Document:

Exhibit 10.8

    

    

    

    

    

    
      

    

    

    

    

    FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

    

    

    among

    

    

    VERIZON OWNER TRUST 2019-B,

        as Issuer

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

        as Servicer

    

    

    and

    

    

    PENTALPHA SURVEILLANCE LLC,

        as Asset Representations Reviewer

    

    

    Dated as of June 12, 2019

    

    

    

      

    

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      Page

       

        

    

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

             

              

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Additional Definitions

          	
            1

          
	
            Section 1.3

          	
            Review Materials and Test Definitions

          	
            2

             

              

          
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

             

              

          
	
            Section 2.1

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2

          	
            Confirmation of Status

          	
            3

             

              

          
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

             

              

          
	
            Section 3.1

          	
            Review Notices

          	
            3

          
	
            Section 3.2

          	
            Identification of Review Receivables

          	
            3

          
	
            Section 3.3

          	
            Review Materials

          	
            3

          
	
            Section 3.4

          	
            Performance of Reviews

          	
            4

          
	
            Section 3.5

          	
            Review Reports

          	
            4

          
	
            Section 3.6

          	
            Review Representatives

          	
            5

          
	
            Section 3.7

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.8

          	
            Limitations on Review Obligations

          	
            5

          
	
            Section 3.9

          	
            Updated Review Materials

          	
            6

             

              

          
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

             

              

          
	
            Section 4.1

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2

          	
            Covenants

          	
            8

          
	
            Section 4.3

          	
            Fees and Expenses

          	
            8

          
	
            Section 4.4

          	
            Limitation on Liability

          	
            9

          
	
            Section 4.5

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7

          	
            Review of Asset Representations Reviewer’s Records

          	
            10

          
	
            Section 4.8

          	
            Delegation of Obligations

          	
            11

          
	
            Section 4.9

          	
            Confidential Information

          	
            11

          
	
            Section 4.10

          	
            Personally Identifiable Information

          	
            13

             

              

          
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            15

             

              

          
	
            Section 5.1

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            15

          
	
            Section 5.2

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            15

          
	
            Section 5.3

          	
            Successor Asset Representations Reviewer

          	
            16

          
	
            Section 5.4

          	
            Merger, Consolidation or Succession

          	
            17

             

              

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            17

             

              

          
	
            Section 6.1

          	
            Independence of Asset Representations Reviewer

          	
            17

          
	
            Section 6.2

          	
            No Petition

          	
            17

          
	
            Section 6.3

          	
            Limitation of Liability of Owner Trustee

          	
            17

          
	
            Section 6.4

          	
            Termination of Agreement

          	
            18

          
	
            Section 6.5

          	
            Monthly Reports

          	
            18

             

              

          

    

    

    
      i

      
        

    

    
      TABLE OF CONTENTS

      (continued)

      Page
        

        

      

    

    	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            18

             

              

          
	
            Section 7.1

          	
            Amendments

          	
            18

          
	
            Section 7.2

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            19

          
	
            Section 7.3

          	
            Notices

          	
            19

          
	
            Section 7.4

          	
            GOVERNING LAW

          	
            19

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            20

          
	
            Section 7.6

          	
            WAIVER OF JURY TRIAL

          	
            20

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            20

          
	
            Section 7.8

          	
            Severability

          	
            20

          
	
            Section 7.9

          	
            Headings

          	
            20

          
	
            Section 7.10

          	
            Counterparts

          	
            20

          
	
            Section 7.11

          	
            Non-exclusive Agreement

          	
            20

          

    

    

    	
             

            Schedule A — Review Materials

          	 
	
            Schedule B — Representations and Warranties and Tests

          	 

    
      ii

      
        

    

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

    BACKGROUND

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

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

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

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

    The parties agree as follows.

    ARTICLE I

        

        USAGE AND DEFINITIONS

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

    Section 1.2      Additional Definitions.

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

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

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

    
      
        

    

    
    

    

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    ARTICLE II

        

        ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

    Section 2.1      Engagement; Acceptance. 

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

    
      2

      
        

    

    

    

    Section 2.2      Confirmation of Status. 

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

    ARTICLE III

        

        ASSET REPRESENTATIONS REVIEW PROCESS

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

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

    Section 3.3      Review Materials.

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

    (b)      Missing or Insufficient Review Materials. 

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

    
      3

      
        

    

    

    

    Section 3.4      Performance of Reviews.

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

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

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

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

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

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

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

    
      4

      
        

    

    

    

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

    Section 3.6      Review Representatives.

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

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

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

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

    Section 3.8      Limitations on Review Obligations.

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

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

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

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

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

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

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

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

    Section 3.9      Updated Review Materials. 

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

    ARTICLE IV

        

        ASSET REPRESENTATIONS REVIEWER

    Section 4.1      Representations and Warranties. 

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

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

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

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

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

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

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

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

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

    
      7

      
        

    

    

    

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

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

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

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

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

    (c)      Maintenance of Review Materials. 

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

    Section 4.3      Fees and Expenses.

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

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

    (c)      Reimbursement of Travel Expenses. 

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

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

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

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

    Section 4.4      Limitation on Liability. 

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

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

    Section 4.6      Indemnification of Asset
            Representations Reviewer.

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

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

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

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

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

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

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

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

    Section 4.8      Delegation of Obligations. 

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

    Section 4.9      Confidential Information.

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

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

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

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

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

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

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

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

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

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

    (e)      Responsibility for Information Recipients. 

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

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

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

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

    Section 4.10      Personally Identifiable
            Information.

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

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

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

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

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

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

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

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

    (e)      Return or Disposal of Issuer PII. 

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

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

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

    (g)      Audit of Asset Representations Reviewer. 

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

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

    ARTICLE V

        

        RESIGNATION AND REMOVAL;

        SUCCESSOR ASSET REPRESENTATIONS REVIEWER

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

    Section 5.2      Resignation and Removal of Asset
            Representations Reviewer.

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

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

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

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

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

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

    (c)      Notice of Resignation or Removal. 

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

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

    Section 5.3      Successor Asset Representations
            Reviewer.

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

    (b)      Effectiveness of Resignation or Removal. 

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

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

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

    ARTICLE VI

        

        OTHER AGREEMENTS

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

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

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

    
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    Section 6.4      Termination of Agreement. 

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

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

    ARTICLE VII

        

        MISCELLANEOUS PROVISIONS

    Section 7.1      Amendments.

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

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

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

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

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

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

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

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

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

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

    Section 7.3      Notices.

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

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

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

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

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

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

    Section 7.4      GOVERNING LAW.  THIS
        AGREEMENT, INCLUDING THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
        STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES).

    
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    Section 7.5      Submission to Jurisdiction. 

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

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

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

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

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

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

    Section 7.11      Non-exclusive Agreement. 

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

    

    

    [Remainder of Page Left Blank]

     

      

     

      

     

      

    
      20

      
        

    

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

    

    

    	 	
            VERIZON OWNER TRUST 2019-B,

          
	 	 	
            as Issuer

          
	 	 	 
	 	
            By:

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

          
	 	 	 
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 
	 	
            PENTALPHA SURVEILLANCE LLC,

          
	 	 	
            as Asset Representations Reviewer

          
	 	 	 
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

    
      
        

    

    Schedule A

    Review Materials

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

              

      

    

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

              

      

    

    
      
        

    

    Schedule B

    Representations and Warranties and Tests

    	
            Representation and Warranty

          	
            Tests

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

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

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

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

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

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

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

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

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

          	
            Check that account status on Data Tape is active.

          
	
            Under the Receivable, there is no prepayment penalty.

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

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

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

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

          	
            Check that bankruptcy status on Data Tape is not open.

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

              

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

          

    

    

    

    

    
      
        

    

    

    

    

    

    
      	
              Representation and Warranty

            	
              Tests

            

    

    	“suspend”

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

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

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

          	
            Check that Data Tape indicates monthly payments.

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

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

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

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

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

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

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

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

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

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

          

    

    

    

    

    
      
        

    

    

    

    

    

    
      	
              Representation and Warranty

            	
              Tests

            

    

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

          	

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

          	
            Check that loan status indicated on Data Tape is active.Exhibit 10.9

     

    ISDA®

    International Swaps and Derivatives Association, Inc.

     

    2002 MASTER AGREEMENT

     

    dated as of June 4, 2019

    

     

    	
            Wells Fargo Bank, National Association

            

             

          	
            and

          	
            Verizon Owner Trust 2019-B

            

            

          

    

    

     

    have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this 2002 Master Agreement, which includes
      the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions.  This 2002 Master Agreement
      and the Schedule are together referred to as this “Master Agreement”.

     

    Accordingly, the parties agree as follows:—

     

    1.         Interpretation

     

    (a)        Definitions.  The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose of this Master Agreement.

     

    (b)        Inconsistency.  In the event of any inconsistency
      between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail.  In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will
      prevail for the purpose of the relevant Transaction.

     

    (c)        Single Agreement.  All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this
      “Agreement”), and the parties would not otherwise enter into any Transactions.

     

    2.         Obligations

     

    (a)        General Conditions.

     

    (i)        Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this
      Agreement.

     

    (ii)        Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency.  Where settlement is by delivery (that is, other than by payment), such delivery will be made for
      receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.

     

     

    
      
        
 

    

    
    (iii)        Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event
      of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other condition
      specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii).

     

    (b)        Change of Account.  Either party may change its
      account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies unless such other party gives timely
      notice of a reasonable objection to such change.

     

    (c)        Netting of Payments.  If on any date amounts
      would otherwise be payable:—

     

    (i)        in the same currency; and

     

    (ii)        in respect of the same Transaction,

     

    by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the
      aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been
      payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.

     

    The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same
      date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction.  The election may be made in the Schedule or any Confirmation by specifying that “Multiple Transaction
      Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions).  If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to
      those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing.  This
      election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries.

     

    (d)        Deduction or Withholding for Tax.

     

    (i)        Gross-Up.  All

      payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue
      authority, then in effect.  If a party is so required to deduct or withhold, then that party (“X”) will:—

     

    (1)        promptly notify the other party (“Y”) of such requirement;

     

    (2)        pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or
      withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

     

    (3)        promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment
      to such authorities; and

     

     

    
      2

      
        
 

    

    
       

      (4)         if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear
      of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required.  However, X will not be required to pay any additional amount to Y to the extent that it
      would not be required to be paid but for:—

     

    (A)        the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

     

    (B)        the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but
      for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in
      Tax Law.

     

    (ii)        Liability.  If:—

     

    (1)        X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or
      withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

     

    (2)        X does not so deduct or withhold; and

     

    (3)        a liability resulting from such Tax is assessed directly against X,

     

    then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

     

    3.         Representations

     

    Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party
      (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement).  If any “Additional
      Representation” is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times
      specified for such Additional Representation.

     

    (a)        Basic Representations.

     

    (i)        Status.  It
      is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing;

     

    (ii)        Powers.  It

      has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver
      and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance;

     

     

    
      3

      
        
 

    

    (iii)       No Violation or Conflict.  Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or
      other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

     

    (iv)        Consents.  All governmental
      and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have
      been complied with; and

     

    (v)        Obligations Binding.  Its
      obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation,
      insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

     

    (b)        Absence of Certain Events.  No Event of Default
      or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement
      or any Credit Support Document to which it is a party.

     

    (c)        Absence of Litigation.  There is not pending or,
      to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any
      arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support
      Document.

     

    (d)        Accuracy of Specified Information.  All
      applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material
      respect.

     

    (e)        Payer Tax Representation.  Each representation
      specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true.

     

    (f)        Payee Tax Representations.  Each representation
      specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true.

     

    (g)        No Agency.  It is entering into this Agreement,
      including each Transaction, as principal and not as agent of any person or entity.

     

    4.         Agreements

     

    Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a
      party:—

     

    (a)        Furnish Specified Information.  It will deliver
      to the other party or, in certain cases under clause (iii) below, to such government or taxing authority as the other party reasonably directs:—

     

    (i)         any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation;

     

    (ii)        any other documents specified in the Schedule or any Confirmation; and

     

     

    
      4

      
        
 

    

    (iii)        upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate
      (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification,

     

    in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

     

    (b)        Maintain Authorisations.  It will use all
      reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all
      reasonable efforts to obtain any that may become necessary in the future.

     

    (c)        Comply With Laws.  It will comply in all material
      respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party.

     

    (d)        Tax Agreement.  It will give notice of any
      failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure.

     

    (e)        Payment of Stamp Tax.  Subject to Section 11, it
      will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office
      through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or
      performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party.

     

    5.         Events of Default and Termination Events

     

    (a)        Events of Default.  The occurrence at any time
      with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an “Event of Default”) with respect to such party:—

     

    (i)        Failure to Pay or Deliver.  Failure

      by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such
      payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party;

     

    (ii)        Breach of Agreement; Repudiation of
        Agreement.

     

    (1)        Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this
      Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this
      Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or

     

    (2)        the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any
      Confirmation executed and delivered by that party or any

     

    
      5

      
        
 

    

    Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its
      behalf);

     

    (iii)        Credit Support Default.

     

    (1)        Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with
      or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;

     

    (2)        the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security
      interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms)
      prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or

     

    (3)        the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of,
      such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

     

    (iv)        Misrepresentation.  A
      representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have
      been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated;

     

    (v)        Default Under Specified Transaction. 
      The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:—

     

    (1)        defaults (other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified
      Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction;

     

    (2)        defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or
      exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local Business Day);

     

    (3)        defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or
      any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination
      of, all transactions outstanding under the documentation applicable to that Specified Transaction; or

     

    (4)        disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit
      support arrangement relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support Provider or Specified Entity (or such action is
      taken by any person or entity appointed or empowered to operate it or act on its behalf);

     

     

    
      6

      
        
 

    

    (vi)       Cross-Default.  If “Cross-Default” is specified in the Schedule as applying to the party, the occurrence or existence of:—

     

    (1)        a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of
      such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or
      instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming
      capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or

     

    (2)        a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments
      under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of
      not less than the applicable Threshold Amount;

     

    (vii)        Bankruptcy.  The party, any
      Credit Support Provider of such party or any applicable Specified Entity of such party:—

     

    (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or
      admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator,
      supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of
      insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar
      official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its
      winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the
      making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator,
      provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress,
      execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or
      restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) above
      (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

     

     

     

    
      7

      
        
 

    

    (viii)      Merger Without Assumption.  The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganises,
      reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:—

     

    (1)        the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this
      Agreement or any Credit Support Document to which it or its predecessor was a party; or

     

    (2)        the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting,
      surviving or transferee entity of its obligations under this Agreement.

     

    (b)        Termination Events.  The occurrence at any time
      with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below,
      a Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be applicable, a Credit
      Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below:—

     

    (i)        Illegality.  After giving
      effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any
      Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either
      party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):—

     

    (1)        for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such
      Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this
      Agreement relating to such Transaction; or

     

    (2)        for such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent
      obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other
      material provision of such Credit Support Document;

     

    (ii)        Force Majeure Event.  After
      giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into,
      on any day:—

     

    (1)        the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such
      Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material
      provision of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or

     

    
      8

      
        
 

    

    impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or
      comply if such payment, delivery or compliance were required on that day); or

     

    (2)        such party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or
      contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from
      complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such party or Credit Support
      Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance were required on that day),

     

    so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and
      such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention,
      impossibility or impracticability;

     

    (iii)        Tax Event.  Due

      to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in
      Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an
      Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section
      9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

     

    (iv)        Tax Event Upon
        Merger.  The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest
      under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section
      2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by
      it as of the date of this Master Agreement) to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption;

     

    (v)        Credit Event Upon
        Merger.  If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified
      Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any
      applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor,
      surviving or transferee entity, as appropriate, will be the Affected Party).  A “Designated Event” with respect to X means that:—

     

    (1)        X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of the
      assets comprising the business conducted by X as of the

     

    
      9

      
        
 

    

    date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity;

     

    (2)        any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the
      power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or

     

    (3)        X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A)
      preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or

     

    (vi)        Additional
        Termination Event.  If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such
      Additional Termination Event in the Schedule or such Confirmation).

     

    (c)        Hierarchy of Events.

     

    (i)        An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the
      case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or
      circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document, as the case may be.

     

    (ii)         Except in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to
      an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an
      Illegality or a Force Majeure Event.

     

    (iii)         If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it
      will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event.

     

    (d)        Deferral of Payments and Deliveries During Waiting
        Period.  If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not
      be due until:—

     

    (i)        the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local
      Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that
      Illegality or Force Majeure Event, as the case may be; or

     

    (ii)        if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to
      exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate.

     

    (e)        Inability of Head or Home Office to Perform Obligations
        of Branch.  If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is
      not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the relevant obligation or

     

    
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    compliance with the relevant provision by the Affected Party’s head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to
      the occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an
      Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with
      respect to both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will
      not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

     

    6.         Early Termination; Close-Out Netting

     

    (a)        Right to Terminate Following Event of Default.  If

      at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant
      Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions.  If, however, “Automatic Early Termination” is specified in the Schedule as applying to a
      party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous
      thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or,
      to the extent analogous thereto, (8).

     

    (b)        Right to Terminate Following Termination Event.

     

    (i)        Notice.  If
      a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the
      other party such other information about that Termination Event as the other party may reasonably require.  If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party,
      specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require.

     

    (ii)        Transfer to Avoid
        Termination Event.  If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early
      Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights
      and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist.

     

    If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon
      the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).

     

    Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which
      consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.

     

    (iii)        Two Affected Parties.  If
      a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.

     

    
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    (iv)        Right to Terminate.

     

    (1)        If:—

     

    (A)        a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all
      Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or

     

    (B)        a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the
      Affected Party,

     

    the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there
      are two Affected Parties, or the Non- affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days
      notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

     

    (2)        If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:—

     

    (A)        Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the
      day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as an Early
      Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions.  Upon receipt of a notice designating an Early
      Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an Early Termination Date in
      respect of any or all other Affected Transactions.

     

    (B)        An Affected Party (if the Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such
      party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as
      a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the
      other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions.

     

    (c)        Effect of Designation.

     

    (i)        If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination Event is then continuing.

     

    (ii)        Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or
      9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement.  The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to
      Sections 6(e) and 9(h)(ii).

     

     

    
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    (d)        Calculations; Payment Date.

     

    (i)        Statement.  On

      or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in
      reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and
      (3) giving details of the relevant account to which any amount payable to it is to be paid.  In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party
      obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data.

     

    (ii)        Payment Date.  An

      Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an
      Early Termination Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after
      the day on which the statement provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event.

     

    (e)        Payments on Early Termination.  If an Early
      Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date (the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f).

     

    (i)        Events of Default.  If the
      Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative)
      determined by the Non- defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the
      Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party.  If the Early Termination Amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting
      Party will pay the absolute value of the Early Termination Amount to the Defaulting Party.

     

    (ii)        Termination Events.  If the
      Early Termination Date results from a Termination Event:—

     

    (1)        One Affected Party.  Subject to clause (3) below,
      if there is one Affected Party, the Early Termination Amount will be determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party
      and to the Non-affected Party, respectively.

     

    (2)        Two Affected Parties.  Subject to clause (3)
      below, if there are two Affected Parties, each party will determine an amount equal to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction or group
      of Terminated Transactions, as the case may be, and the Early Termination Amount will be an amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party “X”) and the lower amount so determined (by
      party “Y”) and (II) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y.  If the Early Termination Amount is a positive number, Y will pay it to X; if it
      is a negative number, X will pay the absolute value of the Early Termination Amount to Y.

     

     

    
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    (3)          Mid-Market
        Events.  If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a
      Close-out Amount or Close-out Amounts, the Determining Party will:—

     

    (A)        if obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third party or
      Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and

     

    (B)        in any other case, use mid-market values without regard to the creditworthiness of the Determining Party.

     

    (iii)        Adjustment for
        Bankruptcy.  In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by
      applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section
      6(d)(ii).

     

    (iv)        Adjustment for
        Illegality or Force Majeure Event.  The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance
      related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event.  Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results
      from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).

     

    (v)        Pre-Estimate.  The

      parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty.  Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise
      provided in this Agreement, neither party will be entitled to recover any additional damages as a consequence of the termination of the Terminated Transactions.

     

    (f)        Set-Off.  Any Early Termination Amount payable to
      one party (the “Payee”) by the other party (the “Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other Termination Event in
      respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non- affected Party, as the case may be (“X”) (and without prior notice to the Defaulting Party or the
      Affected Party, as the case may be), be reduced by its set-off against any other amounts (“Other Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective of the currency, place
      of payment or place of booking of the obligation).  To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects.  X will give notice to the other party of any set-off effected under this
      Section 6(f).

     

    For this purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency in which the
      other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such currency.

     

    
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    If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the
      other when the obligation is ascertained.

     

    Nothing in this Section 6(f) will be effective to create a charge or other security interest.  This Section 6(f) will be without prejudice and in addition to any right of
      set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).

     

    7.         Transfer

     

    Subject to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be
      transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that:—

     

    (a)        a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or
      substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and

     

    (b)        a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any
      amounts payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11.

     

    Any purported transfer that is not in compliance with this Section 7 will be void.

     

    8.         Contractual Currency

     

    (a)        Payment in the Contractual Currency.  Each
      payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”).  To the extent permitted by applicable law, any obligation to make payments under this Agreement in the
      Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith and
      using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement.  If for any reason the amount in the
      Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional
      amount in the Contractual Currency as may be necessary to compensate for the shortfall.  If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the
      party receiving the payment will refund promptly the amount of such excess.

     

    (b)        Judgments.  To the extent permitted by applicable
      law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in
      respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party
      is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will
      refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange
      at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using

     

    
      15

      
        
 

    

    commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency
      of the judgment or order actually received by such party.

     

    (c)        Separate Indemnities.  To the extent permitted by
      applicable law, the indemnities in this Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any
      indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement.

     

    (d)        Evidence of Loss.  For the purpose of this
      Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made.

     

    9.         Miscellaneous

     

    (a)        Entire Agreement.  This Agreement constitutes the
      entire agreement and understanding of the parties with respect to its subject matter.  Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance (except
      as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud.

     

    (b)        Amendments.  An amendment, modification or waiver
      in respect of this Agreement will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an
      electronic messaging system.

     

    (c)        Survival of Obligations.  Without prejudice to
      Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction.

     

    (d)        Remedies Cumulative.  Except as provided in this
      Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

     

    (e)        Counterparts and Confirmations.

     

    (i)        This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by
      facsimile transmission and by electronic messaging system), each of which will be deemed an original.

     

    (ii)        The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally
      or otherwise).  A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes, by an exchange of electronic messages on an
      electronic messaging system or by an exchange of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement.  The parties will specify therein or through another effective means that any such
      counterpart, telex, electronic message or e-mail constitutes a Confirmation.

     

    (f)        No Waiver of Rights.  A failure or delay in
      exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise,
      of that right, power or privilege or the exercise of any other right, power or privilege.

     

    (g)        Headings.  The headings used in this Agreement
      are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement.

     

    
      16

      
        
 

    

    (h)        Interest and Compensation.

     

    (i)        Prior to Early Termination.  Prior

      to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction:—

     

    (1)        Interest on Defaulted Payments.  If a party
      defaults in the performance of any payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same
      currency as the overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue
      amount is due pursuant to clause (3)(B) or (C) below), at the Default Rate.

     

    (2)        Compensation for Defaulted Deliveries.  If a
      party defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise
      provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market
      value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect
      of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate.  The fair market value of any obligation referred to above will be determined as of the originally scheduled date for delivery, in
      good faith and using commercially reasonable procedures, by the party that was entitled to take delivery.

     

    (3)        Interest on Deferred Payments.  If:—

     

    (A)        a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable
      law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from
      (and including) the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate;

     

    (B)        a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to
      that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the
      period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an
      Event of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or

     

    (C)        a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral
      period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event

     

    
      17

      
        
 

    

    continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as
      well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality
      or Force Majeure Event (or, if later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and
      the date during the period upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to
      clause (B) above), at the Applicable Deferral Rate.

     

    (4)        Compensation for Deferred Deliveries.  If:—

     

    (A)        a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery;

     

    (B)        a delivery is deferred pursuant to Section 5(d); or

     

    (C)        a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting
      Period has expired,

     

    the party required (or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and subject to
      Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

     

    (ii)        Early Termination.  Upon the
      occurrence or effective designation of an Early Termination Date in respect of a Transaction:—

     

    (1)        Unpaid Amounts.  For the purpose of determining
      an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required to be settled
      by delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but
      excluding) the relevant Early Termination Date, at the Applicable Close-out Rate.

     

    (2)        Interest on Early Termination Amounts.  If an
      Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination Currency, for
      the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close-out Rate.

     

    (iii)        Interest Calculation.  Any
      interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual number of days elapsed.

     

     

     

    
      18

      
        
 

    

    10.       Offices; Multibranch Parties

     

    (a)        If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
      represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction
      through its head or home office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. 
      This representation and agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction.

     

    (b)        If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a
      Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing).

     

    (c)        The Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation or as otherwise agreed by
      the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office.  Unless the parties otherwise agree in writing, the Office through which a party
      enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with respect to the Transaction.  Subject to Section 6(b)(ii), neither party may change the
      Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior written consent of the other party.

     

    11.         Expenses

     

    A Defaulting Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of- pocket expenses, including legal fees, execution fees
      and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any
      Transaction, including, but not limited to, costs of collection.

     

    12.         Notices

     

    (a)        Effectiveness.  Any notice or other communication
      in respect of this Agreement may be given in any manner described below (except that a notice or other communication under Section 5 or 6 may not be given by
      electronic messaging system or e-mail) to the address or number or in accordance with the electronic messaging system or e-mail details provided (see the Schedule) and will be deemed effective as indicated:—

     

    (i)        if in writing and delivered in person or by courier, on the date it is delivered;

     

    (ii)        if sent by telex, on the date the recipient’s answerback is received;

     

    (iii)        if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being agreed
      that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine);

     

    (iv)        if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or
      its delivery is attempted;

     

    (v)        if sent by electronic messaging system, on the date it is received; or

     

     

    
      19

      
        
 

    

    (vi)        if sent by e-mail, on the date it is delivered,

     

    unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or
      received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day.

     

    (b)        Change of Details.  Either party may by notice to
      the other change the address, telex or facsimile number or electronic messaging system or e-mail details at which notices or other communications are to be given to it.

     

    13.         Governing Law and Jurisdiction

     

    (a)        Governing Law.  This Agreement will be governed
      by and construed in accordance with the law specified in the Schedule.

     

    (b)        Jurisdiction.  With respect to any suit, action
      or proceedings relating to any dispute arising out of or in connection with this Agreement (“Proceedings”), each party irrevocably:—

     

    (i)        submits:—

     

    (1)        if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings
      do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or

     

    (2)        if this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the
      State of New York and the United States District Court located in the Borough of Manhattan in New York City;

     

    (ii)        waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim
      that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and

     

    (iii)        agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the
      bringing of Proceedings in any other jurisdiction.

     

    (c)        Service of Process.  Each party irrevocably
      appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings.  If for any reason any party’s Process Agent is unable to act as such, such party will
      promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party.  The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or
      12(a)(iv).  Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law.

     

    (d)        Waiver of Immunities.  Each party irrevocably
      waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of
      any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or
      assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

     

     

    
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    14.         Definitions

     

    As used in this Agreement:—

     

    “Additional Representation” has the meaning specified in Section
      3.

     

    “Additional Termination Event” has the meaning specified in
      Section 5(b).

     

    “Affected Party” has the meaning specified in Section 5(b).

     

    “Affected Transactions” means (a) with respect to any
      Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction,
      that Transaction) and (b) with respect to any other Termination Event, all Transactions.

     

    “Affiliate” means, subject to the Schedule, in relation to
      any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person.  For this purpose, “control” of any
      entity or person means ownership of a majority of the voting power of the entity or person.

     

    “Agreement” has the meaning specified in Section 1(c).

     

    “Applicable Close-out Rate” means:—

     

    (a)        in respect of the determination of an Unpaid Amount:—

     

    (i)        in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default
      Rate;

     

    (ii)        in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
      Non-default Rate;

     

    (iii)        in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and

     

    (iv)        in all other cases following the occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above), the
      Applicable Deferral Rate; and

     

    (b)        in respect of an Early Termination Amount:—

     

    (i)        for the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with Section
      6(d)(ii)) on which that amount is payable:—

     

    (1)        if the Early Termination Amount is payable by a Defaulting Party, the Default Rate;

     

    (2)        if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and

     

    (3)        in all other cases, the Applicable Deferral Rate; and

     

    
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    (ii)       for the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable to (but
      excluding) the date of actual payment:—

     

    (1)        if a party fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with
      respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the
      Applicable Deferral Rate;

     

    (2)        if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect of which clause (1) above applies),
      the Default Rate;

     

    (3)        if the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause (1) above
      applies), the Non-default Rate; and

     

    (4)        in all other cases, the Termination Rate.

     

    “Applicable Deferral Rate” means:—

     

    (a)        for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank
      market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market;

     

    (b)        for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the relevant payer to be a rate
      offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable, for the purpose of
      obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and

     

    (c)        for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the
      arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount.

     

    “Automatic Early Termination” has the meaning specified in
      Section 6(a).

     

    “Burdened Party” has the meaning specified in Section
      5(b)(iv).

     

    “Change in Tax Law” means the enactment, promulgation,
      execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction.

     

    “Close-out Amount” means, with respect to each Terminated
      Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of
      the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that Terminated
      Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the
      relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in

     

    
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    Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions.

     

    Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to
      produce a commercially reasonable result.  The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. 
      Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable.

     

    Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out- of-pocket expenses referred to in Section 11 are to be
      excluded in all determinations of Close-out Amounts.

     

    In determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of
      information:—

     

    (i)        quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of
      the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation;

     

    (ii)        information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates,
      prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or

     

    (iii)        information of the types described in clause (i) or (ii) above from internal sources (including any of the Determining Party’s Affiliates) if that
      information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions.

     

    The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause (i) above or relevant
      market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not satisfy those standards.  When
      considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other information being utilised.  Third parties
      supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources of
      market information.

     

    Without duplication of amounts calculated based on information described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially
      reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in connection with its terminating, liquidating or re-establishing any hedge related to a Terminated Transaction or group
      of Terminated Transactions (or any gain resulting from any of them).

     

    Commercially reasonable procedures used in determining a Close-out Amount may include the following:—

     

    (1)        application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of
      pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated
      third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and

     

    
      23

      
        
 

    

    (2)        application of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type,
      complexity, size or number of the Terminated Transactions or group of Terminated Transactions.

     

    “Confirmation” has the meaning specified in the preamble.

     

    “consent” includes a consent, approval, action,
      authorisation, exemption, notice, filing, registration or exchange control consent.

     

    “Contractual Currency” has the meaning specified in Section 8(a).

     

    “Convention Court” means any court which is bound to apply to
      the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil
      and Commercial Matters.

     

    “Credit Event Upon Merger” has the meaning specified in
      Section 5(b).

     

    “Credit Support Document” means any agreement or instrument
      that is specified as such in this Agreement.

     

    “Credit Support Provider” has the meaning specified in the
      Schedule.

     

    “Cross-Default” means the event specified in Section
      5(a)(vi).

     

    “Default Rate” means a rate per annum equal to the cost
      (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum.

     

    “Defaulting Party” has the meaning specified in Section 6(a).

     

    “Designated Event” has the meaning specified in Section
      5(b)(v).

     

    “Determining Party” means the party determining a Close-out
      Amount.

     

    “Early Termination Amount” has the meaning specified in
      Section 6(e).

     

    “Early Termination Date” means the date determined in
      accordance with Section 6(a) or 6(b)(iv).

     

    “electronic messages” does not include e-mails but does
      include documents expressed in markup languages, and “electronic messaging system” will be construed accordingly.

     

    “English law” means the law of England and Wales, and “English” will be construed accordingly.

     

    “Event of Default” has the meaning specified in Section 5(a)
      and, if applicable, in the Schedule.

     

    “Force Majeure Event” has the meaning specified in Section
      5(b).

     

    “General Business Day” means a day on which commercial banks
      are open for general business (including dealings in foreign exchange and foreign currency deposits).

     

    “Illegality” has the meaning specified in Section 5(b).

     

    
      24

      
        
 

    

    “Indemnifiable Tax” means any Tax other than a Tax that would
      not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such
      recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such
      jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or
      received a payment under, or enforced, this Agreement or a Credit Support Document).

     

    “law” includes any treaty, law, rule or regulation (as
      modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and “unlawful” will be construed
      accordingly.

     

    “Local Business Day” means (a) in relation to any obligation
      under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement
      system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General
      Business Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the
      relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system
      necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the
      occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for
      notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for
      performance with respect to such Specified Transaction.

     

    “Local Delivery Day” means, for purposes of Sections 5(a)(i)
      and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in
      the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery.

     

    “Master Agreement” has the meaning specified in the preamble.

     

    “Merger Without Assumption” means the event specified in
      Section 5(a)(viii).

     

    “Multiple Transaction Payment Netting” has the meaning
      specified in Section 2(c).

     

    “Non-affected Party” means, so long as there is only one
      Affected Party, the other party.

     

    “Non-default Rate” means the rate certified by the
      Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting Party for the purpose
      of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market.

     

    “Non-defaulting Party” has the meaning specified in Section
      6(a).

     

    “Office” means a branch or office of a party, which may be such party’s head or home office.

     

    “Other Amounts” has the meaning specified in Section 6(f).

     

    
      25

      
        
 

    

    “Payee” has the meaning specified in Section 6(f).

     

    “Payer” has the meaning specified in Section 6(f).

     

    “Potential Event of Default” means any event which, with the
      giving of notice or the lapse of time or both, would constitute an Event of Default.

     

    “Proceedings” has the meaning specified in Section 13(b).

     

    “Process Agent” has the meaning specified in the Schedule.

     

    “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency.

     

    “Relevant Jurisdiction” means, with respect to a party, the
      jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes
      this Agreement and (d) in relation to any payment, from or through which such payment is made.

     

    “Schedule” has the meaning specified in the preamble.

     

    “Scheduled Settlement Date” means a date on which a payment
      or delivery is to be made under Section 2(a)(i) with respect to a Transaction.

     

    “Specified Entity” has the meaning specified in the Schedule.

     

    “Specified Indebtedness” means, subject to the Schedule, any
      obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

     

    “Specified Transaction” means, subject to the Schedule, (a)
      any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party)
      and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction, swap option,
      basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar
      transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase
      transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option
      with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets
      (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt
      securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and (c) any other transaction identified
      as a Specified Transaction in this Agreement or the relevant confirmation.

     

    “Stamp Tax” means any stamp, registration, documentation or
      similar tax.

     

    “Stamp Tax Jurisdiction” has the meaning specified in Section
      4(e).

     

    
      26

      
        
 

    

    “Tax” means any present or future tax, levy, impost, duty,
      charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation
      or similar tax.

     

    “Tax Event” has the meaning specified in Section 5(b).

     

    “Tax Event Upon Merger” has the meaning specified in Section
      5(b).

     

    “Terminated Transactions” means, with respect to any Early
      Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c)
      if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination
      Date.

     

    “Termination Currency” means (a) if a Termination Currency is
      specified in the Schedule and that currency is freely available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of
      the State of New York.

     

    “Termination Currency Equivalent” means, in respect of any
      amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by
      the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date, with the
      Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m.  (in the city in which such
      foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date.  The foreign exchange agent will,
      if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties.

     

    “Termination Event” means an Illegality, a Force Majeure
      Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

     

    “Termination Rate” means a rate per annum equal to the
      arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts.

     

    “Threshold Amount” means the amount, if any, specified as
      such in the Schedule.

     

    “Transaction” has the meaning specified in the preamble.

     

    “Unpaid Amounts” owing to any party means, with respect to an
      Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or
      2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section
      2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would
      have been) required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any
      Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other 

     

     

    
      27

      
        
 

    

     

    compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate.  The fair market value of
      any obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if
      each party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties.

    

    

    “Waiting Period” means:

    

    

    (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is
      actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence
      of that event or circumstance; and

    

    

    (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is
      actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence
      of that event or circumstance.

    

    

     

    IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

    

    

    

    

    

    

    	
            Wells Fargo Bank, National Association

            

          	
            Verizon Owner Trust 2019-B

            
              By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Owner Trust 2019-B

            

          
	
             

            By:      /s/ Joe Hunter_______________________

             Name: Joe Hunter

            

             Title:   Authorized Signatory

            

             Date:   June 4, 2019 

            

          	
             

            By:      /s/ Clarice Wright_______________________

             Name:  Clarice Wright

            

             Title:    Assistant Vice President

            

             Date:    June 4, 2019

            

          
	 	 
	 	 

    

    

    

       

    
      28

      
        

    

     

    
      SCHEDULE

        to the

        2002 ISDA Master Agreement

        

        

        dated as of June 4, 2019

        

        

        between

        

        

        WELLS FARGO BANK, NATIONAL ASSOCIATION

        (“Party A” or “Counterparty”)

        

        

        and

        

        

        VERIZON OWNER TRUST 2019-B

        (“Party B” or “Trust”)

      Part 1.                                        Termination Provisions

      
        
          	(a)	
                  “Specified Entity” means in relation to Party A for the purpose of:

                

        

      

      Section 5(a)(v),                                    

        Not applicable

          Section 5(a)(vi),                                   Not applicable

          Section 5(a)(vii),                                 Not applicable

          Section 5(b)(v),                                     Not applicable

      and in relation to Party B for the purpose of:

      Section 5(a)(v),                                    

        Not applicable

          Section 5(a)(vi),                                   Not applicable

          Section 5(a)(vii),                                 Not applicable

          Section 5(b)(v),                                     Not applicable

      
        
          	(b)	
                  “Specified Transaction” will have the meaning specified in Section 14 of this Agreement.

                

        

      

      
        
          	(c)	
                  The “Default Under Specified Transaction” provisions of Section 5(a)(v) will not apply to Party A or Party B.

                

        

      

      
        
          	(d)	
                  The “Cross Default” provisions of Section 5(a)(vi) will not apply to Party A and Party B.

                

        

      

      
        
          	(e)	
                  No Bankruptcy Petition. The Counterparty agrees, for itself
                      and any Affiliate of the Counterparty, that, prior to the date that is one year and one day after the payment in full of all the obligations of the Trust under the Indenture, no such entity shall acquiesce, petition or otherwise,
                      directly or indirectly, invoke, or cause the Trust to invoke, the process of any Governmental Authority for the purpose of (i) commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or
                      similar law (including the Bankruptcy Code), (ii) appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official for the Trust, or any substantial part of its property, or (iii) ordering the
                      winding up or liquidation of the affairs of the Trust; provided that the foregoing shall not  be deemed to prevent Party B or the Indenture Trustee from filing a proof of claim in any such proceeding.  The provisions of this Part 1(e)
                      will survive

                

        

      

      
        29

        
          

      

      

      

      termination of this Agreement.  Capitalized terms used herein and not otherwise defined herein shall have the
          meaning set forth in the Indenture.

      
        
          	(f)	
                  Events of Default and Termination Events.

                

        

      

      
        
          	

                	(i)	
                  The “Events of Default” specified in Sections 5(a)(ii), 5(a)(iii), 5(a)(iv) and 5(a)(v) shall not apply to Party
                      B, except that Section 5(a)(iii)(1) will apply in respect of Party B’s obligations under the Credit Support Annex.

                

        

      

      
        
          	(g)	
                  Notwithstanding anything to the contrary in Section 5(a)(iii)(1) or Paragraph 7(i) of the Credit Support Annex, the failure of Party A to post collateral in accordance
                      with the Credit Support Annex will not constitute an Event of Default, but rather will constitute an Additional Termination Event under Part 1(m)(i) or (ii), as applicable.

                

        

      

      
        
          	(h)	
                  Bankruptcy definition in relation to Party B.  With respect
                      to the Party B only, Section 5(a)(vii) (Bankruptcy) is deemed to be amended such that:

                

        

      

      
        
          	

                	(i)	
                  Section 5(a)(vii)(2), (7) and (9) will not apply in respect of Party B;

                

        

      

      
        
          	

                	(ii)	
                  Section 5(a)(vii)(3) will not apply in respect of Party B to the extent that it refers to any assignment, arrangement or composition that is effected by or pursuant to
                      the Transaction Documents;

                

        

      

      
        
          	

                	(iii)	
                  Section 5(a)(vii)(4) will not apply in respect of Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of Party A’s
                      Affiliates;

                

        

      

      
        
          	

                	(iv)	
                  Section 5(a)(vii)(6) will not apply in respect of Party B to the extent that it refers to (a) any appointment that is effected by or pursuant to the Transaction Documents
                      or (b) any appointment that the Issuer has not become subject to; and

                

        

      

      
        
          	

                	(v)	
                  Section 5(a)(vii)(8) will apply to Party B but only to the extent that it applies to Sections 5(a)(vii)(1), (3), (4), (5) and (6) as amended above.

                

        

      

      
        
          	(i)	
                  The “Credit Event Upon Merger” provisions of Section 5(b)(v) will not apply to Party A or Party B.

                

        

      

      
        
          	(j)	
                  The “Automatic Early Termination” provision of Section 6(a) will not apply to Party A and Party B.

                

        

      

      
        
          	(k)	
                  Payments on Early Termination.  For the purpose of Section
                      6(e) of this Agreement:

                

        

      

      (i)            To the extent that the Counterparty is required to pay any Early Termination Amount to the Trust, it will be payable on the day following the day that notice of the amount payable is given
          to the Counterparty.

      (ii)            To the extent that the Trust is required to pay any Early Termination Amount to the Counterparty, where the Counterparty is the Defaulting Party or sole Affected Party, the Trust shall pay
          such Early Termination Amount subordinate to payments on the Notes, in accordance with Section 8.2 of the Indenture.

      
        
          	(l)	
                  “Termination Currency” means United States Dollars.

                

        

      

      
        30

        
          

      

      

      

      
        
          	(m)	
                  “Additional Termination Event” will apply to Party A.  The occurrence of any of the following events shall
                      constitute an Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions:

                

        

      

      (i)            S&P Collateral Remedy Period Event.  An Initial S&P Ratings Event or
          Subsequent S&P Ratings Event occurs and Party A does not take the measures described in Part 5(l)(1)(A) or Part 5(l)(2)(A) below as required on or prior to the last day of the Collateral Remedy Period (as applicable) unless at such time Party
          A has successfully procured one of the measures described in Part 5(l)(1)(B)(i) or (ii) or Part 5(l)(2)(B)(i) or (ii), as the case may be.

      (ii)            S&P Non-Collateral Remedy Period Event.  A Subsequent S&P Ratings Event
          occurs and Party A does not successfully procure one of the measures described in Part 5(l)(2)(B)(i) or (ii) below following a Subsequent S&P Ratings Event within the Non-Collateral Remedy Period and Party A has received an offer that was,
          when made, capable of becoming legally binding upon acceptance, from a counterparty that would qualify as an Eligible Replacement, to enter into replacement transactions with Party A or provide a guarantee in respect of the Affected Transactions.

      
        
          	(n)	
                  “Additional Termination Event” will apply to Party B.  The
                      occurrence of the following event shall constitute an Additional Termination Event, in respect of which Party B shall be the sole Affected Party and all Transaction shall be Affected Transactions:

                

        

      

      The Class A Notes have been declared immediately due and payable.

      Notwithstanding anything to the contrary in Section 6(b)(iv)(1) of the Agreement, if Party A has not, on or prior
          to the second Local Business Day following Party B’s giving of the notice specified in Section 6(b)(i) of the Agreement in respect of the foregoing Additional Termination Event, given notice pursuant to Section 6(b)(iv)(1) to designate an Early
          Termination Date, then Party B may, if such event is then continuing, by not more than 20 days’ notice to Party A designate a day not earlier than the day such notice is effective as the Early Termination Date for all Affected Transactions. For
          the avoidance of doubt, nothing in the preceding sentence shall modify provisions of the Agreement governing the effects of such notice or the determination of the Early Termination Amount by Party A as the Non-affected Party.

      Part 2.                                        Representations

      
        
          	(a)	
                  Basic Representations.  For the purposes of Section 3(a)(iii) and Section 3(a)(v) of this Agreement, Party A’s representations are given, with respect to the Employee Retirement Income Security
                      Act of 1974, as amended (“ERISA”), and Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), on the assumption of the accuracy of Party B’s representations and warranties in Part 4(o) of this Schedule.

                

        

      

      
        
          	(b)	
                  Payer Representations.  For the purpose of Section 3(e) of
                      this Agreement, Party A and Party B will each make the following representation:

                

        

      

      It is not required by any applicable law, as modified by the practice of any relevant governmental revenue
          authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement.  In
          making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this

      
        31

        
          

      

      

      

      Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section
          4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is placed on sub-clause
          (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

      
        
          	(c)	
                  Payee Representations.  For the purpose of Section 3(f) of
                      this Agreement,

                

        

      

      Party A makes the following representation:

      It is a national banking association organized or formed under the laws of the United States and is a United
          States resident for United States federal income tax purposes.

      
        
          	

                	(i)	
                   Party B makes the following representations:

                

        

      

      (A)                          For United States federal income tax purposes, it is acting as a security device on behalf various Verizon affiliates listed on Schedule I hereto (each a “Verizon Affiliate”) and holds
          assets and enters into agreements as a nominee on behalf of each Verizon Affiliate.

      (B)       Each Verizon Affiliate is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United
          States Treasury Regulations) for U.S. federal income tax.

      Part 3.                                        Agreement to Deliver Documents

      For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable:

      
        
          	(a)	
                  Tax forms, documents or certificates to be delivered:

                

        

      

      	
              Party required

                  to deliver document

            	
              Form/Document/Certificate

            	
              Date by which to be delivered

            
	
              Party A

            	
              A valid complete, accurate and executed United States Internal Revenue Service Form W-9, or any successor of such form including appropriate
                  attachments.

            	
              (i)  Upon execution and delivery of this Agreement, (ii) promptly upon reasonable demand by the other party, and (iii) promptly upon learning that
                  any form previously provided to the other party has become obsolete, incorrect, or ineffective.

            
	
              Party B

            	
              A valid complete, accurate and executed United States Internal Revenue Service Form W-9 from each Verizon Affiliate listed on Schedule I hereto, or
                  any successor of such form, including appropriate attachments.

            	
              (i)  Upon execution and delivery of this Agreement, (ii) promptly upon reasonable demand by the other party, and (iii) promptly upon learning that
                  any form previously provided to the other party has become obsolete, incorrect, or ineffective.

            

      

      

      
        32

        
          

      

      

      

      
        
          	(b)	
                  Other documents to be delivered:

                

        

      

      	
              Party Required to Deliver Document

            	
              Form / Document / Certificate

            	
              Date by which Document shall be Delivered

            	
              Covered by Section 3(d) Representation

            
	
              Party A  and Party B

            	
              A certificate (including a photocopy or facsimile copy thereof) executed by a duly authorized officer of the party certifying the name, authentic
                  signature and authority of each person executing this Agreement or any Confirmation on its behalf.

            	
              Upon execution of this Agreement and in the case of a Confirmation, upon request by the other party.

            	
              Yes.

            
	
              Party A

            	
              Unless such document is otherwise made available to the other party by any other agreement or arrangement between the parties, a copy of the annual
                  report of Wells Fargo & Co. containing annual audited, consolidated financial statements for the party’s fiscal year certified by independent certified public accountants and prepared in accordance with accounting principles that are
                  generally accepted in which the country in which the party is organized.

            	
              Upon request by Party B to the extent not already provided by Party A at its website.

            	
              Yes.

            
	
              Party B

            	
              Evidence of necessary corporate or other authorizations and approvals with respect to the execution, delivery and performance of this Agreement.

            	
              Upon execution of this Agreement.

            	
              Yes.

            
	
              Party B

            	
              Amended and Restated Trust Agreement of Party B.

            	
              Upon execution of this Agreement.

            	
              Yes.

            

      Part 4.                                        Miscellaneous

      
        
          	(a)	
                  Address for Notices.  For the purpose of Section 12(a) of
                      this Agreement:

                

        

      

      Address for notices or communications to Party A:

      Address:                             Wells Fargo Bank, National Association

      550 South Tryon Street, 5th Floor

      MAC D1086-051

      Charlotte, NC 28202

      Attention:                         Derivatives Documentation Group

      Phone:                                   (704) 410-2040

      Facsimile:                        (877) 564-8524

      
        33

        
          

      

      

      

      

      

      With a mandatory copy to:

      

      

      Address:                             Wells Fargo Bank, National Association

      45 Fremont Street, 30th Floor

      MAC A0194-300

      San Francisco, California 94105

      Attention:                         Derivatives Documentation Manager

      Facsimile:                        (877) 564-8524

      

      

      Address for notices or communications to Party B:

      Verizon Owner Trust 2019-B

          c/o: Cellco Partnership d/b/a Verizon Wireless

          One Verizon Way

          Basking Ridge, NJ 07920

          Attn: Kee Chan Sin

          Fax: (908) 630-2615

          Telephone: (908) 559-5870

          Email: kee.chan.sin@one.verizon.com

      With a mandatory copy of any notice pursuant to Section 5 or Section 6 to:

      Verizon Owner Trust 2019-B

          c/o: Cellco Partnership d/b/a Verizon Wireless

          One Verizon Way

          Basking Ridge, NJ 07920

          Attn: Legal Department

      
        
          	(b)	
                  Process Agent.  For the purpose of Section 13(c) of this Agreement:

                

        

      

      Party A appoints as its Process Agent:  Not applicable.

      Party B appoints as its Process Agent:  Not applicable.

      
        
          	(c)	
                  Offices.  The provision of Section 10(a) will apply to this
                      Agreement.

                

        

      

      
        
          	(d)	
                  Multibranch Party.  For the purpose of Section 10(b) of this
                      Agreement:

                

        

      

      Party A is a Multibranch Party, and may act through its San Francisco Office or Charlotte Office or its London
          Branch, as specified in the relevant Confirmation.  If any Confirmation for a Transaction is sent or executed by Party A without specifying its Office, it will be presumed that Party A’s Office for that Transaction is its San Francisco Office,
          absent notice to the contrary from Party A.

      Party B is not a Multibranch Party.

      
        
          	(e)	
                  Calculation Agent.  The Calculation Agent is Party A, unless
                      otherwise specified in the Confirmation in relation to the relevant Transaction; provided, however, if Party A is the Defaulting Party, the
                      Calculation Agent shall be a leading dealer in the market for interest rate derivatives selected by Party B (or any designated third party mutually agreed to in writing by the parties) until such time as Party A is no longer a
                      Defaulting Party.  The parties shall endeavor to resolve any

                

        

      

      
        34

        
          

      

      

      

      disputes regarding the Calculation Agent’s determination in good faith. If the parties are unable to resolve such
          dispute within a commercially reasonable time, the parties shall mutually select a dealer in the applicable instrument to act as Calculation Agent with respect to the issue in dispute.

      
        
          	(f)	
                  Credit Support Document.  Details of any Credit Support
                      Document:

                

        

      

      	
              The Counterparty:

            	
              The Credit Support Annex between the parties hereto annexed hereto which supplements, forms part of, and is subject to, this Agreement, as
                  amended from time to time.

            
	 	
              Any guarantee (including any Eligible Guarantee as defined in Part 5(s)(5) hereof) of the Counterparty’s obligations hereunder procured by the
                  Counterparty in compliance with this Agreement.

            
	
              The Trust:

            	
              The Credit Support Annex between the parties hereto annexed hereto which supplements, forms part of, and is subject to, this Agreement, as
                  amended from time to time, solely in respect to the Trust’s obligations under Paragraph 3(b), Paragraph 6 and Paragraph 8(d) of the Credit Support Annex.

            

      

      

      
        
          	(g)	
                  Credit Support Provider.  Credit Support Provider means:

                

        

      

      
        
          	

                	(i)	
                  in relation to Party A:  The guarantor under any guarantee (including any Eligible Guarantee) of the Counterparty’s obligations hereunder procured by the Counterparty in
                      compliance with this Agreement.

                

        

      

      
        
          	

                	(ii)	
                  in relation to Party B:  Not applicable

                

        

      

      
        
          	(h)	
                  Governing Law.  This Agreement will be governed by and
                      construed in accordance with the laws of the State of New York (without reference to conflicts of law principles but without prejudice to Section 5-1401 of the General Obligations Law of the State of New York).

                

        

      

      
        
          	(i)	
                  Netting of Payments.  “Multiple Transaction Payment Netting”
                      will not apply for the purpose of Section 2(c) of this Agreement.

                

        

      

      
        
          	(j)	
                  “Affiliate” will have the meaning specified in Section 14 of
                      this Agreement, provided that Party B will be deemed to have no Affiliates for purposes of this Agreement.

                

        

      

      
        
          	(k)	
                  Absence of Litigation.  For the purpose of Section 3(c):
                      “Specified Entity” means in relation to Party A, none, and in relation to Party B, none.

                

        

      

      
        
          	(l)	
                  Section 3(a) of this Agreement is amended by inserting the following additional representations:

                

        

      

      “(vi)               Eligible Contract Participant. Each party represents to the other party which
          representation will be deemed to be repeated by each party on each date on which a Transaction is entered into) that it is an “eligible contract participant” within the meaning of the Commodity Exchange Act, as amended from time to time.

      
        35

        
          

      

      

      

      (vii)            Party B is not a “Special Entity” as such term is defined in the U.S. Commodity Exchange Act and the rules and regulations promulgated thereunder.

      (viii)       Each Transaction under this Agreement is an “Cap Agreement” and Party B is a “Cap Counterparty”, each as defined in the
            Transfer and Servicing Agreement.”

      
        
          	(m)	
                  No Agency.  The provisions of Section 3(g) will apply to this
                      Agreement.

                

        

      

      
        
          	(n)	
                  Additional Representations will apply.  For the purpose of
                      Section 3 of this Agreement, the following shall constitute Additional Representations:

                

        

      

      
        
          	

                	(i)	
                  Relationship Between Parties.  Each party will be deemed to
                      represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

                

        

      

      
        
          	

                	(1)	
                  Non-Reliance.  It is acting for its own account, and it has made its own
                      independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary.  It is not relying on
                      any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a
                      Transaction will not be considered investment advice or a recommendation to enter into that Transaction.  No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the
                      expected results of that Transaction.

                

        

      

      
        
          	

                	(2)	
                  Assessment and Understanding.  It is capable of assessing the merits of and
                      understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction.  It is also capable of assuming, and assumes, the risks of that
                      Transaction.

                

        

      

      
        
          	

                	(3)	
                  Status of Parties.  The other party is not acting as a fiduciary for or an
                      adviser to it in respect of that Transaction.

                

        

      

      
        
          	(o)	
                  No Plan Assets.  Party B represents and warrants to Party A
                      (which representation and warranty will be deemed to be repeated by Party B at all times until the termination of this Agreement and will be deemed a representation and agreement for all purposes of this Agreement, including without
                      limitation Sections 3, 4, 5(a)(ii) and 5(a)(iv)) that the assets of Party B do not and will not constitute the assets of an employee benefit plan subject to Title I of ERISA or a “plan” within the meaning of Section 4975(e)(i) of the
                      Code.

                

        

      

      
        
          	(p)	
                  Recording of Conversations.  Each party (i) consents to the
                      recording of telephone conversations between the trading, marketing and other relevant personnel of the parties in connection with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give
                      any necessary notice of such recording to, its relevant personnel and (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted in evidence in any Proceedings.

                

        

      

      
        36

        
          

      

      

      

      
        
          	(q)	
                  Waiver of Right to Trial by Jury.  EACH PARTY HEREBY
                      IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

                

        

      

      Part 5.                                        Other Provisions

      
        
          	(a)	
                  Security Interest.  Notwithstanding Section 7 of this
                      Agreement, Party A hereby acknowledges and consents to the assignment (by way of security or otherwise) by Party B of its rights, title and interest in, under and to this Agreement (without prejudice to, and after giving effect to,
                      any contractual netting provision contained in this Agreement) to the Security Trustee (or any successor thereto) pursuant to and in accordance with the Transaction Documents and acknowledges notice of such assignment.

                

        

      

      
        
          	(b)	
                  ISDA Definitions.  Reference is hereby made to the 2006 ISDA
                      Definitions (the “ISDA Definitions”), as published by the International Swaps and Derivatives Association, Inc., which shall be incorporated by reference into this Agreement.  Any terms used and not otherwise defined herein that are
                      contained in the ISDA Definitions shall have the meaning set forth therein.

                

        

      

      
        
          	(c)	
                  Inconsistency.  Section 1(b) (“Inconsistency”) is modified to provide that in the event of any inconsistency between the provisions of this Agreement (including this Schedule) and the
                      ISDA Definitions referred to above, this Agreement will control.  In the event of any inconsistency between the provisions of any Confirmation and this Agreement (including this Schedule) or the ISDA Definitions, such Confirmation
                      will control for the purpose of the relevant Transaction.

                

        

      

      
        
          	(d)	
                  Change of Account.  The following proviso is inserted at the
                      end of Section 2(b) after “change”:

                

        

      

      “; provided that if such new account shall not be in the same jurisdiction having the power to tax as the
          original account, the party not changing its account shall not be obliged to pay any greater amounts and shall not receive less as a result of such change than would have been the case if such change had not taken place.”

      
        
          	(e)	
                  ISDA 2002 Master Agreement Protocol.  The parties agree that
                      the definitions and provisions contained in Annexes 1 to 18 and Section 6 of the ISDA 2002 Master Agreement Protocol published by the International Swaps and Derivatives Association Inc. on 15th July 2003 are incorporated into and
                      apply to this Agreement.  References in those definitions and provisions to a “2002 Master” will be deemed to be references to this Master Agreement.

                

        

      

      
        
          	(f)	
                  Withholding Tax imposed on payments to non-US counterparties under
                        the United States Foreign Account Tax Compliance Act.  “Tax” as used in Part 2(b) of this Schedule (Payer Tax Representation) and “Indemnifiable Tax” as defined in Section 14 of this Agreement shall not include any U.S.
                      federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any
                      agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such
                      Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement.

                

        

      

      
        
          	(g)	
                   No Set-Off.

                

        

      

      
        37

        
          

      

      

      

      
        
          	

                	(i)	
                  All payments under this Agreement shall be made without set-off or counterclaim, except as expressly provided for in Section 2(c) or Section 6.

                

        

      

      
        
          	

                	(ii)	
                  The following sentence is hereby added to the end of Section 6(e): “Notwithstanding any other provision of this Section, if a Party (the “Paying Party”) would, but for this Section 6(e), be required to pay an amount pursuant to this Section, it may, by giving written notice to the other Party, cause the amount
                      so payable to be reduced by the lesser of (i) such amount and (ii) the aggregate amount payable to the Paying Party pursuant to any demands made under Section 11 on or before the Early Termination Date.”

                

        

      

      
        
          	(h)	
                  ISDA August 2012 and March 2013 DF Protocol Agreements.  No
                      Transactions shall be entered into under this Agreement unless and until such time as (a) both parties have adhered to both the ISDA August 2012 DF Protocol Agreement published on August 13, 2012 and the ISDA March 2013 DF Protocol
                      Agreement published on March 22, 2013 (the “Protocol Agreements”) by delivery to ISDA of an Adherence Letter and (b) each party has delivered to the other party a Questionnaire (in the case of the Questionnaire delivered by the Trust,
                      completed in a manner that is reasonably satisfactory to Party A).  For the purposes of this paragraph (i), the terms “Adherence Letter” and “Questionnaire” shall have the meaning given to them in the Protocol Agreements.

                

        

      

      
        
          	(i)	
                  Notice by Facsimile Transmission.  Section 12(a) is hereby
                      amended by (i) inserting the words “2(b),” between the word “Section” and the number “5”, (ii) replacing the word “or” with “,” after the number “5”, and (iii) inserting the words “or 13(c)” between the number “6” and the word “may”
                      in the second line thereof.

                

        

      

      
        
          	(j)	
                  Offices.  Each party that enters into a Transaction through a
                      branch or office other than its head or home office represents to the other party that, notwithstanding the place of the booking office or jurisdiction of incorporation or organization of such party, the obligations of such party
                      (other than tax withholding and reporting obligations) are the same as if it had entered into the Transaction through its head or home office.  The representation will be deemed to be repeated by such party on each date on which a
                      Transaction is entered into.

                

        

      

      
        
          	(k)	
                  Downgrade or Withdrawal of Party A’s or Credit Support Provider’s
                        Rating by S&P.

                

        

      

      (1)                  S&P Options.

      As at the date of this Schedule, Counterparty has elected S&P Strong Collateral Framework. After the date of
          this Schedule, Counterparty may elect a different S&P Collateral Option  in accordance with Part 5(k)(2) below.

      (2)                  S&P Option Substitution Provisions.

      Party A may, upon not less than one Business Days’ notice to the Trust and S&P, (a “S&P Option Switch Notice”), elect a different S&P Collateral Option.

      With effect from the Business Day following the date the S&P Option Switch Notice is effective (such date,
          the “Substitution Effective Date”), the definitions of “Initial S&P Required Rating”, “Subsequent S&P Required Rating” and “Credit Support Amount” (as defined in the Credit Support Annex) shall be deemed to have been amended to the equivalent definitions as set out below corresponding to
          the relevant option elected. The right of Party A to make an election pursuant to this Part 5(k)(2) is subject to the following conditions being satisfied on the Substitution Effective Date:

      
        38

        
          

      

      

      

      (A)     no Event of Default or Termination Event has occurred with respect to which Party A is a Defaulting Party or an Affected Party, as the case may be;

      (B)    the making of such election would not cause the maximum supported rating by S&P in respect of the Class A Notes to be lower than the highest rating at such time by S&P in respect of
          the Class A Notes;

      (C)     no Subsequent S&P Ratings Event would occur as a result of the election; and

      (D)    no more than 10 Business Days have passed (if an Initial S&P Ratings Event has occurred and is continuing), no more than 90 calendar days have passed (if a Subsequent S&P Ratings
          Event has occurred and is continuing), as applicable, in each case since the applicable Ratings Event occurred.

      
        
          	(l)	
                  S&P Ratings Downgrade Events.

                

        

      

      (1)                  Initial S&P Ratings Event.  In the event that neither Party A nor any Relevant Entity has the
          Initial S&P Required Rating (an “Initial S&P Ratings Event”), then:

      (A)            Party A shall, within the Collateral Remedy Period, post collateral in accordance with the terms of the Credit Support Annex; and

      (B)            Party A may, at any time following the occurrence of such Initial S&P Ratings Event, at its own discretion and at its own cost:

      (i)            transfer all of its rights and obligations with respect to this Agreement to an S&P Eligible Replacement by means of a Permitted Transfer; or

      (ii)            procure another person that is an S&P Eligible Replacement to become a co-obligor or guarantor, with any guarantee complying with S&P relevant guarantee criteria, in respect of the
          obligations of Party A.

      The actions set out in sub-paragraphs 5(l)(1)(A) and (B) above shall be “Remedial Actions.”

      Without prejudice to any replacement, co-obligor or guarantor’s third party’s obligations to post collateral or
          take other action if it does not have the Initial S&P Required Rating, Party A will not be required to transfer any collateral in respect of such Initial S&P Ratings Event pursuant to sub-paragraph 5(l)(1)(A) above following completing a
          Permitted Transfer in accordance with the provisions in sub-paragraphs 5(l)(1)(B)(i) or obtaining a guarantee or co-obligor from an S&P Eligible Replacement in accordance with the provisions in sub-paragraphs 5(l)(1)(B)(ii) above and any
          Posted Credit Support (as defined in Paragraph 12 of the Credit Support Annex) shall be transferred to Party A in accordance with the terms of the Credit Support Annex.

      Following the occurrence of an Initial S&P Ratings Event (that is continuing), Party A shall, upon reasonable
          request of the Trust or S&P, provide notice, updates and evidence as to the actions it has taken to implement any of the measures in sub-paragraph 5(l)(1) above.

      (2)                  S&P Subsequent Ratings Event.  In the event that neither Party A nor any Relevant Entity has
          the Subsequent S&P Required Rating (a “Subsequent S&P Ratings Event”), then:

      
        39

        
          

      

      

      

      (A)            Party A shall, within the Collateral Remedy Period, post collateral in accordance with the terms of the Credit Support Annex; and

      (B)            Party A shall use commercially reasonable efforts, within the applicable Non-Collateral Remedy Period and at its own cost, to:

      (i)            transfer all of its rights and obligations with respect to this Agreement to an S&P Eligible Replacement by means of a Permitted Transfer; or

      (ii)            procure, subject to confirmation by S&P, an S&P Eligible Replacement to become a co-obligor or guarantor, with any guarantee complying with S&P’s relevant guarantee criteria, in
          respect of the obligations of Party A.

      The actions set out in sub-paragraphs 5(l)(2)(A) and (B) above shall be “Remedial Actions.”

      Without prejudice to any replacement, co-obligor or guarantor’s third party’s obligations to post collateral or
          take other action if it does not have the Initial S&P Required Rating, Party A will not be required to transfer any collateral in respect of such Subsequent S&P Ratings Event pursuant to sub-paragraph 5(l)(2)(A) above following completing
          a Permitted Transfer in accordance with the provisions in sub-paragraphs 5(l)(1)(B)(i) or obtaining a guarantee or a co-obligor from an S&P Eligible Replacement in accordance with the provisions in sub-paragraphs 5(l)(1)(B)(ii) above and any
          Posted Credit Support (as defined in Paragraph 12 of the Credit Support Annex) shall be transferred to Party A in accordance with the terms of the Credit Support Annex.

      Following the occurrence of a Subsequent S&P Ratings Event (that is continuing), Party A shall, upon
          reasonable request of the Trust or S&P, provide notice, updates and evidence as to the actions it has taken to implement any of the measures in sub-paragraph 5(l)(2) above.

      (3)                  Withdrawal of Rating of the Class A Notes.  In
          the event that the Class A Notes cease to be rated by S&P (the "Withdrawing Rating Agency"), as a result of a withdrawal of its rating or otherwise, the
          provisions of this Part 5(k) and (l) and relevant provisions in the Credit Support Annex to the extent they relate to the Withdrawing Rating Agency (such provisions, the "Withdrawn Downgrade Provisions") shall cease to apply and shall be deemed to be deleted as of the date of such withdrawal (such date the "Withdrawal
            Date"). If a Withdrawal Date occurs and Counterparty has posted any Eligible Credit Support in accordance with the provisions applicable to the Withdrawing Rating Agency contained in this Part 5(l) and the Credit Support Annex, such
          Eligible Credit Support shall be returned to Counterparty in accordance with the terms of the Credit Support Annex and Counterparty shall have no further obligations under the Credit Support Annex in connection with the Withdrawn Downgrade
          Provisions.

      
        
          	(m)	
                  Non-Recourse.  Notwithstanding anything to the contrary
                      contained herein, no recourse under any obligation, covenant or agreement of Party B contained in this Agreement shall be had against any shareholder, member, manager, officer, director, employee or agent of Party B, by the
                      enforcement of any assessment or by any legal proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is an obligation of Party B, and that no personal liability shall attach to
                      or be incurred by the shareholders, members, managers, officers, directors, employees or agents of Party B, as such, or any of them under or by reason of any of the obligations, covenants or agreements of Party B contained in this
                      Agreement or implied therefrom and that any and all personal liability of each such shareholder, member, manager, officer, director, employee or agent for breaches by Party B of any of such obligations, covenants or agreements, is
                      hereby expressly waived as a condition of and in consideration for the execution of this Agreement.

                

        

      

      
        40

        
          

      

      

      

      Party A hereby acknowledges and agrees that notwithstanding anything to the contrary contained herein, any
          obligation of Party B under this Agreement shall be payable solely to the extent that Available Funds are available therefor in accordance with the priority of payments set forth in the Indenture, provided that this limitation shall be without
          prejudice to Party A’s entitlement to funds or securities credited to the Collateral Account, to the extent  required to be returned to Party A pursuant to this Agreement or applicable law. The provisions of this Part 5(m) will survive
          termination of this Agreement.  Capitalized terms used herein and not otherwise defined herein shall have the meaning set forth in the Transfer and Servicing Agreement.

      
        
          	(n)	
                  Consent to Disclosure.  Party B consents to Party A effecting
                      such disclosure as Party A may deem appropriate to enable Party A to transfer Party B’s records and information to process and execute Party B’s instructions, or in pursuance of Party A’s or Party B’s commercial interest, to any of
                      its Affiliates. For the avoidance of doubt, Party B’s consent to disclosure includes the right on the part of Party A to allow access to any intended recipient of Party B’s information, to the records of Party A by any means.

                

        

      

      
        
          	(o)	
                  Amendments, Counterparts and Confirmations.  (i)
                      Notwithstanding the provisions of Section 9(b) and 9(e) of this Agreement, any amendment hereto confirmed by an exchange of electronic messages on an electronic messaging system shall be further evidenced by a written instrument
                      signed by authorized signatories of both parties hereto.

                

        

      

      
        
          	

                	(ii)	
                  Section 9(e)(ii) is hereby amended by inserting the following at the end thereof:

                

        

      

      “Each party has the right to request that originally executed Confirmations be exchanged within a reasonable
          period of time after transmission of Confirmation by an exchange of telexes, electronic messaging or facsimile, and such original copy of Confirmation may not be unreasonably withheld.

      
        
          	

                	(iii)	
                  For each Transaction hereunder, Party A shall promptly send to Party B a Confirmation.  Party B agrees to respond to such Confirmation within one Local Business Day,
                      either confirming agreement thereto or requesting correction of any error(s) contained therein.  Failure by Party B to respond within such time period shall not affect the enforceability or validity of such Transaction.  Absent
                      manifest error, there shall be a presumption that the terms contained in such Confirmation are the terms of the Transaction.  Notwithstanding Section 9(e)(ii), Confirmations may be executed and delivered in counterparts (including by
                      facsimile transmission), each of which will be deemed an original.

                

        

      

      
        
          	

                	(iv)	
                  Restrictions on Amendments.  Without the consent of the Counterparty, the Trust shall not enter into any amendment, modification or supplement to the Indenture that would materially adversely affect
                      (i) the Counterparty’s ability to enforce or protect its rights or remedies under this Agreement, (ii) the ability of the Trust to timely and fully perform its obligations under this Agreement or (iii) any of the Trust’s obligations
                      under this Agreement that relates to the Counterparty.  No amendment, modification, or waiver in respect of this Agreement will be effective unless (A) evidenced by a writing executed by each party hereto.  Prior to or simultaneous
                      with the execution of any such amendment, modification or supplement, the Rating Agency Condition shall be satisfied with respect to such amendment.

                

        

      

      
        
          	(p)	
                  USA PATRIOT Act Notice.  Party A hereby notifies Party B that
                      pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies Party B, which information

                

        

      

      
        41

        
          

      

      

      

      includes the name and address of Party B and other information that will allow Party A to identify Party B in
          accordance with the Act.

      
        
          	(q)	
                  Tax Documents.  Section 4(a)(iii) of this Agreement is
                      hereby amended by adding prior to the existing text: “upon the earlier of learning that any such form or document is required or”.

                

        

      

      
        
          	(r)	
                  [Reserved]

                

        

      

      
        
          	(s)	
                  ISDA 2018 U.S. Resolution Stay Protocol.   If, prior to the date of this
                      Agreement, both parties hereto have adhered to the ISDA 2018 U.S. Resolution Stay Protocol, as published by the International Swaps and Derivatives Association, Inc. as of July 31, 2018 (the “ISDA U.S. QFC Protocol”), the terms of the
                      ISDA U.S. QFC Protocol shall be incorporated into and form a part of this Agreement.  For purposes of incorporating the ISDA U.S. QFC Protocol,  each party shall be deemed to have the same status as “Regulated Entity” and/or Adhering
                      Party (as such terms are defined therein)  applicable to it under the ISDA U.S. QFC Protocol and this Agreement shall be deemed to be a “Protocol Covered Agreement” (as defined therein).

                

        

      

      
        
          	(t)	
                  Confirmation Procedures.  Each confirming document, acknowledgment or other
                      evidence intended by the parties to be effective for the purpose of confirming or evidencing a Transaction, whether created by delivery or exchange of written terms that match, or by making available written terms in a manner that
                      permits the recipient to review and/or accept the terms, or by delivery to an agent or service provider, or via electronic messaging system, electronic communication network, or web-based platform that confirms the matching of such
                      terms, shall constitute a “Confirmation” as referred to in this Agreement, provided that both parties agree in writing or by their course of conduct to use such method with respect to Transactions or certain types of
                      Transactions. Confirmations for Transactions are due under Rule 23.501 of the Commodity Futures Trading Commission (“CFTC”) within the applicable time frame specified in such rule, to the extent applicable.

                

        

      

      (u)            Definitions.

      (1)       “Indenture” means the Indenture, to be dated on or about June 12, 2019, between
          the Trust and U.S. Bank National Association, as indenture trustee.

      (2)       “Transfer and Servicing Agreement” means the Transfer and Servicing Agreement,
          to be dated on or about June 12, 2019, among the Trust, Verizon ABS LLC, as depositor, and Cellco Partnership d/b/a Verizon Wireless, as servicer, as marketing agent and as custodian.

      (3)        ISDA Definitions.  The definitions and provisions contained in the 2006 ISDA
          Definitions (as published by the International Swaps and Derivatives Association, Inc.), without regard to any revision or subsequent edition thereof, shall be incorporated into this Agreement and each Confirmation except as provided for thereof
          or in the Confirmation.  In the event of any inconsistency between the Definitions and the Agreement or any Confirmation, this Agreement or, as the case may be, such Confirmation, shall prevail.

      
        42

        
          

      

      

      

      (4)                  S&P Downgrade Definitions. For the purposes of Parts 1(m), 5(k) and 5(l)
          hereof, the following definitions apply:

      A.            “Collateral Remedy Period” means the period that commences on (and excludes) the
          date on which an Initial S&P Ratings Event or Subsequent S&P Ratings Event (as applicable) occurs and ends on (and includes) the later of (i) the 10th Business Day following the date on which such event occurs or (ii) if the Counterparty
          has, on or before the 10th Business Day following the date on which such event occurs, submitted a written proposal for collateral posting to S&P  and S&P has confirmed to the Counterparty that it will not take rating action as a result
          of such proposal, the 20th Business Day following the date on which such event occurs.

      B.            “Eligible Guarantee” means an unconditional and irrevocable guarantee of all
          present and future obligations (for the avoidance of doubt, including but not limited to payment obligations as well as obligations to post collateral) of the Counterparty or an Eligible Replacement to the Trust under this Agreement that is
          provided by an Eligible Guarantor as principal debtor rather than surety and is directly enforceable by the Trust, where (I) such guarantee provides that if a guaranteed obligation cannot be performed without an action being taken by the
          Counterparty, (II) (A), such guarantee provides that, in the event that any of such guarantor’s payments to the Trust are subject to deduction or withholding for tax, such guarantor is required to pay such additional amount as is necessary to
          ensure that the net amount actually received by the Trust (free and clear of any tax) will equal the full amount the Trust would have received had no such deduction or withholding been required or (B) in the event that any payment (the “Primary Payment”) under such guarantee is made net of deduction or withholding for tax, the Counterparty is required, under this Agreement,
          to make such additional payment (the “Additional Payment”) as is necessary to ensure that the net amount actually received by the Trust
          from the guarantor (free and clear of any tax) in respect of the Primary Payment and the Additional Payment will equal the full amount the Trust would have received had no such deduction or withholding been required (assuming that the guarantor
          will be required to make a payment under such guarantee in respect of the Additional Payment), and (III) the guarantor waives any right of set-off in respect of payments under such guarantee.  In addition, each guarantee proposed to become an
          Eligible Guarantee shall also satisfy the Rating Agency Condition prior to its becoming an Eligible Guarantee.

      C.            “Eligible Guarantor” means, an entity who is an S&P Eligible Replacement.

      D.           “Eligible Replacement” means an entity that can lawfully perform the obligations
          owing to the Trust under this Agreement and is an S&P Eligible Replacement or the obligation of which under this Agreement are guaranteed pursuant to an Eligible Guarantee by an S&P Eligible Replacement.

      E.             “Initial S&P Required Ratings” means, with respect to an entity, such
          entity’s resolution counterparty rating ("RCR"), or, if no such rating is published by S&P, such entity’s long-term issuer credit rating  is:

      
        
          	

                	(i)	
                  equal to or higher than the highest rated outstanding Class A Notes; or

                

        

      

      
        
          	

                	(ii)	
                  where Counterparty has elected S&P Strong Collateral Framework, “A-” or above; or

                

        

      

      
        43

        
          

      

      

      

      
        
          	

                	(iii)	
                  where Counterparty has elected S&P Adequate Collateral Framework, “BBB” or above (or if the Subsequent S&P Required Ratings is “BBB+”, such Subsequent S&P
                      Required Ratings); or

                

        

      

      
        
          	

                	(iv)	
                  where Counterparty has elected S&P Moderate Collateral Framework, “BBB” or above (or if the Subsequent S&P Required Ratings is “BBB+”, such Subsequent S&P
                      Required Ratings).

                

        

      

      F.            “Non-Collateral Remedy Period” means the period that commences on (and excludes)
          the date on which a Subsequent S&P Ratings Event occurs and ends on (and includes) the 90th calendar day following the date on which such event occurs.

      G.            “Permitted Transfer” means a transfer by novation by the Counterparty to a
          transferee (the “Transferee”) of all, but not less than all, of the Counterparty’s rights, liabilities, duties and obligations under
          this Agreement, with respect to which transfer each of the following conditions is satisfied:  (a) the Transferee is an Eligible Replacement that is a recognized dealer in interest rate swaps, (b) as of the date of such transfer neither the Trust
          nor the Transferee would be required to withhold or deduct on account of Tax from any payments under this Agreement, (c) an Event of Default or Termination Event would not occur as a result of such transfer, (d) the transfer would not give rise
          to a taxable event or any other adverse Tax consequences to the Trust or its interest holders, as determined by the Trust based upon consultation with tax counsel, (e) pursuant to a written instrument (the “Transfer Agreement”), the Transferee acquires and assumes all rights and obligations of the Counterparty under the Agreement and the relevant Transaction, (f) such
          Transfer Agreement is effective to transfer to the Transferee all, but not less than all, of the Counterparty’s rights and obligations under the Agreement and all relevant Transactions, (g) the Counterparty will be responsible for any costs or
          expenses incurred in connection with such transfer (including any replacement cost of entering into a replacement transaction), and (h) each of the Rating Agencies has been given prior written notice of such transfer and the Rating Agency
          Condition is satisfied.

      H.           “Rating Agency” means, with respect to any date of determination, S&P, to
          the extent that such rating agency is then rating any of the securities.

      I.            “Rating Agency Condition” means, for an action or request and with respect to a
          Rating Agency, that, according to the then-current policies of the relevant Rating Agency for that action or request, the Rating Agency has provided notice that the proposed action or request will not result in a downgrade or withdrawal of its
          then-current rating on any of the Class A Notes.

      J.            “Relevant Entities” or, individually, a “Relevant Entity”, means the Counterparty and any guarantor under an Eligible Guarantee in respect of all of the Counterparty’s present and future obligations under
          this Agreement.

      K.            “S&P” means S&P Global Ratings, a Standard & Poor’s Financial
          Services LLC business.

      L.        “S&P Collateral Option” means one of three options (referred to herein as S&P Strong Collateral Framework, S&P Adequate Collateral Framework and S&P Moderate Collateral Framework) to be elected pursuant to Part 6(1)(V) (S&P Collateral
          Options) which combine certain minimum eligible counterparty ratings, collateral amounts and

      
        44

        
          

      

      

      

      remedy periods specified in this Agreement to support the maximum potential rating of the Class A Notes.

      M.            “S&P Eligible Replacement” means either (a) an entity with Initial S&P Required Rating or (b) an entity with the Subsequent S&P Required Rating, provided that such entity complies with the provisions of Part 5(l)(1)(A) or Part 5(l)(1)(B)(ii) (“Initial S&P Ratings Event”) with respect to its own obligations under the Agreement.

      N.            “Subsequent S&P Required Ratings” means, with respect to an entity, such
          entity’s RCR, or, if no such rating is published by S&P, such entity’s long-term issuer credit rating is:

      
        
          	

                	(i)	
                  equal to or higher than the highest rated outstanding Class A Notes; or

                

        

      

      
        
          	

                	(ii)	
                  if the highest rated outstanding Class A Notes have a rating of “AAA(sf)”, “BBB+”

                

        

      

      or above; or

      
        
          	

                	(iii)	
                  if the highest rated outstanding Class A Notes have a rating of “AA(sf)”, “BBB” or above; or

                

        

      

      
        
          	

                	(iv)	
                  if the highest rated outstanding Class A Notes have a rating of “A+(sf)”, “BBB-” or above; or

                

        

      

      
        
          	

                	(v)	
                  if the highest rated outstanding Class A Notes have a rating of “A(sf)”, the RCR, or, if no such rating is published by S&P, such entity’s long-term issuer credit
                      rating equal to three notches below the rating of the highest rated outstanding Class A Notes or above.

                

        

      

      

      

      

      

      [Signature Page Follows]

      
        45

        
          

      

      IN WITNESS WHEREOF the parties have executed this Schedule on the respective dates specified below with effect from
          the date specified on the first page of this Agreement.

      	
              WELLS FARGO BANK, NATIONAL ASSOCIATION

            	 	
              VERIZON OWNER TRUST 2019-B

              By: Wilmington Trust, National Association,

              not in its individual capacity but solely as Owner Trustee of Verizon Owner Trust 2019-B

               

               

            
	
              By:  /s/ Joe Hunter                               

                    

            	 	
              By:  /s/ Clarice Wright                     

                    

            
	
               

                

              Name: Joe Hunter

            	 	
              

                  Name: Clarice Wright

               

                

            
	
              Title: Authorized Signatory

            	 	
              Title: Assistant Vice President

                  

                

            
	
              Date:  June 4, 2019

            	 	
              Date: June 4, 2019

            

      

      

      
        46

        
          

      

      

      

      Schedule I

      Verizon Affiliate

      Cellco Partnership

      Alltel Corporation

      Los Angeles SMSA Limited Partnership, a California Limited Partnership

      Chicago SMSA Limited Partnership

      New York SMSA Limited Partnership

      GTE Mobilnet of South Texas Limited Partnership

      GTE Mobilnet of California Limited Partnership

      Sacramento-Valley Limited Partnership

      Verizon Wireless of the East LP

      GTE Mobilnet of Indiana Limited Partnership

      Seattle SMSA Limited Partnership

      Pittsburgh SMSA Limited Partnership

      CommNet Cellular Inc.

      Fresno MSA Limited Partnership

      Gold Creek Cellular of Montana Limited Partnership

      Bell Atlantic Mobile Systems of Allentown, Inc.

      ALLTEL Communications of North Carolina Limited Partnership

      Verizon Wireless (VAW) LLC

      Omaha Cellular Telephone Company

      Rural Cellular Corporation

      Southwestco Wireless, Inc.

      AirTouch Cellular Inc.

      Allentown SMSA Limited Partnership

      Bell Atlantic Mobile of Asheville, Inc.

      GTE Mobilnet of Fort Wayne Limited Partnership

      GTE Wireless of the Midwest Incorporated

      Illinois RSA 6 and 7 Limited Partnership

      Northeast Pennsylvania SMSA Limited Partnership

      Orange County - Poughkeepsie Limited Partnership

      

      

      

      

      
        
          

      

      
        

        

        

        

        ISDA®

        International Swaps and Derivatives Association, Inc.

        CREDIT SUPPORT ANNEX

        to the Schedule to the

        2002 ISDA Master Agreement

        dated as of  June 4, 2019

        
          between

          

            

          dated as of

           
           

           
          	
                  Wells Fargo Bank, National Association

                  

                  ("Party A")

                    

                   

                	
                  and

                	
                  Verizon Owner Trust 2019-B

                  ("Party B")

                    

                

           
          

          

        

        This Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is part of
            its Schedule and is a Credit Support Document under this Agreement with respect to each party.

        Accordingly, the parties agree as follows:—

            

              Paragraph 1. Interpretation

         
        (a)            Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 12, and all
              references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will prevail.

         
        (b)            Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to either party when acting in that capacity and all corresponding references to the “Pledgor” will be to the other party when
            acting in that capacity; provided, however, that if Other Posted Support is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that
            Other Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.

         
        Paragraph 2. Security Interest

         
        Each party, as the Pledgor, hereby pledges to the other party, as the Secured
            Party, as security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder. Upon
            the Transfer by the Secured Party to the Pledgor of Posted Collateral, the security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to the extent possible, without any further action by either
            party.

         
        
          
            

        

        
        

           

         
        Paragraph 3. Credit Support Obligations

         
        (a)            Delivery Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount for
              that Valuation Date equals or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will Transfer to the Secured Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the applicable Delivery
              Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13,
              the “Delivery Amount” applicable to the Pledgor for any Valuation Date will equal the amount by which:

         
        (i) the Credit Support Amount

            

         
                  exceeds

         
                  (ii) the Value as of that Valuation Date of all Posted Credit Support held by the Secured
            Party.

         
        (b)            Return Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount for that
              Valuation Date equals or exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that demand having a Value as of the date of Transfer as close
              as practicable to the applicable Return Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount” applicable to the Secured Party for any Valuation Date will equal the amount by
              which:

         
        (i) the Value as of that Valuation Date of all Posted Credit Support held by the
            Secured Party exceeds

         
        (ii) the Credit Support Amount.

         
        “Credit Support Amount” means, unless otherwise specified in Paragraph 13, for any Valuation Date (i) the Secured Party’s Exposure for that Valuation Date plus (ii)
              the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured Party, if any, minus (iv) the Pledgor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields a number less than zero.

         
        Paragraph 4. Conditions Precedent, Transfer Timing, Calculations and Substitutions

         
        (a)            Conditions Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and of the
              Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions
              precedent that:

         
        (i) no Event of Default, Potential Event of Default or Specified Condition has
            occurred and is continuing with respect to the other party; and

         
        (ii) no Early Termination Date for which any unsatisfied payment obligations exist
            has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the other party.

         
        (b)            Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit
              Support is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the next Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be made
              not later than the close of business on the second Local Business Day thereafter.

         
        (c)            Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation Time.
              The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or in the case of Paragraph 6(d), following the date of calculation).

         
        

          

         
        
          2

          
            

        

        

           

         
        (d) Substitutions.

         
        (i) Unless otherwise specified in Paragraph 13, upon notice to the Secured Party specifying the items of Posted Credit Support to be exchanged, the Pledgor may, on any Local Business Day, Transfer to the Secured
              Party substitute Eligible Credit Support (the “Substitute Credit Support”); and

         
        (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted Credit Support specified by the Pledgor in its notice not later than the Local Business Day following the date on
              which the Secured Party receives the Substitute Credit Support, unless otherwise specified in Paragraph 13 (the “Substitution Date”); provided that the Secured Party will only be obligated to Transfer Posted Credit Support with a Value as of the date of Transfer of that Posted Credit Support equal to the
              Value as of that date of the Substitute Credit Support.

         
        Paragraph 5. Dispute Resolution

         
        If a party (a “Disputing Party”) disputes (I) the Valuation Agent’s
              calculation of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation
              Agent is not the other party) not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the
              case of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to
              the other party not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I)
              above or (Y) the date of Transfer in the case of (II) above, (3) the parties will consult with each other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the Resolution Time, then:

         
        (i) In the case of a dispute involving a Delivery
              Amount or Return Amount, unless otherwise specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by:

         
        (A) utilizing any calculations of Exposure for the Transactions (or Swap
            Transactions) that the parties have agreed are not in dispute;

         
        (B) calculating the Exposure for the Transactions (or Swap Transactions) in
            dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided
            that if four quotations are not available for a particular Transaction (or Swap Transaction), then fewer than four quotations may be used for that Transaction (or Swap Transaction); and if no quotations are available for a particular
            Transaction (or Swap Transaction), then the Valuation Agent’s original calculations will be used for that Transaction (or Swap Transaction); and

         
        (C) utilizing the procedures specified in Paragraph 13 for calculating the Value, if disputed, of Posted Credit Support.

         
        (ii) In the case of a dispute involving the Value
              of any Transfer of Eligible Credit Support or Posted Credit Support, the Valuation Agent will recalculate the Value as of the date of Transfer pursuant to Paragraph 13.

         
        Following a recalculation pursuant to this Paragraph, the Valuation
              Agent will notify each party (or the other party, if the Valuation Agent is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice
              by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraphs 4(a) and 4(b), make the appropriate Transfer.

         
        

          

         
        
          3

          
            

        

        

           

         
        Paragraph 6. Holding and Using Posted Collateral

         
        (a)            Care of Posted Collateral. Without
            limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party will exercise reasonable care to assure the safe custody of all Posted Collateral to the extent required by applicable law, and in any event the Secured Party will be
            deemed to have exercised reasonable care if it exercises at least the same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to
            Posted Collateral, including, without limitation, any duty to collect any Distributions, or enforce or preserve any rights pertaining thereto.

         
        (b)            Eligibility to Hold Posted Collateral;
              Custodians.

         
        (i) General. Subject to the satisfaction of any conditions specified in
              Paragraph 13 for holding Posted Collateral, the Secured Party will be entitled to hold Posted Collateral or to appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured Party. Upon notice
              by the Secured Party to the Pledgor of the appointment of a Custodian, the Pledgor’s obligations to make any Transfer will be discharged by making the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed
              to be the holding of that Posted Collateral by the Secured Party for which the Custodian is acting.

         
        (ii) Failure
              to Satisfy Conditions. If the Secured Party or its Custodian fails to satisfy any conditions for holding Posted Collateral, then upon a demand made by the Pledgor, the Secured
            Party will, not later than five Local Business Days after the demand, Transfer or cause its Custodian to Transfer all Posted Collateral held by it to a Custodian that satisfies those conditions or to the Secured Party if it satisfies those
            conditions.

         
        (iii) Liability. The Secured Party will be liable for the acts or omissions of its Custodian to the same extent that the Secured Party would be liable hereunder for its own acts or omissions.

         
        (c)            Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect
              to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207
              of the New York Uniform Commercial Code, have the right to:

         
        (i) sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise
            dispose of, or otherwise use in its business any Posted Collateral it holds, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor; and

         
        (ii) register any Posted Collateral in the name of the Secured Party, its
            Custodian or a nominee for either.

         
        For purposes of the obligation to Transfer Eligible Credit Support or
              Posted Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies
              authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral and to receive Distributions made thereon, regardless of whether the Secured Party has exercised any rights with respect to any Posted
              Collateral pursuant to (i) or (ii) above.

         
        (d)            Distributions and Interest Amount.

         
        (i) Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive
              Distributions on a Local Business Day, it will Transfer to the Pledgor not later than the following Local Business Day any Distributions it receives or is deemed to receive to the extent that a Delivery Amount would not be created or
              increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose).

         
        

          

         
        
          4

          
            

        

        (ii) Interest Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the
              Secured Party), the Secured Party will Transfer to the Pledgor at the times specified in Paragraph 13 the Interest Amount to the extent that a Delivery Amount would
              not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred pursuant to this
              Paragraph will constitute Posted Collateral in the form of Cash and will be subject to the security interest granted under Paragraph 2.

         
        Paragraph 7. Events of Default

         
        For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a
            party if:

         
        (i) that party fails (or fails to cause its Custodian) to make, when due, any
            Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable, required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to that party;

         
        (ii) that party fails to comply with any
              restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five Local Business
              Days after notice of that failure is given to that party; or

         
        (iii) that party fails to comply with or perform any agreement or obligation
            other than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of that failure is given to that party.

         
        Paragraph 8. Certain Rights and Remedies

         
        (a)  Secured Party’s Rights and Remedies. If
            at any time (1) an Event of Default or Specified Condition with respect to the Pledgor has occurred and is continuing or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition
            with respect to the Pledgor, then, unless the Pledgor has paid in full all of its Obligations that are then due, the Secured Party may exercise one or more of the following rights and remedies:

         
        (i) all rights and remedies available to a secured party under applicable law with
            respect to Posted Collateral held by the Secured Party;

         
        (ii) any other rights and remedies available to the Secured Party under the terms
            of Other Posted Support, if any;

         
        (iii) the right to Set-off any amounts payable by the Pledgor with respect to any
            Obligations against any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and

         
        (iv) the right to liquidate any Posted Collateral held by the Secured Party
            through one or more public or private sales or other dispositions with such notice, if any, as may be required under applicable law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of
            redemption by the Pledgor (with the Secured Party having the right to purchase any or all of the Posted Collateral to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral to any
            amounts payable by the Pledgor with respect to any Obligations in that order as the Secured Party may elect.

         
        Each party acknowledges and agrees that Posted Collateral in the form of securities may decline
            speedily in value and is of a type customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured Party, except any notice that is required under
            applicable law and cannot be waived.

         
        

          

         
        
          5

          
            

        

        (b)   Pledgor’s Rights and Remedies. If at any
            time an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to less than all
            Transactions (or Swap Transactions) where the Secured Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement):

         
        (i) the Pledgor may exercise all rights and remedies available to a pledgor under
            applicable law with respect to Posted Collateral held by the Secured Party;

         
        (ii) the Pledgor may exercise any other rights and remedies available to the
            Pledgor under the terms of Other Posted Support, if any;

         
        (iii) the Secured Party will be obligated immediately to Transfer all Posted
            Collateral and the Interest Amount to the Pledgor; and

         
        (iv) to the extent that Posted Collateral or the Interest Amount is not so
            Transferred pursuant to (iii) above, the Pledgor may:

         
        (A) Set-off any amounts payable by the Pledgor with respect to any Obligations
            against any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and

         
        (B) to the extent that the Pledgor does not Set-off under (iv)(A) above, withhold
            payment of any remaining amounts payable by the Pledgor with respect to any Obligations, up to the Value of any remaining Posted Collateral held by the Secured Party, until that Posted Collateral is Transferred to the Pledgor.

         
        (c)            Deficiencies and Excess Proceeds.
            The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support remaining after liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor with respect to any Obligations; the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off
              and/or application under Paragraphs 8(a) and 8(b).

         
        (d)            Final Returns. When no amounts are or
            thereafter may become payable by the Pledgor with respect to any Obligations (except for any potential liability under Section 2(d) of this Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the Interest
            Amount, if any.

         
        Paragraph 9. Representations

         
        Each party represents to the other party (which representations will be deemed to be repeated as of
            each date on which it, as the Pledgor, Transfers Eligible Collateral) that:

         
        (i) it has the power to grant a security interest in and lien on any Eligible
            Collateral it Transfers as the Pledgor and has taken all necessary actions to authorize the granting of that security interest and lien;

         
        (ii) it is the sole owner of or otherwise has the
              right to Transfer all Eligible Collateral it Transfers to the Secured Party hereunder, free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest and lien granted under Paragraph 2;

         
        (iii) upon the Transfer of any Eligible Collateral to the Secured Party under the
            terms of this Annex, the Secured Party will have a valid and perfected first priority security interest therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of
            the Pledgor involved in the Transfer of that Eligible Collateral gives the notices and takes the action required of it under applicable law for perfection of that interest); and

         
        (iv) the performance by it
              of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any Posted Collateral other than the security interest and lien granted under
              Paragraph 2.

         
        
          6

          
            

        

        

           

         
        Paragraph 10. Expenses

         
        (a)            General. Except as otherwise provided
            in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection
            herewith.

         
        (b)            Posted Credit Support. The Pledgor will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to Posted Credit Support held by the Secured Party upon becoming aware of the same, regardless of
              whether any portion of that Posted Credit Support is subsequently disposed of under Paragraph 6(c), except for those taxes, assessments and charges that result from
              the exercise of the Secured Party’s rights under Paragraph 6(c).

         
        (c)            Liquidation/Application of Posted
              Credit Support. All reasonable costs and expenses incurred by or on behalf of the Secured Party or the Pledgor in connection with the liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally by the
              parties.

         
        Paragraph 11. Miscellaneous

         
        (a)            Default Interest. A Secured Party that
            fails to make, when due, any Transfer of Posted Collateral or the Interest Amount will be obligated to pay the Pledgor (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the
            items of property that were required to be Transferred, from (and including) the date that Posted Collateral or Interest Amount was required to be Transferred to (but excluding) the date of Transfer of that Posted Collateral or Interest Amount.
            This interest will be calculated on the basis of daily compounding and the actual number of days elapsed.

         
        (b)         Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any other action that may be necessary or
              desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to enable that
              party to exercise or enforce its rights under this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or an Interest Amount.

         
        (c)            Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or lien that involves Posted Credit Support Transferred by the Pledgor or that could adversely affect the
              security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the Secured Party’s rights under Paragraph 6(c).

         
        (d)            Good Faith and Commercially Reasonable Manner. Performance

            of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner.

         
        (e)             Demands and Notices. All demands and notices made by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in Paragraph 13.

         
        (f)             Specifications of
              Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also may be specified in one or more
              Confirmations or other documents and this Annex will be construed accordingly.

         
         

            

         
        
          7

          
            

        

        Paragraph 12. Definitions

            As used in this Annex:—

         
        “Cash” means the lawful currency of the United States of America.

            

         
        “Credit Support Amount” has the meaning specified in Paragraph 3.

            

         
        “Custodian” has the meaning specified in Paragraphs 6(b)(i) and 13.

            

         
        “Delivery Amount” has the meaning specified in Paragraph 3(a).

            

         
        “Disputing Party” has the meaning specified in Paragraph 5.

         
        
              “Distributions” means with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions of cash or other property with respect thereto, regardless of whether
              the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon
              any disposition or liquidation of Posted Collateral or, with respect to any Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein.

         
        “Eligible
              Collateral” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13.

         
        “Eligible Credit Support” means

            Eligible Collateral and Other Eligible Support.

         
        “Exposure”
            means for any Valuation Date or other date for which Exposure is calculated and subject to Paragraph 5 in the case of a dispute,
              the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section
              6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions) were being terminated as of the relevant Valuation Time; provided that

              Market Quotation will be determined by the Valuation Agent using its estimates at mid-market of the amounts that would be paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”).

         
        “Independent
              Amount” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified,
              zero.

         
        “Interest
              Amount” means, with respect to an Interest Period, the aggregate sum of the amounts of interest calculated for each day in that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party
            on that day, determined by the Secured Party for each such day as follows:

         
        (x) the amount of that Cash on that day; multiplied by

         
        (y) the Interest Rate in effect for that day; divided by

         
        (z) 360.

         
        “Interest
              Period” means the period from (and including) the last Local Business Day on which an Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local Business Day on which Posted Collateral in the form
            of Cash was Transferred to or received by the Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount is to be Transferred.

         
        “Interest Rate” means the rate specified in Paragraph 13.

         
        “Local Business Day”,
            unless otherwise specified in Paragraph 13, has the meaning specified in the Definitions Section of this Agreement, except that
              references to a payment in clause (b) thereof will be deemed to include a Transfer under this Annex.

         
        
          8

          
            

        

        

           

         
        “Minimum Transfer Amount” means, with respect to a party, the amount specified as such for that party in Paragraph 13;
              if no amount is specified, zero.

         
        “Notification Time” has the meaning specified in Paragraph 13.

         
        “Obligations” means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations specified for that party in Paragraph 13.

         
        “Other Eligible Support” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13.

         
        “Other Posted Support” means all Other Eligible Support Transferred to the Secured Party that remains in effect for the benefit of that Secured Party.

         
        “Pledgor” means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit Support under Paragraph 3(a).

         
        “Posted Collateral” means all Eligible Collateral, other property, Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not
              Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by
              the Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash.

         
        “Posted Credit Support” means Posted Collateral and Other Posted Support.

         
        “Recalculation Date” means the Valuation Date that gives rise to the dispute under Paragraph 5;
              provided, however, that if a subsequent Valuation Date occurs under
              Paragraph 3 prior to the resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 3.

         
        “Resolution
              Time” has the meaning specified in Paragraph 13.

            

         
        “Return
              Amount” has the meaning specified in Paragraph 3(b).

         
        “Secured Party” means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support.

         
        “Specified Condition” means, with respect to a party, any event specified as such for that party in Paragraph 13.

         
        “Substitute Credit Support” has the meaning specified in Paragraph 4(d)(i).

         
        “Substitution Date” has the meaning specified in Paragraph 4(d)(ii).

         
        “Threshold” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount
              is specified, zero.

         
        “Transfer” means, with respect to any Eligible Credit Support, Posted Credit Support or Interest Amount, and in accordance with the instructions of the Secured Party, Pledgor or Custodian, as applicable:

         
        (i) in the case of Cash, payment or delivery by wire
            transfer into one or more bank accounts specified by the recipient;

         
        (ii) in the case of certificated securities that cannot be
            paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents
            necessary to constitute a legally valid transfer to the recipient;

         
        (iii) in the case of securities that can be paid or
            delivered by book-entry, the giving of written instructions to the relevant depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a
            legally effective transfer of the relevant interest to the recipient; and

         
        (iv) in the case of Other Eligible Support or Other
              Posted Support, as specified in Paragraph 13.

         
        
          9

          
            

        

        

           

         
        “Valuation
              Agent” has the meaning specified in Paragraph 13.

         
         

            

         
        “Valuation
              Date” means each date specified in or otherwise determined pursuant to Paragraph 13. “Valuation

              Percentage” means, for any item of Eligible Collateral, the percentage specified in Paragraph 13. “Valuation Time” has the meaning specified in Paragraph 13.

         
        “Value” means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the
              case of a dispute, with respect to:

         
        (i) Eligible Collateral or Posted Collateral that is:

         
        (A) Cash, the amount thereof; and

         
        (B) a security, the bid price obtained by the Valuation Agent
            multiplied by the applicable Valuation Percentage, if any;

         
        (ii) Posted Collateral that consists of items that are not specified as Eligible Collateral,
            zero; and

         
        (iii) Other Eligible Support and Other Posted Support, as
              specified in Paragraph 13.

         

        

       
      
        10

        
          

      

       
        Paragraph 13

         
        to the

         
        CREDIT SUPPORT ANNEX

        Dated as of June 4, 2019

        

        

        between

        

        

        Wells Fargo Bank, National Association

        (“Party A” or “Counterparty”)

        

        

        and

        

        

        Verizon Owner Trust 2019-B

        (“Party B” or “Trust”)

        

        

        To the Schedule to the 2002 ISDA Master Agreement between Party A and Party B, dated as of June 4, 2019 as the
            same may be amended and modified from time to time

        
          
            	 (a)	
                    (i)  Security Interest for “Obligations”.  The term “Obligations” as used in this Annex includes the following additional obligations.

                  

          

        

        With respect to Party A, not applicable.

        With respect to Party B, not applicable.

        (b)            Credit Support Obligations.

        (i)            Delivery Amount, Return Amount and Credit Support Amount.

        (A)

        “The Delivery

              Amount applicable to the Pledgor for any Valuation Date will equal the greatest of:

        (1) the amount by which the S&P Credit Support Amount exceeds the Value (determined
            using the S&P Valuation Percentages in Appendix A) of the Pledgor’s Posted Credit Support (adjusted to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in each case, has not yet been completed
            and for which the relevant Settlement Day falls on or after such Valuation Date); and

        (2) if, on any Valuation Date, the Delivery Amount equals or exceeds the Pledgor’s Minimum
            Transfer Amount, the Pledgor will transfer to the Secured Party sufficient Eligible Credit Support to ensure that, immediately following such transfer, the Delivery Amount shall be zero.

        With respect to the Trust, “Delivery Amount” shall have the meaning specified in Paragraph 3(a).

        
          
            	

                  	(B)	
                    “Return Amount” has the meaning specified in Paragraph 3(b), except that:

                  

          

        

        (i) the sentence beginning “Unless otherwise specified in Paragraph 13” shall be deleted in
            its entirety and replaced by the following:

        
          11

          
            

        

        

        

        “The Return

              Amount applicable to the Secured Party for any Valuation Date will equal the least of:

        (1) the amount by which the Value (determined using the S&P Valuation Percentages in
            Appendix A) of the Pledgor’s Posted Credit Support (adjusted to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in each case, has not yet been completed and for which the relevant Settlement Day
            falls on or after such Valuation Date) exceeds the S&P Credit Support Amount; and

        (2) in no event shall the Secured Party be required to transfer any Posted Credit Support
            under Paragraph 3(b) if, immediately following such transfer, the Delivery Amount would be greater than zero.

        In no event shall the Trust be required to transfer any Posted Credit Support under
            Paragraph 3(b) if, immediately following such transfer, the Return Amount would be greater than zero.

        
          
            	

                  	 (C)	
                    The term “Credit Support Amount” has the meaning specified in Paragraph 3, as amended by Paragraph 13; provided, however, that if a Ratings Collateral Trigger has occurred and is continuing, the
                        term “Credit Support Amount” shall have the meaning specified under the relevant definition of S&P Credit Support Amount, with the Credit Support Amount being calculated by reference to the S&P Credit Support Amount which
                        would result in the Counterparty transferring the greatest amount of Eligible Credit Support.  Under no circumstances will the Counterparty be required to transfer more Eligible Credit Support than the greatest amount calculated in
                        accordance with Paragraph 3 of this Credit Support Annex or S&P Credit Support Amount.

                  

          

        

        (ii)            Eligible Collateral.  The items listed on Appendix A will qualify as “Eligible Collateral” for Party A and the “S&P Valuation Percentages” shall have the meaning set out therein; provided that in relation to types of Eligible Credit Support not listed in
            Appendix A, the applicable Valuation Percentage shall be as agreed between Party A and Party B from time to time provided that S&P has confirmed in writing that such Valuation Percentage will not adversely affect the then current rating
            assigned to the Class A Notes by S&P.

        Notwithstanding the foregoing, the Valuation Percentage with respect to all Eligible Credit Support shall be
            deemed to be 100% with respect to a Valuation Date which is an Early Termination Date.

        
          
            	

                  	 (ii)	
                    Other Eligible Support.  The following items will qualify
                        as “Other Eligible Support” for the party specified:  None.

                  

          

        

        (iii)                          Thresholds.

        
          
            	

                  	(A)	
                    “Independent Amount” means with respect to Party A:  Not
                        applicable.

                  

          

        

        “Independent

              Amount” means with respect to Party B:  Not applicable.

        
          
            	

                  	(B)	
                    “Threshold” means, with respect to Counterparty:  The
                        S&P Threshold.

                  

          

        

        “S&P
              Threshold” means with respect to the Counterparty:

        (A) zero if (i) no Relevant Entity has the Initial S&P Required Rating and (ii) the Collateral Remedy
            Period has expired; and (B) at any other time, Infinity.

        “Threshold” means, with respect to the Trust: Infinity.

        
          12

          
            

        

        

        

        
          
            	

                  	(C)	
                    “Minimum Transfer Amount” means with respect to the
                        Counterparty and the Trust: $100,000; provided, however, that if an Event of
                        Default has occurred and is continuing with respect to the such party or an Additional Termination Event has occurred in respect of which such party is the Affected Party, the Minimum Transfer Amount with respect to such party shall
                        be zero.

                  

          

        

        
          
            	

                  	(D)	
                    Rounding.  The Delivery Amount and the Return Amount will be rounded up and down respectively to the nearest integral multiple of $10,000.

                  

          

        

        
          
            	

                  	(E)	
                    “Exposure” has the meaning specified in Paragraph 12,
                        except that (1) after the word “Agreement” the words “(assuming, for this purpose only, that Part 5(v) (Close-Out Calculations) of the
                        Schedule is deleted)” shall be inserted and (2) at the end of the definition of “Exposure”, the words “without assuming that the terms of such Replacement Transactions are materially less beneficial for the Secured Party than the
                        terms of this Agreement” shall be added.

                  

          

        

        (c)            Valuation and Timing.

        
          
            	

                  	(i)	
                    “Valuation Agent” means:  Party A; provided, however, if an Event of Default has occurred and is continuing
                        with respect to Party A, at the request of Party B, the Valuation Agent shall be an independent leading dealer selected by agreement between the parties within one Business Day of Party B’s request to appoint a substitute Valuation
                        Agent who will act as substitute Valuation Agent for so long as such Event of Default is continuing.  If the parties are unable to agree on a substitute Valuation Agent, each of the parties shall select an independent dealer in
                        derivatives who, together, will agree on a third party leading, independent dealer in derivatives to act as substitute Valuation Agent.  All determinations by the Valuation Agent and any substitute Valuation Agent shall be made in
                        good faith and in a commercially reasonable manner.   The fees and expenses of the substitute Valuation Agent shall be met by Party A. Notwithstanding anything to the contrary set forth in this Annex, the Valuation Agent shall not
                        be required to notify Party B of any of the Valuation Agent’s calculations of Value, Exposure, Delivery Amount or Return Amount under this Annex unless requested in writing to do so by Party B, in each instance, with respect to a
                        Valuation Date for which the Threshold for Party A is zero.

                  

          

        

        
          
            	

                  	(ii)	
                    “Valuation Date” means each Local Business Day on which the Threshold applicable to Party A is zero or a
                        positive Return Amount exists.

                  

          

        

        
          
            	

                  	(iii)	
                    “Valuation Time” means the close of business in the city of the Valuation Agent on the Local Business Day
                        preceding the Valuation Date or date of calculation, as applicable; provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date.

                  

          

        

        
          
            	

                  	(iv)	
                    “Notification Time” means 1:00 p.m., New York time, on a Local Business Day.

                  

          

        

        
          
            	

                  	(v)	
                    Paragraph (i)(B) of the definition of “Value” shall be deleted in its entirety and replaced with the following: “(i)(B) a security, the bid price obtained by the
                        Valuation Agent (or, if the Valuation Agent is a Defaulting Party and the Secured Party has, by way of written notice to the Valuation Agent, nominated another entity to calculate the Value of securities, such entity) multiplied by
                        the applicable Valuation Percentage, if any; and”.

                  

          

        

        
          
            	 (d)	
                    Conditions Precedent and Secured Party's Rights and Remedies.  For

                        purposes of Paragraph 8, each Termination Event will be a “Specified Condition” for that party if the other party has designated an Early

                  

          

        

        
          13

          
            

        

        

        

        Termination Date in connection with the Termination Event.  For all other purposes of this Annex, each
            Termination Event specified below with respect to a party will be a “Specified Condition” for that party:

        	 	 	
                Party A

              	
                Party B

              
	 	
                Illegality

              	
                [  ]

              	
                [  ]

              
	 	
                Tax Event

              	
                [  ]

              	
                [  ]

              
	 	
                Tax Event Upon Merger

              	
                [  ]

              	
                [  ]

              
	 	
                Credit Event Upon Merger

              	
                [  ]

              	
                [  ]

              
	 	
                The Additional Termination Events specified in Part 1(m) of the Schedule to this Agreement.

              	
                [X]

              	
                [  ]

              
	 	
                The Additional Termination Event specified in Part 1(n) of the Schedule to this Agreement.

              	
                [  ]

              	
                [X]

              
	 	 	 	 

        
          
            	(e)	
                    Substitution.

                  

          

        

        (i)                    “Substitution Date” has the meaning specified in Paragraph 4(d)(ii).

        
          
            	

                  	(ii)	
                    Consent.  If specified here as applicable, then the Pledgor must obtain the Secured Party's consent for any substitution pursuant to Paragraph 4(d):  Inapplicable

                  

          

        

        
          
            	(f)	
                    Dispute Resolution.

                  

          

        

        
          
            	

                  	(i)	
                    “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which the
                        notice is given that gives rise to a dispute under Paragraph 5.

                  

          

        

        
          
            	

                  	(i)	
                    Value.  For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date the Value of Posted Credit Support or of any transfer of Eligible Credit Support or Posted Credit Support, as the case may be, will
                        be calculated as follows:

                  

          

        

        
          
            	

                  	(A)	
                    with respect to any Eligible Credit Support or Posted Credit Support comprising securities (“Securities”) the sum of (a)(x) the last bid price on such date for such
                        Securities on the principal national securities exchange on which such Securities are listed, multiplied by the applicable Valuation Percentage; or (y) where any Securities are not listed on a national securities exchange, the bid
                        price for such Securities quoted as at the close of business on such date by any principal market maker (which will not be and will be independent from the Valuation Agent) for such Securities chosen by the Valuation Agent,
                        multiplied by the applicable Valuation Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices
                        were available, multiplied by the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such Securities (except to the extent that such interest will have been paid to the Pledgor pursuant to Paragraph
                        6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date, multiplied by the applicable Valuation Percentage; and

                  

          

        

        
          
            	

                  	(B)	
                    with respect to any Cash, the amount thereof in U.S. dollars multiplied by the applicable Valuation Percentage.

                  

          

        

        
          
            	

                  	(iii)	
                    Alternative.  The provisions of Paragraph 5 will apply, except to the following extent:

                  

          

        

        (A) pending the resolution of a dispute, Transfer of the undisputed Value of Eligible Credit Support or Posted
            Credit Support involved in the relevant demand will be due as provided in Paragraph 5 if the demand is given by the Notification Time, but will be due on the second Local Business Day after the demand if the demand is given after the
            Notification Time;

        
          14

          
            

        

        

        

        (B) the Disputing Party need not comply with the provisions of Paragraph 5(ii)(2) if the amount to be
            Transferred does not exceed the Disputing Party’s Minimum Transfer Amount; and

        (C) the terms of Paragraph 5(i)(B) are amended in their entirety as follows: “(B) calculating the Exposure for
            the Transactions in dispute by seeking four actual quotations at mid-market from third parties for purposes of calculating the relevant Close-out Amount, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available
            for a particular Transaction, the parties will appoint a mutually acceptable leading dealer in the relevant market to make such calculation and such expense will be shared equally by the parties”.

        In relation to the foregoing, the Counterparty will, upon request from a Rating Agency, demonstrate to that
            Rating Agency, the calculation by the Counterparty of the Credit Support Amount and the Value of any Posted Collateral and shall provide notice of the same to the Trust.

        
          
            	(g)	
                    Holding and Using Posted Collateral.

                  

          

        

        
          
            	

                  	(i)	
                    Eligibility to Hold Posted Collateral; Custodians.  Notwithstanding anything to the contrary in Paragraph 6(b), any Posted Collateral shall be held by the Custodian in the Collateral Account (as
                        hereinafter defined).

                  

          

        

        For the purposes hereof, the Custodian shall be: U.S. Bank National Association, Wilmington Trust, National
            Association, or a trust company or a bank or depository institution organized under the laws of the United States or any State or any United States branch or agency of a foreign bank or depository institution that (i) is not affiliated with
            Party A, (ii) is subject to supervision and examination by federal or State banking authorities, (iii) has a short-term deposit rating of “A-1+” from S&P, if rated by S&P, (iv) if the institution holds any Bank Accounts, has a long-term
            unsecured debt rating or issuer rating of at least “A” from S&P, if rated by S&P, (v) it is a financial institution located in the United States having total assets of at least $10,000,000,000, and (vi) if the institution is organized
            under the laws of the United States, whose deposits are insured by the Federal Deposit Insurance Corporation.  In the event that the Custodian no longer satisfies the criteria set forth in clauses (i) through (vi) above, Party A and Party B
            shall use their reasonable best efforts to cause any Posted Collateral to be moved to another financial institution satisfying the conditions of clauses (i) through (vi) above within 60 calendar days.

        (ii)            Use of Posted Collateral.  The provisions of Paragraph 6(c) will not apply to Party B, provided, that if Party A delivers Posted Collateral in book-entry form then such Posted Collateral may be registered in the name of the
            Custodian or its nominee.

        (h)            Distributions and Interest Amount.

        
          
            	

                  	(i)	
                    Interest Rate.  The “Interest Rate” will be the actual rate earned on Posted Collateral in the form of Cash that is held by the Custodian.

                  

          

        

        
          
            	

                  	 (ii)	
                    Transfer of Interest Amount.  The Transfer of the Interest Amount will be made no later than on the first Local Business Day of each calendar month and on any Local Business Day that Posted
                        Collateral in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b); provided that the Trust shall not be obligated to transfer any Interest Amount unless and until it has earned and received the related Interest
                        Amount.

                  

          

        

        
          
            	

                  	(iii)	
                    Alternative to Interest Amount.  The provisions of Paragraph 6(d)(ii) will apply; provided, however, notwithstanding any other provision in this Agreement to the contrary, any Interest Amount
                        shall be transferred regardless of whether a Delivery Amount would be created or increased by that Transfer, and thus such Interest Amount shall not constitute Posted Collateral and will not be subject to the security interest
                        granted under Paragraph 2, nor shall it be subject to the rounding provisions of Paragraph 13(b)(iv)(D).

                  

          

        

        
          15

          
            

        

        

        

        
          
            	

                  	(iv)	
                    “Interest Amount” means, with respect to an Interest
                        Period, any amount of interest received (net of any deduction or withholding for or on account of any tax) by the Secured Party during such Interest Period on the principal amount of the portion of the Posted Credit Support
                        comprised of Cash.

                  

          

        

        
          
            	

                  	(v)	
                    “Distributions” means, with respect to any Eligible Credit
                        Support comprised in the Posted Credit Support consisting of securities, all principal, interest and other payments and distributions of cash or other property received (net of any deduction or withholding for or on account of any
                        tax) by the Secured Party from time to time.

                  

          

        

        
          
            	

                  	(vi)	
                    “Distribution Date” means, with respect to any Eligible
                        Credit Support comprised in the Posted Credit Support other than cash, each date on which the Secured Party receives Distributions or, if that date is not a Valuation Date, the next following Valuation Date.

                  

          

        

        
          
            	

                  	(vii)	
                    Transfer of Distributions.  The Secured Party shall only be obliged to transfer Distributions under Paragraph 6(d)(i) if the Valuation Agent has confirmed in writing that no Delivery Amount would
                        be created or increased by the transfer (and the date of calculation will be deemed a Valuation Date for this purpose).

                  

          

        

        (i)                      Other Eligible Support and Other Posted Support.

        (i)                        “Value” with respect to Other Eligible Support and Other Posted Support means: Inapplicable

        
          
            	

                  	(ii)	
                    “Transfer” with respect to Other Eligible Support and Other Posted Support means: Inapplicable

                  

          

        

        
          
            	(j)	
                    Demands and Notices.  All demands, specifications and
                        notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:

                  

          

        

        Party A:                                                                            WELLS FARGO BANK, NATIONAL ASSOCIATION

        301 S. College St. 7th Floor

        Coll Mgmt – MAC-D1053-070

        Charlotte, NC 28202

        Attention: Collateral Management

        Fax:      (704) 410-8515

        Phone:  (704) 410-8888

        Email: collateral.mgmt@wellsfargo.com

        

        

        Party B:                                                                            As per the ISDA Schedule

        One Verizon Way

        VC53S-441

        Basking Ridge, New Jersey 07920

        Attention:  Vice President and Treasurer

        Fax:  908-630-2613

        (k)            Addresses for Transfers.

        Party A:  To be provided by Party A under separate cover.

        Party B:  To be provided by Party B under separate cover.

         (l)            Other Provisions.

        
          
            	

                  	(i)	
                    Collateral Account.  In the event that the Threshold applicable to Party A has been reduced to zero, Party A shall open and maintain a segregated account with the Custodian, titled as an
                        account of Party A as depositor and entitlement holder (such segregated account the “Collateral Account”).  The Collateral
                        Account shall be subject to a tri-party account control agreement to be entered into

                  

          

        

        
          16

          
            

        

        

        

        among Party A, Party B, and the Custodian (the “Control Agreement”). The Control Agreement shall provide, among other customary matters, that (x) Party A shall be entitled to originate entitlement orders and instructions, and receive interest
            and distributions, with respect to the Collateral Account so long as Party B has not delivered a notice to the Custodian and Party A to the effect that Party B shall have exclusive control over the Collateral Account, (y) following delivery of
            such notice of exclusive control the Custodian shall comply with instructions and entitlement orders originated by Party B without further consent by Party A, and (z) the Control Agreement shall terminate on the fifth business day following
            delivery of a notice from Party A to the Custodian and Party B that Party A has designated an Early Termination Date in respect of all Transactions for the reason that Party B is the Defaulting Party or the sole Affected Party with respect to a
            Termination Event, unless such notice is contested by Party B within such period of five business days. Party B agrees that it shall not assert exclusive control over, or originate entitlement orders or instructions for the disposition of funds
            with respect to, the Collateral Account unless the conditions for the exercise of its rights and remedies pursuant to Paragraph 8(a) are met and such assertion of exclusive control or origination of instructions or entitlement orders is for the
            purpose of exercising such rights and remedies.

        Upon the written request of either Party A or Party B at any time after the execution of this
            Credit Support Annex, Party A and Party B shall use their reasonable best efforts to negotiate and enter into a Control Agreement with the Custodian that satisfies the criteria described in this Paragraph 13(l)(i) and otherwise is reasonably
            acceptable to Party A and Party B.

        
          
            	

                  	(ii)	
                    Modification to Paragraph 6(d)(i) – Distributions:  Paragraph 6(d)(i) shall be amended so that the phrase “or is deemed to receive” is hereby deleted.

                  

          

        

        
          
            	

                  	(iii)	
                    Modification to Paragraph 7 – Events of Default:  Clause
                        (i) of Paragraph 7 will not apply to Party A as Pledgor and will apply to Party B as Secured Party solely in respect of Party B’s obligations under Paragraphs 3(b), 6(d) and 8(d) of the Credit Support Annex.

                  

          

        

        
          
            	

                  	(iv)	
                    Calculations.  Paragraph 4(c) shall be amended by inserting
                        the words “and S&P Credit Support Amount” after the world “Value”.

                  

          

        

        
          
            	

                  	(viii)	
                    Additions to Paragraph 12 – Additional Definitions:  Terms
                        used herein and not defined herein shall have the meanings ascribed to such terms in the Schedule.  The following definitions of, “Ratings

                          Criteria”, “Ratings Collateral Trigger”, “Treasury Securities”, and “Volatility Buffer” shall be added to Paragraph
                        12 of this Annex:

                  

          

        

        “Ratings
              Criteria” means, the criteria used by S&P (“S&P Criteria”) for the purposes of determining the amount of Eligible
            Credit Support the Counterparty is required to transfer hereunder following a Ratings Collateral Trigger.

        S&P Criteria

        “S&P
              Credit Support Amount” shall mean:  (A) if the S&P Threshold for Party A for such Valuation Date is zero and (i) an Initial S&P Rating Event or a Subsequent S&P Rating Event has occurred and is continuing and (ii) either
            such Initial S&P Rating Event or such Subsequent S&P Rating Event was continuing when this Credit Support Annex was executed or 10 or more Business Days have elapsed since the S&P Threshold was infinity, an amount equal to the
            greater of (i) zero and (ii) the aggregate of each applicable Volatility Buffer plus the Secured Party's Exposure (if it is a positive number) minus the Pledgor's Exposure (if it is a positive number); or (B) if the S&P Threshold for Party
            A is infinity, zero.

        “Ratings
              Collateral Trigger” means the occurrence with respect to the Counterparty of an Initial S&P Ratings Event or a Subsequent S&P Ratings Event.

        
          17

          
            

        

        

        

        “Treasury
              Securities” means U.S. Dollar-denominated senior debt securities of the United States of America issued by the U.S. Treasury Department and backed by the full faith and credit of the United States of America.

        “Volatility
              Buffer” means (i) if S&P Strong Collateral Framework or S&P Adequate Collateral Framework applies, the sum of the amounts calculated in respect of each Transaction under the Agreement, equal to the product of (i) the relevant
            percentage specified in the table below corresponding to the swap tenor by reference to the weighted average life (in years) of each Transaction calculated assuming a prepayment speed of 0.0% or such other stressed low prepayment rate as
            indicated in the relevant S&P Criteria for the hedged asset or liability and (ii) the Transaction Notional Amount for the Calculation Period which includes such Valuation Date and (ii) if S&P Moderate Collateral Framework applies, zero.

        

        

        	
                Remaining weighted-average life of swap*

              	
                Volatility Buffer in respect of the Notional Amount if:

              
	
                S&P Strong Collateral Framework applies

              	
                S&P Adequate Collateral Framework applies

              
	
                interest rate swap:  fixed-floating

              	
                interest rate swap:  fixed-floating

              
	 	 	 
	
                [0;1]

              	
                2.0

              	
                1.0

              
	
                (1;2]

              	
                4.0

              	
                2.0

              
	
                (2;3]

              	
                6.0

              	
                2.5

              
	
                (3;5]

              	
                8.5

              	
                3.5

              
	
                (5;7]

              	
                10.0

              	
                4.0

              
	
                (7;10]

              	
                12.0

              	
                5.0

              
	
                (10;15]

              	
                14.0

              	
                6.0

              
	
                (15;20]

              	
                14.5

              	
                6.5

              
	
                Greater than 20

              	
                15.0

              	
                7.0

              

        * The symbol “(“ denotes exclusion of the first data point in the range, and the symbol “]” denotes the inclusion of the last data point in the range.

        
          
            	

                  	(ix)	
                    Notwithstanding any other provision in this Agreement to the contrary, no full or partial failure to exercise and no delay in exercising, on the part of the
                        Counterparty or the Trust, any right, remedy, power or privilege permitted hereunder shall operate in any way as a waiver thereof by such party, including without limitation any failure to exercise or any delay in exercising to any
                        or to the full extent of such party’s rights with respect to transfer timing pursuant to Paragraph 4(b), regardless of the frequency of such failure or delay.

                  

          

        

        
          
            	

                  	(x)	
                    In all cases, in order to facilitate calculation of the Delivery Amount and the Return Amount for a particular Valuation Date in accordance with Paragraph 3 of this
                        Annex:

                  

          

        

        Eligible Collateral;

        Exposure; and

        Posted Collateral

        
          18

          
            

        

        

        

        shall each be expressed in US Dollars.  If any of these items are expressed in a currency other than US Dollars,
            then they shall be converted into US Dollar amounts at the spot exchange rate determined by the Valuation Agent on that Valuation Date.

        
          
            	(m)	
                    Agreement as to Single Secured Party and Pledgor.  The
                        Counterparty and the Trust agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph 1(b) or Paragraph 2 or the definitions of Paragraph 12, (a) the term “Secured Party” as used in this Annex shall
                        mean only the Trust, (b) the term “Pledgor” as used in this Annex shall mean only the Counterparty, and (c) only the Counterparty makes the pledge and grant in Paragraph 2, the acknowledgement in the final sentence of Paragraph 8(a)
                        and the representations in Paragraph 9.

                  

          

        

        
          
            	(n)	
                    Covenants of the Pledgor.  So long as the Agreement is in
                        effect, the Counterparty covenants that it will keep the Posted Collateral free from all security interests or other encumbrances created by the Counterparty, except the security interest created hereunder, any security interests or
                        other encumbrances created by the Trust and any security interests in favor of Custodian or the relevant clearing system; and subject to the foregoing it will not sell, transfer, assign, deliver or otherwise dispose of, or grant any
                        option with respect to any Posted Collateral or any interest therein, or create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any
                        Posted Collateral or any interest therein, without the prior written consent of the Trust.

                  

          

        

        
          
            	(o)	
                    Costs of Transfer and Collateral Account.  Notwithstanding
                        Paragraph 10, (i) Party A will be responsible for, and will reimburse Party B for all transfer taxes and other costs involved in the transfer of Eligible Credit Support either from the Pledgor to the Secured Party or from the
                        Secured Party to the Pledgor hereunder and (ii) for all costs associated with the establishment and maintenance of the Collateral Account.

                  

          

        

        
          
            	(p)	
                    Cumulative Rights.  The rights, powers and remedies of the
                        Secured Party under this Annex shall be in addition to all rights, powers and remedies given to the Secured Party by the Agreement or by virtue of any statute or rule of law, all of which rights, powers and remedies shall be
                        cumulative and may be exercised successively or concurrently without impairing the rights of the Secured Party in the Posted Collateral created pursuant to this Annex.

                  

          

        

        
          
            	(r)	
                    Swap Transactions. References throughout this Annex to
                        “Swap Transactions” are deleted.

                  

          

        

        

        

        [Signature Page Follows]

        
          19

          
            

        

        

        

        IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect
            from the date specified on the first page of this document.

        	
                WELLS FARGO BANK, NATIONAL ASSOCIATION

              	
                VERIZON OWNER TRUST 2019-B

                By: Wilmington Trust, National Association,

                    not in its individual capacity but solely as Owner Trustee of Verizon Owner Trust 2019-B

              
	
                 

                 

                By: /s/ Joe Hunter                                   

                    Name: Joe Hunter

                    Title: Authorized Signatory

                Date: June 4, 2019

                 

              	
                 

                 

                By: /s/ Clarice Wright                             

                    Name: Clarice Wright

                    Title: Assistant Vice President

                Date: June 4, 2019

              

        

        

        
          20

          
            

        

        Appendix A

        

        

        S&P Eligible Credit Support and S&P Valuation Percentages

        

        

        

        

        “Eligible Credit Support” means:

        

        

        
          
            	(a)	
                    cash in the Base Currency or in an Eligible Currency (other than the Base Currency); or

                  

          

        

        
          
            	(b)	
                    bonds denominated in the Base Currency or an Eligible Currency (other than the Base Currency) that are either (i) coupon-bearing or (ii) zero-coupon bonds that mature
                        within one year) issued by the following sovereigns provided that the applicable local currency sovereign ratings remain
                        at least as high as 'A': Australia; Austria; Belgium;
                        Canada; Denmark; Finland; France; Germany; Hong Kong; Japan; Netherlands; Norway; Singapore; South Korea; Sweden; Switzerland; U.K.; and the U.S. (such bonds as permitted under (b)
                          above being “S&P Eligible Bonds”).

                  

          

        

        
          

          

        

        
          For purposes of the foregoing:

           

            

        

        
          “Base Currency” means US Dollars (“USD”).

          

          

        

        
          “Eligible Currency” means the Base Currency and
              each other currency specified here: Sterling (“GBP”) and Euro (“EUR”).

        

        S&P VALUATION PERCENTAGES

        

        

        “S&P Valuation Percentages”
            mean:

        

        

        
          
            	(a)	
                    with respect to a Valuation Date and cash:

                  

          

        

        	 	
                Item

              	
                S&P Valuation Percentage

                     

              
	 	 	
                S&P Strong

                    Collateral

                    Framework

              	
                S&P Adequate

                    Collateral

                    Framework

              	
                S&P Moderate

                    Collateral

                    Framework

              
	 	
                1. Cash in the Base Currency

              	
                100

              	
                100

              	
                100

              
	 	
                2. Cash in EUR

              	
                80

              	
                92

              	
                92

              
	 	
                3. Cash in GBP

              	
                80

              	
                92

              	
                92

              

        

        

        
          
            	(b)	
                    with respect to a Valuation Date and S&P Eligible Bonds:

                  

          

        

        The following Valuation Percentages apply if the S&P Eligible Bonds are denominated in USD. If the S&P Eligible Bonds are
            denominated in GBP or EUR each percentage set out below shall be deemed to be equal to such percentage minus 20% (if the S&P Strong Collateral Framework applies) or 8% (if the S&P Adequate Collateral Framework applies or the S&P
            Moderate Collateral Framework applies).

        

        

        
          21

          
            

        

        

        

        	 	
                Remaining term to maturity (years)*

              	
                S&P Eligible Bonds

                    (%)

              	
                Covered bonds which are (i) coupon bearing,

                    (ii) eligible as level one high quality liquid

                    assets under the Counterparty’s national liquidity

                    coverage ratio regulation, (iii) rated at least as

                    high as “AA-” by S&P and (iv) not issued by

                    the Counterparty or an Affiliate of the Counterparty

                    (%)

              

        

        

        
          22

          
            

        

        	 	
                S&P Strong

                    Collateral

                    Framework

              	
                S&P Adequate Collateral Framework

              	
                S&P Moderate Collateral Framework

              	
                S&P Strong

                    Collateral

                    Framework

              	
                S&P Adequate Collateral Framework

              	
                S&P Moderate Collateral Framework

              
	
                [0; 1]

              	
                92.0

              	
                95.0

              	
                99.5

              	
                88.0

              	
                92.5

              	
                99.0

              
	
                (1; 3]

              	
                90.0

              	
                95.0

              	
                98.0

              	
                85.0

              	
                92.5

              	
                96.0

              
	
                (3; 5]

              	
                88.0

              	
                93.0

              	
                98.0

              	
                82.0

              	
                89.5

              	
                96.0

              
	
                (5; 7]

              	
                86.0

              	
                93.0

              	
                96.0

              	
                79.0

              	
                89.5

              	
                92.0

              
	
                (7; 10]

              	
                82.0

              	
                92.0

              	
                96.0

              	
                73.0

              	
                88.0

              	
                92.0

              
	
                (10; 15]

              	
                81.0

              	
                92.0

              	
                95.5

              	
                71.5

              	
                88.0

              	
                91.0

              
	
                (15; 20]

              	
                80.0

              	
                91.0

              	
                95.0

              	
                70.0

              	
                86.5

              	
                90.0

              
	
                >20

              	
                79.0

              	
                90.0

              	
                94.5

              	
                68.5

              	
                85.0

              	
                89.0

              

        

        

        * The symbol “(“ denotes exclusion of the first data point in the range, and the symbol “]” denotes the inclusion of the last data
            point in the range.

        

        

        

        

        

        

        

        

      

    

  

  

  23

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