Document:

Exhibit 10.4

  

  
    
      
        

    

    

    

    

    

    FORM OF TRANSFER AND SERVICING AGREEMENT

    among

    VERIZON MASTER TRUST,

      as Trust,

    VERIZON ABS II LLC,

      as Depositor

    and

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

      as Servicer, Marketing Agent and Custodian

    Dated as of May 25, 2021

    

    

    

    

    
      

    
      
        

    

    
    
      
        TABLE OF CONTENTS

      

    

    

    

    

    

    	
            ARTICLE I USAGE AND DEFINITIONS

             	
            1

          
	
            Section 1.1

             

            

          	
            Usage and Definitions

          	
            1

          
	
            ARTICLE II TRANSFER AND ACQUISITION OF DEPOSITOR TRANSFERRED PROPERTY;  REPRESENTATIONS AND WARRANTIES

             	
            1

          
	
            Section 2.1

          	
            Transfers of Depositor Transferred Property.

          	
            1

          
	
            Section 2.2

          	
            Acknowledgement of Further Assignments

          	
            3

          
	
            Section 2.3

          	
            Savings Clause

          	
            3

          
	
            Section 2.4

          	
            Representations and Warranties About Depositor Transferred Property.

          	
            3

          
	
            Section 2.5

          	
            Originators’ Reacquisition and Servicer’s Acquisition of Receivables for Breach of Representations.

          	
            6

          
	
            Section 2.6

          	
            Originators’ Reacquisition or Servicer’s Acquisition of Bankruptcy Surrendered Receivables.

          	
            7

          
	
            Section 2.7

          	
            Servicer Representations and Warranties About Re-Designated Receivables; Acquisition Upon Breach.

             

              

          	
            7

          
	
            ARTICLE III SERVICING OF RECEIVABLES

             	
            9

          
	
            Section 3.1

          	
            Engagement

          	
            9

          
	
            Section 3.2

          	
            Servicing of Receivables.

          	
            9

          
	
            Section 3.3

          	
            Servicer’s Acquisition of Receivables.

          	
            11

          
	
            Section 3.4

          	
            Sale of Written-Off Receivables

          	
            12

          
	
            Section 3.5

          	
            Servicer Reports and Compliance Statements.

          	
            13

          
	
            Section 3.6

          	
            Review of Servicer’s Records

          	
            14

          
	
            Section 3.7

          	
            Servicer’s Authorized and Responsible Persons

          	
            14

          
	
            Section 3.8

          	
            Servicer’s Fees

          	
            14

          
	
            Section 3.9

          	
            Servicer’s Expenses

          	
            15

          
	
            Section 3.10

          	
            Custodian.

          	
            15

          
	
            Section 3.11

          	
            Marketing Agent.

          	
            16

          
	
            Section 3.12

          	
            Termination of Upgrade Programs; Credits Related to Upgrade Programs.

          	
            17

          
	
            Section 3.13

          	
            Notices to Obligors

             

              

          	
            18

          
	
            ARTICLE IV ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS

             	
            18

          
	
            Section 4.1

          	
            Trust Accounts.

          	
            18

          
	
            Section 4.2

          	
            Investment of Funds in Trust Accounts.

          	
            19

          
	
            Section 4.3

          	
            Deposits and Payments.

          	
            20

          
	
            Section 4.4

          	
            [Reserved].

          	
            23

          
	
            Section 4.5

          	
            Direction to Master Collateral Agent for Distributions

             

              

          	
            23

          
	
            ARTICLE V DEPOSITOR

             	
            23

          
	
            Section 5.1

          	
            Depositor’s Representations and Warranties

          	
            23

          
	
            Section 5.2

          	
            Liability of Depositor.

          	
            24

          
	
            Section 5.3

          	
            Merger, Consolidation, Succession or Assignment

          	
            25

          
	
            Section 5.4

          	
            Depositor May Own Credit Extensions

          	
            25

          
	
            Section 5.5

          	
            Depositor’s Authorized and Responsible Persons

          	
            25

          
	
            Section 5.6

          	
            Company Existence.

          	
            26

          
	
            Section 5.7

          	
            No Division

             

              

          	
            26

          
	
            ARTICLE VI SERVICER AND MARKETING AGENT

             	
            26

          
	
            Section 6.1

          	
            Servicer’s and Marketing Agent’s Representations and Warranties

          	
            26

          

    

    

    
      i

      
        

    

    	
            Section 6.2

          	
            Liability of Servicer and Marketing Agent.

          	
            29

          
	
            Section 6.3

          	
            Indemnities of Servicer and the Marketing Agent.

          	
            30

          
	
            Section 6.4

          	
            Delegation and Contracting

          	
            32

          
	
            Section 6.5

          	
            Servicer May Own Credit Extensions

          	
            32

          
	
            Section 6.6

          	
            Annual Statement as to Compliance

          	
            32

          
	
            Section 6.7

          	
            Assessment of Compliance and Accountants’ Attestation.

             

              

          	
            32

          
	
            ARTICLE VII SERVICER RESIGNATION AND TERMINATION; SUCCESSOR SERVICER

             	
            33

          
	
            Section 7.1

          	
            No Resignation

          	
            33

          
	
            Section 7.2

          	
            Servicer Termination Events.

          	
            34

          
	
            Section 7.3

          	
            Continue to Perform

          	
            35

          
	
            Section 7.4

          	
            Successor Servicer.

          	
            36

          
	
            Section 7.5

          	
            Transition of Servicing.

          	
            37

          
	
            Section 7.6

          	
            Merger, Consolidation, Succession or Assignment

             

              

          	
            38

          
	
            ARTICLE VIII TERMINATION

             	
            38

          
	
            Section 8.1

          	
            Termination

             

              

          	
            38

          
	
            ARTICLE IX OTHER AGREEMENTS

             	
            38

          
	
            Section 9.1

          	
            Financing Statements.

          	
            38

          
	
            Section 9.2

          	
            No Transfer or Lien by Depositor

          	
            39

          
	
            Section 9.3

          	
            Expenses

          	
            39

          
	
            Section 9.4

          	
            Receivables Information.

          	
            39

          
	
            Section 9.5

          	
            No Petition

          	
            40

          
	
            Section 9.6

          	
            Limited Recourse

          	
            40

          
	
            Section 9.7

          	
            Limitation of Liability.

          	
            40

          
	
            Section 9.8

          	
            Tax Treatment of Credit Extensions

             

              

          	
            40

          
	
            ARTICLE X MISCELLANEOUS

             	
            40

          
	
            Section 10.1

          	
            Amendments.

          	
            40

          
	
            Section 10.2

          	
            Assignment; Benefit of Agreement; Third-Party Beneficiary.

          	
            42

          
	
            Section 10.3

          	
            Notices.

          	
            42

          
	
            Section 10.4

          	
            Agent for Service.

          	
            43

          
	
            Section 10.5

          	
            GOVERNING LAW

          	
            43

          
	
            Section 10.6

          	
            Submission to Jurisdiction

          	
            44

          
	
            Section 10.7

          	
            WAIVER OF JURY TRIAL

          	
            44

          
	
            Section 10.8

          	
            No Waiver; Remedies

          	
            44

          
	
            Section 10.9

          	
            Severability

          	
            44

          
	
            Section 10.10

          	
            Headings

          	
            44

          
	
            Section 10.11

          	
            Counterparts

          	
            44

          
	
            Section 10.12

          	
            Electronic Signatures.

          	
            44

          
	
            Section 10.13

          	
            Intent of the Parties; Reasonableness

             

              

          	
            44

          
	
            ARTICLE XI ASSET REPRESENTATIONS REVIEW; DISPUTE RESOLUTION

             	
            45

          
	
            Section 11.1

          	
            Asset Representations Review.

          	
            45

          
	
            Section 11.2

          	
            Dispute Resolution.

          	
            46

          
	 	 	 
	
            Schedule A

          	
            Notice Addresses

          	
            SB-1

          
	
            Exhibit A

          	
            Custodian’s Security Requirements

          	
            EB-1

          
	
            Exhibit B

          	
            Form of Annual Certification

          	
            EC-1

          

    
      ii

      
        

    

    THIS TRANSFER AND SERVICING AGREEMENT, dated as of May 25, 2021 (this “Agreement”), is among VERIZON MASTER TRUST, a Delaware statutory
      trust (the “Trust”), VERIZON ABS II LLC, a Delaware limited liability company, as depositor (the “Depositor”), and Cellco Partnership d/b/a Verizon Wireless, a Delaware general partnership (“Cellco”), as servicer (in such
      capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”).

    BACKGROUND

    In the normal course of their businesses, Cellco and the other Originators originate device payment plan agreements for various wireless devices.

    In connection with certain financing transactions sponsored by Cellco in which the Trust will make borrowings under Loans or issue Notes, in each
      case secured by a pool of Receivables designated to the related Group of which the applicable Series is a part, any of the Originators may from time to time transfer Receivables and related property to the Depositor, who will transfer them to the
      Trust for designation to a Group as Group Receivables.  The Trust will engage the Servicer to service the Receivables.

    The parties agree as follows:

    ARTICLE I

      USAGE AND DEFINITIONS

    Section 1.1     Usage and Definitions.  Capitalized terms used in this Agreement and not otherwise defined herein are defined in Appendix
      A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among Verizon Master Trust, as Trust, Cellco Partnership d/b/a Verizon Wireless, as Servicer, U.S. Bank National Association, as Master Collateral Agent, and the
      Creditor Representatives from time to time party thereto (the “Master Collateral Agreement”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

    ARTICLE II

      TRANSFER AND ACQUISITION OF DEPOSITOR TRANSFERRED PROPERTY;

      REPRESENTATIONS AND WARRANTIES

    Section 2.1     Transfers of Depositor Transferred Property.

    (a)            Transfers and Absolute Assignments of Receivables.  Subject to the satisfaction of the conditions in Section 2.1(c), effective on each Acquisition Date, in consideration of the Trust’s distribution to the Depositor of the
        (i) Receivables Cash Transfer Amount for the Receivables  to be transferred to the Trust on that Acquisition Date and (ii) an increase in the Class B Certificate Principal Balance in an amount equal to the excess, if any, of the Receivables
        Transfer Amount over the Receivables Cash Transfer Amount for such Receivables, the Depositor will transfer and absolutely assign to the Trust, without recourse (other than the Depositor’s obligations under this Agreement), all of the Depositor’s
        right, title and interest, whether then owned or later acquired, in the applicable Receivables and the other related Depositor Transferred Property.

    
      
        

    

    
    

    

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

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

    (i)            Acquisition Notice.  On each Payment Date, the Administrator shall deliver to the Depositor, the Trust, the Master Collateral Agent and each related Group Creditor Representative an Acquisition Notice
        for the Receivables transferred and absolutely assigned on each Acquisition Date that occurred during the Collection Period related to such Payment Date, which will (x) specify the Receivables Transfer Amount and (y) include a report setting forth
        (I) the Group to which such Receivables were designated, (II) the applicable Group Pool Balance, (III) the Required Pool Balance for the Group to which such Receivables were designated and (IV) the Excess Concentration Amount and Ineligible Amount,
        in each case, for each Series of the Group to which such Receivables were designated and for which Credit Extensions are Outstanding as of the related Acquisition Date, in each case after giving effect to the acquisition of Receivables on such
        Acquisition Date and the designation of such Receivables as Group Receivables for each such Group and calculated as of the related Measurement Date; and

    (ii)            Depositor’s Certifications.  The Depositor certifies that:

    	

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

          

    	

          	(B)	
            each of the representations and warranties made by the Depositor under Sections 2.4(a) and 2.4(b) (in each case, solely with respect to the related Receivables) will be true and correct as of the
              Acquisition Date; and

          

    	

          	(C)	
            all conditions to the transfer and assignment of the related Receivables (1) by the Originators to the Depositor under Section 2.1(c) of the Originator Receivables Transfer Agreement and (2) by any
              Additional Transferor to the Depositor under Section 2.1(c) of the related Additional Transferor Receivables Transfer Agreement, if any, in each case, have been satisfied.

          

    
      2

      
        

    

    

    

    (iii)            Solvent.  The Trust is Solvent as of the Acquisition Date and before giving effect to such transfer and assignment.

    (iv)            Default.  After giving effect to such transfer and assignment and the payment of the related Receivables Cash Transfer Amount, (x) no Event of Default, Potential Default, Servicer Termination Event,
        Potential Servicer Termination Event or Pool Balance Deficit has occurred and is continuing, or resulted therefrom, in each case with respect to the Group to which such Receivables are designated and (y) no Amortization Event or Potential
        Amortization Event has occurred and is continuing, or resulted therefrom, in each case with respect to the related Group Series and, for clauses (x) and (y) determined based on calculations as of the related Measurement Date.

    The delivery on a Payment Date by the Administrator, on behalf of the Depositor, of the Acquisition Notice will be considered a certification by
      the Depositor that the conditions set forth in this Section 2.1(c) have been satisfied on the Acquisition Date.

    Section 2.2     Acknowledgement of Further Assignments.  The Depositor acknowledges that, under the Master Collateral Agreement, the Trust
      will assign and pledge the Depositor Transferred Property and related property and rights to the Master Collateral Agent for the benefit of the Secured Parties.

    Section 2.3     Savings Clause.  The Depositor and the Trust intend that each transfer and assignment under this Agreement be an absolute
      transfer and assignment of the Depositor Transferred Property, conveying good title to the Depositor Transferred Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the Trust.  The Depositor and the Trust intend
      that the Depositor Transferred Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor.  If, despite the intent of the Depositor and the Trust, a transfer and assignment of Depositor Transferred
      Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer and assignment, the Depositor Grants to the Trust a security interest in the Depositor’s right, title and interest in the
      Depositor Transferred Property to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Credit Extensions, all amounts payable as Servicing Fees under
      this Agreement and all other amounts payable by the Trust under the Transaction Documents and the other Series Related Documents.  In that case, this Agreement will be a security agreement under Law and the Trust will have the rights and remedies of
      a secured party and creditor under the UCC.

    Section 2.4     Representations and Warranties About Depositor Transferred Property.

    (a)            Representations and Warranties About Receivables.  The Depositor makes the following representations and warranties about the Receivables on which the Trust is relying in acquiring the Depositor Transferred Property.  The
        representations and warranties with respect to each Receivable are made as of the related Acquisition Date and will survive the transfer and absolute assignment of the Depositor Transferred Property by the Depositor to the Trust under this
        Agreement and the pledge of the Depositor Transferred Property by the Trust to the Master Collateral Agent under the Master Collateral Agreement.

    
      3

      
        

    

    

    

    (i)            Valid Transfer and Assignment.  This Agreement evidences a valid transfer and absolute assignment of the Depositor Transferred Property from the Depositor to the Trust, enforceable against creditors
        of, purchasers from and transferees and absolute assignees of the Depositor.

    (ii)            Good Title to Depositor Transferred Property.  Immediately before the transfer and absolute assignment under this Agreement, the Depositor has good title to the Depositor Transferred Property free and
        clear of any Lien, other than Permitted Liens, and, immediately after the transfer and absolute assignment under this Agreement, the Trust will have good title to the Depositor Transferred Property, free and clear of any Lien, other than Permitted
        Liens.

    (iii)            Security Interest in Depositor Transferred Property.

    	

          	(A)	
            This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Depositor Transferred Property in favor of the Trust, which is prior to any Lien, other than
              Permitted Liens, and is enforceable against all creditors of, purchasers from and transferees and absolute assignees of the Depositor.

          

    	

          	(B)	
            All filings (including UCC filings) necessary in any jurisdiction to give the Depositor a first priority, validly perfected ownership and security interest in the Originator Transferred Property and
              the Additional Transferor Transferred Property, if any, to give the Trust a first priority, validly perfected ownership and security interest in the Depositor Transferred Property and to give the Master Collateral Agent a first priority
              perfected security interest in the Collateral, will be made as set forth in Section 2.4(b)(iv) of this Agreement.

          

    	

          	(C)	
            All financing statements filed or to be filed against the Depositor in favor of the Trust describing the Depositor Transferred Property transferred under this Agreement will contain a statement to
              the following effect:  “A purchase, absolute assignment or transfer of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Assignee.”

          

    	

          	(D)	
            The Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of collateral covering any Depositor Transferred Property
              other than the financing statements relating to the security interest Granted to the Depositor under the Originator Receivables Transfer Agreement or any Additional Transferor Receivables Transfer Agreement, by the Depositor to the Trust
              under this Agreement or by the Trust to the Master Collateral Agent under the Master Collateral Agreement, or that has been terminated.

          

    
      4

      
        

    

    

    

    (b)            Representations and Warranties About Security Interest.  If the transfer and absolute assignment of the Depositor Transferred Property under this Agreement is determined to be a pledge relating to a financing or is
        determined not to be a transfer and absolute assignment, the Depositor makes the following representations and warranties on which the Trust is relying in acquiring the Depositor Transferred Property, which representations and warranties are made
        as of the related Acquisition Date, will survive termination of this Agreement and may not be waived by the Trust or the Master Collateral Agent:

    (i)            Valid Security Interest.  This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Depositor Transferred Property in favor of the Trust, which is prior
        to all other Liens, other than Permitted Liens, and is enforceable against creditors of, purchasers from and transferees and absolute assignees of the Depositor.

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

    (iii)          Good Title.  Immediately before the transfer and absolute assignment under this Agreement, the Depositor owns and has good title to the Depositor Transferred Property free and clear of all Liens, other
        than Permitted Liens.  The Depositor has received all consents and approvals required by the terms of the Depositor Transferred Property to Grant to the Trust its right, title and interest in the Depositor Transferred Property, except to the extent
        the requirement for consent or approval is extinguished under the applicable UCC.

    (iv)           Filing Financing Statements.  The Depositor has caused, or will cause within ten (10) days after the date of this Agreement (or, solely to the extent any additional filing is necessary as determined by
        the Depositor, the related Acquisition Date), the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable Law to perfect the security interest Granted in the Depositor Transferred
        Property to the Trust under this Agreement.  All financing statements filed or to be filed against the Depositor in favor of the Trust under this Agreement describing the Depositor Transferred Property will contain a statement to the following
        effect:  “A purchase, absolute assignment or transfer of or grant of a security interest in any collateral described in this financing statement will violate the rights of the Secured Parties.”

    (v)            No Other Transfer, Grant or Financing Statement.  Other than the security interest Granted to the Trust under this Agreement, the Depositor has not transferred or Granted a security interest in any of
        the Depositor Transferred Property.  The Depositor is not aware of any judgment or tax Lien filings against it.

    
      5

      
        

    

    

    

    Section 2.5     Originators’ Reacquisition and Servicer’s Acquisition of Receivables for Breach of Representations.

    (a)            Representations and Warranties from Receivables Transfer Agreements and Transfer and Servicing Agreement.  Each Originator and the Servicer severally will make, as of each Acquisition Date, the Group Eligibility
        Representation with respect to a Group for the Receivables being transferred and absolutely assigned by such Originator or any Additional Transferor, respectively, on that date, and designated to that Group and such Originator or the Servicer, as
        applicable, has consented to the transfer by the Depositor to the Trust of the Depositor’s rights to such Group Eligibility Representation.  The Trust is relying on each applicable Originator’s or the Servicer’s Group Eligibility Representation, as
        applicable, in acquiring the Receivables and designating such Receivables as Group Receivables, which Group Eligibility Representation will survive the transfer and absolute assignment of the Receivables by the Depositor to the Trust under this
        Agreement and the pledge of the Receivables to the Master Collateral Agent under the Master Collateral Agreement.

    (b)            Reacquisition and Acquisition.  Under Section 2.1(a), the Depositor has transferred and absolutely assigned to the Trust the Depositor’s rights under the Originator Receivables Transfer Agreement and each Additional
        Transferor Receivables Transfer Agreement, including the right to require (i) an Originator to reacquire any Receivables transferred and absolutely assigned by it under the Originator Receivables Transfer Agreement or (ii) the Servicer to acquire
        any Receivables transferred and absolutely assigned by an Additional Transferor under the related Additional Transferor Receivables Transfer Agreement, if any, in each case, if there is a breach of such Originator’s or the Servicer’s Group
        Eligibility Representation, as applicable, such breach is not cured in all material respects and such breach results in a material adverse effect on the Credit Extensions related to the Group to which such Receivables have been designated.  If any
        Originator or the Servicer breaches the Group Eligibility Representation made by it with respect to any Group Receivable transferred by such Originator or any Additional Transferor, respectively, to the Depositor and such breach is not cured and
        such breach has a material adverse effect on the Credit Extensions related to the Group to which such Receivables have been designated, then the Depositor will enforce such Originator’s or the Servicer’s obligation, as applicable, to reacquire or
        acquire, respectively, any such Receivable transferred and absolutely assigned by such Originator or the related Additional Transferor, as applicable, to the Depositor for which the Group Eligibility Representation was breached pursuant to Section
        3.4 of the Originator Receivables Transfer Agreement or Section 3.4 of the related Additional Transferor Receivables Transfer Agreement, as applicable.

    (c)            Reacquisition or Acquisition Sole Remedy.  The sole remedy of the Depositor, the Trust or the Master Collateral Agent for a breach of any Originator’s or the Servicer’s Group Eligibility Representation, as applicable,
        made in Section 3.3 of the Originator Receivables Transfer Agreement, Section 3.3 of any Additional Transferor Receivables Transfer Agreement or Section 2.7 of this Agreement, as applicable, is to require the related Originator or the Servicer, as
        applicable, to reacquire or acquire, respectively, the Receivable under Section 3.4 of the Originator Receivables Transfer Agreement, Section 3.4 of the related Additional Transferor Receivables Transfer Agreement or Section 2.7 of this Agreement,
        as applicable.

    
      6

      
        

    

    

    

    Section 2.6     Originators’ Reacquisition or Servicer’s Acquisition of Bankruptcy Surrendered Receivables.

    (a)            Reacquisition or Acquisition.  Under Section 2.1(a), the Depositor has transferred and absolutely assigned to the Trust the Depositor’s rights under the Originator Receivables Transfer Agreement and each Additional
        Transferor Receivables Transfer Agreement, including the right to require (i) an Originator to reacquire any Receivables transferred and absolutely assigned by it under the Originator Receivables Transfer Agreement or (ii) the Servicer to acquire
        any Receivable transferred and absolutely assigned by an Additional Transferor under the related Additional Transferor Receivables Transfer Agreement, in each case, when such Receivable becomes a Bankruptcy Surrendered Receivable.  If any
        Receivable becomes a Bankruptcy Surrendered Receivable, the Depositor will enforce such Originator’s or the Servicer’s obligation, as applicable, to reacquire or acquire, respectively, any such Receivable transferred and absolutely assigned by such
        Originator or the related Additional Transferor, if any, as applicable, to the Depositor pursuant to Section 4.6 of the Originator Receivables Transfer Agreement or Section 3.5 of the related Additional Transferor Receivables Transfer Agreement.

    (b)            Reacquisition or Acquisition Sole Remedy.  If a Receivable becomes a Bankruptcy Surrendered Receivable, the sole remedy of the Depositor, the Trust or Master Collateral Agent is to require the related Originator or the
        Servicer, as applicable, to reacquire or acquire, respectively, the Bankruptcy Surrendered Receivable under Section 4.6 of the Originator Receivables Transfer Agreement or Section 3.5 of the related Additional Transferor Receivables Transfer
        Agreement.

    Section 2.7     Servicer Representations and Warranties About Re-Designated Receivables; Acquisition Upon Breach.

    (a)            Servicer Representations and Warranties About Group Receivables.  With respect to any Re-Designated Receivable, the Servicer represents and warrants that such Re-Designated Receivable is a Group Eligible Receivable with
        respect to the Group to which such Receivable is to be re-designated in accordance with the Master Collateral Agreement.  Such Group Eligibility Representation is made as of the Re-Designation Date for the related Receivables.  Such representation
        and warranty is made as of the Re-Designation Date for the related Receivables.  Any inaccuracy in the Group Eligibility Representation will be deemed not to constitute a breach of the Group Eligibility Representation if such inaccuracy does not
        affect the ability of the Trust to receive and retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan agreement and does not have a material adverse effect on
        the Credit Extensions related to the Group to which such Receivables have been re-designated. The Trust is relying on the Servicer’s Group Eligibility Representation in re-designating a Receivable from one Group to a different Group.

    (b)            Investigation of Breach.  If a Responsible Person of the Servicer receives written notice from the Depositor, the Administrator, any Creditor Representative or the Master Collateral Agent that the applicable Group
        Eligibility Representation for a Re-Designated Receivable was breached when made, then, in each case, the Servicer will investigate the Receivable to confirm the breach and determine if the breach has a material adverse effect on the

    
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    Credit Extensions related to the Group to which such Receivables have been re-designated.  The Servicer will have the option to cure such breach.  For the avoidance
      of doubt, the Master Collateral Agent shall have no obligation to give the notice set forth in the first sentence of this Section 2.7(b) unless a Responsible Person of the Master Collateral Agent has actual knowledge of such breach or has received
      written notice identifying the specific Receivable or Receivables for which the Group Eligibility Representation was breached.  None of the Depositor, the Owner Trustee, the Master Collateral Agent, the Parent Support Provider, the Marketing Agent or
      the Administrator will have an obligation to investigate whether a breach of the Group Eligibility Representation for a Re-Designated Receivable has occurred or whether any Receivable is required to be acquired under this Section 2.7.

    (c)            Acquisition of Receivables; Payment of Reconveyance Amount.  If the Servicer chooses to cure a breach of the Group Eligibility Representation that has a material adverse effect on the Credit Extensions related to the
        Group to which such Receivables have been re-designated, such breach must be cured by the Servicer by the end of the second month following the month a Responsible Person of the Servicer received written notice of the breach as set forth above.  If
        such breach (i) is not cured and (ii) had a material adverse effect on the Credit Extensions related to the Group to which such Receivables have been re-designated, then the Servicer must acquire any such Receivable re-designated to the related
        Group on a Re-Designation Date for which the Group Eligibility Representation was breached on or before the Business Day before the Payment Date following the end of the second month referenced in the first sentence hereof (or, with satisfaction of
        the Rating Agency Condition, if applicable, on such Payment Date) by remitting the Reconveyance Amount for the related Receivables to the Collection Account on or prior to such date.

    (d)            Transfer and Assignment of Reconveyed Receivable.  For any acquisition of a Receivable by the Servicer under this Section 2.7, the Trust will be deemed to have transferred and absolutely assigned to the Servicer,
        effective as of the Reconveyance Date, all of the Trust’s right, title and interest in such Receivable and all security and documents relating to such Receivable, and the Servicer will be entitled to all collections on or proceeds of the Reconveyed
        Receivable on and after the related Reconveyance Cutoff Date.  The transfer and absolute assignment will not require any action by the Depositor or the Trust and will be without recourse, representation or warranty by the Depositor or the Trust,
        except that such Receivable is free of any Liens, other than Permitted Liens.  After the transfer and absolute assignment, the Servicer will mark its receivables systems to indicate that the Reconveyed Receivable is no longer a Receivable and may
        take any action necessary or advisable to transfer and absolutely assign the Reconveyed Receivable, free from any Lien of the Depositor, the Trust or the Master Collateral Agent.

    (e)            Acquisition Sole Remedy.  The sole remedy against the Servicer for a breach of the Servicer’s Group Eligibility Representation as of a Re-Designation Date is to require the Servicer to acquire the related Receivables
        under this Section 2.7.  The Trust will enforce the Servicer’s acquisition obligation under this Section 2.7.  For the avoidance of doubt, nothing contained in this Section 2.7(e) shall limit any remedy of the Trust against the Parent Support
        Provider contained in the Parent Support Agreement.

    
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    ARTICLE III

      SERVICING OF RECEIVABLES

    Section 3.1     Engagement.  The Trust engages Cellco as the Servicer of the Receivables for the Trust and the Master Collateral Agent for the benefit of the
      Secured Parties, and Cellco accepts this engagement.

    Section 3.2     Servicing of Receivables.

    (a)            General
          Servicing Obligations.  The Servicer will manage, service, administer and collect on the Receivables with reasonable care using that degree of skill and attention that the Servicer exercises for all comparable device payment plan agreement
        receivables that it services for itself or others according to the applicable Servicing Procedures.  Without limiting the generality of the foregoing, the Servicer’s obligations will include:

    (i)            collecting and applying all payments made on, or credits applied to, the Receivables and any other amounts received related to the Depositor Transferred Property;

    (ii)            investigating delinquencies;

    (iii)            sending invoices and notices and responding to inquiries of Obligors;

    (iv)            processing requests for extensions, modifications and adjustments;

    (v)             administering payoffs, prepayments, defaults and delinquencies;

    (vi)            maintaining accurate and complete accounts and receivables systems for servicing the Receivables;

    (vii)          preparing and providing Monthly Investor Reports and any other periodic reports required to be prepared by the Servicer under this Agreement, any other Transaction Document or any other Series Related Document; and

    (viii)        providing to the Custodian copies, or access to, any documents that modify or supplement information in the Receivable Files.

    (b)            Collection
          of Payments; Extensions and Amendments.  The Servicer shall take, or cause to be taken, all actions necessary or advisable to collect each Receivable in accordance with this Agreement and the applicable Servicing Procedures using commercially
        reasonable care and diligence and in any event, with no less care or diligence than the Servicer exercises in collecting other similar receivables or obligations owed to it and its Affiliates.  All payments remitted by an Obligor to the Servicer in
        respect of a Receivable, any release of a security deposit, and any application of a Credit granted to a customer by Verizon Wireless (other than applications of payments and credits granted to an Obligor under a Receivable in respect of
        cancellations, prepayments, invoicing errors or in connection with an Upgrade Offer as described under Section 3.12(b)) will be applied to the related account by the Servicer based on invoice aging, so that such amounts are applied to the oldest
        invoiced balances first, then the second

    
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    oldest invoiced balances, etc., and finally to current billing amounts, in each case, in the order described below:

    	

          	•	
            late fees;

          

    	

          	•	
            service and all other charges, including, but not limited to, insurance premium payments and purchases (including for accessories) billed to the account, other than amounts due under any device
              payment plan agreement, including any Receivable; and

          

    	

          	•	
            any amounts related to any device payment plan agreements, including Receivables, which, in the case of multiple device payment plan agreements related to a single account, will be applied in the
              order in which such device payment plan agreements were originated with the most recent device payment plan agreement being paid last.

          

    Notwithstanding anything to the contrary in any other Transaction Document, the process for application of payments remitted by an Obligor to the Servicer in respect of a Receivable,
      releases of security deposits, and applications of Credits granted to an Obligor under a Receivable by Verizon Wireless (other than those credits granted to an Obligor under a Receivable in respect of an Upgrade Offer as described under Section
      3.12(b)) described in the bullet points above may be changed at any time in the sole discretion of the Servicer, as long as any change in such application of any such amounts applicable to the Receivables (i) is also applicable to any device payment
      plan agreements that the Servicer services for itself and others and (ii) so long as Cellco is the Servicer, does not have a material adverse effect on the Creditors.  In addition, the Servicer may waive late payment charges or other fees that may be
      collected in the ordinary course of servicing a Receivable.  The Servicer may grant extensions, refunds, rebates or adjustments on any Receivable or amend any Receivable according to the applicable Servicing Procedures.  However, if the Servicer (i)
      cancels a Receivable or reduces or waives (including with respect to any Upgrade Offer) the remaining Principal Balance under a Receivable or any portion thereof and/or as a result, the monthly payments due thereunder, (ii) modifies, supplements,
      amends or revises a Receivable to grant the Obligor under such Receivable a contractual right to upgrade the related Device or (iii) grants payment extensions resulting in the final payment date of a Receivable being later than the Collection Period
      immediately preceding the Final Maturity Date for the latest maturing Credit Extension of the related Group, it will acquire the affected Receivable solely as described under Section 3.3, unless it is required to take the action by Law.  In addition,
      if the Marketing Agent or the Servicer (x) applies a payment or grants a credit to an Obligor with respect to cancellations, prepayments or invoicing errors, the Servicer may apply such credits either directly to the applicable device payment plan
      agreement or in accordance with its customary payment application procedures set forth above and (y) applies a payment or grants a credit to an Obligor under a Receivable in connection with an Upgrade Offer as set forth in Section 3.12(b), the
      Servicer will apply such credits directly to the applicable device payment plan agreement and will not apply such credits in accordance with its customary payment application procedures set forth above.

    
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    (c)            Maintenance
          of Security Interests in the Receivables.  The Servicer will maintain perfection of the security interest of the Trust and the Master Collateral Agent in each Receivable.

    (d)            No
          Impairment.  The Servicer will not impair in any material respect the rights of the Trust or the Secured Parties in any Receivable except as permitted by this Agreement.

    (e)            Assignment
          for Enforcement.  Effective as of the related Cutoff Date, the Receivables are assigned to the Servicer solely for the purpose of permitting the Servicer to perform its servicing and administrative obligations under this Agreement, including
        the start or pursuit of or participation in a legal proceeding to enforce its rights or remedies with respect to a Receivable or such other Proceeding otherwise related to a Receivable.  If in a legal proceeding it is held that the Servicer may not
        enforce its rights or remedies with respect to a Receivable on the grounds that it is not a real party in interest or a holder entitled to enforce rights or remedies with respect to the Receivable, the Trust will, at the Servicer’s expense and
        direction, assign the Receivable to the Servicer solely for that purpose or take steps to enforce its rights and remedies with respect to the Receivable, including bringing suit in the names of the Master Collateral Agent, the Creditors and the
        Trust.

    (f)            Powers
          of Attorney.  The Trust appoints the Servicer as the Trust’s attorney-in-fact, with full power of substitution to exercise all rights of the Trust for the servicing and administration of the Receivables.  This power of attorney, and all
        authority given, under this Section 3.2(f) is revocable and is given solely to facilitate the performance of the Servicer’s obligations under this Agreement and may only be used by the Servicer consistent with this Agreement.  On request of the
        Servicer, the Trust will furnish the Servicer with written powers of attorney and other documents to enable the Servicer to perform its obligations under this Agreement.

    (g)            Release
          Documents.  The Servicer is authorized to execute and deliver, on behalf of itself, the Trust, the Master Collateral Agent and the Creditors any documents of satisfaction, cancellation, partial or full release or discharge, and other
        comparable documents, for the Receivables.

    (h)            Enforcement
          of Receivables Under an Upgrade Offer.  If an Obligor accepts an Upgrade Offer with respect to a Receivable but fails to satisfy the required terms and conditions related to such Upgrade Offer, the Servicer agrees to (i) not waive any amounts
        due by such Obligor under the related Receivable and pursue its Servicing Procedures against such Obligor in respect of the related Receivable until all amounts due under the related Receivable are received and (ii) enforce, on behalf of the Trust,
        any rights and obligations under the related Receivable.

    Section 3.3     Servicer’s Acquisition of Receivables.

    (a)            Acquisition
          for Servicer Modifications.  If extensions, modifications, amendments, cancellations or waivers of Receivables or any terms thereof are made that would require such Receivables to be acquired under Section 3.2(b), the Servicer will acquire
        all such Receivables as set forth in Section 3.3(d).

    
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    (b)            Acquisition
          for Breach of Servicer’s Obligations.  If a Responsible Person of the Servicer receives written notice from the Depositor, the Trust, the Owner Trustee, any Creditor or the Master Collateral Agent of a breach of the Servicer’s obligations in
        Section 3.2(c) or (d), and the Servicer fails to correct such failure or impairment in all material respects by the end of the second month following the month in which the Servicer received such written notice, the Servicer will acquire all
        Receivables with respect to which such breach was not so cured as set forth in Section 3.3(d).

    (c)            Acquisition
          for System Limitation or Inability to Service.  If the Servicer, in its sole discretion, determines that as a result of a receivables systems error or receivables systems limitation or for any other reason the Servicer is unable to service a
        Receivable according to the applicable Servicing Procedures and the terms of this Agreement, the Servicer may acquire the relevant Receivable as set forth in Section 3.3(d).

    (d)            Acquisition
          of Receivables; Payment of Reconveyance Amount.  For any acquisition of a Receivable by the Servicer under this Section 3.3, the Servicer will remit the related Reconveyance Amount for the related Receivable to the Collection Account on or
        prior to the second Business Day before the Payment Date related to the Collection Period in which such Receivable was acquired by the Servicer.  If Cellco is the Servicer, it may pay any Reconveyance Amounts according to Section 4.3(c).

    (e)            Transfer
          and Assignment of Reconveyed Receivables.  For any acquisition of a Receivable by the Servicer under this Section 3.3, the Trust will be deemed to have transferred and assigned to the Servicer, effective as of the Reconveyance Date, all of
        the Trust’s right, title and interest in the Receivable and all security and documents relating to the Receivable, and the Servicer will be entitled to all collections on or proceeds of the Reconveyed Receivable on and after the related
        Reconveyance Cutoff Date.  The transfer and assignment will not require any action by the Trust or any Indenture Trustee and will be without recourse, representation or warranty by the Trust except the representation that the Trust owns the
        Receivable free and clear of any Lien, other than Permitted Liens.  After the transfer and assignment, the Servicer will mark its receivables systems to indicate that the Reconveyed Receivable is no longer a Receivable and may take any action
        necessary or advisable to transfer the Reconveyed Receivable free from any Lien of the Trust or the Master Collateral Agent.

    (f)            No
          Obligation to Investigate.  None of the Servicer, the Trust, the Owner Trustee, any Indenture Trustee, the Master Collateral Agent (including in its capacity as Successor Servicer hereunder), the Sponsor, the Marketing Agent, the Depositor,
        the Parent Support Provider or the Administrator will be obligated to investigate whether a breach or other event has occurred that would require the acquisition of any Receivable under this Section 3.3 or whether any Receivables are otherwise
        required to be acquired under this Section 3.3.

    (g)            Acquisition
          is Sole Remedy.  The sole remedy of the Trust, the Master Collateral Agent, the Owner Trustee, each Indenture Trustee and the applicable Group Secured Parties for any extension, modification, amendment, cancellation or waiver of a Group
        Receivable or any terms thereof under Section 3.2(b), or a breach of the covenants made by the Servicer in Section 3.2(c) or (d) is the Servicer’s acquisition of the Group Receivables, as described under this Section 3.3.

    
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    Section 3.4     Sale of Written-Off Receivables.  The Servicer may sell to any third party a Receivable that has been written off.  Proceeds of any sale
      allocable to the Written-Off Receivable will be Recoveries.  Any Recoveries will be paid to the Servicer as Supplemental Servicing Fees and will not be a part of any Group Available Funds.  If the Servicer elects to sell a Written-Off Receivable, the
      Receivable will be deemed to have been transferred and assigned by the Trust to the Servicer immediately before the sale by the Servicer.  After the sale, the Servicer will mark its receivables systems to indicate that the Written-Off Receivable sold
      is no longer a Receivable and may take any action necessary or advisable to transfer the receivable free from any Lien of the Trust or the Master Collateral Agent.

    Section 3.5     Servicer Reports and Compliance Statements.

    (a)            Monthly
          Investor Report.

    (i)              On or about the fifteenth (15th) day of each month, and in no case later than at least two (2) Business Days before each Payment Date, the Servicer will deliver to the Depositor, the Master Collateral Agent, the Owner Trustee,
        each Indenture Trustee, the Paying Agent, the Rating Agencies (if any) and the Administrator a servicing report (the “Monthly Investor Report”) containing all information necessary to make the payments, transfers and distributions pursuant
        to each Trust Financing Agreement for that Payment Date and the related Collection Period.  A Responsible Person of the Servicer will certify that the information in the Monthly Investor Report is accurate in all material respects.  The Monthly
        Investor Report will also be posted on the Master Collateral Agent’s password protected website located at https://pivot.usbank.com.

    (ii)            The Sponsor, in its capacity as Servicer, will include (x) the amount of the Transferor’s Interest on the Closing Date for an Indenture Series in a current report on Form 8-K within a reasonable time after such Closing Date if
        materially different from that disclosed in the prospectus for the related Indenture Series and (y) the amount of the Transferor’s Interest as of each Payment Date in the Monthly Investor Report for each such Payment Date, which Monthly Investor
        Report will also be included in the Distribution Report on Form 10-D filed with the Commission for the related Collection Period.

    (iii)            With respect to any Indenture Series, the related Monthly Investor Report shall include any additional information set forth in the related Indenture.

    (b)            Excess
          Concentration Amounts and Ineligible Amounts.  On or before each Acquisition Date on which Receivables will be designated to a Group, the Servicer will determine whether the related pool of Group Receivables to be held by the Trust, including
        any Receivables to be acquired and designated to such Group, results in any Excess Concentration Amount or Ineligible Amount, if applicable, existing for any Series of such Group for which Credit Extensions are Outstanding, in each case, if
        applicable, and calculated as of the related Measurement Date.

    (c)            Amortization
          Events.  In connection with the preparation of each Monthly Investor Report, the Servicer will review the Amortization Events for each Series and determine

    
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    whether an Amortization Event for any Series occurred during the related Collection Period (after giving effect to all transactions during such Collection Period), and the Monthly
      Investor Report shall indicate whether or not an Amortization Event for any Series has occurred.

    (d)            Remittance
          Reports.  For as long as the Monthly Remittance Condition is not satisfied, the Servicer will provide a written report (which may be electronically submitted) to the Master Collateral Agent and the Paying Agent on each deposit or remittance
        date setting forth (x) the aggregate dollar amount deposited or remitted into the Collection Account by the Servicer, the Marketing Agent or an Originator on such date pursuant to the Transaction Documents (other than Collections), (y) the
        aggregate dollar amount of Collections deposited by the Servicer on such date, and (z) the aggregate number of Current Upgrade Offers accepted since the deposit or remittance date immediately preceding the related deposit or remittance date, and
        the aggregate amount of Upgrade Payments remitted by the Marketing Agent or an Originator on such date.

    (e)            Acquisition
          Date Supplements.  On or prior to each Payment Date, in addition to the Acquisition Notice to be delivered by the Administrator, the Servicer will deliver to the Depositor, the Master Collateral Agent, the Owner Trustee, the Paying Agent and
        the Administrator an Acquisition Date Supplement and a Schedule of Receivables for each Acquisition Date (i) that occurred during the Collection Period related to such Payment Date and (ii) for which the Cutoff Date for the Reconveyed Receivables
        is during the related Collection Period.  A Responsible Person of the Servicer will certify that the information in the Acquisition Date Supplement is accurate in all material respects.  The Acquisition Date Supplement will also be posted on the
        Master Collateral Agent’s password protected website located at https://pivot.usbank.com.

    Section 3.6     Review of Servicer’s Records.  The Servicer will maintain records and documents relating to its performance under this Agreement according to
      its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Servicer will give the Trust, the Depositor, the Parent Support Provider, the Administrator, the Owner Trustee and
      the Creditor Representatives (or their representatives) access to the records and documents to conduct a review of the Servicer’s performance under this Agreement.  Any access or review will be conducted by all parties at the same time at the
      Servicer’s offices during its normal business hours at a time reasonably convenient to the Servicer and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Servicer’s security,
      confidentiality and privacy policies and any regulatory, legal and data protection policies.  Notwithstanding the foregoing, the permissive right of any Creditor Representative to access or review any records of the Servicer shall not be deemed to be
      an obligation of such Creditor Representative to do so.

    Section 3.7     Servicer’s Authorized and Responsible Persons.  On or before the date of this Agreement, the Servicer shall notify the Master Collateral Agent
      and the Owner Trustee and provide a specimen signature of each Person who (a) was authorized to give instructions and directions to the Master Collateral Agent and the Owner Trustee on behalf of the Servicer and (b) is a Responsible Person for the
      Servicer.  The Servicer may change such Persons at any time by notifying the Master Collateral Agent and the Owner Trustee.

    
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    Section 3.8     Servicer’s Fees.  As compensation for performing its obligations under this Agreement, the Servicer will be paid the Servicing Fee.  On each
      Payment Date, the Trust will pay the Servicing Fee to the Servicer in accordance with each Trust Financing Agreement.  In addition, the Servicer may retain any Supplemental Servicing Fees.

    Section 3.9     Servicer’s Expenses.  Except as otherwise stated in this Agreement, the Servicer will pay all its expenses for servicing the Receivables under
      this Agreement, including fees and expenses of legal counsel and independent accountants, taxes imposed on the Servicer and expenses to prepare reports, certificates or notices under this Agreement.

    Section 3.10     Custodian.

    (a)            Appointment
          of Custodian.  To reduce administrative costs and facilitate the servicing of the Receivables by the Servicer, the Trust appoints Cellco, in its capacity as the Servicer, to act as the Custodian of the Receivables for the Trust and the Master
        Collateral Agent (for the benefit of the Secured Parties), as their interests may appear.  Cellco accepts the appointment and agrees to perform the custodial obligations in this Section 3.10.

    (b)            Custody
          of Receivable Files.  The Custodian will hold and maintain in custody the following documents for each Receivable (the “Receivable File”) for the benefit of the Trust and the Master Collateral Agent, using reasonable care and according
        to the applicable Servicing Procedures:

    (i)              the original Receivable (or an imaged copy of such Receivable) or an authoritative copy of the Receivable, if in electronic form; and

    (ii)            all other documents, notices and correspondence relating to the Receivable or the Obligor that the Servicer generates in the course of servicing the Receivable.

    Except as stated above, any document in a Receivable File may be a photocopy or in electronic format or may be converted to electronic format at
      any time.  The Custodian will hold and maintain the Receivable Files, including any receivables systems on which the Receivable Files are electronically stored, in a manner that will permit the Servicer and the Trust to comply with this Agreement and
      the Master Collateral Agent to comply with the Master Collateral Agreement.

    (c)            Delivery
          of Receivable Files.  The Receivable Files are or will be constructively delivered to the Master Collateral Agent, as pledgee of the Trust under the Master Collateral Agreement, and, by its delivery (in its capacity as Servicer) to the Trust
        and the Master Collateral Agent of an Acquisition Date Supplement, the Custodian will be deemed to confirm to the Trust and the Master Collateral Agent that it has received the Receivable Files for the related Receivables.  No initial review or any
        periodic review of the Receivable Files by the Trust, the Owner Trustee or the Master Collateral Agent is required.

    (d)            Location
          of Receivable Files.  The Custodian will maintain the Receivable Files (or access to any Receivable Files stored in an electronic format) at one of its offices or the offices of one of its custodians in the United States.  On request of the
        Depositor, the Trust and

    
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    the Master Collateral Agent, the Custodian will provide a list of locations of the Receivable Files.

    (e)            Access
          to Receivable Files.  The Custodian will give the Servicer access to the Receivable Files and, on request of the Servicer, the Custodian will promptly release any document in the Receivable Files to the Servicer for purposes of servicing the
        Receivables.  The Custodian will give the Depositor, the Trust and the Master Collateral Agent access to the Receivable Files and the receivables systems to conduct a review of the Receivables.  Any access or review will be conducted at the
        Custodian’s offices during normal business hours at a time reasonably convenient to the Custodian in a manner that will minimize disruption of its business operations.  Any access or review will be subject to the Custodian’s legal, regulatory,
        confidentiality, privacy and data protection policies.  Attached hereto as Exhibit A is a copy of the Custodian’s security requirements in effect on the date of this Agreement.

    (f)            Effective
          Period and Termination.  Cellco’s appointment as Custodian will be effective as of the Initial Cutoff Date and will continue until the later of (i) the date on which all obligations of the Trust have been paid in full and (ii) the date on
        which such appointment is terminated under this Section 3.10(f).  If the Servicer resigns under Section 7.1 or is terminated under Section 7.2, the Servicer’s appointment as Custodian under this Agreement may be terminated in the same manner as the
        Servicer may be terminated under Section 7.2.  As soon as practicable after any termination of its appointment as Custodian and subject to the legal, regulatory, confidentiality, privacy and data protection policies of the Custodian and Cellco, the
        Custodian will deliver the Receivable Files to the Master Collateral Agent or its designee or successor custodian at a place designated by the Master Collateral Agent.  All reasonable expenses of transferring the Receivable Files to the designee or
        successor custodian will be paid by the terminated custodian on receipt of an invoice in reasonable detail.

    (g)            No
          Agency.  Neither the Custodian nor the Servicer shall be deemed to be an agent of the Master Collateral Agent, and the Master Collateral Agent shall have no obligation to monitor or supervise the performance, and shall have no liability for
        the acts or omissions of, the Custodian or the Servicer.

    Section 3.11     Marketing Agent.

    (a)            Appointment
          of Marketing Agent.  The Trust and the Servicer appoint Cellco to act as Marketing Agent for the Receivables.  Cellco accepts the appointment and agrees to perform its obligations set forth in this Agreement.

    (b)            Duties
          of the Marketing Agent.  The Marketing Agent will be required to remit, or to cause the related Originator to remit, to the Collection Account the amounts set forth in Sections 4.3(g), (h) and (i).

    (c)            Fees
          and Expenses of the Marketing Agent.  Fees and expenses, if any, of the Marketing Agent will be paid by the Originators, as separately agreed to under the Marketing Agent Agency Agreement.

    
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    (d)            Covenants
          of the Marketing Agent.  The Marketing Agent will not (i) make any Upgrade Offers that waive any obligations of an Obligor under the related device payment plan agreement, (ii) eliminate the obligation of Verizon Wireless to pay off a device
        payment plan agreement if an Obligor satisfies the related terms and conditions thereof, or (iii) eliminate or impair any third party beneficiary rights of an assignee under an Upgrade Offer, including the right of such assignee to enforce Verizon
        Wireless’ payment obligation under any Upgrade Offer.

    Section 3.12     Termination of Upgrade Programs; Credits Related to Upgrade Programs.

    (a)            To
        the extent any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a Receivable, and (i) the Marketing Agent fails to make, or to cause the related Originator to make,
        the required Upgrade Payment into the Collection Account as set forth in Section 4.3(g), and (ii) the Parent Support Provider fails to make any required Upgrade Payments as set forth in Section 1 of the Parent Support Agreement, the Servicer and
        the Marketing Agent shall terminate all Upgrade Offers within ten (10) Business Days after the date the Parent Support Provider received notice from the Master Collateral Agent or Paying Agent that an Upgrade Payment was due under Section 1 of the
        Parent Support Agreement.

                (b)            If
        the Marketing Agent, the relevant Originator and the Parent Support Provider fail to make such Upgrade Payments with respect to an Upgrade Offer, (i) the Servicer shall deliver the notice to Obligors pursuant to Section 3.13 with respect to such
        Obligors’ recoupment rights against Verizon Wireless, and (ii) notwithstanding any failure to deliver such notice, (x) if Cellco is still the Servicer, the Servicer shall give a monthly credit to the Obligor against amounts owing with respect to
        the new device payment plan agreement resulting from the Upgrade Offer, in an amount equal to the amount due that month under the original device payment plan agreement that is a Receivable, or (y) if Cellco is no longer the Servicer, Cellco, (1)
        if required, shall give such monthly credit to the Obligor only if Cellco has received notice from the Servicer that the Obligor has paid the amount due in the prior month under the original device payment plan agreement that is a Receivable, and
        (2) shall cooperate with any Successor Servicer to properly bill and credit such Obligor’s account with respect to the Receivable and the new device payment plan agreement related to the Upgrade Offer.  Any such monthly credit granted to an Obligor
        shall be applied directly against the monthly payment due on the new device payment plan agreement and will not be applied in accordance with the Servicer’s customary payment application procedures pursuant to its applicable Servicing Procedures,
        if different.  For the avoidance of doubt, if during such time as Cellco is no longer the Servicer, an Obligor remits the full amount due under the related new device payment plan agreement, but does not make a payment to the new Servicer for the
        original device payment plan agreement, a portion of such amount equal to the amount of the monthly credit granted to such Obligor resulting from the Upgrade Offer in respect of the original device payment plan agreement that is a Receivable shall
        be paid by Cellco to the new Servicer.  In such case, to the extent that all other amounts owed on the related account are current, the Servicer will not consider such account or payments under the new device payment plan agreement to be
        Delinquent.  In addition, regardless of whether Cellco continues to be the Servicer of any Receivable for which the terms and conditions of an Upgrade Offer (other than the requirement that the Marketing Agent remit,

    
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    or cause the related Originator to remit, an Upgrade Payment for such Receivable) were satisfied by the related Obligor and for which the Marketing Agent, the related Originator and the
      Parent Support Provider failed to make the related Upgrade Payment, Cellco shall remit any Collections received on such Receivable to the Collection Account in the time period in which it would have been otherwise obligated to do so.

    Section 3.13     Notices to Obligors.

    Within ten (10) days following the earlier to occur of (i) a ratings downgrade by each of Fitch, Moody’s and S&P of Verizon to below
      investment grade, or (ii) a Servicer Termination Event, the Servicer will send a notice to all Obligors indicating (a) that their Receivables have been assigned to the Trust and designated to a Group, and (b)(x) if Cellco has not been removed as
      Servicer, that the Obligors shall continue to make their payments as they had previously, or (y) if Cellco has been removed as Servicer, the name of the Successor Servicer and any new instructions with respect to their payments.  In addition, if the
      Servicer Termination Event was as a result of the failure of the Marketing Agent to satisfy its obligation to make, or to cause the related Originators to make, or the Parent Support Provider to satisfy its obligation to make required Upgrade
      Payments pursuant to Section 7.2(a)(i)(y), then Cellco shall also send a notice to (i) all Obligors who have a continuing right to an upgrade, indicating that Cellco has recently failed to make the necessary prepayments with respect to one or more of
      its customers in connection with an Upgrade Offer, and that if any Obligor chooses to upgrade and Cellco fails to make the related Upgrade Payment with respect to them, such Obligor will still be required to make payments on his or her original
      device payment plan agreement, but that such Obligor will have a corresponding recoupment right against his or her new device payment plan agreement with Verizon Wireless, and (ii) all Obligors who had initiated upgrades under an Upgrade Offer,
      indicating that Cellco had failed to make the relevant Upgrade Payment, and stating that such Obligors will continue to have an obligation to make payments on their original device payment plan agreements, but will have a corresponding right of
      recoupment against their new device payment plan agreements with Verizon Wireless.

    ARTICLE IV

      ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS

    Section 4.1     Trust Accounts.

    (a)            Establishment
          of Trust Accounts.  On or before the date of this Agreement, the Servicer will establish the “Collection Account” as a segregated trust account at a Qualified Institution (initially the corporate trust department of U.S. Bank National
        Association), in the name “U.S. Bank National Association, as Master Collateral Agent, as secured party for the benefit of the Secured Parties of Verizon Master Trust.”  The Servicer may from time to time establish additional Trust Accounts in
        respect of any Series in accordance with the related Trust Financing Agreement and the Master Collateral Agreement.

    (b)            Control
          of Trust Accounts.  Other than as set forth in any Trust Financing Agreement with respect to any Series Accounts, each of the Trust Accounts will be under the control of the Master Collateral Agent so long as the Trust Accounts remain subject
        to the Lien of the Master Collateral Agreement, except that the Servicer may make deposits into and direct

    
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    the Master Collateral Agent to make deposits into or withdrawals from the Trust Accounts according to the Transaction Documents and the other Series Related Documents.  The Servicer may
      direct the Master Collateral Agent to withdraw from the Collection Account and pay to the Servicer, or as directed by the Servicer, amounts that are not Group Available Funds for a Collection Period or that were deposited into the Collection Account
      in error.  Following the release of the Trust Accounts from the Lien of the Master Collateral Agreement, the Trust Accounts will be under the control of the Trust.

    (c)            Benefit
          of Accounts; Deposits and Withdrawals.  The Trust Accounts and all cash, money, securities, investments, financial assets and other property deposited in or credited to them will be held by the Master Collateral Agent as secured party for the
        benefit of the Secured Parties (except that any Trust Accounts established pursuant to a Trust Financing Agreement will be solely for the benefit of the related Series and may be held by the Paying Agent for such Series) and, after the release of
        the Trust Accounts from the Lien of the Master Collateral Agreement pursuant to Article IX of the Master Collateral Agreement, as agent of the Trust and as part of the Trust Account Property.  All deposits to and withdrawals from the Trust Accounts
        will be made according to the Transaction Documents and the other Series Related Documents.

    (d)            Maintenance
          of Accounts.  If an institution maintaining the Trust Accounts ceases to be a Qualified Institution, the Servicer will, with the Master Collateral Agent’s assistance as necessary, move the Trust Accounts to a Qualified Institution within
        thirty (30) days.

    (e)            Compliance. 
        Each Trust Account will be subject to an Account Control Agreement.  The Servicer will ensure that each Account Control Agreement requires the Qualified Institution maintaining the Trust Accounts to comply with “entitlement orders” (as defined in
        Section 8-102 of the UCC) from the Master Collateral Agent without further consent of the Trust, if any Credit Extensions are Outstanding, and to act as a “securities intermediary” according to the UCC.

    Section 4.2     Investment of Funds in Trust Accounts.

    (a)            Permitted
          Investments.  If (i) no Potential Default or Event of Default has occurred and is continuing under any Series or Group, and (ii) Cellco is the Servicer, the Servicer may instruct the Master Collateral Agent to invest any funds in the
        Collection Account (and may instruct the Master Collateral Agent or any other party disclosed in the related Series Related Documents to invest funds in any other Trust Accounts pursuant to and in accordance with the terms of the related Series
        Related Documents) in Permitted Investments and, if investment instructions are received, the Master Collateral Agent will direct the Qualified Institution maintaining the Trust Accounts to invest the funds in the Collection Account in those
        Permitted Investments.  If (i) the Servicer fails to give investment instructions for any funds in the Collection Account (and any other Trust Accounts pursuant to and in accordance with the terms of the related Series Related Documents) to the
        Master Collateral Agent by 11:00 a.m. New York time (or other time as may be agreed by the Master Collateral Agent) on the Business Day before a Payment Date, or (ii) the Qualified Institution receives notice from the Master Collateral Agent that a
        Potential Default or Event of Default under any Series or Group has occurred and is continuing, the Qualified Institution will invest and reinvest funds in such Trust Account

    
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    according to the last investment instructions received, if any.  If no prior investment instructions have been received or if the instructed investments are no longer available or
      permitted, the Master Collateral Agent will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received.  The Servicer may direct the Master Collateral Agent to
      consent, vote, waive or take any other action, or not to take any action, on any matters available to the holder of the Permitted Investments.  If Cellco is not the Servicer, funds on deposit in the Collection Account will remain uninvested. 
      Notwithstanding anything to the contrary in this Section 4.2(a) or in the Transaction Documents or any other Series Related Documents, the Servicer shall not allow amounts held in the Collection Account to be invested unless it is able to maintain
      records on a daily basis as to the amounts realized from the investment of Collections received on each Originator’s Receivables.

    (b)            Maturity
          of Investments.  For so long as Cellco is the Servicer, any Permitted Investments of funds in the Collection Account (or any reinvestments of the Permitted Investments) for a Collection Period must mature, if applicable, and be available no
        later than the Business Day immediately preceding the related Payment Date.  Any Permitted Investments with a maturity date will be held to their maturity, except that such Permitted Investments may be sold or disposed of before their maturity in
        connection with the sale or liquidation of the Collateral following an Event of Default under Section 6.1 of the Master Collateral Agreement or the purchase of any Collateral on an Acquisition Date.

    (c)            No
          Liability for Investments.  None of the Depositor, the Servicer, the Master Collateral Agent, the Paying Agent or the Qualified Institution maintaining any Trust Account will be liable for the selection of Permitted Investments or for
        investment losses incurred on Permitted Investments (other than in the capacity as obligor, if applicable).

    (d)            Continuation
          of Liens in Investments.  The Servicer will not direct the Master Collateral Agent or the Paying Agent to make any investment of funds or to sell any investment held in the Trust Accounts unless the security interest Granted and perfected in
        the account in favor of the Master Collateral Agent will continue to be perfected in the investment or the proceeds of the sale without further action by any Person.

    (e)            Investment
          Earnings.  Investment earnings (net of losses and investment expenses) on the Collection Account will be deposited into the Certificate Distribution Account per the written direction of the Servicer for distribution to the Certificateholders
        in the priority set forth in Section 4.1(b) of the Trust Agreement.

    Section 4.3     Deposits and Payments.

    (a)            Acquisition
          Date Deposit.  In the event that the Monthly Remittance Condition is satisfied, on each Acquisition Date, the Servicer will deposit into the Collection Account all amounts received and applied as interest or principal on the Receivables
        during the period from the related Cutoff Date to two (2) Business Days before the Acquisition Date.

    (b)            Deposit
          of Collections.

    
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    (i)              If Cellco is the Servicer and the Monthly Remittance Condition is satisfied, the Servicer may deposit Collections into the Collection Account on the second Business Day before each Payment Date.

    (ii)            For as long as the Monthly Remittance Condition is not satisfied, the Servicer will (1) deposit into the Collection Account all amounts received and applied as interest or principal on the Receivables within two (2) Business
        Days after identification of receipt of good funds and (2) provide a written report (which may be electronically submitted) to the Master Collateral Agent and the Paying Agent regarding such deposit set forth in clause (1) above, as required by
        Section 3.5(d).

    (c)            Reconciliation
          of Deposits.  If Cellco is the Servicer and, for any Payment Date, the sum of (i) Collections for the Collection Period, plus (ii) Reconveyance Amounts for Reconveyed Receivables acquired during the related Collection Period, exceeds the
        amounts deposited under Section 4.3(b) for the Collection Period, Cellco will deposit an amount equal to the excess into the Collection Account on the second Business Day before the Payment Date.  If, for any Payment Date, the amounts deposited
        under Section 4.3(b) for the Collection Period exceed the sum of (i) Collections for the Collection Period, plus (ii) Reconveyance Amounts for Reconveyed Receivables acquired during the related Collection Period, the Master Collateral Agent or the
        Paying Agent will pay to Cellco from the applicable Group Available Funds in the Collection Account an amount equal to the excess within two (2) Business Days after Cellco’s direction, but no later than the Payment Date.  If requested by the Master
        Collateral Agent, Cellco will provide reasonable supporting details for its calculation of the amounts to be deposited or paid under this Section 4.3(c).

    (d)            Net
          Deposits.  Cellco may make the deposits and payments required by Section 4.3(b) net of Servicing Fees to be paid to Cellco for the Collection Period and amounts the Servicer is permitted to retain under Section 3.8 and be reimbursed for under
        Section 3.9.  The Servicer will account for all deposits and payments in the Monthly Investor Report as if the amounts were deposited and/or paid separately.

    (e)            No
          Segregation.  Pending deposit in the Collection Account, the Servicer is not required to segregate Collections from its own funds.

    (f)            [Reserved].

    (g)            Deposit
          of Upgrade Payments.   If any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a Receivable, the Marketing Agent shall deposit, or shall cause the related
        Originator to deposit, into the Collection Account the related Upgrade Payment, within two (2) Business Days after the identification that all of the terms and conditions related to such Upgrade Offer have been satisfied by the related Obligor in
        respect of a Receivable; provided, that if the conditions set forth in Section 4.3(b)(i) are satisfied, the Marketing Agent shall deposit, or shall cause the related Originators to deposit, such amounts
        into the Collection Account on the second Business Day before the Payment Date related to the Collection Period in which the related Obligor has satisfied all of the terms and conditions (for the avoidance of doubt, other than the required
        prepayment) related to such Upgrade Offer in respect of a Receivable.  The parties acknowledge

    
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    that the failure of the Marketing Agent to deposit, or to cause the related Originator to deposit, into the Collection Account the related Upgrade Payment or otherwise to pay off the
      Receivable would constitute a breach by the related Originator of its obligation to the Obligor under the Upgrade Contract and that this breach would adversely affect the value of the Receivables, and give the Obligor a claim in recoupment against
      the related Originator and a right to offset that claim against the amounts that the Obligor would owe to the related Originator under the new device payment plan agreement (each such agreement, a “New Upgrade DPP”) entered into by the related
      Originator (or its agent, on its behalf) pursuant to the Upgrade Contract.  The parties hereto intend that the payment by the Marketing Agent or the related Originator of the Upgrade Payment as provided in this Section 4.3(g) shall extinguish such
      Obligor’s claim in recoupment against the related Originator and the Obligor’s right to offset the amount of that claim against the amounts that the Obligor would owe under the New Upgrade DPP contemporaneously with such Upgrade Payment by the
      Marketing Agent or the related Originator.  The parties hereto also intend that the payment by the Marketing Agent or the related Originator of the Upgrade Payment as provided in Section 2.2.1 of the Marketing Agent Agency Agreement shall extinguish
      each Obligor’s claim in recoupment against the “Verizon Originator” described in that Section 2.2.1 and the Obligor’s right to offset the amount of that claim against the amounts that the Obligor would owe under the new device payment plan agreement
      entered into by such Verizon Originator (or its agent, on its behalf) pursuant to the Upgrade Contract as described in that Section 2.2.1 contemporaneously with such Upgrade Payment by the Marketing Agent or the related Originator. 

    (h)            Deposit
          of Credit Payments.  If an Obligor is granted a Credit and the application of such Credit to the related Obligor’s account results in a shortfall in Collections for the related Collection Period, the Marketing Agent shall deposit, or shall
        cause the related Originator to deposit, into the Collection Account the related Credit Payment within two (2) Business Days after identification that such Credit was applied to an Obligor account; provided,
        that if the conditions set forth in Section 4.3(b)(i) are satisfied, the Marketing Agent shall deposit, or shall cause the related Originator to deposit, such amounts into the Collection Account on the second Business Day before the Payment Date
        related to the Collection Period in which such Credit was applied to an Obligor account.

    (i)            Deposit
          of Assumption of Liability Payments.  If an Originator or the Servicer allows a device payment plan agreement that is a Receivable to be transferred to a new Obligor, the Marketing Agent shall acquire such Receivable and deposit, or cause the
        related Originator to acquire and deposit, into the Collection Account an amount equal to the applicable Reconveyance Amount for the related Receivable on or prior to the second Business Day before the Payment Date related to the Collection Period
        in which such transfer occurred. For any acquisition of a Receivable by the Marketing Agent under this Section 4.3(i), the Trust will be deemed to have transferred and assigned to the Marketing Agent effective as of the Reconveyance Date, all of
        the Trust’s right, title and interest in the Receivable and all security and documents relating to the Receivable, and the Marketing Agent will be entitled to all collections on and proceeds of the Reconveyed Receivable on and after the related
        Reconveyance Cutoff Date.  The transfer and assignment will not require any action by the Trust and will be without recourse, representation or warranty by the Trust except the representation that the Trust owns the Receivable free and clear of any
        Lien, other than Permitted Liens.  After

    
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    the transfer and assignment, the Servicer will mark its receivables systems to indicate that the Reconveyed Receivable is no longer a Receivable and may take any action necessary or
      advisable to transfer the Receivable free from any Lien of the Trust or the Master Collateral Agent.

    (j)            Release
          of Funds.  The Master Collateral Agent shall, at such time as there are no Credit Extensions Outstanding and the Lien of the Master Collateral Agreement has been terminated, release to the order of the Trust any remaining portion of the
        Collection Account following deduction of any fees, expenses or indemnities owed to it pursuant to Section 7.4 of the Master Collateral Agreement.

    Section 4.4     [Reserved].

    Section 4.5     Direction to Master Collateral Agent for Distributions.  On or about the fifteenth (15th) day of each month, and in no case later than at least
      two (2) Business Days before each Payment Date, the Servicer will direct the Master Collateral Agent or Paying Agent (based on the most recent Monthly Investor Report) to make the withdrawals, deposits, distributions and payments required to be made
      on the Payment Date under Section 4.3(c) of this Agreement and in accordance with each Trust Financing Agreement for any Series for which any Credit Extensions are Outstanding.

    ARTICLE V

      DEPOSITOR

    Section 5.1     Depositor’s Representations and Warranties.  The Depositor represents and warrants to the Trust as of the date of this Agreement and as of each
      Acquisition Date, on which representations and warranties the Trust is relying in purchasing the Depositor Transferred Property and which will survive the transfer and assignment of the Depositor Transferred Property by the Depositor to the Trust
      under this Agreement and the pledge of the Depositor Transferred Property by the Trust to the Master Collateral Agent under the Master Collateral Agreement:

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

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

    (c)            Due
          Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document and other Series Related Document to which it is a party,

    
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    have been duly authorized by the Depositor by all necessary limited liability company action on the part of the Depositor.

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

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

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

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

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

    
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    Section 5.2     Liability of Depositor.

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

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

    (c)            Legal
          Proceedings.  The Depositor will not be required to start, pursue or participate in any legal proceeding that is unrelated to its obligations under this Agreement and that, in its opinion, may result in liability or cause it to pay or risk
        funds or incur financial liability.

    (d)            Payment
          of Taxes.  The Depositor will pay all taxes levied or assessed on the Trust Property.

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

    Section 5.3     Merger, Consolidation, Succession or Assignment.  Any Person (a) into which the Depositor is merged or consolidated, (b) resulting from a
      merger or consolidation to which the Depositor is a party, (c) succeeding to the Depositor’s business or (d) that is an Affiliate of the Depositor to whom the Depositor has assigned this Agreement, will be the successor to the Depositor under this
      Agreement.  The organizational documents of any Person into which the Depositor is merged or consolidated must include substantially similar provisions as included in Section 7 and Section 9(j) of the Depositor’s limited liability company agreement. 
      Within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an agreement to assume the Depositor’s obligations under this Agreement and each Transaction Document and other Series Related
      Document to which the Depositor is a party (unless the assumption happens by operation of Law), (ii) deliver to the Trust, the Owner Trustee and the Master Collateral Agent an Officer’s Certificate and an Opinion of Counsel each stating that the
      merger, consolidation, succession or assignment and the assumption agreement comply with this Section 5.3, (iii) deliver to the Trust, the Owner Trustee and the Master Collateral Agent an Opinion of Counsel stating that the security interest in favor
      of the Trust in the Depositor Transferred Property and the Master Collateral Agent in the Collateral is or will be perfected and (iv) notify the Rating Agencies, if any, of the merger, consolidation, succession or assignment.

    Section 5.4     Depositor May Own Credit Extensions.  The Depositor and any Affiliate of the Depositor, in its individual or any other capacity, may become the
      owner or pledgee of Credit Extensions with the same rights as any other Person except as limited in any Transaction

    
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    Document or other Series Related Document.  Credit Extensions owned by or pledged to the Depositor or any Affiliate of the Depositor will have an equal and proportionate benefit under
      the Transaction Documents and the other Series Related Documents, except as limited in any Transaction Document or other Series Related Document.

    Section 5.5     Depositor’s Authorized and Responsible Persons.  On or before the date of this Agreement, the Depositor shall notify the Master Collateral
      Agent and the Owner Trustee and provide specimen signatures of (i) each Person who is authorized to give instructions and directions to the Master Collateral Agent and the Owner Trustee on behalf of the Depositor and (ii) each Person who is a
      Responsible Person for the Depositor.  The Depositor may change such Persons at any time by notifying the Master Collateral Agent and the Owner Trustee in writing.

    Section 5.6     Company Existence.   During the term of this Agreement, the Depositor shall keep in full force and effect its existence, rights and franchises
      as a limited liability company under the Laws of the jurisdiction of its formation and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and
      enforceability of the Transaction Documents and the other Series Related Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.

    

    

    Section 5.7     No Division.  Notwithstanding Section 18-217 of the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq., the “LLC Act”)
      or the Depositor’s limited liability company agreement, for so long as any Credit Extensions remain Outstanding, the Depositor shall not divide or enter into a plan of division within the meaning of Section 18-217 of the LLC Act.

    

    

    ARTICLE VI

      SERVICER AND MARKETING AGENT

    Section 6.1     Servicer’s and Marketing Agent’s Representations and Warranties.

    (a)            The
        Servicer represents and warrants to the Trust as of the date of this Agreement and as of each Acquisition Date, on which representations and warranties the Trust is relying in purchasing the Depositor Transferred Property and which will survive the
        transfer and assignment of the Depositor Transferred Property by the Depositor to the Trust under this Agreement and the pledge of the Depositor Transferred Property by the Trust to the Master Collateral Agent under the Master Collateral Agreement:

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

    
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    (ii)            Due Qualification. The Servicer 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 servicing of the Receivables 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.

    (iii)            Due Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document or other Series Related Document to which it is a party, have been duly authorized by the Servicer by all
        necessary partnership action on the part of the Servicer.

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

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

    (vi)            Binding Obligation. This Agreement and each other Transaction Document and other Series Related Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a
        legal, valid and binding obligation of the Servicer, 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.

    (vii)          No Conflict. The execution and delivery of this Agreement or any other Transaction Document or other Series Related Document to which it is a party by the Servicer, and the performance by it of the transactions
        contemplated by the Transaction Documents and the other Series Related Documents and the fulfillment of the terms hereof and thereof applicable to the Servicer, (i) do not contravene (A) the organizational documents of the Servicer, (B) any
        contractual restriction binding on or affecting it or its

    
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    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.

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

    (ix)            Compliance with Law. It has complied with all Laws applicable to the servicing of the Receivables, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material
        Adverse Effect.

    (x)            Servicing Procedures.  It has complied in all material respects with the applicable Servicing Procedures with respect to the Receivables.

    (b)            The
        Marketing Agent represents and warrants to the Trust as of the date of this Agreement and as of each Acquisition Date, on which representations and warranties the Trust is relying in purchasing the Depositor Transferred Property and which will
        survive the transfer and assignment of the Depositor Transferred Property by the Depositor to the Trust under this Agreement and the pledge of the Depositor Transferred Property by the Trust to the Master Collateral Agent under the Master
        Collateral Agreement:

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

    (ii)            Due Qualification. The Marketing Agent 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.

    (iii)            Due Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document and other Series Related Document to which it is a party, have been duly authorized by the Marketing Agent
        by all necessary partnership action on the part of the Marketing Agent.

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

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

    (vi)            Binding Obligation. This Agreement and each other Transaction Document and other Series Related Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a
        legal, valid and binding obligation of the Marketing Agent, 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.

    (vii)            No Conflict. The execution and delivery of this Agreement or any other Transaction Document or other Series Related Document to which it is a party by the Marketing Agent, and the performance by it of the transactions
        contemplated by the Transaction Documents and the other Series Related Documents and the fulfillment of the terms hereof and thereof applicable to the Marketing Agent, (i) do not contravene (A) the organizational documents of the Marketing Agent,
        (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.

    (viii)        No Violation. The execution and delivery of this Agreement by the Marketing Agent, the performance by the Marketing Agent of the transactions contemplated by this Agreement or any other Transaction Document or other Series
        Related Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Marketing Agent will not violate any Law applicable to the

    
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    Marketing Agent, except where such violation would not reasonably be expected to have a Material Adverse Effect.

    Section 6.2     Liability of Servicer and Marketing Agent.

    (a)            Liability
          for Specific Obligations.  Each of the Servicer and the Marketing Agent, severally and not jointly, will be liable under this Agreement only for its specific obligations under this Agreement.  All other liability is expressly waived and
        released as a condition of, and consideration for, the execution of this Agreement by the Servicer or the Marketing Agent, as applicable.  Each of the Servicer and the Marketing Agent, severally and not jointly, will be liable only for its own
        willful misconduct, bad faith or gross negligence in performing its obligations under this Agreement.

    (b)            No
          Liability of Others.  Each of the Servicer’s and the Marketing Agent’s obligations under this Agreement are corporate obligations.  No Person will have recourse, directly or indirectly, to any member, manager, officer, director, employee or
        agent of the Servicer for the Servicer’s obligations or the Marketing Agent for the Marketing Agent’s obligations, as applicable, under this Agreement.

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

    (d)            Force
          Majeure.  Neither the Servicer nor the Marketing Agent will be responsible or liable for any failure or delay in performing its obligations under this Agreement caused by, directly or indirectly, forces beyond its control, including strikes,
        work stoppages, acts of war, terrorism, civil or military disturbances, fire, flood, earthquakes, storms, hurricanes or other natural disasters or failures of mechanical, electronic or communication systems; provided, however that this provision
        shall not limit the right to remove the Servicer for a Servicer Termination Event as provided in Section 7.2(a), other than with respect to the extension of the grace periods as provided in Section 7.2(a).  Each of the Servicer and the Marketing
        Agent, as applicable, will use commercially reasonable efforts to resume performance as soon as practicable in the circumstances.

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

    
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    Section 6.3     Indemnities of Servicer and the Marketing Agent.

    (a)            Indemnification.

    (i)              The Servicer will indemnify the Trust, the Owner Trustee, the Qualified Institution and the Master Collateral Agent (including in its capacity as Paying Agent), and their officers, directors, employees and agents (each, an “Indemnified
          Person”) for all fees, expenses, losses, claims, actions, suits, damages and liabilities (including reasonable legal fees and expenses) resulting from the Servicer’s (including in its capacity as Custodian) willful misconduct, bad faith or
        gross negligence in performing its obligations under the Transaction Documents and the other Series Related Documents (including such amounts incurred by such parties in defending themselves 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 Servicer’s indemnification or other obligations under this Agreement).

    (ii)            The Marketing Agent will indemnify the Indemnified Persons for all fees, expenses, losses, claims, actions, suits, damages and liabilities (including reasonable legal fees and expenses) resulting from the Marketing Agent’s
        willful misconduct, bad faith or gross negligence in performing its obligations under the Transaction Documents and the other Series Related Documents (including such amounts incurred by such parties in defending themselves 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 Marketing Agent’s indemnification or other obligations under this Agreement).

    (b)            Proceedings. 
        If an Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim for indemnity will be made against the Servicer or the Marketing Agent, as applicable, under this Section 6.3, promptly notify the Servicer
        or the Marketing Agent, as applicable, of the Proceeding; provided, that the failure to give such notice shall not affect the right of an Indemnified Person to indemnification hereunder to the extent that such failure does not prejudice the rights
        of the Servicer, the Marketing Agent or the Indemnified Person in such Proceeding.  The Servicer or the Marketing Agent, as applicable, may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Servicer or 
        the Marketing Agent, as applicable, notifies the Indemnified Person of its intention to assume the defense of the Proceeding, the Servicer or the Marketing Agent, as applicable, will assume such defense with counsel reasonably satisfactory to the
        Indemnified Person, and in a manner reasonably satisfactory to the Indemnified Person, and the Servicer or the Marketing Agent, as applicable, and will not be liable for fees and expenses of separate counsel to the Indemnified Person unless there
        is a conflict between the interests of the Servicer or the Marketing Agent, as applicable, and the Indemnified Person.  If there is a conflict or if the parties cannot reasonably agree as to the selection of counsel, the Servicer or the Marketing
        Agent, as applicable, will pay the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of the Proceeding in which a claim is brought against the Servicer or the Marketing Agent may be settled in the name of,
        on behalf of, or in any manner in which the Servicer or the Marketing Agent, as applicable, is understood to acknowledge the validity of any claim without the

    
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    approval of the Servicer or the Marketing Agent, respectively, and the Indemnified Person, which approvals will not be unreasonably withheld.

    (c)            Survival
          of Obligations.  Each of the Servicer’s and the Marketing Agent’s obligations under this Section 6.3, for the period it was the Servicer or the Marketing Agent, respectively, will survive the Servicer’s or the Marketing Agent’s, as
        applicable, resignation or termination, the termination of this Agreement, the resignation or removal of the Owner Trustee or the Master Collateral Agent and the termination of the Trust.

    (d)            Repayment. 
        If the Servicer or the Marketing Agent makes a payment to an Indemnified Person under this Section 6.3 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 Servicer or the Marketing Agent, as applicable.

    Section 6.4     Delegation and Contracting. If Cellco is not the Servicer or the Custodian, the Servicer or the Custodian, as applicable, may not delegate to
      any Person its obligations under this Agreement without the consent of the Trust.  However, no notice or consent will be required for any delegation if Cellco is the Servicer or the Custodian.  No notice or consent will be required for any delegation
      by the Marketing Agent of its obligations under this Agreement.  Any of the Servicer, the Custodian or the Marketing Agent may contract with other Persons to perform its obligations under this Agreement.  No delegation or contracting will relieve the
      Servicer, the Custodian or the Marketing Agent, as applicable, of its responsibilities, and the Servicer, the Custodian or the Marketing Agent, respectively, will remain responsible for those obligations.  Each of the Servicer, the Custodian and the
      Marketing Agent will be responsible for the fees of its delegates and contractors, as applicable.

    Section 6.5     Servicer May Own Credit Extensions.  The Servicer and any Affiliate of the Servicer, may, in its individual or any other capacity, become the
      owner or pledgee of Credit Extensions with the same rights as it would have if it were not the Servicer or an Affiliate of the Servicer, except as otherwise stated in any Transaction Document or other Series Related Document.

    Section 6.6     Annual Statement as to Compliance.  Within ninety (90) days after the end of each fiscal year during which an Indenture Series is outstanding
      and for which a report on Form 10-K is required to be filed with the Commission by or on behalf of the Trust, the Servicer will deliver an Officer’s Certificate to the Trust, the Depositor, the Administrator, the Master Collateral Agent, the Owner
      Trustee and each Indenture Trustee of an Indenture Series then outstanding to the effect that (A) a review of the Servicer’s activities during the prior fiscal year (or, in the case of the first such Officer’s Certificate, since the Closing Date of
      the first Indenture Series for which a report on Form 10-K is required to be filed with the Commission by or on behalf of the Trust) and of its performance under this Agreement with respect to each Indenture Series then outstanding has been made
      under the supervision of the officer executing such Officer’s Certificate and (B) to the best of his or her knowledge, based on the review, the Servicer has fulfilled in all material respects its obligations under this Agreement with respect to each
      Indenture Series then outstanding, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status of the failure.

    
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    Section 6.7     Assessment of Compliance and Accountants’ Attestation.

    (a)            Within
        ninety (90) days after the end of each fiscal year during which an Indenture Series is outstanding and for which a report on Form 10-K is required to be filed with the Commission by or on behalf of the Trust, the Servicer will:

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

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

    (iii)     cause each Subservicer and each Subcontractor, if any, determined by the Servicer to be “participating in the servicing function” within the meaning of Item
      1122 of Regulation AB, to deliver to the Trust, the Depositor, the Administrator, the Owner Trustee and the Indenture Trustee an assessment of compliance and accountants’ attestation as and when provided in paragraphs (i) and (ii) of this Section;
      and

    (iv)     if requested by the Administrator, acting on behalf of the Trust, deliver to the Trust, the Depositor and the Administrator and any other Person that will be
      responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with
      respect to a securitization transaction a certification in the form attached hereto as Exhibit B.

    The Servicer acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicer pursuant to such clause in signing a Sarbanes
      Certification and filing such with the Commission.  The Administrator, acting on behalf of the Trust, will not request delivery of a certification under clause (a)(iv) above unless the Depositor is required under the Exchange Act to file an annual
      report on Form 10‐K with respect to an asset-backed issuer whose asset pool includes receivables.

    (b)            Each
        assessment of compliance provided by a Subservicer pursuant to Section 6.7(a)(iii) shall address each of the Servicing Criteria specified on a certification to be delivered by such Subservicer to the Servicer, the Trust, the Depositor and the
        Administrator on or prior to the date of such appointment.  An assessment of compliance provided by a Subcontractor

    
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    pursuant to Section 6.7(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer and the Trust on the date of such appointment.

    ARTICLE VII

      SERVICER RESIGNATION AND TERMINATION; SUCCESSOR SERVICER

    Section 7.1       No Resignation.  The Servicer will not resign as Servicer under this Agreement unless it determines it is legally unable to perform its
      obligations under this Agreement.  The Servicer will notify the Trust, the Parent Support Provider, the Owner Trustee and the Master Collateral Agent of its resignation as soon as practicable after it determines it is required to resign, together
      with an Opinion of Counsel supporting its determination.  The Trust will promptly notify the Rating Agencies, if any, of any resignation of the Servicer.  Notwithstanding anything to the contrary in this Agreement or in any other Transaction
      Document, immediately upon the resignation of Cellco as Servicer pursuant to this Section 7.1, Cellco, in its individual capacity, will be required to assume the obligations of the Servicer to acquire Receivables as set forth in Sections 3.4 and 3.5
      of each Additional Transferor Receivables Transfer Agreement and Sections 2.5, 2.6 and 2.7 of this Agreement without further action.

    Section 7.2      Servicer Termination Events.

    (a)            Servicer
          Termination Events.  The following events will each be a “Servicer Termination Event”:

    (i)            (x) the Servicer fails to deposit, or deliver to the Master Collateral Agent for deposit, any Collections required to be delivered under this Agreement; (y) so long as Cellco is the Servicer, the Marketing Agent fails to deposit, or to
        cause the related Originators to deposit, into the Collection Account any Upgrade Payments required to be delivered under this Agreement, or (z) so long as Cellco is the Servicer, the Parent Support Provider fails to make any payments with respect
        to the items set forth in clause (x) or clause (y) above, to the extent the Servicer, or the Marketing Agent or any related Originator, respectively, fails to do so, and, in each case, which such failure continues for five (5) Business Days after
        the Servicer, the Marketing Agent or the Parent Support Provider, as applicable, receives written notice of the failure from the Master Collateral Agent, or a Responsible Person of the Servicer, the Marketing Agent or the Parent Support Provider,
        as applicable, obtains actual knowledge of the failure; or

    (ii)            the Servicer (including in its capacity as Custodian) fails to observe or to perform any obligation under this Agreement, other than as set forth in clause (i) or (iii) of this Section 7.2(a), which failure has a material
        adverse effect on the Creditors and continues for ninety (90) days after the Servicer receives written notice of the failure from the Master Collateral Agent or the Majority Creditor Representatives; or

    (iii)            so long as Cellco is the Servicer, the failure by (x) the Marketing Agent to make, or to cause the related Originators to make, (i) any payments required to be paid by the Marketing Agent in respect of the Receivables, including
        without limitation Credit Payments or (ii) payments relating to the acquisition by the Marketing Agent or the

    
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    related Originators of Receivables that are subject to certain transfers, but not including Upgrade Payments, or (y) the Parent Support Provider to make any payments
      set forth in clause (x) above, to the extent that the Marketing Agent or any related Originator fails to do so, and in either case, that continues for ten (10) Business Days after the Marketing Agent or Parent Support Provider, as applicable,
      receives written notice of the failure from the Master Collateral Agent, or a Responsible Person of the Marketing Agent or the Parent Support Provider, as applicable, obtains actual knowledge of the failure; or

    (iv)            an Insolvency Event of the Servicer occurs;

    provided, however, that a delay or failure of performance referred to in clauses (i), (ii) or (iii) above for an additional period of sixty (60)
      days will not constitute a Servicer Termination Event if such delay or failure was caused by force majeure or other similar occurrence, as further described in Section 6.2(d).

    (b)            Notice
          of Servicer Termination Event.  The Servicer will notify the Trust, the Owner Trustee and the Master Collateral Agent of any Servicer Termination Event or Potential Servicer Termination Event, no later than five (5) Business Days after a
        Responsible Person of the Servicer has received written notice of or has actual knowledge of the event.  If a Servicer Termination Event occurs, the Trust will promptly notify the Rating Agencies, if any, and the Asset Representations Reviewer.

    (c)            Removal. 
        If a Servicer Termination Event occurs and is continuing, the Master Collateral Agent, if directed to do so by the Majority Creditor Representatives, and in accordance with Section 5.4 of the Master Collateral Agreement, shall remove the Servicer
        and terminate its rights and obligations under this Agreement and each of the other Series Related Documents by notifying the Servicer, the Trust, the Parent Support Provider, the Owner Trustee and the Creditor Representatives.  The notice of
        termination will state the date the termination will be effective.  On receipt of the notice, the Trust will promptly notify the Rating Agencies, if any, and the Asset Representations Reviewer, and the Owner Trustee will promptly notify the
        Certificateholders.  Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, immediately upon the removal of Cellco as Servicer pursuant to this Section 7.2, Cellco, in its individual capacity, shall assume
        the obligations of the Servicer to acquire Receivables as set forth in Sections 3.4 and 3.5 of any Additional Transferor Receivables Transfer Agreement and Sections 2.5, 2.6 and 2.7 of this Agreement without further action.

    (d)            Waiver
          of Servicer Termination Events.  In accordance with the Master Collateral Agreement, the Majority Creditor Representatives (or, if no Credit Extensions are Outstanding, the Owner Trustee, at the direction of the Class A Certificateholder),
        may direct the Master Collateral Agent to waive a Servicer Termination Event, except with respect to a failure to make required deposits to or payment from any of the Trust Accounts, and the consequences thereof.  Upon the waiver, the Servicer
        Termination Event will be deemed not to have occurred.  No waiver will extend to any other Servicer Termination Event or impair a right relating to any other Servicer Termination Event.  The Trust will promptly notify the Rating Agencies, if any,
        and the Asset Representations Reviewer of any waiver.

    
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    Section 7.3     Continue to Perform.  If the Servicer resigns under Section 7.1, it will continue to perform its obligations as Servicer under this Agreement
      until the earlier to occur of (a) a Successor Servicer accepting its engagement as Servicer under Section 7.4 or (b) the date the Servicer is legally unable to act as Servicer.  If the Servicer is terminated under this Agreement, it will continue to
      perform its obligations as Servicer under this Agreement until the date stated in the notice of termination.  If Cellco is the resigning or removed Servicer, Cellco shall (x) remit any amounts due on the Receivables that are remitted to Cellco in
      error, rather than to the Successor Servicer as set forth in the notice sent to Obligors under Section 3.13, and provide the Successor Servicer with any necessary information regarding the amount remitted to the Successor Servicer by Cellco and the
      Receivable for which such amount was remitted and (y) continue to perform its remittance obligations set forth in Section 3.12(b) for as long as any Receivable continues to have a Principal Balance or until this Agreement is terminated in accordance
      with Section 8.1.

    Section 7.4     Successor Servicer.

    (a)            Engagement
          of Successor Servicer; Master Collateral Agent to Act.

    (i)            If the Servicer resigns or is terminated under this Agreement, the Master Collateral Agent will promptly engage an institution having a net worth of not less than $50,000,000 whose regular business and operations includes the servicing
        of receivables and can accommodate the servicing of device payment plan agreements, as the successor to the Servicer under this Agreement (the “Successor Servicer”) and successor to the Administrator under Section 3.4 of the Administration
        Agreement.

    (ii)            If no Person has accepted the engagement as Successor Servicer when the Servicer stops performing its obligations, the Master Collateral Agent, without further action, will be automatically appointed the Successor Servicer to
        perform the obligations of the Servicer (other than any obligations specifically excluded) until such time as another Successor Servicer shall accept engagement as Successor Servicer.  If the Master Collateral Agent becomes the Successor Servicer,
        it (A) will do so in its individual capacity and not in its capacity as Master Collateral Agent and, accordingly, Article VII of the Master Collateral Agreement will be inapplicable to the Master Collateral Agent solely in its capacity as Successor
        Servicer, (B) shall not be liable  for any actions of any Servicer prior to its appointment as Successor Servicer, and (C) may appoint as Servicer any one of its Affiliates, but the Master Collateral Agent, in its capacity as Successor Servicer,
        will be liable for the actions and omissions of such Affiliate.  If the Master Collateral Agent is unwilling or legally unable to act as Successor Servicer, it will appoint, or petition a court of competent jurisdiction to appoint, an institution
        having a net worth of not less than $50,000,000 whose regular business and operations includes the servicing of accounts and can accommodate the servicing of device payment plan agreements, as successor to the Servicer under this Agreement.  The
        Master Collateral Agent will be released from its obligations as Successor Servicer on the date that a new Servicer accepts its engagement as Successor Servicer.

    (b)            Acceptance
          of Engagement.  The Successor Servicer will accept its engagement by assuming the Servicer’s obligations under this Agreement or entering into an amendment to

    
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    this Agreement or a new servicing agreement on substantially the same terms as this Agreement, in a form acceptable to the Owner Trustee and the Master Collateral Agent.  The Successor
      Servicer will deliver a copy of the assumption, amendment or new servicing agreement to the other parties and the Master Collateral Agent.  The Successor Servicer (other than the Master Collateral Agent as Successor Servicer) will accept its
      engagement as Administrator according to Section 3.4 of the Administration Agreement.  Promptly following a Successor Servicer’s acceptance of its engagement, the Master Collateral Agent will notify the Trust, the Owner Trustee and the Secured
      Parties of the engagement.  On receipt of a notice of engagement, the Trust will promptly notify the Rating Agencies, if any, and the Asset Representations Reviewer, and the Owner Trustee will promptly notify the Certificateholders.  Any Successor
      Servicer will agree to provide to Cellco any information relating to payments received from Obligors (including any payments received on a Receivable that was the subject of an upgrade for which none of the Marketing Agent, the related Originator or
      the Parent Support Provider deposited a required Upgrade Payment), delinquencies in payments by Obligors, any Written-Off Receivables and any other information related to the Obligors and the Receivables required by Cellco to service the accounts of
      which any Receivables are a part, including, but not limited to, granting and applying credits to any account for which none of the Marketing Agent, the related Originator or the Parent Support Provider remitted an Upgrade Payment, as set forth in
      Section 3.12(b).  Any Successor Servicer will agree to be bound by the terms and conditions of the legal, regulatory, privacy and data protection policies set forth in Exhibit A attached hereto to the extent such Successor Servicer receives
      information from Cellco or any of its Affiliates relating to the Receivables.  No Successor Servicer shall have any liability for the acts or omissions of any predecessor Servicer.

    (c)            Compensation
          of Successor Servicer.  The Master Collateral Agent may make arrangements for the compensation of the Successor Servicer out of Collections as it and the Successor Servicer may agree.  In addition to the Servicing Fee, on the date of its
        appointment as Successor Servicer, such Successor Servicer will receive the Successor Servicer Engagement Fee payable pursuant to the Trust Financing Agreements for each Series with Credit Extensions Outstanding, and thereafter, will be entitled to
        the Additional Successor Servicer Fee, which will be paid in accordance with the priorities set forth in the Trust Financing Agreements for each Series with Credit Extensions Outstanding.

    (d)            Transfer
          of Authority.  On the effective date of the Servicer’s resignation or termination or the later date that the Servicer stops performing its obligations, and solely to the extent the Successor Servicer is an entity other than the Master
        Collateral Agent, all rights and obligations of the Servicer under this Agreement and of the Administrator under the Administration Agreement will become the rights and obligations of the Successor Servicer, including as successor Administrator. 
        For the avoidance of doubt, (x) the resignation or removal of Cellco as Servicer will not result in the termination of Cellco’s duties as Marketing Agent and (y) if the Master Collateral Agent is the Successor Servicer, Cellco will continue to act
        as Administrator under the Administration Agreement, to the extent it is able to continue to perform thereunder pursuant to the terms of the Administration Agreement.

    (e)            Authority
          of Trust and Master Collateral Agent.  The Trust and the Master Collateral Agent are authorized to execute and deliver, on behalf of the Servicer, as attorney-in-

    
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    fact or otherwise, all documents, and to do all other acts or things necessary or advisable to effect the termination and replacement of the Servicer.

    Section 7.5     Transition of Servicing.

    (a)            Cooperation
          on Termination.  On its resignation or termination, the Servicer will cooperate with the Trust, the Owner Trustee, the Master Collateral Agent and the Successor Servicer in effecting (i) the termination of its rights and obligations under
        this Agreement and (ii) an orderly transition of such rights and obligations to the Successor Servicer.

    (b)            Transfer
          of Cash, Receivable Files and Records.  As soon as practicable after the effective date of its resignation or termination, the predecessor Servicer will (i) transfer to the Successor Servicer all funds relating to the Receivables that are
        held or later received by the predecessor Servicer and (ii) deliver to the Successor Servicer the Receivable Files and the accounts and records maintained by the Servicer.  The Servicer will not be obligated to provide, license or assign its
        processes, procedures, models, servicing software or other applications to any Successor Servicer or any third party, or provide anything covered by a restriction on transfer or assignment or a confidentiality agreement or otherwise restricted by
        legal, regulatory, privacy or data protection policies.

    (c)            Expenses
          of Servicing Transition.  All reasonable expenses incurred by the Trust, the Owner Trustee, the Master Collateral Agent and the Successor Servicer in connection with (i) the transition of servicing rights and obligations to the Successor
        Servicer and (ii) amending this Agreement or entering into an assumption agreement or new agreement to reflect a succession of the Servicer will be paid by the resigning or terminated Servicer on receipt of an invoice in reasonable detail.

    Section 7.6     Merger, Consolidation, Succession or Assignment.  Any Person (a) into which the Servicer is merged or consolidated, (b) resulting from a merger
      or consolidation to which the Servicer is a party, (c) succeeding to the Servicer’s business or (d) that is an Affiliate of the Servicer to whom the Servicer has assigned this Agreement, will be the successor to the Servicer under this Agreement. 
      Within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an agreement to assume the Servicer’s obligations under this Agreement and each Transaction Document to which the Servicer is a
      party (unless the assumption happens by operation of Law), (ii) deliver to the Trust, the Owner Trustee and the Master Collateral Agent an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or
      assignment and the assumption agreement comply with this Section 7.6 and (iii) notify the Rating Agencies, if any, of the merger, consolidation, succession or assignment.

    ARTICLE VIII

      TERMINATION

    Section 8.1     Termination.  This Agreement will terminate on the later to occur of (a) the date upon which the last remaining Receivable is paid in full,
      settled, sold or written off and any amounts received are applied and (b) the Trust is dissolved in accordance with the Trust Agreement.

    
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    ARTICLE IX

      OTHER AGREEMENTS

    Section 9.1     Financing Statements.

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

    (b)            Trust
          and Master Collateral Agent Authorized to File Financing Statements.  The Depositor shall file, and authorizes the Trust and the Master Collateral Agent (but the Master Collateral Agent will not be required and shall have no liability for the
        failure to do so unless directed in writing pursuant to the Master Collateral Agreement) to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Trust or any Creditor
        Representative may determine are necessary or advisable to perfect the Trust’s interest in the Depositor Transferred Property.  The financing and continuation statements may describe the Depositor Transferred Property as the Trust or any Creditor
        Representative may reasonably determine to perfect the Trust’s or the Master Collateral Agent’s interest in the Depositor Transferred Property.  The Trust or the Master Collateral Agent (with respect to the Master Collateral Agent, solely to the
        extent it has been instructed to make such filing) will promptly deliver to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.  The
        permissive right of the Master Collateral Agent to file any financing statement shall not be construed as a duty or obligation.

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

    (d)            Change
          of Depositor’s Name.  The Depositor will notify the Owner Trustee and the Master Collateral Agent at least ten (10) days before any change in the Depositor’s name that could make a financing statement filed under this Section 9.1 seriously
        misleading under Section 9-506 of the UCC.  If required, the Depositor will promptly file amendments to all previously filed financing statements.

    Section 9.2     No Transfer or Lien by Depositor.  Except for the transfer and assignment under this Agreement, the Depositor will not transfer or assign any
      Depositor Transferred Property to another Person or Grant or allow a Lien, other than a Permitted Lien, on an interest in

    
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    any Depositor Transferred Property.  The Depositor will defend the Trust’s interest in the Depositor Transferred Property against claims of third parties claiming through the Depositor.

    Section 9.3     Expenses.  The Depositor will pay the expenses to perform its obligations under this Agreement and the Trust’s and the Master Collateral
      Agent’s reasonable expenses to perfect the Trust’s interest in the Depositor Transferred Property and to enforce the Depositor’s obligations under this Agreement.

    Section 9.4     Receivables Information.

    (a)            Servicer’s
          Receivables Systems.  On and after the related Acquisition Date, until a Receivable has been paid in full, becomes a Reconveyed Receivable, a Transferred Receivable or is acquired or sold to a third party under Section 3.4, the Servicer will
        mark its receivables systems to indicate clearly that the Receivable is owned by the Trust and has been pledged to the Master Collateral Agent under the Master Collateral Agreement.

    (b)            List
          of Receivables.  If requested by the Owner Trustee or the Master Collateral Agent, the Servicer will furnish a list of Receivables (by loan number) to the Owner Trustee and the Master Collateral Agent.

    Section 9.5     No Petition.  The parties agree that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period)
      after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b) all Credit Extensions, it will not start or pursue against, or join any other Person in starting or pursuing against,
      (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section 9.5 will survive the termination of this
      Agreement.

    Section 9.6     Limited Recourse.  Each party agrees that any claim that it may seek to enforce against the Depositor or the Trust under this Agreement is
      limited to the Depositor Transferred Property only and is not a claim against the Depositor’s or the Trust’s assets as a whole or against assets other than the Depositor Transferred Property.

    Section 9.7     Limitation of Liability.

    (a)            Owner
          Trustee.  This Agreement has been signed on behalf of the Trust by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Trust.  In no event will Wilmington Trust, National
        Association in its individual capacity or as a beneficial owner of the Trust be liable for the representations, warranties, covenants, agreements or other obligations of the Trust under this Agreement.  For all purposes under this Agreement, the
        Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.  Neither the Trust nor the Owner Trustee will have any liability for any act or failure to act of the Servicer, including any action taken under a power of attorney
        given under this Agreement.

    (b)            Master
          Collateral Agent.  This Agreement has been signed by U.S. Bank National Association not in its individual capacity but solely in its capacity as Master Collateral Agent.  In

    
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    performing its obligations under this Agreement, the Master Collateral Agent is subject to, and entitled to the benefits of, the Master Collateral Agreement.  The Master Collateral Agent
      will not have any liability for any act or failure to act of the Servicer, the Custodian, the Marketing Agent, any Creditor Representative, the Administrator, the Trust or any other Person.

    Section 9.8       Tax Treatment of Credit Extensions.  Each of the Depositor and the Servicer agree to treat the Credit Extensions as indebtedness for U.S.
      federal, State and local income and franchise tax purposes and for purposes of any other tax imposed on or measured in whole or in part by income.

    ARTICLE X

      MISCELLANEOUS

    Section 10.1     Amendments.

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

    (b)            Other
          Amendments.  Other than as set forth in Section 10.1(c), the parties to this Agreement, without the consent of any Creditor Representatives or Creditors, may also amend this Agreement for the purpose of adding any provisions to, or changing
        in any manner or eliminating any provisions of, this Agreement or modifying in any manner the rights of the Creditors under this Agreement if (x) the Trust or the Administrator delivers an Officer’s Certificate to the Master Collateral Agent and
        the Owner Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that such amendment will not have a material adverse effect on the interest of any Creditor or (y) the Rating Agency Condition has been satisfied for
        all Credit Extensions then rated by a Rating Agency with respect to such amendment.

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

    (d)            Consent
          of Master Collateral Agent and Owner Trustee.  The consent of the Master Collateral Agent will be required for any amendment under Sections 10.1(b) or (c) that has a material adverse effect on the rights, duties, obligations, immunities or
        indemnities of the Master Collateral Agent.  The consent of the Owner Trustee will be required for any amendment under Sections 10.1(b) or (c) 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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    (e)            Opinion
          of Counsel.  Before executing any amendment to this Agreement, the Owner Trustee and the Master Collateral Agent shall be entitled to receive and conclusively rely upon, and the Depositor will deliver, an Opinion of Counsel stating that the
        execution of the amendment is permitted by this Agreement and the Trust Financing Agreements and all conditions precedent thereto have been satisfied.

    (f)            Notice
          of Amendments.  Promptly after the execution of an amendment, the Depositor will deliver, or will cause the Administrator to deliver, a copy of the amendment to the Master Collateral Agent and the Rating Agencies, if any, and the Master
        Collateral Agent will notify the Creditors of the substance of the amendment.

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

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

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

    Section 10.2     Assignment; Benefit of Agreement; Third-Party Beneficiary.

    (a)            Assignment. 
        Except as stated in Sections 5.3, 7.4 and 7.6, this Agreement may not be assigned by the Depositor or the Servicer without the consent of the Owner Trustee, the Master Collateral Agent, the Certificateholders and Creditor Representatives
        representing Creditors holding more than sixty-six and two thirds percent (66 2/3%) of the Credit Exposure of each Trust Financing.

    (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 Master Collateral Agent, for the benefit of the Secured
        Parties, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Depositor and the Servicer.  No other Person will have any right or obligation under this Agreement.

    
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    Section 10.3     Notices.

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

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

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

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

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

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

    (c)            Notices
          to Creditors.  Notices to a Creditor will be considered received by the Creditor:

    (i)              for Definitive Notes and Lenders, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the Creditor at its address in the Note
        Register (or, with respect to a Lender, as set forth in the related Trust Financing Agreement); or

    (ii)            for Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

    Section 10.4     Agent for Service.

    (a)            Depositor. 
        The agent for service of the Depositor for this Agreement will be the person holding the office of Secretary of the Depositor at the following address:

    Verizon ABS II LLC

      One Verizon Way

      Basking Ridge, New Jersey 07920

    (b)            Servicer. 
        The agent for service of the Servicer for this Agreement will be the person holding the office of Secretary of the Servicer at the following address:

    Cellco Partnership d/b/a Verizon Wireless

    One Verizon Way

    
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    Basking Ridge, New Jersey 07920

    

    

    (c)            Marketing
          Agent.  The agent for service of the Marketing Agent for this Agreement will be the person holding the office of Secretary of the Marketing Agent at the following address:

    Cellco Partnership d/b/a Verizon Wireless

    One Verizon Way

    Basking Ridge, New Jersey 07920

    

    

    Section 10.5     GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE
      GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW
      PRINCIPLES).  FOR PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE THE SECURITIES INTERMEDIARY’S JURISDICTION, AND THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.
      NOTWITHSTANDING SECTION 10.1 OF THIS AGREEMENT, THE PARTIES WILL NOT AGREE TO AMEND THIS AGREEMENT TO CHANGE THE GOVERNING LAW TO ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK.

    Section 10.6     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 10.7     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 10.8     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 10.9     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.

    
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    Section 10.10     Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

    Section 10.11     Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will
      together be one document.

    Section 10.12     Electronic Signatures.  Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be
      electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

    Section 10.13     Intent of the Parties; Reasonableness.  The Depositor, the Servicer and the Trust acknowledge and agree that the purpose of Sections 6.6 and
      6.7 of this Agreement is to facilitate compliance by the Trust and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.  None of the Depositor, the Administrator or the Trust shall exercise its right
      to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder.  The
      Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets,
      advice of counsel, or otherwise, and agrees to comply with requests made by the Trust or the Administrator in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with
      this transaction, the Servicer shall cooperate fully with the Administrator and the Trust to deliver to the Administrator or Trust, as applicable (including any of its assignees or designees), any and all statements, reports, certifications, records
      and any other information necessary in the good faith determination of the Trust or the Administrator to permit the Trust or Administrator (acting on behalf of the Trust) to comply with the provisions of Regulation AB, together with such disclosures
      relating to the Servicer, any Subservicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Trust or the Administrator to be necessary in order to effect such compliance.

    ARTICLE XI

    ASSET REPRESENTATIONS REVIEW; DISPUTE RESOLUTION

    Section 11.1     Asset Representations Review.

    (a)            Upon the occurrence of a Group Delinquency Trigger with respect to any Collection Period, the Servicer will promptly send to the Administrator, the Master Collateral Agent, each Creditor Representative for each Series of Publicly
        Registered Notes of the related Group, and each Public Noteholder of the related Group (and to each applicable Clearing Agency for distribution to Note Owners of Publicly Registered Notes of such Group in accordance with the rules of such Clearing
        Agency) as of the most recent Record Date a notice describing (i) the occurrence of the Group Delinquency Trigger, and including reasonably detailed calculations thereof, and (ii) the rights of the Public Noteholders of the related Group (including
        Note Owners of Publicly Registered Notes of such Group) regarding an Asset

    
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    Representations Review (including a description of the method by which Public Noteholders of the related Group (including Note Owners of Publicly Registered Notes of such Group) may
      contact the Master Collateral Agent in order to request a formal vote of Public Noteholders of the related Group in respect of an Asset Representations Review).  In connection with the foregoing, upon request from the Servicer, the Master Collateral
      Agent or the related Indenture Trustee shall provide a list of the Public Noteholders of each Indenture Series of the related Group of record as of the most recent Record Date.  The notice provided under this Section 11.1 (a) and the related 10-D
      that is filed are the only notices that will be provided to Public Noteholders of the related Group (including Note Owners of Publicly Registered Notes of such Group) concerning whether the Group Delinquency Trigger has occurred.

    (b)            If the Master Collateral Agent notifies the Servicer pursuant to Section 12.2 of the Master Collateral Agreement that sufficient Public Noteholders of the related Group have voted within the required time to initiate an Asset
        Representations Review of all Group 60-Day Delinquent Receivables by the Asset Representations Reviewer pursuant to the Asset Representations Review Agreement, then the Servicer shall:

    (i)              promptly notify the Asset Representations Reviewer and the Master Collateral Agent of the number of Group 60-Day Delinquent Receivables;

    (ii)             within sixty (60) days after receipt by the Servicer of that notice from the Master Collateral Agent, render reasonable assistance, including granting access to copies of any underlying documents and Receivable Files and all
        other relevant documents, to the Asset Representations Reviewer to facilitate the performance of a review of all Group 60-Day Delinquent Receivables, pursuant to Section 3.3(a) of the Asset Representations Review Agreement, in order to verify
        compliance with the representations and warranties made by each Originator or the Servicer (in the case of Receivables transferred by any Additional Transferor or designated to the related Group on a Re-Designation Date); provided, that the
        Servicer shall use its best efforts to redact any materials provided to the Asset Representations Reviewer in order to remove any Personally Identifiable Information without changing the meaning or usefulness of the Review Materials; and

    (iii)            provide such other reasonable assistance to the Asset Representations Reviewer as it requests in order to facilitate its Asset Representations Review of the Group 60-Day Delinquent Receivables pursuant to the Asset
        Representations Review Agreement.

    Section 11.2     Dispute Resolution.

    (a)            If (i) the Trust or (ii) the Majority Public Noteholders of a Group requests by written notice to (x) the Master Collateral Agent (which will be forwarded to the related Originator or the Servicer, as applicable) or (y) the related
        Originator or the Servicer (in the case of Receivables transferred by any Additional Transferor or designated to the related Group on a Re-Designation Date) (any such party making a request, the “Requesting Party”), that a Receivable be
        reacquired or acquired due to an alleged breach of the Group Eligibility Representation with respect to that Receivable as set forth in Section 3.3 of the Originator Receivables Transfer Agreement, Section 3.3 of each Additional Transferor
        Receivables

    
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    Transfer Agreement or Section 2.7 of this Agreement, as applicable, and the request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party
      within one-hundred eighty (180) days of the receipt of such request by the related Originator or the Servicer (in the case of Receivables transferred by any Additional Transferor), then the Requesting Party, any Public Noteholder of the related Group
      or a Verified Note Owner of the related Group (each, a “Dispute Resolution Party”) will have the right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or third-party binding arbitration pursuant
      to this Section 11.2.  Dispute resolution to resolve reacquisition or acquisition requests will be available regardless of whether Public Noteholders of the related Group voted to direct an Asset Representations Review or whether the related Group
      Delinquency Trigger occurred.  The Depositor will provide written direction to the Master Collateral Agent instructing it to notify the Requesting Party (directly if the Requesting Party is a Noteholder and through the applicable Clearing Agency for
      distribution to such Requesting Party, if the Requesting Party is a Note Owner, in accordance with the rules of such Clearing Agency) no later than five (5) Business Days after the end of the 180-day period of the date when the 180-day period ends
      without resolution by the appropriate party, which written direction will specify the identity of the Requesting Party and the date as of which that 180-day period shall have ended; provided, that the Master Collateral Agent shall have no other obligation whatsoever to participate in any dispute resolution, mediation or arbitration to determine if a reacquisition or acquisition request has been
      resolved within the applicable 180-day period. A Requesting Party must provide notice of its intention to refer the matter to mediation, to refer the matter to arbitration, or to institute a legal proceeding, to the Depositor within thirty (30) days
      after the delivery of notice of the end of the 180-day period.  The Depositor will participate in the resolution method selected by any Dispute Resolution Party.  For the avoidance of doubt, neither the Owner Trustee nor any Indenture Trustee shall
      have any obligation whatsoever to participate in any dispute resolution, mediation or arbitration to determine if a reacquisition or acquisition request has been resolved within the applicable 180-day period.  For the avoidance of doubt, if the
      Master Collateral Agent does not agree to pursue or otherwise be involved in resolving any reacquisition or acquisition request or dispute resolution proceeding, any Public Noteholder of the related Group or any Verified Note Owner of the related
      Group may independently pursue dispute resolution in respect of such reacquisition or acquisition.  If the Master Collateral Agent brings a dispute resolution action based on written direction by a Public Noteholder of a Group to do so, the
      “Requesting Party” and the “Dispute Resolution Party” shall be deemed to be the requesting Note Owner(s) (or the party to the arbitration) for purposes of the dispute resolution proceeding, including allocation of fees and expenses.  The Master
      Collateral Agent shall not be liable for any costs, expenses and/or liabilities allocated to a Dispute Resolution Party as part of the dispute resolution proceeding.  Further, the Master Collateral Agent shall be under no obligation under this
      Agreement, any other Transaction Document, any Series Related Documents or otherwise to monitor reacquisition or acquisition activity or to independently determine which reacquisition or acquisition requests remain unresolved after one-hundred eighty
      (180) days.

    (b)            If the Dispute Resolution Party selects mediation (including non-binding arbitration) as the resolution method, the following provisions will apply:

    (i)             The mediation will be administered by JAMS pursuant to its Mediation Procedures in effect on the date the arbitration is filed.

    
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    (ii)            The mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York and an attorney specializing in commercial litigation with at least 15 years of experience and who will be appointed from
        a list of neutrals maintained by JAMS.  Upon being supplied a list of at least 10 potential mediators by JAMS each party will have the right to exercise two peremptory challenges within fourteen (14) days and to rank the remaining potential
        mediators in order of preference JAMS will select the mediator from the remaining attorneys on the list respecting the preference choices of the parties to the extent possible.

    (iii)          The parties will use commercially reasonable efforts to begin the mediation within thirty (30) days of the selection of the mediator and to conclude the mediation within sixty (60) days of the start of the mediation.

    (iv)           The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation.

    (c)            If the Dispute Resolution Party selects binding arbitration as the resolution method, the following provisions will apply:

    (i)             The arbitration will be administered by the AAA pursuant its Arbitration Rules in effect on the date the arbitration is filed.

    (ii)            The arbitral panel will consist of three members, (i) one to be appointed by the Requesting Party within five (5) Business Days of providing notice to the Depositor of its selection of arbitration, (ii) one to be appointed by
        the Depositor within five (5) Business Days of that appointment and (iii) the third, who will preside over the panel, to be chosen by the two party-appointed arbitrators within five (5) Business Days of the second appointment.  If any party fails
        to appoint an arbitrator or the two party-appointed arbitrators fail to appoint the third within the stated time periods, then the appointments will be made by AAA pursuant to the Arbitration Rules.  In each such case, each arbitrator will be
        impartial, knowledgeable about and experienced with the laws of the State of New York and an attorney specializing in commercial litigation with at least 15 years of experience.

    (iii)           Each arbitrator will be independent and will abide by the Code of Ethics for Arbitrators in Commercial Disputes in effect as of the date of this Agreement.  Prior to accepting an appointment, each arbitrator must promptly
        disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.   Any arbitrator may be removed by AAA for cause consisting of
        actual bias, conflict of interest or other serious potential for conflict.

    (iv)           After consulting with the parties, the arbitral panel will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the proceeding and completing the
        arbitration within ninety (90) days after appointment.  The arbitral panel will have the authority to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in

    
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    accordance with then-prevailing New York law (including prehearing and post hearing motions), and will do so on the motion of any party to the arbitration.

    (v)            Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be presumptively limited to the following discovery in the arbitration: (A) four (4)
        witness depositions not to exceed five (5) hours, and (B) one (1) set of interrogations, document requests, and requests for admissions; provided that the arbitral panel will have the ability to grant the parties, or either of them, additional
        discovery to the extent that the arbitral panel determines good cause is shown that such additional discovery is reasonable and necessary.

    (vi)            The arbitral panel will make its final determination no later than ninety (90) days after appointment.  The arbitral panel will resolve the dispute in accordance with the terms of this Agreement and may not modify or change this
        Agreement in any way.  The arbitral panel will not have the power to award punitive damages or consequential damages in any arbitration conducted by them.  In its final determination, the arbitral panel will determine and award the costs of the
        arbitration (including the fees of the arbitral panel, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitral panel in its reasonable discretion. 
        The determination in any binding arbitration of the arbitral panel will be in writing and counterpart copies will be promptly delivered to the parties.  The determination will be final and non-appealable and may be enforced in any court of
        competent jurisdiction.

    (vii)          By selecting binding arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

    (viii)       No person may bring class or collective claims in arbitration even if the Arbitration Rules would allow them.  Notwithstanding anything herein to the contrary, the arbitral panel may award money or injunctive relief in favor of the
        individual party seeking relief and only to the extent necessary to provide relief warranted by that party’s individual claim.

    (d)            The following provisions will apply to both mediations and arbitrations:

    (i)              Any mediation or arbitration will be held in New York, New York; and

    (ii)            The details and/or existence of any unfulfilled reacquisition or acquisition request, any informal meetings, mediations or arbitration proceedings conducted under this Section 11.2, including all offers, promises, conduct and
        statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled reacquisition or acquisition request, and any discovery taken in connection with any arbitration, will be confidential, privileged
        and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 11.2).  This information will be kept strictly confidential and will not be
        disclosed or discussed with any third party (excluding a

    
      49

      
        

    

    

    

    party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with any resolution procedure under this Section
      11.2), except as otherwise required by law, regulatory requirement or court order.  If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such
      confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with the opportunity to object to the production of its confidential information.

    

    

    [Remainder of Page Left Blank]

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      50

      
        

    

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

    

    

     VERIZON ABS II LLC,

              as Depositor

      

      

      

      

      

      

      By:                                                                                                            

              Name:

              Title:

    VERIZON MASTER TRUST,

              as Trust

      

      

      By:        Wilmington Trust, National Association,

              not in its individual capacity but solely as Owner

              Trustee of Verizon Master Trust

      

      

      

      

      

      

      By:                                                                                                            

              Name:

              Title:

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

      as Servicer, Marketing Agent and Custodian

      

      

      

      

      

      

      By:                                                                                                            

              Name:

              Title:

    
      
        

    

    

    

    AGREED AND ACCEPTED BY:

    U.S. BANK NATIONAL ASSOCIATION,

              not in its individual capacity

              but solely as Master Collateral Agent

      

      

      

      

      

      

      By:                                                                                    

              Name:

              Title:

    WILMINGTON TRUST, NATIONAL ASSOCIATION,

              not in its individual capacity

              but solely as Owner Trustee

      

      

      

      

      

      

      By:                                                                                    

              Name:

              Title:

    

    

    
      
        

    

    
    Schedule A

    Notice Addresses

    	1.	
            If to Cellco, in its individual capacity or as Servicer, Marketing Agent, Custodian or Administrator:

          

    Cellco Partnership

    One Verizon Way

    Basking Ridge, New Jersey 07920

    Attention:  Assistant Treasurer

      Telephone:  908-559-5870

    Email: kee.chan.sin@verizon.com

    

    

    	2.	
            If to the Depositor:

          

    Verizon ABS II LLC

    One Verizon Way

    Basking Ridge, New Jersey 07920

      Attention:  Chief Financial Officer

      Telephone:  908-559-5870

      Email: kee.chan.sin@verizon.com

    With a copy to:

    Cellco Partnership

    One Verizon Way

    Basking Ridge, New Jersey 07920

    Attention:  Assistant Treasurer

      Telephone:  908-559-5870

    Email: kee.chan.sin@verizon.com

    	3.	
            If to the Trust:

          

    c/o the Owner Trustee at the Corporate Trust Office of the Owner Trustee

    With copies to:

    Cellco Partnership

    One Verizon Way

    Basking Ridge, New Jersey 07920

    Attention:  Assistant Treasurer

      Telephone:  908-559-5870

    Email: kee.chan.sin@verizon.com

    
      SA-1

      
        

    

    

    

    

    

    	4.	
            If to the Parent Support Provider:

          

    Verizon Communications Inc.

    1095 Avenue of the Americas

    New York, New York 10036

    Attn: Assistant Treasurer

    Telephone:  908-559-5870

    Email: kee.chan.sin@verizon.com

    

    

    	5.	
            If to the Owner Trustee, at the Corporate Trust Office of the Owner Trustee

          

    	6.	
            If to the Master Collateral Agent, at the Corporate Trust Office of the Master Collateral Agent

          

    	7.	
            If to the Indenture Trustee, at the Corporate Trust Office of the Indenture Trustee

          

    

    

    

    

    

    

    
      SA-2

      
        

    

    
    

    

    Exhibit A

    Custodian’s Security Requirements

     

      

    
      EA-1

      
        

    

    
    
      
        	
                 

              	v2.1

      

      

      		
              Baseline Security Requirements

              For Verizon Suppliers

            	 

      

      

       

      The following information security requirements (“Requirements”) are generally applicable to Supplier engagements with Verizon.  These Requirements are not intended to address
        specific security functionality or attributes of devices, software or systems sold, leased or licensed to Verizon by Supplier and will not limit more stringent or other security related Requirements set forth in this Agreement.

       

      For the avoidance of doubt, security industry terms used herein which are undefined in the Agreement   have the meaning described in information security guidance
        issued by the National Institute of Standards and Technology (NIST), or similarly regulatory bodies that issue industry accepted standards governing information security.

      

      

       

      	A.	
              Supplier Requirements

            

      

      

      	1.	
              Access Control

            

      

      

      1.1.  Supplier will limit information system access to authorized users, authorized
        processes acting on behalf of authorized users, or authorized devices (including other information systems), and such access will be limited to only those types of transactions and functions authorized users or devices are permitted to exercise.

      

      

      1.2.  Additionally, Supplier will:

      

      

      	

            	a.	
              Create, enable, modify, disable, and remove information system accounts in accordance with documented Supplier procedures.

            

      	

            	b.	
              Monitor the use of information system accounts.

            

      	

            	c.	
              Review, annually at minimum, user accounts to determine (i) if each user’s access is still the minimum necessary to perform assigned duties, and (ii) that access is still needed
                (i.e., least privilege principles are followed).

            

      	

            	d.	
              Enforce, document and define information system access authorizations to support separation of duties so as to limit the potential for a single individual to cause excessive
                harm.

            

      	

            	e.	
              Require personnel with access to administrator or privileged accounts to use non-privileged accounts or roles when performing non-privileged functions.

            

      	

            	f.	
              Audit the execution of Privileged Users actions and functions.

            

      	

            	g.	
              Prohibit non-privileged users from executing privileged functions, including, but not limited to, disabling, circumventing, or altering implemented security
                safeguards/countermeasures.

            

      	

            	h.	
              On a quarterly basis, review privileged and administrator accounts with access to systems, applications, or databases containing Verizon Highly Confidential data.

            

      	

            	i.	
              Implement a remote access policy and authorize remote access to information systems prior to allowing such connections.

            

      	

            	j.	
              Establish usage restrictions, configuration/connection requirements, and implementation guidance for organization-controlled mobile devices, the connection of mobile devices to
                information systems, wireless network access, and authorize wireless access to the information system according to Supplier’s documented processes and procedures prior to allowing such connections.

            

      

      

      
        EA-2

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

      

      

      

      

      	

            	k.	
              Establish terms and conditions for authorized individuals working at Supplier’s third-parties who will access Supplier’s information systems to:

            

      	

            	i.	
              Securely access the Supplier information systems from Supplier’s third parties’ information systems; and

            

      	

            	ii.	
              Securely process, store or transmit organization-controlled information using Supplier’s third parties’ information systems.

            

      

      

      	2.	
              Awareness and Training

            

      

      

      Supplier will:

      

      

      	

            	a.	
              Ensure that managers and users of information systems are periodically made aware of the security risks associated with their activities and of the applicable laws, Executive
                Orders, directives, policies, standards, instructions, regulations, or procedures related to the security of information systems.

            

      	

            	b.	
              Ensure that Supplier personnel are reasonably and periodically trained to carry out their assigned information security-related duties and responsibilities.

            

      	

            	c.	
              Ensure that all personnel (including subcontractor personnel) who are involved in the management, use, or operation of IT
                  systems or have access to Verizon Confidential Information, receive annual training in privacy, security awareness and accepted security practices (to include recognizing and reporting suspicious activities that can introduce malicious
                  software).  New hire initial training will be conducted within 30 Days of hire with refresher training occurring annually.

            

      	

            	d.	
              Ensure that all personnel (including subcontractor personnel) with significant IT security responsibilities receive specialized annual training tailored to their specific
                security responsibilities.

            

      	

            	e.	
              Track completion of all training and ensure that all personnel (including subcontractor personnel) acknowledge receipt of training.

            

      

      

      	3.	
              Logging, Audit and Accountability

            

      

      

      Supplier will:

      

      

      	

            	a.	
              Create, protect, and retain information system audit records to the extent needed to maintain integrity and enable the monitoring, analysis, investigation, and reporting of
                unlawful, unauthorized, or inappropriate information system activity.   For the avoidance of doubt, “audit” is used interchangeably with the term “log” in this Exhibit.

            

      	

            	b.	
              Ensure that the actions of individual information system users can be uniquely traced to those users so they can be held accountable for their actions.

            

      	

            	c.	
              Log the following events at a minimum on information systems:

            

      	

            	i.	
              Successful login attempts;

            

      	

            	ii.	
              Unsuccessful login attempts;

            

      	

            	iii.	
              All logoffs;

            

      	

            	iv.	
              Additions, deletions and modifications to User and system accounts/privileges;

            

      	

            	v.	
              Users switching IDs during an online session;

            

      	

            	vi.	
              Attempts to perform unauthorized functions;

            

      
        EA-3

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

        

        

      

      	

            	vii.	
              Activity performed by privileged accounts;

            

      	

            	viii.	
              Modifications to system settings (parameters) and

            

      	

            	ix.	
              Modifications to audit log parameters;

            

      	

            	d.	
              Event Logs will include at a minimum:

            

      	

            	i.	
              Host name;

            

      	

            	ii.	
              User account;

            

      	

            	iii.	
              Date and time stamp;

            

      	

            	iv.	
              Description of the activity performed;

            

      	

            	v.	
              Event ID or event type;

            

      	

            	vi.	
              Reason for logging event (e.g., access failure); and

            

      	

            	vii.	
              Source and destination network addresses (e.g., IP address).

            

      	

            	e.	
              Review and analyze information system audit records on a regular basis sufficient to detect significant unauthorized activity
                  with respect to information systems that either (i) contain Verizon Confidential Information or (ii), if compromised, would prevent Supplier from providing Services to Verizon pursuant to the Agreement..

            

      	

            	f.	
              Notify Verizon within 48 hours if unauthorized activity is detected on systems processing or storing Verizon Confidential Information.

            

      	

            	g.	
              Ensure that the audit record is sufficient to reconstruct any activity requiring investigation.

            

      	

            	h.	
              Ensure controls are in place to protect audit information and audit tools from unauthorized access, modification and deletion.

            

      	

            	i.	
              Synchronize information system time to an authoritative time source.

            

      	

            	j.	
              Retain audit records for a minimum of 6 months and restrict access to logs to prevent modification.

            

      

      

      	4.	
              Configuration Management

            

      

      

      Supplier will:

      

      

      	

            	a.	
              Establish and maintain baseline configurations and inventories of information systems throughout the respective system development life cycles.

            

      	

            	b.	
              Establish and enforce security configuration settings for information technology products employed in information systems.

            

      	

            	c.	
              Identify, document and approve any deviations from established configuration settings.

            

      	

            	d.	
              Review the information system(s) annually, at minimum, to identify unnecessary and/or insecure functions, ports, protocols, and services.

            

      	

            	e.	
              Disable unnecessary and/or insecure functions, ports, protocols, and services.

            

      	

            	f.	
              Develop and document an inventory of information system components, including “open source” code incorporated in, or used to derive, any deliverable provided to Verizon, which
                will be provided to Verizon upon request.

            

      	

            	g.	
              Establish policies governing the installation of software by users, enforce software installation restrictions, and monitor policy compliance.

            

      

      

      	5.	
              Identification and Authentication

            

      

      

      Supplier will:

      

      

      
        EA-4

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

      

      

      

      

      	

            	a.	
              Identify information system users, processes acting on behalf of users, and devices.

            

      	

            	b.	
              Require Authentication for users, processes, and devices as a prerequisite to allowing access to information systems.

            

      	

            	c.	
              Ensure the information system uniquely identifies and Authenticates users (or processes acting on behalf of users).

            

      	

            	d.	
              Implement Strong Authentication for network access to privileged accounts.

            

      	

            	e.	
              Implement Strong Authentication for remote access to privileged and non-privileged accounts.

            

      	

            	f.	
              Implement an Identification and Authentication policy consistent with and or more secure than the current NIST 800-63 Digital Identity Guidelines publication.

            

      	

            	g.	
              Ensure information systems store and transmit only cryptographically-protected Authenticators.

            

      

      

      	6.	
              Incident Response

            

      

      

      Supplier will:

      

      

      	

            	a.	
              Establish an operational incident handling capability for information systems that includes reasonable preparation, detection, analysis, containment, recovery, and user response
                activities.

            

      	

            	b.	
              Periodically, but no less than annually, test the incident handling capability.

            

      	

            	c.	
              Track, document, and report incidents to appropriate Supplier personnel.

            

      	

            	d.	
              Notify Verizon of any incident materially affecting systems supporting Verizon services or data, including, but not limited to, any loss, acquisition or use of Verizon
                Confidential Information without authorization, as follows:

            

      	

            	i.	
              Supplier will provide notification via electronic mail to: cirtext@one.verizon.com as soon as practical, but no later than forty-eight (48) hours, following awareness of the security incident.

            

      	

            	ii.	
              Upon Verizon request, Supplier will provide status updates of the incident mitigation to a point of contact designated by Verizon.

            

      	

            	iii.	
              Supplier will cooperate with Verizon in its efforts to investigate any security incidents.

            

      	

            	iv.	
              Upon Verizon request, Supplier will provide a written report which describes the incident, the actions taken by Supplier during the incident response and future actions to
                prevent reoccurrence or similar incident.

            

      

      

      	7.	
              Media Protection

            

      

      

      Supplier will, as applicable to the Services provided:

          

      

      	

            	a.	
              Protect information system media, both paper and digital, including encrypting data at rest stored on portable media (e.g. USB drives, removable hard drives).

            

      	

            	b.	
              Restrict access to media related to Verizon services performed under this Agreement.  Access to such media will be granted in accordance with these Requirements.

            

      	

            	c.	
              Label media containing Verizon data commensurate with the highest confidentiality level of data contained.

            

      
        EA-5

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

      

      

      

      

      	

            	d.	
              When (a) directed by Verizon, or (b) unless specifically otherwise required by law or directed by Verizon, upon conclusion or termination of Supplier’s work for Verizon or when
                no longer required for the performance of work under an Agreement, Supplier will Sanitize (or at Verizon’s election return to Verizon) all copies of all Verizon Confidential Information, including all backup and archival copies, in any
                electronic or non-electronic form.

            

      	

            	e.	
              All hardcopy documents will be cross-cut shredded.

            

      	

            	f.	
              Maintain records for all media that have been destroyed, sanitized or returned to Verizon.  Records will be maintained for a minimum of four (4) years and made available to
                Verizon for inspection upon request.

            

      

      

      	8.	
              Security Governance

            

      

      

      Supplier will:

      

      

      	

            	a.	
              Develop, document, periodically update, and implement security plans for information systems that describe the security controls in place or planned for the information systems
                and the rules of behavior for individuals accessing the information systems.

            

      	

            	b.	
              Maintain an information security governance policy or set of policies that conform to all applicable data protection laws and regulations and that verifiably addresses these
                Requirements along with purpose, scope, roles, responsibilities, management commitment, coordination among Supplier’s entities, and compliance.  Failure to comply with policies will be addressed through appropriate discipline.

            

      	

            	c.	
              Ensure that the information security program is approved/endorsed by Supplier’s executive management.

            

      	

            	d.	
              Regularly review its information security program plan and update the plan to address organizational changes, material changes in business practices or issues identified in risk
                assessments.

            

      	

            	e.	
              Implement a risk management strategy consistently across the organization.

            

      	

            	f.	
              Ensure all permitted third-parties that will perform services in support of this Agreement on behalf of Supplier (e.g. subcontractors), including cloud service providers, comply
                in writing with materially similar Requirements to those outlined in this Exhibit.

            

      	

            	g.	
              Monitor security control compliance by external service providers on an ongoing basis.

            

      

      

      
        	9.	
                Personnel Security

                  

              

        

      

      Supplier will:

      

      

      	

            	a.	
              Have established screening criteria for individuals with access to Verizon systems or data.

            

      	

            	b.	
              Ensure that upon termination of employment:

            

      	

            	i.	
              Information system and application access is disabled immediately;

            

      	

            	ii.	
              Retrieval of all Verizon information and information system related property of the terminated employee (including, but not limited to, mobile phones, tablets, laptops, and
                security tokens).

            

       

      

      
        EA-6

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

      

      

      

      

      	

            	c.	
              Deploy and manage a mobile device management program for all personnel who use company-issued and or personal devices in their normal course of work with Verizon that provides
                for technical controls designed to secure Verizon Confidential Information accessed on mobile devices.

            

      	

            	d.	
              Upon a personnel role transfer:

            

      	

            	i.	
              Review and confirm ongoing operational need for current logical and physical access; and

            

      	

            	ii.	
              Make changes to logical and physical access as needed

            

      	

            	e.	
              Prohibit and take reasonable measures to prevent the use of external personal email accounts, personal websites and social media to handle Verizon Confidential Information.

            

      

      

      	10.	
              Vulnerability & Patch Management

            

      

      

      Supplier will, as applicable to the Services provided:

      

      

      	

            	a.	
              Conduct periodic vulnerability scanning and penetration tests on information systems and applications to identify security vulnerabilities.

            

      	

            	b.	
              Subscribe to an industry standard vulnerability service (e.g. Common Vulnerabilities and Exposures) and maintain alert status regarding any vulnerabilities contained in
                Supplier’s information systems and products.

            

      	

            	c.	
              Maintain procedures to evaluate, prioritize, and track the vulnerabilities based on a variety of factors such as:

            

      	

            	i.	
              The severity rating assigned to the vulnerability by an industry standards body;

            

      	

            	ii.	
              The criticality of the assets impacted by the vulnerability and their likelihood of exploitation; and

            

      	

            	iii.	
              The classification and quantity of information which the vulnerability places at risk.

            

      	

            	d.	
              Patch or take other corrective actions to remediate known or discovered vulnerabilities in a commercially reasonable timeframe, giving greater priority to vulnerabilities with a
                higher severity rating based on the criteria outlined in Section 11(c).

            

      

      

      	11.	
              System and Communications Protection

            

      

      

      Supplier will:

      

      

      	

            	a.	
              Encrypt (in Transit and at Rest) Verizon Highly Confidential information.

            

      	

            	b.	
              Employ reasonable controls to secure source code, including version control, segregation of source code repositories, and least privilege access principles.

            

      	

            	c.	
              Incorporate security vulnerability and malicious code assessments throughout the software development life cycle.

            

      	

            	d.	
              Ensure the information system separates user functionality (including user interface services) from information system management functionality.

            

      	

            	e.	
              Implement denial of service (DoS) detection and mitigation controls.

            

      	

            	f.	
              Monitor and control communications at the external boundary of the system and at key internal boundaries within the system.

            

      	

            	g.	
              Implement subnetworks for publicly accessible system components that are either physically or logically separated from internal, trusted Supplier networks.

            

      

      

      
        EA-7

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

      

      

      

      

      	

            	h.	
              Connect to and allow connections from external networks only through managed interfaces consisting of boundary protection devices and security gateways.

            

      	

            	i.	
              Implement appropriate cryptographic mechanisms to prevent unauthorized disclosure of information and detect changes to information during transmission.

            

      	

            	j.	
              Establish and manage cryptographic keys in accordance with established and industry accepted key management procedures for systems encrypting and or decrypting Verizon data.

            

      	

            	k.	
              Ensure retention and restoral of electronic mail when directed by Verizon in connection with actual or anticipated legal proceedings.

            

      	

            	l.	
              Adhere to the following Requirements when connecting to a Verizon network:

            

      	

            	i.	
              Assets used to connect to a Verizon network will either be provided by Verizon or will be owned/leased by the Supplier or permitted subcontractors.

            

      	

            	ii.	
              Personally owned assets may not be used to perform work for Verizon.

            

      

      

      	12.	
              System and Information Integrity

            

      

      

      Supplier will:

      

      

      	

            	a.	
              Identify, report, update, and correct information and information system vulnerabilities in a timely manner, as required by Section 11.

            

      	

            	b.	
              Provide protection from malicious code (e.g., viruses or malware) at appropriate locations within information systems.

            

      	

            	c.	
              Monitor information system security alerts and advisories and take appropriate actions in response.

            

      	

            	d.	
              Implement appropriate controls to ensure Verizon Confidential Information is used only for permitted business purposes authorized under the Agreement, and not for Supplier's own
                or other purposes.

            

      	

            	e.	
              Monitor the information system to detect attacks and indicators of potential attacks in accordance with Supplier monitoring objectives.

            

      	

            	f.	
              Implements security safeguards to protect information system memory from unauthorized code execution.

            

      	

            	g.	
              Maintain logical and/or physical separation between production and non-production environments (e.g., development, testing), sufficient to prevent unauthorized access between
                them.

            

      	

            	h.	
              Prohibit the use of Verizon Confidential data in a non-production environment (i.e. test or development) unless approved by Verizon.

            

      	

            	i.	
              Develop backup plans and schedules to protect against malicious destruction of information.

            

      	

            	j.	
              Mask or truncate Verizon Highly Confidential Information in display to prevent disclosure when unnecessary to perform a required business function and when required by law.

            

      

      

      	13.	
              Proof of Compliance

            

      

      

      	

            	a.	
              Supplier will reasonably cooperate with Verizon’s efforts to verify Supplier’s compliance with these Requirements, which efforts may include periodic audits of Supplier’s
                operations by Verizon or a third party at Verizon request and on reasonable notice.   Supplier will reasonably cooperate with security assessment activities that Verizon may undertake from time to time in connection with

            

      
        EA-8

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

      

      

      

      

      	

            	

            	
              Supplier’s performance under any Agreement, and will address in a timely manner, security issues that are uncovered in such assessments.

            

      	

            	b.	
              In the event Verizon discovers that Supplier is non-compliant with these Requirements, Supplier will implement corrective action as soon as practicable, but in no event more
                than (30) days after Verizon’s initial notification to Supplier of the non-compliance.

            

      

      

      These Requirements supplement security requirements set forth in any Agreement(s).  These Requirements specify minimum expectations of Verizon for Supplier
        engagements.  Additional safeguards and controls may be required in an Agreement, statement of work or other engagement document between Supplier and Verizon, and if such safeguards and/or controls exceed those set forth in these Requirements,
        those obligations will continue to apply.

      

      

      

      

      	B.	
              General Definitions

            

      

      

      	
              1.    Authentication/

              Strong Authentication

                   

            	
              means the process by which a person, process or system is verified as a particular person, process or system or a member of a class of persons, processes or
                  systems, typically for access to data or another right or privilege.  Strong Authentication means Authenticating using at least two different verification factors, known as two-factor or multi-factor authentication as follows: (i)
                  something known (e.g., a password or PIN); (ii) something possessed  (e.g., a smart card or OTP token); or (iii) something uniquely physical (e.g., a fingerprint).

                   

            
	
              2.    Authenticator(s)

            	
              means the credentials or other mechanisms used to authenticate a person, process or system, including, but not limited to, passwords and biometric credentials such as
                fingerprints, digital identities, voice prints, and retinal scans.

               

            
	
              3.    Customer Proprietary
                  Network Information (CPNI)

            	
              means, for the purposes of these Requirements, information about a customer’s telecommunications service that is identifiable to that customer, such as call detail, usage,
                features, geo-location information associated with such service and service subscription information, and further including information contained in bills pertaining to
                  telephone exchange service or telephone toll service and subject to Federal Communications Commission regulations at 47 U.S.C. Section 222(f)(1).

               

            
	
              4.    Days

            	
              means calendar days unless otherwise specified.

               

            
	
              5.    Encryption at Rest

               

            	
              means static data which is encrypted using Strong Cryptography.

               

            
	
              6.    Encryption in Transit

            	
              means transmitted data which is encrypted using Strong Cryptography and a current industry standard mechanism (e.g. SFTP, VPN, TLS and etc.)

               

            

      
        EA-9

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

      

      

       

      	
              7.    Privileged User

            	
              means a user with increased administrative permissions and/or access greater than that of a general user.  Privileged User controls are applicable regardless of the
                environment those right are granted in (i.e. production, development, or test and internal or external to the private network.)

               

            
	
              8.    Sanitization

            	
              means the process of securely deleting data such that it cannot be recovered;  Supplier will use NIST SP 800-88, Guidelines for Media Sanitization for guidance.

                   

            
	
              9.    Strong Cryptography

            	
              means the use of cryptography based on industry tested and accepted cipher algorithms with minimum key lengths of 256-bits for symmetric algorithms and 2048-bits for
                asymmetric algorithms.  This includes a documented key management standard, which stipulates the secure retirement and replacement of keys (i.e. key rotation).

               

            
	
              10.  Supplier

               

            	
              means Supplier, its affiliates, and its/their subcontractors.

               

            
	
              11.  Verizon Confidential Information

                   

            	
              means non-public information received from Verizon and non-public information generated for Verizon in connection with any agreement between Verizon and Supplier (an
                “Agreement”) under which Supplier provides products or services to Verizon or to others at Verizon’s request or direction, as well as any other information defined as “Confidential Information” under such agreement.  Some Confidential
                Information has increased sensitivity and is categorized as “Highly Confidential Information,” further described below.  For avoidance of doubt, “Highly Confidential” should also be considered “Confidential Information” in these
                Requirements.

               

            
	
              12.  Verizon Highly Confidential
                  Information

            	
              means Verizon Confidential Information that also fits the following criteria:

              ●     any state, federal or other national identification number
                  (e.g. SSN, FIN, TIN, state driver’s license or state non-driver ID card, work visa, passport, tribal ID, military ID, Alien ID and similar identifiers) identifiable to an individual,

              ●     last four (4) digits of SSN;

              ●     date of birth, (identifiable to an individual),

              ●     mother's maiden name
                  (identifiable to an individual),

              ●     bank account and routing number,

              ●     credit/debit card primary account number (PAN),
                  validation/verification codes, PIN/PIN Block, magnetic stripe data,

              ●     Merchant Gift Cards (including gift card number and PIN)

              ●     Passwords, Challenge Response (including biometric), PINs
                  and other similar Authenticators,

              ●     Customer Proprietary Network Information (CPNI);

              ●     Information on circuits/services/individuals and other
                  intercept data as required by CALEA or other relevant statutes.

            

      
        EA-10

        
          

      

      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

       

       

      

      	 	
              ●     Information indicating a service has been designated as
                  subject to Telecommunication Service Priority, Government Emergency Telecommunications Service (GETS) or Wireless Priority Service,

              ●     ESN, MEID, IMEI, ICCID, EUIMID or other similar serial
                  number (identifiable to a person),

              ●     set top box identification number, device MAC address, IP
                  address (or other similar hardware identifiers that can be associated to a person),

              ●     health or medical information concerning an individual’s
                  medical history, mental or physical condition, or medical treatment or diagnosis by a health care professional, as well as an individual’s health insurance policy number or any unique identifier used to identify the individual for
                  health/medical care purposes, claims history, including any appeals records,

              ●     Verizon employee or former employee information, such as
                  compensation and performance review information; background and drug testing results; work limitations (involves physical limitations or mental health issues); disciplinary information; Ethics/Equal Employment Opportunity case
                  information; Rehire/No Rehire flags; Net Credited Service Date; marital/domestic partner status;

              ●     customer telephone number, address, and/or customer name,
                  unless designated as unpublished/unlisted

              ●     customer geo-location or Location Based Information,

              ●     other information about a Verizon customer that can be
                  associated to that customer, including subscription or purchase information, account number, video on demand or pay per view purchase information, television viewing information, email contents, text message contents, voice mails, voice
                  recordings, Internet usage/navigation (i.e. Internet/web browsing history), customer or potential customer credit scores or credit status, and

              ●     any information defined in the Master Service Agreement or
                Statement of Work between Verizon and Supplier as “Verizon Highly Confidential Information,” or labelled as such.

            

      

      

      

      

      	C.	
              ACRONYMS

            

      

      

      	
              CALEA

            	
              Communications Assistance for Law Enforcement Act

            
	
              ESN

            	
              Electronic Serial Number

            
	
              EUIMID

            	
              Expanded User Identity Module Identifier

            
	
              FIN

            	
              Federal Identification Number

            
	
              ICCID

            	
              Integrated Circuit Card Identifier

            
	
              IMEI

            	
              International Mobile Equipment Identity

            

      
        EA-11

        
          

      

      
      
        		
                Baseline Security Requirements

                For Verizon Suppliers

              	 

      

       

       

      

      	
              MEID

            	
              Mobile Equipment Identifier

            
	
              OTP

            	
              One Time Password

            
	
              PAN

            	
              Primary Account Number

            
	
              PIN

            	
              Personal Identification Number

            
	
              SFTP

            	
              Secure File Transfer Protocol

            
	
              SSN

            	
              Social Security Number

            
	
              TIN

            	
              Taxpayer Identification Number

            
	
              TLS

            	
              Transport Layer Security

            
	
              VPN

            	
              Virtual Private Network

            

      

      

    

     

      

  

   

    
    
      EA-12

      
        

    

    
    Exhibit B

    FORM OF ANNUAL CERTIFICATION

    	

          	Re:	
            The Transfer and Servicing Agreement, dated as of May 25, 2021 (the “Agreement”), among Verizon Master Trust (the “Trust”), Verizon ABS II LLC (the “Depositor”), and Cellco
              Partnership d/b/a Verizon Wireless (“Cellco”), as servicer (in such capacity, the “Servicer”), as marketing agent and as custodian.

          

    I, ________________________________, the _____________of __________ [NAME OF COMPANY] (the “Company”), certify to the Trust, the Administrator and the
      Depositor, and their officers, with the knowledge and intent that they will rely upon this certification, that:

    (1)            I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Company’s compliance with the servicing
        criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB
        (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and
        all servicing reports, officer’s certificates and other information relating to the servicing of the Receivables by the Company during 20[__] that were delivered by the Company to the Trust and the Depositor pursuant to the Agreement (collectively,
        the “Company Servicing Information”);

    (2)            Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the
        circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

    (3)            Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to the Trust and the Depositor;

    (4)            I am responsible for reviewing the activities performed by the Company as Servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement [and except as disclosed in the
        Compliance Statement, the Servicing Assessment or the Attestation Report,] the Company has fulfilled its obligations under the Agreement in all material respects; and

    (5)            The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and each Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor

    
      EB-1

      
        

    

    

    

    pursuant to the Agreement, have been provided to the Trust, the Administrator, the Depositor, the Master Collateral Agent, the Indenture Trustee and the Owner
      Trustee.  Any material instances of noncompliance with the Servicing Criteria have been disclosed in such reports and have been disclosed to the Trust, the Administrator and the Depositor.

    Capitalized terms used herein and not otherwise defined have the meaning given to such terms in the Agreement.

    Date:            _________________________

    

    

    

    

    By:  ___________________________

      Name:

      Title:

    

    

    

    

  

  EB-2Exhibit 10.5

  

  

    

    

    

    

    

    

    FORM OF ADMINISTRATION AGREEMENT

    

    

    

    between

    

    

    

    VERIZON MASTER TRUST,

    as Trust,

    

    

    

    and

    

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

    as Administrator

    

    

    

    

    Dated as of May 25, 2021

  
    
      

        

        

        

      

      

      

    

    

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      Page

    

     

    

    	
            ARTICLE I USAGE AND DEFINITIONS

             	
            1

          
	
            Section 1.1.

          	
            Usage and Definitions

             

              

          	
            1

          
	
            ARTICLE II ADMINISTRATION OF TRUST

             	
            1

          
	
            Section 2.1.

          	
            Engagement of Administrator

          	
            1

          
	
            Section 2.2.

          	
            Administrator’s Rights and Obligations.

          	
            1

          
	
            Section 2.3.

          	
            Limits on Administrator’s Rights and Obligations.

          	
            3

          
	
            Section 2.4.

          	
            Power of Attorney

          	
            3

          
	
            Section 2.5.

          	
            Access to Trust Records

          	
            4

          
	
            Section 2.6.

          	
            Review of Administrator’s Records

          	
            4

          
	
            Section 2.7.

          	
            Updating List of Responsible Persons

          	
            4

          
	
            Section 2.8.

          	
            Administrator’s Fees and Expenses

          	
            4

          
	
            Section 2.9.

          	
            Form 10-Ds; Investor Communications.

          	
            4

          
	
            Section 2.10.

          	
            Benchmark Replacement Conforming Changes

          	
            7

          
	
            Section 2.11.

          	
            Additional Requirements of the Administrator

             

              

          	
            7

          
	
            ARTICLE III ADMINISTRATOR

             	
            8

          
	
            Section 3.1.

          	
            Administrator’s Representations and Warranties

          	
            8

          
	
            Section 3.2.

          	
            Liability of Administrator.

          	
            10

          
	
            Section 3.3.

          	
            Resignation and Removal of Administrator.

          	
            11

          
	
            Section 3.4.

          	
            Successor Administrator.

          	
            12

          
	
            Section 3.5.

          	
            Merger, Consolidation, Succession or Assignment

          	
            12

          
	
            Section 3.6.

          	
            Delegation and Contracting

             

              

          	
            12

          
	
            ARTICLE IV OTHER AGREEMENTS

             	
            13

          
	
            Section 4.1.

          	
            Independence of Administrator; No Joint Venture

          	
            13

          
	
            Section 4.2.

          	
            Transactions with Affiliates; Other Transactions

          	
            13

          
	
            Section 4.3.

          	
            No Effect on Cellco in Other Capacities

          	
            13

          
	
            Section 4.4.

          	
            No Petition

          	
            13

          
	
            Section 4.5.

          	
            Limitation of Liability of Owner Trustee and Master Collateral Agent.

          	
            13

          
	
            Section 4.6.

          	
            Termination

             

              

          	
            14

          
	
            ARTICLE V MISCELLANEOUS

             	
            14

          

    

    

    

    

    
      i

      
        

    

    
      TABLE OF CONTENTS

      (continued)

      Page

    

    

    

    	
            Section 5.1.

          	
            Amendments.

          	
            14

          
	
            Section 5.2.

          	
            Assignment; Benefit of Agreement; Third-Party Beneficiary.

          	
            15

          
	
            Section 5.3.

          	
            Notices.

          	
            16

          
	
            Section 5.4.

          	
            GOVERNING LAW

          	
            16

          
	
            Section 5.5.

          	
            Submission to Jurisdiction

          	
            16

          
	
            Section 5.6.

          	
            WAIVER OF JURY TRIAL

          	
            16

          
	
            Section 5.7.

          	
            No Waiver; Remedies

          	
            17

          
	
            Section 5.8.

          	
            Severability

          	
            17

          
	
            Section 5.9.

          	
            Headings

          	
            17

          
	
            Section 5.10.

          	
            Counterparts

          	
            17

          
	
            Section 5.11.

          	
            Electronic Signatures

          	
            17

          

    

    

    
      ii

      
        

    

    
      ADMINISTRATION AGREEMENT, dated as of May 25, 2021 (this “Agreement”), 
        between VERIZON MASTER TRUST, a Delaware statutory trust (the “Trust”), and CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership (“Cellco” or, in its
        capacity as administrator, the “Administrator”).

      BACKGROUND

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

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

      The parties agree as follows:

      ARTICLE I

        USAGE AND DEFINITIONS

      Section 1.1.     Usage and Definitions. 
        Capitalized terms used in this Agreement and not otherwise defined herein are defined in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among the Trust, Cellco, as servicer (in such capacity, the “Servicer”), U.S. Bank National Association, as master collateral agent (the “Master Collateral Agent”)
        and the Creditor Representatives from time to time party thereto (the “Creditor Representatives”) (the “Master
            Collateral Agreement”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

      ARTICLE II

        ADMINISTRATION OF TRUST

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

      Section 2.2.     Administrator’s Rights and Obligations.

      (a)            Rights and Obligations under Transaction Documents and Other Series Related Documents.  The Administrator will
          perform the obligations of the Trust and the Owner Trustee (in its capacity as Owner Trustee under the Trust Agreement) and take all action that the Trust and the Owner Trustee are required to take under the Transaction Documents and the other
          Series Related Documents, except for the Trust’s obligations to make payments on the Credit Extensions.  In addition, the Administrator will perform the obligations of, and may exercise any rights given to, the Administrator in the Transaction
          Documents and the other Series Related Documents as if it were a party to the Transaction Documents or other Series Related

      
        
          

      

      
      

      

      Documents, as applicable, in its capacity as Administrator, including, but not limited to, selecting the Receivables to be acquired by the
        Depositor and the Trust and the Receivables to be designated to a Group, in each case, under the Transaction Documents.

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

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

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

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

      
        2

        
          

      

      

      

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

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

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

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

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

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

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

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

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

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

      
        3

        
          

      

      

      

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

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

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

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

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

      Section 2.9.     Form 10-Ds; Investor Communications.

      
        4

        
          

      

      

      

      (a)            Form 10-Ds.

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

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

      
        5

        
          

      

      

      

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

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

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

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

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

      
        6

        
          

      

      

      

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

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

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

      Section 2.11.     Additional Requirements of the
            Administrator.

      (a)            Reporting Requirements.

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

      
        7

        
          

      

      

      

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

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

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

      ARTICLE III

        ADMINISTRATOR

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

      
        8

        
          

      

      

      

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

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

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

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

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

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

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

      
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      Documents and the other Series Related Documents, and the fulfillment of the terms hereof and thereof applicable to the Administrator, (i) do not
        contravene (A) the organizational documents of the Administrator, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property,
        except, in each case, where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

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

      Section 3.2.     Liability of Administrator.

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

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

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

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

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

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

      Section 3.3.     Resignation and Removal of Administrator.

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

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

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

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

      (ii)            an Insolvency Event of the Administrator occurs.

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

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

      
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      Section 3.4.     Successor Administrator.

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

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

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

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

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

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

      
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      ARTICLE IV

        OTHER AGREEMENTS

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

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

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

      Section 4.4.     No Petition.  Each party agrees
        that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was depositor or (b) the
        Credit Extensions, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
        or other proceedings under any bankruptcy or similar Law. This Section 4.4 will survive termination of this Agreement.

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

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

      (b)            Master Collateral Agent.  This Agreement has been signed by U.S. Bank National Association, not in its
          individual capacity but solely in its capacity as Master Collateral Agent.  In performing its obligations under this Agreement, the Master Collateral Agent is subject to, and

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

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

      ARTICLE V

        MISCELLANEOUS

      Section 5.1.     Amendments.

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

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

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

      It shall not be necessary for the consent of the Creditors, any Creditor Representatives or the Master Collateral Agent
        pursuant to this Section 5.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the

      
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      substance thereof.  For the avoidance of doubt, any Creditor (acting through its Creditor Representative) consenting to any amendment shall be
        deemed to agree that such amendment does not have a material adverse effect on such Creditor and any Creditor Representative consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such
        Creditor Representative or its Creditors.

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

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

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

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

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

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

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

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

      
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      Section 5.3.     Notices.

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

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

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

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

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

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

      Section 5.4.     GOVERNING LAW. 
        THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
        STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

      Section 5.5.     Submission to Jurisdiction. 
        Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each
        party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

      Section 5.6.     WAIVER OF JURY TRIAL. 
        TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER
        SOUNDING IN CONTRACT, TORT OR OTHERWISE.

      
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      Section 5.7.     No Waiver; Remedies.  No party’s
        failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the
        exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under Law.

      Section 5.8.     Severability.  If a part of this
        Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

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

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

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

       

      

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

               

              

            
	 	
              VERIZON MASTER TRUST,

              as Trust

               

              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 Administrator

               

               

              By:  ________________________________________________

              Name:

              Title:

               

            

      

      

      	
              AGREED AND ACCEPTED BY:

               

              VERIZON ABS II LLC,

              as Depositor

               

               

              By:  ______________________________________________________
                                                                                                   

                

              Name:

              Title:

               

               

              U.S. BANK NATIONAL ASSOCIATION,

              not in its individual capacity but

              solely as Master Collateral Agent

               

               

              By:    __________________________________________________________
                                                                                                 

                

              Name:

              Title:

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