Document:

Exhibit 10.6

  

   

  

  
    

    

    

    

    

      

    
      

      

    

    FORM OF ACCOUNT CONTROL AGREEMENT

     

    among

     

    VERIZON MASTER TRUST,

      as Grantor

     

    U.S. BANK NATIONAL ASSOCIATION,

      as Secured Party

     

    and

     

    U.S. BANK NATIONAL ASSOCIATION,

      as Financial Institution

     

    

    

    Dated as of May 25, 2021

     

    

    

     
      

    
      

      

    

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

     

    
      	
              ARTICLE I

            	
              USAGE AND DEFINITIONS

            	
              1

            
	
              Section 1.1

            	
              Usage and Definitions

            	
              1

            
	
              ARTICLE II

            	
              ESTABLISHMENT OF THE COLLATERAL ACCOUNT

            	
              1

            
	
              Section 2.1

            	
              Description of Accounts

            	
              1

            
	
              Section 2.2

            	
              Account Changes

            	
              1

            
	
              Section 2.3

            	
              Account Types

            	
              2

            
	
              Section 2.4

            	
              Securities Accounts

            	
              2

            
	
              Section 2.5

            	
              “Financial Assets” Election

            	
              2

            
	
              ARTICLE III

            	
              SECURED PARTY CONTROL

            	
              3

            
	
              Section 3.1

            	
              Control of the Collateral Account

            	
              3

            
	
              Section 3.2

            	
              Investment Instructions

            	
              3

            
	
              Section 3.3

            	
              Conflicting Orders or Instructions

            	
              3

            
	
              ARTICLE IV

            	
              SUBORDINATION OF LIEN; WAIVER OF SET-OFF

            	
              3

            
	
              Section 4.1

            	
              Subordination of Lien; Waiver of Set-Off

            	
              3

            
	
              ARTICLE V

            	
              REPRESENTATIONS, WARRANTIES AND COVENANTS

            	
              4

            
	
              Section 5.1

            	
              Financial Institution’s Representations and Warranties

            	
              4

            
	
              Section 5.2

            	
              Financial Institution’s Covenants

            	
              5

            
	
              ARTICLE VI

            	
              OTHER AGREEMENTS

            	
              5

            
	
              Section 6.1

            	
              Reliance by Financial Institution

            	
              5

            
	
              Section 6.2

            	
              Termination

            	
              5

            
	
              Section 6.3

            	
              No Petition

            	
              6

            
	
              Section 6.4

            	
              Limitation of Liability

            	
              6

            
	
              Section 6.5

            	
              Conflict With Other Agreement

            	
              6

            
	
              Section 6.6

            	
              [Reserved]

            	
              7

            
	
              Section 6.7

            	
              Adverse Claims

            	
              7

            
	
              Section 6.8

            	
              Maintenance of the Collateral Account

            	
              7

            
	
              ARTICLE VII

            	
              MISCELLANEOUS

            	
              8

            
	
              Section 7.1

            	
              Amendment

            	
              8

            
	
              Section 7.2

            	
              Benefit of Agreement

            	
              9

            
	
              Section 7.3

            	
              Notices

            	
              9

            
	
              Section 7.4

            	
              GOVERNING LAW

            	
              10

            
	
              Section 7.5

            	
              Submission to Jurisdiction

            	
              10

            
	
              Section 7.6

            	
              WAIVER OF JURY TRIAL

            	
              10

            
	
              Section 7.7

            	
              No Waiver; Remedies

            	
              10

            
	
              Section 7.8

            	
              Severability

            	
              10

            
	
              Section 7.9

            	
              Headings

            	
              10

            
	
              Section 7.10

            	
              Counterparts

            	
              10

            

       

      

      
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      TABLE OF CONTENTS

      

      

      Page

       

      	
              Section 7.11

            	
              Electronic Signatures

            	
              11

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      -ii-

      
        

    

    THIS ACCOUNT CONTROL AGREEMENT, dated as of May 25, 2021 (this “Agreement”),
      is among VERIZON MASTER TRUST, a Delaware statutory trust, as grantor (the “Grantor”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Master Collateral
      Agent for the benefit of the Secured Parties (in this capacity, the “Secured Party”), and U.S. BANK NATIONAL ASSOCIATION, a national banking 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 (in these capacities, the “Financial Institution”).

     

    BACKGROUND

     

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

     

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

     

    The parties agree as follows:

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

    Section 1.1          Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among the Trust,
        Cellco Partnership d/b/a Verizon Wireless, as servicer (the “Servicer”), U.S. Bank National Association, as master collateral agent (the “Master Collateral Agent”), and each Creditor Representative from time to time party thereto (the “Master Collateral Agreement”). 
        Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.  References to the “UCC” mean the Uniform
        Commercial Code as in effect in the State of New York.

     

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

     

    ARTICLE II

      ESTABLISHMENT OF THE COLLATERAL ACCOUNT

     

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

     

    “Collection Account – U.S. Bank National Association, as Master Collateral Agent, as secured party for the benefit of the Secured
      Parties of Verizon Master Trust” with account number 228269000.

     

    
      
        

    

    
    Section 2.2          Account Changes.  Neither the Financial Institution nor the Grantor will change the name or account number of the Collateral Account without the consent of the Secured Party.  The Financial Institution will
        promptly notify the Servicer of any changes to the name or account number of the Collateral Account.  This Agreement will apply to each successor account to the Collateral Account, which will also be the Collateral Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE III

      SECURED PARTY CONTROL

     

    Section 3.1          Control of the Collateral Account.

     

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

     

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

     

    Section 3.2          Investment Instructions.  If (a) the Financial Institution has not received an order or instruction from the Grantor directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets
        credited to the Collateral Account (a “Secured Party Order”) for the investment of funds in the Collateral Account by 11:00 a.m. New York time (or another time agreed to
        by the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Secured Party that a Potential Default or Event of Default has occurred and is continuing, the Financial Institution
        will invest and reinvest funds in the Collateral Account according to the last investment instruction received, if any.  If no prior investment instructions have been received or if the instructed investments are no longer available or permitted,
        the Financial Institution will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received.  For the avoidance of doubt, the Financial Institution shall have no
        investment discretion.

     

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

     

    ARTICLE IV

      SUBORDINATION OF LIEN; WAIVER OF SET-OFF

     

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

     

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

     

    ARTICLE V

      REPRESENTATIONS, WARRANTIES AND COVENANTS

     

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

     

    (a)          Organization.  The Financial Institution is duly organized, validly existing and qualified as a national banking association under the laws of the United States.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 5.2          Financial Institution’s Covenants.

     

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

     

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

     

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

     

    ARTICLE VI

      OTHER AGREEMENTS

     

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

     

    Section 6.2          Termination.

     

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

     

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

     

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

     

    Section 6.4          Limitation of Liability.

     

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

     

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

     

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

     

    Section 6.5          Conflict With Other Agreement.

     

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

     

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

     

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

     

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

     

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

     

    Section 6.6          [Reserved].

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE VII

      MISCELLANEOUS

     

    Section 7.1          Amendment.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.3          Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.5          Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New
        York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim
        that the proceeding was brought in an inconvenient forum.

     

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

     

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

     

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

     

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

     

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

     

    
      10

      
        

    

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

     

     [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      11

      
        

    

    

    

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

     

     

    

    
      	 	
              VERIZON MASTER TRUST,

            
	 	
              as Grantor

            
	 	 	 
	 	
              By:

            	
              Wilmington Trust, National Association,

            
	 	 	
              not in its individual capacity but solely as Owner

            
	 	 	
              Trustee of Verizon Master Trust

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                       

            
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	 	 
	 	
              U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Master Collateral Agent, as Secured Party

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                       

            
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	 	 
	 	 	 
	 	
              U.S. BANK NATIONAL ASSOCIATION,

            
	 	 	
              as Financial Institution

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                       

            
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    
    Exhibit A

     

    [Letterhead of U.S. Bank National Association]

     

    [Date]

     

    [Financial Institution], as Financial Institution

    [Address]

    [Address]

     

    	

          	Re:	
            Notice of Sole Control

          

     

    Ladies and Gentlemen:

     

    As referenced in the Account Control Agreement dated as of May 25, 2021 (the “Agreement”),
      among Verizon Master Trust, a Delaware statutory trust, as grantor (the “Grantor”), U.S. Bank National Association, a national banking association, as Master Collateral
      Agent for the benefit of the Lenders (in such capacity, the “Secured Party”), and U.S. Bank National Association, a national banking association, in its capacity as both a
      “securities intermediary” as defined in Section 8-102 of the Uniform Commercial Code (“UCC”) and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”), we hereby give you notice of our sole control over the Collateral Account (as defined in the Agreement) and all financial assets or other property
      credited thereto.  You are hereby instructed, in your capacity as Financial Institution, not to accept any direction, instruction or entitlement order with respect to the Collateral Account or the financial assets or other property credited thereto
      from any person other than the undersigned, unless otherwise ordered by a court of competent jurisdiction.

     

    You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master
      Trust at kee.chan.sin@verizon.com.

     

    
      	 	
              Very truly yours,

            
	 	 	 
	 	 	 
	 	
              U.S. BANK NATIONAL ASSOCIATION, not

            
	 	 	
              in its individual capacity, but solely as

            
	 	 	
              Master Collateral Agent for the benefit of

            
	 	 	
              the Lenders, as Secured Party

            
	 	 	 
	 	 	 
	 	
              By:  

            	
                                                                                 

            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

    

     

    

    

     

    

    

     

    

    

    
      A-1

      
        

    

    
    Exhibit B

     

    [Letterhead of U.S. Bank National Association]

     

    [Date]

     

    [Financial Institution], as Financial Institution

    [Address]

    [Address]

    

    

     

    	

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

          

     

    You are hereby notified that the Account Control Agreement dated as of May 25, 2021 (the “Agreement”),
      among Verizon Master Trust, a Delaware statutory trust, as grantor (the “Grantor”), U.S. Bank National Association, a national banking association, as Master Collateral
      Agent for the benefit of the Lenders (in such capacity, the “Secured Party”), and U.S. Bank National Association, a national banking association, in its capacity as both a
      “securities intermediary” as defined in Section 8-102 of the Uniform Commercial Code (“UCC”) and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”) is terminated and you have no further obligations to the undersigned pursuant to the Agreement.  Notwithstanding any previous instructions to you, you
      are hereby instructed to accept all future directions with respect to the Collateral Account (as defined in the Agreement) from the Grantor.  This notice terminates any obligations you may have to the undersigned with respect to the Agreement;
      however, nothing contained in this notice shall alter any obligations which you may otherwise owe to U.S. Bank National Association pursuant to any other agreement.

     

    You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master
      Trust at kee.chan.sin@verizon.com.

    
       

      
        	 	
                Very truly yours,

              
	 	 	 
	 	 	 
	 	
                U.S. BANK NATIONAL ASSOCIATION, not

              
	 	 	
                in its individual capacity, but solely as

              
	 	 	
                Master Collateral Agent for the benefit of

              
	 	 	
                the Lenders, as Secured Party

              
	 	 	 
	 	 	 
	 	
                By:  

              	
                                                                                   

              
	 	 	
                Name:

              
	 	 	
                Title:

              

      

      

      

    

    

    

     

     

    

     

    

     

    

     

    

  

  B-1Exhibit 10.7

    

    

    

    

    

    

    

    

    

    

    
      

    

    

    FORM OF SERIES 2021-1 ACCOUNT CONTROL AGREEMENT

     

    among

     

    VERIZON MASTER TRUST,

      as Grantor

     

    U.S. BANK NATIONAL ASSOCIATION,

      as Secured Party

     

    and

     

    U.S. BANK NATIONAL ASSOCIATION,

      as Financial Institution

     

    

    

    Dated as of May 25, 2021

     

    
      
        

    

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

    

    

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            ARTICLE II

          	
            ESTABLISHMENT OF COLLATERAL ACCOUNTS

          	
            1

          
	
            Section 2.1

          	
            Description of Accounts

          	
            1

          
	
            Section 2.2

          	
            Account Changes

          	
            2

          
	
            Section 2.3

          	
            Account Types

          	
            2

          
	
            Section 2.4

          	
            Securities Accounts

          	
            2

          
	
            Section 2.5

          	
            “Financial Assets” Election

          	
            3

          
	
            ARTICLE III

          	
            SECURED PARTY CONTROL

          	
            3

          
	
            Section 3.1

          	
            Control of Collateral Accounts

          	
            3

          
	
            Section 3.2

          	
            Investment Instructions

          	
            3

          
	
            Section 3.3

          	
            Conflicting Orders or Instructions

          	
            4

          
	
            ARTICLE IV

          	
            SUBORDINATION OF LIEN; WAIVER OF SET-OFF

          	
            4

          
	
            Section 4.1

          	
            Subordination of Lien; Waiver of Set-Off

          	
            4

          
	
            ARTICLE V

          	
            REPRESENTATIONS, WARRANTIES AND COVENANTS

          	
            4

          
	
            Section 5.1

          	
            Financial Institution’s Representations and Warranties

          	
            4

          
	
            Section 5.2

          	
            Financial Institution’s Covenants

          	
            5

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            5

          
	
            Section 6.1

          	
            Reliance by Financial Institution

          	
            5

          
	
            Section 6.2

          	
            Termination

          	
            6

          
	
            Section 6.3

          	
            No Petition

          	
            6

          
	
            Section 6.4

          	
            Limitation of Liability

          	
            6

          
	
            Section 6.5

          	
            Conflict With Other Agreement

          	
            7

          
	
            Section 6.6

          	
            [Reserved]

          	
            7

          
	
            Section 6.7

          	
            Adverse Claims

          	
            7

          
	
            Section 6.8

          	
            Maintenance of Collateral Accounts

          	
            7

          
	
            ARTICLE VII

          	
            MISCELLANEOUS

          	
            8

          
	
            Section 7.1

          	
            Amendment

          	
            8

          
	
            Section 7.2

          	
            Benefit of Agreement

          	
            9

          
	
            Section 7.3

          	
            Notices

          	
            9

          

    

    

    
      
        -i-

        
          

      

      TABLE OF CONTENTS

      

      

      Page

      

      

    

    	
            Section 7.4

          	
            GOVERNING LAW

          	
            10

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            10

          
	
            Section 7.6

          	
            WAIVER OF JURY TRIAL

          	
            10

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            10

          
	
            Section 7.8

          	
            Severability

          	
            10

          
	
            Section 7.9

          	
            Headings

          	
            11

          
	
            Section 7.10

          	
            Counterparts

          	
            11

          
	
            Section 7.11

          	
            Electronic Signatures

          	
            11

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      -ii-

      
        

    

    This SERIES 2021-1 ACCOUNT CONTROL AGREEMENT, dated as of May 25, 2021 (this “Agreement”),
      is among VERIZON MASTER TRUST, a Delaware statutory trust, as grantor (the “Grantor”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Indenture Trustee
      for the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. BANK NATIONAL ASSOCIATION, a national banking 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 (in these capacities, the “Financial Institution”).

     

    BACKGROUND

     

    The Grantor is engaging in a securitization transaction in which it will issue the Notes under the Indenture (as defined below), and the Secured Party
      will hold funds in bank accounts for the benefit of the Noteholders.

     

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

     

    The parties agree as follows:

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

    Section 1.1          Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in (or defined by reference in) the Indenture, dated as of May 25, 2021 (the “Indenture”), between Verizon Master Trust, as trust, and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”). 
        The Indenture also contains by reference, usage rules that apply to this Agreement.  References to the “UCC” mean the Uniform Commercial Code as in effect in the State of
        New York.

     

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

     

    ARTICLE II

      ESTABLISHMENT OF COLLATERAL ACCOUNTS

     

    Section 2.1          Description of Accounts.  Pursuant to this Agreement and the Indenture, the Grantor, the Servicer and the Financial Institution have established the following accounts, subject to the lien of the Secured Party
        (each, a “Collateral Account”), each of which Collateral Accounts shall be a Trust Financing Account:

     

    	

          	(i)	
             “Series 2021-1 Distribution Account – U.S. Bank National Association, as Note Paying Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust, Series
              2021-1” with account number 216808000.

          

     

    
      
        

    

    
    	

          	(ii)	
            “Series 2021-1 Reserve Account – U.S. Bank National Association, as Note Paying Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust, Series 2021-1”
              with account number 216808001.

          

     

    	

          	(iii)	
            “Series 2021-1 Principal Funding Account – U.S. Bank National Association, as Note Paying Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust,
              Series 2021-1” with account number 216808002.

          

     

    Section 2.2          Account Changes.  Neither the Financial Institution nor the Grantor will change the name or account number of a Collateral Account without the consent of the Secured Party.  The Financial Institution will
        promptly notify the Servicer of any changes to the name or account number of a Collateral Account.  This Agreement will apply to each successor account to a Collateral Account, which will also be a Collateral Account.

     

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

     

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

     

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

     

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

     

    (c)          Exercise of Rights.  Each Collateral Account is an account to which financial assets or other property are or may be credited, and the Financial Institution shall, subject to the

     

    
      2

      
        

    

    terms of this Agreement, treat the Grantor as entitled to exercise the rights that comprise any financial asset or other property credited to such account.

     

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

     

    ARTICLE III

      SECURED PARTY CONTROL

     

    Section 3.1          Control of Collateral Accounts.

     

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

     

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

     

    Section 3.2          Investment Instructions.  If (a) the Financial Institution has not received an order or instruction from the Grantor directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets
        credited to a Collateral Account (a “Secured Party Order”) for the investment of funds in a Collateral Account by 11:00 a.m. New York time (or another time agreed to by
        the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Secured Party that a Potential Default or Event of Default has occurred and is continuing, the Financial Institution will
        invest and reinvest funds in such Collateral Account according to the last investment instruction received, if any.  If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the
        Financial Institution will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received.  For the avoidance of doubt, the Financial Institution shall have no
        investment discretion.

     

    Section 3.3          Conflicting Orders or Instructions.  If the Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantor or any other Person, the

     

    
      3

      
        

    

    Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor or such other Person and shall incur no liability in connection
      therewith.

     

    ARTICLE IV

      SUBORDINATION OF LIEN; WAIVER OF SET-OFF

     

    Section 4.1          Subordination of Lien; Waiver of Set-Off.  In the event that the Financial Institution has or subsequently obtains by agreement, by operation of Law or otherwise a security interest in a Collateral Account or any
        “security entitlement” or other property credited thereto, the Financial Institution hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party.  The financial assets, money and other items credited
        to any Collateral Account will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any Person other than the Secured Party (except that the Financial Institution may set off (i) all amounts due to the Financial
        Institution in respect of customary fees and expenses for the routine maintenance and operation of the Collateral Accounts and (ii) the face amount of any checks which have been credited to any such Collateral Account but are subsequently returned
        unpaid because of uncollected or insufficient funds).

     

    ARTICLE V

      REPRESENTATIONS, WARRANTIES AND COVENANTS

     

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

     

    (a)          Organization.  The Financial Institution is duly organized, validly existing and qualified as a national banking association under the laws of the United States.

     

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

     

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

     

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

     

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

     

    
      4

      
        

    

    any Person other than the Secured Party or purporting to limit or condition the obligation of the Financial Institution to comply with entitlement orders or instructions.

     

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

     

    (g)          No Liens.  Except for the claims and interest of the Secured Party and of the Grantor in the Collateral Accounts, the Financial Institution has no actual knowledge of any Lien on or claim to, or interest in, any of the
        Collateral Accounts or in any “financial asset” (as defined in Section 8-102(a) of the UCC) or other property credited thereto.

     

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

     

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

     

    Section 5.2          Financial Institution’s Covenants.

     

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

     

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

     

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

     

    ARTICLE VI

      OTHER AGREEMENTS

     

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

     

    
      5

      
        

    

    Section 6.2          Termination.

     

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

     

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

     

    Section 6.3          No Petition.  Each party agrees that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or
        by a trust for which the Depositor was a depositor or (b) all advances owed by Verizon Master Trust, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Grantor, respectively,
        any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section 6.3 will survive the termination of this Agreement.

     

    Section 6.4          Limitation of Liability.

     

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

     

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

     

    (c)          Owner Trustee.  This Agreement has been signed on behalf of the Grantor by Wilmington Trust, National Association, not in its individual capacity, but solely in its capacity as Owner Trustee of the Grantor.  In no event
        will Wilmington Trust, National Association in its individual capacity or a beneficial owner of the Grantor be liable for the Grantor’s obligations

     

    
      6

      
        

    

    under this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

     

    Section 6.5          Conflict With Other Agreement.

     

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

     

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

     

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

     

    (i)          there are no agreements entered into
        between the Financial Institution and the Grantor with respect to the Collateral Accounts other than this Agreement and the Indenture; and

     

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

     

    Section 6.6          [Reserved].

     

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

     

    Section 6.8          Maintenance of Collateral Accounts.  In addition to, and not in lieu of, the obligation of the Financial
        Institution to honor entitlement orders and instructions as set forth in Section 3.1 hereof, the Financial Institution, the Grantor and the Secured Party agree that the Collateral Accounts shall be maintained as follows:

     

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

     

    (b)          Voting Rights.  Until such time as the Financial Institution receives a Notice of Sole Control signed by the Secured Party pursuant to subsection (a) of this

     

    
      7

      
        

    

    Section 6.8, the Grantor shall direct the Financial Institution with respect to the voting of any financial assets credited to any Collateral Account.

     

    (c)          Eligible Account.  Until such time as the Financial Institution receives a Notice of Sole Control signed by the Secured Party, the Grantor shall direct, to the extent permitted by the Indenture, the
        Financial Institution with respect to the selection of investments to be made for the credit of a Collateral Account if it is a securities account, and after the Financial Institution receives a Notice of Sole Control signed by the Secured Party,
        the Secured Party shall direct, to the extent permitted by the Indenture, the Financial Institution with respect to the selection of investments to be made for the credit of a Collateral Account if it is a securities account; provided, however, that the Financial Institution shall
        not honor any instruction from such Person to purchase any investments other than Permitted Investments.

     

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

     

    ARTICLE VII

      MISCELLANEOUS

     

    Section 7.1          Amendment.

     

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

     

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

     

    (c)          Amendments Requiring Consent of Noteholders.  This Agreement may also be amended from time to time by the parties hereto, with the consent of the Noteholders of the Notes evidencing at least a majority of the outstanding
        principal amount of the Controlling Class of Notes and with prior written notice to the Indenture Trustee and the Rating Agencies, for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
        Agreement or of modifying in any manner the rights of the Noteholders under this Agreement.

     

    
      8

      
        

    

    It shall not be necessary for the consent of the Noteholders pursuant to this Section 7.1 to approve the particular form of any proposed amendment or
      consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on
      such Noteholder.

     

    (d)          [Reserved].

     

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

     

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

     

    Section 7.3          Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.4          GOVERNING LAW.  BOTH THIS AGREEMENT AND THE COLLATERAL ACCOUNTS (AS WELL AS THE “SECURITIES ENTITLEMENTS”
          RELATING THERETO), INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF
          THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW

     

    
      9

      
        

    

    PROVISIONS THEREOF).  REGARDLESS OF ANY PROVISION IN ANY OTHER AGREEMENT, FOR PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE THE “BANK’S
      JURISDICTION” (WITHIN THE MEANING OF SECTION 9-304 OF THE UCC) AND THE “SECURITIES INTERMEDIARY’S JURISDICTION” (WITHIN THE MEANING OF SECTION 8-110 OF THE UCC).  THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF
      THE HAGUE SECURITIES CONVENTION.  NOTWITHSTANDING SECTION 7.1 OF THIS AGREEMENT, THE PARTIES WILL NOT AGREE TO ANY AMENDMENT TO THIS AGREEMENT TO CHANGE THE GOVERNING LAW TO ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK.

     

    Section 7.5          Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New
        York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim
        that the proceeding was brought in an inconvenient forum.

     

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

     

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

     

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

     

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

     

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

     

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

     

    [Remainder of Page Left Blank]

    

    

    

    

    
      10

      
        

    

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

     

    

    

    	 	
            VERIZON MASTER TRUST,

          
	 	 	
            as Grantor

          
	 	 	 
	 	
            By:   

            

          	
            Wilmington Trust, National Association,

          
	 	 	
            not in its individual capacity but solely as Owner

          
	 	 	
            Trustee of Verizon Master Trust

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                        

          
	 	
            

            

          	
            Name:

          
	 	
            

            

          	Title: 

          
	 	 	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Secured Party

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                        

          
	 	
            

            

          	Name: 

          
	 	
            

            

          	Title: 

          
	 	 	 
	 	 	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	 	
            as Financial Institution

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                        

          
	 	

          	Name: 

          
	 	
            

            

          	Title: 

          

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    
    Exhibit A

     

    [Letterhead of U.S. Bank National Association]

     

    [Date]

     

    U.S. Bank National Association, as Financial Institution

    190 South LaSalle Street

    Chicago, Illinois 60603

    Attention: Global Structured Finance/Verizon Master Trust, Series 2021-1

     

    	

          	Re:	
            Notice of Sole Control

          

     

    Ladies and Gentlemen:

     

    As referenced in the Series 2021-1 Account Control Agreement dated as of May 25, 2021 (the “Agreement”),
      among Verizon Master Trust, a Delaware statutory trust, as grantor (the “Grantor”), U.S. Bank National Association, a national banking association, as Indenture Trustee for
      the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. Bank National Association, a national banking association, in its capacity as both a
      “securities intermediary” as defined in Section 8-102 of the Uniform Commercial Code (“UCC”) and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”), we hereby give you notice of our sole control over the Collateral Accounts (as defined in the Agreement) and all financial assets or other property
      credited thereto.  You are hereby instructed, in your capacity as Financial Institution, not to accept any direction, instruction or entitlement order with respect to any Collateral Account or the financial assets or other property credited thereto
      from any person other than the Secured Party, unless otherwise ordered by a court of competent jurisdiction.

     

    You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master
      Trust at kee.chan.sin@verizon.com.

     

     

    

    	 	
            Very truly yours,

          
	 	 	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION, not

          
	 	 	
            in its individual capacity, but solely as

          
	 	 	
            Secured Party

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                    

          
	 	 	
            Name:

          
	 	 	
            Title:

          

     

    

    

     

    

    

     

    

    

    
      A-1

      
        

    

    
    Exhibit B

     

    [Letterhead of U.S. Bank National Association]

     

    [Date]

     

    U.S. Bank National Association, as Financial Institution

    190 South LaSalle Street

    Chicago, Illinois 60603

    Attention: Global Structured Finance/Verizon Master Trust, Series 2021-1

    

    

     

    	

          	Re:	
            Termination of Series 2021-1 Account Control Agreement

          

     

    You are hereby notified that the Series 2021-1 Account Control Agreement dated as of May 25, 2021 (the “Agreement”),
      among Verizon Master Trust, a Delaware statutory trust, as grantor (the “Grantor”), U.S. Bank National Association, a national banking association, as Indenture Trustee for
      the benefit of the Noteholders (in this capacity, the “Secured Party”), and U.S. Bank National Association, a national banking association, in its capacity as both a
      “securities intermediary” as defined in Section 8-102 of the Uniform Commercial Code (“UCC”) and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “Financial Institution”) is terminated and you have no further obligations to the undersigned pursuant to the Agreement.  Notwithstanding any previous instructions to you, you
      are hereby instructed, as Financial Institution, to accept all future directions with respect to the Collateral Accounts from the Grantor.  This notice terminates any obligations you may have to the undersigned with respect to the Agreement; however,
      nothing contained in this notice shall alter any obligations which you may otherwise owe to U.S. Bank National Association pursuant to any other agreement.

     

    You are instructed to deliver a copy of this notice by electronic mail to the Grantor, c/o Cellco Partnership d/b/a Verizon Wireless, as administrator of the Verizon Master
      Trust at kee.chan.sin@verizon.com.

     

    
       

      

      	 	
              Very truly yours,

            
	 	 	 
	 	 	 
	 	
              U.S. BANK NATIONAL ASSOCIATION, not

            
	 	 	
              in its individual capacity, but solely as

            
	 	 	
              Secured Party

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                      

            
	 	 	
              Name:

            
	 	 	
              Title:

            

       

      

      

    

     

     

    

     

    

     

    

  

  B-1

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