eligible device for a new qualifying device after thirty (30) days provided that such customer has paid at least 50% of the retail

          

     

    
      A-10

      
        

    

    	

          	

          	
            price of the eligible device under the related device payment plan agreement and returns such eligible device to Verizon Wireless in good working condition with no significant damage as determined by
              Verizon Wireless;

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

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

     

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

     

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

     

    
      A-11

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-12

      
        

    

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

     

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

     

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

     

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

     

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

     

    “Eligible Receivable” means, with respect to any Series, a Receivable that satisfies the eligibility characteristics set forth in the related Trust Financing Agreement (including
      such eligibility characteristics as may be set forth in the definition of “Eligible Receivable” contained therein).

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-13

      
        

    

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

     

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

     

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

     

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

     

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

     

    “Fitch” means Fitch Ratings, Inc.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-14

      
        

    

    product of (i) the Group Percentage for such Group and (ii) the Series Allocation Percentage for such Series.

     

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

     

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

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

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

     

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

     

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

     

    
      A-15

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-16

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

    “Initial Closing Date” means May 25, 2021.

     

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

     

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

     

    “Insolvency Event” means, for a Person, that (1) (a) such Person admits in writing its inability to pay its debts generally as they become due, or makes a general assignment for the
      benefit of creditors, or (b) any proceeding is instituted by or against such Person seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of
      it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of
      its property, or (c) such Person generally does not pay its debts as such debts become due and, in the case of any proceeding instituted against such Person, such proceeding

     

    
      A-17

      
        

    

    remains unstayed for more than sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered or (2) such person takes any corporate action to authorize any such action.

     

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

     

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

     

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

     

    “Letter of Credit” has the meaning set forth in the applicable Trust Financing Agreement for a Series.

     

    “Letter of Credit Provider” has the meaning set forth in the applicable Trust Financing Agreement for a Series.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Marketing Agent” means Cellco.

     

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

     

    
      A-18

      
        

    

    “Master Collateral Agent” means U.S. Bank National Association, not in its individual capacity but solely as Master Collateral Agent under the Master Collateral Agreement, or any
      successor Master Collateral Agent under the Master Collateral Agreement.

     

    “Master Collateral Agent Fee” means a monthly fee equal to $1,666.67 per month, payable on each Payment Date to the Master Collateral Agent as compensation for its services under
      the Master Collateral Agreement.

     

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

     

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

     

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

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

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

     

    
      A-19

      
        

    

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

     

    	

          	(i)	
            Verizon Communications’ long-term unsecured debt is rated equal to or higher than “A” by S&P, “A” by Fitch and “Baa2” by Moody’s,

          

     

    	

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

          

     

    	

          	(iii)	
            no Servicer Termination Event has occurred.

          

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-20

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-21

      
        

    

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

     

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

     

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

     

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

     

    
      A-22

      
        

    

    “Owner Trustee” means Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement.

     

    “Owner Trustee Fee” means an annual fee equal to $5,000, payable on the Payment Date occurring in July of each calendar year, beginning in July, 2021 plus an additional fee of
      $15,000 per Series, payable on the first Payment Date for such Series and each calendar year thereafter.

     

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

     

    “Parent Support Provider” means Verizon Communications.

     

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

     

    “Payment Date” means the 20th day of each month or, if not a Business Day, the next Business Day, starting in July 2021.  For a Collection Period, the related Payment Date means the
      Payment Date following the end of the Collection Period.

     

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

     

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

     

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

     

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

     

    
      A-23

      
        

    

    (b)          demand deposits, time deposits, certificates of deposit or bankers’ acceptances of any depository
        institution or trust company (i) incorporated under the laws of the United States or any State or any United States branch or agency of a foreign bank, (ii) subject to supervision and examination by federal or State banking or depository
        institution authorities and (iii) where the commercial paper or other short-term unsecured debt obligations (other than obligations with a rating based on the credit of a Person other than the depository institution or trust company) of such
        depository institution or trust company have the Required Rating;

     

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

     

    (d)          investments in money market funds having a rating in the highest investment grade category from each Rating
        Agency that both issues ratings with respect to the applicable money market fund and rates any Outstanding Credit Extensions (including funds for which the Master Collateral Agent or the Owner Trustee or any of their Affiliates is investment
        manager or advisor); and

     

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

     

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

     

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

     

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

     

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

     

    

    
      A-24

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    	

          	(a)	
            the Amount Financed; minus

          

     

    	

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

          

     

    	

          	(c)	
            any Credits allocated to such Receivable;

          

     

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

     

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

     

    
      A-25

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (m)         the related Trust Financing Agreement;

     

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

     

    (o)          the Amortization Events for such Series;

     

    
      A-26

      
        

    

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

     

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

     

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

     

    (s)          the Creditor Representative for such Series; and

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Rating Agency Condition” means, with respect to an action or request, (x) if Moody’s has been engaged to rate any Outstanding Credit Extensions, that Moody’s has either (i)
      notified the Depositor, the Servicer, the Owner Trustee, the Master Collateral Agent and, with respect to actions or requests relating to the Notes of an Indenture Series, the Indenture Trustee for such Indenture Series, that the proposed action or
      request will not result in a downgrade or withdrawal of its then current rating on any of such Credit Extensions or (ii) if the then-current policies of Moody’s prohibit Moody’s from providing such notice, Moody’s does not notify the Depositor, the
      Servicer, the Owner Trustee, the Master Collateral Agent or, with respect to actions or requests relating to the Notes of an Indenture Series, the Indenture Trustee for such Indenture Series, that the proposed action or request will result in a
      downgrade or withdrawal of its then-

     

    
      A-27

      
        

    

    current rating on any of such Credit Extensions within ten (10) days following any request therefor, (y) if Fitch or any other Rating Agency (other than Moody’s or S&P) has been engaged to rate any
      Outstanding Credit Extensions, then Fitch or such other Rating Agency, as applicable, does not notify the Depositor, the Servicer, the Owner Trustee, the Master Collateral Agent or, with respect to actions or requests relating to the Notes of an
      Indenture Series, the Indenture Trustee for such Indenture Series, that the proposed action or request will result in a downgrade or withdrawal of its then-current rating on any of such Credit Extensions within ten (10) days following any request
      therefor and (z) if S&P has been engaged to rate any Outstanding Credit Extensions, then S&P has been provided with ten (10) days notice of the proposed action or request.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-28

      
        

    

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

     

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

     

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

     

    “Record Date” means, for a Payment Date and a Book-Entry Note, the end of the day on the day before the Payment Date, and for a Payment Date and a Definitive Note, the last day of
      the month before the month in which the Payment Date occurs, and with respect to any notice, vote or consent, the most recently occurring Record Date for a Payment Date.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Re-Designation Notice” means the notice to the Trust, the Depositor and the Master Collateral Agent regarding the re-designation of Receivables from one Group to a different

     

    
      A-29

      
        

    

    Group under Section 3.3 of the Master Collateral Agreement, substantially in the form of Exhibit C to the Master Collateral Agreement.

     

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

     

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

     

    “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such
      clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005) and Asset-Backed Securities Disclosure and
      Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

     

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

     

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

     

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

     

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

     

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

     

    
      A-30

      
        

    

    “Required Rating” means, for short term unsecured debt obligations, a rating of at least (a) “A-1” from S&P, (b) “P-1” from Moody’s and (c) “F-1” from Fitch.

     

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

     

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

     

    “Responsible Person” means:

     

    	

          	(a)	
            for the Administrator, the Depositor, the Sponsor, the Servicer, the Marketing Agent, the Parent Support Provider or any Originator, a Person designated in an Officer’s Certificate of the Person or
              other notice signed by an officer of the Person authorized to act for the Person or any treasurer, assistant treasurer or corporate secretary of such Person that has responsibility for the matter;

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

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

     

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

     

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

     

    
      A-31

      
        

    

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

     

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

     

    “S&P” means S&P Global Ratings.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “securities intermediary” means U.S. Bank National Association, or another securities intermediary named in the Account Control Agreement for a Series.

     

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

     

    
      A-32

      
        

    

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

     

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

     

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

     

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

     

    “Series Enhancer” means the Person or Persons providing any Series Enhancement, other than (except to the extent otherwise provided with respect to any Trust Financing in the
      related

     

    
      A-33

      
        

    

    Trust Financing Agreement) any account or deposits therein or the Creditors of any Series, Class or other Trust Financing which is subordinated to another Series, Class or other Trust Financing.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-34

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Servicing Fee Rate” means 0.75%.

     

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

     

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

     

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

     

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

     

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

     

    “Solvent” means, with respect to any Person and as of any particular date, that (i) the present fair market value (or present fair saleable value) of the assets of such Person is
      not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii)

     

    
      A-35

      
        

    

    such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business and (iii) such
      Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature.

     

    “Sponsor” means Cellco.

     

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

     

    “Subcontractor” means any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the
      asset-backed securities market) of the Receivables but performs one or more discrete functions identified in the Servicing Criteria with respect to the Receivables under the direction or authority of the Servicer or a Subservicer.

     

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

     

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

     

    “Successor Servicer Engagement Fee” means, the sum of (A) $150,000 payable by the Trust upon the appointment of the Successor Servicer, in its capacity as Successor Servicer with
      respect to the first Series for which the Successor Servicer assumes such capacity, and (B) $150,000 payable by the Trust upon the appointment of the Successor Servicer, in its capacity as Successor Servicer, with respect to each Series thereafter
      for which the Successor Servicer assumes such capacity.

     

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

     

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

     

    “Transaction Documents” means the Certificate of Trust, the Trust Agreement, the Receivables Transfer Agreements, the Transfer and Servicing Agreement, the Master Collateral
      Agreement, the Administration Agreement, the Parent Support Agreement, the Asset

     

    
      A-36

      
        

    

    Representations Review Agreement, the Marketing Agent Agency Agreement and each Account Control Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-37

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    

     

    
      A-38

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Verizon” means Verizon Communications and its subsidiaries.

     

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

     

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

     

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

     

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

     

    

    

    
      A-39

      
        

    

    	

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

          

     

     divided by:

     

    	

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

          

     

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

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

  

  A-40Exhibit 4.2

      Execution Version

     

     

  

  
    

    

    
      
        

      INDENTURE

      between

      VERIZON MASTER TRUST,

        as Trust

      and

      U.S. BANK NATIONAL ASSOCIATION,

        as Indenture Trustee and Note Paying Agent

    

    
      

      

      Dated as of May 25, 2021

      

      

    

    
      SERIES 2021-1

      
        

      

      

    

    
      
        

    

    
     

    

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Incorporation by Reference of Trust Indenture Act

          	
            11

          
	
            ARTICLE II

          	
            THE NOTES

          	
            12

          
	
            Section 2.1

          	
            Form of Notes

          	
            12

          
	
            Section 2.2

          	
            Execution, Authentication and Delivery

          	
            12

          
	
            Section 2.3

          	
            Tax Treatment

          	
            13

          
	
            Section 2.4

          	
            Note Register

          	
            13

          
	
            Section 2.5

          	
            Registration of Transfer and Exchange

          	
            13

          
	
            Section 2.6

          	
            [Reserved]

          	
            14

          
	
            Section 2.7

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            14

          
	
            Section 2.8

          	
            Persons Deemed Owners

          	
            15

          
	
            Section 2.9

          	
            Payments on Notes

          	
            15

          
	
            Section 2.10

          	
            Cancellation of Notes

          	
            17

          
	
            Section 2.11

          	
            Release of Series 2021-1 Collateral

          	
            17

          
	
            Section 2.12

          	
            Book-Entry Notes

          	
            17

          
	
            Section 2.13

          	
            Definitive Notes

          	
            18

          
	
            Section 2.14

          	
            Authenticating Agents

          	
            18

          
	
            Section 2.15

          	
            Note Paying Agents

          	
            19

          
	
            ARTICLE III

          	
            COVENANTS, REPRESENTATIONS AND WARRANTIES

          	
            19

          
	
            Section 3.1

          	
            Payment of Principal, Interest and Other Amounts

          	
            19

          
	
            Section 3.2

          	
            Maintenance of Office or Agency

          	
            19

          
	
            Section 3.3

          	
            Money for Payments To Be Held in Trust

          	
            19

          
	
            Section 3.4

          	
            Existence

          	
            21

          
	
            Section 3.5

          	
            Protection of Collateral

          	
            21

          
	
            Section 3.6

          	
            Performance of Obligations

          	
            22

          
	
            Section 3.7

          	
            Negative Covenants

          	
            22

          
	
            Section 3.8

          	
            Opinions on Collateral

          	
            23

          
	
            Section 3.9

          	
            Annual Certificate of Compliance

          	
            23

          
	
            Section 3.10

          	
            Successor or Transferee

          	
            24

          
	
            Section 3.11

          	
            Further Acts and Documents

          	
            24

          
	
            Section 3.12

          	
            Review of Trust’s Records

          	
            24

          
	
            Section 3.13

          	
            Trust’s Representations and Warranties

          	
            24

          

    

    

    
      ii

      
        

    

    	
            Section 3.14

          	
            Trust’s Representations and Warranties About Security Interest

          	
            25

          
	
            ARTICLE IV

          	
            SATISFACTION AND DISCHARGE

          	
            27

          
	
            Section 4.1

          	
            Satisfaction and Discharge of Indenture

          	
            27

          
	
            ARTICLE V

          	
            EVENTS OF DEFAULT; REMEDIES

          	
            27

          
	
            Section 5.1

          	
            Events of Default

          	
            27

          
	
            Section 5.2

          	
            Acceleration of Maturity; Rescission

          	
            28

          
	
            Section 5.3

          	
            Collection of Indebtedness by Indenture Trustee

          	
            28

          
	
            Section 5.4

          	
            Trustee May File Proofs of Claim

          	
            29

          
	
            Section 5.5

          	
            Enforcement of Claims Without Possession of Notes

          	
            30

          
	
            Section 5.6

          	
            Remedies; Priorities

          	
            30

          
	
            Section 5.7

          	
            [Reserved]

          	
            31

          
	
            Section 5.8

          	
            Limitation on Suits

          	
            31

          
	
            Section 5.9

          	
            Unconditional Rights to Receive Principal and Interest

          	
            31

          
	
            Section 5.10

          	
            Restoration of Rights and Remedies

          	
            32

          
	
            Section 5.11

          	
            Rights and Remedies Cumulative

          	
            32

          
	
            Section 5.12

          	
            Delay or Omission Not a Waiver

          	
            32

          
	
            Section 5.13

          	
            Control by Noteholders

          	
            32

          
	
            Section 5.14

          	
            Waiver of Potential Defaults and Events of Default

          	
            33

          
	
            Section 5.15

          	
            Agreement to Pay Costs

          	
            33

          
	
            Section 5.16

          	
            Waiver of Stay or Extension Laws

          	
            33

          
	
            Section 5.17

          	
            Performance and Enforcement of Obligations

          	
            33

          
	
            ARTICLE VI

          	
            INDENTURE TRUSTEE

          	
            34

          
	
            Section 6.1

          	
            Indenture Trustee’s Obligations

          	
            34

          
	
            Section 6.2

          	
            Indenture Trustee’s Rights

          	
            37

          
	
            Section 6.3

          	
            Indenture Trustee’s Individual Rights

          	
            38

          
	
            Section 6.4

          	
            Indenture Trustee’s Disclaimer

          	
            38

          
	
            Section 6.5

          	
            Notice of Potential Defaults and Notice of Payment Defaults

          	
            38

          
	
            Section 6.6

          	
            Reports by Indenture Trustee

          	
            38

          
	
            Section 6.7

          	
            Compensation and Indemnity

          	
            40

          
	
            Section 6.8

          	
            Resignation or Removal of Indenture Trustee

          	
            41

          
	
            Section 6.9

          	
            Merger or Consolidation; Transfer of Assets

          	
            42

          
	
            Section 6.10

          	
            Appointment of Separate Trustee or Co-Trustee

          	
            42

          
	
            Section 6.11

          	
            Eligibility

          	
            43

          

    

    

    
      iii

      
        

    

    	
            Section 6.12

          	
            Inspections of Indenture Trustee

          	
            43

          
	
            Section 6.13

          	
            Indenture Trustee’s Representations and Warranties

          	
            44

          
	
            Section 6.14

          	
            Reporting of Receivables Reacquisition and Acquisition Demands

          	
            44

          
	
            Section 6.15

          	
            Preferential Collection of Claims Against the Trust

          	
            45

          
	
            ARTICLE VII

          	
            NOTEHOLDER COMMUNICATIONS AND REPORTS

          	
            45

          
	
            Section 7.1

          	
            Noteholder Communications

          	
            45

          
	
            Section 7.2

          	
            Reports by Trust

          	
            46

          
	
            Section 7.3

          	
            Reports by Indenture Trustee

          	
            47

          
	
            ARTICLE VIII

          	
            ACCOUNTS, DISTRIBUTIONS AND RELEASES

          	
            47

          
	
            Section 8.1

          	
            Collection of Funds

          	
            47

          
	
            Section 8.2

          	
            Series 2021-1 Accounts; Distributions

          	
            47

          
	
            Section 8.3

          	
            Series 2021-1 Accounts

          	
            53

          
	
            Section 8.4

          	
            Release of Series 2021-1 Collateral

          	
            54

          
	
            ARTICLE IX

          	
            AMENDMENTS

          	
            55

          
	
            Section 9.1

          	
            Amendments Without Consent of Noteholders

          	
            55

          
	
            Section 9.2

          	
            Amendments with Consent of Controlling Class

          	
            56

          
	
            Section 9.3

          	
            Execution of Amendments

          	
            57

          
	
            Section 9.4

          	
            Effect of Amendment

          	
            58

          
	
            Section 9.5

          	
            Reference in Notes to Supplemental Indentures

          	
            58

          
	
            Section 9.6

          	
            [Reserved]

          	
            58

          
	
            Section 9.7

          	
            Conformity with TIA

          	
            58

          
	
            ARTICLE X

          	
            REDEMPTION OF NOTES

          	
            58

          
	
            Section 10.1

          	
            Redemption

          	
            58

          
	
            ARTICLE XI

          	
            OTHER AGREEMENTS

          	
            59

          
	
            Section 11.1

          	
            No Petition

          	
            59

          
	
            Section 11.2

          	
            [Reserved]

          	
            60

          
	
            Section 11.3

          	
            Trust Orders; Certificates and Opinions

          	
            60

          
	
            Section 11.4

          	
            Acts of Noteholders

          	
            61

          
	
            Section 11.5

          	
            Trust Obligation

          	
            61

          
	
            Section 11.6

          	
            Conflict with Trust Indenture Act

          	
            62

          
	
            Section 11.7

          	
            Regulation RR Risk Retention

          	
            62

          
	
            ARTICLE XII

          	
            MISCELLANEOUS

          	
            62

          
	
            Section 12.1

          	
            Benefits of Indenture; Third-Party Beneficiaries

          	
            62

          

    

    

    
      iv

      
        

    

    	
            Section 12.2

          	
            Notices

          	
            62

          
	
            Section 12.3

          	
            GOVERNING LAW

          	
            63

          
	
            Section 12.4

          	
            Submission to Jurisdiction

          	
            64

          
	
            Section 12.5

          	
            WAIVER OF JURY TRIAL

          	
            64

          
	
            Section 12.6

          	
            No Waiver; Remedies

          	
            64

          
	
            Section 12.7

          	
            Severability

          	
            64

          
	
            Section 12.8

          	
            Headings

          	
            64

          
	
            Section 12.9

          	
            Counterparts

          	
            64

          
	
            Section 12.10

          	
            Customer Identification Program

          	
            64

          
	
            Section 12.11

          	
            [Reserved]

          	
            64

          
	
            Section 12.12

          	
            Intent of the Parties; Reasonableness

          	
            64

          
	
            Section 12.13

          	
            Electronic Signatures

          	
            65

          
	
            Section 12.14

          	
            Class R Interest

          	
            65

          
	 	 	 
	
            Exhibit A

          	
            Form of Notes

          	
            A-1

          
	
            Exhibit B

          	
            Servicing Criteria to be Addressed in Assessment of Compliance

          	
            B-1

          

    

    

    
      v

      
        

    

    
      INDENTURE, dated as of May 25, 2021 (this “Indenture”), between VERIZON MASTER TRUST, a Delaware statutory trust, as issuer (the “Trust”), and U.S.
        BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee for the benefit of the Series 2021-1 Secured Parties (in such capacity, the “Indenture Trustee”), and as note paying agent (in such capacity, the “Note Paying
          Agent”).

      The Trust, U.S. Bank National Association, as master collateral agent (the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless, as servicer
        (the “Servicer”), and the Creditor Representatives from time to time party thereto entered into the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, pursuant to which the Trust granted a security interest in
        the Receivables and its other assets to the Master Collateral Agent to secure the obligations of the Trust under this Indenture and other Trust Financings.

      Pursuant to the terms of the Master Collateral Agreement, this Indenture constitutes a Trust Financing Agreement and the Notes issued under this Indenture constitute
        Credit Extensions and a Trust Financing that is an Indenture Series.  The Indenture Trustee is hereby appointed as Creditor Representative for Series 2021-1, and the Indenture Trustee hereby accepts such appointment.  On or prior to the date
        hereof, the Indenture Trustee has executed a Creditor Representative Joinder Agreement as required by Section 3.1 of the Master Collateral Agreement.

      The parties agree as follows:

      GRANTING CLAUSE

      The Trust Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Series 2021-1 Secured Parties, all of the Trust’s right,
        title and interest in, to and under, whether now owned or later acquired, the Series 2021-1 Collateral.

      This Grant is made in trust to secure (a) the payment of principal of, interest on and other amounts owing on the Notes as stated in this Indenture and (b)
        compliance by the Trust with this Indenture for the benefit of the Series 2021-1 Secured Parties.

      The Indenture Trustee acknowledges the Grant, accepts the trusts under this Indenture according to this Indenture and agrees to perform its duties as stated in this
        Indenture so that the interests of the Series 2021-1 Secured Parties may be adequately and effectively protected.

      ARTICLE I

      USAGE AND DEFINITIONS

      Section 1.1     Usage and Definitions.  Capitalized terms used but not defined in this Indenture are defined in Appendix A to the Master Collateral Agency
        and Intercreditor Agreement, dated as of May 25, 2021, among the Trust, the Master Collateral Agent, Cellco Partnership d/b/a Verizon Wireless, as servicer (the “Servicer”), and the Creditor Representatives from time to time party thereto or
        in the Group Supplement for Group 1, as applicable.  Appendix A also contains usage rules that apply to this Indenture.  Appendix A is incorporated by reference into this Indenture.  As used in this Indenture, the following terms shall have the

      
        
          

      

      
      

      

      following meanings with respect to Series 2021-1 (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

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

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

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

      “Additional Interest Rate” means, with respect to (i) the Class A Notes, 0.75%, (ii) the Class B Notes, 0.75% and (iii) the Class C Notes, 0.75%.

      “Additional Series Successor Servicer Fee” means, for any Payment Date, the product of (i) the Series 2021-1 Group Allocated Percentage and (ii) the excess,
        if any, of (x) $425,000 over (y) the Servicing Fee.

      “Amortization Period” means the period beginning on the Payment Date on or immediately following the occurrence of a Series 2021-1 Amortization Event and
        ending on the Final Maturity Date or an earlier date on which the Notes are paid in full.

      “Anticipated Redemption Date” means the Payment Date occurring in May 2024.

      “Authenticating Agent” has the meaning stated in Section 2.14(a) of the Indenture.

      “Class” means the Class A Notes, the Class B Notes and the Class C Notes, as applicable.

      “Class A Notes” means the $1,500,500,000 Class A 0.50% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

      “Class B Notes” means the $118,700,000 Class B 0.69% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

      “Class C Notes” means the $80,800,000 Class C 0.89% Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

      “Class R Interest” means the uncertificated interest in Series 2021-1 representing the right to receive all distributions to the “Class R Interest” pursuant
        to this Indenture.

      “Class R Interest Holder” means the Person registered as the holder of the Class R Interest on the Trust Register.

      “Closing Date” means May 25, 2021.

      “Collection Period” means, with respect to any Payment Date, the immediately preceding calendar month; provided that the Collection Period with respect to the
        initial Payment Date will be the period beginning on the end of the calendar day on the Initial Cutoff Date and ending on the last day of the calendar month immediately preceding the month in which the initial Payment Date occurs.

      
        2

        
          

      

      

      

      “Controlling Class” means (a) the Outstanding Class A Notes, (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes and (c) if no Class B
        Notes are Outstanding, the Outstanding Class C Notes.

      “Corporate Trust Office” means, for the Indenture Trustee, the office of the Indenture Trustee at which at any particular time its corporate trust business
        shall be administered which office on the date of the execution of the Indenture is located at:

      (1) solely for the purposes of transfer, surrender, exchange or presentation for final payment:

      EP-MN-WS2N

      111 Fillmore Avenue East

      St. Paul, MN 55107,

      Attn: Bondholder Services/ Verizon Master Trust Series 2021-1

      

      

      and (2) for all other purposes:

      MK-IL-SL7C

      190 South LaSalle Street

      Chicago, Illinois 60603

      Attention: Global Structured Finance/ Verizon Master Trust Series 2021-1

      Fax: (312) 332-7992

      or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Servicer, the Master Collateral Agent and the
        Owner Trustee, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Servicer, the Master Collateral Agent and the Owner Trustee).

      “Creditor Representative” means, with respect to Series 2021-1, the Indenture Trustee.

      “Delinquency Trigger Percentage” means 5.0%.

      “Depository Agreement” means the letter of representations for the Notes, dated May 25, 2021, by the Trust in favor of The Depository Trust Company.

      “Discount Rate” means, with respect to Series 2021-1, the Series 2021-1 Discount Rate.

      “Distribution Account” means the account established with the Note Paying Agent for the purpose of holding and making distributions of Series 2021-1 Available
        Funds.

      “Earliest Redemption Date” means the Payment Date occurring in June 2022.

      “Eligible Receivable” means, with respect to Series 2021-1, a Group 1 Receivable that is a Series 2021-1 Eligible Receivable.

      “FATCA Information” has the meaning stated in Section 3.3(e).

      
        3

        
          

      

      

      

      “FATCA Withholding Tax” has the meaning stated in Section 3.3(e).

      “Final Maturity Date” means, for (i) the Class A Notes, the Payment Date in May 2027, (ii) the Class B Notes, the Payment Date in May 2027 and (iii) the Class
        C Notes, the Payment Date in May 2027.

      “First Par Redemption Date” means the Payment Date occurring in February 2024.

      “First Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the
        Class A Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the Series 2021-1 Allocated Pool Balance.

      “Indenture” means this Indenture, dated as of the Closing Date, between the Trust and the Indenture Trustee.

      “Indenture Trustee” means U.S. Bank National Association, a national banking association, not in its individual capacity but solely as Indenture Trustee under
        this Indenture.

      “Indenture Trustee Fee” means a monthly fee equal to 1/12th of $15,000, payable on each Payment Date.

      “Interest Period” means for any Payment Date and the Class A Notes, the Class B Notes and the Class C Notes, the period from and including the 20th day of the
        calendar month immediately preceding the Payment Date to but excluding the 20th day of the month in which the Payment Date occurs (or from and including the Closing Date to but excluding July 20, 2021 for the first Payment Date).

      “Letter of Credit” means any letter of credit issued for the benefit of the Notes after the Closing Date.

      “Letter of Credit Provider” means, subject to the satisfaction of the Rating Agency Condition, the letter of credit provider under any Letter of Credit issued
        after the Closing Date.

      “Make-Whole Discount Rate” means, for any date of determination, a per annum rate equal to the sum of 0.15% plus the greater of (i) zero and (ii) the yield on
        such date on United States Treasury Securities having the closest maturity (month and year) to the First Par Redemption Date; provided that, should more than one United States Treasury Security be quoted as maturing on such date, then the yield of
        the United States Treasury Security quoted closest to par will be used for the purpose of such calculation.

      “Make-Whole Payment” means, with respect to any Payment Date, an amount equal to, for each Class of Notes, the present value of the amount of all future
        interest payments that would otherwise accrue on the Note Balance of such Class of Notes from the Redemption Date until the First Par Redemption Date, discounted from the Payment Date on which such payment of interest would be made to the
        Redemption Date, monthly on a 30/360 day basis at the Make-Whole Discount Rate.

      
        4

        
          

      

      

      

      “Note Balance” means, for a Note or Class, the initial aggregate principal balance of the Note or Class minus all amounts distributed on the Note or Class
        that is applied to principal.

      “Note Interest Rate” means a per annum rate equal to, for: (i) the Class A Notes, 0.50% (computed on the basis of a 360 day year consisting of twelve 30 day
        months), (ii) the Class B Notes, 0.69% (computed on the basis of a 360 day year consisting of twelve 30 day months) and (iii) the Class C Notes, 0.89% (computed on the basis of a 360 day year consisting of twelve 30 day months).

      “Note Interest Shortfall” means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the Payment Date
        immediately preceding such Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the Payment Date immediately preceding such Payment Date, together with interest on the excess amount, to the extent
        lawful, at the Note Interest Rate for the Class for that Interest Period.

      “Note Monthly Interest” means, for a Class and a Payment Date, the aggregate amount of interest accrued on the Note Balance of the Class at the Note Interest
        Rate for the Class for the related Interest Period.

      “Note Paying Agent” means initially the Indenture Trustee and any other Person appointed as Note Paying Agent under Section 2.15 of the Indenture.

      “Note Register” and “Note Registrar” have the meanings stated in Section 2.4.

      “Noteholder” means the Person in whose name a Note is registered on the Note Register.

      “Noteholder Tax Identification Information” means properly completed and signed tax certifications (generally with respect to U.S. Federal Income Tax, IRS
        Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is
        not a “United States Person” within the meaning of Section 7701(a)(30) of the Code).

      “Notes” or “Note” means, collectively or individually, as the context may require, the Class A Notes, the Class B Notes and the Class C Notes.

      “Optional Redemption” has the meaning stated in Section 10.1.

      “Principal Funding Account” means the account established with the Note Paying Agent for the benefit of the Noteholders under Section 8.2(a).

      “Principal Funding Account Limit” means, with respect to any date, an amount equal to 50% of the Note Balance as of such date.

      “Priority Principal Payments” means, collectively, the First Priority Principal Payment, the Second Priority Principal Payment, the Third Priority Principal
        Payment and the Regular Priority Principal Payment.

      
        5

        
          

      

      

      

      “Prospectus” means the prospectus dated as of May 18, 2021, relating to the offering of the Notes.

      “Rating Agency” means each of Fitch, Moody’s and S&P.

      “Redemption Date” has the meaning stated in Section 10.1.

      “Regular Priority Principal Payment” means, with respect to any Payment Date, an amount equal to (a) prior to the Amortization Period, the excess, if any, of
        (x) the product of the Series 2021-1 Allocation Percentage and any Pool Balance Deficit for such Payment Date over (y) the sum of any First Priority Principal Payment, Second Priority Principal Payment and Third Priority Principal Payment for such
        Payment Date and (b) during the Amortization Period, the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) minus the
        sum of any First Priority Principal Payment, any Second Priority Principal Payment and any Third Priority Principal Payment for such Payment Date.

      “Required Reserve Amount” means, with respect to any Payment Date (i) during the Revolving Period, an amount equal to $10,758,659.22 (which is approximately
        1.00% of the Series Invested Amount as of the Closing Date) and (ii) during the Amortization Period, an amount equal to the amount on deposit in the Reserve Account as of the immediately preceding Payment Date, after giving effect to all deposits
        into and withdrawals from the Reserve Account on such immediately preceding Payment Date.

      “Reserve Account” means the account established with the Note Paying Agent for the benefit of the Noteholders under Section 8.2(a).

      “Reserve Account Draw Amount” means, for each Payment Date, the lesser of:

      (i)            an
          amount (not less than zero) equal to the Total Required Payment minus the Series 2021-1 Available Funds; and

      (ii)            the

          amount in the Reserve Account;

      provided that, if on any Payment Date during the Amortization Period, the amount on deposit in the Reserve Account together with Series 2021-1 Available Funds for that Payment Date is
        sufficient to pay the entire Note Balance of the Notes, all accrued and unpaid interest and any unpaid Make-Whole Payments, unpaid Additional Interest Amounts and all other amounts to be distributed to the Series 2021-1 Secured Parties under this
        Indenture in full, the Reserve Account Draw Amount for such Payment Date will be an amount equal to the amount in the Reserve Account.

      “Reserve Deposit Amount” means, with respect to any Payment Date, an amount equal to (a) the Required Reserve Amount minus (b) (i) the amount in the Reserve
        Account on the Payment Date (before payments under Section 8.2(c) on that Payment Date) and (ii) if applicable, the amount available under any Letter of Credit on such Payment Date.

      
        6

        
          

      

      

      

      “Revolving Period” means the period beginning on the Closing Date and ending on the date when the Amortization Period begins.

      “Second Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the
        Class A Notes and Class B Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the sum of the Series 2021-1 Allocated Pool Balance and any First Priority Principal Payment for such
        Payment Date.

      “Securities Intermediary” means, with respect to the Series 2021-1 Accounts, U.S. Bank National Association.

      “Series 2021-1” means the Group 1 Series of Group 1 Credit Extensions designated as “Series 2021-1”.

      “Series 2021-1 Account” means each of the Distribution Account, the Principal Funding Account and the Reserve Account.

      “Series 2021-1 Account Control Agreement” means the Series 2021-1 Account Control Agreement, dated as of the Closing Date, among the Trust, as grantor, the
        Indenture Trustee, as secured party, and U.S. Bank National Association, in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC, as amended, restated,
        supplemented or modified from time to time.

      “Series 2021-1 Allocated Pool Balance” means, an amount equal to the product of (i) the Series 2021-1 Allocation Percentage and (ii) the present value
        (discounted using the Series 2021-1 Discount Rate) of the remaining unpaid payments for all Group 1 Receivables included in the Group 1 Pool Balance.

      “Series 2021-1 Allocation Percentage” means the Series Allocation Percentage for Series 2021-1.

      “Series 2021-1 Amortization Event” means, with respect to Series 2021-1, the occurrence of any of the following:

      	

            	(a)	
              on any Payment Date interest due is not paid on any class of Notes,

            

      	

            	(b)	
              on the fifth Business Day after any Payment Date during the Revolving Period, after giving effect to distributions on such Payment Date, the sum of the amount on deposit in the Reserve Account
                plus, if a Letter of Credit has been issued for the benefit of the Notes, the amount available under the Letter of Credit, is less than the Required Reserve Amount,

            

      	

            	(c)	
              as of the Anticipated Redemption Date, the Trust has not redeemed the Notes,

            

      	

            	(d)	
              as of any Payment Date, a Pool Balance Deficit exists with respect to Group 1 after giving effect to distributions on such Payment Date (including deposits to the Principal Funding Account on such
                Payment Date),

            

      
        7

        
          

      

      

      

      	

            	(e)	
              for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate
                Principal Balance of all Group 1 Receivables which became Written-Off Receivables during each of the three (3) prior Collection Periods by the Group 1 Pool Balance as of the first day of each of those Collection Periods, multiplied by four
                (4), exceeds 10.00%,

            

      	

            	(f)	
              for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate
                Principal Balance of all Group 1 Receivables that are ninety-one (91) days or more delinquent at the end of each of the three (3) prior Collection Periods by the Group 1 Pool Balance as of the last day of each of those Collection Periods,
                divided by three (3), exceeds 2.00%,

            

      	

            	(g)	
              with respect to any Payment Date, the Series 2021-1 Allocated Pool Balance is less than 50.00% of (x) the aggregate Note Balance minus (y) the amount on deposit in the Principal Funding Account, in
                each case as of such Payment Date,

            

      	

            	(h)	
              as of any date of determination, the Discounted Series Invested Amount for Series 2021-1 is greater than the excess of (i) the Group 1 Pool Balance over (ii) the sum of (x) the Ineligible Amount
                for Series 2021-1 and (y) the Series 2021-1 Excess Concentration Amount,

            

      	

            	(i)	
              a Servicer Termination Event has occurred and is continuing, or

            

      	

            	(j)	
              an Event of Default for Group 1 has occurred and is continuing.

            

      “Series 2021-1 ARR Series Allocation Percentage” means the ARR Series Allocation Percentage for Series 2021-1.

      “Series 2021-1 Available Funds” means, with respect to any Payment Date, an amount equal to the sum of (i) the product of the Series 2021-1 Allocation
        Percentage and the Group 1 Available Funds for the related Collection Period and (ii) any amounts released from the Principal Funding Account with respect to such Payment Date.

      “Series 2021-1 Collateral” means (a) all security entitlements relating to the Series 2021-1 Accounts and the property deposited in or credited to any of the
        Series 2021-1 Accounts, (b) the Trust’s rights under any Letter of Credit, (c) all present and future claims, demands, causes of action and choses in action for any of the foregoing and (d) all payments on or under and all proceeds for any of the
        foregoing.

      “Series 2021-1 Discount Rate” means 6.30%.

      “Series 2021-1 Eligible Receivable” means a Group 1 Receivable that satisfies all of the following criteria:

      	

            	•	
              as of the related Cutoff Date, the remaining term of the Receivable was less than or equal to 30 months;

            

      
        8

        
          

      

      

      

      	

            	•	
              the Receivable did not contain a contractual right to an upgrade of the Device related to the device payment plan agreement at the time the Receivable was originated;

            

      	

            	•	
              as of the related Cutoff Date, as indicated on the records of the related Originator, one of its affiliates or the Servicer, the Obligor on the account for the Receivable maintains service with
                Verizon Wireless;

            

      	

            	•	
              as of the related Cutoff Date, the Receivable is not associated with the account of a government customer;

            

      	

            	•	
              as of the related Cutoff Date, the Obligor on the account for the Receivable is not indicated to be subject to a current bankruptcy proceeding on the records of the related Originator (or, with
                respect to Receivables transferred from the Additional Transferor or designated to Group 1 on a Re-Designation Date, the Servicer) or one of its affiliates, acting as its agent;

            

      	

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

            

      	

            	•	
              the Receivable is denominated and payable only in U.S. dollars;

            

      	

            	•	
              the Receivable is a legal and binding obligation of the related Obligor enforceable against the Obligor in accordance with its terms;

            

      	

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

            

      	

            	•	
              installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement;

            

      	

            	•	
              as of the related Cutoff Date, the outstanding Principal Balance of the Receivable does not exceed $3,000; and

            

      	

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

            

      	

            	•	
              for any Business Receivable for which the related Obligor is a Business Obligor:

            

      	

            	•	
              the Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer; and

            

      	

            	•	
              the Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the True-Up Trust or an affiliate thereof.

            

      
        9

        
          

      

      

      

      “Series 2021-1 Excess Concentration Amount” means, with respect to Group 1 and the Group 1 Receivables, the sum of the following amounts, without duplication:

      (1) for all Group 1 Receivables:

      	

            	•	
              the amount by which the aggregate Principal Balance of Group 1 Receivables with Obligors that have less than twelve (12) months of Customer Tenure with Verizon Wireless exceeds 22.00% of the Group
                Pool Balance,

            

      	

            	•	
              the amount by which the aggregate Principal Balance of Group 1 Receivables with Obligors that have less than sixty (60) months of Customer Tenure with Verizon Wireless exceeds 45.00% of the Group
                Pool Balance, and

            

      	

            	•	
              with respect to all Receivables for which the origination date was less than thirty-one (31) days prior to the related Cutoff Date, or in the case of any determination made on a Payment Date, the
                last day of the related Collection Period, the product of (i) the aggregate Principal Balance of all such Receivables and (ii) 10.00%,

            

      (2) for Group 1 Receivables that Consumer Receivables only:

      	

            	•	
              the aggregate Principal Balance of all Group 1 Receivables that are Consumer Receivables with the lowest FICO®
                Scores that would need to be excluded from the calculation of the Pool Balance of all Group 1 Receivables that are Consumer Receivables in order to cause the weighted average FICO® Score of the Consumer Obligors with respect to all Group 1 Receivables that are Consumer Receivables (weighted based on Principal Balances) included in such calculation of the Pool Balance of all Group 1
                Receivables that are Consumer Receivables to be at least 700 (excluding any Group 1 Receivables that are Consumer Receivables with Consumer Obligors for whom FICO®
                Scores are not available), and

            

      	

            	•	
              the amount by which the aggregate Principal Balance of Group 1 Receivables that are Consumer Receivables with Consumer Obligors for whom FICO® Scores are not available exceeds 4.50% of the Pool Balance of all Group 1 Receivables that are Consumer Receivables,

            

      (3) for Group 1 Receivables that are Business Receivables only:

      	

            	•	
              the amount by which the aggregate Principal Balance of Group 1 Receivables that are Business Receivables exceeds 10.00% of the Group Pool Balance.

            

      “Series 2021-1 Group Allocated Percentage” means the Group Allocated Percentage for Series 2021-1.

      “Series 2021-1 Required Overcollateralization Amount” means, with respect to any date of determination, an amount equal to (a) the product of (i) the Series
        2021-1 Required Overcollateralization Percentage, expressed as a fraction, and (ii) (x) during the Revolving Period, the Note Balance of the Notes as of such date and (y) during the Amortization Period, the Note Balance of the Notes as of the last
        day of the Revolving Period, divided by (b) the

      
        10

        
          

      

      

      

      percentage, expressed as a fraction, equal to 100% minus the Series 2021-1 Required Overcollateralization Percentage.

      “Series 2021-1 Required Overcollateralization Percentage” means 10.50%.

      “Series 2021-1 Secured Parties” means, with respect to Series 2021-1, the Indenture Trustee, for the benefit of the Noteholders.

      “Series 2021-1 Securities Account” means each Series 2021-1 Account subject to the terms of the Series 2021-1 Account Control Agreement.

      “Series 2021-1 Series Related Documents” means, collectively, means this Indenture, the Depository Agreement, the Series 2021-1 Account Control Agreement, any
        Letter of Credit and any other Series Related Documents with respect to Series 2021-1.

      “Sponsor” means Cellco.

      “Third Priority Principal Payment” means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the
        Class A Notes, Class B Notes and Class C Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the sum of the Series 2021-1 Allocated Pool Balance, any First Priority Principal
        Payment and any Second Priority Principal Payment for such Payment Date.

      “Total Required Payment” means, with respect to any Payment Date and the Reserve Account Draw Amount, the sum of the amounts set forth in Sections 8.2(c)(i)
        through (viii) of this Indenture.

      “Trust Order” has the meaning stated in Section 11.3(a).

      “Trust Request” has the meaning stated in Section 11.3(a).

      “Underwriting Agreement” means the Underwriting Agreement, dated as of May 18, 2021, by and among the Depositor, Cellco and each of RBC Capital Markets, LLC,
        Barclays Capital Inc. and Citigroup Global Markets Inc., each on its own behalf and as a representative of the several underwriters identified therein.

      Section 1.2     Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
        by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

      “indenture securities” means the Notes

      “indenture security holder” means a Noteholder

      “indenture to be qualified” means this Indenture

      
        11

        
          

      

      

      

      “indenture trustee” or “institutional trustee” means the Indenture Trustee

      “obligor” on the indenture securities means the Trust and any other obligor on the indenture securities

      All other TIA terms used in this Indenture that are (i) defined in the TIA, (ii) defined in the TIA by reference to another statute or (iii) defined by a Commission
        rule have the meanings so assigned to them.

      ARTICLE II

      THE NOTES

      Section 2.1     Form of Notes.

      (a)            Form. 

          Each Class of Notes will be in substantially the form of Exhibit A with variations required or permitted by this Indenture.  The Notes may have marks of identification and legends or endorsements as determined by the Responsible Person of the
          Trust executing the Notes.  The physical Notes will be produced by a method determined by the Responsible Person of the Trust executing the Notes.

      (b)            Incorporation

            by Reference.  Each Note will be dated the date of its authentication.  The terms of the Notes in Exhibit A are part of this Indenture and are incorporated into this Indenture by reference.

      Section 2.2     Execution, Authentication and Delivery.

      (a)            Execution. 

          The Owner Trustee, on behalf of the Trust, will execute the Notes for the Trust.  The signature of the Responsible Person on the Notes may be manual or facsimile.  Notes having the manual or facsimile signature of an individual who was a
          Responsible Person of the Trust will bind the Trust, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Notes or was not a Responsible Person on the issuance date of the Notes.

      (b)            Authentication

            and Delivery.  The Indenture Trustee will, on Trust Order, authenticate and deliver the Notes for original issue in the Classes, Note Interest Rates and initial Note Balances as stated below.

      	
              Class

            	
              Note Interest Rate

            	
              Initial Note Balance

            
	
              Class A Notes

            	
              0.50%

            	
              $1,500,500,000

            
	
              Class B Notes

            	
              0.69%

            	
              $118,700,000

            
	
              Class C Notes

            	
              0.89%

            	
              $80,800,000

            

      

      

      (c)            Denomination. 

          The Notes will initially be issued as Book-Entry Notes.  The Notes will be issued in minimum denominations of $1,000 and in multiples of $1,000.  However, one Note of each Class may be issued in a different amount if it exceeds the minimum
          denomination for the Class.

      
        12

        
          

      

      

      

      (d)            Certificate

            of Authentication.  No Note will have the benefit of this Indenture or be valid unless it has a certificate of authentication substantially in the form included in Exhibit A manually executed by an authorized signatory of the Indenture
          Trustee.  The certificate of authentication on a Note will be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.  Each Note will be dated the date of its authentication.

      Section 2.3     Tax Treatment.  The Trust intends that Notes be treated as indebtedness for purposes of U.S. federal, State and local income tax, franchise
        tax, and any other tax imposed on or measured in whole or in part by income.  The Trust, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable
        Book-Entry Note), agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income, and the Trust as a mere security device
        formed to hold the Receivables and issue Notes and Certificates.

      Section 2.4     Note Register.  The Trust appoints the Indenture Trustee to be the “Note Registrar” and to keep a register (the “Note Register”)

        for the purpose of registering Notes and transfers and exchanges of Notes, subject to such reasonable regulations as it may prescribe.  On resignation of the Note Registrar, the Trust will promptly appoint a successor or, if it elects not to make
        the appointment, assume the obligations of Note Registrar.  If the Trust appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Trust will notify the Indenture Trustee of the appointment and (ii) the Indenture Trustee will
        have the right to rely on a certificate executed by an officer of the Note Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes.  Each of the Indenture Trustee (if it is not the Note
        Registrar), the Trust and the Administrator will have the right to inspect the Note Register at reasonable times and to receive copies of the Note Register.

      Section 2.5     Registration of Transfer and Exchange.

      (a)            Transfer

            of Notes.  A Noteholder may transfer a Note by surrendering the Note for registration of transfer at the office or agency of the Trust maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC are met, the Trust will
          execute and the Indenture Trustee will authenticate and deliver to the Noteholder, in the name of the transferee or transferees, new Notes of the same Class, in the same aggregate principal amount.

      (b)            Exchange

            of Notes.  A Noteholder may exchange Notes for other Notes of the same Class by surrendering the Notes to be exchanged at the office or agency of the Trust maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC
          are met, the Trust will execute, the Indenture Trustee will authenticate and the Noteholder will receive from the Indenture Trustee new Notes of the same Class, in the same aggregate principal amount.

      (c)            Valid

            Obligation.  Notes issued on the registration of transfer or exchange of Notes will be the valid obligations of the Trust, evidencing the same debt, and have the same benefits under this Indenture as the Notes surrendered for registration
          of transfer or exchange.

      (d)            Surrendered

            Notes.  Every Note surrendered for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written instrument of transfer in

      
        13

        
          

      

      

      

      form satisfactory to the Note Registrar duly executed by, the Noteholder of the Note or the Noteholder’s authorized attorney, with the signature guaranteed by an “eligible guarantor
        institution” meeting the requirements of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another “signature guarantee program”, according to the Exchange Act and (ii) accompanied by
        other documents the Note Registrar may require.

      (e)            No

            Service Charge.  None of the Trust, the Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for the registration of transfer or exchange of Notes.  The Trust, the Note Registrar or the Indenture Trustee may
          require the Noteholder to pay an amount to cover taxes or other governmental charges that may be imposed for the registration of transfer or exchange of the Notes.

      (f)            Registration

            of Transfers and Exchanges.

      (i)            The Note Register will register transfers and exchanges of Notes in the Note Register.  However, neither the Trust nor the Note Registrar will be required to register transfers or exchanges of Notes for which the next Payment
          Date is not more than fifteen (15) days after the requested date of transfer or exchange or which have been called for redemption.

      (ii)            Neither the Indenture Trustee nor the Note Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law
          with respect to any transfer of any interest in any Note (including any transfers between or among Clearing Agency participants or beneficial owners of interests in any Book-Entry Note) other than to require delivery of such certificates and
          other documentation or evidence as are expressly required by this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

      (g)            ERISA

            Representations.  Each Note Owner that is subject to Title I of ERISA, Section 4975 of the Code or Similar Law and any fiduciary acting on behalf of the Note Owner, by accepting an interest or participation in a Note, is deemed to represent
          that its purchase, holding and disposition of that interest or participation does not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or
          administrative exemption from the prohibited transaction rules (or, if the Note Owner is subject to Similar Law, the purchase, holding and disposition does not and will not result in a non-exempt violation of that Similar Law).

      Section 2.6     [Reserved].

      Section 2.7     Mutilated, Destroyed, Lost or Stolen Notes.

      (a)            Replacement

            Notes.  If a mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence of the destruction, loss or theft of a Note, the Trust will execute and, on Trust Request, the Indenture Trustee will
          authenticate and deliver a replacement Note of the same Class and principal amount in exchange for or in place of the Note if the following conditions are met: (i) the Indenture Trustee receives security or indemnity to hold the

      
        14

        
          

      

      

      

      Trust and the Indenture Trustee harmless, (ii) none of the Trust, the Note Registrar or the Indenture Trustee have received notice that the Note has been acquired by a protected
        purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met.  However, if a destroyed, lost or stolen Note (but not a mutilated Note) is due and payable within fifteen (15) days or has been
        called for redemption, instead of issuing a replacement Note, the Trust may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the Note.  If a protected purchaser of the original Note in
        place of which the replacement Note was issued (or the payment made) presents for payment the original Note, the Trust and the Indenture Trustee may recover the replacement Note (or the payment) from the Person to whom it was delivered or a Person
        taking the replacement Note (or the payment) from the Person to whom the replacement Note (or the payment) was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or indemnity provided for the
        replacement Note (or the payment) for any fee, expense, loss, damage or liability incurred by the Trust or the Indenture Trustee for the replacement Note (or the payment).

      (b)            Taxes,

            Charges and Expenses.  On the issuance of a replacement Note under Section 2.7(a), (i) the Trust may require the Noteholder of the Note to pay an amount to cover any taxes or other governmental charges imposed and any other reasonable
          expenses incurred for the replacement Note, (ii) the Indenture Trustee will, for a mutilated Note, cancel the Note and (iii) the Note Registrar will record in the Note Register that the destroyed, lost or stolen Note no longer has the benefits of
          this Indenture.

      (c)            Additional

            Obligation.  Each replacement Note issued under Section 2.7(a) will be an original additional contractual obligation of the Trust and will have the benefits of this Indenture equally and proportionately with other Notes of the same Class
          duly issued under this Indenture.

      (d)            Sole

            Remedy.  This Section 2.7 states the sole remedy available to Noteholders for the replacement or payment of mutilated, destroyed, lost or stolen Notes.

      Section 2.8     Persons Deemed Owners.  On any date, the Trust, the Indenture Trustee, the Note Registrar and any agent of the Trust or the Indenture Trustee
        may treat the Person in whose name a Note is registered as of that date as the owner of the Note for all purposes, including receiving payments of principal of and interest on the Note, without regard to any notice or other information to the
        contrary.

      Section 2.9     Payments on Notes.

      (a)            Interest

            Accrual.  Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period.  Interest on the
          Notes for each Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months.  Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

      (b)            Principal. 

          Prior to the beginning of the Amortization Period, principal payments will not be made on the Notes, other than in connection with an Optional Redemption.  If

      
        15

        
          

      

      

      

      Priority Principal Payments are required to be made on any Payment Date prior to the beginning of the Amortization Period in accordance with the provisions of Article VIII, such
        amounts will be deposited into the Principal Funding Account on such Payment Date in accordance with the provisions of Article VIII, to the extent of Series 2021-1 Available Funds, in lieu of such amounts being applied to pay principal on the Notes
        on such Payment Date.  Amounts on deposit in the Principal Funding Account will be applied in accordance with the provisions of Article VIII.  On each Payment Date during the Amortization Period, the principal of each Class of Notes will be payable
        in installments on each Payment Date in accordance with the provisions of Article VIII.  The Note Balance of each Class of Notes will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In addition, the
        Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to Section 5.2(a).

      (c)            Make-Whole

            Payments.  A Make-Whole Payment will be due in connection with the Optional Redemption of the Notes on any date on or after the Earliest Redemption Date but prior to the First Par Redemption Date, as described in Section 8.2, solely to the
          extent funds are available therefor.  Any Make-Whole Payments on a Class of Notes not previously paid will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In addition, any Make-Whole Payments on a
          Class of Notes not previously paid will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to Section 5.2(a).  For the avoidance of doubt, no Make-Whole Payment will be
          payable in connection with an Optional Redemption of the Notes on or after the First Par Redemption Date.

      (d)            Additional

            Interest Amounts.  If the Notes have not been redeemed as of the Anticipated Redemption Date, beginning on such Payment Date, in addition to interest at the stated interest rate, each class of Notes will accrue additional interest at the
          Additional Interest Rate applicable to that class of Notes, which accrued Additional Interest Amounts will be distributed to Noteholders in accordance with the provisions of Article VIII, to the extent of Series 2021-1 Available Funds.

      (e)            Monthly

            Payment of Interest, Principal and Other Amounts.  Payments of interest, principal and other amounts on each Class of Notes will be made pro rata to the Noteholders of that Class on each Payment Date.  For Book-Entry Notes, payments will be
          made by wire transfer to the account designated by the nominee of the Clearing Agency according to Section 2.12.  For Definitive Notes, payments will be made (i) if the Noteholder has given to the Note Registrar instructions at least five (5)
          Business Days before that Payment Date and the aggregate original principal amount of the Noteholder’s Notes is at least $1,000,000, by wire transfer to the account of the Noteholder or (ii) by check mailed first class mail, postage prepaid, to
          the Noteholder’s address as it appears on the Note Register on the related Record Date.  Amounts paid by wire transfers or checks that are returned undelivered will be held according to Section 3.3.

      (f)            Payment

            of Final Installment.  The final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the applicable Final Maturity Date will be payable only on presentation and
          surrender of the Note, subject to Section 2.7(a).  Upon receipt of written notice thereof from the Servicer (which may

      
        16

        
          

      

      

      

      be in the form of the Monthly Investor Report), the Indenture Trustee will notify each Noteholder of the date the Trust expects to pay the final installment on any of the Notes, which
        notice will be delivered no later than five (5) days before that date (solely to the extent the Indenture Trustee has received notice prior to such date), and the place where the Notes may be presented and surrendered for payment.

      Section 2.10     Cancellation of Notes.  Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will
        deliver the Note to the Indenture Trustee, and the Indenture Trustee will promptly cancel it.  The Trust may surrender to the Indenture Trustee for cancellation Notes previously authenticated and delivered under this Indenture which the Trust may
        have acquired, and the Indenture Trustee will promptly cancel them.  No Notes will be authenticated in place of or in exchange for Notes cancelled as stated in this Section 2.10.  The Indenture Trustee may hold or dispose of cancelled Notes
        according to its standard retention or disposal policy unless the Trust directs, by Trust Order, that they be destroyed or returned to it.

      Section 2.11     Release of Series 2021-1 Collateral.  The Indenture Trustee will release property from the Lien of this Indenture only according to Sections
        8.4 and 10.1.

      Section 2.12     Book-Entry Notes.

      (a)            Issuance

            and Registration.  The Notes will be issued as Book-Entry Notes on the Closing Date.  The Book-Entry Notes, on original issuance, will be issued in the form of printed Notes representing the Book-Entry Notes and delivered to The Depository
          Trust Company, the initial Clearing Agency, by, or on behalf of, the Trust.  The Book-Entry Notes will be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency.

      (b)            Sole

            Noteholder.  The Note Registrar and the Indenture Trustee may deal with the Clearing Agency as the sole Noteholder of the Book-Entry Notes for all purposes of this Indenture and will not be obligated to the Note Owners, except as stated in
          Section 7.1.

      (c)            Rights. 

          The rights of Note Owners may be exercised only through the Clearing Agency and will be limited to those established by law and agreements between the Note Owners and the Clearing Agency and/or its participants under the Depository Agreement.

      (d)            Clearing

            Agency Obligations.  The Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to the participants.  The Indenture Trustee, the Note
          Registrar and the Note Paying Agent shall have no responsibility or liability for any actions taken or not taken by the Clearing Agency.

      (e)            Representation

            of Noteholders.  If this Indenture requires or permits actions to be taken based on instructions or directions of the Noteholders of a stated percentage of the Note Balance of the Notes (or the Controlling Class), the Clearing Agency will
          be deemed to represent those Noteholders only if it has received instructions to that effect from Note Owners and/or the Clearing Agency’s participants owning or representing, the required percentage of the beneficial

      
        17

        
          

      

      

      

      interest of the Notes (or the Controlling Class) and has delivered the instructions to the Indenture Trustee.

      (f)            Conflicts. 

          If this Section 2.12 conflicts with other terms of this Indenture, this Section 2.12 will control.

      (g)            CUSIP

            Numbers.  The Trust in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided that any such notice
          may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
          Notes, and any such redemption shall not be affected by any defect in or omission of such numbers.  The Trust will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers.

      Section 2.13     Definitive Notes.  No Note Owner will receive a definitive, fully registered Note (a “Definitive Note”) representing the Note Owner’s
        interest in the Note unless and until (a) the Administrator notifies the Indenture Trustee that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the Administrator
        is unable to reach an agreement on satisfactory terms with a qualified successor, (b) the Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence and
        during the continuation of an Event of Default with respect to Group 1 or a Servicer Termination Event, Note Owners of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to
        terminate the book-entry system through the Clearing Agency.  In these cases, the Clearing Agency will notify Note Owners and the Indenture Trustee of the availability of Definitive Notes.  After the Clearing Agency has surrendered the printed
        Notes representing the Book-Entry Notes and delivered the registration instructions to the Indenture Trustee, the Trust will execute and the Indenture Trustee, on Trust Request, will authenticate the Definitive Notes according to the instructions
        of the Clearing Agency.  None of the Trust, the Note Registrar or the Indenture Trustee will be liable for delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions.  On the issuance of
        Definitive Notes to Note Owners, the Indenture Trustee will recognize the holders of the Definitive Notes as Noteholders.

      Section 2.14     Authenticating Agents.

      (a)            Appointment. 

          The Indenture Trustee may appoint one or more Persons as authenticating agents for the Notes (each, an “Authenticating Agent”) with the power to act on its behalf and subject to its direction in the authentication of Notes for issuances,
          transfers, exchanges and replacements.  The authentication of Notes by an Authenticating Agent under this Section 2.14 is deemed to be the authentication of Notes “by the Indenture Trustee.” If no Authenticating Agent is appointed, the Indenture
          Trustee will be the Authenticating Agent for the Notes.

      (b)            Resignation

            and Termination.  An Authenticating Agent may resign by notifying the Indenture Trustee, the Master Collateral Agent and the Owner Trustee.  The Indenture

      
        18

        
          

      

      

      

      Trustee may terminate the agency of an Authenticating Agent by notifying the Authenticating Agent, the Master Collateral Agent and the Owner Trustee.

      Section 2.15     Note Paying Agents.

      (a)            Appointment. 

          The Indenture Trustee may appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee in Section 6.11.  If no Note Paying Agent is appointed, then the Indenture Trustee will be the Note Paying Agent for
          the Notes.  Each Note Paying Agent will have the power to make distributions from the Series 2021-1 Accounts.

      (b)            Resignation

            and Termination.  A Note Paying Agent may resign by notifying the Indenture Trustee, the Administrator, the Master Collateral Agent and the Trust.  The Indenture Trustee may terminate the agency of a Note Paying Agent by notifying the Note
          Paying Agent, the Administrator, the Master Collateral Agent and the Trust.

      ARTICLE III

      COVENANTS, REPRESENTATIONS AND WARRANTIES

      Section 3.1     Payment of Principal, Interest and Other Amounts.  The Trust will duly and punctually pay the principal of and interest, Additional Interest
        Amounts and Make-Whole Payments, if any, on the Notes according to the terms of the Notes and this Indenture.  Amounts withheld under the Code or State or local tax law by any Person from a payment to a Noteholder will be considered as having been
        paid by the Trust to the Noteholder.

      Section 3.2     Maintenance of Office or Agency.  The Trust will maintain an office or agency at the Corporate Trust Office of the Indenture Trustee
        designated for such purpose, where Notes may be surrendered for registration of transfer or exchange, and where notices to and demands on the Trust for the Notes and this Indenture may be served.  The Trust initially appoints the Indenture Trustee
        to serve as its agent for those purposes.  The Trust will promptly notify the Indenture Trustee of a change in the location of the office or agency.  If the Trust fails to maintain the office or agency or fails to furnish the Indenture Trustee with
        the address of the office or agency, any surrender, notices or demands may be made or served at the Corporate Trust Office, and the Trust appoints the Indenture Trustee as its agent to receive them.

      Section 3.3     Money for Payments To Be Held in Trust.

      (a)            Payments

            on the Notes.  Payments on the Notes that are to be made from amounts withdrawn from the Series 2021-1 Accounts will be made on behalf of the Trust by the Note Paying Agent.  No amounts withdrawn for payments on the Notes may be paid over
          to the Trust, except as stated in this Section 3.3.

      (b)            Agreement

            by Note Paying Agent.  The Indenture Trustee will, and will cause each Note Paying Agent (other than the Indenture Trustee) to, execute and deliver to the Indenture Trustee, an instrument in which the Note Paying Agent agrees with the
          Indenture Trustee (and if the Indenture Trustee acts as the Note Paying Agent, it hereby so agrees) to:

      
        19

        
          

      

      

      

      (i)               hold funds held by it for the payment of amounts due on the Notes in trust for the benefit of the Persons entitled to that money and pay it to those Persons under this Indenture;

      (ii)            notify the Indenture Trustee of a default by the Trust of which it has actual knowledge in the making of a required payment on the Notes;

      (iii)            during the continuance of a default, on the request of the Indenture Trustee, immediately pay to the Indenture Trustee money held by it in trust;

      (iv)             immediately resign as a Note Paying Agent and immediately pay to the Indenture Trustee amounts held by it in trust if it ceases to meet the eligibility standards set forth in Section 6.11 for the Indenture Trustee; and

      (v)            comply with all requirements of the Code for withholding and reporting requirements for payments on the Notes.

      (c)            Payment

            Direction.  The Trust may by Trust Order, direct a Note Paying Agent to pay to the Indenture Trustee money held in trust by the Note Paying Agent, which money will be held by the Indenture Trustee on the same terms as the Note Paying
          Agent.  On a Note Paying Agent’s payment of money held in trust to the Indenture Trustee, the Note Paying Agent will be released from liability for such amounts.

      (d)            Unclaimed

            Money.  Subject to applicable law, money held by the Indenture Trustee or a Note Paying Agent in trust under this Section 3.3 which remains unclaimed for two (2) years after it became due and payable will be discharged from the trust and
          paid to the Trust on Trust Request.  After discharge and payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Trust for payment of the amount due and unclaimed, and the Indenture Trustee or the Note Paying
          Agent will be released from liability for such amounts.  However, the Indenture Trustee or the Note Paying Agent, before making the payment, will publish once, at the expense and direction of the Trust, in a newspaper customarily published on
          each Business Day in the English language and of general circulation in The City of New York, notice that the money remains unclaimed and that after a date stated in the notice, which must be at least thirty (30) days from the date of
          publication, any unclaimed balance of the money then remaining will be paid to the Trust.  The Indenture Trustee will also use other reasonable means to notify Noteholders of unclaimed payments.

      (e)            FATCA

            Withholding.  The Trust represents, warrants and covenants to the Indenture Trustee and the Note Paying Agent that, (i) to the best of the Trust’s knowledge, the Indenture Trustee, Note Registrar and Note Paying Agent are not obligated in
          respect of any payments to be made by the Trust pursuant to this Indenture, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the
          Code and any regulations or agreements thereunder or official interpretations thereof (“FATCA Withholding Tax”), provided such parties have obtained the requisite information about the Noteholders; (ii) the Noteholders are required to
          provide information sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax (the “FATCA Information”) to the Trust and the Indenture Trustee,

      
        20

        
          

      

      

      

      (iii) the Trust shall comply with all requirements of the Code with respect to the withholding from any payment made by it on any Note of any applicable FATCA Withholding Tax imposed
        thereon and with respect to any applicable reporting requirement in connection therewith; and (iv) to the extent the Trust determines that FATCA Withholding Tax is applicable, it will promptly notify the Note Paying Agent of such fact.  To the
        extent the Trust has the Noteholders’ information, the Trust will provide the FATCA Information to the Indenture Trustee, the Note Registrar and the Note Paying Agent upon request. Each holder of a Note or an interest therein, by acceptance of such
        Note or such interest in such Note, will be deemed to have agreed to provide the Trust, the Indenture Trustee, the Note Registrar and the Note Paying Agent with the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax
        is applicable, the FATCA Information. In addition, each holder of a Note will be deemed to understand that the Note Paying Agent has the right to withhold interest payable with respect to the Note (without any corresponding gross-up) on any
        beneficial owner of an interest in a Note that fails to comply with the foregoing requirements.

      Section 3.4     Existence.  The Trust will obtain and maintain its qualification in each jurisdiction in which the qualification is or will be necessary to
        protect the validity and enforceability of this Indenture, the Notes and the Series 2021-1 Collateral.

      Section 3.5     Protection of Collateral.

      (a)            Amendments

            and Financing Statements.  The Trust will (i) execute and deliver amendments to this Indenture and other documents, (ii) file or authorize and cause to be filed financing statements and amendments and continuations of those financing
          statements and (iii) take other action, in each case, necessary or advisable to:

      (A)            Grant more effectively any portion of the Series 2021-1 Collateral pursuant to this Indenture;

      (B)            maintain or preserve the Lien and security interest (and the priority of the security interest) of this Indenture;

      (C)            perfect, maintain perfection, publish notice of or protect the validity of a Grant made or to be made by this Indenture;

      (D)            enforce the Series 2021-1 Collateral; or

      (E)            maintain and defend title to the Series 2021-1 Collateral and the rights of the Indenture Trustee and the Series 2021-1 Secured Parties in the Series 2021-1 Collateral against the claims of all Persons, subject to Permitted
          Liens and the Transaction Documents.

      (b)            Authorization

            to File.  The Trust authorizes the Administrator and the Indenture Trustee (but the Indenture Trustee shall not be required to do so) to file financing and continuation statements, and amendments to the statements, in the jurisdictions and
          with the filing offices as the Administrator or the Indenture Trustee may determine necessary or advisable to perfect the Indenture Trustee’s interest in the Series 2021-1 Collateral.  The Administrator (or the Indenture Trustee solely to the
          extent it has elected to so prepare and file) shall timely

      
        21

        
          

      

      

      

      prepare and file the foregoing and will promptly deliver to the Trust and the Indenture Trustee file-stamped copies of, or filing receipts for, any financing statement, continuation
        statement and amendment to a previously filed financing statement.

      (c)            Indenture

            Trustee Not Obligated.  The Indenture Trustee is not obligated to (i) make a determination of whether filing financing or continuation statements, or amendments to the statements, is required or (ii) file any financing or continuation
          statements, or amendments to the statements, and will not be liable for failure to do so.

      (d)            Description

            of Series 2021-1 Collateral in Financing Statement.  Financing statements filed pursuant to this Indenture may describe the Series 2021-1 Collateral in the same manner as described herein or may describe the Series 2021-1 Collateral subject
          thereto as “All of the debtor’s right, title and interest now or hereafter existing in, to and under all assets of the debtor pledged solely to Series 2021-1, whether now owned or existing or hereafter acquired or arising.”

      Section 3.6     Performance of Obligations.

      (a)            Performance

            of Obligations.  The Trust will perform all of its obligations under the Transaction Documents, the Series 2021-1 Series Related Documents and documents included in the Series 2021-1 Collateral in all material respects.  The Trust will not
          take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Series 2021-1
          Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in or permitted under this
          Indenture, the other Series 2021-1 Series Related Documents, the Transaction Documents, the Servicing Procedures or such other instrument or agreement.

      (b)            Subcontracting. 

          The Trust may contract with other Persons to assist it in performing its obligations under this Indenture.  Initially, the Trust has contracted with the Servicer and the Administrator to assist the Trust in performing its obligations under this
          Indenture.

      Section 3.7     Negative Covenants.  So long as Notes are Outstanding, the Trust will not, except as permitted in the Transaction Documents:

      (a)            Dispose

            of Series 2021-1 Collateral.  Sell, transfer, exchange or dispose of the Series 2021-1 Collateral unless directed to do so by the Indenture Trustee;

      (b)            No

            Release of Material Obligations.  Take action, and will use its commercially reasonable efforts to prevent any action from being taken by others, that would release any Person from any material obligation under a document included in the
          Series 2021-1 Collateral or that would impair the validity or enforceability of the Series 2021-1 Collateral or a document included in the Series 2021-1 Collateral;

      (c)            Set-off. 

          Claim a credit on, or make a deduction from the payments of principal or interest on, the Notes (other than amounts withheld from payments under applicable Law) or

      
        22

        
          

      

      

      

      assert a claim against a Noteholder by reason of the payment of the taxes levied or assessed on the Trust, the Group 1 Assets or the Series 2021-1 Collateral;

      (d)            Liens. 

          Permit (i) the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, subordinated, terminated or discharged, or permit a Person to be released from obligations under this Indenture except
          in each case as permitted by this Indenture, (ii) any Lien, other than Permitted Liens, to be created on or extend to the Series 2021-1 Collateral or (iii) the Lien of this Indenture not to be a valid first priority security interest in the
          Series 2021-1 Collateral, other than with respect to Permitted Liens;

      (e)            Modification

            of Collateral.  Subject to Article IX and the terms and conditions of the Series 2021-1 Collateral or any Transaction Documents, amend, modify, waive, terminate or surrender any Series 2021-1 Collateral without the consent of the Indenture
          Trustee or the Noteholders of a majority of the Note Balance of the Notes and notifying the Rating Agencies;

      (f)            Engage

            in Non-Permissible Activities.  Engage in any activity other than as permitted by the Trust Agreement.

      Section 3.8     Opinions on Collateral.

      (a)            Opinion

            on Recording.  If this Indenture is subject to recording, the Trust, at its expense, will record it and deliver an Opinion of Counsel to the Indenture Trustee stating that the recording is necessary either for the protection of the Series
          2021-1 Secured Parties or for the enforcement of a right or remedy Granted to the Indenture Trustee under this Indenture.

      (b)            Opinion

            on Perfection.  On the Closing Date, the Trust will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture creates an enforceable security interest in favor of the Indenture Trustee in the Indenture Trustee’s
          right, title and interest in and to the Series 2021-1 Collateral transferred by the Trust to the Indenture Trustee pursuant to this Indenture and in any identifiable cash proceeds thereof.

      (c)            Annual

            Opinion.  On or before April 30 of each year, beginning in the year after the Closing Date, the Trust will furnish to the Indenture Trustee an Opinion of Counsel either (i) stating that, in the opinion of that counsel, all action has been
          taken for the recording, filing, re-recording and refiling of this Indenture and all financing statements and continuation statements to maintain the Lien of this Indenture or (ii) stating that in the opinion of that counsel no action is
          necessary to maintain the Lien.

      Section 3.9     Annual Certificate of Compliance.  The Trust will deliver to the Indenture Trustee within ninety (90) days after the end of each calendar
        year, beginning in the year after the Closing Date, an Officer’s Certificate signed by a Responsible Person of the Trust, stating that (a) a review of the Trust’s activities and of its performance under this Indenture during the prior year has been
        made under a Responsible Person’s supervision and (b) to the Responsible Person’s knowledge, based on the review, the Trust has fulfilled in all material respects its obligations under this Indenture throughout the prior year or, if there has been
        a failure to fulfill an obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the failure.  A copy of the Officer’s Certificate may be obtained by any Noteholder or Person certifying
        it is a Note Owner by a request to the Indenture Trustee at its

      
        23

        
          

      

      

      

      Corporate Trust Office.  The Trust’s obligation to deliver an Officer’s Certificate under this Section 3.9 will terminate on the payment in full of the Notes.

      Section 3.10     Successor or Transferee.  (a) On a merger or consolidation of the Trust or a transfer under Section 5.5(d) of the Master Collateral
        Agreement, the Person formed by or surviving the merger or consolidation (if other than the Trust) will succeed to, and be substituted for, and may exercise the rights and powers of, the Trust under this Indenture with the same effect as if that
        Person had been named as the Trust in this Indenture and (b) for a transfer of the assets of the Trust under Section 5.5(d) of the Master Collateral Agreement, the predecessor Trust will be released from its obligations under this Indenture to be
        performed by the successor Trust for the Notes immediately on receipt of notice by the Indenture Trustee stating that the Trust is to be released.

      Section 3.11     Further Acts and Documents.  On request of the Indenture Trustee, the Trust will take action and execute and deliver additional documents
        reasonably required to perform and carry out the purposes of this Indenture.

      Section 3.12     Review of Trust’s Records.  The Trust will maintain records and documents relating to its performance under this Indenture according to its
        customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Trust will give the Indenture Trustee (or its representatives) access to the records and documents to conduct a
        review of the Trust’s performance under this Indenture.  Any access or review will be conducted at the Trust’s offices during its normal business hours at a time reasonably convenient to the Trust and in a manner that will minimize disruption to
        its business operations.  Any access or review will be subject to the Trust’s security, confidentiality and privacy policies and any legal, regulatory and data protection policies.  Notwithstanding the foregoing, the permissive right of the
        Indenture Trustee to access and review the Trust’s records shall not constitute an obligation of the Indenture Trustee to do so.

      Section 3.13     Trust’s Representations and Warranties.  The Trust represents and warrants to the Indenture Trustee as of the Closing Date:

      (a)            Organization

            and Qualification.  The Trust is duly formed and validly existing as a statutory trust in good standing under the laws of the State of Delaware.

      (b)            Power,

            Authority and Enforceability.  The Trust has the power and authority to execute, deliver and perform its obligations under the Transaction Documents and the Series 2021-1 Series Related Documents to which it is a party.  The Trust has
          authorized the execution, delivery and performance of the Transaction Documents and the Series 2021-1 Series Related Documents to which it is a party.  The Transaction Documents and the Series 2021-1 Series Related Documents to which it is a
          party are the legal, valid and binding obligation of the Trust enforceable against the Trust, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general
          equitable principles.

      (c)            No

            Conflicts and No Violation.  The completion of the transactions contemplated by the Transaction Documents and the Series 2021-1 Series Related Documents to which it is a

      
        24

        
          

      

      

      

      party and the performance of its obligations under such documents will not (i) conflict with, or be a material breach or material default under any indenture, mortgage, deed of trust,
        loan agreement, guarantee or similar document under which the Trust is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Trust’s properties or assets under the terms of any indenture, mortgage, deed of trust, loan
        agreement, guarantee or similar document (other than this Indenture and the Transaction Documents), (iii) violate the Trust Agreement or (iv) violate a Law or, to the Trust’s knowledge, an order, rule or regulation of a federal or State court,
        regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Trust or its properties that applies to the Trust, which, in each case of clauses (i) through (iv), would reasonably be expected to have a
        Material Adverse Effect.

      (d)            No

            Proceedings.  To the Trust’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having
          jurisdiction over the Trust or its properties (i) asserting the invalidity of the Transaction Documents, the Series 2021-1 Series Related Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the completion of the
          transactions contemplated by the Transaction Documents or the Series 2021-1 Series Related Documents, (iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect or would materially adversely
          impact the validity or enforceability of the Notes or (iv) relating to the Trust that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for purposes of U.S. federal and State income tax, franchise tax, and any
          other tax imposed on or measured in whole or in part by income, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Trust to be treated as an association or publicly traded partnership, in
          either case taxable as a corporation for U.S. federal income tax purposes, in each case, other than any proceedings that, to the Trust’s knowledge, would not reasonably be expected to have a material adverse effect on the Trust, the performance
          by the Trust of its obligations under, or the validity and enforceability of, the Transaction Documents, the Series 2021-1 Series Related Documents or the Notes or the tax treatment of the Trust or the Notes.

      (e)            No

            Investment Company.  The Trust is not an “investment company” as defined in the Investment Company Act.  In making this determination, the Trust is relying on the definition in Section 3(c)(5) of the Investment Company Act, although other
          exclusions or exemptions may also be available to the Trust.

      (f)            Volcker

            Rule.  The Trust is structured not to be a “covered fund” under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the “Volcker Rule.”

      Section 3.14     Trust’s Representations and Warranties About Security Interest.  The Trust represents and warrants to the Indenture Trustee as of the
        Closing Date, which representations and warranties will survive the termination of this Indenture and may not be waived by the Indenture Trustee:

      (a)            Valid

            Security Interest.  This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Series 2021-1 Collateral in favor of the

      
        25

        
          

      

      

      

      Indenture Trustee which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors of, purchasers from and transferees and absolute assignees of the
        Trust.

      (b)            Good

            Title.  The Trust owns and has good title to the Series 2021-1 Collateral free and clear of any Lien, other than Permitted Liens.  The Trust has received all consents and approvals required by the terms of the Series 2021-1 Collateral to
          Grant to the Indenture Trustee all of its right, title and interest in the Series 2021-1 Collateral, except if a requirement for consent or approval is extinguished under the applicable UCC.

      (c)            Filing

            Financing Statements.  The Trust has caused, or will cause within ten (10) days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law to
          perfect the security interest Granted in the Series 2021-1 Collateral to the Indenture Trustee under this Indenture.  All financing statements filed or to be filed against the Trust in favor of the Indenture Trustee under this Indenture
          describing the Series 2021-1 Collateral will contain a statement to the following effect: “A purchase, absolute assignment or transfer of or grant of a security interest in any collateral described in this financing statement will violate the
          rights of the Series 2021-1 Secured Parties.”

      (d)            No

            Other Sale, Grant or Financing Statements.  Other than the security interest Granted to the Indenture Trustee under this Indenture, the Trust has not sold or Granted a security interest in any of the Series 2021-1 Collateral.  The Trust has
          not authorized the filing of and is not aware of any financing statements against the Trust that include a description of collateral covering any of the Series 2021-1 Collateral, other than financing statements relating to the security interest
          Granted to the Indenture Trustee under this Indenture.  The Trust is not aware of any judgment or tax Lien filings against it.

      (e)            Series

            2021-1 Securities Account.  All Permitted Investments have been and will be credited to a Series 2021-1 Securities Account.  The Securities Intermediary for each Series 2021-1 Securities Account has agreed to treat all assets credited to
          the Series 2021-1 Securities Accounts as “financial assets” within the meaning of the applicable UCC.

      (f)            Securities

            Intermediary Agreement.  The Trust has delivered to the Indenture Trustee a fully executed Series 2021-1 Account Control Agreement (1) that provides that the agreement is governed solely by the law of the State of New York and that the law
          of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, (2) pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Indenture Trustee
          relating to the Series 2021-1 Securities Accounts without further consent by the Trust, and (3) with a Securities Intermediary that at the time of this Indenture has one or more offices (within the meaning of the Hague Securities Convention) in
          the United States of America which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.

      (g)            Name

            of Series 2021-1 Securities Accounts.  The Series 2021-1 Securities Accounts are not in the name of a Person other than the Trust or the Note Paying Agent.  The Trust has not consented to the Securities Intermediary of a Series 2021-1
          Securities Account complying with entitlement orders of a Person other than the Indenture Trustee.

      
        26

        
          

      

      

      

      ARTICLE IV

      SATISFACTION AND DISCHARGE

      Section 4.1     Satisfaction and Discharge of Indenture.

      (a)            Conditions

            to Satisfaction and Discharge.  Except as stated in Section 4.1(c), this Indenture will cease to be of further effect for the Notes if:

      (i)            either (A) the Notes that have been authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid under Section 2.7 and (2) Notes for which payment money has
          been deposited in trust or segregated and held in trust by the Trust and later paid to the Trust or discharged from the trust under Section 3.3) have been delivered to the Indenture Trustee for cancellation or (B) the Notes not delivered to the
          Indenture Trustee for cancellation have become due and payable and the Trust has deposited or caused to be deposited with the Indenture Trustee money in trust in an amount sufficient to pay and discharge the outstanding Note Balance of the Notes
          and interest accrued on the Notes on the Redemption Date; and

      (ii)            the Trust has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

      (b)            Acknowledgement

            of Satisfaction and Discharge.  After the satisfaction and discharge of the Indenture under Section 4.1(a), the Indenture Trustee will (i) upon receipt of a Trust Order and at the expense of the Trust, execute documents acknowledging
          satisfaction and discharge of this Indenture and (ii) at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate stating that all Noteholders have been paid in full.

      (c)            Continuing

            Rights and Obligations.  After the satisfaction and discharge of this Indenture, this Indenture will continue for (i) rights of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii) the
          rights of Noteholders to receive payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee and any Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of the Indenture Trustee
          under this Indenture and (vi) the rights of the Series 2021-1 Secured Parties as beneficiaries of this Indenture in the property deposited with the Indenture Trustee payable to them for a period of two years after the satisfaction and discharge.

      ARTICLE V

      EVENTS OF DEFAULT; REMEDIES

      Section 5.1     Events of Default.

      (a)            Indenture

            Trustee to Notify.  In addition to the notice obligations of the Indenture Trustee under Section 6.5(a), the Indenture Trustee will notify the Noteholders within five (5) Business Days after a Responsible Person of the Indenture Trustee has
          actual knowledge of the occurrence of an Event of Default with respect to Group 1.

      
        27

        
          

      

      

      

      Section 5.2     Acceleration of Maturity; Rescission.

      (a)            Acceleration. 

          If a Primary Event of Default with respect to Group 1 or a Secondary Event of Default with respect to Group 1, other than a Secondary Event of Default with respect to Group 1 set forth under clause (iv) of the definition of Event of Default, in
          each case, as set forth in the Group Supplement for Group 1 occurs and is continuing, the Indenture Trustee may, or the Noteholders of a majority of the Note Balance of the Controlling Class may, declare the Notes to be accelerated by notifying
          the Trust (and the Indenture Trustee if declared by the Noteholders).  If a Secondary Event of Default with respect to Group 1 set forth under clause (iv) of the definition of Event of Default as set forth in the Group Supplement for Group 1
          occurs, the Notes will be accelerated and will automatically become immediately due and payable without a declaration or other act of the Indenture Trustee or a Noteholder.  On acceleration, the unpaid Note Balance of the Notes, together with
          accrued and unpaid interest and unpaid Additional Interest Amounts and Make-Whole Payments, if any, will become immediately due and payable.  On the declaration of acceleration or upon actual knowledge of a Responsible Person of the Indenture
          Trustee of an automatic acceleration, the Indenture Trustee will promptly notify the Trust, the Master Collateral Agent, each Noteholder and each Qualified Institution (if not the Indenture Trustee) maintaining a Series 2021-1 Account.

      (b)            Rescission

            of Acceleration.  The Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Trust and the Indenture Trustee (who will notify the Master Collateral Agent), may rescind any declaration of acceleration of the
          Notes if:

      (i)               notice of the rescission is given before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee or the Master Collateral Agent as stated in this Article V;

      (ii)            the Trust has deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on the Notes if
          the Event of Default with respect to Group 1 giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Trust in respect of
          Series 2021-1; and

      (iii)            all Events of Default with respect to Group 1, other than the non-payment of amounts due solely because of acceleration, have been cured or waived by Noteholders of the majority of the Note Balance of the Controlling Class,
          pursuant to and subject to the terms of Section 5.14.

      Section 5.3     Collection of Indebtedness by Indenture Trustee.

      (a)            Overdue

            Amounts.  If a Primary Event of Default with respect to Series 2021-1 as set forth in the Group Supplement for Group 1 occurs and is continuing, the Trust, on demand of the Indenture Trustee, will pay to the Note Paying Agent for the
          benefit of the Noteholders, the overdue amount with interest at the rate of interest then applicable to the Notes.

      
        28

        
          

      

      

      

      (b)            Collection

            Costs.  In addition, the Trust will pay the costs of collection, including the expenses of the Indenture Trustee and its agents, counsel, accountants and experts due to the Indenture Trustee under Section 6.7.

      (c)            Proceedings. 

          If the Trust fails to pay those amounts and the collection costs set forth in Section 5.3(b) on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start a Proceeding to collect the money due and unpaid, and may
          pursue the Proceeding to final judgment, and may enforce the judgment against the Trust and collect the money due and unpaid in the manner provided by law out of the Group 1 Assets and, to the extent required, a portion of the Group Assets of any
          other Group, as set forth in Section 6.1 of the Master Collateral Agreement.

      Section 5.4     Trustee May File Proofs of Claim.

      (a)            Proofs

            of Claim.  If there is a Proceeding involving the Trust under the Bankruptcy Code or another bankruptcy, insolvency or other similar law, or in case a trustee, liquidator, receiver or similar official has been appointed for or taken
          possession of the Trust or its property, the Indenture Trustee may:

      (i)              file a proof of claim for the due and unpaid principal of and interest on the Notes and file other proofs of claim (including any claims for compensation or indemnification under Section 6.7) or documents necessary or
          advisable to have the claims of the Indenture Trustee on behalf of the Series 2021-1 Secured Parties allowed in the Proceedings or in other judicial proceedings involving the Trust, its creditors and its property;

      (ii)            unless prohibited by applicable Law, vote on behalf of the Series 2021-1 Secured Parties in the election of a trustee, a standby trustee or a Person performing similar functions in the Proceedings; and

      (iii)            collect and receive any money or other property payable or deliverable on the claims and pay all amounts received on the claims of the Series 2021-1 Secured Parties, including the claims asserted by the Indenture Trustee on
          their behalf.

      (b)            Authorization

            by Noteholders.  Each Noteholder authorizes a trustee, liquidator, receiver or similar official in a Proceeding to make payments to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly to the Noteholders,
          to pay to the Indenture Trustee the amounts owed to the Indenture Trustee under Section 6.7.

      (c)            No

            Right to Consent or Vote.  Except as permitted under Section 5.4(a)(ii), this Indenture (i) does not authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of a Noteholder a plan of
          reorganization, arrangement, adjustment or composition affecting the Notes and (ii) does not limit the rights of a Noteholder to authorize the Indenture Trustee to vote on the claim of a Noteholder in the Proceeding.

      
        29

        
          

      

      

      

      Section 5.5     Enforcement of Claims Without Possession of Notes.

      (a)            Notes

            not Required.  The Indenture Trustee may enforce its rights and make claims under this Indenture, or under the Notes, without the possession of the Notes or the production of the Notes in a Proceeding.  A Proceeding started by the Indenture
          Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses and indemnity of the Indenture Trustee and its agents, counsel, accountants and experts due to the
          Indenture Trustee under Section 6.7, will be for the benefit of the Series 2021-1 Secured Parties for which the judgment has been recovered.

      (b)            Proceeding. 

          In any Proceeding brought by the Indenture Trustee (and any Proceeding involving the interpretation of this Indenture to which the Indenture Trustee is a party), the Indenture Trustee will be held to represent all the Series 2021-1 Secured
          Parties, and it will not be necessary to make any Series 2021-1 Secured Party, including a Noteholder, a party to the Proceeding.

      Section 5.6     Remedies; Priorities.

      (a)            Remedies. 

          If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded according to Section 5.2(b), the Indenture Trustee may, and at the direction of the Noteholders of a majority of the Note Balance
          of the Controlling Class must, do one or more of the following (subject to Section 5.7):

      (i)              start a Proceeding in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture on the Notes, enforce any judgment obtained and collect from the Trust
          money adjudged due;

      (ii)            take any other action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; or

      (iii)            vote as a Group Creditor Representative for Group 1 to cause the Trust to sell the Group 1 Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master
          Collateral Agreement.

      (b)            Notice

            of Sale of Collateral.  The Indenture Trustee will notify each Noteholder and the Depositor of a sale under Section 5.6(a)(iii) above and Section 6.1 of the Master Collateral Agreement at least fifteen (15) days before the sale.  A
          Noteholder, the Depositor or the Servicer may submit a bid during the sale.

      (c)            [Reserved].

      (d)            Payments

            Following Acceleration and any Sale of Collateral.  Any money or property deposited with the Indenture Trustee as Series 2021-1 Available Funds after the occurrence of an Event of Default with respect to Group 1 that has not been waived or
          cured and an acceleration of the Notes, including after the sale of Group 1 Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement, will be deposited in
          the Distribution Account for distribution according to Section 8.2(e) on the Payment Date after the Collection Period during which those

      
        30

        
          

      

      

      

      amounts are collected.  In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default with respect to Group 1.

      Section 5.7     [Reserved].

      Section 5.8     Limitation on Suits.

      (a)            Proceedings. 

          No Noteholder has the right to start a Proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless all of the following have occurred:

      (i)              the Noteholder has notified the Indenture Trustee of a continuing Event of Default with respect to Group 1;

      (ii)            the Noteholders of at least 25% of the Note Balance of the Controlling Class have requested the Indenture Trustee to start the Proceeding for the Event of Default with respect to Group 1 in its own name as Indenture Trustee
          under this Indenture;

      (iii)            the Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee against any liabilities that may be incurred by the Indenture Trustee, or its agents, counsel, accountants and experts, in complying with
          the request;

      (iv)           the Indenture Trustee has failed to start the Proceedings for sixty (60) days after it receives the notice, request and offer of indemnity; and

      (v)             the Noteholders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee a direction inconsistent with the request during that sixty (day) period.

      (b)            No

            Right to Impair.  No Noteholder has the right to impair the rights of another Noteholder or to seek or obtain priority or preference over another Noteholder or to enforce any right under this Indenture, except in the manner stated in this
          Indenture.

      (c)            Conflicting

            Requests.  If the Indenture Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders, each evidencing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee will
          take the action requested by the Noteholders representing the greatest percentage of the Note Balance of the Controlling Class, notwithstanding any other provision of this Indenture.

      Section 5.9     Unconditional Rights to Receive Principal and Interest.  Each Noteholder has an absolute and unconditional right to receive payment of the
        principal of and interest on its Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on or after the Redemption Date) and to start a Proceeding for the enforcement of the payment according to Section 5.8. 
        Those rights may not be impaired or affected without the consent of the Noteholder.

      
        31

        
          

      

      

      

      Section 5.10     Restoration of Rights and Remedies.  If the Indenture Trustee or a Noteholder has started a Proceeding to enforce a right or remedy under
        this Indenture and the Proceeding has been discontinued or abandoned or has been determined adversely to the Indenture Trustee or to the Noteholder, then the Trust, the Indenture Trustee and the Noteholders, subject to a determination in the
        Proceeding, will be restored to their former positions under this Indenture, and all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no Proceeding had been started.

      Section 5.11     Rights and Remedies Cumulative.  No right or remedy of the Indenture Trustee or the Noteholders under this Indenture is intended to be
        exclusive of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right and remedy under this Indenture.  The exercise of a right or remedy will not prevent the exercise of
        another right or remedy at the same time.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture will not be affected by the seeking, obtaining or use of other relief under this Indenture.  The rights or
        remedies of the Indenture Trustee or the Noteholders will not be impaired by the recovery of a judgment by the Indenture Trustee against the Trust or by the execution of a judgment on the Group 1 Assets.

      Section 5.12     Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee or a Noteholder to exercise a right or remedy after a
        Potential Default with respect to Group 1 or Event of Default with respect to Group 1 will impair the right or remedy or be a waiver of the Potential Default with respect to Group 1 or Event of Default with respect to Group 1.  Every right and
        remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised as often as deemed advisable by the Indenture Trustee or by the Noteholders.

      Section 5.13     Control by Noteholders.  The Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time,
        method and place of conducting a Proceeding for a remedy available to the Indenture Trustee for the Notes or exercising a trust or power of the Indenture Trustee, subject to the following terms:

      (a)            No

            Conflict.  The direction does not conflict with Law or with this Indenture.

      (b)            Direction

            to Sell or Liquidate.  Except under Section 5.6(a)(iii), a direction to the Indenture Trustee to vote pursuant to Section 6.1(a)a.(A) or Section 6.1(a)b.(A) of the Master Collateral Agreement as a Group Creditor Representative for Group 1
          to cause the Trust to sell the Group 1 Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement, must have been made by the Noteholders of 100% of the
          Note Balance of the Controlling Class.

      (c)            [Reserved].

      (d)            Other

            Action.  The Indenture Trustee may take other action considered advisable by the Indenture Trustee that is not inconsistent with the direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

      
        32

        
          

      

      

      

      (e)            Adverse

            Action.  The Indenture Trustee need not take an action for which it will not be adequately indemnified or that it determines might have a material adverse effect on the rights of Noteholders not consenting to the action.

      Section 5.14     Waiver of Potential Defaults and Events of Default.

      (a)            Waiver

            by Controlling Class.  The Noteholders of a majority of the Note Balance of the Controlling Class may waive a Potential Default with respect to Group 1 or Event of Default with respect to Group 1 except an Event of Default with respect to
          Group 1 (i) in the payment of principal of or interest, Additional Interest Amounts or Make-Whole Payments on the Notes (other than an Event of Default with respect to Group 1 relating to failure to pay principal due only by reason of
          acceleration) or (ii) for a covenant or term of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

      (b)            Effect

            of Waiver.  On any waiver, the Potential Default with respect to Group 1 or Event of Default with respect to Group 1 will be considered not to have occurred with respect to Series 2021-1 for all purposes of this Indenture.  No waiver will
          extend to any other Potential Default with respect to Group 1 or Event of Default with respect to Group 1 or impair any right relating to any other Potential Default with respect to Group 1 or Event of Default with respect to Group 1.

      Section 5.15     Agreement to Pay Costs.  The parties to this Indenture agree, and each Noteholder by its acceptance of a Note will be deemed to have agreed,
        that a court may in its discretion require, in a Proceeding for the enforcement of a right or remedy under this Indenture, or in a Proceeding against the Indenture Trustee for an action taken or not taken by it as Indenture Trustee, the filing by a
        party litigant in the Proceeding of an agreement to pay the costs of the Proceeding, and that the court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against a party litigant in the Proceeding.  This Section
        5.15 will not apply to (a) a Proceeding started by the Indenture Trustee, (b) a Proceeding started by a Noteholder or group of Noteholders holding more than 10% of the Note Balance of the Notes (or for a Proceeding for the enforcement of a right or
        remedy under this Indenture that is started by the Controlling Class, holding more than 10% of the Note Balance of the Controlling Class) or (c) a Proceeding started by a Noteholder for the enforcement of the payment of principal of or interest on
        a Note on or after the respective due dates expressed in the Note and in this Indenture (or, for redemption, on or after the Redemption Date).

      Section 5.16     Waiver of Stay or Extension Laws.  The Trust agrees that it will not plead or in any manner claim or take the benefit of, a stay or
        extension that may affect the performance of its obligations under this Indenture, and the Trust waives the benefit of such law.

      Section 5.17     Performance and Enforcement of Obligations.

      (a)            Actions

            Requested by Indenture Trustee.  At the Administrator’s expense, until the date on which all Notes are paid in full and this Indenture is discharged, the Trust will promptly take any lawful action the Indenture Trustee requests to (i)
          compel the performance by (A) the Depositor and the Servicer of their obligations to the Trust under the Transfer and Servicing Agreement and the Additional Transferor Receivables Transfer Agreement or (B) the

      
        33

        
          

      

      

      

      Depositor and the Originators of their obligations under the Originator Receivables Transfer Agreement and (ii) exercise any rights, remedies, powers, privileges and claims available
        to the Trust under those agreements as directed by the Indenture Trustee.

      (b)            Exercise

            by Indenture Trustee.  If an Event of Default with respect to Group 1 has occurred and is continuing, until the date on which all Notes are paid in full and this Indenture is discharged, (i) the Indenture Trustee may, and at the written
          direction of the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class will, exercise all rights, remedies, powers, privileges and claims of the Trust against (A) the Depositor or the Servicer under the Transfer and
          Servicing Agreement and the Additional Transferor Receivables Transfer Agreement and (B) the Depositor and the Originators under the Originator Receivables Transfer Agreement, including the right or power to take any action to compel or secure
          performance or observance by those Persons of their obligations to the Trust under those agreements, and to give a consent, request, notice, direction, approval, extension or waiver under those agreements and (ii) the right and power of the Trust
          to take any such action will be suspended.

      ARTICLE VI

      INDENTURE TRUSTEE

      Section 6.1     Indenture Trustee’s Obligations.

      (a)            Standard

            of Care.  If an Event of Default with respect to Group 1 has occurred and is continuing, the Indenture Trustee will exercise the rights and powers vested in it under this Indenture using the same degree of care and skill as a prudent person
          would use under the circumstances in the conduct of that person’s own affairs.

      (b)            Obligations;

            Reliance.  Except during the continuance of an Event of Default with respect to Group 1:

      (i)              the Indenture Trustee agrees to perform the duties and only such duties as specifically stated in this Indenture and no implied covenants, duties (including fiduciary duties) or obligations are to be read into this Indenture
          against the Indenture Trustee; and

      (ii)            in the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee may conclusively rely, for the truth of the statements and the correctness of the opinions furnished to it, on certificates or
          opinions furnished to it and, if required by this Indenture, conforming to the requirements of this Indenture.  The Indenture Trustee will examine the certificates and opinions to determine whether or not they conform as to form to the
          requirements (but need not confirm or investigate the accuracy of mathematical calculations or other facts therein), if any, of this Indenture.

      (c)            Indenture

            Trustee Liable.  The Indenture Trustee will not be relieved from liability for its own willful misconduct, bad faith or negligence, except that:

      (i)            this Section 6.1(c) does not limit the effect of Section 6.1(b);

      
        34

        
          

      

      

      

      (ii)            the Indenture Trustee will not be liable for an error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in determining the relevant facts; and

      (iii)            the Indenture Trustee will not be liable for any action taken or not taken in good faith according to this Indenture or the Transfer and Servicing Agreement or a direction received by it from the Noteholders in accordance with
          the provisions of this Indenture or the Transfer and Servicing Agreement.

      (d)            Not

            Liable for Interest.  The Indenture Trustee will not be liable for interest on money received by it, except as the Indenture Trustee may agree in writing with the Trust.

      (e)            Not

            Required to Segregate.  The Indenture Trustee need not segregate any funds held by it in trust under this Indenture from other funds unless required by Law, this Indenture or the Transfer and Servicing Agreement.

      (f)            Section

            Governs.  Whether or not expressly so provided, every provision of this Indenture relating to the conduct of the Indenture Trustee, the liability of the Indenture Trustee or giving protection to the Indenture Trustee is subject to this
          Section 6.1 and to the TIA.

      (g)            No

            Deemed Knowledge.  The Indenture Trustee will not be deemed to have knowledge of a breach of the Group Eligibility Representation, Potential Default with respect to Group 1 or any Event of Default with respect to Group 1 or any other fact
          (including whether any reacquisition or acquisition request remains unresolved for one-hundred eighty (180) days) or event unless (i) a Responsible Person of the Indenture Trustee has actual knowledge of the breach, Potential Default with respect
          to Group 1, Event of Default with respect to Group 1 or other fact or event or (ii) where written notice is required, a Responsible Person of the Indenture Trustee has actually received written notice of the specific breach, Potential Default
          with respect to Group 1, Event of Default with respect to Group 1 or other fact or event at its Corporate Trust Office, and such notice specifically identifies the Trust, this Indenture and such breach, Potential Default with respect to Group 1,
          Event of Default with respect to Group 1, or other fact or event.  Any notice of an occurrence of a breach of the Group Eligibility Representation under a Receivables Transfer Agreement or the Transfer and Servicing Agreement delivered to the
          Indenture Trustee shall specifically identify the Group 1 Receivables in breach.  Knowledge or information acquired by U.S. Bank National Association in its capacity as Indenture Trustee, Note Paying Agent or Note Registrar, as applicable, shall
          not be imputed to U.S. Bank National Association in any other capacity in which it may act under the Transaction Documents or any Series 2021-1 Series Related Document or to any affiliate of U.S. Bank National Association and vice versa.  For the
          avoidance of doubt, receipt by the Indenture Trustee of a Review Report under the Asset Representations Review Agreement shall not constitute knowledge of any such event or breach.

      (h)            [Reserved].

      (i)            No

            Duty to Monitor or Administer.  Except as expressly provided in this Indenture and the other Series 2021-1 Series Related Documents, the Indenture Trustee shall have no obligation to administer, service or collect the Group 1 Receivables or
          to maintain,

      
        35

        
          

      

      

      

      monitor or otherwise supervise the administration, servicing or collection of the Group 1 Receivables.

      (j)            Enforceable

            in all Capacities.  The rights, privileges, protections, immunities and benefits given to the Indenture Trustee in this Article VI, including its right to be indemnified, are extended to, and will be enforceable by, the Indenture Trustee in
          each of its capacities under this Indenture and the other Series 2021-1 Series Related Documents, including as Authenticating Agent, Note Registrar and Note Paying Agent under this Indenture and as a “securities intermediary” as defined in
          Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC under the Series 2021-1 Account Control Agreement.

      (k)            Not

            Required to Pay or Risk Funds.  The Indenture Trustee is not obligated to (i) exercise the rights or powers under this Indenture or the other Series 2021-1 Series Related Documents, expend or risk its own funds or incur any financial
          liability in the performance of its obligations under this Indenture or the other Series 2021-1 Series Related Documents, including after an Event of Default with respect to Group 1, if it has reasonable grounds to believe that payment of such
          funds or adequate indemnity satisfactory to it against that risk or liability is not reasonably assured or given to it by the Trust or (ii) start, pursue or defend litigation, investigate any matter or honor the request or direction of the
          Noteholders under this Indenture, unless the Noteholders have offered to the Indenture Trustee reasonable security or indemnity satisfactory to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the
          request or direction. Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee will not be required to take any action if the Indenture Trustee reasonably determines that such action (x) will not be in the best interests
          of the Noteholders or (y) will be contrary to applicable Law.  The permissive right of the Indenture Trustee to take any action under the Series 2021-1 Series Related Documents shall not be construed as a duty to take such action.

      (l)            Force

            Majeure.  The Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture from or caused by, directly or indirectly, forces beyond its control, including, but not
          limited to, strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes, interruptions, loss or failures of mechanical,
          electronic or communication systems, epidemics, a material adverse change in the COVID-19 pandemic or a new pandemic.  The Indenture Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume
          performance as soon as practicable under the circumstances.

      (m)            Consequential

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

      (n)            No

            Duty with Respect to Series 2021-1 Collateral.  The Indenture Trustee shall be under no duty or obligation in connection with the acquisition or Grant by the Trust to the Indenture Trustee of any item constituting the Series 2021-1
          Collateral, or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Trust in

      
        36

        
          

      

      

      

      connection with its Grant or otherwise, in each case, in order to determine compliance with applicable requirements of and restrictions on transfer in respect of such Series 2021-1
        Collateral.

      (o)            No

            Duty with Respect to Risk Retention.  The Indenture Trustee will not have any obligation or responsibility to monitor or enforce the Sponsor’s compliance with any risk retention requirements under the U.S. Credit Risk Retention Rules or
          other rules or regulations relating to risk retention.  The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Noteholder or other party for violation of such rules now or hereafter in effect,
          except as otherwise may be explicitly required by law, rule or regulation.

      (p)            [Reserved].

      (q)            Liability

            for Dissemination of Information.  Except as required by the Series 2021-1 Series Related Documents, the Indenture Trustee shall not be liable for the dissemination of any information contained in any Review Report or summary thereof, any
          10-D or other filing, or any other dissemination of information required or made in accordance with the Series 2021-1 Series Related Documents and shall have no responsibility, or liability for the failure of any party to redact or remove any
          Personally Identifiable Information or other confidential information in any document.

      Section 6.2     Indenture Trustee’s Rights.

      (a)            Reliance

            on Documents.  The Indenture Trustee may conclusively rely on any document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper Person.  The Indenture Trustee is not
          required to investigate any facts or matters or to verify any calculations or amounts stated in any document (including the Monthly Investor Report).  The Indenture Trustee will not be liable for any action taken or not taken in good faith in
          reliance on a document believed by it to be genuine.

      (b)            Reliance

            on Opinions.  Before the Indenture Trustee acts or does not act, it may require and rely on an Officer’s Certificate or an Opinion of Counsel, at the expense of the Trust.  The Indenture Trustee will not be liable for any action taken or
          not taken in good faith in reliance on an Officer’s Certificate or Opinion of Counsel.

      (c)            Use

            of Agents.  The Indenture Trustee may exercise its rights or powers under this Indenture or perform its obligations under this Indenture either directly or by or through agents or attorneys or a custodian or nominee.  The Indenture Trustee
          will not be responsible for misconduct or negligence on the part of, or for the supervision of, the agent, counsel, custodian or nominee appointed with due care by it under this Indenture.

      (d)            Good

            Faith.  The Indenture Trustee will not be liable for any action taken or not taken in good faith which it believes to be authorized or within its rights or powers under this Indenture so long as the action taken or not taken does not amount
          to negligence.

      (e)            Advice

            from Counsel.  The Indenture Trustee may consult with counsel, accountants, appraisers or other experts or advisors, and the advice or opinion of counsel, accountants, appraisers or other experts or advisors on any matters relating to this
          Indenture and

      
        37

        
          

      

      

      

      the Notes will be full and complete authorization and protection from liability for any action taken or not taken by it under this Indenture in good faith and according to the advice
        or opinion of that counsel, accountant, appraiser or expert or advisor.

      (f)            No

            Determination of Materiality.  The Indenture Trustee shall not be required to determine the materiality or adverse effect of breaches of representations or warranties or other events for purposes of notice or enforcement hereunder or under
          any other Series 2021-1 Series Related Documents or any Transaction Document.

      (g)            Incumbency. 

          The Indenture Trustee may request that the Trust and any other Person deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.

      (h)            No

            Duty with Respect to Regulatory Requirements.  The Indenture Trustee shall have no responsibility to prepare or file or make any determination with respect to any tax or securities law filing or report, or to monitor, enforce, make any
          determination or take any action with respect to any risk retention requirements or other regulatory requirements and shall have no liability for the failure of the Trust, the Notes or the Noteholders or any other Person to satisfy any such
          requirements.

      Section 6.3     Indenture Trustee’s Individual Rights.  The Indenture Trustee and any Note Paying Agent, Note Registrar or Authenticating Agent under this
        Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may deal with the Trust or its Affiliates with the same rights it would have if it were not Indenture Trustee or Note Paying Agent, Note Registrar or
        Authenticating Agent.

      Section 6.4     Indenture Trustee’s Disclaimer.  The Indenture Trustee will not be liable for (a) the validity or adequacy of this Indenture or the Notes,
        (b) the Trust’s use of the proceeds from the Notes, (c) any statement of the Trust in this Indenture or in the Notes, other than the Indenture Trustee’s certificate of authentication, or (d) any statement of the Trust, the Depositor or the Servicer
        in any prospectus or offering document used for the offering or sale of the Notes.

      Section 6.5     Notice of Potential Defaults and Notice of Payment Defaults.  Within ninety (90) days after a Responsible Person of the Indenture Trustee has
        actual knowledge of, or actually receives written notice of, a Potential Default with respect to Group 1, the Indenture Trustee will mail, as described in Section 313(c) of the TIA, to each Noteholder, notice of the Potential Default, unless the
        Potential Default has been corrected or waived.  However, except for a Potential Default in the payment of principal of or interest on a Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Persons in
        good faith determines that the withholding of the notice is in the interests of the Noteholders.

      Section 6.6     Reports by Indenture Trustee.

      (a)            Tax

            Information.  Starting in the year after the Closing Date, the Indenture Trustee will deliver or make available to each Person who at any time during the prior calendar year was a Noteholder of record, a statement containing the information
          required to be given to a noteholder by a Trust of indebtedness, in the form and at the time required under the Code.

      
        38

        
          

      

      

      

      (b)            Monthly

            Investor Report.  On each Payment Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note
          Register without need for confirmation of receipt or by making the report available to the Noteholders through the Indenture Trustee’s website, which initially is located at https://pivot.usbank.com (or via such other internet website as may be
          designated by the Indenture Trustee for such purpose)).  Noteholders with questions may direct them to the Indenture Trustee’s bondholder services group at (800) 934-6802.

      (c)            [Reserved]. 

      (d)            Annual

            Assessment of Compliance.  On or before March 1 of each year, beginning in the year after the Closing Date, the Indenture Trustee will:

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

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

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

      (e)            Obligation

            to Update Disclosure.  The Indenture Trustee will notify and provide information, and certify that information in an Officer’s Certificate, to the Trust, the Administrator and the Depositor on the occurrence of any event or condition
          relating to the Indenture Trustee or actions taken by the Indenture Trustee that (i) may be required to be disclosed by the Trust under Item 2 (the institution of, material developments in, or termination of legal proceedings against the
          Indenture Trustee that are material to the Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days of a Responsible Person of the Indenture Trustee having actual knowledge of such proceeding, (ii) the Trust, or the
          Administrator on behalf of the Trust, reasonably requests of the Indenture Trustee that the Administrator believes is necessary to comply with the Trust’s reporting obligations under the Exchange Act within two (2) Business Days of request, (iii)
          is required to be disclosed under Item 5 (submission of matters to a vote of the Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days of a Responsible Person of the Indenture Trustee having actual knowledge of the
          submission, or (iv) is required to be disclosed under Item 6.04 (failure to make a distribution when required) of Form 8-K under the Exchange Act within two (2) Business Days of the failure to make a distribution when required, as applicable.

      
        39

        
          

      

      

      

      Section 6.7     Compensation and Indemnity.

      (a)            Fees. 

          The Trust will pay the Indenture Trustee as compensation for performing its obligations under this Indenture the Indenture Trustee Fee.  The Indenture Trustee’s compensation will not be limited by law on compensation of a trustee of an express
          trust.  The Trust will reimburse the Indenture Trustee for its reasonable expenses in performing its obligations under this Indenture and the other Series 2021-1 Series Related Documents, including costs of collection and the reasonable
          compensation and expenses of the Indenture Trustee’s agents, counsel, accountants and experts, but excluding expenses resulting from the Indenture Trustee’s willful misconduct, bad faith or negligence.

      (b)            Indemnification. 

          The Trust agrees to indemnify U.S. Bank National Association in each of its capacities under this Indenture and the other Series 2021-1 Series Related Documents and its officers, directors, employees and agents (each, an “Indemnified Person”)

          against any and all loss, liability, claim, suit, action, expense (including reasonable attorney’s fees and expenses), damages, costs and disbursements incurred in connection with, arising out of or resulting from the administration of the trusts
          created hereunder and the performance of its obligations under this Indenture and the other Series 2021-1 Series Related Documents (including any such amount incurred by the Indemnified Person in connection with (x) defending itself against any
          claim, legal action or proceeding or (y) the enforcement of any indemnification or other obligation of the Trust, the Servicer or any other transaction party) not resulting from (i) the Indenture Trustee’s own willful misconduct, negligence or
          bad faith or (ii) the Indenture Trustee’s breach of its representations or warranties in this Indenture.

      (c)            Proceedings. 

          If an Indemnified Person receives notice of the start of a Proceeding against it, the Indemnified Person will, if a claim under the Proceeding will be made under this Section 6.7, promptly notify the Trust of the Proceeding; provided, that the
          failure to give such notice shall not affect the right of an Indemnified Person to indemnification hereunder to the extent that such failure does not prejudice the rights of the Trust or the Indemnified Person in such Proceeding.  The Trust may
          participate in and assume the defense and settlement of the Proceeding at its expense.  If the Trust notifies the Indemnified Person of its intention to assume the defense of the Proceeding, the Trust will assume such defense with counsel
          reasonably satisfactory to the Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Trust will not be liable for legal expenses of separate counsel to the Indemnified
          Person unless there is a conflict between the interests of the Trust and the Indemnified Person.  If there is a conflict or if the parties cannot reasonably agree as to the selection of counsel, the Trust will pay for the separate counsel to the
          Indemnified Person.  No settlement of the Proceeding in which a claim is brought against the Trust may be settled in the name of, on behalf of or in any manner in which the Trust is understood to acknowledge the validity of any claim without the
          approval of the Trust and the Indemnified Person, which approvals will not be unreasonably withheld.

      (d)            Survival

            of Obligations.  The Trust’s obligations to the Indenture Trustee under this Section 6.7 will survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture.  Expenses incurred by the Indenture Trustee after
          the occurrence of a Potential Default with respect to Group 1 stated in clause (iv) of the definition of Event of

      
        40

        
          

      

      

      

      Default are intended to be expenses of administration under the Bankruptcy Code or another applicable federal or State bankruptcy, insolvency or similar law.

      (e)            Repayment. 

          If the Trust makes a payment from Series 2021-1 Available Funds to an Indemnified Person under Section 6.7(b) and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly
          repay those amounts to the Trust.

      (f)            Available

            Funds.  Payments required to be made by the Trust under this Section 6.7 will be made solely from Series 2021-1 Available Funds used to make payments under this Indenture.

      Section 6.8     Resignation or Removal of Indenture Trustee.

      (a)            Resignation. 

          The Indenture Trustee may resign by notifying the Trust and the Administrator in writing at least thirty (30) days in advance.

      (b)            Removal

            by Controlling Class.  The Noteholders of a majority of the Note Balance of the Controlling Class may, without cause, remove the Indenture Trustee and terminate its rights and obligations under this Indenture by notifying the Indenture
          Trustee and the Trust, in writing, at least thirty (30) days prior to such removal.

      (c)            Removal

            by Trust.  The Trust must remove the Indenture Trustee and terminate its rights and obligations under this Indenture if:

      (i)              the Indenture Trustee fails to comply with the eligibility requirements in Section 6.11;

      (ii)            the Indenture Trustee becomes legally unable to act or incapable of acting as Indenture Trustee; or

      (iii)            an Insolvency Event for the Indenture Trustee occurs.

      (d)            Appointment

            of Successor.  If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Trust or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor
          Indenture Trustee promptly.  If a successor Indenture Trustee does not take office within sixty (60) days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Trust or the Noteholders of a majority of the Note Balance of
          the Controlling Class may petition a court of competent jurisdiction (at the expense of the Trust) to appoint a successor Indenture Trustee.

      (e)            Acceptance

            of Appointment.  No resignation or removal of the Indenture Trustee will become effective until the acceptance of appointment by the successor Indenture Trustee under this Section 6.8.  Any successor Indenture Trustee will deliver a written
          acceptance of its appointment to the outgoing Indenture Trustee, the Trust and the Administrator.  The Trust will continue to pay amounts owed to the predecessor Indenture Trustee for the period it was Indenture Trustee according to Sections 6.7
          and 8.2.  The successor Indenture Trustee will notify

      
        41

        
          

      

      

      

      the Series 2021-1 Secured Parties of its succession and the Trust or Administrator will deliver a copy of the notice to the Rating Agencies.

      (f)            Transition

            of Indenture Trustee Obligations.  On the resignation or removal of the Indenture Trustee becoming effective under Section 6.8(e), all rights, powers and obligations of the Indenture Trustee under this Indenture will become the rights,
          powers and obligations of the successor Indenture Trustee.  The predecessor Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.  The Depositor will reimburse the Indenture
          Trustee and any successor Indenture Trustee for expenses related to the replacement of the Indenture Trustee, if those amounts have not been paid under Section 8.2.

      Section 6.9     Merger or Consolidation; Transfer of Assets.

      (a)            Merger

            or Consolidation.  If the Indenture Trustee merges or consolidates with, or transfers all or substantially all of its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the successor
          Indenture Trustee so long as that Person is qualified and eligible under Section 6.11.  The Indenture Trustee will promptly notify the Servicer and the Trust of the succession, and the Trust will notify the Rating Agencies.

      (b)            Authentication

            of Notes.  If, at the time the successor by merger or consolidation to the Indenture Trustee succeeds to the trusts created by this Indenture, Notes have been authenticated but not delivered, the successor Indenture Trustee may adopt the
          certificate of authentication of a predecessor Indenture Trustee and deliver the Notes so authenticated.  If at that time any Notes have not been authenticated, the successor Indenture Trustee may authenticate the Notes.  In each of those cases,
          the certificates will have the same force and effect given in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

      Section 6.10     Appointment of Separate Trustee or Co-Trustee.

      (a)            Appointment. 

          For the purpose of meeting the legal requirement of a jurisdiction in which part of the Series 2021-1 Collateral may be located or for such other reasons as may be necessary or desirable (including to resolve any conflict of interest issues),
          after notifying the Trust and the Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or co-trustee or co-trustees, of all or part of the Series 2021-1 Collateral, and to vest in
          those Persons, in this capacity and for the benefit of the Series 2021-1 Secured Parties, title to all or part of the Series 2021-1 Collateral, and, subject to this Section 6.10, rights, powers and obligations the Indenture Trustee may consider
          necessary or desirable.  No separate trustee or co-trustee will be required to be eligible as a successor trustee under Section 6.11 and no notice to the Series 2021-1 Secured Parties of the appointment of a separate trustee or co-trustee will be
          required under Section 6.8.

      (b)            Terms

            of Appointment.  Every separate trustee and co-trustee will be appointed and act subject to the following:

      (i)            all rights, powers and obligations of the Indenture Trustee set forth in the instrument of appointment will be exercised or performed by the separate trustee or the Indenture Trustee or co-trustee jointly (it being understood
          that a co-trustee will not be authorized to act separately without the Indenture Trustee joining in the act, except if

      
        42

        
          

      

      

      

      under the law of a jurisdiction in which a particular act or acts are to be performed the Indenture Trustee will be incompetent or unqualified to perform those act
        or acts, in which event those acts will be exercised and performed singly by the co-trustee, but solely at the direction of the requisite Noteholders);

      (ii)              no trustee will be personally liable by reason of an act or omission of another trustee under this Indenture; and

      (iii)            the Indenture Trustee may accept the resignation of or remove a separate trustee or co-trustee.

      (c)            Notices. 

          Any notice, request or other writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee and co-trustee, as effectively as if given to each of them.

      (d)            Rights

            of Appointee.  Every document appointing a separate trustee or co-trustee will refer to this Indenture and the conditions of this Section 6.10.  Each separate trustee and

          co-trustee, on its acceptance of its appointment will have the rights, powers and obligations stated in its appointment, subject to this Indenture.  The document will be filed with the Indenture Trustee, and the Indenture Trustee will provide the
          Trust with a copy of each document.

      (e)            Indenture

            Trustee as Agent.  A separate trustee or co-trustee, with the consent of the Indenture Trustee, may appoint the Indenture Trustee as its agent or attorney-in-fact with power and authority, if permitted by law, to do each lawful act under or
          for this Indenture on its behalf and in its name.  If a separate trustee or co-trustee becomes incapable of acting, resigns or is removed, all of its rights, powers and obligations will be exercised by the Indenture Trustee, if permitted by law,
          without the appointment of a new or successor trustee.

      Section 6.11     Eligibility.  The Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of the
        TIA.  The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report of condition and must have a long-term debt rating of at least investment grade by each
        of the Rating Agencies or must be acceptable to each of the Rating Agencies or satisfy the Rating Agency Condition.  Promptly after the Indenture Trustee fails to satisfy the requirements in this Section 6.11 or ceases to be a Qualified
        Institution, the Indenture Trustee will notify the Trust and the Servicer of the failure.

      Section 6.12     Inspections of Indenture Trustee.  The Indenture Trustee agrees that, with reasonable prior notice, it will permit authorized
        representatives of the Trust, the Servicer or the Administrator, during the Indenture Trustee’s normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of
        the Indenture Trustee relating to (a) the performance of the Indenture Trustee’s obligations under this Indenture, (b) the payments of fees and expenses of the Indenture Trustee for its performance and (c) any claim made by the Indenture Trustee
        under this Indenture.  In addition, the Indenture Trustee will permit those representatives to make copies and extracts of the books and records and to discuss them with the Indenture Trustee’s officers and employees.

      
        43

        
          

      

      

      

      Any access and review will be subject to the Indenture Trustee’s confidentiality and privacy policies.  The Indenture Trustee will maintain all relevant books, records, reports and
        other documents and materials for a period of two years after the termination of its obligations under this Indenture.

      Section 6.13     Indenture Trustee’s Representations and Warranties.  The Indenture Trustee represents and warrants to the Trust as of the Closing Date:

      (a)            Organization. 

          The Indenture Trustee is duly organized, validly existing and qualified as a national banking association under the laws of the United States.

      (b)            Power

            and Authority.  The Indenture Trustee has the corporate power and authority to execute, deliver and perform its obligations under this Indenture.  The Indenture Trustee has taken all action necessary to authorize the execution, delivery and
          performance by it of this Indenture.

      (c)            Enforceability. 

          This Indenture has been duly executed by an authorized officer of the Indenture Trustee and constitutes the legal, valid and binding obligation of the Indenture Trustee enforceable against the Indenture Trustee in accordance with its terms,
          except as may be limited by (i) insolvency, bankruptcy, reorganization, moratorium or other laws now or hereafter in effect relating to the enforcement of creditors’ rights generally, (ii) general equitable principles (regardless of whether such
          enforceability is considered in a proceeding at law or in equity) and (iii) with respect to rights of indemnity hereunder, limitations of public policy under applicable securities laws.

      (d)            No

            Defaults.  To the best knowledge of the Responsible Persons of the Indenture Trustee, the Indenture Trustee is not in breach of or default under any law or regulation of the United States of America, or any department, division, agency or
          instrumentality thereof having jurisdiction over the trust powers of the Indenture Trustee which would materially impair the ability of the Indenture Trustee to perform its obligations under this Indenture.

      (e)            No

            Consents.  To the best knowledge of the Responsible Persons of the Indenture Trustee, no authorization, consent or other order of any federal government authority or agency having jurisdiction over the trust powers of the Indenture Trustee
          are required to be obtained by the Indenture Trustee for the valid authorization, execution and delivery by the Indenture Trustee of the Indenture or the authentication of the Notes.

      (f)            Eligibility. 

          The Indenture Trustee satisfies the requirements of Section 310(a) of the TIA and is a Qualified Institution.  The Indenture Trustee or its parent has a combined capital and surplus of at least $50,000,000 as stated in its most recent annual
          published report of condition.

      Section 6.14     Reporting of Receivables Reacquisition and Acquisition Demands.  The Indenture Trustee will (a) notify the Sponsor, the Administrator, the
        Depositor and the Servicer, as soon as practicable and within five (5) Business Days, of demands or requests actually received by a Responsible Person of the Indenture Trustee for the reacquisition or acquisition, as applicable, of any Receivable
        under Section 3.4 of the Originator Receivables Transfer Agreement, Section 3.4 of the Additional Transferor Receivables Transfer Agreement or

      
        44

        
          

      

      

      

      Sections 2.5 or 2.7 of the Transfer and Servicing Agreement, (b) promptly on request by the Sponsor, the Depositor, the Administrator or the Servicer, provide to them other information
        reasonably requested and within its possession to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and (c) if requested by the Sponsor, the Depositor, the Administrator or the Servicer, provide a written certification no later
        than fifteen (15) days following the end of any quarter or year that the Indenture Trustee has not received any reacquisition demands or requests for that period, or if reacquisition or acquisition, as applicable, demands or requests have been
        received during that period, that the Indenture Trustee has provided all the information reasonably requested under clause (b) above.  The Indenture Trustee and the Trust will not have responsibility or liability for a filing required to be made by
        a securitizer under the Exchange Act.

      Section 6.15     Preferential Collection of Claims Against the Trust.  The Indenture Trustee will comply with Section 311(a) of the TIA, excluding each
        creditor relationship listed in Section 311(b) of the TIA.  An Indenture Trustee who has resigned or been removed will be subject to Section 311(c) of the TIA.

      ARTICLE VII

      NOTEHOLDER COMMUNICATIONS AND REPORTS

      Section 7.1     Noteholder Communications.

      (a)            Noteholder

            List.  If the Indenture Trustee is not the Note Registrar, the Trust will furnish a list of the names and addresses of the Noteholders to the Indenture Trustee (a) not more than five (5) days after each Record Date, as of that Record Date
          and (b) not more than thirty (30) days after receipt by the Trust of a request from the Indenture Trustee, as of a date not more than ten (10) days before the time the list is furnished.  If the Indenture Trustee is the Note Registrar, the
          Indenture Trustee, on the request of the Owner Trustee or the Master Collateral Agent, will furnish within ten (10) days to the Owner Trustee or the Master Collateral Agent, as applicable, a list of Noteholders as of the date stated by the Owner
          Trustee or the Master Collateral Agent, as applicable.

      (b)            Noteholder

            List Retention.  The Indenture Trustee will maintain a current list of the names and addresses of the Noteholders based on the most recent list furnished to the Indenture Trustee under Section 7.1(a) and the names and addresses of
          Noteholders received by the Indenture Trustee in its capacity as Note Registrar.

      (c)            Noteholder

            Communications.  Noteholders may communicate with other Noteholders about their rights under this Indenture or under the Notes.  Within ten (10) days following receipt by the Indenture Trustee of a request by three (3) or more Noteholders
          to receive a copy of the current list of Noteholders, the Indenture Trustee will (i) provide a current list of Noteholders to the Noteholders making the request and (ii) notify the Administrator of the request by giving to the Administrator a
          copy of the request and a copy of the list of Noteholders produced in response to the request.

      
        45

        
          

      

      

      

      (d)            Noteholder

            Communications with Indenture Trustee.  A Noteholder (if the Notes are represented by Definitive Notes) or a Verified Note Owner (if the Notes are represented by

          Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee and
          providing to the Indenture Trustee a copy of the communication such Noteholder or Verified Note Owner, as applicable, proposes to send.  The Indenture Trustee will not be required to take action in response to requests, demands or directions of a
          Noteholder or a Verified Note Owner unless the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in
          complying with the request, demand or direction.

      (e)            Fiscal

            Year.  The fiscal year of the Trust will be the calendar year.

      (f)            TIA

            Communication.  Noteholders may communicate under Section 312(b) of the TIA with other Noteholders about their rights under this Indenture or under the Notes.  The Trust, the Indenture Trustee and the Note Registrar will have the protection
          of Section 312(c) of the TIA.

      Section 7.2     Reports by Trust.

      (a)            Securities

            and Exchange Commission Filings.  The Trust will, or will cause the Administrator or the Servicer to: 

      (i)               file with the Commission (A) the annual reports and the information, documents and other reports (or copies or parts the Commission may prescribe) that the Trust is required to file with the Commission under Section 13 or
          15(d) of the Exchange Act, including annual reports on Form 10-K and monthly distribution reports on Form 10-D, and (B) additional information, documents and reports about compliance by the Trust with this Indenture required by the Commission;

      (ii)            make available to the Indenture Trustee, within fifteen (15) days after the Trust is required to file the same with the Commission, the annual reports and the information, documents or other reports filed with the Commission
          under Section 7.2(a)(i); and

      (iii)            make available to the Indenture Trustee the information, documents and reports (or summaries of such items) required to be filed by the Trust under Section 7.2(a)(i) and (ii) as may be required by rules and regulations
          prescribed by the Commission.

      (b)            Documents

            and Reports to Noteholders.  The Indenture Trustee will transmit to all Noteholders, as described in Section 313(c) of the TIA, the information, documents and reports (or summaries of such items) supplied to the Indenture Trustee under
          Section 7.2(a). 

      
        46

        
          

      

      

      

      Section 7.3     Reports by Indenture Trustee.

      (a)            Annual

            Report.  Within ninety (90) days after each April 15, beginning in the year after the Closing Date, the Indenture Trustee will prepare and transmit to each Noteholder a report dated as of April 15 of the applicable year that complies with
          Section 313(a) of the TIA, but only if the report is required under Section 313(a) of the TIA.  The Indenture Trustee will also prepare and transmit to Noteholders any report required under Section 313(b) of the TIA.  A report transmitted to the
          Noteholders under this Section 7.3(a) will be transmitted in compliance with Section 313(c) of the TIA.

      (b)            Filing. 

          The Indenture Trustee will file with the Commission and any stock exchange on which the Notes are listed a copy of each report delivered under Section 7.3(a) at the time of its mailing to the Noteholders.  The Trust will notify the Indenture
          Trustee if and when the Notes are listed on a stock exchange.

      ARTICLE VIII

      ACCOUNTS, DISTRIBUTIONS AND RELEASES

      Section 8.1     Collection of Funds.  Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and
        collect, directly the funds and other property payable to or to be received by the Note Paying Agent under this Indenture, the Master Collateral Agreement and the Transfer and Servicing Agreement.  The Note Paying Agent will apply the funds and
        other property received by it, and will make deposits into, and distributions from, the Series 2021-1 Accounts, under this Indenture, the Master Collateral Agreement and the Transfer and Servicing Agreement.

      Section 8.2     Series 2021-1 Accounts; Distributions.

      (a)            Establishment. 

          On or prior to the Closing Date, the Trust, or the Servicer on behalf of the Trust, caused the following segregated trust accounts or subaccounts to be established as Trust Financing Accounts solely for Series 2021-1 in accordance with Section
          9.2 of the Master Collateral Agreement at a Qualified Institution (which will initially be the corporate trust department of U.S. Bank National Association), in the name “U.S. Bank National Association, as Note Paying Agent, for the benefit of
          the Indenture Trustee, as secured party for Verizon Master Trust, Series 2021-1,” designated as follows:

      (i)              “Distribution Account” with account number 216808000;

      (ii)            “Reserve Account” with account number 216808001; and

      (iii)            “Principal Funding Account” with account number 216808002.

      The Distribution Account set forth in clause (i) above shall constitute the Distribution Account for Series 2021-1.  The Reserve Account set forth in clause (ii)
        above shall constitute the Reserve Account for Series 2021-1.  The Principal Funding Account set forth in clause (iii) above shall constitute the Principal Funding Account for Series 2021-1.  Each of the Series 2021-1 Accounts (x) shall constitute
        a Trust Financing Account for Series 2021-1 and (y) has been (or

      
        47

        
          

      

      

      

      will be) pledged by the Trust to the Indenture Trustee for the sole benefit of the Series 2021-1 Secured Parties of Series 2021-1.  No Credit Extensions of any Trust Financing (other
        than Series 2021-1) shall be secured by any interest in any Series 2021-1 Account.

      On and after the Closing Date, the Note Paying Agent will maintain the Series 2021-1 Accounts established by the Servicer under this Section 8.2.  If an institution
        maintaining the Series 2021-1 Accounts ceases to be a Qualified Institution, the Indenture Trustee will, with the Servicer’s assistance as necessary, move the Series 2021-1 Accounts to a Qualified Institution within thirty (30) days.  Deposits to,
        and distributions from, the Distribution Account, the Reserve Account and the Principal Funding Account shall be made solely as set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the other Series 2021-1 Series
        Related Documents.

      (b)            Series

            2021-1 Account Withdrawals.  On or before each Payment Date, the Note Paying Agent will withdraw the amounts required to be withdrawn from the Reserve Account and deposit them into the Distribution Account or pay them to the Depositor, as
          applicable, according to Section 8.3(e).

      (c)            Distributions

            from Distribution Account.  Subject to Section 8.2(e), on each Payment Date, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Distribution Account and make deposits and
          payments, to the extent of Series 2021-1 Available Funds in the Distribution Account for that Payment Date, in the following order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

      (i)              first, pro rata, (A) to the Master Collateral Agent, the Series 2021-1 Group Allocated Percentage of all amounts due, including (x) fees due to the Master Collateral Agent and
          (y) expenses and indemnities due to the Master Collateral Agent, up to a maximum aggregate amount, in the case of clause (y), of $200,000 per year for all Group 1 Series in the aggregate, (B) to the Owner Trustee, the Series 2021-1 Group
          Allocated Percentage of all amounts due, including (x) fees due to the Owner Trustee and (y) expenses and indemnities due to the Owner Trustee, up to a maximum aggregate amount, in the case of clause (y), of $100,000 per year for all Group 1
          Series in the aggregate, (C) to the Asset Representations Reviewer, the Series 2021-1 ARR Series Allocation Percentage of all amounts due including (x) fees due to the Asset Representations Reviewer (including fees due in connection with any
          Asset Representations Review of Group 1 Receivables) and (y) expenses and indemnities due to the Asset Representations Reviewer, up to a maximum aggregate amount, in the case of clause (y), of $100,000 per year for all Group 1 Series in the
          aggregate and (D) to the Indenture Trustee all amounts due, including (x) fees due to the Indenture Trustee and (y) expenses and indemnities due to the Indenture Trustee, up to a maximum aggregate amount, in the case of clause (y), of $200,000
          per year; provided, that after the occurrence of an Event of Default with respect to Group 1 (other than a Primary Event of Default with respect to Group 1 described in clause (iii) of the definition of Event of Default), the caps on expenses and
          indemnities in this clause (i) will not apply and that on the Payment Date occurring in December of each calendar year, each such party will have the right to reimbursement from any unused portion of the cap for all Group 1 Series in the
          aggregate allocated to another party to the

      
        48

        
          

      

      

      

      extent that the expenses and indemnities reimbursable to such party for all Group 1 Series in the aggregate exceed the related allocated amount at the end of such
        calendar year;

      (ii)            second, (A) to the Servicer, the Series 2021-1 Allocation Percentage of the Servicing Fee and (B) to any Successor Servicer, the Series 2021-1 Group Allocated Percentage of a one-time Successor Servicer engagement fee
          of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer;

      (iii)            third, to the Noteholders of Class A Notes, the Accrued Note Interest for the Class A Notes;

      (iv)            fourth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under
          Section 8.2(d)(ii), the First Priority Principal Payment;

      (v)            fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

      (vi)            sixth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under
          Section 8.2(d)(ii), the Second Priority Principal Payment;

      (vii)          seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

      (viii)        eighth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under
          Section 8.2(d)(ii), the Third Priority Principal Payment;

      (ix)            ninth, (A) first, if applicable, to the Letter of Credit Provider, the amount, if any, necessary to cause the amount available under the Letter of Credit to equal the amount available under the Letter of Credit on the
          date of issuance, together with interest accrued on the amount drawn on the Letter of Credit and (B) second, to the Reserve Account, the amount, if any, necessary to cause the amount in the Reserve Account to equal the Required Reserve Amount
          less the amount available under such Letter of Credit, if any;

      (x)             tenth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under
          Section 8.2(d)(ii), the Regular Priority Principal Payment;

      (xi)            eleventh, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any;

      
        49

        
          

      

      

      

      (xii)          twelfth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class;

      (xiii)        thirteenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class;

      (xiv)        fourteenth, pro rata, (A) to the Indenture Trustee, all remaining amounts due but not paid under priority (i), (B) to the Master Collateral Agent and the Owner Trustee, the Series 2021-1 Group Allocated Percentage of
          all remaining amounts due to the extent not paid under priority (i) above, (C) to the Asset Representations Reviewer, the Series 2021-1 ARR Series Allocation Percentage of all remaining amounts due to the extent not paid under priority (i) above
          and (D) to the Administrator, reimbursement of fees and expenses of the Master Collateral Agent, the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer paid by the Administrator on behalf of the Trust pursuant to the
          Administration Agreement;

      (xv)          fifteenth, to any other parties as the Administrator has identified, any remaining expenses of the Trust, up to the Series 2021-1 Group Allocated Percentage of such amounts;

      (xvi)         sixteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and

      (xvii)       seventeenth, to the Class R Interest, any remaining amounts.

      For the avoidance of doubt, all amounts due to the Owner Trustee, the Master Collateral Agent, the Asset Representations Reviewer or the Indenture Trustee in excess
        of the amounts paid to such party pursuant to priorities (i) and (xiv) during any calendar year will become due and payable in each succeeding calendar year, subject to the applicable limitations set forth therein, until paid in full.

      (d)            Distributions

            of Principal.

      (i)            In the event that any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal Payment or Regular Priority Principal Payment is required to be made on any Payment Date prior to the
          beginning of the Amortization Period pursuant to Section 8.2(c), such amounts will be deposited pursuant to such applicable clauses on such Payment Date into the Principal Funding Account, to the extent of Series 2021-1 Available Funds.  Amounts,
          if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows:

      	

            	(A)	
              in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2021-1 Allocated Pool Balance exceeds the Adjusted Series
                Invested Amount for Series 2021-1, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the

            

      
        50

        
          

      

      

      

      Distribution Account on the immediately succeeding Payment Date to be included as Series 2021-1 Available Funds on such immediately succeeding Payment Date;

      	

            	(B)	
              in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or

            

      	

            	(C)	
              in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid to the
                Noteholders on such Payment Date, sequentially by class, in the order set forth under Section 8.2(d)(ii), until the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes is reduced to zero.

            

      (ii)            On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following
          order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class:

      	

            	(A)	
              first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero;

            

      	

            	(B)	
              second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero;

            

      	

            	(C)	
              third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and

            

      	

            	(D)	
              fourth, to the Class R Interest, any remaining amounts.

            

      (e)            Distributions

            Following Acceleration.  If the Notes are accelerated after an Event of Default with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Note
          Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Series 2021-1 Accounts and make deposits and payments, to the extent of Series 2021-1 Available Funds and funds in the Series 2021-1
          Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated):

      (i)            first, pro rata, (A) to the Indenture Trustee, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the
          Owner Trustee, the Series 2021-1 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the

      
        51

        
          

      

      

      

      Asset Representations Reviewer, the Series 2021-1 ARR Series Allocation Percentage of all amounts due to the Asset Representations Reviewer, including fees
        (including fees due in connection with any Asset Representations Review of Group 1 Receivables), expenses and indemnities;

      (ii)            second, (A) to the Servicer, the Series 2021-1 Allocation Percentage of the Servicing Fee and (B) to any Successor Servicer, the Series 2021-1 Group Allocated Percentage of a one-time Successor Servicer engagement fee
          of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer;

      (iii)            third, to the Noteholders of Class A Notes, the Accrued Note Interest for the Class A Notes;

      (iv)            fourth, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes is reduced to zero;

      (v)             fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

      (vi)            sixth, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero;

      (vii)          seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

      (viii)        eighth, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero;

      (ix)            ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any;

      (x)            tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class;

      (xi)            eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class;

      (xii)          twelfth, to any other parties as the Administrator has identified, any remaining expenses of the Trust, up to the Series 2021-1 Group Allocated Percentage of such amounts;

      (xiii)        thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and

      (xiv)        fourteenth, to the Class R Interest, any remaining amounts.

      (f)            [Reserved].

      
        52

        
          

      

      

      

      (g)            Subordination

            Agreement.  Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest
          payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section
          510(a) of the Bankruptcy Code.

      Section 8.3     Series 2021-1 Accounts.

      (a)            Investment

            of Funds in Series 2021-1 Accounts.  If (i) no Potential Default or Event of Default with respect to Group 1 has occurred and is continuing and (ii) Cellco is the Servicer, the Servicer may instruct the Indenture Trustee to invest any funds
          in the Series 2021-1 Accounts in Permitted Investments and, if investment instructions are received, the Indenture Trustee will direct the Qualified Institution maintaining the Series 2021-1 Accounts to invest the funds in the Distribution
          Account, the Reserve Account or the Principal Funding Account, as applicable, in those Permitted Investments.  If (i) the Servicer fails to give investment instructions for any funds in the Distribution Account, the Reserve Account or the
          Principal Funding to the Indenture Trustee by 11:00 a.m. New York time (or other time as may be agreed by the Indenture Trustee) on the Business Day before a Payment Date or (ii) the Qualified Institution receives notice from the Indenture
          Trustee that a Potential Default with respect to Group 1 or Event of Default with respect to Group 1 has occurred and is continuing, the Qualified Institution will invest and reinvest funds in such Series 2021-1 Account according to the last
          investment instructions received, if any.  If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment
          instructions, and the funds will remain uninvested until new investment instructions are received.  The Servicer may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any action, on any matters
          available to the holder of the Permitted Investments.  If Cellco is not the Servicer, funds on deposit in the Distribution Account, the Reserve Account and the Principal Funding Account will remain uninvested.  For so long as Cellco is the
          Servicer, any Permitted Investments of funds in the Series 2021-1 Accounts (or any reinvestments of the Permitted Investments) for a Collection Period must mature, if applicable, and be available no later than the second Business Day before the
          related Payment Date.  Any Permitted Investments with a maturity date will be held to their maturity, except that such Permitted Investments may be sold or disposed of before their maturity in connection with the sale of the Series 2021-1
          Collateral under Section 5.6.

      (b)            Limited

            Liability for Permitted Investments.  Subject to Section 6.1(c), neither the Indenture Trustee nor the Note Paying Agent will be liable for any insufficiency in Series 2021-1 Accounts resulting from a loss on a Permitted Investment, except
          for losses attributable to U.S. Bank National Association’s failure to make payments on the Permitted Investments issued by U.S. Bank National Association, in its commercial capacity as principal obligor and not as trustee.

      (c)            Notice

            to Qualified Institution.  A Responsible Person of the Indenture Trustee will notify the Qualified Institution maintaining the Series 2021-1 Accounts (if not the Indenture Trustee) if an Event of Default with respect to Group 1 has occurred
          and is continuing.

      
        53

        
          

      

      

      

      (d)            Control

            of Series 2021-1 Accounts.  Each of the Series 2021-1 Accounts will be under the control of the Indenture Trustee so long as the Series 2021-1 Accounts remain subject to the Lien of the Indenture, except that the Servicer and the Master
          Collateral Agent may make deposits into the Series 2021-1 Accounts and the Servicer may direct the Note Paying Agent to make deposits into or withdrawals from the Series 2021-1 Accounts according to this Indenture and the Transaction Documents. 
          Following the payment in full of the Notes and the release of the Series 2021-1 Accounts from the Lien of the Indenture, the Series 2021-1 Accounts will be under the control of the Trust.

      (e)            Release

            of Funds.  The Indenture Trustee shall, at such time as there are no Notes outstanding, release any remaining portion of the Distribution Account and the Principal Funding Account from the Lien of the Indenture and release to or to the
          order of the Trust or, in the case of the Reserve Account, to the Depositor.

      (f)            Investment

            Earnings.  Investment earnings (net of losses and investment expenses) on the Distribution Account, the Reserve Account and the Principal Funding Account will be deposited into the Certificate Distribution Account per the written direction
          of the Servicer for distribution to the Certificateholders in the priority set forth in Section 4.1(b) of the Trust Agreement.

      (g)            Reserve

            Account.

      (i)            Initial Reserve Account Deposit.  On the Closing Date, the Trust will deposit or cause to be deposited the Required Reserve Amount into the Reserve Account from the net proceeds of the sale of the Notes.

      (ii)            Reserve Account Draw Amount.  On or before two (2) Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Note Paying Agent to withdraw
          from the Reserve Account and deposit into the Distribution Account on or before the Payment Date (x) the Reserve Account Draw Amount and (y) any amount in excess of the Required Reserve Amount for such Payment Date, after giving effect to the
          withdrawal of the Reserve Account Draw Amount with respect to such Payment Date.

      (iii)            Excess Amounts.  On any Payment Date, to the extent the sum of the amount on deposit in the Reserve Account plus the amount available under any Letter of Credit exceeds the Required Reserve Amount on any Payment Date,
          the amount of such excess may be released from the Reserve Account and paid to the Class R Interest on such Payment Date.

      Section 8.4       Release of Series 2021-1 Collateral.

      (a)            Release

            of Property.  The Indenture Trustee may, and when required by this Indenture will, release Series 2021-1 Collateral from the Lien of this Indenture, in each case, according to this Indenture.  Except under Sections 8.4(c) and 10.1 for which
          the Series 2021-1 Collateral will automatically be released, the Indenture Trustee will release Series 2021-1 Collateral from the Lien of this Indenture only on receipt of a Trust Request and an Officer’s

      
        54

        
          

      

      

      

      Certificate and an Opinion of Counsel meeting the requirements of Section 11.3 and (if required by the TIA) Independent Certificates according to Sections 314(c) and 314(d)(1) of the
        TIA.

      (b)            [Reserved].

      (c)            Release

            of Funds.  When there are no Notes Outstanding and all amounts due from the Trust to the Indenture Trustee have been paid in full under Section 6.7 or 10.1, the Indenture Trustee will release the Series 2021-1 Collateral from the Lien of
          this Indenture and release to the Trust or any other Person entitled to those funds under this Indenture, the other Series 2021-1 Series Related Documents or the Transaction Documents, the funds then in the Series 2021-1 Accounts under this
          Indenture.  The Indenture Trustee will release Series 2021-1 Collateral from the Lien of this Indenture under this Section 8.4(c) only on receipt of a Trust Request and an Officer’s Certificate and an Opinion of Counsel meeting the requirements
          of Section 11.3.

      (d)            Termination

            Statements.  On receipt of a Trust Request accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3, the Indenture Trustee will execute termination statements and other documents to release
          Series 2021-1 Collateral as permitted by this Section 8.4 and Section 10.1.  No party relying on a document or authorization executed by the Indenture Trustee under this Article VIII is required to determine the Indenture Trustee’s authority,
          inquire into the satisfaction of conditions precedent or require evidence of the application of funds.

      ARTICLE IX

      AMENDMENTS

      Section 9.1     Amendments Without Consent of Noteholders.

      (a)            General

            Amendments.  The Trust and the Indenture Trustee may, and the Indenture Trustee, when directed by Trust Order will, amend this Indenture, without the consent of any Noteholders, for any of the following purposes:

      (i)               to correct or expand the description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm to the Indenture Trustee a Lien on any property subject or required to be
          subjected to the Lien of this Indenture, or to subject additional property to the Lien of this Indenture;

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

      (iii)            to add to the covenants of the Trust, for the benefit of the Noteholders, or to surrender a right or power given to the Trust in this Indenture;

      (iv)            to convey, transfer, assign, mortgage or pledge property to or with the Indenture Trustee for the benefit of the Noteholders;

      
        55

        
          

      

      

      

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

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

      (vii)          to correct any manifest error in the terms of this Indenture as compared to the terms expressly set forth in the Prospectus; or

      (viii)       to modify, eliminate or add to the terms of this Indenture to effect the qualification of this Indenture under the TIA and to add to this Indenture any other terms required by the TIA.

      (b)            Amendments

            without Material Adverse Effect.  Other than as set forth in Section 9.2, the Trust and the Indenture Trustee may, and the Indenture Trustee when directed by Trust Order will, amend this Indenture, also without the consent of the
          Noteholders, for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture, if:

      (i)              the Administrator delivers to the Indenture Trustee an Officer’s Certificate stating that the Administrator reasonably believes that the amendment will not have a material adverse effect on the Notes; or

      (ii)            the Rating Agency Condition has been satisfied with respect to the Notes;

      provided that the Rating Agency Condition must be satisfied with respect to the Notes as a condition precedent with respect to any amendment to this Indenture entered into for the
        purpose of permitting the Trust to pay any amounts due to any Letter of Credit Provider from Series 2021-1 Available Funds on each Payment Date at a more senior priority than set forth under Section 8.2.

      (c)            The
          Trust (or the Administrator on behalf of the Trust) shall notify the Rating Agencies as to any amendment pursuant to this Section 9.1.

      Section 9.2     Amendments with Consent of Controlling Class.

      (a)            Amendments. 

          The Trust and the Indenture Trustee may, and the Indenture Trustee when directed by Trust Order will, amend this Indenture, with the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and with prior written
          notice to the Rating Agencies, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture.  No
          amendment to this Indenture, without the consent of each Noteholder of each Outstanding Note adversely affected by the amendment, shall:

      
        56

        
          

      

      

      

      	

            	(A)	
              change (1) the applicable Final Maturity Date on a Note, (2) the principal amount of or interest rate, Additional Interest Amount or Make-Whole Payment on a Note or (3) the Required Reserve Amount;

            

      	

            	(B)	
              modify the percentage of the Note Balance of the Notes or the Controlling Class that is required for any action;

            

      	

            	(C)	
              modify or alter the definition of “Controlling Class;”

            

      	

            	(D)	
              permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on the Series 2021-1 Collateral, other than Permitted Liens, or, except as permitted by this Indenture, the
                other Series 2021-1 Series Related Documents or the Transaction Documents, release the Lien of this Indenture on the Series 2021-1 Collateral; or

            

      	

            	(E)	
              impair the right to institute suit for the enforcement of this Indenture, as provided in Section 5.8.

            

      In addition, unless (i) the Rating Agency Condition has been satisfied for all Credit Extensions of Group 1 then rated by a Rating Agency or (ii) each Group Creditor
        of each Credit Extension of Group 1 adversely affected thereby consents, no amendment to this Indenture may result (solely by virtue of such amendment) in an increase in the Series Allocation Percentage for Series 2021-1.

      (b)            Noteholder

            Consent.  For any amendment to this Indenture or any Transaction Document requiring the consent of the Noteholders, the Indenture Trustee will, when directed by Trust Order, notify the Noteholders to request consent and follow its
          reasonable procedures to obtain consent.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder.

      Section 9.3     Execution of Amendments.

      (a)            Form;

            Authorization; Reliance.  It shall not be necessary for the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 
          Each amendment will be in form reasonably satisfactory to the Indenture Trustee.  The Indenture Trustee is authorized to execute the amendment and any other agreements required by the amendment.  For any amendment, the Trust will deliver to the
          Indenture Trustee and the Owner Trustee an Opinion of Counsel stating that the amendment is permitted by this Indenture and that all conditions to the amendment have been satisfied.

      (b)            Indenture

            Trustee Not Obligated.  Notwithstanding anything to the contrary herein, the Indenture Trustee is not obligated to enter into an amendment that adversely affects the Indenture Trustee’s rights, powers, duties, obligations, liabilities,
          indemnities or immunities under this Indenture.

      
        57

        
          

      

      

      

      Section 9.4     Effect of Amendment.  On the execution of an amendment under this Article IX, this Indenture will be amended by the amendment, and the
        amendment will be part of this Indenture for all purposes.  Every Noteholder of Notes authenticated and delivered before or after the amendment will be bound by the amendment.

      Section 9.5     Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of an amendment under this Article IX
        may, and if required by the Indenture Trustee will, bear a notation about the amendment.  New Notes modified to conform to an amendment may be prepared and executed by the Trust and authenticated and delivered by the Indenture Trustee in exchange
        for the Outstanding Notes.

      Section 9.6     [Reserved].

      Section 9.7     Conformity with TIA.  Each amendment of this Indenture executed under this Article IX will conform to the requirements of the TIA as then in
        effect so long as this Indenture is qualified under the TIA.

      ARTICLE X

      REDEMPTION OF NOTES

      Section 10.1     Redemption.

      (a)            Optional

            Redemption.

      (i)            On any date on or after the Earliest Redemption Date,  the Class A Certificateholder (for as long as the Class A Certificateholder is an Originator or an Affiliate of the Originators), with the consent of the Administrator, on
          behalf of the Trust, shall have the option to direct the Trust to redeem the Notes, in whole but not in part (the “Optional Redemption”).  The Class A Certificateholder may exercise this Optional Redemption by notifying the Trust, the
          Servicer, the Master Collateral Agent, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in writing, at least ten (10) days before the date of the redemption of the Notes (the “Redemption Date”).  If the Trust effects an
          Optional Redemption on any date prior to the First Par Redemption Date, the Trust will be required to pay a Make-Whole Payment in connection with such redemption.

      (ii)            After the Indenture Trustee receives the notice set forth in clause (i) above, the Indenture Trustee will promptly notify the Noteholders (and any related expenses incurred by the Indenture Trustee shall be payable by the
          Trust):

      	

            	(A)	
              of the Redemption Date;

            

      	

            	(B)	
              of the outstanding Note Balance of each Class of the Notes to be redeemed;

            

      
        58

        
          

      

      

      

      	

            	(C)	
              of the place to surrender the Notes for final payment (which will be the office or agency of the Trust maintained under Section 3.2); and

            

      	

            	(D)	
              that on the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest, any unpaid Additional Interest Amounts and any unpaid Make-Whole Payments on the Notes will
                become due and payable in full and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Trust fails to pay the Notes on the Redemption Date.

            

      Failure to give notice of redemption to a Noteholder, or any defect therein, shall not impair or affect the validity of the redemption of any other Note.

      (b)            Deposit

            of Note Redemption Price.  The Trust may not exercise an Optional Redemption unless the Note Balance of the Notes, any accrued but unpaid interest, any unpaid Additional Interest Amounts and any unpaid Make-Whole Payments and all other
          amounts payable by the Trust with respect to Series 2021-1, including such amounts due and payable to the Indenture Trustee, the Owner Trustee, the Master Collateral Agent and the Asset Representations Reviewer as of such Redemption Date are paid
          in full in connection therewith.  On the Redemption Date, the Indenture Trustee shall transfer any amounts on deposit in the Reserve Account and the Principal Funding Account into the Distribution Account.  Upon the exercise of the Optional
          Redemption, the Notes will be redeemed and paid in full.

      (c)            Release

            of Funds.  On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest, any unpaid Additional Interest Amounts and any unpaid Make-Whole Payments on the Notes will become due and payable and interest
          on the Notes will cease to accrue from and after the Redemption Date, unless the Trust fails to pay the Notes on the Redemption Date.  On redemption, the Indenture Trustee will release the Series 2021-1 Collateral from the Lien of this Indenture
          and release to the Trust or any other Person entitled to funds then in the Series 2021-1 Accounts under this Indenture according to Section 8.4(c).

      ARTICLE XI

      OTHER AGREEMENTS

      Section 11.1     No Petition.  The Indenture Trustee and each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note, agrees
        that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the
        Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
        proceedings under any bankruptcy or similar law; provided that the foregoing shall not be deemed to prevent the Indenture Trustee from filing a proof of claim in any such proceeding.  This Section 11.1 will survive the resignation or removal of the
        Indenture Trustee under this Indenture and the termination of this Indenture.

      
        59

        
          

      

      

      

      Section 11.2     [Reserved].

      Section 11.3     Trust Orders; Certificates and Opinions.

      (a)            Trust

            Order or Trust Request.  For an order or request by the Trust to the Indenture Trustee to take an action under this Indenture, any other Series 2021-1 Series Related Document or any Transaction Document, the Trust will deliver the following
          documents to the Indenture Trustee: (i) a written order (an “Trust Order”) or a written request (an “Trust Request”), signed in the name of the Trust by a Responsible Person and delivered to the Indenture Trustee, (ii) an Officer’s
          Certificate of the Trust stating that all conditions in this Indenture, any other Series 2021-1 Series Related Document or any Transaction Document, as applicable, for the proposed action have been satisfied, (iii) an Opinion of Counsel stating
          that such action is authorized or permitted by this Indenture, any other Series 2021-1 Series Related Document or any Transaction Document, as applicable, and all conditions precedent have been satisfied and (iv) if required by the TIA, an
          Independent Certificate.  However, if this Indenture requires the furnishing of specific documents for the action to be taken, no additional certificate or opinion is required to be delivered.

      (b)            Form

            of Certificates and Opinions.

      (i)            Each certificate or opinion on compliance with a condition or covenant in this Indenture will include:

      	

            	(A)	
              a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture, any other Series 2021-1 Series Related Document or any
                Transaction Document relating to the covenant or condition;

            

      	

            	(B)	
              a brief statement about the nature and scope of the examination or investigation on which the statements or opinions in the certificate or opinion are based;

            

      	

            	(C)	
              a statement that, in the opinion of the signatory, the signatory has made an examination or investigation, if necessary, to enable the signatory to express an informed opinion on whether or not the
                covenant or condition has been complied with; and

            

      	

            	(D)	
              a statement about whether, in the opinion of the signatory, the condition or covenant has been complied with.

            

      (ii)            Any Officer’s Certificate of a Responsible Person of the Trust may be based, for legal matters, on an opinion of counsel, unless that Responsible Person knows, or in the exercise of reasonable care should know, that the
          opinion is erroneous.  Any Officer’s Certificate of a Responsible Person of the Trust or opinion of counsel may be based, for factual matters, on an Officer’s Certificate of a Responsible Person of the Servicer, the Depositor or the Trust
          (including by the Administrator on behalf of the Trust), stating that the information about those factual matters is in the possession of the Servicer, the Depositor, the Trust or the Administrator, unless the Responsible Person of

      
        60

        
          

      

      

      

      the Trust or counsel knows, or in the exercise of reasonable care should know, that the Officer’s Certificate is erroneous.

      (c)            Ordinary

            Course of Business.  The Trust may, without furnishing any Officer’s Certificates under this Section 11.3, (i) collect, sell or dispose of Group 1 Receivables in the ordinary course of its business, so long as Collections and other proceeds
          of the dispositions are applied according to the Master Collateral Agreement and this Indenture to the extent of Series 2021-1 Available Funds and (ii) make cash payments out of the Series 2021-1 Accounts, in each case, as and if permitted or
          required by this Indenture, any other Series 2021-1 Series Related Document or any Transaction Document.

      (d)            Exemptive

            Orders.  If the Commission issues an exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the Lien of
          this Indenture only according to this Indenture, any other Series 2021-1 Series Related Document or any Transaction Document and the conditions and procedures stated in the exemptive order.

      Section 11.4     Acts of Noteholders.

      (a)            Any
          request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the Noteholders or a stated percentage of Noteholders may be embodied in and evidenced by one or more
          instruments or documents signed by the Noteholders or Note Owners in person or by agents duly appointed in writing.  Except as otherwise expressly stated in this Indenture, the action will become effective when the instruments or documents are
          delivered to the Indenture Trustee and, if required, to the Trust.  Such instruments or documents (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such
          instrument or document.  Proof of execution of such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Indenture Trustee if made in the manner provided in this
          Section 11.4.  Any such acts will bind the Noteholder of every Note issued upon the registration of the Note or in exchange for the Note or in place of the Note, for all purposes including in respect of anything done, omitted or suffered to be
          done by the Indenture Trustee or the Trust in reliance thereon, whether or not notation of the action is made on the Note.

      (b)            The
          fact and date of the execution by any Person of any such instrument or document may be proved in any manner that the Indenture Trustee deems sufficient.

      (c)            The
          ownership of Notes shall be proved by the Note Register.

      Section 11.5     Trust Obligation.  No recourse may be taken, directly or indirectly, for the obligations of the Trust, the Owner Trustee or the Indenture
        Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the Notes, against (a) the Indenture Trustee or the Owner Trustee each in its individual capacity, (b) each holder of a beneficial
        interest in the Trust, (c) each partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (d) each holder of a beneficial interest in the Owner Trustee
        or the Indenture Trustee, each in

      
        61

        
          

      

      

      

      its individual capacity.  The Indenture Trustee and the Owner Trustee have none of these obligations in their individual capacities.  For all purposes of this Indenture, the Owner
        Trustee will be subject to, and have the benefits of, Articles V, VI and VII of the Trust Agreement.

      Section 11.6     Conflict with Trust Indenture Act.  If any part of this Indenture limits, qualifies or conflicts with any other part of this Indenture that
        is required or deemed to be included in this Indenture by the TIA, the required or deemed part will control.  Sections 310 through 317 of the TIA that impose obligations on a Person (including those automatically deemed included in this Indenture
        unless expressly excluded by this Indenture) are a part of and govern this Indenture.

      Section 11.7     Regulation RR Risk Retention.  Cellco, as Sponsor, has complied, and on the Closing Date will comply, either directly or, to the extent
        permitted by the U.S. Credit Risk Retention Rules through a “wholly-owned affiliate” (as defined in the U.S. Credit Risk Retention Rules), with all requirements imposed on the “sponsor” of a “securitization transaction” (as each such term is
        defined in the U.S. Credit Risk Retention Rules) in accordance with the provisions of Regulation RR in connection with the securitization transaction contemplated by this Indenture and the other Series 2021-1 Series Related Documents and in the
        manner described in the Prospectus under the heading “Credit Risk Retention.”  Cellco, as Sponsor, will cause the True-up Trust, as nominee of the Originators to, and the True-up Trust will, retain the required economic interest in the credit risk
        of the Group 1 Receivables in satisfaction of the Sponsor’s obligations under the U.S. Credit Risk Retention Rules in the form of the Transferor’s Interest, as wholly offset by an “eligible horizontal residual interest” in Series 2021-1 consisting
        of the Class R Interest.  Cellco determined the fair value of the Class R Interest, and will determine the fair value of such Class R Interest, on the Closing Date as required by Rule 5(i)(2) of the U.S. Credit Risk Retention Rules.  Cellco
        determined the fair value of the Class R Interest based on its own valuation methodology, inputs and assumptions and is solely responsible for the valuation methodology, inputs and assumptions.

      ARTICLE XII

      MISCELLANEOUS

      Section 12.1     Benefits of Indenture; Third-Party Beneficiaries.  This Indenture and the Notes are for the benefit of and will be binding on the parties
        and their permitted successors and assigns.  The Series 2021-1 Secured Parties, each Person with rights to payments or distributions under this Indenture and the Certificateholders will be third-party beneficiaries of this Indenture and may enforce
        this Indenture according to its terms.  No other Person will have any right or obligation under this Indenture or the Notes.

      Section 12.2     Notices.

      (a)            Notices

            to Parties.  Notices, requests, directions, consents, waivers or other communications to or from the parties to this Indenture must be in writing and will be considered received by the recipient:

      
        62

        
          

      

      

      

      (i)              for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the recipient;

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

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

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

      (b)            Notice

            Addresses.  A notice, request, direction, consent, waiver or other communication will be addressed to the recipient stated in Schedule A to the Transfer and Servicing Agreement, which address the party may change by notifying the other
          party.

      (c)            Notice

            to Noteholders.  Notices to a Noteholder will be considered received by the Noteholder:

      (i)              for Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the Noteholder at its address in the Note Register; or

      (ii)            for Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

      (d)            Notices

            to Rating Agencies.  Where this Indenture requires for notice to the Rating Agencies, failure to give the notice will not affect other rights or obligations under this Indenture and will not be a Potential Default with respect to Group 1 or
          Event of Default with respect to Group 1.

      (e)            Waiver

            of Notices.  Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event and such waiver shall be the equivalent of such
          notice.  Waivers of notice by the Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

      Section 12.3     GOVERNING LAW.  THIS INDENTURE, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
        WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES), AND THE LAW OF THE STATE OF
        NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.

      
        63

        
          

      

      

      

      Section 12.4     Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern
        District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Indenture.  Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the
        future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

      Section 12.5     WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY
        ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS INDENTURE ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

      Section 12.6     No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Indenture will operate as a waiver.  No
        single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Indenture are in
        addition to any powers, rights and remedies under law.

      Section 12.7     Severability.  If a part of this Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining
        Indenture and will not affect the validity, legality or enforceability of the remaining Indenture.

      Section 12.8     Headings.  The headings in this Indenture are included for convenience and will not affect the meaning or interpretation of this Indenture.

      Section 12.9     Counterparts.  This Indenture may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will
        together be one document.

      Section 12.10    Customer Identification Program.  To help the government fight the funding of terrorism and money laundering activities, Federal law
        requires all financial institutions to obtain, verify and record information that identifies each Person who opens an account.  For a non-individual person such as a business entity, charity, a trust or other legal entity, the Indenture Trustee and
        any Qualified Institution may ask for documentation to verify its formation and existence as a legal entity. They may also ask to see financial statements, licenses, identification and authorization from individuals claiming authority to represent
        the entity or other relevant documentation.

      Section 12.11     [Reserved].

      Section 12.12     Intent of the Parties; Reasonableness.  The Trust and the Indenture Trustee acknowledge and agree that the purpose of Sections 3.9 and 6.6
        of this Indenture is to facilitate compliance by the Trust and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Trust nor the Administrator (acting on behalf of the Trust) shall
        exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the
        Commission thereunder (or the provision in a private offering of disclosure comparable to that

      
        64

        
          

      

      

      

      required under the Securities Act).  The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive
        guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the Trust (or the Administrator, acting on
        behalf of the Trust) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with this transaction, the Indenture Trustee shall cooperate fully with the Trust (or
        the Administrator, acting on behalf of the Trust) to deliver to the Trust (or the Administrator, acting on behalf of the Trust), any and all statements, reports, certifications, records and any other information necessary in the good faith
        determination of the Trust (or the Administrator, acting on behalf of the Trust) to permit the Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Indenture Trustee reasonably believed by the Trust
        (or the Administrator, acting in good faith on behalf of the Trust) to be necessary in order to effect such compliance.  The Trust (or the Administrator, acting on behalf of the Trust) shall cooperate with the Indenture Trustee by providing timely
        notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Trust to comply with Regulation AB.

      Section 12.13     Electronic Signatures.  Each party agrees that this Indenture and any other documents to be delivered in connection herewith may be
        electronically signed, and that any electronic signatures appearing on this Indenture or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility; provided that any documentation
        with respect to transfer of the Notes or other securities presented to the Note Registrar, Indenture Trustee or any transfer agent after the Closing Date must contain original documents with manual, wet ink signatures to the extent required by the
        Note Registrar, Indenture Trustee or transfer agent.  The Indenture Trustee, the Note Paying Agent and the Note Registrar shall be fully justified, indemnified and protected in relying and acting upon any electronic signature believed by the
        Indenture Trustee, the Note Paying Agent or the Note Registrar, as applicable, to have been signed by the Trust, the Administrator, the Servicer or an other such Person as is required to deliver such document, as applicable, and shall not otherwise
        have any duty or obligation to verify such electronic signature independently.

      Section 12.14     Class R Interest.

      
        (a)            Creation of Class R Interest. At the direction of the Trust, the Class R Interest is being created hereunder as an interest in Series
          2021-1 having the rights set forth in this Indenture and the Trust Agreement. The Class R Interest is being acquired on the date hereof by the True-up Trust, as the initial Class R Interest Holder.

      

      (b)            Holder of Class R Interest. Under the Trust Agreement, the Trust has appointed the Owner Trustee to be the Trust Registrar for the Class R Interest. The Class R
          Interest Holder will be the Person registered as the holder of the Class R Interest on the Trust Register. The Class R Interest Holder will receive any Series 2021-1 Available Funds not needed on a Payment Date to pay the Notes and the Trust’s
          other obligations as set forth in Section 8.2 of this Indenture.

       

      
        65

        
          

      

      
        (c)            Legal Title and Distributions. The Class R Interest Holder has no legal title to any Trust Property. The Class R Interest Holder will receive distributions only as set forth in Section 8.2 and
            Section 8.3(g)(iii) of this Indenture.

         

        

        (d)            Transfer of Class R Interest. The Class R Interest Holder will be
            permitted to sell, transfer, assign or convey its rights in the Class R Interest upon satisfaction of the requirements applicable to transfers of the
            Certificates set forth in Section 3.3 of the Trust Agreement mutatis mutandis, subject to the requirements of Section 11.7 of this Indenture. The Class R Interest Holder, if it wishes to transfer the
            Class R Interest, shall notify the Trust Registrar in writing of such transfer and identify the new Class R Interest Holder. Upon receipt of notice in writing of any transfer of the Class R Interest identifying the new Class R Interest Holder,
            the Owner Trustee, as Trust Registrar for the Class R Interest, will record such transferee as the Class R Interest Holder on the Trust Register. Notwithstanding anything else in this Indenture to the contrary, no Person shall have any rights
            hereunder with respect to the Class R Interest unless such Person is identified as being the Class R Interest Holder on the Trust Register.

      

       [Remainder of Page Left Blank]

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

      
        66

        
          

      

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

      

      

      

      

      VERIZON MASTER TRUST,

        as Trust

      

      

      	

            	By:	
              Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Master Trust

            

      

      

      

      

      

      

      By:   /s/  Mark H. Brzoska                      

       
      Name:  Mark H. Brzoska

      Title: Vice President

      

      

      

      

      

      

      

      U.S. BANK NATIONAL ASSOCIATION,

        not in its individual capacity but solely as Indenture Trustee and as Note Paying Agent

      

      

      

      

      

      

      By:   /s/ Matthew M. Smith                      

          

       
      Name: Matthew M. Smith

      

      Title: Vice President

      

      
        
          

      

      

      

      Solely with respect to Section 11.7:

      

      

      CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

        as Sponsor

      

      

      By:   /s/ Kee Chan Sin                            
        

                      Name: Kee Chan Sin

                      Title:   Vice President and Assistant Treasurer

        

      

      

      
        
          

      

      
      Exhibit A

      

      

      Form of Notes

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN ANOTHER NAME REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND PAYMENT IS MADE TO CEDE & CO. OR TO ANOTHER ENTITY REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE & CO., HAS AN INTEREST IN THIS NOTE.

      THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR VERIZON ABS II LLC, CELLCO PARTNERSHIP D/B/A VERIZON
        WIRELESS, VERIZON COMMUNICATIONS INC., THE ORIGINATORS, THE ADDITIONAL TRANSFEROR, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE, THE MASTER COLLATERAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES.  THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE
        SOLELY FROM PAYMENTS ON THE GROUP 1 RECEIVABLES AND AMOUNTS ON DEPOSIT IN THE SERIES 2021-1 ACCOUNTS.

      EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
        AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A “SIMILAR LAW”)
        AND ANY FIDUCIARY ACTING ON BEHALF OF THE HOLDER, BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE)
        DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES (OR, IF THE HOLDER IS
        SUBJECT TO ANY SIMILAR LAW, ITS PURCHASE, HOLDING AND DISPOSITION DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF THE SIMILAR LAW).

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN THIS NOTE.  ACCORDINGLY, THE OUTSTANDING NOTE BALANCE OF THIS NOTE MAY BE LESS THAN THE AMOUNT
        SHOWN ON THE FACE OF THIS NOTE.

      
        A-1

        
          

      

      

      

      REGISTERED                                        $[___________]

      
        	
                No. R-1 

                

              	
                
                  CUSIP NO. [_______]

                  

                  

                

              

      

      

      VERIZON MASTER TRUST, SERIES 2021-1

      

      

      CLASS [A][B][C] [___]% ASSET BACKED NOTES

      Verizon Master Trust, a statutory trust organized under the laws of the State of Delaware (the “Trust”), for value received, promises to
        pay to CEDE & CO., or registered assigns, the principal sum of [____________] DOLLARS payable as set forth in Section 8.2 of the Indenture, dated as of May 25, 2021 (the “Indenture”), between the Trust and U.S. Bank National Association,
        as Indenture Trustee (the “Indenture Trustee”) on the 20th day of each month, or, if that day is not a Business Day, the next succeeding Business Day, starting in July 2021 (each, a “Payment Date”) in an amount equal to the aggregate
        amount payable to Noteholders of Class [A][B][C] Notes on that Payment Date from the amounts payable as principal on the Class [A][B][C] Notes under Section 3.1 of the Indenture.  However, the entire unpaid Note Balance of this Note will be due and
        payable on the earlier of (a) the [______] Payment Date (the “Final Maturity Date”), or (b) the Redemption Date under Section 10.1 of the Indenture.  The entire unpaid Note Balance of the Notes will be due and payable on the date on which
        the Notes are declared to be, or have automatically become, immediately due and payable under Section 5.2(a) of the Indenture.  Principal payments on the Class [A][B][C] Notes will be made pro rata to the Noteholders entitled to those principal
        payments.  Capitalized terms used but not defined in this Note are defined in Article I of the Indenture, which also contains usage rules that apply to this Note, including by reference to other documents.

      The Trust will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
        available for payment, on the Note Balance of this Note outstanding on the Payment Date immediately preceding such Payment Date (in each case, after giving effect to payments of principal made on the Payment Date immediately preceding such Payment
        Date), subject to limitations in Section 3.1 of the Indenture.  Interest on this Note will accrue for each Payment Date from and including the 20th day of the calendar month immediately preceding such Payment Date to but excluding the 20th day of
        the calendar month in which such Payment Date occurs (or, for the initial Payment Date, from and including the Closing Date to but excluding July 20, 2021).  Interest will be computed on the basis of a 360-day year of twelve 30 day months.

      The principal of and interest, any Additional Interest Amounts and any Make-Whole Payments on this Note are payable in the coin or currency of
        the United States of America that at the time of payment is legal tender for payment of public and private debts.  Payments made by the Trust on this Note will be applied first to interest due and payable on this Note as stated above and then to
        the unpaid principal of this Note.

      This Note is one of a duly authorized issue of Class [A][B][C] [_]% Asset Backed Notes (the “Class [A][B][C] Notes”) of the Trust.  Also
        authorized under the Indenture are the Class [A][B][C] Notes.  The Indenture and indentures supplemental to the Indenture state the respective rights and obligations of the Trust, the Indenture Trustee and the Noteholders.  The Notes are subject to
        the Indenture.

      
        A-2

        
          

      

      

      

      The Class [A][B][C] Notes are and will be equally and ratably secured by the collateral pledged as security therefor under the Master Collateral
        Agreement and the Indenture.  Interest on and principal of the Notes will be payable according to the priority of payments stated in Section 8.2 of the Indenture.  [Class B only:][The Class B Notes are
        subordinated in right of payment to the Class A Notes.] [Class C only:][The Class C Notes are subordinated in right of payment to the Class A Notes and the Class B Notes.]

      Payments of interest on this Note on each Payment Date, together with each installment of principal if not in full payment of this Note, any
        Additional Interest Amounts and any Make-Whole Payments will be made to the Noteholder of this Note either by wire transfer, to the account of the Noteholder at a bank or other entity having proper facilities for the wire transfer, if the
        Noteholder has given to the Note Registrar proper written instructions at least five (5) Business Days before that Payment Date and the Noteholder’s Notes in the aggregate evidence a denomination of not less than $1,000, or, if not, by check mailed
        first class mail, postage prepaid, to the Noteholder’s address as it appears on the Note Register on each Record Date.  However, unless Definitive Notes have been issued to Note Owners, payment will be made by wire transfer to the account
        designated by Cede & Co., as nominee of the Clearing Agency or a successor nominee.  The payments will be made without requiring that this Note be submitted for notation of payment.  Any reduction in the Note Balance of this Note effected by
        payments made on a Payment Date will bind future Noteholders of this Note and of a Note issued on the registration of transfer of this Note or in exchange of this Note or in place of this Note, whether or not noted on this Note.  If money is
        expected to be available for payment in full of the then remaining unpaid Note Balance of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Trust, will notify the Noteholder of this Note as of the Record
        Date immediately preceding such Payment Date by notice mailed or transmitted by fax before that Payment Date, and the amount then due and payable will be payable only on presentation and surrender of this Note at the Indenture Trustee’s Corporate
        Trust Office or at the office of the Indenture Trustee’s agent appointed for those purposes located in The City of New York.

      The Trust will pay interest on overdue installments of interest at the Class [A][B][C] Note Interest Rate if lawful.

      The Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture.

      The transfer of this Note is subject to the restrictions on transfer stated on the face of this Note and to the other limitations in the
        Indenture.  Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer at the office or agency designated by the Trust
        under the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or its attorney-in-fact, with the signature guaranteed by an
        “eligible guarantor institution” meeting the requirements of the Note Registrar, and then one or more new Notes of the same Class in authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
        transferees.  No service charge will be charged for the registration of transfer or exchange of this Note, but the transferor may be required to pay an amount to cover

      
        A-3

        
          

      

      

      

      any tax or other governmental charge that may be imposed under any registration of transfer or exchange.

      Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that no recourse may be
        taken, directly or indirectly, for the obligations of the Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or a certificate or other writing delivered for the Notes and the Indenture, against (i) the Indenture
        Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Trust, (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee,
        each in its individual capacity or (iv) any holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.

      The obligations of the Trust under the Indenture are solely the obligations of the Trust and do not represent an obligation or interest in any
        assets of the Depositor other than the Depositor Transferred Property conveyed to the Trust under the Transfer and Servicing Agreement.  Each Noteholder and Note Owner, by its acceptance of a Note or an interest or participation in a Note,
        acknowledges and agrees that it has no right, title or interest in or to any Other Assets of the Depositor.  If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is deemed to have any
        interest, claim to or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further
        acknowledges and agrees that any interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to
        the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Assets (whether or not any entitlement or security interest is legally perfected or otherwise entitled to a
        priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on the other obligations and liabilities.  THIS PARAGRAPH
        IS A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

      Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that, before the date
        that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the Notes, it will not
        start or pursue against (i) the Depositor or (ii) the Trust, respectively, or join any other Person in starting or pursuing against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
        other proceedings under any bankruptcy or similar law.

      The Trust has entered into the Indenture, and this Note is issued with the intention that, for purposes of U.S. federal, State and local income
        tax, franchise tax, and any other tax imposed on or measured in whole or in party by income, Notes will qualify as indebtedness and the Trust as a mere security device formed to hold the Group 1 Receivables and issues Notes and Certificate.  Each
        Noteholder or Note Owner, by its acceptance of a Note or an interest or

      
        A-4

        
          

      

      

      

      participation in a Note, will be deemed to agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax and any
        other tax imposed on or measured in whole or in part by income and the Trust as a mere security device formed to hold the Group 1 Receivables and issue Notes and Certificates.

      For any date, the Trust, the Indenture Trustee and any agent of the Trust or the Indenture Trustee may treat the Person in whose name this Note
        is registered as of that date as the owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without regard to any notice or other information to the contrary.

      The Indenture permits, with some exceptions requiring the consent of all adversely affected Noteholders under the Indenture, the amendment of
        the Indenture and the modification of the rights and obligations of the Trust and the rights of the Noteholders under the Indenture by the Trust with the consent of the Noteholders of Notes evidencing not less than a majority of the Note Balance of
        the Controlling Class.  The Indenture also permits the Indenture Trustee to amend or waive some terms and conditions in the Indenture without the consent of the Noteholders if some conditions are satisfied.  In addition, the Indenture contains
        terms permitting the Noteholders of Notes evidencing stated percentages of the Note Balance of the Notes or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Trust with some terms of the Indenture and some defaults
        under the Indenture and their consequences.  Any consent or waiver by the Noteholder of this Note will be conclusive and bind the Noteholder and all future Noteholders of this Note and of any Note issued on the registration of transfer of this Note
        or in exchange of this Note or in place of this Note whether or not notation of the consent or waiver is made on this Note.

      The term “Trust,” as used in this Note, includes any successor to the Trust under the Indenture.

      The Trust is permitted by the Indenture, under some circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and
        the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as stated in the Indenture, subject to some limitations in the Indenture.

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

      No reference in this Note to the Indenture, and no terms of this Note or of the Indenture, will alter or impair the obligation of the Trust,
        which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

      
        A-5

        
          

      

      

      

      Except as permitted under the Series 2021-1 Series Related Documents and the Transaction Documents, none of U.S. Bank National Association, in
        its individual capacity, Wilmington Trust, National Association, in its individual capacity, any owner of a beneficial interest in the Trust, or their respective partners, beneficiaries, agents, officers, directors, employees or successors or
        assigns will be personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications in the
        Indenture.  The Noteholder of this Note, by its acceptance of this Note, agrees that, except as permitted in the Series 2021-1 Series Related Documents and the Transaction Documents, for an Event of Default with respect to Group 1 under the Master
        Collateral Agreement, the Noteholder has no claim against those Persons for any deficiency, loss or claim from this Note.  However, nothing in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Trust for
        liabilities, obligations and undertakings in the Indenture or in this Note.

      Unless the certificate of authentication on this Note has been executed by the Indenture Trustee whose name appears below by manual signature,
        this Note will not have the benefit of the Indenture or be valid or obligatory for any purpose.

      [Remainder of Page Left Blank]

      

      

      

      

      

      

      

      

      
        A-6

        
          

      

      

      

      The Trust has caused this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date below.

      Date: [__________]

      VERIZON MASTER TRUST

      

      

      	

            	BY:	
              Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Master Trust

            

      

      

      

      

      

      

      By:                                                                                                            

      Name:

      Title:

      

      

      

      

      CERTIFICATE OF AUTHENTICATION

      This is one of the Class [A][B][C] Notes designated above and referred to in the Indenture.

      Date: [__________]

      U.S. BANK NATIONAL ASSOCIATION,

        not in its individual capacity but

        solely as Indenture Trustee

      

      

      

      

      

      

      By:                                                                                                            

      Name:

      Title:

      

      

      

      

      
        A-7

        
          

      

      

      

      ASSIGNMENT

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

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

      ___________________________________

        (name and address of assignee)

      the within Note and all rights under said Note, and hereby irrevocably constitutes and appoints

      _________________, attorney, to transfer said Note on the books kept for registration of said Note, 

      with full power of substitution in the premises.

       

      

      

      

      Dated:                                                                                                                                                   

            _______________________________________________________________  */

      Signature Guaranteed

      

      

          */

      

      

      

      

      

      

      

      

      

      

      	*/	
              NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or
                any change whatever.  The signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion
                Program or another “signature guarantee program” selected by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all in accordance with the Exchange Act.

            

      

      

      
        A-8

        
          

      

      
      Exhibit B

      

      

      SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      The assessment of compliance to be delivered by the Indenture Trustee, shall address, at a minimum, the criteria specified below:

      

      

      

      

      	
              Reference

            	
              Criteria

            
	 	
              Cash Collection and Administration

            
	
              1122(d)(2)(ii)

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

            
	
              1122(d)(2)(iv)

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

            
	
              1122(d)(2)(v)

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

            
	 	
              Investor Remittances and Reporting

            
	
              1122(d)(3)(ii)

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

            
	
              1122(d)(3)(iii)

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

            
	
              1122(d)(3)(iv)

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

            

      

      

      

      

      

      

      

      

    

  

  

  B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]