Document:

Exhibit 10.1

  

  Execution Version

    

  
    
      

    

    

  

   

  

  AMENDED AND RESTATED

    TRUST AGREEMENT

  between

  VERIZON ABS LLC,

    as Depositor

  and

  WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Owner Trustee

  for

  VERIZON OWNER TRUST 2020-A

  Dated as of January 29, 2020

  
    
      

  

  

  

  

  

  

  

  
    
      

  

  
  
    TABLE OF CONTENTS

    Page

      

    

  

  	
          ARTICLE I USAGE AND DEFINITIONS

        	
          1

           

          

        
	
          Section 1.1

        	
          Usage and Definitions

        	
          1

           

          

        
	
          ARTICLE II ORGANIZATION OF TRUST

        	
          1

           

          

        
	
          Section 2.1

        	
          Name

        	
          1

        
	
          Section 2.2

        	
          Maintenance of Office or Agency

        	
          1

        
	
          Section 2.3

        	
          Purposes and Powers.

        	
          1

        
	
          Section 2.4

        	
          Appointment of Owner Trustee

        	
          4

        
	
          Section 2.5

        	
          Contribution and Transfer of Trust Property

        	
          4

        
	
          Section 2.6

        	
          Declaration of Trust

        	
          4

        
	
          Section 2.7

        	
          Limitations on Liability.

        	
          4

        
	
          Section 2.8

        	
          Title to Trust Property.

        	
          5

        
	
          Section 2.9

        	
          Location of Issuer

        	
          5

        
	
          Section 2.10

        	
          Depositor’s Representations and Warranties

        	
          5

        
	
          Section 2.11

        	
          Tax Matters.

        	
          6

           

          

        
	
          ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS

        	
          7

           

          

        
	
          Section 3.1

        	
          The Certificates

        	
          7

        
	
          Section 3.2

        	
          Execution, Authentication and Delivery of Certificates

        	
          8

        
	
          Section 3.3

        	
          Registration of Transfer and Exchange of Certificates

        	
          8

        
	
          Section 3.4

        	
          Mutilated, Destroyed, Lost or Stolen Certificate

        	
          10

        
	
          Section 3.5

        	
          [Reserved]

        	
          10

        
	
          Section 3.6

        	
          Persons Deemed Certificateholders

        	
          10

        
	
          Section 3.7

        	
          Access to List of Certificateholders’ Names and Addresses

        	
          10

        
	
          Section 3.8

        	
          Regarding the Certificate

        	
          11

        
	
          Section 3.9

        	
          Initial Registration of Certificates

        	
          11

        
	
          Section 3.10

        	
          Increases and Decreases in the Class B Certificate Principal Balance and the Equity Interest of the Class A Certificate

        	
          11

        
	
          Section 3.11

        	
          Appointment of Certificate Paying Agent

        	
          12

           

          

        
	
          ARTICLE IV APPLICATION OF TRUST PROPERTY

        	
          12

           

          

        
	
          Section 4.1

        	
          Application of Trust Property.

        	
          12

        
	
          Section 4.2

        	
          Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others

        	
          14

           

          

        

  

  

  
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    TABLE OF CONTENTS

    (continued)

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          ARTICLE V OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

        	
          14

           

          

        
	
          Section 5.1

        	
          General Authority.

        	
          14

        
	
          Section 5.2

        	
          General Obligations.

        	
          14

        
	
          Section 5.3

        	
          Action Requiring Prior Notice

        	
          15

        
	
          Section 5.4

        	
          Action by the Certificateholders with Respect to Certain Matters

        	
          16

        
	
          Section 5.5

        	
          Action for Bankruptcy

        	
          16

        
	
          Section 5.6

        	
          Action on Administrator’s Instruction

        	
          16

        
	
          Section 5.7

        	
          No Obligations or Actions Except as Stated in Transaction Documents or Instructions

        	
          17

        
	
          Section 5.8

        	
          Prohibition on Some Actions

        	
          17

        
	
          Section 5.9

        	
          Action Not Required

        	
          17

        
	
          Section 5.10

        	
          Inspection of Owner Trustee; Access to Records

        	
          18

        
	
          Section 5.11

        	
          Furnishing of Documents

        	
          18

        
	
          Section 5.12

        	
          Reporting of Receivables Reacquisition and Acquisition Demands

        	
          19

        
	
          Section 5.13

        	
          Sarbanes-Oxley Act.

        	
          19

           

          

        
	
          ARTICLE VI OWNER TRUSTEE

        	
          19

           

          

        
	
          Section 6.1

        	
          Acceptance of Trusts

        	
          19

        
	
          Section 6.2

        	
          Limitations on Liability

        	
          19

        
	
          Section 6.3

        	
          Reliance; Advice of Counsel; Use of Agents.

        	
          21

        
	
          Section 6.4

        	
          Not Acting in Individual Capacity

        	
          21

        
	
          Section 6.5

        	
          Owner Trustee May Own Notes

        	
          22

        
	
          Section 6.6

        	
          Owner Trustee’s Representations and Warranties

        	
          22

        
	
          Section 6.7

        	
          Obligation to Update Disclosure

        	
          23

        
	
          Section 6.8

        	
          Anti-Money Laundering.

        	
          23

        
	
          Section 6.9

        	
          Persons Deemed Beneficial Owners and Control Parties.

        	
          24

           

          

        
	
          ARTICLE VII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

        	
          24

           

          

        
	
          Section 7.1

        	
          Owner Trustee’s Fees and Expenses

        	
          24

        
	
          Section 7.2

        	
          Indemnification of Owner Trustee.

        	
          24

        
	
          Section 7.3

        	
          Organizational Expenses of Issuer

        	
          25

           

          

        
	
          ARTICLE VIII TERMINATION

           	
          25

        

  

  

  
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    TABLE OF CONTENTS

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          Section 8.1

        	
          Termination of Trust Agreement and Issuer.

        	
          25

           

          

        
	
          ARTICLE IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

        	
          26

           

          

        
	
          Section 9.1

        	
          Eligibility Requirements for Owner Trustee.

        	
          26

        
	
          Section 9.2

        	
          Resignation or Removal of Owner Trustee.

        	
          26

        
	
          Section 9.3

        	
          Successor Owner Trustee.

        	
          27

        
	
          Section 9.4

        	
          Merger or Consolidation; Transfer of Assets

        	
          28

        
	
          Section 9.5

        	
          Appointment of Separate Trustee or Co-Trustee.

        	
          28

        
	
          Section 9.6

        	
          Compliance with Delaware Statutory Trust Act

        	
          29

           

          

        
	
          ARTICLE X OTHER AGREEMENTS

        	
          29

            

          

        
	
          Section 10.1

        	
          Limitation on Rights of Others

        	
          29

        
	
          Section 10.2

        	
          No Petition

        	
          29

        
	
          Section 10.3

        	
          Restrictions on the Certificateholders’ Power

        	
          30

        
	
          Section 10.4

        	
          Class A Certificateholder Controls

        	
          30

        
	
          Section 10.5

        	
          Optional Acquisition

        	
          30

        
	
          Section 10.6

        	
          Optional Redemption of Notes

        	
          30

        
	
          Section 10.7

        	
          Early Termination Date Under the Cap Agreement

        	
          30

           

          

        
	
          ARTICLE XI MISCELLANEOUS

        	
          30

            

          

        
	
          Section 11.1

        	
          Amendments.

        	
          30

        
	
          Section 11.2

        	
          Benefit of Agreement

        	
          32

        
	
          Section 11.3

        	
          Notices.

        	
          32

        
	
          Section 11.4

        	
          GOVERNING LAW

        	
          33

        
	
          Section 11.5

        	
          Exclusive Jurisdiction

        	
          33

        
	
          Section 11.6

        	
          WAIVER OF JURY TRIAL

        	
          33

        
	
          Section 11.7

        	
          Severability

        	
          33

        
	
          Section 11.8

        	
          Headings

        	
          33

        
	
          Section 11.9

        	
          Counterparts

        	
          33

        
	
          Section 11.10

        	
          No Recourse

        	
          34

        
	
          Section 11.11

        	
          Intent of the Parties; Reasonableness

        	
          34

        
	 	 	 

  

  

  
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    (continued)

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          EXHIBITS

        	 	
           

           

          

        
	
          EXHIBIT A

        	
          Form of Certificate of Trust

        	
          A‐1

        
	
          EXHIBIT B-1

        	
          Form of Class A Certificate

        	
          B‐1-1

        
	
          EXHIBIT B-2

        	
          Form of Class B Certificate

        	
          B‐2-1

        
	
          EXHIBIT C

        	
          Form of Transferee Representation Letter

        	
          C‐1

        
	
          EXHIBIT D

        	
          Form of Transferor Representation Letter

        	
          D‐1

        

  

  

  
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  AMENDED AND RESTATED TRUST AGREEMENT, dated as of January 29, 2020 (this “Agreement”), between VERIZON ABS LLC, a Delaware limited liability
    company, as depositor (the “Depositor”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee under this Agreement (the “Owner Trustee”), to establish Verizon
    Owner Trust 2020-A (the “Issuer”).

  BACKGROUND

  The parties created the Issuer under a Trust Agreement, dated as of December 20, 2019, to engage in a securitization transaction sponsored by Cellco in
    which the Issuer will issue Notes secured by a pool of Receivables consisting of device payment plan agreements originated by the Originators.

  In connection with the foregoing, the parties have determined to amend and restate the original Trust Agreement on the terms in this Agreement.

  The parties agree as follows:

  ARTICLE I

    USAGE AND DEFINITIONS

  Section 1.1                          Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Transfer and Servicing Agreement, dated as of January 29, 2020, among Verizon Owner Trust 2020-A, as Issuer,
      Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”). 

      Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

  ARTICLE II

    ORGANIZATION OF TRUST

  Section 2.1                       Name.  The trust was created and is known as “Verizon Owner Trust 2020-A”, in which name the Owner Trustee may conduct the activities of the Issuer and make and execute contracts and other documents and sue and be sued on
      behalf of the Issuer.

  Section 2.2                          Maintenance of Office or Agency.  The office of the Issuer is in care of the Owner Trustee.  The Owner Trustee will maintain an office or offices or agency or agencies where notices and demands to or on the Owner Trustee
      under the Transaction Documents and in respect of the Certificates may be served.  The Owner Trustee initially designates its Corporate Trust Office for those purposes and will promptly notify the Depositor, the Certificateholders and the Indenture
      Trustee of a change in the location of its Corporate Trust Office or any other office or agency.

  Section 2.3                          Purposes and Powers.

  
    
      

  

  
  

  

  (a)            Permitted Activities.  The purpose of the Issuer is, and the Issuer will have the power and authority, and is authorized, to engage in the following activities (the “Permitted Activities”):

  (i)            to acquire (1) the Initial Receivables and other Initial Trust Property under the Transfer and Servicing Agreement from the Depositor in exchange for the Notes and the Certificates and (2) Additional
      Receivables and other Additional Trust Property from time to time under the Transfer and Servicing Agreement from the Depositor using funds in the Acquisition Account and, if applicable, increases to the Class B Certificate Principal Balance;

  (ii)           to Grant the Collateral to the Indenture Trustee under the Indenture;

  (iii)          to enter into and perform its obligations under the Transaction Documents;

  (iv)          to issue the Notes under the Indenture and to facilitate the sale of the Notes by the Depositor;

  (v)            to issue the Certificates under this Agreement;

  (vi)          to administer and manage the Trust Property;

  (vii)       to make payments to the Noteholders, including Make-Whole Payments, if any, and distributions to the Certificateholders; and

  (viii)      to take other actions necessary, advisable or convenient to accomplish the activities listed above or that are incidental to the activities listed above.

  (b)            No Other Activity.  The Issuer will not engage in any activity other than as required or authorized by this Agreement or the other Transaction Documents.

  (c)            Limitations on Issuer’s Activities.  The Issuer shall:

  (i)            not incur indebtedness other than in the ordinary course of engaging in its Permitted Activities;

  (ii)           maintain its own books and records separate and apart from those of any other Person (which shall be deemed satisfied by its retention of Monthly Investor Reports);

  (iii)         maintain its own accounts separate and apart from those of any other Person, and not commingle its assets with those of any other Person in order to ensure that its assets remain readily identifiable and
      distinguishable from those of any other Person, except as contemplated by the Transaction Documents;

  (iv)         at all times hold itself out to the public as a legal entity separate and apart from the Depositor, the Administrator, any Certificateholder and any other Person, and not identify itself as a division of any
      such Person (other than for tax purposes);

  
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  (v)            file or cause to be filed its own tax returns, if any, as may be required under applicable Law, to the extent (A) not part of a consolidated group filing a consolidated return or returns or (B) not treated as a
      division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable Law;

  (vi)          conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;

  (vii)        maintain statements of account separate from those of any other Person, separately identifying its own assets, liabilities and financial affairs (which shall be deemed satisfied by its retention of Monthly
      Investor Reports), and ensure that any consolidated financial statements of any other Person that include the Issuer indicate that the assets of the Issuer are not available to creditors of such Person;

  (viii)       remain Solvent and pay its own liabilities out of its own funds, allocating fairly and reasonably any general overhead or administrative expenses incurred by itself or any Affiliate on its behalf;

  (ix)          maintain an arm’s-length relationship with the Depositor, the Administrator, any Certificateholder and their respective Affiliates;

  (x)            correct any known misunderstanding regarding its separate identity;

  (xi)          not hold itself out as having agreed to pay or become liable for the debts of the Depositor, the Administrator, any Certificateholder or any of their respective Affiliates or fail to correct any known
      misrepresentation with respect to the foregoing;

  (xii)        not operate or purport to operate as an integrated, single economic unit with respect to the Depositor, the Administrator, any Certificateholder or any other Person;

  (xiii)       not seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor, the Administrator, any Certificateholder or any other Person, or induce any third party to rely on
      the creditworthiness of the Depositor, the Administrator, any Certificateholder or any other Person in connection therewith;

  (xiv)       not use stationery, invoices, checks or other business forms of any other Person;

  (xv)          maintain adequate capital in light of its contemplated business purpose, transactions and liabilities;

  (xvi)         pay the salaries of its own employees, if any, only out of its own funds;

  (xvii)        clearly identify its offices, if any, as its offices and, to the extent that the Issuer and its Affiliates have offices in the same location, allocate fairly and reasonably any overhead expenses that are shared
      with an Affiliate, including for services performed by an employee of an Affiliate;

  
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  (xviii)        cause agents and other representatives of the Issuer to act at all times with respect to the Issuer consistently and in furtherance of the foregoing and in the best interests of the Issuer;

  (xix)            not purchase any asset (or make any investment, by share purchase, loan or otherwise) except as permitted by the Transaction Documents;

  (xx)             not have any employees;

  (xxi)            not form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other);

  (xxii)           not merge with any entity other than as permitted by Section 3.10 of the Indenture; and

  (xxiii)         observe all statutory trust formalities required by this Agreement and the Delaware Statutory Trust Act.

  Section 2.4                     Appointment of Owner Trustee.  The Depositor appoints the Owner Trustee as trustee of the Issuer to have all the rights, powers and obligations in this Agreement.

  Section 2.5                    Contribution and Transfer of Trust Property; Additional Contributions.  As of the date of the formation of the Issuer, the Depositor contributed to the Owner Trustee, and the Owner Trustee acknowledged receipt of, the amount of
      $1, which is the initial Trust Property.   Upon the formation of the Issuer by the contribution by the Depositor pursuant to this Section and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Issuer.  On the
      Closing Date, the Depositor will transfer to the Issuer the Initial Trust Property in exchange for the Notes and Certificates under the Transfer and Servicing Agreement.  In addition, from time to time, the True Up Trust, as the Class A
      Certificateholder may, at its sole option, make a capital contribution to the Issuer and deposit amounts into the Acquisition Account.

  Section 2.6                     Declaration of Trust.  The Owner Trustee will hold the Trust Property in trust under this Agreement for the use and benefit of the Certificateholders and subject to the obligations of the Issuer under the Transaction Documents. 
      The parties intend that the Issuer is a statutory trust under the Delaware Statutory Trust Act and that this Agreement is the governing instrument of the statutory trust.  The Owner Trustee will have the rights, powers and obligations in this
      Agreement and in the Delaware Statutory Trust Act for accomplishing the purposes of the Issuer and engaging in Permitted Activities.  The parties intend that the activities of the Issuer be managed by the Administrator under the Administration
      Agreement.  A Certificate of Trust substantially in the form of Exhibit A has been filed with the Secretary of State of the State of Delaware.

  Section 2.7                          Limitations on Liability.

  (a)            Liability of Certificateholders.  No Certificateholder shall have any personal liability for any liability or obligation of the Issuer, solely by reason of it being a Certificateholder.

  
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  (b)            Liability to Third Parties.  Except as stated in this Agreement, none of the Depositor, the Administrator or their Affiliates or any of their directors, managers, officers or employees will be liable for the Issuer’s debts,
      obligations or liabilities.

  Section 2.8                          Title to Trust Property.

  (a)            Title Vested in Issuer.  Legal title to the Trust Property will be vested in the Issuer as a separate legal entity, except where applicable Law in a jurisdiction requires title to the Trust Property to be vested in a trustee or
      trustees, in which case title shall be vested in the Owner Trustee, on behalf of the Issuer, a co-trustee and/or a separate trustee appointed under this Agreement.

  (b)            No Legal Title In a Certificateholder.  No Certificateholder has legal title to any Trust Property.  Each Certificateholder will receive distributions on its Certificate only in accordance with Article IV.

  Section 2.9                          Location of Issuer.  The Issuer will be administered in the State of Delaware.  Bank accounts maintained by the Owner Trustee on behalf of the Issuer will be located in the State of Delaware.  The Issuer will not have
      employees, except that Wilmington Trust, National Association, in its capacity as Owner Trustee or another capacity, may have employees within or outside the State of Delaware.  The Issuer will only receive payments in or make payments from the State
      of Delaware or the State in which the Indenture Trustee is located.  The Issuer’s principal office will be in care of the Owner Trustee in the State of Delaware.

  Section 2.10                          Depositor’s Representations and Warranties.  The Depositor represents and warrants to the Owner Trustee as of the Closing Date:

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

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

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

  (d)            No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Depositor or any of its properties: (i) asserting the invalidity of this Agreement; (ii) seeking
      to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii) seeking any determination or ruling that

  
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  might have a Material Adverse Effect on the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement.

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

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

  (g)            No Conflict. The execution and delivery of this Agreement by the Depositor, and the performance by it of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to the Depositor, (i) do
      not contravene (A) its limited liability company agreement, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except,
      in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any adverse claim upon or with respect to any of its properties.

  (h)            No Violation. The execution and delivery of this Agreement by the Depositor, the performance by the Depositor of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to the Depositor
      will not violate any Law applicable to the Depositor, except where such violation would not reasonably be expected to have a Material Adverse Effect.

  Section 2.11                          Tax Matters.

  (a)            Tax Treatment.  The parties hereto hereby agree, for U.S. federal, state and local income and franchise tax purposes, and for purposes of any other tax imposed on or measured in whole or in part by income: (1) the Issuer is to be
      characterized as a mere security device formed to hold the Receivables and issue Notes and Certificates, (2) each Class of Notes, other than Notes held by the True Up Trust, is intended to be treated as indebtedness, and (3) Notes held by the True Up
      Trust shall be treated as not outstanding.  The Depositor and the True Up Trust agree, and the Noteholders by acceptance of their Notes agree in the Indenture, to this treatment and each agrees not to take any action inconsistent with this treatment.

  (b)            Filing of Returns.  The parties agree that, unless required by the tax authorities, Cellco, on behalf of the Issuer, will prepare (or cause to be prepared) and file or cause to be filed any required annual or other tax and
      information returns, reports and other forms consistent with the characterizations described in Section 2.11(a), and fulfill any other reporting requirements relating to the Issuer, as may be required by the Code and applicable Treasury Regulations

  
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  (including Treasury Regulation Section 1.6049-7), including causing such tax and information returns to be signed in the manner required by Law.

  (c)            Elections.  The Owner Trustee will not elect or cause the Issuer to elect, and no Certificateholder will elect or permit an election to be made, to treat the Issuer as an association taxable as a corporation for U.S. federal
      income tax purposes under Treasury Regulation §301.7701-3.  If the Issuer is classified as a partnership for U.S. federal income tax purposes, Cellco will be designated as the “partnership representative” of the Issuer and will or will cause the
      Issuer to make the “push out” election provided for under Section 6226(a) of the Code and to take any other action necessary or appropriate in connection with the implementation of such election to the fullest extent possible under the Code.  Cellco
      is authorized to take any action it deems necessary or appropriate to comply with the requirements of the Code and to conduct the Issuer’s activities under Sections 6221 through 6241 of the Code, including any other Code provisions for the same
      subject matter, and any related regulations (adopted or proposed) and administrative guidance, provided such actions are consistent with the preceding sentence.

  ARTICLE III

    CERTIFICATES AND TRANSFER OF INTERESTS

  Section 3.1                          The Certificates.  The Class A Certificate and the Class B Certificate, each evidencing a beneficial interest in the Issuer, shall be executed on behalf of the Issuer by manual or facsimile signature of an authorized
      officer of the Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or facsimile signature of an authorized officer of the Owner Trustee.  Certificates bearing the manual or facsimile signatures of individuals who were, at the
      time when such signatures shall have been affixed, authorized to sign on behalf of the Issuer, shall be valid and binding obligations of the Issuer, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to
      the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

  The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination in the form of Exhibit
    B-1 or B-2 hereto, as applicable.  The Class A Certificate shall be issued in a Percentage Interest of 100.00%.  The Class B Certificate shall be issued with a Class B Certificate Principal Balance initially of $0, which may be increased up to an
    amount equal to the Additional Receivables Transfer Amount for any Acquisition Date, as set forth in Section 3.10 and shall not bear interest.

  A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a
    Certificateholder hereunder, upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.3.

  The Certificateholders will receive any amounts (i) not needed on a Payment Date to pay the Notes and the Issuer’s other obligations under the
    Indenture, the Transfer and Servicing Agreement and this Agreement, (ii) remaining in the Reserve Account, the Acquisition Account and the Negative Carry Account after payment in full of the Notes, and (iii) received in respect of Temporarily Excluded
    Receivables.

  
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  Section 3.2                          Execution, Authentication and Delivery of Certificates.  Concurrently with the transfer of the Initial Receivables to the Issuer pursuant to the Transfer and Servicing Agreement, the Owner Trustee shall cause to be
      executed, authenticated and delivered, on behalf of the Issuer to, or upon the written order of, the Depositor, the Class A Certificate and the Class B Certificate.  No Certificate shall entitle its holder to any benefit under this Agreement or be
      valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit B-1 or B-2, as applicable, executed by the Owner Trustee or the Owner Trustee’s authenticating agent,
      by manual or facsimile signature of an authorized officer, and such authentication shall constitute conclusive evidence, and the only evidence, that such Certificate shall have been duly authenticated and delivered hereunder.  All Certificates shall
      be dated the date of their authentication.  The Owner Trustee shall be the initial authenticating agent of the Issuer hereunder.

  Section 3.3                          Registration of Transfer and Exchange of Certificates.  During the Amortization Period, any Certificateholder will be permitted to sell, transfer, assign or convey its Certificate if the following conditions are satisfied:

  (a)            The Issuer appoints the Owner Trustee to be the “Trust Registrar” and to keep a register (the “Trust Register”) of the Certificateholders and transfers of the Certificates.  If the Trust Registrar resigns, the
      Administrator, on behalf of the Issuer, will promptly appoint a successor or, if it elects not to make the appointment, assume the obligations of Trust Registrar.  The Trust Registrar shall keep or cause to be kept, at the office or agency maintained
      pursuant to Section 3.5, a Trust Register in which, subject to such reasonable regulations as it may prescribe, the Trust Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.

  (b)            Upon surrender for registration of transfer of any Certificate in compliance with Section 3.3(f) at the office or agency maintained pursuant to Section 3.5, the Owner Trustee shall execute, authenticate and deliver (or shall cause its
      authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a
      Certificateholder, such Certificateholder’s Certificate may be exchanged for other Certificates upon surrender of such Certificate to be exchanged at the office or agency maintained pursuant to Section 3.5.  The preceding provisions of this Section
      3.3 notwithstanding, (i) the Owner Trustee shall not make, and the Trust Registrar shall not register, transfers or exchanges of Certificates for a period of fifteen (15) days preceding the due date for any payment with respect to the Certificates
      and (ii) the Owner Trustee shall permit the registration, transfer and exchange of (x) the Class A Certificate only in a minimum denomination of a Percentage Interest of 100.00% and (y) the Class B Certificate only to the Depositor and to the holder
      of the Class A Certificate.  Any Class B Certificate transferred to the holder of the Class A Certificate shall be treated as merging into and becoming part of the Class A Certificate.  Each Certificate presented or surrendered for registration of
      transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by an IRS Form W-8 BEN, W-8BEN-E, W-8 ECI or W-9, as applicable, and such other documentation as may be required by the Owner Trustee in order to comply
      with Applicable Anti-Money Laundering Law, each in a form satisfactory to the Owner Trustee and the Trust Registrar, duly executed by the Certificateholder or its attorney duly authorized in writing.  Each Certificate presented or

  
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  surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Trust Registrar in accordance with its customary practice. 
    No transfer will be effectuated hereunder unless the Owner Trustee has received the transfer documentation required hereunder.

  (c)            Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Trust Registrar duly executed by the
      Certificateholder or its attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and disposed of by the Owner Trustee in accordance with its customary practice.

  (d)            No transfer of a Certificate shall be made unless the Owner Trustee shall have received:

  (1)            a representation from the transferee of such Certificate substantially in the form of Exhibit C to the effect that:

  (i)            such transferee is not acquiring and will not hold the Certificate on behalf of any beneficial owner (as determined for U.S. tax purposes), including itself, that is not a “U.S. person” as that term is defined
      in Section 7701(a)(30) of the Code (a “Non-U.S. Person”); and

  (ii)            such transferee is not a Benefit Plan;

  (2)            a representation from the transferor of such Certificate substantially in the form of Exhibit D; and

  (3)            an opinion of counsel addressed to the Owner Trustee that the transfer of such Certificate is being made pursuant to an effective registration under the Securities Act or is exempt from the registration
      requirements of the Securities Act.

  Notwithstanding anything else to the contrary herein, any purported transfer of a Certificate to a Non-U.S. Person or to or on behalf of a Benefit
    Plan or utilizing the assets of a Benefit Plan shall be void and of no effect.

  To the extent permitted under applicable Law (including, but not limited to, ERISA), the Owner Trustee shall be under no liability to any Person for
    any registration of transfer of any Certificate that is in fact not permitted by this Section 3.3(d) or for making any payments due on such Certificate to the Certificateholder thereof or taking any other action with respect to such Certificateholder
    under the provisions of this Trust Agreement or the Transfer and Servicing Agreement so long as the transfer was registered by the Trust Registrar or the Owner Trustee in accordance with the foregoing requirements.

  (e)            No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee (or the Certificate Paying Agent) or the Trust Registrar may require payment of a sum sufficient to cover any tax or
      governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

  
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  (f)            No transfer of a Certificate or any interest therein shall be made unless (i) the holder of such Certificate shall have first surrendered such Certificate to the Trust Registrar for registration of transfer, or (ii) in the case of any
      such Certificate which shall have been mutilated, destroyed, lost or stolen, the holder of such Certificate shall have first complied with the applicable provisions of Section 3.4.

  Section 3.4                          Mutilated, Destroyed, Lost or Stolen Certificate.  If (a) any mutilated Certificate shall be surrendered to the Trust Registrar, or if the Trust Registrar shall receive evidence to its satisfaction of the destruction, loss
      or theft of any Certificate and (b) there shall be delivered to the Trust Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Certificate shall
      have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Issuer shall execute and the Owner Trustee, or the Owner Trustee’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination.  In connection with the issuance of any new Certificate under this Section 3.4, the Owner Trustee or the Trust Registrar may require the payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  Any duplicate Certificate issued pursuant to this Section 3.4 shall constitute conclusive evidence of ownership in the Issuer, as if originally
      issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

  Section 3.5                          [Reserved].

  Section 3.6                          Persons Deemed Certificateholders.  Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Trust Registrar may treat the Person in whose name any Certificate shall be registered in
      the Trust Register as the owner of such Certificate for the purpose of receiving distributions and for all other purposes whatsoever, and neither the Owner Trustee nor the Trust Registrar shall be bound by any notice to the contrary.

  Section 3.7                          Access to List of Certificateholders’ Names and Addresses.  The Trust Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer or the Depositor, as the case may be, within fifteen (15) days after
      its receipt of a request therefor from the Owner Trustee, the Servicer or the Depositor in writing, a list, in such form as the Owner Trustee, the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders
      as of the most recent Record Date. If one or more Certificateholders of Certificates evidencing, in the aggregate, not less than 25% of the Percentage Interest apply in writing to the Owner Trustee, and such application states that the applicants
      desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the
      Owner Trustee shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a
      Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer, the Trust Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information
      was derived.

  
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  Section 3.8                        Regarding the Certificate.  Each Certificateholder, by its acceptance of a Certificate issued hereunder, represents that it has, independently and without reliance on the Owner Trustee or any other person, and based on such
      documents and information as it has deemed appropriate, made its own investment decision in respect of the Certificate.  Each Certificateholder also represents that it will, independently and without reliance on the Owner Trustee or any other person,
      and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Trust Agreement and in connection with its Certificate.  Except for notices, reports
      and other documents expressly required to be furnished to the Certificateholders by the Owner Trustee hereunder, the Owner Trustee shall not have any duty or responsibility to provide any Certificateholder with any other information concerning the
      transactions contemplated hereby, the Issuer, the Depositor or any other parties hereto, or with any related documents which may come into the possession of the Owner Trustee or any of its officers, directors, employees, agents, representatives or
      attorneys-in-fact.

  Section 3.9                  Initial Registration of Certificates.  The Class A Certificate, upon original issuance, will be issued in the form of a typewritten Certificate representing a fully registered, definitive trust certificate and shall be registered
      in the name of “Verizon DPPA True-up Trust,” as the initial registered owner thereof.  The Class B Certificate, upon original issuance, will be issued in the form of a typewritten Certificate representing a fully registered, definitive trust
      certificate and shall be registered in the name of “Verizon ABS LLC,” as the initial registered owner thereof.

  Section 3.10                        Increases and Decreases in the Class B Certificate Principal Balance and the Equity Interest of the Class A Certificate.  Subject to the terms and conditions of this Agreement, the Transfer and Servicing Agreement and the
      Receivables Transfer Agreements, on any Acquisition Date on which (i) the Depositor acquires Additional Receivables under the Originator Receivables Transfer Agreement from any Originators, and the Issuer subsequently acquires such Additional
      Receivables from the Depositor, and (ii) the Additional Receivables Cash Transfer Amount for such Acquisition Date is less than the Additional Receivables Transfer Amount set forth in the Transfer Notice delivered for such Acquisition Date, the
      Administrator, on behalf of the Issuer, will increase the Class B Certificate Principal Balance on such Acquisition Date in an amount equal to the excess of the Additional Receivables Transfer Amount over the Additional Receivables Cash Transfer
      Amount, as set forth in Section 2.1(b) of the Transfer and Servicing Agreement, as partial consideration for the transfer and assignment by the Depositor to the Issuer of the Additional Receivables set forth on the Transfer Notice for such
      Acquisition Date.  On any Acquisition Date on which the Class B Certificate Principal Balance is increased, the Class B Certificateholder will make a distribution to the Class A Certificateholder, in an amount equal to such increase as partial
      consideration for the transfer and assignment by the related Originators to the Depositor of the Additional Receivables set forth on the Transfer Notice for such Acquisition Date, as set forth in Section 2.2(b) of the Originator Receivables Transfer
      Agreement, which will result in an increase in the value of the beneficial interest in the Issuer represented by the Class A Certificate.  Upon such distribution by the Class B Certificateholder to the Class A Certificateholder of the amounts set
      forth in this Section 3.10, the Class B Certificate Principal Balance will be deemed to be zero.  The Trust Registrar will record such increases and decreases to the Class B Certificate Principal Balance in the Trust Register and on Schedule I to the
      Class B Certificate on each Acquisition Date upon receipt of

  
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  written instructions from the Administrator, which may be in the form of the Transfer Notice attached as Exhibit A to each of the Receivables Transfer Agreements.

  Section 3.11                          Appointment of Certificate Paying Agent. The Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 4.1(b) and shall report the amounts of such
      distributions to the Owner Trustee. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke
      such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Owner Trustee
      shall act as the initial Certificate Paying Agent.  Each Certificate Paying Agent shall be permitted to resign as Certificate Paying Agent upon thirty (30) days’ written notice to the Owner Trustee.  In the event that the Owner Trustee shall no
      longer be the Certificate Paying Agent, the Administrator, on behalf of the Issuer, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company).  The Administrator, on behalf of the Issuer, shall cause such
      successor Certificate Paying Agent or any additional Certificate Paying Agent to execute and deliver to the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner
      Trustee that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders
      entitled thereto until such sums shall be paid to such Certificateholders. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also
      return all funds in its possession to the Owner Trustee.  The provisions of Sections 6.1, 6.3, 6.6, 7.1 and 7.2 shall apply to the Owner Trustee also in its role as Certificate Paying Agent, for so long as the Owner Trustee shall act as Certificate
      Paying Agent and, to the extent applicable, to any other Certificate Paying Agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any co-Certificate Paying Agent unless the context requires
      otherwise.

  ARTICLE IV

    APPLICATION OF TRUST PROPERTY

  Section 4.1                          Application of Trust Property.

  (a)            Establishment of Certificate Distribution Account. The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain (or shall cause to be established and maintained) in the name of the Issuer a
      non-interest bearing trust account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders.  The Issuer shall possess all right,
      title and interest in funds on deposit from time to time in the Certificate Distribution Account and in the proceeds thereof.  Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and
      control of the Owner Trustee for the benefit of the Certificateholders.  If, at any time, the Owner Trustee ceases to be a Qualified Institution, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution
      Account is not then held by the Owner Trustee or an Affiliate thereof) shall cause the Certificate

  
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  Distribution Account to be moved to a Qualified Institution and shall transfer any cash to such new Certificate Distribution Account. All amounts held in the
    Certificate Distribution Account will not be invested.

  (b)            Distributions Under Indenture; Method of Payment.  Before the satisfaction and discharge of the Indenture, all distributions of Trust Property, including any distributions to the Certificateholders, will be deposited into the
      Certificate Distribution Account according to Article VIII of the Indenture and will be distributed on each Payment Date to the Certificateholders pursuant to the priorities listed below.  In addition, on each Payment Date, (i) investment earnings
      (net of losses and investment expenses) on the Collection Account, the Acquisition Account, the Reserve Account and the Negative Carry Account, as set forth in Section 4.2(e) of the Transfer and Servicing Agreement, (ii) Collections relating to
      Temporarily Excluded Receivables, (iii) amounts released from the Negative Carry Account pursuant to Section 4.4(c)(iii) of the Transfer and Servicing Agreement and (iv) amounts released from the Acquisition Account pursuant to Section 4.4(d)(iii) of
      the Transfer and Servicing Agreement will be deposited into the Certificate Distribution Account and subsequently will be distributed to the Certificateholders in the following order of priority:

  (1)            first, to the Class B Certificate, until the Class B Certificate Principal Balance has been reduced to zero; and

  (2)            second, to the Class A Certificate, any remaining amounts.

  On each Payment Date, the Owner Trustee shall deliver to the Certificateholders a copy of the Monthly Investor Report provided to the Owner Trustee by the Servicer
    pursuant to Section 3.5(a) of the Transfer and Servicing Agreement with respect to such Payment Date.  The Monthly Investor Report will be posted to the Owner Trustee website at www.wilmingtontrustconnect.com.  Distributions required to be made to
    Certificateholders on any Payment Date shall be made to each Certificateholder of record on the related Record Date either by check mailed to such Certificateholder at the address of such holder appearing in the Trust Register or by wire transfer, in
    immediately available funds, to the account specified to the Certificate Paying Agent in writing of any Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Trust
    Registrar appropriate written instructions at least five (5) Business Days prior to such Payment Date.

  (c)            Distributions Following Satisfaction and Discharge of Indenture.  Following the satisfaction and discharge of the Indenture and after all amounts due and payable to the Owner Trustee pursuant to Sections 7.1 and 7.2 hereof and not
      previously paid under Section 8.2 of the Indenture are paid out of the Trust Property, the Owner Trustee will distribute the remaining Trust Property as directed by the Class A Certificateholder.

  (d)            Funds Deposited with Owner Trustee. All funds deposited with the Owner Trustee may be held in a non-interest bearing trust account and are not required to be segregated from other funds, except to the extent required by Law or the
      terms of this Agreement.

  (e)            Withholding Tax.  If federal withholding tax is imposed on the Issuer’s payments (or allocations of income) to the Certificateholders made by the Owner Trustee, that tax will

  
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  reduce the amount distributable to the holder.  The Owner Trustee is authorized and directed to retain from amounts distributable to the Certificateholders a
    sufficient amount for the payment of the withholding tax that is legally owed by the Issuer.  The Owner Trustee may contest the tax and withhold payment of the tax, if permitted by Law, pending the outcome of such contest.  The amount of withholding
    tax imposed on the Certificateholders will be treated as cash distributed to the Certificateholders at the time it is withheld by the Issuer and paid to the taxing authority.  If any Certificateholder seeks to apply for a refund of the applicable
    withholding tax, the Owner Trustee will cooperate with the holder in making the claim so long as such Certificateholder agrees to reimburse the Owner Trustee for expenses incurred in cooperating.

  Section 4.2                          Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others.  The Administrator will (a) maintain (or cause to be maintained) the books of the Issuer on a fiscal year basis or
      a calendar year basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1s to an IRS Form 1065, if
      the Issuer is treated as a partnership) to enable each Certificateholder to prepare its federal and state income tax returns, and (c) collect or cause to be collected any withholding tax as described in and in accordance with Section 4.1(e) with
      respect to income or distributions to the Certificateholders.  The Administrator will make any elections as so directed by the Class A Certificateholder; provided, however, that neither the Administrator nor any Certificateholder shall make any
      election to have the Issuer treated as a corporation for federal, state or local income or franchise tax purposes.

  ARTICLE V

    OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

  Section 5.1                          General Authority.

  (a)            Execution of Transaction Documents; Direction to Indenture Trustee.  The Owner Trustee is authorized and directed, on behalf of the Issuer, to (i) execute and deliver the Transaction Documents to which the Issuer is a party and
      the other documents required to be delivered on the Closing Date by the Issuer under the Transaction Documents and (ii) direct the Indenture Trustee to authenticate and deliver the Notes.

  (b)            Actions under Transaction Documents.  The Owner Trustee is authorized, but not obligated, to take all actions required of the Issuer under the Transaction Documents and is authorized to take actions on behalf of the Issuer, if
      permitted by the Transaction Documents, that the Servicer or the Administrator directs, except if this Agreement requires the consent of the Noteholders or the Certificateholders for the action.  In addition, the Administrator is authorized to take
      actions on behalf of the Issuer, if permitted by the Transaction Documents, according to this Agreement and the Administration Agreement.

  Section 5.2                          General Obligations.

  (a)            Obligations Under Transaction Documents.  Subject to Section 5.3, the Owner Trustee will perform the obligations of the Owner Trustee under this Agreement and the Transaction Documents to which the Issuer is a party.  The Owner
      Trustee will administer the

  
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  Issuer in the interest of the Certificateholders, subject to the Lien of the Indenture and according to the Transaction Documents.

  (b)            Discharge of Liens.  The Owner Trustee will promptly take, at its own expense, action necessary to discharge a Lien (other than the Lien of the Indenture) on the Trust Property resulting from actions by, or claims against, the
      Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Trust Property.

  (c)            Obligations Performed by Administrator.  The Owner Trustee will be considered to have performed its obligations under the Transaction Documents if the Administrator is required in the Administration Agreement to perform the
      obligations of the Owner Trustee or the Issuer.  The Owner Trustee will not be liable for the default or failure of the Administrator to perform its obligations under the Administration Agreement.

  Section 5.3                          Action Requiring Prior Notice.  For the following matters, the Owner Trustee may not take action unless (a) at least thirty (30) days before taking the action, the Owner Trustee has notified the Indenture Trustee (who will
      notify the Noteholders), the Certificateholders and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) neither (x) the Indenture Trustee, acting on instruction of the Noteholders of a majority of the Note Balance
      of the Controlling Class nor (y) the Class A Certificateholder has notified the Owner Trustee before the thirtieth (30th) day after the Noteholders or the Class A Certificateholder receives notice pursuant to clause (a) above that those Noteholders
      or the Certificateholder, as applicable, have withheld consent or given alternative direction:

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

  (ii)           amending the Certificate of Trust (unless the amendment is required to be filed under the Delaware Statutory Trust Act), except to correct an ambiguity or to amend or supplement it in a manner that would not
      materially adversely affect the interests of the holders of the Notes or the Equity Interest;

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

  (iv)          the amendment of the Indenture, whether or not by a supplemental Indenture, in circumstances where the consent of any Noteholder is required;

  (v)            the amendment of the Indenture, whether or not by a supplemental Indenture, in circumstances where the consent of any Noteholder is not required but such amendment materially adversely affects the interest of
      the Certificateholders;

  (vi)          (i) the appointment pursuant to the Indenture of a successor Note Registrar, (ii) the appointment pursuant to this Agreement of a successor Trust Registrar or (iii) any consent by the Note Registrar, Indenture
      Trustee or Trust Registrar to the assignment of its respective obligations under the Indenture or this Agreement, as applicable;

  
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  (vii)           the amendment of the Transfer and Servicing Agreement in circumstances where the consent of any Noteholder is required; or

  (viii)         directing the Administrator to take any of the actions described above.

  Section 5.4                  Action by the Certificateholders with Respect to Certain Matters.  The Owner Trustee shall not have the power, except upon the direction of the Class A Certificateholder, to (a) remove the Administrator pursuant to Section 3.3(c)
      of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 3.4 of the Administration Agreement, (c) remove the Servicer pursuant to Article VII of the Transfer and Servicing Agreement or (d) except as expressly
      provided in the Transaction Documents, sell the Receivables after the termination of the Indenture.  The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the authorized representative
      of 100% of the Class A Certificateholders.  In addition, the Owner Trustee will take all actions, if permitted by the Transaction Documents, that the Class A Certificateholder directs, subject to the consent of the Noteholders, if such consent is
      required by the Transaction Documents.

  Section 5.5                  Action for Bankruptcy.  The Issuer shall not, without the prior written consent of the Owner Trustee and 100% of the Class A Certificateholders, (i) institute any proceedings to adjudicate the Issuer as bankrupt or insolvent, (ii)
      consent to the institution of bankruptcy or insolvency proceedings against the Issuer, (iii) file a petition seeking or consenting to reorganization or relief under any applicable federal or state Law relating to bankruptcy with respect to the
      Issuer, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or a substantial part of its property, (v) make any assignment for the benefit of the Issuer’s creditors,
      (vi) cause the Issuer to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy Action”).  In considering
      whether to give or withhold written consent to the Bankruptcy Action by the Issuer, the Owner Trustee and the Certificateholders shall consider the interests of the Noteholders in addition to the interests of the Issuer and whether the Issuer is
      insolvent.  The Owner Trustee shall have no duty to give such written consent to the Bankruptcy Action by the Issuer if the Owner Trustee shall not have been furnished (at the expense of the Person that requested such letter be furnished to the Owner
      Trustee) a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Issuer is then insolvent.  The Owner Trustee shall not be personally liable to any Noteholder or Certificateholder on account of
      the Owner Trustee’s good faith reliance on the provisions of this Section 5.5 and no Noteholder or Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee for withholding or granting its consent to
      any such Bankruptcy Action.

  Section 5.6                 Action on Administrator’s Instruction.  If (a) the Owner Trustee is unsure of the application of a term of a Transaction Document, (b) a term of a Transaction Document is, or appears to be, in conflict with another term, (c) this
      Agreement permits a determination by the Owner Trustee or is silent or is unclear about the action the Owner Trustee is required to take or (d) the Owner Trustee is unable to decide between alternative actions permitted or required by a Transaction
      Document, the Owner Trustee may, and for clause (d) will, notify the Administrator requesting instruction on the matter.  If the Owner Trustee acts or does not act in good faith

  
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  according to the instruction received, the Owner Trustee will not be liable for the action or inaction.  If the Owner Trustee does not receive instruction before ten
    (10) days after it has notified the Administrator (or sooner if reasonably requested in the notice or necessary under the circumstances) it may, but is not obligated to, take or not take the action that it considers to be in the best interests of the
    Certificateholders, and will not be liable for the action or inaction.

  Section 5.7  No Obligations or Actions Except as Stated in Transaction Documents or Instructions.  The Owner Trustee is
      not obligated to, and will not, manage, use, sell or dispose of the Trust Property, except according to the rights and powers granted to and the authority given to the Issuer and the Owner Trustee under this Agreement and the other Transaction
      Documents or in an instruction received by the Owner Trustee under Section 5.4 or 5.6.  The right of the Owner Trustee to perform a discretionary act stated in a Transaction Document will not be interpreted as an obligation.  There are no implied
      obligations of the Owner Trustee under the Transaction Documents.  To the extent that, at law or in equity, the Owner Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Certificateholders, it is
      hereby understood and agreed by the other parties hereto that all such duties and liabilities are replaced by the duties and liabilities of the Owner Trustee expressly set forth in this Agreement.

  Section 5.8  Prohibition on Some Actions.  The Owner Trustee will not take action (a) that is inconsistent with the
      purposes of the Issuer in Section 2.3 or (b) that, to the knowledge of a Responsible Person of the Owner Trustee, absent direction by the Certificateholders, would (i) cause a Class of Notes not to be treated 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, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be
      recognized on the deemed sale or exchange for U.S. federal income tax purposes), (iii) cause the Issuer or any part of the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation or as a partnership for U.S.
      federal income tax or for state and local income or franchise tax purposes, or (iv) not be in accordance with applicable Law.  The Certificateholders shall not direct the Owner Trustee to take action that would violate clause (b)(i) of this Section
      5.8 or cause the Issuer to be an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax or for state and local income or franchise tax purposes.

  Section 5.9  Action Not Required.  The Owner Trustee will not be required to do any of the following:

  (a)            Actions Resulting in Liability.  To take any action under a Transaction Document if the Owner Trustee reasonably determines, or is advised by counsel, that the action is likely to result in liability on the part of the Owner
      Trustee, is contrary to a Transaction Document or is not permitted by applicable Law.

  (b)            Actions Resulting in Financial Liability.  To pay or risk funds or incur any financial liability in the performance of its rights or powers under a Transaction Document if the Owner Trustee has reasonable grounds for believing
      that payment of such funds or adequate indemnity against the risk or liability is not reasonably assured or given to it.

  
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  (c)  Administering or Collecting Receivables.  To administer, service or collect the Receivables or to monitor or supervise the
      administration, servicing or collection of the Receivables.

  (d)  Perfecting Security Interest.  To file financing statements or continuation statements or to perfect or maintain the perfection of
      a security interest or Lien granted to it under this Agreement or to prepare or file a Securities and Exchange Commission filing for the Issuer or to record a Transaction Document.

  (e)  Advice.  To provide advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance
      implications and consequences of the formation, funding and ongoing administration of the Issuer, including income, gift and estate tax issues, insurable interest issues, doing business or other licensing matters and the initial and ongoing selection
      and monitoring of financing arrangements.

  (f)  Investigation.  To make investigation about the accuracy of representations, warranties or other obligations of the Issuer under
      the Transaction Documents.

  (g)  Verification.  To prepare or verify information, disclosure or other statements in the offering documents or other
      documents issued or delivered in connection with the sale or transfer of the Notes, except as separately agreed by the Owner Trustee.

  (h)  Actions of other Parties.  To monitor or supervise the activities or performance of other parties under the Transaction
      Documents.

  (i)  Compliance With U.S. Credit Risk Retention Rules.  To monitor or enforce the Sponsor’s compliance with any risk retention
      requirements under the U.S. Credit Risk Retention Rules.  The Owner Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Certificateholder, 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.

  Section 5.10   Inspection of Owner Trustee; Access to Records.  The
      Owner Trustee agrees that, with reasonable advance notice, it will permit authorized representatives of the Servicer or the Administrator, during the Owner 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 Owner Trustee relating to (a) the performance of the Owner Trustee’s obligations under this Agreement, (b) payments of fees and expenses of the Owner Trustee for its performance
      and (c) a claim made by the Owner Trustee under this Agreement.  In addition, the Owner Trustee will permit the Servicer’s or the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Owner
      Trustee’s officers and employees.  Any access and review will be subject to the Owner Trustee’s confidentiality and privacy policies.  The Owner Trustee will maintain all relevant books, records, reports and other documents and materials for a period
      of two (2) years after the termination of its obligations under this Agreement.

  Section 5.11  Furnishing of Documents.  The Owner Trustee will provide to the Administrator and, on request from any
      Certificateholder (if a different Person than the Administrator), to the Certificateholder copies of reports, notices, requests, demands, certificates

  
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  and other documents provided to the Owner Trustee under the Transaction Documents, including any requests received by the Owner Trustee from a Noteholder to
    communicate with other Noteholders and any Review Reports received from the Asset Representations Reviewer.

  Section 5.12  Reporting of Receivables Reacquisition and Acquisition Demands.  The Owner Trustee will (a) notify the Sponsor,
      the Administrator, the Depositor and the Servicer, as soon as practicable, but in any event, within five (5) Business Days, of demands or requests received by a Responsible Person of the Owner Trustee (including to the Owner Trustee on behalf of the
      Issuer) for the reacquisition or acquisition, as applicable, of any Receivable under Section 3.4 or 4.6 of the Originator Receivables Transfer Agreement, Section 3.4 or 4.7 of the Master Trust Receivables Transfer Agreement or Section 2.5 of the
      Transfer and Servicing Agreement, (b) promptly on request by the Sponsor, the Administrator, the Depositor or the Servicer, provide to them other information in the Owner Trustee’s possession reasonably requested to facilitate compliance by them with
      Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB and (c) if requested by the Sponsor, the Administrator, the Depositor or the Servicer, provide a written certification no later than fifteen (15) days following the
      end of a quarter or year that the Owner Trustee has not received reacquisition or acquisition demands or requests for the relevant period, or if reacquisition or acquisition demands or requests have been received during the relevant period, that the
      Owner Trustee has given the information reasonably requested under clause (b) above.  The Owner Trustee and the Issuer will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act.

  Section 5.13  Sarbanes-Oxley Act.  The Owner Trustee will not be required to execute, deliver or certify on behalf of the
      Issuer, the Servicer, the Depositor or the Sponsor any filings, certificates or other documents required by the Commission or required under the Sarbanes-Oxley Act of 2002 in connection with the Transaction Documents.  The Owner Trustee will provide
      any relevant information in the Owner Trustee’s possession and Officer’s Certificates reasonably requested by the Person responsible for the filings, certificates or other documents on behalf of the Issuer.

  ARTICLE VI

    OWNER TRUSTEE

  Section 6.1  Acceptance of Trusts.  The Owner Trustee accepts the trusts created by this Agreement and agrees to exercise
      its rights and powers and perform its obligations under this Agreement.

  Section 6.2  Limitations on Liability.  The Owner Trustee will not be liable under the Transaction Documents, including
      for the following actions, except (a) for its own willful misconduct, bad faith or gross negligence (except for errors in judgment) or (b) if a representation or warranty in Section 6.6 is not true and correct as of the Closing Date:

  (i)            the Owner Trustee will not be liable for any action taken or not taken by it (A) according to the instructions of the Noteholders of a majority of the Note Balance of the Controlling Class, the Indenture
      Trustee, the Depositor, the Certificateholders, the Administrator or the Servicer or (B) in good faith which it believes to be authorized or

  
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  within its rights and powers under this Agreement so long as the action taken or not taken does not amount to gross negligence; provided, however, that
    the foregoing shall not relieve the Owner Trustee of its obligation to perform its duties under this Agreement;

  (ii)            the Owner Trustee will not be liable for indebtedness evidenced by or created under the Transaction Documents, including the principal of and interest or Make-Whole Payments on the Notes or amounts
      distributable to the Certificateholders;

  (iii)            the Owner Trustee will not be liable for and makes no representations as to (A) the validity or sufficiency of this Agreement, (B) the due execution of this Agreement by the Depositor, (C) the form,
      genuineness, sufficiency, value or validity of the Trust Property, (D) the validity or sufficiency of the other Transaction Documents or related documents, (E) the legality, validity and enforceability of the Certificates or the Notes, (F) the
      perfection and priority of a security interest created in the Receivables or the maintenance of any perfection and priority, (G) the sufficiency of the Trust Property or the ability of the Trust Property to generate the amounts necessary to make
      payments to the Noteholders under the Indenture or distributions to the Certificateholders under this Agreement or (H) the accuracy of a representation or warranty made under a Transaction Document (other than the representations and warranties made
      by the Owner Trustee in Section 6.6);

  (iv)            the Owner Trustee will not have any responsibility or liability for or with respect to (A) the legality, validity and enforceability of any Receivable, (B) the existence and ownership of any Receivable, (C) the
      existence and contents of any device payment plan agreement or any computer or other record thereof, (D) the completeness of any device payment plan agreement or (E) the performance or enforcement of any device payment plan agreement;

  (v)            the Owner Trustee will not have any responsibility or liability for or with respect to the compliance by the Issuer with any covenant or the breach by the Issuer of any warranty or representation made under
      this Agreement or in any related document and the accuracy of any such warranty or representation prior to the Owner Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach thereof;

  (vi)            the Owner Trustee will not be liable for the default or misconduct of or acts or omissions of the Servicer, the Administrator, the Depositor, any Certificateholder, the Indenture Trustee or the Asset
      Representations Reviewer under the Transaction Documents or for any action taken by the Indenture Trustee, the Administrator or the Servicer in the name of the Owner Trustee and the Owner Trustee shall have no obligations to perform any of the duties
      of or to monitor the performance by the Issuer, the Servicer, the Indenture Trustee, the Administrator, the Asset Representations Reviewer or any other Person; provided that, to the extent a Responsible Person of the Owner Trustee has actual
      knowledge of a breach of a representation, warranty or covenant of any party, the Owner Trustee shall notify such party of the breach;

  
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  (vii)            the Owner Trustee shall not be accountable for (A) the use or application by the Depositor of the proceeds of the sale of the Notes, (B) the use or application by the Certificateholders of the Certificates or
      the proceeds of the Certificates, (C) the use or application by the holder of any Notes of any of the Notes or of the proceeds of such Notes, or (D) the use or application of any funds paid to the Servicer in accordance with the Transfer and
      Servicing Agreement.

  (viii)            the Owner Trustee will not be responsible or liable for special, punitive, indirect or consequential damages (including lost profit), even if the Owner Trustee has been advised of the likelihood of the loss or
      damage and regardless of the form of action; or

  (ix)              the Owner Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Agreement from or caused by, directly or indirectly, forces beyond its control,
      including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, loss or failures of mechanical,
      electronic or communication systems; and the Owner Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

  Section 6.3                          Reliance; Advice of Counsel; Use of Agents.

  (a)            Reliance.  The Owner Trustee may rely on, and will not be liable to anyone for acting in reliance on, a signature, notice, resolution, request, consent, certificate, report, opinion or other document believed by it to be genuine
      that appears on its face to be properly signed by the proper party or parties.  The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of a corporate party as conclusive evidence that the
      resolution has been duly adopted and that the resolution is in full force and effect.

  (b)            Advice of Counsel.  In the exercise or administration of the trusts under this Agreement and in the exercise of its rights and powers or the performance of its obligations under the Transaction Documents, the Owner Trustee may
      consult with counsel, accountants and other Persons whom the Owner Trustee selects with reasonable care.  The Owner Trustee may rely on the written opinion or advice of counsel, accountants or other Persons and will not be liable for any action taken
      or not taken in good faith according to such opinion or advice, including that such action or inaction is not contrary to the Transaction Documents.

  (c)            Use of Agents.  In the exercise or administration of the trusts under this Agreement and in the performance of its rights, powers and obligations under the Transaction Documents, the Owner Trustee may act directly or through its
      agents or attorneys under agreements entered into with any of them and will not be liable for the conduct or misconduct of those agents or attorneys if the Owner Trustee selects those agents or attorneys with due care.

  Section 6.4                          Not Acting in Individual Capacity.  Except as stated in this Article VI, in accepting the trusts created by this Agreement Wilmington Trust, National Association acts solely as Owner Trustee under this Agreement and not in
      its individual capacity.  Any Person

  
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  with a claim against the Owner Trustee related to a Transaction Document will look only to the Trust Property for payment or satisfaction of that claim.

  Section 6.5            Owner Trustee May Own Notes.  Wilmington Trust, National Association, in its individual or another capacity, may become the owner or pledgee of Notes and may deal with the Depositor, the Certificateholder, the Servicer, the
      Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it were not the Owner Trustee.

  Section 6.6      Owner

        Trustee’s Representations and Warranties.  The Owner Trustee represents and warrants to the Depositor and for the benefit of the Certificateholders as of the Closing Date:

  (a)            Organization and Qualification.  The Owner Trustee is duly formed, validly existing and duly qualified as a national banking association under the laws of the United States.  The Owner Trustee has obtained necessary
      qualifications, licenses and approvals in each jurisdiction in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses
      or approvals would not reasonably be expected to have a Material Adverse Effect.

  (b)            Power, Authority and Enforceability.  The Owner Trustee has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Owner Trustee has authorized the execution, delivery and performance of
      this Agreement.  This Agreement has been duly executed by an authorized officer of the Owner Trustee and is the legal, valid and binding obligation of the Owner Trustee enforceable against the Owner Trustee in accordance with its terms, 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 under this Agreement and the performance by the Owner Trustee of its obligations under this Agreement will not (i) conflict with, or be a breach or default under,
      any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Owner Trustee is a debtor or guarantor, (ii) result in the creation or imposition of any Lien on the Owner Trustee’s properties or assets under the
      terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the Owner Trustee’s organizational documents or by-laws, or (iv) violate a Law or, to the Owner Trustee’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 Owner Trustee or its properties that applies to the Owner Trustee, which, in each case, would reasonably
      be expected to have a Material Adverse Effect.

  (d)            No Proceedings.  To the Owner Trustee’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 Owner Trustee or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction
      Documents or (iii) seeking a determination or ruling that would reasonably be expected to have a Material Adverse Effect.

  
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  (e)            Banking Association.  The Owner Trustee is a banking association satisfying Section 3807(a) of the Delaware Statutory Trust Act and meets the eligibility requirements of Section 9.1(a).

  (f)            Information Provided by Owner Trustee.  The information provided by the Owner Trustee in its individual capacity in each certificate or agreement delivered by a Responsible Person of the Owner Trustee is true and correct in all
      material respects.

  Section 6.7             Obligation to Update Disclosure.  The Owner Trustee will notify and provide information in the Owner Trustee’s possession, and certify the information in an Officer’s Certificate, to the Depositor and
      the Administrator on the occurrence of any event or condition relating to the Owner Trustee or actions taken by the Owner Trustee that (a) may be required to be disclosed by the Depositor under Item 2 (the start of, material developments in, or
      termination of legal proceedings against the Owner Trustee, in its individual capacity, 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 Owner Trustee becoming
      aware of such proceeding, (b) the Depositor or the Administrator reasonably requests of the Owner Trustee that the Depositor or the Administrator, as applicable, in good faith, believes is necessary to comply with the Depositor’s reporting
      obligations under the Exchange Act within two (2) Business Days of request, or (c) may be required to be disclosed under Item 6.02 (resignation, removal, replacement or substitution of the Owner Trustee, in its individual capacity) of Form 8-K under
      the Exchange Act within two (2) Business Days of the resignation, removal, replacement or substitution of the Owner Trustee.

  Section 6.8          Anti-Money Laundering.  To help the government fight the funding of terrorism and money laundering activities, the Customer Identification Program (CIP) requirements established under the Uniting and Strengthening America
      by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement
      Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions (“Applicable Anti-Money Laundering Law”), requires all financial
      institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order to comply with Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before the Closing Date
      and from time to time thereafter documentation to verify and record information that identifies each person who opens an account.  For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will
      ask for documentation to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity
      and other relevant documentation and information (including beneficial owners of such entities).  The Owner Trustee may, to the fullest extent permitted by applicable law, including Applicable Anti-Money Laundering Law, conclusively rely on, and
      shall be fully protected and indemnified in relying on, any information received, and failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner
      Trustee, may result in the immediate resignation of the

  
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  Owner Trustee, notwithstanding anything to the contrary in this Agreement but subject to Section 9.2(e).

  Section 6.9                            Persons Deemed Beneficial Owners and Control Parties.  The parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, (a) each Certificateholder owning twenty-five percent (25%)
      or more of the beneficial interest in the Issuer is and shall be deemed to be the beneficial owners of the Issuer for purposes of providing the information required under Applicable Anti-Money Laundering Law, and (b) each such Certificateholder and
      the Administrator is and shall deemed to be the parties with the power and authority to control the Issuer.

  ARTICLE VII

    COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

  Section 7.1              Owner Trustee’s Fees and Expenses.  The Issuer will pay the Owner Trustee as compensation for performing its obligations under this Agreement the Owner Trustee Fee.  The Issuer will reimburse the Owner Trustee for its reasonable
      expenses in performing its obligations under this Agreement and the other Transaction Documents, including the reasonable fees and expenses of the Owner Trustee’s agents, counsel and advisors, but excluding expenses resulting from the Owner Trustee’s
      willful misconduct, bad faith or gross negligence (other than errors in judgment).  These amounts will be paid to the Owner Trustee as set forth in Section 8.2 of the Indenture.

  Section 7.2                 Indemnification of Owner Trustee.

  (a)            Indemnification.  The Issuer will indemnify the Owner Trustee in its individual capacity, and its officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses, damages and
      liabilities resulting from the administration of and the performance of its obligations under this Agreement and the other Transaction Documents (including the fees and expenses of defending itself against any loss, damage or liability and any fees
      and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification obligations of the Issuer), but excluding any fee, expense, loss, damage or liability resulting from (i) the Owner Trustee’s
      willful misconduct, bad faith or gross negligence (other than errors in judgment) or (ii) the Owner Trustee’s breach of its representations and warranties in this Agreement.  These amounts will be paid to the Owner Trustee as set forth in Section 8.2
      of the Indenture.

  (b)            Proceedings.  If an Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 7.2(a), promptly notify the Issuer and the Administrator of the Proceeding. 
      The Issuer may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer notifies, or causes the Administrator to notify, the Indemnified Person of its intention to assume the defense of the Proceeding with
      counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer will not be liable for fees and expenses of counsel
      to the Indemnified Person unless there is a conflict between the interests of the Issuer and an Indemnified Person.  If there is a conflict, the Issuer will pay for the reasonable fees and

  
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  expenses of separate counsel to the Indemnified Person.  No settlement of a Proceeding may be made without the approval of the Issuer and the Indemnified Person, which
    approval will not be unreasonably withheld.

  (c)             Survival of Obligations.  The obligations of the Issuer under this Section 7.2 will survive the resignation or removal of the Owner Trustee and the termination of this Agreement.

  (d)             Repayment.  If the Issuer makes a payment to an Indemnified Person under this Section 7.2 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay
      those amounts to the Issuer.

  Section 7.3              Organizational Expenses of Issuer.  The Depositor will, or will cause the Administrator to, pay the organizational fees and expenses of the Issuer.

  ARTICLE VIII

    TERMINATION

  Section 8.1               Termination of Trust Agreement and Issuer.

  (a)            Termination of Trust Agreement and Issuer.  The Issuer will dissolve, on the later to occur of (i) the final distribution by the Owner Trustee of all Trust Property according to the Indenture, the Transfer and Servicing Agreement
      and Article IV of this Agreement and (ii) the satisfaction and discharge of the Indenture under Article IV of the Indenture.  An Insolvency Event, liquidation or dissolution of any Certificateholder will not (A) operate to terminate this Agreement or
      the Issuer, (B) allow any Certificateholder’s legal representatives to claim an accounting or to start an action or proceeding in court for a partition or winding up of the Issuer or the Trust Property or (C) affect the rights, powers, obligations
      and liabilities of the parties to this Agreement.  On dissolution of the Issuer, the Administrator will wind up the activities and affairs of the Issuer as required by Section 3808 of the Delaware Statutory Trust Act.

  (b)            Notice of Dissolution.  Notice of any dissolution of the Issuer, specifying the Payment Date upon which the Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distributions and
      cancellation, shall be given by the Owner Trustee to the Certificateholders mailed within five (5) Business Days of receipt of notice of such termination by the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment
      of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner Trustee therein designated, (ii) the amount of any such final payment and (iii) that payment to be made on such Payment Date will be made
      only upon presentation and surrender of the Certificates at the office of the Owner Trustee therein specified.  The Owner Trustee shall give such notice to the Trust Registrar (if other than the Owner Trustee) at the time such notice is given to the
      Certificateholders.  Upon presentation and surrender of the Certificates, the Owner Trustee shall cause to be distributed to the Certificateholders amounts distributable on such Payment Date.

  (c)            Failure to Surrender Certificates.  In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written
      notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for

  
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  cancellation and receive the final distribution with respect thereto.  If within one (1) year after the second notice all the Certificates shall not have been
    surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid
    out of the funds and other assets that shall remain subject to this Agreement.  Any funds remaining in the Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor (subject to applicable escheatment laws).

  (d)            No Termination of Issuer.  Except as provided in this Section 8.1, none of the Depositor, the Administrator or the Certificateholders may cancel or terminate the Issuer.

  (e)            Trust Property; Certificate of Cancellation.  On dissolution of the Issuer, any remaining Trust Property will be distributed to the Certificateholders in the priority set forth in Section 4.1(b) of this Agreement, and on
      completion of the windup, the Owner Trustee will (at the written direction of the Administrator) cause the Certificate of Trust to be cancelled by preparing, executing and filing a certificate of cancellation as required by the Delaware Statutory
      Trust Act.  On the filing of the certificate of cancellation, this Agreement and the Owner Trustee’s rights, powers and obligations under this Agreement will simultaneously terminate.  The Owner Trustee will promptly deliver a file-stamped copy of
      the certificate of cancellation to the Administrator.

  ARTICLE IX

    SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

  Section 9.1                          Eligibility Requirements for Owner Trustee.

  (a)            Eligibility Requirements.  The Owner Trustee must (i) be authorized to exercise corporate trust powers, (ii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or
      State authorities, and (iii) have (or have a parent that has) a long-term debt rating of at least investment grade by each of the Rating Agencies or be acceptable to the Rating Agencies.  It is hereby understood that Wilmington Trust, National
      Association meets the requirements set forth in the immediately preceding sentence as of the date hereof.  If the Owner Trustee publishes reports of condition at least annually, under Law or the requirements of its supervising or examining authority,
      then for the purpose of this Section 9.1, the combined capital and surplus of the Owner Trustee will be considered to be its combined capital and surplus as stated in its most recent published report.

  (b)            Notice of Ineligibility.  The Owner Trustee will promptly notify the Depositor and the Administrator if it no longer meets the eligibility requirements in this Section 9.1.

  (c)                 Trustee in Delaware.  The Owner Trustee must satisfy Section 3807(a) of the Delaware Statutory Trust Act.

  Section 9.2               Resignation or Removal of Owner Trustee.

  (a)            Resignation.  The Owner Trustee may resign as the Owner Trustee by notifying the Depositor and the Administrator at least thirty (30) days in advance.  The Owner Trustee

  
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  must resign immediately if it no longer meets the eligibility requirements in Section 9.1 or is legally unable to act as Owner Trustee.

  (b)            Removal by Administrator.  The Administrator may, without cause, remove the Owner Trustee and terminate its rights and obligations under this Agreement by notifying the Owner Trustee at least thirty (30) days in advance.

  (c)            Removal for Cause.  The Administrator will, if any of the following events occurs and is continuing, remove the Owner Trustee and terminate its rights and obligations under this Agreement by notifying the Owner Trustee:

  (i)             the Owner Trustee no longer meets the eligibility requirements in Section 9.1;

  (ii)            the Owner Trustee is legally unable to act as Owner Trustee; or

  (iii)           an Insolvency Event of the Owner Trustee occurs.

  (d)            Notice of Resignation or Removal.  The Administrator will notify the Depositor, the Indenture Trustee and the Rating Agencies of any resignation or removal of the Owner Trustee.

  (e)            Continue to Perform.  No resignation or removal of the Owner Trustee will be effective, and the Owner Trustee will continue to perform its obligations under this Agreement, until a successor Owner Trustee has accepted its
      engagement according to Section 9.3(b).

  Section 9.3                          Successor Owner Trustee.

  (a)            Appointment of Successor Owner Trustee.  If the Owner Trustee resigns or the Administrator removes the Owner Trustee, the Administrator will promptly appoint a successor Owner Trustee who meets the eligibility requirements in
      Section 9.1.  If no successor Owner Trustee is appointed and has accepted the appointment within thirty (30) days after the Administrator receives notice of the resignation or removal of the Owner Trustee, the Owner Trustee may petition a court of
      competent jurisdiction to appoint a successor Owner Trustee.  No successor Owner Trustee may accept appointment under this Section 9.3 unless, at the time of the acceptance, the successor Owner Trustee meets the eligibility requirements in Section
      9.1.

  (b)            Effectiveness of Resignation or Removal.  No resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee under this Section 9.3 will become effective until (i) the successor Owner Trustee accepts its
      appointment as the Owner Trustee under Section 9.3(a) by executing and delivering to the Administrator an agreement accepting its appointment under this Agreement and (ii) the successor Owner Trustee files the certificate of amendment to the
      Certificate of Trust referred to in Section 9.3(e).

  (c)            Transition of Owner Trustee Obligations.  On the resignation or removal of the Owner Trustee becoming effective under Section 9.3(b), all rights, powers and obligations of the Owner Trustee under this Agreement will become the
      rights, powers and obligations of the successor Owner Trustee.  The Owner Trustee will deliver to the successor Owner Trustee all

  
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  documents and amounts held by it under this Agreement, and the Administrator and the Owner Trustee will execute and deliver any documents and do other things
    reasonably required to confirm in the successor Owner Trustee those rights, powers and obligations.  The Issuer will reimburse the Owner Trustee and any successor Owner Trustee for expenses related to the replacement of the Owner Trustee.

  (d)            Notification.  On the acceptance of appointment by a successor Owner Trustee under this Section 9.3, the Administrator will notify the Depositor, the Indenture Trustee, the Noteholders, the Certificateholders and the Rating
      Agencies of the successor Owner Trustee.

  (e)            Certificate of Amendment.  A successor Owner Trustee appointed under this Agreement will promptly file a certificate of amendment to the Certificate of Trust with the Secretary of State of the State of Delaware identifying the
      name and principal place of business of the successor Owner Trustee in the State of Delaware.  The successor Owner Trustee will promptly deliver a file-stamped copy of the certificate of amendment to the Administrator.

  Section 9.4                          Merger or Consolidation; Transfer of Assets.  If the Owner Trustee merges or consolidates with, or transfers its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the
      successor Owner Trustee so long as that Person is qualified and eligible under Section 9.1.  The Owner Trustee will (i) notify the Issuer and the Administrator (who will notify the Rating Agencies) of the merger or consolidation within fifteen (15)
      Business Days of the event and (ii) file a certificate of amendment to the Certificate of Trust as required by Section 9.3(e).

  Section 9.5                          Appointment of Separate Trustee or Co-Trustee.

  (a)            General.  For the purpose of meeting a legal requirement of any jurisdiction in which the Trust Property may be located, the Administrator and the Owner Trustee acting jointly will have the power to appoint one or more Persons
      approved by the Owner Trustee to act as a separate trustee or as separate trustees, or as co-trustee, jointly with the Owner Trustee, of the Issuer, and to vest in that Person, in that capacity, the title to the Trust Property, and, subject to this
      Section 9.5, the trusts, rights, powers and obligations as the Administrator and the Owner Trustee consider necessary or advisable.  If the Administrator has not joined in the appointment within fifteen (15) Business Days of its receipt of a request
      so to do, the Owner Trustee will have the power to make the appointment.  No separate trustee or co-trustee under this Agreement will be required to be eligible under Section 9.1 and no notice of the appointment of a separate trustee or co-trustee is
      required.

  (b)            Rights; Liability; Resignation or Removal.  Each separate trustee and co-trustee will, if permitted by Law, be appointed and act subject to the following:

  (i)            all rights, powers and obligations of the Owner Trustee will be exercised or performed by the Owner Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or
      co-trustee is not authorized to act separately without the Owner Trustee joining in the act), except if under the Law of each jurisdiction in which a particular act or acts are to be performed, the Owner Trustee is incompetent or unqualified to
      perform the act or acts, in which event the rights, powers

  
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  and obligations (including the holding of title to any Trust Property) may be exercised and performed separately by the separate trustee or co-trustee;

  (ii)            no trustee under this Agreement will be personally liable for any act or failure to act by another trustee under this Agreement; and

  (iii)            the Administrator and the Owner Trustee acting jointly may accept the resignation of or remove a separate trustee or co-trustee.

  (c)            Joint or Separate Trusts.  Any notice, request or other communication given to the Owner Trustee will be considered given to each of the then separate trustees and co-trustees, as if given to each of them.  Every appointment of a
      separate trustee or co-trustee must refer to this Agreement and the conditions of this Article IX.  Each separate trustee and co-trustee, on its acceptance of the appointment, will be vested with the properties, trusts, rights and powers stated in
      its appointment, either jointly with the Owner Trustee or separately.  The Owner Trustee will keep a copy of the appointment in its files and will deliver a copy to the Administrator.

  (d)            Owner Trustee as Agent.  Any separate trustee or co-trustee may appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, if not prohibited by Law, to do any act under this Agreement on its behalf
      and in its name.  If a separate trustee or co-trustee becomes incapable of acting, resigns or is removed, its properties, trusts, rights and powers will be vested in and may be exercised by the Owner Trustee, if permitted by Law, without the
      appointment of a new or successor trustee.

  Section 9.6              Compliance with Delaware Statutory Trust Act.  The Issuer must have at least one trustee that meets the requirements of Section 3807(a) of the Delaware Statutory Trust Act.

  ARTICLE X

    OTHER AGREEMENTS

  Section 10.1                          Limitation on Rights of Others.  Except for Sections 2.6, 7.2 and 11.2, this Agreement is solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Servicer, the Certificateholders and the Secured
      Parties.  Nothing in this Agreement (other than Section 2.6), will give to any other Person any legal or equitable right, remedy or claim in the Trust Property or under this Agreement.

  Section 10.2                          No Petition.  To the fullest extent permitted by Law, each of the parties hereto, by entering into this Agreement hereby covenants and agrees, and the Indenture Trustee and each Certificateholder and Noteholder by accepting
      a Certificate or accepting the benefits of this Agreement, as the case may be, are each deemed to covenant and agree, that it shall not at any time acquiesce, petition or otherwise invoke or cause the Issuer or the Depositor to invoke the process of
      any court or government authority for the purpose of commencing or sustaining a case against the Issuer or the Depositor under any federal or state bankruptcy, insolvency or similar Law, or appointing a receiver, liquidator, assignee, trustee,
      custodian, sequestrator or other similar official of the Issuer or the Depositor, as the case may be, or any substantial part of its property, or, except as expressly set forth herein, ordering the winding up or liquidation of the affairs of the
      Issuer or the Depositor, in connection with any obligations relating to the Notes, the

  
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  Certificates, this Agreement or any of the Transaction Documents prior to the date that is one (1) year and one day after the payment in full of all securities issued
    by the Depositor or by a trust for which the Depositor was a depositor.  This Section 10.2 shall survive the termination of this Agreement.

  Section 10.3                        Restrictions on the Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the
      Issuer or of the Owner Trustee under any of the Transaction Documents nor shall the Owner Trustee be obligated to follow any such direction, if given.

  Section 10.4                          Class A Certificateholder Controls.  Except as otherwise expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Class A Certificateholder, except as
      expressly provided otherwise herein.  Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by the Class A Certificateholder.

  Section 10.5                  Optional Acquisition.  On each Payment Date following the last day of a Collection Period as of which the aggregate Principal Balance of the Receivables shall be equal to or less than 10% of the aggregate Principal Balance of the
      Receivables as of the Closing Date, the Class A Certificateholder, with the consent of the Administrator, on behalf of the Issuer, shall have the option to acquire, as of the end of the immediately preceding Collection Period, the corpus of the Trust
      Property for an amount equal to the Optional Acquisition Amount, as set forth in Section 8.1 of the Transfer and Servicing Agreement.  Upon such Optional Acquisition, the Issuer will redeem the Notes, in whole but not in part.

  Section 10.6                     Optional Redemption of Notes.  On any Payment Date on and after the Payment Date in February 2021, the Class A Certificateholder, with the consent of the Administrator, on behalf of the Issuer, shall have the option to
      redeem the Notes, in whole but not in part, as set forth in Section 8.2 of the Transfer and Servicing Agreement.

  Section 10.7                       Early Termination Date Under the Cap Agreement.  The Issuer agrees that it will not designate an “early termination date” (as defined in the Cap Agreement) under the Cap Agreement without the consent of the Administrator.

  ARTICLE XI

    MISCELLANEOUS

  Section 11.1                          Amendments.

  (a)            Amendments to Clarify and Correct Errors and Defects.  The parties may amend this Agreement to (i) clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent
      with the other terms of this Agreement, or (ii) provide for, or facilitate the acceptance of this Agreement by, a successor Owner Trustee, in each case of (i) or (ii), without the consent of the Noteholders, the Certificateholders or any other
      Person.  The parties may amend any term or provision of this Agreement from time to time for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus, without the consent of Noteholders, the
      Certificateholders or any other Person.  The

  
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  Administrator may amend any term or provision of this Agreement from time to time for the purpose of making Benchmark Replacement Conforming Changes, without the
    consent of Noteholders, the Certificateholders, any party to this Agreement or any other Person.

  (b)            Other Amendments.  Other than as set forth in Section 11.1(c), the parties may amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying
      in any manner the rights of the Noteholders under this Agreement, with the consent of the Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that
      the amendment will not have a material adverse effect on the Noteholders or (y) the Rating Agency Condition is satisfied with respect to such amendment; and

  (c)            Amendments Requiring Consent of Noteholders and Certificateholders.

  (i)            This Agreement may also be amended from time to time by the parties hereto, with prior written notice to the Rating Agencies and the Indenture Trustee and with the consent of the Certificateholders and, if the
      interests of the Noteholders are materially and adversely affected, with the consent of the Noteholders evidencing at least a majority of the outstanding Note Balance of the Controlling Class of Notes, 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 or Certificateholders under this Agreement.

  (ii)            No amendment to this Agreement may, without the consent of all adversely affected Noteholders or Certificateholders, as applicable, (i) change the applicable Final Maturity Date on a Note or change the
      principal amount of or interest rate or Make-Whole Payment on a Note or (ii) modify the percentage of the Note Balance of the Notes or the Controlling Class or the Percentage Interest of Certificates required to consent to any action.

  It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section 11.1 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.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the
    authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

  (d)            Indenture Trustee Consent.  Any amendment to this Agreement pursuant to Section 11.1(b) or (c) will require the consent of the Indenture Trustee if the amendment has a material adverse effect on the rights, duties, obligations,
      immunities or indemnities of the Indenture Trustee.

  
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  (e)            Notice of Amendments.  Promptly after the execution of an amendment, (i) the Administrator will deliver a copy of the amendment to the Rating Agencies and (ii) the Owner Trustee will notify the Indenture Trustee of the substance
      of the amendment or consent.

  (f)            Certificate of Amendment.  Promptly after the execution of any certificate of amendment to the Certificate of Trust, the Owner Trustee will cause the amendment to be filed with the Secretary of State of the State of Delaware.  The
      Owner Trustee will promptly deliver a file-stamped copy of the certificate of amendment to the Administrator.

  (g)            Amendment by Owner Trustee.  The Owner Trustee may enter into any amendment or certificate of amendment to the Certificate of Trust that affects the Owner Trustee’s own rights, powers and obligations under this Agreement.

  (h)            Opinions of Counsel.

  (i)            Before executing any amendment to this Agreement or certificate of amendment to the Certificate of Trust, the Depositor or the Administrator will deliver to the Owner Trustee, an Opinion of Counsel stating that
      the execution of the amendment or certificate of amendment is authorized or permitted by this Agreement.

  (ii)            Before executing any amendment to this Agreement or any other Transaction Document to which the Issuer is a party, the Depositor or the Administrator will deliver to the Owner Trustee, an Opinion of Counsel
      stating that the amendment is permitted by the Transaction Documents and that all conditions in the Transaction Documents for the execution and delivery of the amendment by the Issuer or the Owner Trustee have been satisfied.

  (i)            Noteholder Consent.  For any amendment to this Agreement or any other Transaction Document requiring the consent of the Noteholders, the Owner Trustee will notify the Indenture Trustee to request consent from the Noteholders and
      follow its reasonable procedures to obtain consent.

  (j)            Amendments to the Cap Agreement.  The Issuer, or the Administrator on behalf of the Issuer, may enter into amendments to the Cap Agreement to resolve any ambiguity in, or correct or supplement any provision of, the Cap Agreement,
      so long as the Administrator determines that such amendment will not have a material adverse effect on the Noteholders whose written consent has not been obtained.

  Section 11.2                          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 11.3                          Notices.

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

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

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

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

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

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

  Section 11.4                          GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS.

  Section 11.5                      Exclusive Jurisdiction.  Each party to this Agreement and each person beneficially owning a beneficial interest in the Issuer, to the fullest extent permitted by Law, including Section 3804(e) of the Delaware Statutory
      Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Issuer or its business and affairs, the Delaware Statutory Trust Act or this Agreement, including, without limitation, any
      claims, suits, actions or proceedings to interpret, apply or enforce the provisions of this Agreement, will be exclusively brought in the courts of the State of Delaware or the State of New York and (ii) irrevocably submits to the exclusive
      jurisdiction of such courts in connection with any such claim, suit, action or proceeding.

  Section 11.6                       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 11.7                         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 11.8                          Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

  Section 11.9                         Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will together be one document.

  
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  Section 11.10                  No Recourse.  Each Certificateholder by accepting an interest in a Certificate acknowledges that such Certificate represents a beneficial interest in the Issuer only and does not represent an interest in or obligation of the
      Depositor, Cellco (in any capacity), the Administrator, the Parent Support Provider, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set
      forth or contemplated in the Certificates or the Transaction Documents

  Section 11.11                Intent of the Parties; Reasonableness.  The Depositor and the Owner Trustee acknowledge and agree that the purpose of Section 6.7 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB and related rules and regulations of the Commission.  Neither the Depositor nor the Owner Trustee 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 Owner 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 requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection
      therewith, the Owner Trustee shall cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements, reports, certifications, records, attestations, and any other information in the
      Owner Trustee’s possession necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee or the servicing of the
      Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance.

  

  

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  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 ABS LLC,

          
	 	 	
            as Depositor

          
	 	 	 
	 	 	 
	 	
            By:  

            

          	
            /s/ Kee Chan Sin

          
	 	 	
            Name: Kee Chan Sin

          
	 	 	
            Title:   Chief Financial Officer

          
	 	 	 
	 	 	 
	 	 	 
	 	
            WILMINGTON TRUST, NATIONAL ASSOCIATION,

          
	 	 	
            as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Clarice Wright

          
	 	 	
            Name: Clarice Wright

          
	 	 	
            Title:   Assistant Vice President

          

  

   

  

  

  
    
      

  

  
  Exhibit A

  Form of Certificate of Trust of

    Verizon Owner Trust 2020-A

  This Certificate of Trust of Verizon Owner Trust 2020-A (the “Trust”) is being duly executed and filed on behalf of the Trust by the
    undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C., § 3801 et seq.) (the “Act”).

  1.            Name.  The name of the statutory trust formed by this Certificate of Trust is “Verizon Owner Trust 2020-A”.

  2.            Owner Trustee.  The name and business address of the sole trustee of the Trust with a principal place of business in the State of Delaware are Wilmington Trust, National Association, 1100 North Market
      Street, Wilmington, Delaware 19890, Attn: Corporate Trust Administration.

  3.            Effective Date.  This Certificate of Trust will be effective on filing.

  IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

  WILMINGTON TRUST, NATIONAL  ASSOCIATION, not in its individual capacity but  solely as Owner Trustee of the Trust

  

  

  By:                                                                                    

  Name:

  Title:

  
    A-1

    
      

  

  
  

  

  Exhibit B-1

  FORM OF CLASS A CERTIFICATE

  THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, THE
    PARENT SUPPORT PROVIDER, CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS (IN ANY CAPACITY) OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

  THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OF THE
    UNITED STATES.  THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

  THIS CERTIFICATE OR INTEREST HEREIN MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO A PERSON THAT EITHER (i) IS NOT
    A NON-U.S. PERSON OR (ii) WHO HOLDS ON BEHALF OF ONE OR MORE BENEFICIAL OWNERS (AS DETERMINED FOR U.S. TAX PURPOSES) NONE OF WHOM IS A NON-U.S. PERSON. EACH HOLDER SHALL REPRESENT AND WARRANT THAT EACH BENEFICIAL OWNER OF THE CERTIFICATE ON WHOSE
    BEHALF IT HOLDS (INCLUDING SUCH HOLDER IF IT IS A BENEFICIAL HOLDER) IS NOT A NON-U.S. PERSON. EACH TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE
    FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY.

  EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT ACQUIRING THE CERTIFICATE WITH
    THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO
    SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (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 LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

  
    B-1-1

    
      

  

  

  

  NUMBER R‐1

  VERIZON OWNER TRUST 2020-A

  ASSET-BACKED CERTIFICATE

  THIS CERTIFIES THAT VERIZON DPPA TRUE UP TRUST is the registered owner of 100% of the nonassessable, fully-paid, fractional undivided beneficial
    interest in Verizon Owner Trust 2020-A (the “Issuer”) formed by Verizon ABS LLC.

  The Issuer was created pursuant to a Trust Agreement, dated as of December 20, 2019 (as amended and supplemented, including the Amended and Restated
    Trust Agreement dated as of January 29, 2020, the “Trust Agreement”), between Verizon ABS LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as Owner Trustee (the “Owner
      Trustee”), a summary of certain of the pertinent provisions of which is set forth below.  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement, dated as of January 29, 2020, among Verizon
    Owner Trust 2020-A, as Issuer, Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.

  This Certificate is the duly authorized Class A Certificate designated as an “Asset Backed Certificate” (the “Class A Certificate”) issued
    pursuant to the Trust Agreement.  Certain debt instruments evidencing obligations of the Issuer have been issued under the Indenture, consisting of Notes designated as “1.85% Asset Backed Notes, Class A-1a,” “One-Month LIBOR + 0.27% Asset Backed Notes,
    Class A-1b,” “1.98% Asset Backed Notes, Class B” and “2.06% Asset Backed Notes, Class C” (collectively, the “Notes”).  This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The
    holder of this Class A Certificate, by virtue of its acceptance hereof, assents to and is bound by all of the provisions of the Trust Agreement.

  The property of the Issuer includes the Receivables, all monies due thereunder and received after the applicable Cutoff Date, certain bank accounts and
    the proceeds thereof and certain other rights under the Trust Agreement and the Transfer and Servicing Agreement and all proceeds of the foregoing.

  It is the intent of the Depositor, Cellco and the Certificateholders that, for U.S. federal, state and local income and franchise tax purposes and
    for purposes of any other tax imposed on or measured in whole or in part by income the Issuer is to be characterized as a mere security device formed to hold the Trust Property and issue the Notes.  Each Certificateholder, by acceptance of a
    Certificate or any beneficial interest on a Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Issuer as a mere security device formed to hold the Trust Property securing the Notes for such tax purposes.

  Under the Trust Agreement, there will be distributed to the holder hereof on each Payment Date the amounts to be distributed to the
    Certificateholders on such Payment Date pursuant to the Indenture and the Trust Agreement.

  
    B-1-2

    
      

  

  

  

  The holder of this Class A Certificate acknowledges and agrees that its rights to receive distributions in respect of this Class A Certificate are
    subordinated to the rights of the Noteholders, as described in the Transfer and Servicing Agreement and the Indenture.

  Distributions on this Class A Certificate will be made as provided in the Trust Agreement by wire transfer or check mailed to the Class A
    Certificateholder without the presentation or surrender of this Class A Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Class A
    Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Class A Certificate at the office or agency of the Owner Trustee designated in such notice.

  Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a Certificate, covenants and agrees that such
    Certificateholder will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
    proceedings under any United States, federal or state bankruptcy or similar Law in connection with any obligations relating to the Certificates, the Notes, the Trust Agreement or any of the Transaction Documents.

  Reference is hereby made to the further provisions of this Class A Certificate set forth on the reverse hereof, which further provisions shall for
    all purposes have the same effect as if set forth at this place.

  Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or an authenticating agent,
    by manual signature, this Class A Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement, the Indenture or the Transfer and Servicing Agreement or be valid for any purpose.

  THIS CLASS A CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
    AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  
    B-1-3

    
      

  

  IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual capacity, has caused this Class A Certificate to be duly
    executed.

  VERIZON OWNER TRUST 2020-A

  
    
      	

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

            

    

  

  By:            _________________________________

  Authorized Signatory

   

  

  Dated:  January 29, 2020

  
    B-1-4

    
      

  

  OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  This is the Class A Certificate referred to in the within-mentioned Trust Agreement.

  WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

  By:            _________________________________

  Authorized Signatory

   

  

  
    B-1-5

    
      

  

  (REVERSE OF CERTIFICATE)

  The holder of this Class A Certificate, by accepting an interest in this Class A Certificate, acknowledges that this Class A Certificate represents
    a beneficial interest in the Issuer only and does not represent any interest in or obligation of the Depositor, Cellco (in any capacity), the Administrator, the Parent Support Provider, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
    and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Class A Certificate or the Transaction Documents.  In addition, this Class A Certificate is not guaranteed by any governmental
    agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Transaction Documents.  A copy of each of the
    Transaction Documents, including the Trust Agreement, may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by a Certificateholder upon written request.

  As provided in the Trust Agreement, and subject to certain limitations therein set forth, the transfer of this Class A Certificate is registerable
    in the Trust Register upon surrender of this Class A Certificate for registration of transfer at the offices or agencies of the Trust Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the
    Owner Trustee and the Trust Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon a new Class A Certificate of a Percentage Interest of 100% evidencing the same aggregate interest in the Issuer
    will be issued to the designated transferee or transferees. The initial Trust Registrar appointed under the Trust Agreement is Wilmington Trust, National Association.

  The Owner Trustee, the Trust Registrar and any agent of the Owner Trustee or the Trust Registrar may treat the person in whose name this Class A
    Certificate is registered as the owner hereof for all purposes and none of the Owner Trustee, the Trust Registrar or any such agent shall be affected by any notice to the contrary.

  The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof by the Depositor and the Owner Trustee, without the
    consent of any of the Noteholders, to clarify any ambiguity, to correct an error or supplement any provisions in the Trust Agreement or, with the consent of the Certificateholders and the affected Noteholders, for the purpose of adding any provisions
    to or changing in any manner or eliminating any of the provisions in the Trust Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate has been
    delivered to the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (ii) the Rating Agency Condition has been satisfied in respect of any such amendment.

  No amendment otherwise permitted under Section 11.1 of the Trust Agreement may (x) change the applicable Final Maturity Date on a Note or change the
    principal amount of or interest rate or Make-Whole Payment on a Note or (y) modify the percentage of the Note Balance of the Notes or the Controlling Class or the Percentage Interest of Certificates required to consent to any action without, in either
    case, the consent of all adversely affected Noteholders or Certificateholders.

  
    B-1-6

    
      

  

  

  

  The obligations and responsibilities created by the Trust Agreement and the Issuer created thereby shall terminate upon the payment to the Certificateholders of all
    amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all Trust Property.  The True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf
    of the Issuer, acquire the Receivables at a price specified in the Transfer and Servicing Agreement, and any such acquisition of the Receivables and other property of the Issuer will effect a redemption of the Notes, in whole but not in part, and an
    early retirement of the Class A Certificate; however, such right of acquisition is exercisable only on a Payment Date after the last day of the Collection Period as of which the aggregate Principal Balance of the Receivables is less than or equal to
    10% of the aggregate Principal Balance as of the Closing Date.  In addition, the True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf of the Issuer, redeem the Notes, in whole but not in
    part, on any Payment Date on or after the Payment Date in February 2021; provided, that the amount remitted to the Issuer in connection with such redemption is at least equal to the amount described in the
    Transfer and Servicing Agreement, and any such redemption of the Notes will effect early retirement of the Class A Certificate.

  
    B-1-7

    
      

  

  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 Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

  ______________________, attorney, to transfer said Certificate on the books of the Trust Registrar, with full power of substitution in the premises.

  Dated:                                        */

  Signature Guaranteed:

    __________________*/

  */NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration,
    enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

  
    B-1-8

    
      

  

  
  Exhibit B-2

  FORM OF CLASS B CERTIFICATE

  THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, THE
    PARENT SUPPORT PROVIDER, CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS (IN ANY CAPACITY) OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

  THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OF THE
    UNITED STATES.  THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

  THIS CERTIFICATE OR INTEREST HEREIN MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO A PERSON THAT EITHER (i) IS NOT
    A NON-U.S. PERSON OR (ii) WHO HOLDS ON BEHALF OF ONE OR MORE BENEFICIAL OWNERS (AS DETERMINED FOR U.S. TAX PURPOSES) NONE OF WHOM IS A NON-U.S. PERSON. EACH HOLDER SHALL REPRESENT AND WARRANT THAT EACH BENEFICIAL OWNER OF THE CERTIFICATE ON WHOSE
    BEHALF IT HOLDS (INCLUDING SUCH HOLDER IF IT IS A BENEFICIAL HOLDER) IS NOT A NON-U.S. PERSON. EACH TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE
    FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE OWNER TRUSTEE, OR ANY INTERMEDIARY.

  EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT ACQUIRING THE CERTIFICATE WITH
    THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO
    SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (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 LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

  NUMBER R‐1

  
    B-2-1

    
      

  

  

  

  Initial Class B Certificate Principal Balance: $0

  

  

  VERIZON OWNER TRUST 2020-A

  VARIABLE FUNDING CERTIFICATE

  THIS CERTIFIES THAT VERIZON ABS LLC is the registered owner of this Class B Certificate, representing a fractional, undivided beneficial interest in
    Verizon Owner Trust 2020-A (the “Issuer”) formed by Verizon ABS LLC.

  The Issuer was created pursuant to a Trust Agreement, dated as of December 20, 2019 (as amended and supplemented, including the Amended and Restated
    Trust Agreement dated as of January 29, 2020, the “Trust Agreement”), between Verizon ABS LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as Owner Trustee (the “Owner
      Trustee”), a summary of certain of the pertinent provisions of which is set forth below.  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement, dated as of January 29, 2020, among Verizon
    Owner Trust 2020-A, as Issuer, Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.

  This Certificate is the duly authorized Class B Certificate designated as a “Variable Funding Certificate” (the “Class B Certificate”) issued
    pursuant to the Trust Agreement.  Certain debt instruments evidencing obligations of the Issuer have been issued under the Indenture, consisting of Notes designated as “1.85% Asset Backed Notes, Class A-1a,” “One-Month LIBOR + 0.27% Asset Backed Notes,
    Class A-1b,” “1.98% Asset Backed Notes, Class B” and “2.06% Asset Backed Notes, Class C” (collectively, the “Notes”).  This Class B Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The
    holder of this Class B Certificate, by virtue of its acceptance hereof, assents to and is bound by all of the provisions of the Trust Agreement. The Class B Certificate Principal Balance may be increased on any Acquisition Date as set forth in Section
    3.10 of the Trust Agreement and as recorded on Schedule I hereto.  Principal and any other amounts to be paid to the Class B Certificateholder on each Payment Date or each Acquisition Date, as applicable, shall be distributed to the holder hereof in
    accordance with the terms and provisions of the Trust Agreement, the Transfer and Servicing Agreement and the Indenture, as applicable.

  The property of the Issuer includes the Receivables, all monies due thereunder and received after the applicable Cutoff Date, certain bank accounts and
    the proceeds thereof and certain other rights under the Trust Agreement and the Transfer and Servicing Agreement and all proceeds of the foregoing.

  It is the intent of the Depositor, Cellco and the Certificateholders that, for U.S. federal, state and local income and franchise tax purposes and
    for purposes of any other tax imposed on or measured in whole or in part by income the Issuer is to be characterized as a mere security device formed to hold the Trust Property and issue the Notes.  Each Certificateholder, by acceptance of a
    Certificate or any beneficial interest on a Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Issuer as a mere security device formed to hold the Trust Property securing the Notes for such tax purposes.

  
    B-2-2

    
      

  

  

  

  The holder of this Class B Certificate acknowledges and agrees that its rights to receive distributions in respect of this Class B Certificate are
    subordinated to the rights of the Noteholders, as described in the Transfer and Servicing Agreement and the Indenture.

  Distributions on this Class B Certificate will be made as provided in the Trust Agreement by wire transfer or check mailed to the Class B
    Certificateholder without the presentation or surrender of this Class B Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Class B
    Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Class B Certificate at the office or agency of the Owner Trustee designated in such notice.

  Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a Certificate, covenants and agrees that such
    Certificateholder will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
    proceedings under any United States, federal or state bankruptcy or similar Law in connection with any obligations relating to the Certificates, the Notes, the Trust Agreement or any of the Transaction Documents.

  Reference is hereby made to the further provisions of this Class B Certificate set forth on the reverse hereof, which further provisions shall for
    all purposes have the same effect as if set forth at this place.

  Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or an authenticating agent,
    by manual signature, this Class B Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement, the Indenture or the Transfer and Servicing Agreement or be valid for any purpose.

  THIS CLASS B CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
    AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  
    B-2-3

    
      

  

  IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual capacity, has caused this Class B Certificate to be duly
    executed.

  VERIZON OWNER TRUST 2020-A

  
    
      	

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

            

    

  

  By:            _________________________________

  Authorized Signatory

   

  

  Dated:  January 29, 2020

  
    B-2-4

    
      

  

  OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  This is the Class B Certificate referred to in the within-mentioned Trust Agreement.

  WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

  By:            _________________________________

  Authorized Signatory

   

  

  
    B-2-5

    
      

  

  (REVERSE OF CERTIFICATE)

  The holder of this Class B Certificate, by accepting an interest in this Class B Certificate, acknowledges that this Class B Certificate represents
    a beneficial interest in the Issuer only and does not represent any interest in or obligation of the Depositor, Cellco (in any capacity), the Administrator, the Parent Support Provider, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
    and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Class B Certificate or the Transaction Documents.  In addition, this Class B Certificate is not guaranteed by any governmental
    agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Transaction Documents.  A copy of each of the
    Transaction Documents, including the Trust Agreement, may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by a Certificateholder upon written request.

  As provided in the Trust Agreement, and subject to certain limitations therein set forth, the transfer of this Class B Certificate is registerable
    in the Trust Register upon surrender of this Class B Certificate for registration of transfer at the offices or agencies of the Trust Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the
    Owner Trustee and the Trust Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Class B Certificates of authorized portions of the Class B Certificate Principal Balance
    evidencing the same aggregate interest in the Issuer will be issued to the designated transferee or transferees, which may only be the Depositor or the holder of the Class A Certificate. The initial Trust Registrar appointed under the Trust Agreement
    is Wilmington Trust, National Association.

  The Owner Trustee, the Trust Registrar and any agent of the Owner Trustee or the Trust Registrar may treat the person in whose name this Class B
    Certificate is registered as the owner hereof for all purposes and none of the Owner Trustee, the Trust Registrar or any such agent shall be affected by any notice to the contrary.

  The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof by the Depositor and the Owner Trustee, without the
    consent of any of the Noteholders, to clarify any ambiguity, to correct an error or supplement any provisions in the Trust Agreement or, with the consent of the Certificateholders and the affected Noteholders, for the purpose of adding any provisions
    to or changing in any manner or eliminating any of the provisions in the Trust Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate has been
    delivered to the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (ii) the Rating Agency Condition has been satisfied in respect of any such amendment.

  No amendment otherwise permitted under Section 11.1 of the Trust Agreement may (x) change the applicable Final Maturity Date on a Note or change the
    principal amount of or interest rate or Make-Whole Payment on a Note or (y) modify the percentage of the Note Balance of the Notes or the Controlling Class or the Percentage Interest of Certificates required

  
    B-2-6

    
      

  

  

  

  to consent to any action without, in either case, the consent of all adversely affected Noteholders or Certificateholders.

  The obligations and responsibilities created by the Trust Agreement and the Issuer created thereby shall terminate upon the payment to the Certificateholders of all
    amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all Trust Property.  The True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf
    of the Issuer, acquire the Receivables at a price specified in the Transfer and Servicing Agreement, and any such acquisition of the Receivables and other property of the Issuer will effect a redemption of the Notes, in whole but not in part, and an
    early retirement of the Class B Certificate; however, such right of acquisition is exercisable only on a Payment Date after the last day of the Collection Period as of which the aggregate Principal Balance of the Receivables is less than or equal to
    10% of the aggregate Principal Balance as of the Closing Date.  In addition, the True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf of the Issuer, redeem the Notes, in whole but not in
    part, on any Payment Date on or after the Payment Date in February 2021; provided, that the amount remitted to the Issuer in connection with such redemption is at least equal to the amount described in the
    Transfer and Servicing Agreement, and any such redemption of the Notes will effect early retirement of the Class B Certificate.

  

  

  
    B-2-7

    
      

  

  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 Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

  ______________________, attorney, to transfer said Certificate on the books of the Trust Registrar, with full power of substitution in the premises.

  Dated:                                        */

  Signature Guaranteed:

    __________________*/

  */NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any
    change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

  
    B-2-8

    
      

  

  

  

  Schedule I

  TRANSACTIONS ON CLASS B CERTIFICATE

  

  

  	
          Acquisition Date

        	
          Amount of Class B Certificate Principal Balance Increase

        	
          Amount of Class B Certificate Principal Balance Decrease

        	
          Ending Class B Certificate Principal Balance

        
	 	 	 	 
	 	 	 	 

  
    B-2-9

    
      

  

  
  Exhibit C

  FORM OF TRANSFEREE REPRESENTATION LETTER

  Verizon Owner Trust 2020-A

  c/o Wilmington Trust, National Association,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

   Attn:  Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Trust Registrar

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

  Attn:  Corporate Trust Administration

  

  

  Re:  Transfer of Verizon Owner Trust 2020-A Class [A][B] Certificate (the “Certificates”)

  Ladies and Gentlemen:

  This letter is delivered pursuant to Section 3.3(d) of the Amended and Restated Trust Agreement, dated as of January 29, 2020 (the “Trust
      Agreement”), between Verizon ABS LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee, in connection with the transfer by [________________] to the undersigned (the “Purchaser”) of the Certificates, a copy of
    which are attached hereto. Capitalized terms used but not defined herein are defined in the Trust Agreement.

  In connection with such transfer, the undersigned hereby represents and warrants to you and the addressees hereof as follows:

  1.    I am not acquiring and will not hold this Certificate on behalf of any beneficial owner (as defined for U.S. tax purposes), including myself, that is a Non-U.S. Person as defined in the Trust Agreement; and

  2.    I am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, (ii) a “plan” described in and
      subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity, or (iv) any other
      employee benefit plan that is subject to any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code.

  Signature appears on next page.

  
    C-1

    
      

  

  IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the ___ day of  ___________.

  Very truly yours,

  ______________________________

  The Purchaser

  
    C-2

    
      

  

  
  Exhibit D

  FORM OF TRANSFEROR REPRESENTATION LETTER

  Verizon Owner Trust 2020-A

  c/o Wilmington Trust, National Association,

  not in its individual capacity but solely as Owner Trustee

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

   Attn:  Corporate Trust Administration

  

  

  Wilmington Trust, National Association,

  as Trust Registrar

  Rodney Square North, 1100 North Market Street

  Wilmington, Delaware 19890-1600

  Attn:  Corporate Trust Administration

  Re:  Transfer of Verizon Owner Trust 2020-A Class [A][B] Certificate (the “Certificates”)

  Ladies and Gentlemen:

  This letter is delivered pursuant to Section 3.3(d) of the Amended and Restated Trust Agreement, dated as of January 29, 2020 (the “Trust
      Agreement”), between Verizon ABS LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee, in connection with the transfer by [______________________] (the “Transferor”) to [___________] of the Certificates, a copy
    of which are attached hereto (the “Transferred Certificates”). Capitalized terms used but not defined herein are defined in the Trust Agreement. The Transferor hereby certifies, represents and warrants to you, as Trust Registrar, that:

  1. The Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any and all claims
    and encumbrances whatsoever.

  2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of any Transferred
    Certificate, any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of any Transferred Certificate, any interest in any
    Transferred Certificate or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other similar security with any
    person in any manner, (d) made any general solicitation by means of general advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts described in clauses (a) through (d) hereof) would constitute a
    distribution of any Transferred Certificate under the Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition of any Transferred Certificate a violation of Section 5 of the Securities Act or any state
    securities laws, or would require registration or qualification of any Transferred Certificate pursuant to the Securities Act or any state securities laws.

  
    D-1

    
      

  

  Very truly yours,

  (Transferor)

  By: ____________________________

  D-2Exhibit 10.2

  

  Execution Version

    

   

  

   

  

  
    
      

      

      

      

    

    

    

    

    

    ORIGINATOR RECEIVABLES TRANSFER AGREEMENT

    

    

    between

    

    

    THE VARIOUS ORIGINATORS FROM TIME TO TIME PARTY HERETO,

      as Originators

    

    

    and

    

    

    VERIZON ABS LLC,

      as Depositor

    

    

    

    

    

    

    

    

    Dated as of January 29, 2020

    

    

    

    

    

    

    

    

    
      

      

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

    

    

    
      	
              ARTICLE I USAGE AND DEFINITIONS

            	
              1

            
	
              Section 1.1.

            	
              Usage and Definitions

            	
              1

            
	
              ARTICLE II TRANSFER OF ORIGINATOR TRANSFERRED PROPERTY

            	
              1

            
	
              Section 2.1.

            	
              Transfers and Absolute Assignments of Originator Transferred Property

            	
              1

            
	
              Section 2.2.

            	
              Acquisition of Receivables

            	
              3

            
	
              Section 2.3.

            	
              Acknowledgement of Further Assignments

            	
              3

            
	
              Section 2.4.

            	
              Savings Clause

            	
              3

            
	
              ARTICLE III REPRESENTATIONS AND WARRANTIES

            	
              4

            
	
              Section 3.1.

            	
              Originator Representations and Warranties

            	
              4

            
	
              Section 3.2.

            	
              Originator Representations and Warranties About Pools of Receivables Transferred by Such Originator

            	
              5

            
	
              Section 3.3.

            	
              Originator Representations and Warranties About Each Receivable

            	
              7

            
	
              Section 3.4.

            	
              Originator Reacquisition of Receivables for Breach of Representations

            	
              8

            
	
              Section 3.5.

            	
              Depositor’s Representations and Warranties

            	
              9

            
	
              ARTICLE IV ORIGINATORS’ AGREEMENTS

            	
              11

            
	
              Section 4.1.

            	
              Financing Statements

            	
              11

            
	
              Section 4.2.

            	
              No Transfer or Lien by an Originator

            	
              11

            
	
              Section 4.3.

            	
              Expenses

            	
              12

            
	
              Section 4.4.

            	
              Originator’s Receivables Systems

            	
              12

            
	
              Section 4.5.

            	
              Review of Originator’s Records

            	
              12

            
	
              Section 4.6.

            	
              Reacquisition of Bankruptcy Surrendered Receivables

            	
              12

            
	
              Section 4.7.

            	
              Regulation RR Risk Retention

            	
              13

            
	
              ARTICLE V OTHER AGREEMENTS

            	
              13

            
	
              Section 5.1.

            	
              No Petition

            	
              13

            
	
              Section 5.2.

            	
              Limited Recourse

            	
              13

            
	
              Section 5.3.

            	
              Termination

            	
              13

            
	
              Section 5.4.

            	
              Merger, Consolidation, Succession or Assignment

            	
              13

            
	
              ARTICLE VI MISCELLANEOUS

            	
              14

            
	
              Section 6.1.

            	
              Amendments

            	
              14

            
	
              Section 6.2.

            	
              Benefit of Agreement; Third-Party Beneficiaries

            	
              15

            
	
              Section 6.3.

            	
              Notices

            	
              15

            
	
              Section 6.4.

            	
              GOVERNING LAW

            	
              15

            
	
              Section 6.5.

            	
              Submission to Jurisdiction

            	
              16

            
	
              Section 6.6.

            	
              WAIVER OF JURY TRIAL

            	
              16

            
	
              Section 6.7.

            	
              No Waiver; Remedies

            	
              16

            
	
              Section 6.8.

            	
              Severability

            	
              16

            
	
              Section 6.9.

            	
              Headings

            	
              16

            
	
              Section 6.10.

            	
              Counterparts

            	
              16

            

      

      

      
        -i-

        
          

      

      	
              Section 6.11.

            	
              Additional Originators

            	
              16

            

    

    

    

    
      	
              Schedule A

            	
              Schedule of Receivables

            	
                SA-1

            
	
              Schedule B

            	
              List of Originators

            	
              SB-1

            
	
              Exhibit A

            	
              Form of Receivables Transfer Notice

            	
              EA-1

            
	
              Exhibit B

            	
              Form of Originator Joinder Agreement

            	
              EB-1

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      -ii-

      
        

    

    
    ORIGINATOR RECEIVABLES TRANSFER AGREEMENT, dated as of January 29, 2020 (this “Agreement”), between THE VARIOUS ORIGINATORS FROM TIME TO TIME PARTY HERETO (each, an “Originator”), and
      VERIZON ABS LLC, a Delaware limited liability company, as depositor (the “Depositor”).

     

    BACKGROUND

     

    In the normal course of their businesses, the Originators originate device payment plan agreements under contracts entered into by such Originator or Verizon Wireless Services, LLC or another affiliate
      of such Originator, as agent of each Originator.

     

    In connection with a securitization transaction sponsored by Cellco Partnership d/b/a Verizon Wireless (“Cellco”) in which Verizon Owner Trust 2020-A, as issuer (the “Issuer”), will issue
      Notes secured by a pool of Receivables consisting of device payment plan agreements, the Originators have determined to transfer a pool of Receivables and related property on the Closing Date and additional pools of Receivables and related property
      from time to time to the Depositor, who will subsequently transfer them to the Issuer.

     

    The parties agree as follows:

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

    Section 1.1.   Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Transfer and Servicing Agreement,
      dated as of January 29, 2020, among the Issuer, the Depositor and Cellco, as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”).  Appendix A
      also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

     

    ARTICLE II

      TRANSFER OF ORIGINATOR TRANSFERRED PROPERTY

     

    Section 2.1.   Transfers and Absolute Assignments of Originator Transferred Property.

     

    (a) Transfer and Absolute Assignment of Initial Receivables.  Effective on the
      Closing Date and immediately before the transactions under the Transfer and Servicing Agreement, the Trust Agreement and the Indenture, each Originator transfers and absolutely assigns to the Depositor, without recourse (other than such Originator’s
      obligations under this Agreement), all of such Originator’s right, title and interest, whether now owned or later acquired, in the Initial Receivables originated by such Originator and the other related Originator Transferred Property.  The Initial
      Receivables transferred by each Originator will be set forth in the electronic file delivered to the Depositor on the Closing Date. For the avoidance of doubt, the Originators will not transfer any Initial Receivables to the Depositor on the Closing
      Date.

     

    (b) Transfers and Absolute Assignments of Additional Receivables.  Subject to the
      satisfaction of the conditions in Section 2.1(d), effective on each Acquisition Date, each applicable Originator will transfer and absolutely assign to the Depositor, without recourse (other than such Originator’s obligations under this Agreement),
      all of such Originator’s right, title and

     

    
      -1-

      
        

    

    interest, whether then owned or later acquired, in the Additional Receivables originated by such Originator and the other related Originator Transferred Property.  The Administrator, with the assistance of each
      Originator, will select each pool of Receivables to be transferred and assigned by each Originator and acquired by the Depositor (and subsequently the Issuer) on each Acquisition Date, which Receivables will be set forth in the electronic file
      containing the Schedule of Receivables delivered on the date of the Transfer Notice for such Acquisition Date.

     

    (c) No Assumption of Obligations.  These transfers and absolute assignments do not,
      and are not intended to, include any obligation of any Originator to the Obligors or any other Person relating to the Receivables and the other Originator Transferred Property, and the Depositor does not assume any of these obligations.

     

    (d) Conditions for Transfers of Additional Receivables.  The transfers and absolute
      assignments of the Additional Receivables and the other related Originator Transferred Property on each Acquisition Date will be subject to the satisfaction of the following conditions on or before such Acquisition Date:

     

    (i) Transfer Notice.  At least two (2) Business Days before each
      Acquisition Date, the Administrator shall deliver to the Depositor, the Issuer and the Indenture Trustee a Transfer Notice for the Additional Receivables to be transferred and absolutely assigned on that Acquisition Date, which will specify the
      Additional Receivables Transfer Amount, and will have delivered with it an electronic file containing the Schedule of Receivables; and

     

    (ii) Originator’s Certifications.  Each Originator transferring
      Additional Receivables on such Acquisition Date severally certifies solely with respect to itself that:

     

    
      
        	

              	(A)	
                as of such Acquisition Date, (1) such Originator is Solvent and will not become insolvent as a result of the absolute assignment of the related Additional Receivables on the Acquisition Date, (2) such Originator does not intend to
                  incur or believe that it would incur debts that would be beyond the Originator’s ability to pay as the debts matured and (3) the absolute assignment of the related Additional Receivables is not made by such Originator with actual intent
                  to hinder, delay or defraud any Person; and

              

      

    

     

    
      
        	

              	(B)	
                each of such Originator’s representations and warranties in Sections 3.1, 3.2 (solely with respect to the related Additional Receivables) and 3.3 (solely with respect to the related Additional Receivables) will be true and correct as
                  of the Acquisition Date.

              

      

    

     

    The delivery by the Administrator, on behalf of the Originators transferring Additional Receivables on an Acquisition Date, of the Transfer Notice will be considered a certification by each applicable
      Originator that the conditions set forth in this Section 2.1(d) have been satisfied or will be satisfied on the Acquisition Date.

     

    

    
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     Section 2.2.   Acquisition of Receivables.

     

    (a) Acquisition of Initial Receivables.  In consideration for the Initial
      Receivables and the other related Originator Transferred Property, the Depositor will distribute to the Originators $0.00 in the aggregate on the Closing Date, and will transfer collectively to the Originators a portion of the Class A Certificate for
      the benefit of each Originator in proportion to the Initial Receivables transferred by each Originator.  The Depositor, on the one hand, and each Originator, on the other hand, represents and warrants to the other that the amount distributed by the
      Depositor to such Originator on the Closing Date, together with the portion of the Class A Certificate allocated to such Originator, is equal to the fair market value of the Initial Receivables and the other related Originator Transferred Property
      transferred by such Originator to the Depositor on the Closing Date.

     

    (b) Acquisition of Additional Receivables.  In consideration for the Additional
      Receivables and the other related Originator Transferred Property transferred by the Originators, the Depositor will (i) distribute to the Originators the Additional Receivables Cash Transfer Amount for such Additional Receivables on the related
      Acquisition Date, and (ii) make a distribution to, or at the written direction of, the Originators in an amount equal to the excess, if any, of the Additional Receivables Transfer Amount over the Additional Receivables Cash Transfer Amount for such
      Additional Receivables, in the form of an increase in the beneficial interest in the Issuer held by the Originators, as evidenced by the Class A Certificate, in each case, for the benefit of each Originator in proportion to the Additional Receivables
      transferred by each Originator on such Acquisition Date.  Each Originator, on the one hand, and the Depositor, on the other hand, represents and warrants to the other that the aggregate amount set forth in clauses (i) and (ii) in the immediately
      preceding sentence distributed by the Depositor to such Originator on such Acquisition Date will equal the fair market value of the Additional Receivables and the other related Originator Transferred Property transferred by such Originator to the
      Depositor on such Acquisition Date.

     

    Section 2.3.   Acknowledgement of Further Assignments.  Each Originator acknowledges that (a) under the Transfer and Servicing Agreement, the Depositor will transfer
      and assign all of its right, title and interest in the Originator Transferred Property and related property and rights to the Issuer and (b) under the Indenture, the Issuer will assign and pledge the Originator Transferred Property and related
      property and rights to the Indenture Trustee for the benefit of the Secured Parties.

     

    Section 2.4.   Savings Clause.  Each Originator and the Depositor intend that each assignment under this Agreement be an absolute assignment of the Originator
      Transferred Property, conveying good title to the Originator Transferred Property free and clear of any Lien, other than Permitted Liens, from such Originator to the Depositor.  Each Originator and the Depositor intend that the Originator Transferred
      Property transferred by such Originator not be a part of such Originator’s estate if there is a bankruptcy or insolvency of such Originator.  If, despite the intent of each Originator and the Depositor, a transfer of the Originator Transferred
      Property transferred by such Originator under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute assignment, each Originator Grants to the Depositor a security interest in such Originator’s right, title
      and interest in the Originator Transferred Property transferred by it to secure a loan in an amount equal to all amounts payable

     

    
      -3-

      
        

    

    by such Originator under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under the Transfer and Servicing Agreement and all other amounts payable by the
      Issuer under the Transaction Documents.  In that case, this Agreement will be a security agreement under Law and the Depositor will have the rights and remedies of a secured party and creditor under the UCC.

     

    ARTICLE III

      REPRESENTATIONS AND WARRANTIES

     

    Section 3.1.   Originator Representations and Warranties.  Each Originator severally makes the following representations and warranties solely as to itself on which
      the Depositor is relying in acquiring the Originator Transferred Property transferred by such Originator.  The representations and warranties are made as of the Closing Date and as of each Acquisition Date and will survive the transfer and absolute
      assignment of the applicable Originator Transferred Property by such Originator to the Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of the Originator Transferred Property
      by the Issuer to the Indenture Trustee under the Indenture:

     

    (a) Organization and Good Standing. It is a validly existing limited liability
      company, corporation or partnership, as applicable, in good standing under the laws of the jurisdiction of its organization and has full power and authority to own its properties and conduct its business as presently owned or conducted, and to
      execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

     

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

     

    (c) Authorization and No Contravention. The execution, delivery and performance by
      it of this Agreement, the other Transaction Documents to which it is a party and the other documents to be delivered by it hereunder or thereunder: (i) are within its limited liability company, corporate or partnership powers, as applicable, (ii)
      have been duly authorized by it by all necessary action, (iii) do not contravene (A) its organizational documents, (B) any contractual obligation or restriction binding on or affecting it or its property or (C) any order, writ, judgment, award,
      injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (iv) do not result in or require the creation of
      any Adverse Claim upon or with respect to any of its properties. This Agreement and each of the other Transaction Documents to which it is a party have been duly executed and delivered by it.

     

    (d) No Violation. The execution and delivery of this Agreement by it, the
      performance by it of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to it will not violate any Law applicable to it, except where
      such violation would not reasonably be expected to have a Material Adverse Effect.

     

    
      -4-

      
        

    

    (e) No Consent Required. No authorization or approval or other action by, and no
      notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by it of this Agreement or any other Transaction Document to which it is a party, except for any authorizations or approvals that have
      already been obtained and the filing of the UCC financing statements as required by this Agreement.

     

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

     

    (g) Bulk Sales Act. No transaction contemplated hereby requires compliance with any
      bulk sales act or similar Law.

     

    (h) Compliance with Law. It has complied with all applicable Laws to which it may
      be subject, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

     

    (i) No Proceedings. There are no actions, suits, investigations or other
      proceedings pending, or to its knowledge threatened, against or affecting it or any of its properties, that (i) if adversely determined (individually or in the aggregate), would reasonably be expected to have a Material Adverse Effect or (ii) involve
      any Transaction Document or any transaction contemplated thereby and as to which there is a reasonable possibility of a materially adverse decision.

     

    (j) Not an Investment Company.  It is not and is not controlled by, an “investment
      company” registered or required to be registered under the Investment Company Act.

     

    Section 3.2.   Originator Representations and Warranties About Pools of Receivables Transferred by Such Originator.  Each Originator severally makes the following
      representations and warranties about each pool of Receivables transferred by such Originator on which the Depositor is relying in acquiring the Originator Transferred Property.  The representations and warranties are made as of the Closing Date (for
      the Initial Receivables) and each Acquisition Date (for the related Additional Receivables) and will survive the transfer and assignment of the Originator Transferred Property transferred by such Originator to the Depositor under this Agreement and
      by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of the Originator Transferred Property by the Issuer to the Indenture Trustee under the Indenture, and may not be waived by the Depositor.

     

    (a) Valid Assignment.  This Agreement evidences a valid absolute assignment of the
      Originator Transferred Property transferred by such Originator to the Depositor, enforceable against creditors of, purchasers from and transferees and absolute assignees of such Originator.

     

    (b) Good Title to Originator Transferred Property.  Immediately prior to the
      transfer and absolute assignment by it under this Agreement of any Originator Transferred Property

     

    
      -5-

      
        

    

    transferred by such Originator, it was the owner of, and had good title to, such Originator Transferred Property, free and clear of any Lien, other than Permitted Liens.

     

    (c) Security Interest in Originator Transferred Property.

     

    (i) The Depositor will have, immediately following completion of the transfer and absolute
      assignment pursuant to this Agreement, a valid and continuing ownership interest, which is a first priority perfected security interest (as such term is used in Article 9 of the applicable UCC) enforceable as such against creditors of and lenders to
      it, in the Originator Transferred Property transferred by such Originator free and clear of any Lien, other than Permitted Liens.

     

    (ii) Other than pursuant to this Agreement, it has not pledged, assigned, transferred or
      granted a security interest in, or otherwise conveyed, any of the Originator Transferred Property. It has not authorized the filing of and is not aware of any financing statements against it that include a description of collateral covering any
      Originator Transferred Property transferred by it under this Agreement other than any financing statement filed in connection with this Agreement or any other Transaction Document.

     

    (iii) It has caused as of the Closing Date, and will cause as of each Acquisition Date,
      the delivery to the Administrator and the Depositor in proper form for filing, and has caused the filing of (or will cause the filing of within ten (10) days following the Closing Date or the related Acquisition Date, as applicable), in each case,
      all appropriate financing statements and financing statement amendments in the proper filing office in the appropriate jurisdictions under the applicable Law in order to perfect and maintain perfected the conveyance of the Originator Transferred
      Property transferred by such Originator.

     

    (d) No Adverse Selection. None of the Administrator, such Originator or any of
      their respective Affiliates has selected any Receivables to be transferred and assigned to the Depositor on the Closing Date or the applicable Acquisition Date through a process that is intended to be adverse to the Depositor or the Depositor’s
      assignees.

     

    (e) Schedule of Receivables.  The Schedule of Receivables contains an accurate and
      complete list of unique asset identifying information for the Receivables transferred by such Originator.

     

    (f) Underwriting Procedures.  The Receivables were originated in accordance with
      all applicable requirements of the Underwriting Procedures of the applicable Originator in all material respects.

     

    (g) Accounts.  Each Receivable is (A) if the Receivable is not secured by the
      related Device, an “account” or “payment intangible,” or (B) if the Receivable is secured by the related Device, “chattel paper,” in each case, within the meaning of the applicable UCC.

     

    (h) No Defenses.  There is no right of rescission, setoff, counterclaim or defense
      asserted or threatened against any of the Receivables, including by reason of the Marketing

     

    
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    Agent’s failure to make, or to cause the related Originator to make, any Upgrade Payments related to an Upgrade Offer.

     

    Section 3.3.   Originator Representations and Warranties About Each Receivable.  Each Originator severally represents and warrants that each Receivable transferred and
      absolutely assigned by such Originator to the Depositor under this Agreement is an Eligible Receivable (the “Eligibility Representation”).  Such representation and warranty is made as of the Closing Date (for the Initial Receivables) and each
      Acquisition Date (for the related Additional Receivables) or other dates stated and will survive the transfer and absolute assignment of the Receivables transferred by such Originator to the Depositor under this Agreement and by the Depositor to the
      Issuer under the Transfer and Servicing Agreement and the pledge of such Receivables by the Issuer to the Indenture Trustee under the Indenture.  Any inaccuracy in the Eligibility Representation will be deemed not to constitute a breach of the
      Eligibility Representation if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan
      agreement.  A Receivable will be an Eligible Receivable if:

     

    (a) as of the related Cutoff Date, the Obligor on the account for such Receivable had a
      billing address in the United States or in a territory of the United States;

     

    (b) as of the related Cutoff Date, the remaining term of the Receivable is less than or
      equal to 24 months;

     

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

     

    (d) the origination date of the Receivable was at least fifteen (15) days prior to the
      related Cutoff Date;

     

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

     

    (f) under the Receivable, there is no prepayment penalty;

     

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

     

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

     

    (i) as of the related Cutoff Date, the Receivable is not a Receivable that is part of an
      account (A) on which any amount is thirty-one (31) days or more Delinquent by the Obligor or (B) that is in “suspend” or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act, as amended) in accordance
      with the Servicing Procedures;

     

    
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    (j)               the Receivable is denominated and payable only in U.S. dollars;

     

    (k)              the Obligor under such Receivable is required to make payments no less frequently than monthly under the related device payment plan agreement;

     

    (l)               as of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $2,500;

     

    (m)              as of the related Cutoff Date, either (i) at least one (1) monthly payment made by the Obligor under the related device payment plan agreement has been received with respect to the
      related Receivable or (ii) the related Obligor has at least one (1) year of Customer Tenure with Verizon Wireless;

     

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

     

    (o) at the time of origination, the Receivable complied in all material respects with any
      requirements of Law applicable thereto;

     

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

     

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

     

    Section 3.4.             Originator Reacquisition of Receivables for Breach of Representations.

     

    (a) Investigation of Breach.  If a Responsible Person of an Originator receives
      written notice from the Depositor, the Servicer, the Administrator or the Indenture Trustee that the Eligibility Representation was breached when made, then, in each case, such Originator will investigate the Receivable to confirm the breach and
      determine if the breach has a material adverse effect on the Issuer.  Such Originator will have the option to cure such breach.  For the avoidance of doubt, the Indenture Trustee shall have no obligation to give the notice set forth in the first
      sentence of this Section unless a Responsible Person of the Indenture Trustee has actual knowledge of such breach or has received written notice identifying the specific Receivable or Receivables for which the Eligibility Representation was
      breached.  None of the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee, the Parent Support Provider, the Marketing Agent or the Administrator will have an obligation to investigate whether a breach of the Eligibility Representation
      has occurred or whether any Receivable is required to be reacquired under this Section 3.4.  In addition, with respect to 60-Day Delinquent Receivables subject to an Asset Representations Review, the related Originator will have the sole ability to
      determine if there was non-compliance with the Eligibility Representation made by it with respect to those

     

    
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    60-Day Delinquent Receivables that constitutes a breach, and whether to reacquire or acquire, as applicable, those Receivables from the Issuer.

     

    (b) Reacquisition of Receivables; Payment of Acquisition Amount.  If an Originator
      chooses to cure a breach of the Eligibility Representation that has a material adverse effect on the Issuer, such breach must be cured by such Originator by the end of the second month following the month the Responsible Person of such Originator
      received written notice of the breach as set forth above.  If such breach (i) is not cured and (ii) had a material adverse effect on the Issuer, then such Originator must reacquire any such Receivable transferred by it to the Depositor for which the
      Eligibility Representation was breached.  Each Originator will reacquire the Receivables transferred by it to the Depositor as described in the immediately preceding sentence by remitting the Acquisition Amount for the related Receivables on or
      before the Business Day before the Payment Date following the end of the second month referenced in the first sentence hereof (or, with satisfaction of the Rating Agency Condition, on such Payment Date).

     

    (c) Transfer and Assignment of Reacquired Receivable.  When an Originator’s payment
      of the Acquisition Amount for its Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred and absolutely assigned to such Originator, effective as of the last day of the Collection Period
      before the related Collection Period, all of the Issuer’s right, title and interest in such Receivables and all security and documents relating to such Receivables.  The transfer and absolute assignment will not require any action by the Depositor,
      the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Depositor or the Issuer, except that such Receivables are free of any Liens, other than Permitted Liens.  After the transfer and absolute assignment,
      the Servicer will mark its receivables systems to indicate that the receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely assign the Acquired Receivables, free from any Lien of the Depositor,
      the Issuer or the Indenture Trustee.

     

    (d) Reacquisition Sole Remedy.  The sole remedy against any Originator for a breach
      of an Originator’s Eligibility Representation is to require such Originator to reacquire the related Receivables under this Section 3.4.  The Depositor will enforce each Originator’s reacquisition obligation under this Section 3.4.  For the avoidance
      of doubt, nothing contained in this Section 3.4(d) shall limit any remedy of the Issuer against the Parent Support Provider contained in the Parent Support Agreement.

     

    (e) Dispute Resolution.  Each Originator agrees to be bound by the dispute
      resolution provisions in Section 11.2 of the Transfer and Servicing Agreement as if they were part of this Agreement.

     

    Section 3.5.             Depositor’s Representations and Warranties.  The Depositor represents and warrants to each Originator as of the Closing Date and each Acquisition Date:

     

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

     

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

     

    (c) Due Authorization. The execution, delivery, and performance of this Agreement
      and each other Transaction Document to which it is a party, have been duly authorized by the Depositor by all necessary limited liability company action on the part of the Depositor.

     

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

     

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

     

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

     

    (g) No Conflict. The execution and delivery of this Agreement or any other
      Transaction Document to which it is a party by the Depositor, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof applicable to the Depositor, (i) do not
      contravene (A) its limited liability company agreement, (B) any contractual restriction binding on or affecting it or its property or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in
      each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

     

    (h) No Violation. The execution and delivery of this Agreement by the Depositor,
      the performance by the Depositor of the transactions contemplated by this Agreement or any other

     

    
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    Transaction Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Depositor will not violate any Law applicable to the Depositor, except where such violation would not
      reasonably be expected to have a Material Adverse Effect.

     

    ARTICLE IV

      ORIGINATORS’ AGREEMENTS

     

    Section 4.1.   Financing Statements.

     

    (a) Filing of Financing Statements.  The Originators will file, or will cause to be
      filed, financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices necessary to perfect the Depositor’s interest in the Originator Transferred Property.  The Originators will promptly
      deliver, or will cause to be delivered, to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

     

    (b) Depositor Authorized to File Financing Statements.  Each Originator authorizes
      the Depositor to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Depositor may determine are necessary or advisable to perfect the Depositor’s interest in the
      Originator Transferred Property.  The financing and continuation statements may describe the Originator Transferred Property as the Depositor may reasonably determine to perfect the Depositor’s interest in the Originator Transferred Property.

     

    (c) Relocation of an Originator.  Each Originator will notify the Depositor at
      least ten (10) days before a relocation of its chief executive office or change in its corporate structure, form of organization or jurisdiction of organization if it could require the filing of a new financing statement or an amendment to a
      previously filed financing statement under Section 9-307 of the UCC.  If required, such Originator will promptly file, or will cause to be filed, new financing statements or amendments to all previously filed financing statements.  Each Originator
      will maintain its chief executive office within the United States and will maintain its jurisdiction of organization in only one State.

     

    (d) Change of an Originator’s Name.  Each Originator will notify the Depositor at
      least ten (10) days before any change in such Originator’s name that could make a financing statement filed under this Section 4.1 seriously misleading under Section 9-506 of the UCC.  If required, such Originator will promptly file, or will cause to
      be filed, amendments to all previously filed financing statements.

     

    Section 4.2.   No Transfer or Lien by an Originator.  Except for the transfer and absolute assignment under this Agreement, no Originator will transfer or absolutely
      assign any Originator Transferred Property transferred and absolutely assigned by it under this Agreement to another Person or Grant or allow a Lien, other than a Permitted Lien, on an interest in any such Originator Transferred Property.  Each
      Originator will defend the Depositor’s interest in the Originator Transferred Property transferred and absolutely assigned by such Originator to the Depositor against claims of third parties claiming through such Originator.

     

    
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    Section 4.3.   Expenses.  Each Originator will pay all expenses, to the extent attributable to such Originator, to perform its obligations under this Agreement and the
      Depositor’s reasonable expenses to perfect the Depositor’s interest in the Originator Transferred Property transferred by such Originator to the Depositor and to enforce such Originator’s obligations under this Agreement.

     

    Section 4.4.   Originator’s Receivables Systems.  Each Originator will mark its receivables systems to indicate that any Receivable absolutely assigned by such
      Originator to the Depositor is owned by the Depositor or its assignee on the Closing Date or the related Acquisition Date, as applicable, and will not change the indication until the Receivable has been paid in full by the Obligor, reacquired by such
      Originator, acquired by the Servicer or the Marketing Agent or sold to a third party, as applicable, under a Transaction Document.

     

    Section 4.5.   Review of Originator’s Records.  Each Originator will maintain records and documents relating to the origination and underwriting of the Receivables
      according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, each Originator will give the Depositor (or its representative) access to the records and documents to
      conduct a review of such Originator’s performance under this Agreement and the Eligibility Representations made by such Originator about the Receivables absolutely assigned by such Originator to the Depositor.  Any access or review will be conducted
      at an Originator’s offices during its normal business hours at a time reasonably convenient to such Originator and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to such Originator’s
      security, confidentiality and privacy policies and any regulatory, legal or data protection policies.

     

    Section 4.6.   Reacquisition of Bankruptcy Surrendered Receivables.

     

    (a) Reacquisition of Bankruptcy Surrendered Receivables; Payment of Acquisition Amount. 

      If a Receivable becomes a Bankruptcy Surrendered Receivable, the related Originator must reacquire any such Receivable from the Issuer.  Each Originator will reacquire any Bankruptcy Surrendered Receivables by remitting the Acquisition Amount for the
      related Bankruptcy Surrendered Receivables on or prior to the second Business Day before the Payment Date related to the Collection Period during which the Receivable became a Bankruptcy Surrendered Receivable.  The aggregate Principal Balance of all
      Bankruptcy Surrendered Receivables reacquired by any Originator, in the aggregate, will not exceed five percent (5%) of the aggregate Principal Balance of all Receivables (calculated as of the Initial Cutoff Date) transferred by that Originator to
      the Depositor and by the Depositor to the Issuer on the Closing Date, and no Originator shall be required to reacquire any Bankruptcy Surrendered Receivables in excess of such limit.

     

    (b) Transfer and Assignment of Reacquired Receivable.  When an Originator’s payment
      of the Acquisition Amount for its Bankruptcy Surrendered Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred and absolutely assigned to such Originator, effective as of the last day of the
      Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in such Bankruptcy Surrendered Receivables and all security and documents relating to such Bankruptcy Surrendered Receivables.  The transfer and
      absolute assignment will not require any action by

     

    
      -12-

      
        

    

    the Depositor, the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Depositor or the Issuer, except that such Bankruptcy Surrendered Receivables are free of any Liens, other
      than Permitted Liens.  After the transfer and absolute assignment, the Servicer will mark its receivables systems to indicate that the receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely
      assign the Acquired Receivables, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.

     

    (c) Enforcement of Obligation.  The Depositor will enforce each Originator’s
      reacquisition obligation under this Section 4.6.

     

    Section 4.7.   Regulation RR Risk Retention.  Each Originator agrees that it (i) shall collectively with the other Originators, retain, directly or through their
      nominee, the Residual Interest on the Closing Date and (ii) shall not sell, transfer, finance or hedge the Residual Interest except as permitted by the U.S. Credit Risk Retention Rules.

     

    ARTICLE V

      OTHER AGREEMENTS

     

    Section 5.1.   No Petition.  Each Originator agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the
      payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or
      (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section 5.1 will survive the termination of this Agreement.

     

    Section 5.2.   Limited Recourse.  Each Originator agrees that any claim that it may seek to enforce against the Depositor under this Agreement is limited to the
      Originator Transferred Property transferred by such Originator only and is not a claim against the Depositor’s assets as a whole or against assets other than such Originator Transferred Property.

     

    Section 5.3.   Termination.  This Agreement will terminate when the Issuer is terminated under the Trust Agreement.

     

    Section 5.4.   Merger, Consolidation, Succession or Assignment.  Any Person (a) into which an Originator is merged or consolidated, (b) resulting from a merger or
      consolidation to which an Originator is a party, (c) succeeding to an Originator’s business or (d) that is an Affiliate of an Originator to whom such Originator has assigned this Agreement, will be the successor to such Originator under this
      Agreement.  Except in such case where the successor entity is itself an Originator hereunder, within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an agreement to assume such
      Originator’s obligations under this Agreement and each Transaction Document to which such Originator is a party (unless the assumption happens by operation of Law), (ii) deliver to the Issuer, the Owner Trustee and the Indenture Trustee an Officer’s
      Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this Section 5.4 and (iii) notify the Rating Agencies of the merger, consolidation, succession or
      assignment.

     

    
      -13-

      
        

    

    ARTICLE VI

      MISCELLANEOUS

     

    Section 6.1.   Amendments.

     

    (a) Amendments to Clarify and Correct Errors and Defects.  The parties may amend
      this Agreement to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement, in each case, without the consent of the Noteholders, the
      Certificateholders or any other Person.  The parties may amend any term or provision of this Agreement from time to time for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus, without the consent of
      Noteholders, the Certificateholders or any other Person.

     

    (b) Other Amendments.  Other than as set forth in Section 6.1(c), the parties may
      amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying in any manner the rights of the Noteholders under this Agreement, with the consent of the
      Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Noteholders or (y) the Rating
      Agency Condition is satisfied with respect to such amendment.

     

    (c) Amendments Requiring Consent of Noteholders and Certificateholders.

     

    (i) This Agreement may also be amended from time to time by the parties
      hereto, with prior written notice to the Rating Agencies and the Indenture Trustee and, (x) if the interests of the Noteholders are materially and adversely affected, with the consent of the Noteholders of the Notes evidencing at least a majority of
      the Note Balance of the Controlling Class of Notes and (y) if the interests of the Certificateholders are materially and adversely affected, with the consent of the Certificateholders evidencing a majority of the Percentage Interest, 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 or Certificateholders under this Agreement.

     

    (ii) No amendment to this Agreement may, without the consent of all
      adversely affected Noteholders or Certificateholders, as applicable, (i) change the applicable Final Maturity Date on a Note or change the principal amount of or interest rate or Make-Whole Payment on a Note or (ii) modify the percentage of the Note
      Balance of the Notes or the Controlling Class required for any action.

     

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section 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.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of

     

    
      -14-

      
        

    

    evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

     

    (d) Indenture Trustee Consent.  The consent of the Indenture Trustee will be
      required for any amendment pursuant to Sections 6.1(b) or (c) that has a material adverse effect on the rights, obligations, immunities or indemnities of the Indenture Trustee.

     

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

     

    Section 6.2.   Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors
      and assigns.  The Issuer and the Indenture Trustee, for the benefit of the Secured Parties, will be third-party beneficiaries of this Agreement and may enforce this Agreement against each Originator.  No other Person will have any right or obligation
      under this Agreement.

     

    Section 6.3.   Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 6.4.   GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
      INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

     

    
      -15-

      
        

    

    Section 6.5.   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 6.6.   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 6.7.   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 6.8.   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 6.9.   Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

     

    Section 6.10.      Counterparts.  This Agreement may be executed in multiple counterparts. Each
      counterpart will be an original and all counterparts will together be one document.

     

    Section 6.11.  Additional Originators.  The Originators may request that one or more Persons that is
      a direct or indirect subsidiary of Verizon from time to time join this Agreement as an additional Originator (each, an “Additional Originator”) by delivering to the Depositor:

     

    (i) an executed Originator Joinder Agreement substantially in the form
      of Exhibit B hereto;

     

    (ii) a certificate of the Secretary or Assistant Secretary of such
      Additional Originator certifying (i) the resolutions of its governing body approving each Transaction Document to which it is a party, (ii) the name, signature, and authority of each officer who executes on its behalf a Transaction Document, (iii)
      its organizational documents certified by the Secretary of State or other appropriate official of its jurisdiction of organization, and (iv) a good standing certificate for such Additional Originator issued by the Secretary of State of the
      jurisdiction of its organization (or such other evidence of good standing as the Depositor may agree to accept);

     

    (iii) a certificate of an authorized officer of such Additional
      Originator to the effect that (i) the representations and warranties contained in the Transaction Documents to which it is a party (as from time to time amended, supplemented or modified) are true

     

    
      -16-

      
        

    

    and correct; (ii) it is in compliance in all material respects with its covenants and agreements contained in this Agreement and the other Transaction Documents to which it is a party; and (iii) this
      Agreement and the other Transaction Documents to which it is a party have been duly authorized, executed and delivered by it pursuant to its limited liability company, corporate or partnership powers, as applicable, and assuming such Transaction
      Documents have been duly executed by each other party thereto, such agreements constitute its legal, valid and binding obligation enforceable against it in accordance with their respective terms, except as such enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors’ rights generally or by general principles of equity;

     

    (iv)              all instruments and other documents (including UCC-1 financing statements) required, to perfect the Depositor’s first priority ownership interest in the Receivables
      transferred by such Additional Originator and Collections with respect thereto contemplated by this Agreement in all appropriate jurisdictions;

     

    (v)     UCC search reports with respect to the Additional Originator
      from the office of the Secretary of State of the proper jurisdiction;

     

    (vi) UCC-3 termination statements, duly authorized for filing, with
      respect to any UCC-1 financing statement which covers any Receivable transferred by such Additional Originator to the Depositor or Collections with respect thereto (other than UCC-1 financing statements filed in connection with this Agreement);

     

    (vii)             opinions of counsel to such Additional Originator covering: (A) formation and existence, (B) due authorization, execution, delivery and enforceability of the
      Originator Joinder Agreement and any other agreement to which such Additional Originator is a party, (C) any legal or governmental proceedings, (D) no conflicts with material agreements or organizational documents, (E) no consents or authorizations,
      (F) UCC creation and perfection and (G) true sale and non-consolidation;

     

    (viii)            a certificate of such Additional Originator which certifies the name, title and signature of each of the officers of such Additional Originator who is authorized to
      submit requests on behalf of such Additional Originator; and

     

    (ix) to the extent such Additional Originator is not a party to the
      Marketing Agent Agency Agreement, an executed Originator Joinder Agreement with respect to the Marketing Agent Agency Agreement, substantially in the form of Exhibit B to the Marketing Agent Agency Agreement.

     

    Upon acceptance by the Depositor of a duly executed and delivered Originator Joinder Agreement by such Additional Originator and the satisfaction of the other conditions set forth in this Section 6.11, such Additional
      Originator shall become party to, and have the rights and obligations of an Originator under this Agreement, and shall be bound by all the provisions hereof.

     

    [Remainder of Page Left Blank]

     

    
      -17-

      
        

    

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

     

    
      	
              AirTouch Cellular Inc. d/b/a Verizon Wireless,

              as an Originator

               

            	 	
              Allentown SMSA Limited Partnership d/b/a Verizon Wireless,

              By: Bell Atlantic Mobile Systems LLC, its General Partner,

              as an Originator

               

            
	
              ALLTEL Communications of North Carolina  Limited Partnership d/b/a Verizon Wireless,

              By: Alltel Corporation, its General Partner,

              as an Originator

               

            	 	
              Alltel Corporation d/b/a Verizon Wireless,

              as an Originator

            
	
              Anderson CellTelCo d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            	 	
              Athens Cellular, Inc. d/b/a Verizon Wireless,

              as an Originator

               

            
	
              Bell Atlantic Mobile Systems LLC,

              as an Originator

               

            	 	
              Cellco Partnership d/b/a Verizon Wireless,

              as an Originator

            
	
              Chicago SMSA Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            	 	
              CommNet Cellular Inc. d/b/a Verizon Wireless,

              as an Originator

            
	
              Fresno MSA Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            	 	
              Gadsden CellTelCo Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              Gold Creek Cellular of Montana Limited Partnership d/b/a Verizon Wireless,

              By: CommNet Cellular Inc., its General Partner,

              as an Originator

               

            	 	
              GTE Mobilnet of California Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              GTE Mobilnet of Florence, Alabama Incorporated d/b/a Verizon Wireless,

              as an Originator

               

            	 	
              GTE Mobilnet of Fort Wayne Limited Partnership d/b/a Verizon Wireless,

              By: GTE Wireless of the Midwest Incorporated, its General Partner,

              as an Originator

               

            
	
              GTE Mobilnet of Indiana Limited Partnership d/b/a Verizon Wireless,

              

               

            	 	
              GTE Mobilnet of Indiana RSA #3 Limited Partnership d/b/a Verizon Wireless,

              

               

            

      

      

      
        
          

      

      	
              
                By: GTE Wireless of the Midwest Incorporated, its General Partner,

                as an Originator

                 

                

                GTE Mobilnet of South Texas Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

            	 	
              By: GTE Wireless of the Midwest Incorporated, its General Partner,
                as an Originator

                 

                

              

              GTE Mobilnet of Terre Haute Limited Partnership d/b/a Verizon Wireless,

              By: GTE Wireless of the Midwest Incorporated, its General Partner,

              as an Originator

               

            
	
              GTE Mobilnet of Texas RSA #17 Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            	 	
              GTE Wireless of the Midwest Incorporated d/b/a Verizon Wireless,

              as an Originator

               

            
	
              Idaho 6-Clark Limited Partnership d/b/a Verizon Wireless,

              By: Teton Cellular of Idaho Limited Partnership, its General Partner

              By: Teton Cellular Inc., its General Partner

              By: CommNet Cellular Inc., its Managing Agent,

              as an Originator

               

            	 	
              Illinois RSA 6 and 7 Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              Indiana RSA 2 Limited Partnership,

              By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

              as an Originator

               

            	 	
              Iowa 8 – Monona Limited Partnership d/b/a Verizon Wireless,

              By: CommNet Cellular Inc., its General Partner,

              as an Originator

               

            
	
              Iowa RSA 5 Limited Partnership,

              By: GTE Wireless of the Midwest Incorporated d/b/a Verizon Wireless, its General Partner,

              as an Originator

               

            	 	
              Iowa RSA No. 4 Limited Partnership,

              By: GTE Wireless of the Midwest Incorporated d/b/a Verizon Wireless, its General Partner,

              as an Originator

               

            
	
              Kentucky RSA No. 1 Partnership,

              By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

              as an Originator

               

            	 	
              Los Angeles SMSA Limited Partnership, a California Limited Partnership d/b/a Verizon Wireless,

              By: AirTouch Cellular Inc., its General Partner,

              as an Originator

               

            
	
              Muskegon Cellular Partnership,

              By: Cellco Partnership d/b/a Verizon Wireless, its Managing Partner,

              as an Originator

               

            	 	
              New Mexico RSA 6-I Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            

      

      

      
        
          

      

      	
              New Mexico RSA No. 5 Limited Partnership,

              By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

              as an Originator

               

            	 	
              New York SMSA Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              Northeast Pennsylvania SMSA Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            	 	
              Northern New Mexico Limited Partnership,

              By: CommNet Cellular Inc. d/b/a Verizon Wireless, its General Partner,

              as an Originator

               

            
	
              Omaha Cellular Telephone Company d/b/a Verizon Wireless,

              By: Cellco Partnership, its Managing General Partner,

              as an Originator

               

            	 	
              Petersburg Cellular Partnership d/b/a Verizon Wireless,

              By: Alltel Corporation, its Managing General Partner,

              as an Originator

               

            
	
              Pinnacles Cellular, Inc. d/b/a Verizon Wireless,

              as an Originator

               

            	 	
              Pittsburgh SMSA Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              Pittsfield Cellular Telephone Company d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            	 	
              RSA 7 Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              Rural Cellular Corporation d/b/a Verizon Wireless,

              as an Originator

               

            	 	
              Sacramento-Valley Limited Partnership d/b/a Verizon Wireless,

              By: AirTouch Cellular Inc., its General Partner,

              as an Originator

               

            
	
              Seattle SMSA Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            	 	
              Texas RSA #11B Limited Partnership d/b/a Verizon Wireless,

              By: Alltel Corporation, its General Partner,

              as an Originator

               

            

    

    

    

    
      

      

    

    
      
        

    

     

    
      	
              Tuscaloosa Cellular Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its Managing General Partner,

              as an Originator

               

            	 	
              Verizon Wireless of the East LP d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              Virginia RSA 5 Limited Partnership,

              By: Cellco Partnership d/b/a Verizon Wireless, its General Partner,

              as an Originator

               

            	 	
              Wasatch Utah RSA No. 2 Limited Partnership d/b/a Verizon Wireless,

              By: Cellco Partnership, its General Partner,

              as an Originator

               

            
	
              Wisconsin RSA #1 Limited Partnership,

              By: Alltel Corporation, its Managing Partner,

              as an Originator

               

            	 	
              Wisconsin RSA #6 Partnership, LLP,

              By: Alltel Corporation, its Managing Partner,

              as an Originator

               

            
	
              Wisconsin RSA No. 8 Limited Partnership,

              By: Alltel Corporation, its General Partner,

              as an Originator

               

            	 	 

    

    

    

    

    

    
      
        

    

    	 	By:  

          	Kee Chan Sin 

          
	 	 	
            Kee Chan Sin

          

    

    

    
      	
              As Vice President and Assistant Treasurer of AirTouch Cellular Inc.

            	 	
              As Assistant Treasurer of Bell Atlantic Mobile Systems LLC acting on behalf of Allentown SMSA Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Alltel Corporation acting on behalf of ALLTEL Communications of North Carolina  Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Alltel Corporation

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Anderson CellTelCo

            	 	
              As Vice President and Assistant Treasurer of Athens Cellular, Inc.

            
	 	 	 
	
              As Assistant Treasurer of Bell Atlantic Mobile Systems LLC

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership d/b/a Verizon Wireless

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Chicago SMSA Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of CommNet Cellular Inc.

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Fresno MSA Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Gadsden CellTelCo Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of CommNet Cellular Inc. acting on behalf of Gold Creek Cellular of Montana Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of GTE Mobilnet of California Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of GTE Mobilnet of Florence, Alabama Incorporated

            	 	
              As Vice President and Assistant Treasurer of GTE Wireless of the Midwest Incorporated. acting on behalf of GTE Mobilnet of Fort Wayne Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of GTE Wireless of the Midwest Incorporated acting on behalf of GTE Mobilnet of Indiana Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of GTE Wireless of the Midwest Incorporated acting on behalf of GTE Mobilnet of Indiana RSA #3 Limited Partnership

            
	 	 	 

      

      

      
        
          

      

      	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of GTE Mobilnet of South Texas Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of GTE Wireless of the Midwest Incorporated acting on behalf of GTE Mobilnet of Terre Haute Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of GTE Mobilnet of Texas RSA #17 Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of GTE Wireless of the Midwest Incorporated

               

            
	 	 	 
	
              As Vice President and Assistant Treasurer of CommNet Cellular Inc. acting on behalf of Teton Cellular Inc., acting on behalf of Teton Cellular Idaho Limited Partnership, acting on behalf of Idaho
                6-Clark Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Illinois RSA 6 and 7 Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership d/b/a Verizon Wireless acting on behalf of Indiana RSA 2 Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of CommNet Cellular Inc. acting on behalf of Iowa 8 – Monona Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of GTE Wireless of the Midwest Incorporated d/b/a Verizon Wireless acting on behalf of Iowa RSA 5 Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of GTE Wireless of the Midwest Incorporated d/b/a Verizon Wireless acting on behalf of Iowa RSA No. 4 Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership d/b/a Verizon Wireless acting on behalf of Kentucky RSA No. 1 Partnership

            	 	
              As Vice President and Assistant Treasurer of AirTouch Cellular Inc. acting on behalf of Los Angeles SMSA Limited Partnership, a California Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership d/b/a Verizon Wireless acting on behalf of Muskegon Cellular Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of New Mexico RSA 6-I Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership d/b/a Verizon Wireless acting on behalf of New Mexico RSA No. 5 Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of New York SMSA Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Northeast Pennsylvania SMSA Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of CommNet Cellular Inc. d/b/a Verizon Wireless acting on behalf of Northern New Mexico Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Omaha Cellular Telephone Company

            	 	
              As Vice President and Assistant Treasurer of Alltel Corporation acting on behalf of Petersburg Cellular Partnership

            
	 	 	 

    

    
      

      

      
        
          

      

    

    
      	
              As Vice President and Assistant Treasurer of Pinnacles Cellular, Inc.

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Pittsburgh SMSA Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Pittsfield Cellular Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of RSA 7 Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Rural Cellular Corporation

            	 	
              As Vice President and Assistant Treasurer of AirTouch Cellular Inc. acting on behalf of Sacramento-Valley Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Seattle SMSA Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Alltel Corporation acting on behalf of Texas RSA #11B Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Tuscaloosa Cellular Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Verizon Wireless of the East LP

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Cellco Partnership d/b/a Verizon Wireless acting on behalf of Virginia RSA 5 Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Cellco Partnership acting on behalf of Wasatch Utah RSA No. 2 Limited Partnership

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Alltel Corporation acting on behalf of Wisconsin RSA #1 Limited Partnership

            	 	
              As Vice President and Assistant Treasurer of Alltel Corporation acting on behalf of Wisconsin RSA #6 Partnership, LLP

            
	 	 	 
	
              As Vice President and Assistant Treasurer of Alltel Corporation acting on behalf of Wisconsin RSA No. 8 Limited Partnership

            	 	 

    

    

    

     

    

      

      

    

    

    

    
      
        

    

     

     

    
      VERIZON ABS LLC,

                as Depositor

      

      

      

      

      By: /s/ Kee Chan Sin

        Name:  Kee Chan Sin

        Title:    Chief Financial Officer

       

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    

    

    
      
        

    

    
    Schedule A

    

    

    

    

    Schedule of Receivables

      

      

      Delivered Electronically to Depositor at Closing

     

    
      SA-1

      
        

    

    
    Schedule B

    

    

    

    

    List of Originators

     
      	
              Legal Name

            	
              Chief Executive Office

            	
              Jurisdiction

                of Organization

            
	
              Cellco Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Alltel Corporation

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Los Angeles SMSA Limited Partnership, a California Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              New York SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              New York

            
	
              Chicago SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Illinois

            
	
              Illinois RSA 6 and 7 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Illinois

            
	
              GTE Mobilnet of California Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              GTE Mobilnet of South Texas Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Verizon Wireless of the East LP

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Sacramento-Valley Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              Seattle SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of Fort Wayne Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of Indiana Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              GTE Wireless of the Midwest Incorporated

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              Pittsburgh SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              CommNet Cellular Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Gold Creek Cellular of Montana Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Fresno MSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              California

            
	
              AirTouch Cellular Inc.

            	
              
                15505 Sand Canyon Avenue

                Irvine, CA 92618

              

            	
              California

            
	
              ALLTEL Communications of North Carolina  Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              North Carolina

            
	
              Bell Atlantic Mobile Systems LLC

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Omaha Cellular Telephone Company

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Nebraska

            
	
              Rural Cellular Corporation

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Minnesota

            

      

      

      
        SB-1

        
          

      

      
        	
                Legal Name

              	
                Chief Executive Office

              	
                Jurisdiction

                  of Organization

              

      

      	
              Northeast Pennsylvania SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Allentown SMSA Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Anderson CellTelCo

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              District of Columbia

            
	
              Athens Cellular, Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Gadsden CellTelCo Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Alabama

            
	
              GTE Mobilnet of Florence, Alabama Incorporated

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of Indiana RSA #3 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              GTE Mobilnet of Terre Haute Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              GTE Mobilnet of Texas RSA #17 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Idaho 6-Clark Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Idaho

            
	
              Indiana RSA 2 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Indiana

            
	
              Iowa 8-Monona Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Iowa RSA 5 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Iowa RSA No. 4 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Kentucky RSA No. 1 Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Muskegon Cellular Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              District of Columbia

            
	
              New Mexico RSA 6-I Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              New Mexico

            
	
              New Mexico RSA No. 5 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Northern New Mexico Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Colorado

            
	
              Petersburg Cellular Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Pinnacles Cellular, Inc.

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Pittsfield Cellular Telephone Company

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Massachusetts

            
	
              RSA 7 Limited Partnership

            	
              One Verizon Place

                Alpharetta, GA 30004

            	
              Iowa

            
	
              Texas RSA #11B Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            

      

      

      
        SB-2

        
          

      

      
        	
                Legal Name

              	
                Chief Executive Office

              	
                Jurisdiction

                  of Organization

              

      

      	
              Tuscaloosa Cellular Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Alabama

            
	
              Virginia RSA 5 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Virginia

            
	
              Wasatch Utah RSA No. 2 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            
	
              Wisconsin RSA #1 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Wisconsin

            
	
              Wisconsin RSA #6 Partnership, LLP

            	
              417 5th Avenue North

                Strum, WI 54770

            	
              Wisconsin

            
	
              Wisconsin RSA No. 8 Limited Partnership

            	
              One Verizon Way

              Basking Ridge, NJ 07920

            	
              Delaware

            

    

    
      SB-3

      
        

    

    
     

      

    

    Exhibit A

     

    

    

    

    

    Form of Transfer Notice

     

    U.S. Bank National Association,

    as Indenture Trustee and Note Paying Agent

    190 South LaSalle Street

    Chicago, IL 60603

    MK-IL-SL7C

    Attn: Global Structured Finance / VZOT 2020-A

    

    

    Verizon ABS LLC

    1 Verizon Way

    Basking Ridge, NJ 07920

    Attn: Treasurer

    

    

    Verizon Owner Trust 2020-A

    c/o Wilmington Trust, National Association

    Rodney Square North, 1100 North Market Street

    Wilmington DE 19890-1600

    Attn: Corporate Trust Administration

    

    

    Transfer Notice: Verizon Owner Trust 2020-A

     

    Ladies and Gentlemen:

     

    Under (i) Section 2.1(d) of the Originator Receivables Transfer Agreement, dated as of January 29, 2020 (the “Originator Transfer Agreement”), between the various Originators party thereto from
      time to time and Verizon ABS LLC, as Depositor, and (ii) Section 2.1(d) of the Master Trust Receivables Transfer Agreement, dated as of January 29, 2020 (the “Master Trust Transfer Agreement” and, together with the Originator Transfer
      Agreement, the “Transfer Agreements”), among the Master Trust, Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer, and Verizon ABS LLC, as Depositor, we notify the Indenture Trustee, the Depositor and the Issuer that (x)
      under the Transfer Agreements, the Master Trust and each of the Originators listed on Schedule I will transfer to the Depositor the Additional Receivables listed on the Schedule of Receivables delivered in an electronic file with this Transfer Notice
      for [(i)] an aggregate Additional Receivables Cash Transfer Amount for such Additional Receivables of $[                        ] (the “Current Additional Receivables Cash Transfer Amount”) on [                        ], 20[_]
      (the “Acquisition Date”), which Current Additional Receivables Cash Transfer Amount will be allocated between the Master Trust and the applicable Originators as set forth in the immediately following paragraph [and (ii) an increase in the
      value of the Class A Certificate [of $[____]] and (y) under the Transfer and Servicing Agreement, dated as of January 29, 2020, among Verizon Owner Trust 2020-A, as Issuer, Verizon ABS LLC, as Depositor, and Cellco, as Servicer, Marketing Agent and
      Custodian (the “Transfer and Servicing Agreement”), the Depositor will transfer to the Issuer the Additional Receivables listed on the Schedule of

     

    
      EA-1

      
        

    

    Receivables delivered in an electronic file with this Transfer Notice for the Additional Receivables Transfer Amount for such Additional Receivables in the form of [(i)] the Current Additional Receivables Cash Transfer
      Amount on the Acquisition Date [and (ii) an increase in the Class B Certificate Principal Balance of $[____]].  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement.

     

    The Indenture Trustee or Note Paying Agent is directed to withdraw from the Acquisition Account on the Acquisition Date the Current Additional Receivables Cash Transfer Amount set forth in the
      immediately preceding paragraph and deliver that amount to the Depositor who shall deliver $[_________] to the Master Trust and $[_______] to the applicable Originators.  The Issuer, the Depositor, the Master Trust and each Originator listed on
      Schedule I hereto each represents and warrants to each of the others that the Additional Receivables Transfer Amount set forth in the immediately preceding paragraph is equal to the fair market value of the Additional Receivables and either the other
      Originator Transferred Property transferred to the Depositor by such Originator, the Master Trust Transferred Property transferred to the Depositor by the Master Trust or the Depositor Transferred Property transferred to the Issuer by the Depositor,
      as applicable.

     

    [Remainder of Page Left Blank]

     

    
      EA-2

      
        

    

    
      	 	
              Very truly yours,

            
	 	 	 
	 	
              CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

            
	 	 	
              as Administrator

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By   

            	
                                                                                         

            
	 	 	
              Name:

            
	 	 	
              Title:

            

    

     

    

    

    

    

    
      EA-3

      
        

    

    Schedule I to Exhibit A

     

    

    

    

    

    List of Originators

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        Schedule I to Exhibit A

      

    

    
      
        

    

    Schedule II to Exhibit A

     

    

    

    

    

    Schedule of Receivables

     

    

    

    Delivered Electronically to Depositor on the Acquisition Date

     

    

    

     

    

      

      

      

      

      

    

    

    

     

    
      
        
          Schedule II to Exhibit A

        

      

    

    
      
        

    

    
    Exhibit B

     

    FORM OF ORIGINATOR JOINDER AGREEMENT

     

    THIS ORIGINATOR JOINDER AGREEMENT, dated as of _____________, 20___ (this “Agreement”) is executed by _________, a ______________ organized under the laws of _______________ (the “Additional

        Originator”), with its principal place of business located at _______________________________.

     

    BACKGROUND:

     

    1. The various originators from time to time party thereto, as Originators and Verizon
      ABS LLC, as Depositor, are parties to that certain Originator Receivables Transfer Agreement, dated as of January 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Originator Receivables Transfer Agreement”).

     

    2. The Additional Originator desires to become an Originator pursuant to Section 6.11
      of the Originator Receivables Transfer Agreement.

     

    NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Additional Originator hereby agrees as
      follows:

     

    SECTION 1.    Definitions.  Capitalized terms used in this Agreement
      and not otherwise defined herein or in the Originator Receivables Transfer Agreement are defined in Appendix A to the Transfer and Servicing Agreement, dated as of January 29, 2020, among Verizon Owner Trust 2020-A, as Issuer, Verizon ABS LLC, as
      Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

     

    SECTION 2.    Transaction Documents.  The Additional Originator hereby
      agrees that it shall be bound by all of the terms, conditions and provisions of, and shall be deemed to be a party to (as if it were an original signatory to), the Originator Receivables Transfer Agreement and each of the other relevant Transaction
      Documents.  From and after the later of the date hereof and the date that the Additional Originator has complied with all of the requirements of Section 6.11 of the Originator Receivables Transfer Agreement, the Additional Originator shall be an
      Originator for all purposes of the Originator Receivables Transfer Agreement and all other Transaction Documents.  The Additional Originator hereby acknowledges that it has received copies of the Originator Receivables Transfer Agreement and each of
      the other Transaction Documents.

     

    SECTION 3.    Further Assurances.  The Additional Originator agrees and
      acknowledges that at any time and from time to time upon the written request of the Depositor, it will execute and deliver such further documents and do such further acts and things as the Depositor may reasonably request in order to effect the
      purposes of this Agreement.

     

    SECTION 4.    Representations and Warranties of the Additional Originator. 

      The Additional Originator hereby makes all of the representations and warranties set forth in Sections 3.1, 3.2 and 3.3 of the Originator Receivables Transfer Agreement as of the date hereof (unless

     

    
      EB-1

      
        

    

    such representations or warranties expressly relate to an earlier date, in which case as of such earlier date), as if such representations and warranties were fully set forth herein.  The Additional Originator hereby
      represents and warrants that all information on Schedule A hereto is true and complete in all respects as of the date hereof.

     

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

     

    SECTION 6.    WAIVER OF TRIAL BY JURY.  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.    Miscellaneous.  This Agreement is executed by the
      Additional Originator for the benefit of the Depositor and its assigns, and each of the foregoing parties may rely hereon.  This Agreement shall be binding upon, and shall inure to the benefit of, the Additional Originator and its successors and
      permitted assigns.  Each of the parties hereto hereby agrees that no party hereto shall be deemed to be the drafter of this Agreement.  This Agreement may be executed by different parties on any number of counterparts, each of which constitute an
      original and all of which, taken together, constitute one and the same agreement.

     

    [Signature Pages Follow]

     

     

    

     

    

     

    

     

    

     

    

    
      EB-2

      
        

    

      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.

     

    
      	 	
              [NAME OF ADDITIONAL ORIGINATOR]

            
	 	 
	 	 
	 	
              By:                                                                             

            
	 	
              Name:                                                                        

            
	 	
              Title:                                                                          

            
	 	 
	 	 
	 	 
	 	
              VERIZON ABS LLC,

            
	 	
                    as Depositor

            
	 	 
	 	 
	 	 
	 	
              By:                                                                             

            
	 	
                    Name:

            
	 	
                    Title:

            

    

    

    

    
      EB-3

      
        

    

    SCHEDULE A TO EXHIBIT B

      

      ADDRESS AND NAME OF ADDITIONAL ORIGINATOR

     

    
      	
              Legal Name

            	
              Chief Executive Office

            	
              Jurisdiction

                  of Organization

            
	
               

              

               

              

            	 	 

    

    

    

    * A location where substantially all records may be accessed.

    

    

  

   

  

   

  

   

  

  

    

  

   

  

  
    Schedule A to Exhibit B

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