Document:

Exhibit 4.1

  

  

  

  
    

  
    

    

    FORM OF INDENTURE

    between

    VERIZON OWNER TRUST 2019-B,

        as Issuer

    and

    U.S. BANK NATIONAL ASSOCIATION,

        as Indenture Trustee and Note Paying Agent

  

  
    

    

    Dated as of June 12, 2019

    
      

    

    

    

    

  

  
    
      

  

  
  	
          ARTICLE I USAGE AND DEFINITIONS

        	
          1

           

            

        
	
          Section 1.1

        	
          Usage and Definitions

        	
          1

        
	
          Section 1.2

        	
          Incorporation by Reference of Trust Indenture Act

        	
          1

           

            

        
	
          ARTICLE II THE NOTES

        	
          2

           

            

        
	
          Section 2.1

        	
          Form of Notes

        	
          2

        
	
          Section 2.2

        	
          Execution, Authentication and Delivery

        	
          2

        
	
          Section 2.3

        	
          Tax Treatment

        	
          3

        
	
          Section 2.4

        	
          Note Register

        	
          3

        
	
          Section 2.5

        	
          Registration of Transfer and Exchange

        	
          3

        
	
          Section 2.6

        	
          [Reserved]

        	
          4

        
	
          Section 2.7

        	
          Mutilated, Destroyed, Lost or Stolen Notes

        	
          4

        
	
          Section 2.8

        	
          Persons Deemed Owners

        	
          5

        
	
          Section 2.9

        	
          Payments on Notes

        	
          5

        
	
          Section 2.10

        	
          Cancellation of Notes

        	
          7

        
	
          Section 2.11

        	
          Release of Collateral

        	
          7

        
	
          Section 2.12

        	
          Book-Entry Notes

        	
          7

        
	
          Section 2.13

        	
          Definitive Notes

        	
          8

        
	
          Section 2.14

        	
          Authenticating Agents

        	
          8

        
	
          Section 2.15

        	
          Note Paying Agents

        	
          8

           

            

        
	
          ARTICLE III COVENANTS, REPRESENTATIONS AND WARRANTIES

        	
          9

           

            

        
	
          Section 3.1

        	
          Payment of Principal, Interest and Other Amounts

        	
          9

        
	
          Section 3.2

        	
          Maintenance of Office or Agency

        	
          9

        
	
          Section 3.3

        	
          Money for Payments To Be Held in Trust

        	
          9

        
	
          Section 3.4

        	
          Existence

        	
          11

        
	
          Section 3.5

        	
          Protection of Collateral

        	
          11

        
	
          Section 3.6

        	
          Performance of Obligations

        	
          12

        
	
          Section 3.7

        	
          Negative Covenants

        	
          12

        
	
          Section 3.8

        	
          Opinions on Collateral

        	
          13

        
	
          Section 3.9

        	
          Annual Certificate of Compliance

        	
          13

        
	
          Section 3.10

        	
          Merger and Consolidation; Transfer of Assets

        	
          14

        
	
          Section 3.11

        	
          Successor or Transferee

        	
          14

        
	
          Section 3.12

        	
          No Other Activities

        	
          15

        
	
          Section 3.13

        	
          Further Acts and Documents

        	
          15

        

  

  

  
    ii

    
      

  

  	
          Section 3.14

        	
          Restricted Payments

        	
          15

        
	
          Section 3.15

        	
          Notice of Events of Default

        	
          15

        
	
          Section 3.16

        	
          Review of Issuer’s Records

        	
          15

        
	
          Section 3.17

        	
          Issuer’s Representations and Warranties

        	
          15

        
	
          Section 3.18

        	
          Issuer’s Representations and Warranties About Security Interest

        	
          17

           

            

        
	
          ARTICLE IV SATISFACTION AND DISCHARGE

        	
          18

           

            

        
	
          Section 4.1

        	
          Satisfaction and Discharge of Indenture

        	
          18

           

            

        
	
          ARTICLE V EVENTS OF DEFAULT; REMEDIES

        	
          19

           

            

        
	
          Section 5.1

        	
          Events of Default

        	
          19

        
	
          Section 5.2

        	
          Acceleration of Maturity; Rescission

        	
          19

        
	
          Section 5.3

        	
          Collection of Indebtedness by Indenture Trustee

        	
          20

        
	
          Section 5.4

        	
          Trustee May File Proofs of Claim

        	
          20

        
	
          Section 5.5

        	
          Enforcement of Claims Without Possession of Notes

        	
          21

        
	
          Section 5.6

        	
          Remedies; Priorities

        	
          21

        
	
          Section 5.7

        	
          Optional Preservation of Collateral

        	
          23

        
	
          Section 5.8

        	
          Limitation on Suits

        	
          23

        
	
          Section 5.9

        	
          Unconditional Rights to Receive Principal and Interest

        	
          24

        
	
          Section 5.10

        	
          Restoration of Rights and Remedies

        	
          24

        
	
          Section 5.11

        	
          Rights and Remedies Cumulative

        	
          24

        
	
          Section 5.12

        	
          Delay or Omission Not a Waiver

        	
          24

        
	
          Section 5.13

        	
          Control by Noteholders

        	
          25

        
	
          Section 5.14

        	
          Waiver of Defaults and Events of Default

        	
          25

        
	
          Section 5.15

        	
          Agreement to Pay Costs

        	
          25

        
	
          Section 5.16

        	
          Waiver of Stay or Extension Laws

        	
          26

        
	
          Section 5.17

        	
          Performance and Enforcement of Obligations

        	
          26

           

            

        
	
          ARTICLE VI INDENTURE TRUSTEE

        	
          26

           

            

        
	
          Section 6.1

        	
          Indenture Trustee’s Obligations

        	
          26

        
	
          Section 6.2

        	
          Indenture Trustee’s Rights

        	
          30

        
	
          Section 6.3

        	
          Indenture Trustee’s Individual Rights

        	
          31

        
	
          Section 6.4

        	
          Indenture Trustee’s Disclaimer

        	
          31

        
	
          Section 6.5

        	
          Notice of Defaults and Notice of Payment Defaults

        	
          31

        
	
          Section 6.6

        	
          Reports by Indenture Trustee

        	
          32

        
	
          Section 6.7

        	
          Compensation and Indemnity

        	
          33

        

  

  

  
    iii

    
      

  

  	
          Section 6.8

        	
          Resignation or Removal of Indenture Trustee

        	
          34

        
	
          Section 6.9

        	
          Merger or Consolidation; Transfer of Assets

        	
          35

        
	
          Section 6.10

        	
          Appointment of Separate Trustee or Co-Trustee

        	
          35

        
	
          Section 6.11

        	
          Eligibility

        	
          36

        
	
          Section 6.12

        	
          Inspections of Indenture Trustee

        	
          36

        
	
          Section 6.13

        	
          Indenture Trustee’s Representations and Warranties

        	
          37

        
	
          Section 6.14

        	
          Reporting of Receivables Repurchase Demands

        	
          37

        
	
          Section 6.15

        	
          Preferential Collection of Claims Against the Issuer

        	
          38

           

            

        
	
          ARTICLE VII NOTEHOLDER COMMUNICATIONS AND REPORTS

        	
          38

           

            

        
	
          Section 7.1

        	
          Noteholder Communications

        	
          38

        
	
          Section 7.2

        	
          Reports by Issuer

        	
          39

        
	
          Section 7.3

        	
          Reports by Indenture Trustee

        	
          40

           

            

        
	
          ARTICLE VIII ACCOUNTS, DISTRIBUTIONS AND RELEASES

        	
          40

           

            

        
	
          Section 8.1

        	
          Collection of Funds

        	
          40

        
	
          Section 8.2

        	
          Bank Accounts; Distributions

        	
          40

        
	
          Section 8.3

        	
          Bank Accounts

        	
          44

        
	
          Section 8.4

        	
          Release of Collateral

        	
          45

           

            

        
	
          ARTICLE IX AMENDMENTS

        	
          46

           

            

        
	
          Section 9.1

        	
          Amendments Without Consent of Noteholders or Certificateholders

        	
          46

        
	
          Section 9.2

        	
          Amendments with Consent of Controlling Class

        	
          47

        
	
          Section 9.3

        	
          Execution of Amendments

        	
          47

        
	
          Section 9.4

        	
          Effect of Amendment

        	
          48

        
	
          Section 9.5

        	
          Reference in Notes to Supplemental Indentures

        	
          48

        
	
          Section 9.6

        	
          Consent of Cap Counterparty

        	
          48

        
	
          Section 9.7

        	
          Conformity with TIA

        	
          48

           

            

        
	
          ARTICLE X REDEMPTION OF NOTES

        	
          48

           

            

        
	
          Section 10.1

        	
          Redemption

        	
          48

           

            

        
	
          ARTICLE XI OTHER AGREEMENTS

        	
          50

           

            

        
	
          Section 11.1

        	
          No Petition

        	
          50

        
	
          Section 11.2

        	
          [Reserved]

        	
          50

        
	
          Section 11.3

        	
          Issuer Orders; Certificates and Opinions

        	
          50

        
	
          Section 11.4

        	
          Acts of Noteholders

        	
          51

        

  

  

  
    iv

    
      

  

  

  

  	
          Section 11.5

        	
          Issuer Obligation

        	
          52

        
	
          Section 11.6

        	
          Conflict with Trust Indenture Act

        	
          52

           

            

        
	
          ARTICLE XII MISCELLANEOUS

        	
          52

           

            

        
	
          Section 12.1

        	
          Benefits of Indenture; Third-Party Beneficiaries

        	
          52

        
	
          Section 12.2

        	
          Notices

        	
          52

        
	
          Section 12.3

        	
          GOVERNING LAW

        	
          53

        
	
          Section 12.4

        	
          Submission to Jurisdiction

        	
          53

        
	
          Section 12.5

        	
          WAIVER OF JURY TRIAL

        	
          54

        
	
          Section 12.6

        	
          No Waiver; Remedies

        	
          54

        
	
          Section 12.7

        	
          Severability

        	
          54

        
	
          Section 12.8

        	
          Headings

        	
          54

        
	
          Section 12.9

        	
          Counterparts

        	
          54

        
	
          Section 12.10

        	
          Customer Identification Program

        	
          54

        
	
          Section 12.11

        	
          Limitation of Rights of the Cap Counterparty

        	
          54

        
	
          Section 12.12

        	
          Intent of the Parties; Reasonableness

        	
          54

           

            

        
	
          ARTICLE XIII THE CAP AGREEMENT

        	
          55

           

            

        
	
          Section 13.1

        	
          Duties With Respect to the Cap Agreement.

        	
          55

        
	
          Section 13.2

        	
          Enforcement of Cap Agreement; Replacement Cap Agreement

        	
          55

           

            

        
	
          ARTICLE XIV ASSET REPRESENTATIONS REVIEW

        	
          56

           

            

        
	
          Section 14.1

        	
          Noteholder and Note Owner Requests for Vote on Asset Representations Review

        	
          56

        
	
          Section 14.2

        	
          Noteholder and Note Owner Vote on Asset Representations Review

        	
          57

        
	
          Section 14.3

        	
          Evaluation of Review Report

        	
          57

        
	 	 	 
	 	 	 
	
          Exhibit A

        	
          Form of Notes

        	
          A-1

        
	
          Exhibit B

        	
          Servicing Criteria to be Addressed in Assessment of Compliance

        	
          B-1

        

  

  

  
    v

    
      

  

  INDENTURE, dated as of June 12, 2019 (this “Indenture”),

      between VERIZON OWNER TRUST 2019-B, a Delaware statutory trust, as issuer (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture
      trustee for the benefit of the Secured Parties (in such capacity, the “Indenture Trustee”), and as note paying agent (in such capacity, the “Note Paying Agent”).

  In connection with a securitization transaction sponsored by Cellco, the Issuer will issue Notes secured by a pool of
      Receivables consisting of device payment plan agreements acquired by the Issuer from the Depositor, who acquired them from the Originators or the Master Trust.

  The parties agree as follows:

  GRANTING CLAUSE

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

  This Grant is made in trust to secure (a) the payment of principal of, interest on and other amounts owing on the Notes
      as stated in this Indenture and (b) compliance by the Issuer with this Indenture for the benefit of the Secured Parties.

  The Indenture Trustee acknowledges the Grant, accepts the trusts under this Indenture according to this Indenture and
      agrees to perform its duties as stated in this Indenture so that the interests of the Secured Parties may be adequately and effectively protected.

  ARTICLE I

      USAGE AND DEFINITIONS

  Section 1.1      Usage and Definitions. 
      Capitalized terms used but not defined in this Indenture are defined in Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among Verizon Owner Trust 2019-B, as Issuer, Verizon ABS LLC, as depositor (the “Depositor”), and Cellco Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”),

      as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”). 

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

  Section 1.2      Incorporation by Reference of Trust
          Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

  “indenture securities” means the Notes

  “indenture security holder” means a
      Noteholder

  “indenture to be qualified” means this
      Indenture

  
    
      

  

  
  

  

  “indenture trustee” or “institutional trustee” means the Indenture Trustee

  “obligor” on the indenture securities means
      the Issuer and any other obligor on the indenture securities

  All other TIA terms used in this Indenture that are (i) defined in the TIA, (ii) defined in the TIA by reference to
      another statute or (iii) defined by a Commission rule have the meanings so assigned to them.

  ARTICLE II

      THE NOTES

  Section 2.1      Form of Notes.

  (a)      Form.  Each Class of Notes will
      be in substantially the form of Exhibit A with variations required or permitted by this Indenture.  The Notes may have marks of identification and legends or endorsements as determined by the Responsible Person of the Issuer executing the Notes.  The
      physical Notes will be produced by a method determined by the Responsible Person of the Issuer executing the Notes.

  (b)      Incorporation by Reference.  Each
      Note will be dated the date of its authentication.  The terms of the Notes in Exhibit A are part of this Indenture and are incorporated into this Indenture by reference.

  Section 2.2      Execution, Authentication and
          Delivery.

  (a)      Execution.  The Owner Trustee, on
      behalf of the Issuer, will execute the Notes for the Issuer.  The signature of the Responsible Person on the Notes may be manual or facsimile.  Notes having the manual or facsimile signature of an individual who was a Responsible Person of the Issuer
      will bind the Issuer, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Notes or was not a Responsible Person on the issuance date of the Notes.

  (b)      Authentication and Delivery.  The
      Indenture Trustee will, on Issuer Order, authenticate and deliver the Notes for original issue in the Classes, Note Interest Rates and initial Note Balances as stated below.

  	 	
          Class

        	
          Note Interest Rate

        	
          Initial Note Balance

        
	 	
          Class A-1a Notes

        	
          2.33%

        	
          $855,000,000

        
	 	
          Class A-1b Notes

        	
          One-Month LIBOR + 0.45%

        	
          $145,000,000

        
	 	
          Class B Notes

        	
          2.40%

        	
          $69,000,000

        
	 	
          Class C Notes

        	
          2.60%

        	
          $53,300,000

        

  

  

  (c)      Denomination.  The Notes will
      initially be issued as Book-Entry Notes.  The Notes will be issued in minimum denominations of $1,000 and in multiples of $1,000.  However, one Note of each Class may be issued in a different amount if it exceeds the minimum denomination for the
      Class.

  
    2

    
      

  

  

  

  (d)      Certificate of Authentication. 
      No Note will have the benefit of this Indenture or be valid unless it has a certificate of authentication substantially in the form included in Exhibit A manually executed by an authorized signatory of the Indenture Trustee.  The certificate of
      authentication on a Note will be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.  Each Note will be dated the date of its authentication.

  Section 2.3      Tax Treatment.  The
      Issuer intends that Notes be treated as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income.  The Issuer, by entering into this Indenture, and
      each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax,
      and any other tax imposed on or measured in whole or in part by income and the Issuer as a mere security device formed to hold the Receivables and issue Notes and Certificates.

  Section 2.4      Note Register.  The
      Issuer appoints the Indenture Trustee to be the “Note Registrar” and to keep a register (the “Note Register”)

      for the purpose of registering Notes and transfers and exchanges of Notes, subject to such reasonable regulations as it may prescribe.  On resignation of the Note Registrar, the Issuer will promptly appoint a successor or, if it elects not to make
      the appointment, assume the obligations of Note Registrar.  If the Issuer appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Issuer will notify the Indenture Trustee of the appointment and (ii) the Indenture Trustee will
      have the right to rely on a certificate executed by an officer of the Note Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes.  Each of the Indenture Trustee (if it is not the Note
      Registrar), the Issuer and the Administrator will have the right to inspect the Note Register at reasonable times and to receive copies of the Note Register.

  Section 2.5      Registration of Transfer and
          Exchange.

  (a)      Transfer of Notes.  A Noteholder
      may transfer a Note by surrendering the Note for registration of transfer at the office or agency of the Issuer maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute and the Indenture
      Trustee will authenticate and deliver to the Noteholder, in the name of the transferee or transferees, new Notes of the same Class, in the same aggregate principal amount.

  (b)      Exchange of Notes.  A Noteholder
      may exchange Notes for other Notes of the same Class by surrendering the Notes to be exchanged at the office or agency of the Issuer maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute,
      the Indenture Trustee will authenticate and the Noteholder will receive from the Indenture Trustee new Notes of the same Class, in the same aggregate principal amount.

  (c)      Valid Obligation.  Notes issued
      on the registration of transfer or exchange of Notes will be the valid obligations of the Issuer, evidencing the same debt, and have the same benefits under this Indenture as the Notes surrendered for registration of transfer or exchange.

  (d)      Surrendered Notes.  Every Note
      surrendered for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written instrument of transfer in

  
    3

    
      

  

  

  

  form satisfactory to the Note Registrar duly executed by, the Noteholder of the Note or the Noteholder’s authorized attorney, with the
      signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another “signature guarantee program”, according
      to the Exchange Act and (ii) accompanied by other documents the Note Registrar may require.

  (e)      No Service Charge.  None of the
      Issuer, the Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for the registration of transfer or exchange of Notes.  The Issuer, the Note Registrar or the Indenture Trustee may require the Noteholder to pay an
      amount to cover taxes or other governmental charges that may be imposed for the registration of transfer or exchange of the Notes.

  (f)      Registration of Transfers and Exchanges.

        (i)      The Note Register will register transfers and exchanges of Notes in the Note Register.  However, neither
      the Issuer nor the Note Registrar will be required to register transfers or exchanges of Notes for which the next Payment Date is not more than fifteen (15) days after the requested date of transfer or exchange or which have been called for
      redemption.

        (ii)      Neither the Indenture Trustee nor the Note Registrar shall have any obligation or duty to monitor,
      determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Clearing Agency
      participants or beneficial owners of interests in any Book-Entry Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by this Indenture, and to examine the same to determine
      substantial compliance as to form with the express requirements hereof.

  (g)      ERISA Representations.  Each Note
      Owner that is subject to Title I of ERISA, Section 4975 of the Code or Similar Law and any fiduciary acting on behalf of the Note Owner, by accepting an interest or participation in a Note, is deemed to represent that its purchase, holding and
      disposition of that interest or participation does not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the
      prohibited transaction rules (or, if the Note Owner is subject to Similar Law, the purchase, holding and disposition does not and will not result in a non-exempt violation of that Similar Law).

  Section 2.6      [Reserved].

  Section 2.7      Mutilated, Destroyed, Lost or Stolen
          Notes.

  (a)      Replacement Notes.  If a
      mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence of the destruction, loss or theft of a Note, the Issuer will execute and, on Issuer Request, the Indenture Trustee will authenticate and deliver a
      replacement Note of the same Class and principal amount in exchange for or in place of the Note if the following conditions are met: (i) the Indenture Trustee receives security or indemnity to hold the

  
    4

    
      

  

  

  

  Issuer and the Indenture Trustee harmless, (ii) none of the Issuer, the Note Registrar or the Indenture Trustee have received notice that
      the Note has been acquired by a protected purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met.  However, if a destroyed, lost or stolen Note (but not a mutilated Note) is due and payable
      within fifteen (15) days or has been called for redemption, instead of issuing a replacement Note, the Issuer may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the Note.  If a protected
      purchaser of the original Note in place of which the replacement Note was issued (or the payment made) presents for payment the original Note, the Issuer and the Indenture Trustee may recover the replacement Note (or the payment) from the Person to
      whom it was delivered or a Person taking the replacement Note (or the payment) from the Person to whom the replacement Note (or the payment) was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or
      indemnity provided for the replacement Note (or the payment) for any fee, expense, loss, damage or liability incurred by the Issuer or the Indenture Trustee for the replacement Note (or the payment).

  (b)      Taxes, Charges and Expenses.  On
      the issuance of a replacement Note under Section 2.7(a), (i) the Issuer may require the Noteholder of the Note to pay an amount to cover any taxes or other governmental charges imposed and any other reasonable expenses incurred for the replacement
      Note, (ii) the Indenture Trustee will, for a mutilated Note, cancel the Note and (iii) the Note Registrar will record in the Note Register that the destroyed, lost or stolen Note no longer has the benefits of this Indenture.

  (c)      Additional Obligation.  Each
      replacement Note issued under Section 2.7(a) will be an original additional contractual obligation of the Issuer and will have the benefits of this Indenture equally and proportionately with other Notes of the same Class duly issued under this
      Indenture.

  (d)      Sole Remedy.  This Section 2.7
      states the sole remedy available to Noteholders for the replacement or payment of mutilated, destroyed, lost or stolen Notes.

  Section 2.8      Persons Deemed Owners. 
      On any date, the Issuer, the Indenture Trustee, the Note Registrar and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name a Note is registered as of that date as the owner of the Note for all purposes, including
      receiving payments of principal of and interest on the Note, without regard to any notice or other information to the contrary.

  Section 2.9      Payments on Notes.

  (a)      Interest Accrual.  Each Class of
      Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period.  Interest on the Notes for each Interest Period will be
      calculated on the basis of (i) in the case of the Class A-1a Notes, the Class B Notes and the Class C Notes, a 360-day year consisting of twelve 30-day months and (ii) in the case of the Class A-1b Notes, a 360-day year and the actual number of days
      elapsed in the related Interest Period.  Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

  
    5

    
      

  

  

  

  (b)      Principal.  During the Revolving
      Period, no principal will be paid on the Notes.  During the Amortization Period, the principal of each Class of Notes will be payable in installments on each Payment Date in accordance with the provisions of Article VIII.  The Note Balance of each
      Class of Notes will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In addition, the Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have
      automatically become, immediately due and payable according to Section 5.2(a).

  (c)      Make-Whole Payments.  A
      Make-Whole Payment will be due in connection with the Optional Redemption of the Notes, as described in Section 8.2 of the Transfer and Servicing Agreement, and on each principal payment made on the Notes during the Amortization Period, if the
      Amortization Period began as a result of the occurrence of an Amortization Event described in either clause (a)(iii) or (d) of the definition of “Amortization Event,” solely to the extent funds are available therefor.  Any Make-Whole Payments on a
      Class of Notes not previously paid will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In addition, any Make-Whole Payments on a Class of Notes not previously paid will be due and payable on the date
      the Notes are declared to be, or have automatically become, immediately due and payable according to Section 5.2(a).  For the avoidance of doubt, no Make-Whole Payment will be payable in connection with any principal payment on the Notes resulting
      from (x) the occurrence of an Amortization Event described in either clause (a)(iii) or (d) of the definition of “Amortization Event” if such event occurs after the date set forth in clause (i) of the definition of “Amortization Period” or (y) an
      Optional Acquisition of the Receivables, as described in Section 8.1 of the Transfer and Servicing Agreement.

  (d)      Monthly Payment of Interest, Principal and
          Other Amounts.  Payments of interest, principal and other amounts on each Class of Notes will be made pro rata to the Noteholders of that Class on each Payment Date.  For Book-Entry Notes, payments will be made by wire transfer to the
      account designated by the nominee of the Clearing Agency according to Section 2.12.  For Definitive Notes, payments will be made (i) if the Noteholder has given to the Note Registrar instructions at least five (5) Business Days before that Payment
      Date and the aggregate original principal amount of the Noteholder’s Notes is at least $1,000,000, by wire transfer to the account of the Noteholder or (ii) by check mailed first class mail, postage prepaid, to the Noteholder’s address as it appears
      on the Note Register on the related Record Date.  Amounts paid by wire transfers or checks that are returned undelivered will be held according to Section 3.3.

  (e)      Payment of Final Installment. 
      The final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the applicable Final Maturity Date will be payable only on presentation and surrender of the Note, subject to
      Section 2.7(a).  Upon receipt of written notice thereof from the Servicer (which may be in the form of the Monthly Investor Report), the Indenture Trustee will notify each Noteholder of the date the Issuer expects to pay the final installment on any
      of the Notes, which notice will be delivered no later than five (5) days before that date (solely to the extent the Indenture Trustee has received notice prior to such date), and the place where the Notes may be presented and surrendered for payment.

  
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  Section 2.10      Cancellation of Notes. 
      Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will deliver the Note to the Indenture Trustee, and the Indenture Trustee will promptly cancel it.  The Issuer may surrender to the Indenture
      Trustee for cancellation Notes previously authenticated and delivered under this Indenture which the Issuer may have acquired, and the Indenture Trustee will promptly cancel them.  No Notes will be authenticated in place of or in exchange for Notes
      cancelled as stated in this Section 2.10.  The Indenture Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless the Issuer directs, by Issuer Order, that they be destroyed or returned to it.

  Section 2.11      Release of Collateral. 
      The Indenture Trustee will release property from the Lien of this Indenture only according to Sections 8.4 and 10.1.

  Section 2.12      Book-Entry Notes.

  (a)      Issuance and Registration.  The
      Notes will be issued as Book-Entry Notes on the Closing Date.  The Book-Entry Notes, on original issuance, will be issued in the form of printed Notes representing the Book-Entry Notes and delivered to The Depository Trust Company, the initial
      Clearing Agency, by, or on behalf of, the Issuer.  The Book-Entry Notes will be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency.

  (b)      Sole Noteholder.  The Note
      Registrar and the Indenture Trustee may deal with the Clearing Agency as the sole Noteholder of the Book-Entry Notes for all purposes of this Indenture and will not be obligated to the Note Owners, except as stated in Section 7.1.

  (c)      Rights.  The rights of Note
      Owners may be exercised only through the Clearing Agency and will be limited to those established by law and agreements between the Note Owners and the Clearing Agency and/or its participants under the Depository Agreement.

  (d)      Clearing Agency Obligations.  The
      Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to the participants.  The Indenture Trustee, the Note Registrar and the Note Paying Agent
      shall have no responsibility or liability for any actions taken or not taken by the Clearing Agency.

  (e)      Representation of Noteholders. 
      If this Indenture requires or permits actions to be taken based on instructions or directions of the Noteholders of a stated percentage of the Note Balance of the Notes (or the Controlling Class), the Clearing Agency will be deemed to represent those
      Noteholders only if it has received instructions to that effect from Note Owners and/or the Clearing Agency’s participants owning or representing, the required percentage of the beneficial interest of the Notes (or the Controlling Class) and has
      delivered the instructions to the Indenture Trustee.

  (f)      Conflicts.  If this Section 2.12
      conflicts with other terms of this Indenture, this Section 2.12 will control.

  
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  (g)      CUSIP Numbers.  The Issuer in
      issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided that any such notice may state that no representation
      is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall
      not be affected by any defect in or omission of such numbers.  The Issuer will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers.

  Section 2.13      Definitive Notes.  No
      Note Owner will receive a definitive, fully registered Note (a “Definitive Note”) representing the Note Owner’s interest in the Note unless and until (a) the Administrator
      notifies the Indenture Trustee that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the Administrator is unable to reach an agreement on satisfactory terms with a
      qualified successor, (b) the Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence and during the continuation of an Event of Default or a Servicer
      Termination Event, Note Owners of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to terminate the book-entry system through the Clearing Agency.  In these cases, the
      Clearing Agency will notify Note Owners and the Indenture Trustee of the availability of Definitive Notes.  After the Clearing Agency has surrendered the printed Notes representing the Book-Entry Notes and delivered the registration instructions to
      the Indenture Trustee, the Issuer will execute and the Indenture Trustee, on Issuer Request, will authenticate the Definitive Notes according to the instructions of the Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture Trustee
      will be liable for delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions.  On the issuance of Definitive Notes to Note Owners, the Indenture Trustee will recognize the holders of the
      Definitive Notes as Noteholders.

  Section 2.14      Authenticating Agents.

  (a)      Appointment.  The Indenture
      Trustee may appoint one or more Persons as authenticating agents for the Notes (each, an “Authenticating Agent”) with the power to act on its behalf and subject to its
      direction in the authentication of Notes for issuances, transfers, exchanges and replacements.  The authentication of Notes by an Authenticating Agent under this Section 2.14 is deemed to be the authentication of Notes “by the Indenture Trustee.” If
      no Authenticating Agent is appointed, the Indenture Trustee will be the Authenticating Agent for the Notes.

  (b)      Resignation and Termination.  An
      Authenticating Agent may resign by notifying the Indenture Trustee and the Owner Trustee.  The Indenture Trustee may terminate the agency of an Authenticating Agent by notifying the Authenticating Agent and the Owner Trustee.

  Section 2.15      Note Paying Agents.

  (a)      Appointment.  The Indenture
      Trustee may appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee in Section 6.11.  If no Note

  
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  Paying Agent is appointed, then the Indenture Trustee will be the Note Paying Agent for the Notes.  Each Note Paying Agent will have the
      power to make distributions from the Bank Accounts.

  (b)      Resignation and Termination.  A
      Note Paying Agent may resign by notifying the Indenture Trustee, the Administrator and the Issuer.  The Indenture Trustee may terminate the agency of a Note Paying Agent by notifying the Note Paying Agent, the Administrator and the Issuer.

  ARTICLE III

      COVENANTS, REPRESENTATIONS AND WARRANTIES

  Section 3.1      Payment of Principal, Interest and
          Other Amounts.  The Issuer will duly and punctually pay the principal of and interest and Make-Whole Payments, if any, on the Notes according to the terms of the Notes and this Indenture.  Amounts withheld under the Code or State or
      local tax law by any Person from a payment to a Noteholder will be considered as having been paid by the Issuer to the Noteholder.

  Section 3.2      Maintenance of Office or Agency. 

      The Issuer will maintain an office or agency at the Corporate Trust Office of the Indenture Trustee designated for such purpose, where Notes may be surrendered for registration of transfer or exchange, and where notices to and demands on the Issuer
      for the Notes and this Indenture may be served.  The Issuer initially appoints the Indenture Trustee to serve as its agent for those purposes.  The Issuer will promptly notify the Indenture Trustee of a change in the location of the office or
      agency.  If the Issuer fails to maintain the office or agency or fails to furnish the Indenture Trustee with the address of the office or agency, any surrender, notices or demands may be made or served at the Corporate Trust Office, and the Issuer
      appoints the Indenture Trustee as its agent to receive them.

  Section 3.3      Money for Payments To Be Held in
          Trust.

  (a)      Payments on the Notes.  Payments
      on the Notes that are to be made from amounts withdrawn from the Bank Accounts will be made on behalf of the Issuer by the Note Paying Agent.  No amounts withdrawn for payments on the Notes may be paid over to the Issuer, except as stated in this
      Section 3.3.

  (b)      Agreement by Note Paying Agent. 
      The Indenture Trustee will, and will cause each Note Paying Agent (other than the Indenture Trustee) to, execute and deliver to the Indenture Trustee, an instrument in which the Note Paying Agent agrees with the Indenture Trustee (and if the
      Indenture Trustee acts as the Note Paying Agent, it hereby so agrees) to:

  (i)      hold funds held by it for the payment of amounts due on the Notes in trust for the benefit
      of the Persons entitled to that money and pay it to those Persons under this Indenture;

  (ii)      notify the Indenture Trustee of a default by the Issuer of which it has actual knowledge in
      the making of a required payment on the Notes;

  
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  (iii)      during the continuance of a default, on the request of the Indenture Trustee, immediately
      pay to the Indenture Trustee money held by it in trust;

  (iv)      immediately resign as a Note Paying Agent and immediately pay to the Indenture Trustee
      amounts held by it in trust if it ceases to meet the eligibility standards set forth in Section 6.11 for the Indenture Trustee; and

  (v)      comply with all requirements of the Code for withholding and reporting requirements for
      payments on the Notes.

  (c)      Payment Direction.  The Issuer
      may by Issuer Order, direct a Note Paying Agent to pay to the Indenture Trustee money held in trust by the Note Paying Agent, which money will be held by the Indenture Trustee on the same terms as the Note Paying Agent.  On a Note Paying Agent’s
      payment of money held in trust to the Indenture Trustee, the Note Paying Agent will be released from liability for such amounts.

  (d)      Unclaimed Money.  Subject to
      applicable law, money held by the Indenture Trustee or a Note Paying Agent in trust under this Section 3.3 which remains unclaimed for two years after it became due and payable will be discharged from the trust and paid to the Issuer on Issuer
      Request.  After discharge and payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Issuer for payment of the amount due and unclaimed, and the Indenture Trustee or the Note Paying Agent will be released from
      liability for such amounts.  However, the Indenture Trustee or the Note Paying Agent, before making the payment, will publish once, at the expense and direction of the Issuer, in a newspaper customarily published on each Business Day in the English
      language and of general circulation in The City of New York, notice that the money remains unclaimed and that after a date stated in the notice, which must be at least thirty (30) days from the date of publication, any unclaimed balance of the money
      then remaining will be paid to the Issuer.  The Indenture Trustee will also use other reasonable means to notify Noteholders of unclaimed payments.

  (e)      FATCA Withholding.  The Issuer
      represents, warrants and covenants to the Indenture Trustee and the Note Paying Agent that, (i) to the best of the Issuer’s knowledge, the Indenture Trustee, Note Registrar and Note Paying Agent are not obligated in respect of any payments to be made
      by the Issuer pursuant to this Indenture, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements
      thereunder or official interpretations thereof (“FATCA Withholding Tax”), provided such parties have obtained the requisite information about the Noteholders; (ii) the
      Noteholders are required to provide information sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax (the “FATCA Information”) to the
      Issuer and the Indenture Trustee, (iii) the Issuer shall comply with all requirements of the Code with respect to the withholding from any payment made by it on any Note of any applicable FATCA Withholding Tax imposed thereon and with respect to any
      applicable reporting requirement in connection therewith; and (iv) to the extent the Issuer determines that FATCA Withholding Tax is applicable, it will promptly notify the Note Paying Agent of such fact.  To the extent the Issuer has the
      Noteholders’ information, the Issuer will provide the FATCA Information to the Indenture Trustee, the Note Registrar and the Note Paying Agent upon request. Each holder of a Note or an

  
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  interest therein, by acceptance of such Note or such interest in such Note, will be deemed to have agreed to provide the Issuer, the
      Indenture Trustee, the Note Registrar and the Note Paying Agent with the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the FATCA Information. In addition, each holder of a Note will be deemed to
      understand that the Note Paying Agent has the right to withhold interest payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the foregoing requirements.

  Section 3.4      Existence.  The Issuer
      will maintain its existence as a statutory trust under the Delaware Statutory Trust Act and will obtain and maintain its qualification in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability
      of this Indenture, the Notes and the Collateral.

  Section 3.5      Protection of Collateral.

  (a)      Amendments and Financing Statements. 

      The Issuer will (i) execute and deliver amendments to this Indenture and other documents, (ii) file or authorize and cause to be filed financing statements and amendments and continuations of those financing statements and (iii) take other action, in
      each case, necessary or advisable to:

  (A)      Grant more effectively any portion of the Collateral pursuant to this Indenture;

  (B)      maintain or preserve the Lien and security interest (and the priority of the security
      interest) of this Indenture;

  (C)      perfect, maintain perfection, publish notice of or protect the validity of a Grant made or
      to be made by this Indenture;

  (D)      enforce the Collateral; or

  (E)      maintain and defend title to the Collateral and the rights of the Indenture Trustee and the
      Secured Parties in the Collateral against the claims of all Persons, subject to Permitted Liens and the Transaction Documents.

  (b)      Authorization to File.  The
      Issuer authorizes the Administrator and the Indenture Trustee (but the Indenture Trustee shall not be required to do so) to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices
      as the Administrator or the Indenture Trustee may determine necessary or advisable to perfect the Indenture Trustee’s interest in the Collateral.  The Administrator (or the Indenture Trustee solely to the extent it has elected to so prepare and file)
      shall timely prepare and file the foregoing and will promptly deliver to the Issuer and the Indenture Trustee file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed
      financing statement.

  (c)      Indenture Trustee Not Obligated. 
      The Indenture Trustee is not obligated to (i) make a determination of whether filing financing or continuation statements, or amendments

  
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  to the statements, is required or (ii) file any financing or continuation statements, or amendments to the statements, and will not be
      liable for failure to do so.

  Section 3.6      Performance of Obligations.

  (a)      Performance of Obligations.  The
      Issuer will perform all of its obligations under the Transaction Documents and documents included in the Collateral in all material respects.  The Issuer will not take any action and will use its best efforts not to permit any action to be taken by
      others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or
      discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in or permitted under this Indenture, the other Transaction Documents, the Servicing Procedures or such other instrument or
      agreement.

  (b)      Subcontracting.  The Issuer may
      contract with other Persons to assist it in performing its obligations under this Indenture.  Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its obligations under this Indenture.

  (c)      Servicer Termination Event.  If
      the Issuer has actual knowledge of a Servicer Termination Event, the Issuer will notify the Indenture Trustee and the Rating Agencies of the event and any action the Issuer is taking to correct the situation.  If a Servicer Termination Event results
      from the failure of the Servicer to perform its obligations under the Transfer and Servicing Agreement, the Issuer will take reasonable steps to remedy such failure, including enforcing the obligations of the Servicer under the Transfer and Servicing
      Agreement.

  (d)      Cap Agreement.  Promptly
      following the termination of the Cap Agreement due to an “Event of Default” or “Termination Event” (as each such term is defined in the Cap Agreement), the Issuer will use reasonable efforts to enter into a replacement cap agreement on terms similar
      to those of the terminated Cap Agreement with an Eligible Replacement Cap Counterparty unless the Indenture Trustee sells the Collateral pursuant to Section 5.6(a)(ii).

  Section 3.7      Negative Covenants.  So
      long as Notes are Outstanding, the Issuer will not, except as permitted in the Transaction Documents:

  (a)      Dispose of Collateral.  Sell,
      transfer, exchange or dispose of the Collateral unless directed to do so by the Indenture Trustee;

  (b)      No Release of Material Obligations. 

      Take action, and will use its commercially reasonable efforts to prevent any action from being taken by others, that would release any Person from any material obligation under a document included in the Collateral or that would impair the validity
      or enforceability of the Collateral or a document included in the Collateral;

  (c)      Set-off.  Claim a credit on, or
      make a deduction from the payments of principal or interest on, the Notes (other than amounts withheld from payments under applicable Law) or assert a claim against a Noteholder by reason of the payment of the taxes levied or assessed on the Issuer
      or the Collateral;

  
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  (d)      Dissolve or Liquidate.  Dissolve
      or liquidate in whole or in part;

  (e)      Liens.  Permit (i) the validity
      or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, subordinated, terminated or discharged, or permit a Person to be released from obligations under this Indenture except in each case as permitted by
      this Indenture, (ii) any Lien, other than Permitted Liens, to be created on or extend to the Collateral or (iii) the Lien of this Indenture not to be a valid first priority security interest in the Collateral, other than with respect to Permitted
      Liens;

  (f)      Modification of Collateral. 
      Subject to Article IX and the terms and conditions of the Collateral or any Transaction Documents, amend, modify, waive, terminate or surrender any Collateral or any Transaction Documents without the consent of the Indenture Trustee or the
      Noteholders of a majority of the Note Balance of the Notes and notifying the Rating Agencies;

  (g)        Engage in Non-Permissible Activities. 

      Engage in any activity other than as permitted by the Trust Agreement.

  Section 3.8      Opinions on Collateral.

  (a)      Opinion on Recording.  If this
      Indenture is subject to recording, the Issuer, at its expense, will record it and deliver an Opinion of Counsel to the Indenture Trustee stating that the recording is necessary either for the protection of the Secured Parties or for the enforcement
      of a right or remedy Granted to the Indenture Trustee under this Indenture.

  (b)      Opinion on Perfection.  On the
      Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture creates an enforceable security interest in favor of the Indenture Trustee in the Indenture Trustee’s right, title and interest in and to
      the Collateral transferred by the Issuer to the Indenture Trustee pursuant to this Indenture and in any identifiable cash proceeds thereof.

  (c)      Annual Opinion.  On or before
      April 30 of each year, beginning in the year after the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel either (i) stating that, in the opinion of that counsel, all action has been taken for the recording, filing,
      re-recording and refiling of this Indenture and all financing statements and continuation statements to maintain the Lien of this Indenture or (ii) stating that in the opinion of that counsel no action is necessary to maintain the Lien.

  Section 3.9      Annual Certificate of Compliance. 

      The Issuer will deliver to the Indenture Trustee within 90 days after the end of each calendar year, beginning in the year after the Closing Date, an Officer’s Certificate signed by a Responsible Person of the Issuer, stating that (a) a review of the
      Issuer’s activities and of its performance under this Indenture during the prior year has been made under a Responsible Person’s supervision and (b) to the Responsible Person’s knowledge, based on the review, the Issuer has fulfilled in all material
      respects its obligations under this Indenture throughout the prior year or, if there has been a failure to fulfill an obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the failure. 
      A copy of the Officer’s Certificate may be obtained by any Noteholder or Person certifying it is a Note Owner by a request to the Indenture Trustee at its

  
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  Corporate Trust Office.  The Issuer’s obligation to deliver an Officer’s Certificate under this Section 3.9 will terminate on the payment
      in full of the Notes.

  Section 3.10      Merger and Consolidation; Transfer
          of Assets.  The Issuer will not merge or consolidate with or into any Person or transfer all or substantially all of its assets, unless:

  (a)      Surviving Person.  The Person (if
      other than the Issuer) formed by or surviving the merger or consolidation, or that acquires those assets, (i) is organized and existing under the laws of the United States or any State and (ii) assumes, by an indenture supplemental to this Indenture
      (unless the assumption happens by operation of law), executed and delivered to the Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee, the due and punctual payment of principal of and interest on the Notes and the performance
      of the other obligations under this Indenture and the other Transaction Documents to be performed by the Issuer;

  (b)      Subordination.  For a transfer of
      the assets included in the Collateral, the Person who acquires those assets agrees by means of the supplemental indenture executed and delivered to the Indenture Trustee that (i) all right, title and interest transferred will be subject and
      subordinate to the rights of the Noteholders, (ii) unless stated in the supplemental indenture, that Person will indemnify the Issuer for fees, expenses, losses, damages and liabilities (including fees and expenses of defending itself against any
      loss, damage or liability) related to this Indenture and the Notes and (iii) that Person will make all necessary filings, if any, including filings with the Commission required by the Exchange Act for the Notes;

  (c)      No Default or Event of Default. 
      Immediately after giving effect to the merger, consolidation or transfer, no Default or Event of Default will have occurred and be continuing;

  (d)      Rating Agency Condition.  The
      Rating Agency Condition has been satisfied for the merger, consolidation or transfer;

  (e)      Opinion.  The Issuer has received
      an Opinion of Counsel (with a copy to the Indenture Trustee) stating that the merger, consolidation or transfer will not cause (i) any security issued by the Issuer to be deemed sold or exchanged for purposes of Section 1001 of the Code or (ii) the
      Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes;

  (f)      Actions.  Any action necessary to
      maintain the Lien and security interest Granted by this Indenture has been taken; and

  (g)      Conditions.  The Issuer has
      delivered to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation or transfer and the supplemental indenture comply with this Article
      III and that all the conditions in this Indenture for the merger, consolidation or transfer have been satisfied.

  Section 3.11      Successor or Transferee. 

      (a) On a merger or consolidation of the Issuer or a transfer under Section 3.10, the Person formed by or surviving the merger or consolidation (if other than the Issuer) will succeed to, and be substituted for, and may exercise the rights and powers
      of, the Issuer under this Indenture with the same effect as if that Person had been named

  
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  as the Issuer in this Indenture and (b) for a transfer of the assets of the Issuer under Section 3.10, the predecessor Issuer will be
      released from its obligations under this Indenture to be performed by the successor Issuer for the Notes immediately on receipt of notice by the Indenture Trustee stating that the Issuer is to be released.

  Section 3.12      No Other Activities. 
      The Issuer will not engage in activities other than financing, acquiring, owning and pledging the Trust Property as described in the Transaction Documents, entering into the Transaction Documents and activities incidental to those activities.

  Section 3.13      Further Acts and Documents. 

      On request of the Indenture Trustee, the Issuer will take action and execute and deliver additional documents reasonably required to perform and carry out the purposes of this Indenture.

  Section 3.14      Restricted Payments.

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

  (b)      No Other Payments.  The Issuer
      will not, directly or indirectly, make payments to or distributions from the Bank Accounts except according to the Transaction Documents.

  Section 3.15      Notice of Events of Default. 

      The Issuer will notify the Indenture Trustee, the Servicer and the Rating Agencies as soon as practicable, but in any event within five (5) Business Days after a Responsible Person of the Issuer has actual knowledge of an Event of Default.

  Section 3.16      Review of Issuer’s Records. 

      The Issuer will maintain records and documents relating to its performance under this Indenture according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the
      Issuer will give the Indenture Trustee (or its representatives) access to the records and documents to conduct a review of the Issuer’s performance under this Indenture.  Any access or review will be conducted at the Issuer’s offices during its
      normal business hours at a time reasonably convenient to the Issuer and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Issuer’s security, confidentiality and privacy policies and any
      legal, regulatory and data protection policies.  Notwithstanding the foregoing, the permissive right of the Indenture Trustee to access and review the Issuer’s records shall not constitute an obligation of the Indenture Trustee to do so.

  Section 3.17      Issuer’s Representations and
          Warranties.  The Issuer represents and warrants to the Indenture Trustee as of the Closing Date and each Acquisition Date:

  (a)      Organization and Qualification. 
      The Issuer is duly formed and validly existing as a statutory trust in good standing under the laws of the State of Delaware.

  
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  (b)      Power, Authority and Enforceability. 

      The Issuer has the power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party.  The Issuer has authorized the execution, delivery and performance of the Transaction Documents to which it
      is a party.  The Transaction Documents to which it is a party are the legal, valid and binding obligation of the Issuer enforceable against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the
      enforcement of creditors’ rights or by general equitable principles.

  (c)      No Conflicts and No Violation. 
      The completion of the transactions contemplated by the Transaction Documents to which it is a party and the performance of its obligations under such documents will not (i) conflict with, or be a material breach or material default under any
      indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Issuer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Issuer’s properties or assets under the terms of any
      indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than this Indenture), (iii) violate the Trust Agreement or (iv) violate a Law or, to the Issuer’s knowledge, an order, rule or regulation of a federal or State
      court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties that applies to the Issuer, which, in each case of clauses (i) through (iv), would reasonably be expected to
      have a Material Adverse Effect.

  (d)      No Proceedings.  To the Issuer’s
      knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties
      (i) asserting the invalidity of the Transaction Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents, (iii) seeking any determination or ruling that
      would reasonably be expected to have a Material Adverse Effect or would materially adversely impact the validity or enforceability of the Notes or (iv) relating to the Issuer that would reasonably be expected to (A) affect the treatment of the Notes
      as indebtedness for purposes of U.S. federal and State income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or
      (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than any proceedings that, to the Issuer’s knowledge, would not reasonably be
      expected to have a material adverse effect on the Issuer, the performance by the Issuer of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

  (e)      No Investment Company.  The
      Issuer is not an “investment company” as defined in the Investment Company Act.  In making this determination, the Issuer is relying on the definition in Section 3(c)(5)(A) of the Investment Company Act, although other exclusions or exemptions may
      also be available to the Issuer.

  (f)      Volcker Rule.  The Issuer is
      structured not to be a “covered fund” under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the “Volcker Rule.”

  
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  Section 3.18      Issuer’s Representations and
          Warranties About Security Interest.  The Issuer represents and warrants to the Indenture Trustee as of the Closing Date and each Acquisition Date, which representations and warranties will survive the termination of this Indenture and
      may not be waived by the Indenture Trustee:

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

  (b)      Type.  The Receivables are either
      “accounts” or “payment intangibles” within the meaning of the applicable UCC.

  (c)      Good Title.  The Issuer owns and
      has good title to the Collateral free and clear of any Lien, other than Permitted Liens.  The Issuer has received all consents and approvals required by the terms of the Collateral to Grant to the Indenture Trustee all of its right, title and
      interest in the Collateral, except if a requirement for consent or approval is extinguished under the applicable UCC.

  (d)      Filing Financing Statements.  The
      Issuer has caused, or will cause within ten (10) days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law to perfect the security interest
      Granted in the Collateral to the Indenture Trustee under this Indenture.  All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee under this Indenture describing the Collateral will contain a statement to
      the following effect: “A purchase, absolute assignment or transfer of or grant of a security interest in any collateral described in this financing statement will violate the rights of the Secured Parties.”

  (e)      No Other Sale, Grant or Financing Statements. 

      Other than the security interest Granted to the Indenture Trustee under this Indenture, the Issuer has not sold or Granted a security interest in any of the Collateral.  The Issuer has not authorized the filing of and is not aware of any financing
      statements against the Issuer that include a description of collateral covering any of the Collateral, other than financing statements relating to the security interest Granted to the Indenture Trustee under this Indenture.  The Issuer is not aware
      of any judgment or tax Lien filings against it.

  (f)      Securities Account.  All
      Permitted Investments have been and will be credited to a Securities Account.  The Securities Intermediary for each Securities Account has agreed to treat all assets credited to the Securities Accounts as “financial assets” within the meaning of the
      applicable UCC.

  (g)      Securities Intermediary Agreement. 

      The Issuer has delivered to the Indenture Trustee a fully executed Account Control Agreement (1) that provides that the agreement is governed solely by the law of the State of New York and that the law of the State of New York shall govern all issues
      specified in Article 2(1) of the Hague Securities Convention, (2) pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Securities Accounts without further consent
      by the Issuer, and

  
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  (3) with a Securities Intermediary that at the time of this Indenture has one or more offices (within the meaning of the Hague Securities
      Convention) in the United States of America which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.

  (h)      Name of Securities Accounts.  The
      Securities Accounts are not in the name of a Person other than the Issuer or the Note Paying Agent.  The Issuer has not consented to the Securities Intermediary of a Securities Account complying with entitlement orders of a Person other than the
      Indenture Trustee.

  ARTICLE IV

      SATISFACTION AND DISCHARGE

  Section 4.1      Satisfaction and Discharge of
          Indenture.

  (a)      Conditions to Satisfaction and Discharge. 

      Except as stated in Section 4.1(c), this Indenture will cease to be of further effect for the Notes if:

  (i)      either (A) the Notes that have been authenticated and delivered (other than (1) Notes that
      have been destroyed, lost or stolen and that have been replaced or paid under Section 2.7 and (2) Notes for which payment money has been deposited in trust or segregated and held in trust by the Issuer and later paid to the Issuer or discharged from
      the trust under Section 3.3) have been delivered to the Indenture Trustee for cancellation or (B) the Notes not delivered to the Indenture Trustee for cancellation have become due and payable and the Issuer has deposited or caused to be deposited
      with the Indenture Trustee money in trust in an amount sufficient to pay and discharge the outstanding Note Balance of the Notes and interest accrued on the Notes on the Redemption Date;

  (ii)     the Issuer has paid or caused to be paid all money payable by it under the Transaction
      Documents; and

  (iii)    the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of
      Counsel meeting the requirements of Section 11.3.

  (b)      Acknowledgement of Satisfaction and
          Discharge.  After the satisfaction and discharge of the Indenture under Section 4.1(a), the Indenture Trustee will (i) upon receipt of an Issuer Order and at the expense of the Issuer, execute documents acknowledging satisfaction and
      discharge of this Indenture and (ii) at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate stating that all Noteholders have been paid in full.

  (c)      Continuing Rights and Obligations. 

      After the satisfaction and discharge of this Indenture, this Indenture will continue for (i) rights of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii) the rights of Noteholders to receive
      payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee and any Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of the Indenture Trustee under this Indenture and (vi) the
      rights of the Secured Parties as beneficiaries of this Indenture in the property deposited with the Indenture Trustee payable to them for a period of two years after the satisfaction and discharge.

  
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  ARTICLE V

      EVENTS OF DEFAULT; REMEDIES

  Section 5.1      Events of Default.

  (a)      Events of Default.  The
      occurrence of one of the following events will be an event of default under this Indenture (each, an “Event of Default”):

  (i)      the Issuer fails to pay interest due on any Class of Notes of the Controlling Class on any
      Payment Date, and the failure continues for five (5) days or more;

  (ii)      the Issuer fails to pay the principal of or any Make-Whole Payments on a Note on the
      applicable Final Maturity Date;

  (iii)      the Issuer fails to observe or perform a material covenant or agreement of the Issuer in
      this Indenture (other than to pay interest on or principal of the Notes), or a representation or warranty of the Issuer made in this Indenture or in an Officer’s Certificate or other document delivered under this Indenture is incorrect in any
      material respect when made, and in each case, the failure or error continues for at least sixty (60) days after the Issuer receives written notice from the Indenture Trustee (upon receipt of written notice or actual knowledge thereof by a Responsible
      Officer of the Indenture Trustee), or the Issuer and the Indenture Trustee receive written notice from the Noteholders of at least 25% of the Note Balance of the Controlling Class, in each case, stating the failure or error, requiring it to be
      corrected and stating that the notice is a “Notice of Default”; or

  (iv)      an Insolvency Event of the Issuer occurs.

  (b)      Issuer to Notify.  In addition to
      the Issuer’s notification obligations set forth in Section 3.15, the Issuer will notify the Indenture Trustee within five (5) Business Days after a Responsible Person of the Issuer has knowledge of the occurrence of a Default under Section
      5.1(a)(iii), which notice will describe the Default, the status of the Default and what action the Issuer is taking to correct the Default.  The Issuer will deliver a copy of the notice to each Qualified Institution (if not the Indenture Trustee)
      maintaining a Bank Account.

  (c)      Indenture Trustee to Notify.  In
      addition to the notice obligations of the Indenture Trustee under Section 6.5(a), the Indenture Trustee will notify the Noteholders within five (5) Business Days after a Responsible Person of the Indenture Trustee has actual knowledge of the
      occurrence of an Event of Default.

  Section 5.2      Acceleration of Maturity; Rescission.

  (a)      Acceleration.  If an Event of
      Default, other than an Event of Default under Section 5.1(a)(iv), occurs and is continuing, the Indenture Trustee may, or the Noteholders of a majority of the Note Balance of the Controlling Class may, declare the Notes to be accelerated by notifying
      the Issuer (and the Indenture Trustee if given by the Noteholders).  On acceleration, the unpaid Note Balance of the Notes, together with accrued and unpaid interest and unpaid Make-Whole Payments, if any, will become immediately due and payable.  If
      an Event of

  
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  Default in Section 5.1(a)(iv) occurs, all unpaid principal of and accrued and unpaid interest on the Notes, and all other amounts payable
      under this Indenture (including unpaid Make-Whole Payments), will automatically become immediately due and payable without a declaration or other act of the Indenture Trustee or a Noteholder.  On the declaration of acceleration or upon actual
      knowledge of a Responsible Person of the Indenture Trustee of an automatic acceleration, the Indenture Trustee will promptly notify each Noteholder and each Qualified Institution (if not the Indenture Trustee) maintaining a Bank Account.

  (b)      Rescission of Acceleration.  The
      Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Issuer and the Indenture Trustee, may rescind a declaration of acceleration before a judgment or decree for payment of the amount due has been obtained by the
      Indenture Trustee as stated in this Article V if:

  (i)      the Issuer has paid or deposited with the Indenture Trustee an amount sufficient to (A) pay
      the due and unpaid principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default giving rise to the acceleration had not occurred, (B) pay all amounts owed to the
      Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Issuer; and

  (ii)      all Events of Default, other than the non-payment of the principal of the Notes that has
      become due solely by acceleration, have been corrected or waived under Section 5.14.

  Section 5.3      Collection of Indebtedness by
          Indenture Trustee.

  (a)      Overdue Amounts.  If an Event of
      Default under Section 5.1(a)(i) or (ii) occurs and is continuing, the Issuer, on demand of the Indenture Trustee, will pay to the Note Paying Agent for the benefit of the Noteholders, the overdue amount with interest at the rate of interest then
      applicable to the Notes.

  (b)      Collection Costs.  In addition,
      the Issuer will pay the costs of collection, including the expenses of the Indenture Trustee and its agents, counsel, accountants and experts due to the Indenture Trustee under Section 6.7.

  (c)      Proceedings.  If the Issuer fails
      to pay those amounts and the collection costs set forth in Section 5.3(b) on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start a Proceeding to collect the money due and unpaid, and may pursue the Proceeding
      to final judgment, and may enforce the judgment against the Issuer and collect the money due and unpaid in the manner provided by law out of the Collateral.

  Section 5.4      Trustee May File Proofs of Claim.

  (a)      Proofs of Claim.  If there is a
      Proceeding involving the Issuer under the Bankruptcy Code or another bankruptcy, insolvency or other similar law, or in case a trustee, liquidator, receiver or similar official has been appointed for or taken possession of the Issuer or its property,
      the Indenture Trustee may:

  
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  (i)      file a proof of claim for the due and unpaid principal of and interest on the Notes and file
      other proofs of claim (including any claims for compensation or indemnification under Section 6.7) or documents necessary or advisable to have the claims of the Indenture Trustee on behalf of the Secured Parties allowed in the Proceedings or in other
      judicial proceedings involving the Issuer, its creditors and its property;

  (ii)      unless prohibited by applicable Law, vote on behalf of the Secured Parties in the election
      of a trustee, a standby trustee or a Person performing similar functions in the Proceedings; and

  (iii)      collect and receive any money or other property payable or deliverable on the claims and
      pay all amounts received on the claims of the Secured Parties, including the claims asserted by the Indenture Trustee on their behalf.

  (b)      Authorization by Noteholders. 
      Each Noteholder authorizes a trustee, liquidator, receiver or similar official in a Proceeding to make payments to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly to the Noteholders, to pay to the Indenture
      Trustee the amounts owed to the Indenture Trustee under Section 6.7.

  (c)      No Right to Consent or Vote. 
      Except as permitted under Section 5.4(a)(ii), this Indenture (i) does not authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of a Noteholder a plan of reorganization, arrangement, adjustment or
      composition affecting the Notes and (ii) does not limit the rights of a Noteholder to authorize the Indenture Trustee to vote on the claim of a Noteholder in the Proceeding.

  Section 5.5      Enforcement of Claims Without
          Possession of Notes.

  (a)      Notes not Required.  The
      Indenture Trustee may enforce its rights and make claims under this Indenture, or under the Notes, without the possession of the Notes or the production of the Notes in a Proceeding.  A Proceeding started by the Indenture Trustee will be brought in
      its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses and indemnity of the Indenture Trustee and its agents, counsel, accountants and experts due to the Indenture Trustee under Section 6.7,
      will be for the benefit of the Secured Parties for which the judgment has been recovered.

  (b)      Proceeding.  In any Proceeding
      brought by the Indenture Trustee (and any Proceeding involving the interpretation of this Indenture to which the Indenture Trustee is a party), the Indenture Trustee will be held to represent all the Secured Parties, and it will not be necessary to
      make any Secured Party, including a Noteholder, a party to the Proceeding.

  Section 5.6      Remedies; Priorities.

  (a)      Remedies.  If the Notes have been
      accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded according to Section 5.2(b), the Indenture Trustee may do one or more of the following (subject to Section 5.7), and will at the direction of the Noteholders
      of a majority of the Note Balance of the Controlling Class:

  
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  (i)      start a Proceeding in its own name and as trustee of an express trust for the collection of
      all amounts then payable on the Notes or under this Indenture on the Notes, enforce any judgment obtained and collect from the Issuer money adjudged due;

  (ii)      subject to Section 5.6(c), sell or liquidate all or any part of the Collateral or rights or
      interest in the Collateral at one or more public or private sales called and conducted in any manner permitted by law;

  (iii)      exercise any remedies of a secured party under the UCC; and

  (iv)      take any other action to protect and enforce the rights and remedies of the Indenture
      Trustee and the Noteholders.

  (b)      Notice of Sale or Liquidation of Collateral. 

      The Indenture Trustee will notify each Noteholder and the Depositor of a sale or liquidation under Section 5.6(a)(ii) at least fifteen (15) days before the sale or liquidation.  A Noteholder, the Depositor or the Servicer may submit a bid during the
      sale or liquidation.

  (c)      Limitation on Collateral Liquidation. 

      The Indenture Trustee may not sell or liquidate the Collateral unless:

  (i)      the Event of Default is described in Section 5.1(a)(i) or (ii); or

  (ii)      the Event of Default is described in Section 5.1(a)(iii) and:

  (A)         the Noteholders representing 100% of the Note Balance of the Notes consent to the sale
      or liquidation; or

  (B)         the proceeds of the sale or liquidation are expected to be sufficient to pay in full
      all amounts owed by the Issuer to the Secured Parties including all principal of and accrued interest and any Make-Whole Payments on the Notes; or

  (iii)      the Event of Default is described in Section 5.1(a)(iv) and:

  (A)         the Noteholders representing 100% of the Note Balance of the Controlling Class consent
      to the sale or liquidation; or

  (B)         the proceeds of the sale or liquidation are expected to be sufficient to pay in full
      all amounts owed by the Issuer to the Secured Parties including all principal of and accrued interest and any Make-Whole Payments on the Notes; or

  (C)         the Indenture Trustee (1) determines that the Collateral will not continue to provide
      sufficient money for the payment of all amounts owed to the Secured Parties, as those payments would have become due if the Notes had not been accelerated and (2)

  
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  obtains the consent of Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class.

  In determining whether the condition in clause (ii)(B), (iii)(B) or (iii)(C) (1) above has been satisfied, the Indenture
      Trustee may rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants on the expected proceeds or on the sufficiency of the Collateral for that purpose.

  (d)      Proceeds of Collateral.  Any
      money or property collected by the Indenture Trustee after the occurrence of an Event of Default that has not been waived or cured and an acceleration of the Notes will be deposited in the Collection Account for distribution according to Section
      8.2(e) on the Payment Date after the Collection Period during which those amounts are collected.  In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default.

  Section 5.7      Optional Preservation of Collateral. 

      If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded, the Indenture Trustee may elect to maintain possession of the Collateral, subject to Section 5.13(c).  The Indenture Trustee will take
      into account that the Collections and other amounts expected to be received on the Collateral must be sufficient to pay the unpaid principal of and accrued and unpaid interest and any Make-Whole Payments on the Notes when determining whether or not
      to maintain possession of part of the Collateral.  In making this determination, the Indenture Trustee may rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants.

  Section 5.8      Limitation on Suits.

  (a)      Proceedings.  No Noteholder has
      the right to start a Proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, except (1) pursuant to the dispute resolution procedures described in Section 11.2 of the Transfer and
      Servicing Agreement or (2) if:

  (i)       the Noteholder has notified the Indenture Trustee of a continuing Event of Default;

  (ii)      the Noteholders of at least 25% of the Note Balance of the Controlling Class have requested
      the Indenture Trustee to start the Proceeding for the Event of Default in its own name as Indenture Trustee under this Indenture;

  (iii)     the Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee
      against fees, expenses, losses, damages, claims and liabilities that may be incurred by the Indenture Trustee, or its agents, counsel, accountants and experts, in complying with the request;

  (iv)     the Indenture Trustee has failed to start the Proceedings for sixty (60) days after it
      receives the notice, request and offer of indemnity; and

  
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  (v)      the Noteholders of a majority of the Note Balance of the Controlling Class have not given
      the Indenture Trustee a direction inconsistent with the request during that 60 day period.

  (b)      No Right to Impair.  No
      Noteholder has the right to impair the rights of another Noteholder or to seek or obtain priority or preference over another Noteholder or to enforce any right under this Indenture, except in the manner stated in this Indenture.

  (c)      Conflicting Requests.  If the
      Indenture Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders, each evidencing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee will take the action requested
      by the Noteholders representing the greatest percentage of the Note Balance of the Controlling Class, notwithstanding any other provision of this Indenture.

  Section 5.9      Unconditional Rights to Receive
          Principal and Interest.  Each Noteholder has an absolute and unconditional right to receive payment of the principal of and interest on its Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on
      or after the Redemption Date) and to start a Proceeding for the enforcement of the payment according to Section 5.8.  Those rights may not be impaired or affected without the consent of the Noteholder.

  Section 5.10      Restoration of Rights and Remedies. 

      If the Indenture Trustee or a Noteholder has started a Proceeding to enforce a right or remedy under this Indenture and the Proceeding has been discontinued or abandoned or has been determined adversely to the Indenture Trustee or to the Noteholder,
      then the Issuer, the Indenture Trustee and the Noteholders, subject to a determination in the Proceeding, will be restored to their former positions under this Indenture, and all rights and remedies of the Indenture Trustee and the Noteholders will
      continue as though no Proceeding had been started.

  Section 5.11      Rights and Remedies Cumulative. 

      No right or remedy of the Indenture Trustee or the Noteholders under this Indenture is intended to be exclusive of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right and
      remedy under this Indenture.  The exercise of a right or remedy will not prevent the exercise of another right or remedy at the same time.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture will not be
      affected by the seeking, obtaining or use of other relief under this Indenture.  Neither the Lien of this Indenture nor the rights or remedies of the Indenture Trustee or the Noteholders will be impaired by the recovery of a judgment by the Indenture
      Trustee against the Issuer or by the execution of a judgment on the Collateral.

  Section 5.12      Delay or Omission Not a Waiver. 

      No delay or omission of the Indenture Trustee or a Noteholder to exercise a right or remedy after a Default or Event of Default will impair the right or remedy, or be a waiver of the Default or Event of Default.  Every right and remedy given by this
      Article V or by law to the Indenture Trustee or to the Noteholders may be exercised as often as deemed advisable by the Indenture Trustee or by the Noteholders.

  
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  Section 5.13      Control by Noteholders. 
      The Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time, method and place of conducting a Proceeding for a remedy available to the Indenture Trustee for the Notes or exercising a trust or power of
      the Indenture Trustee, subject to the following terms:

  (a)      No Conflict.  The direction does
      not conflict with Law or with this Indenture.

  (b)      Direction to Sell or Liquidate. 
      Except under Section 5.6(c), a direction to the Indenture Trustee to sell or liquidate the Collateral must have been made by the Noteholders of 100% of the Note Balance of the Controlling Class.

  (c)      Non-Unanimous Directions.  If the
      Indenture Trustee elects to retain the Collateral under Section 5.7, then a direction to the Indenture Trustee by Noteholders of less than 100% of the Note Balance of the Controlling Class to sell or liquidate the Collateral will not be effective.

  (d)      Other Action.  The Indenture
      Trustee may take other action considered advisable by the Indenture Trustee that is not inconsistent with the direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

  (e)      Adverse Action.  The Indenture
      Trustee need not take an action for which it will not be adequately indemnified or that it determines might have a material adverse effect on the rights of Noteholders not consenting to the action.

  Section 5.14      Waiver of Defaults and Events of
          Default.

  (a)      Waiver by Controlling Class.  The
      Noteholders of a majority of the Note Balance of the Controlling Class may waive a Default or Event of Default except an Event of Default (i) in the payment of principal of or interest on the Notes (other than an Event of Default relating to failure
      to pay principal due only by reason of acceleration) or (ii) for a covenant or term of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

  (b)      Effect of Waiver.  On any waiver,
      the Default or Event of Default will be considered not to have occurred for all purposes of this Indenture.  No waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.

  Section 5.15      Agreement to Pay Costs. 
      The parties to this Indenture agree, and each Noteholder by its acceptance of a Note will be deemed to have agreed, that a court may in its discretion require, in a Proceeding for the enforcement of a right or remedy under this Indenture, or in a
      Proceeding against the Indenture Trustee for an action taken or not taken by it as Indenture Trustee, the filing by a party litigant in the Proceeding of an agreement to pay the costs of the Proceeding, and that the court may in its discretion assess
      reasonable costs, including reasonable attorneys’ fees, against a party litigant in the Proceeding.  This Section 5.15 will not apply to (a) a Proceeding started by the Indenture Trustee, (b) a Proceeding started by a Noteholder or group of
      Noteholders holding more than 10% of the Note Balance of the Notes (or for a Proceeding for the enforcement of a right or remedy under this Indenture that is started by

  
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  the Controlling Class, holding more than 10% of the Note Balance of the Controlling Class) or (c) a Proceeding started by a Noteholder for
      the enforcement of the payment of principal of or interest on a Note on or after the respective due dates expressed in the Note and in this Indenture (or, for redemption, on or after the Redemption Date).

  Section 5.16      Waiver of Stay or Extension Laws. 

      The Issuer agrees that it will not plead or in any manner claim or take the benefit of, a stay or extension that may affect the performance of its obligations under this Indenture, and the Issuer waives the benefit of such law.

  Section 5.17      Performance and Enforcement of
          Obligations.

  (a)      Actions Requested by Indenture Trustee. 

      At the Administrator’s expense, the Issuer will promptly take any lawful action the Indenture Trustee requests to (i) compel the performance by (A) the Depositor and the Servicer of their obligations to the Issuer under the Transfer and Servicing
      Agreement and the Master Trust Receivables Transfer Agreement or (B) the Depositor and the Originators of their obligations under the Originator Receivables Transfer Agreement and (ii) exercise any rights, remedies, powers, privileges and claims
      available to the Issuer under those agreements as directed by the Indenture Trustee.

  (b)      Exercise by Indenture Trustee. 
      If an Event of Default has occurred and is continuing, (i) the Indenture Trustee may, and at the written direction of the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class will, exercise all rights, remedies, powers,
      privileges and claims of the Issuer against (A) the Depositor or the Servicer under the Transfer and Servicing Agreement and the Master Trust Receivables Transfer Agreement, (B) the Depositor and the Originators under the Originator Receivables
      Transfer Agreement, (C) the Cap Counterparty under the Cap Agreement, including the right or power to take any action to compel or secure performance or observance by those Persons of their obligations to the Issuer under those agreements, and to
      give a consent, request, notice, direction, approval, extension or waiver under those agreements and (ii) the right and power of the Issuer to take any such action will be suspended.

  ARTICLE VI

      INDENTURE TRUSTEE

  Section 6.1      Indenture Trustee’s Obligations.

  (a)      Standard of Care.  If an Event of
      Default has occurred and is continuing, the Indenture Trustee will exercise the rights and powers vested in it under this Indenture using the same degree of care and skill as a prudent person would use under the circumstances in the conduct of that
      person’s own affairs.

  (b)      Obligations; Reliance.  Except
      during the continuance of an Event of Default:

  (i)      the Indenture Trustee agrees to perform the duties and only such duties as specifically
      stated in this Indenture and no implied covenants, duties (including fiduciary duties) or obligations are to be read into this Indenture against the Indenture Trustee; and

  
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  (ii)      in the absence of willful misconduct, bad faith or negligence on its part, the Indenture
      Trustee may conclusively rely, for the truth of the statements and the correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by this Indenture, conforming to the requirements of this Indenture.  The
      Indenture Trustee will examine the certificates and opinions to determine whether or not they conform as to form to the requirements (but need not confirm or investigate the accuracy of mathematical calculations or other facts therein), if any, of
      this Indenture.

  (c)      Indenture Trustee Liable.  The
      Indenture Trustee will not be relieved from liability for its own willful misconduct, bad faith or negligence, except that:

  (i)      this Section 6.1(c) does not limit the effect of Section 6.1(b);

  (ii)      the Indenture Trustee will not be liable for an error of judgment made in good faith unless
      it is proved that the Indenture Trustee was negligent in determining the relevant facts;

  (iii)      the Indenture Trustee will not be liable for any action taken or not taken in good faith
      according to this Indenture or the Transfer and Servicing Agreement or a direction received by it from the Noteholders in accordance with the provisions of this Indenture or the Transfer and Servicing Agreement; and

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

  (d)      Not Liable for Interest.  The
      Indenture Trustee will not be liable for interest on money received by it, except as the Indenture Trustee may agree in writing with the Issuer.

  (e)      Not Required to Segregate.  The
      Indenture Trustee need not segregate any funds held by it in trust under this Indenture from other funds unless required by Law, this Indenture or the Transfer and Servicing Agreement.

  (f)      Section Governs.  Whether or not
      expressly so provided, every provision of this Indenture relating to the conduct of the Indenture Trustee, the liability of the Indenture Trustee or giving protection to the Indenture Trustee is subject to this Section 6.1 and to the TIA.

  (g)      No Deemed Knowledge.  The
      Indenture Trustee will not be deemed to have knowledge of a breach of the Eligibility Representation, Default or any Event of Default or any other fact (including whether any reacquisition or acquisition request remains unresolved for 180 days) or
      event unless (i) a Responsible Person of the Indenture Trustee has actual knowledge of the breach, Default, Event of Default or other fact or event or (ii) where written notice is required, a Responsible Person of the Indenture Trustee has actually
      received written notice of the specific breach, Default, Event of Default or other fact or event at its Corporate Trust Office, and such notice specifically identifies the Issuer, this Indenture and such breach, Default, Event of Default, or other
      fact or event.  Any notice of an occurrence of a breach of the Eligibility

  
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  Representation under a Receivables Transfer Agreement delivered to the Indenture Trustee shall specifically identify the Receivables in
      breach.  Knowledge or information acquired by U.S. Bank National Association in its capacity as Indenture Trustee, Note Paying Agent or Note Registrar, as applicable, shall not be imputed to U.S. Bank National Association in any other capacity in
      which it may act under the Transaction Documents or to any affiliate of U.S. Bank National Association and vice versa.  For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report under the Asset Representations Review Agreement
      shall not constitute knowledge of any such event or breach.

  (h)      Action upon Notice of Breach. 
      Upon the actual knowledge of or receipt of written notice by a Responsible Person of the Indenture Trustee of a material breach of an Originator’s Eligibility Representation made in Section 3.3 of the Originator Receivables Transfer Agreement, a
      material breach of the Servicer’s Eligibility Representation made in Section 3.3 of the Master Trust Receivables Transfer Agreement, or any other specified breach by the Servicer under the Transfer and Servicing Agreement, the Indenture Trustee’s
      sole obligations are to (i) make a demand upon the applicable Originator (or to cause the Depositor to make a demand upon the applicable Originator) to reacquire the Receivable under Section 3.4 of the Originator Receivables Transfer Agreement or
      upon the Servicer to acquire the Receivable under Section 3.4 of the Master Trust Receivables Transfer Agreement or Section 3.3 of the Transfer and Servicing Agreement, as applicable and (ii) to the extent amounts due under clause (i) are not
      remitted by the applicable Originator or the Servicer, to promptly provide written notice to the Parent Support Provider of the failure by such party to remit such Acquisition Amount.  Unless the Indenture Trustee receives written direction and
      indemnity satisfactory to the Indenture Trustee from a majority of the Controlling Class of the Notes specifying any additional step, including but not limited to commencing litigation, that the Indenture Trustee should take, the Indenture Trustee
      shall have no duty or obligation to take any further action to investigate or enforce remedies for breaches of representations and warranties.

  (i)      No Duty to Monitor or Administer. 

      Except as expressly provided in this Indenture and the other Transaction Documents, the Indenture Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration,
      servicing or collection of the Receivables.

  (j)      Enforceable in all Capacities. 
      The rights, privileges, protections, immunities and benefits given to the Indenture Trustee in this Article VI, including its right to be indemnified, are extended to, and will be enforceable by, the Indenture Trustee in each of its capacities under
      this Indenture and the other Transaction Documents, including as Authenticating Agent, Note Registrar and Note Paying Agent under this Indenture and as a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in
      Section 9-102 of the UCC under the Account Control Agreement.

  (k)      Not Required to Pay or Risk Funds. 

      The Indenture Trustee is not obligated to (i) exercise the rights or powers under this Indenture or the other Transaction Documents, expend or risk its own funds or incur any financial liability in the performance of its obligations under this
      Indenture or the other Transaction Documents, including after an Event of Default, if it has reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against that risk or liability is not reasonably assured or
      given to it by the Trust or (ii) start,

  
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  pursue or defend litigation, investigate any matter or honor the request or direction of the Noteholders under this Indenture (other than
      (A) requests, demands or directions relating to an asset representation review demand as set forth in Article XIV of this Indenture and Section 11.1 of the Transfer and Servicing Agreement, (B) forwarding notices related to dispute resolution
      procedures as set forth in Section 11.2 of the Transfer and Servicing Agreement and (C) facilitating noteholder communications pursuant to Section 7.1(c) of this Indenture), unless the Noteholders have offered to the Indenture Trustee reasonable
      security or indemnity satisfactory to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the request or direction. Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee will
      not be required to take any action if the Indenture Trustee reasonably determines that such action (x) will not be in the best interests of the Noteholders or (y) will be contrary to applicable Law.  The permissive right of the Indenture Trustee to
      take any action under the Transaction Documents shall not be construed as a duty to take such action.

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

  (m)      Consequential Damages.  The
      Indenture Trustee will not be responsible or liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Indenture Trustee has been advised of the likelihood of the loss or damage and regardless of
      the form of action.

  (n)      No Duty with Respect to Collateral. 

      The Indenture Trustee shall be under no duty or obligation in connection with the acquisition or Grant by the Issuer to the Indenture Trustee of any item constituting the Collateral, or to evaluate the sufficiency of the documents or instruments
      delivered to it by or on behalf of the Issuer in connection with its Grant or otherwise, in each case, in order to determine compliance with applicable requirements of and restrictions on transfer in respect of such Collateral.

  (o)      No Duty with Respect to Risk Retention. 

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

  (p)      Determination of One-Month LIBOR. 

      The Indenture Trustee shall calculate One-Month LIBOR as of each LIBOR Determination Date for so long as the Class A-1b Notes are Outstanding; provided that if One-Month LIBOR does not appear on the Reuters Screen LIBOR01 Page on any LIBOR
      Determination Date the Indenture Trustee shall calculate One-Month-LIBOR using the rates solicited or as otherwise directed by the Administrator.  All

  
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  calculations of One-Month LIBOR by the Indenture Trustee, in absence of manifest error, shall be conclusive for all purposes and binding on
      the Noteholders.  The Indenture Trustee shall not be responsible for determining the reference banks, rates or method used to calculate One-Month LIBOR or be liable for any error resulting from its calculation of One-Month LIBOR made in good faith. 
      In no event will the Indenture Trustee be responsible for determining any substitute or successor for One-Month LIBOR.

  (q)      Liability for Dissemination of Information. 

      Except as required by the Transaction Documents, the Indenture Trustee shall not be liable for the dissemination of any information contained in any Review Report or summary thereof, any 10-D or other filing, or any other dissemination of information
      required or made in accordance with the Transaction Documents and shall have no responsibility, or liability for the failure of any party to redact or remove any Personally Identifiable Information or other confidential information in any document

  Section 6.2      Indenture Trustee’s Rights.

  (a)      Reliance on Documents.  The
      Indenture Trustee may conclusively rely on any document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper Person.  The Indenture Trustee is not required to investigate any facts
      or matters or to verify any calculations or amounts stated in any document (including the Monthly Investor Report).  The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance on a document believed by it to
      be genuine.

  (b)      Reliance on Opinions.  Before the
      Indenture Trustee acts or does not act, it may require and rely on an Officer’s Certificate or an Opinion of Counsel, at the expense of the Issuer.  The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance
      on an Officer’s Certificate or Opinion of Counsel.

  (c)      Use of Agents.  The Indenture
      Trustee may exercise its rights or powers under this Indenture or perform its obligations under this Indenture either directly or by or through agents or attorneys or a custodian or nominee.  The Indenture Trustee will not be responsible for
      misconduct or negligence on the part of, or for the supervision of, the agent, counsel, custodian or nominee appointed with due care by it under this Indenture.

  (d)      Good Faith.  The Indenture
      Trustee will not be liable for any action taken or not taken in good faith which it believes to be authorized or within its rights or powers under this Indenture so long as the action taken or not taken does not amount to negligence.

  (e)      Advice from Counsel.  The
      Indenture Trustee may consult with counsel, accountants, appraisers or other experts or advisors, and the advice or opinion of counsel, accountants, appraisers or other experts or advisors on any matters relating to this Indenture and the Notes will
      be full and complete authorization and protection from liability for any action taken or not taken by it under this Indenture in good faith and according to the advice or opinion of that counsel, accountant, appraiser or expert or advisor.

  (f)      No Determination of Materiality. 
      The Indenture Trustee shall not be required to determine the materiality or adverse effect of breaches of representations or warranties or other

  
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  events for purposes of notice or enforcement hereunder or under any other Transaction Document.

  (g)      Incumbency.  The Indenture
      Trustee may request that the Issuer and any other Person deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.

  (h)      No Duty with Respect to Regulatory
          Requirements.  The Indenture Trustee shall have no responsibility to prepare or file or make any determination with respect to any tax or securities law filing or report, or to monitor, enforce, make any determination or take any
      action with respect to any risk retention requirements or other regulatory requirements and shall have no liability for the failure of the Issuer, the Notes or the Noteholders or any other Person to satisfy any such requirements.

  Section 6.3      Indenture Trustee’s Individual
          Rights.  The Indenture Trustee and any Note Paying Agent, Note Registrar or Authenticating Agent under this Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may deal with the Issuer or
      its Affiliates with the same rights it would have if it were not Indenture Trustee or Note Paying Agent, Note Registrar or Authenticating Agent.

  Section 6.4      Indenture Trustee’s Disclaimer. 

      The Indenture Trustee will not be liable for (a) the validity or adequacy of this Indenture or the Notes, (b) the Issuer’s use of the proceeds from the Notes, (c) any statement of the Issuer in this Indenture or in the Notes, other than the Indenture
      Trustee’s certificate of authentication, or (d) any statement of the Issuer, the Depositor or the Servicer in any prospectus or offering document used for the offering or sale of the Notes.

  Section 6.5      Notice of Defaults and Notice of
          Payment Defaults.

  (a)      Within ninety (90) days after a Responsible Person of the Indenture Trustee has actual knowledge of, or
      actually receives written notice of, a Default under this Indenture, the Indenture Trustee will mail, as described in Section 313(c) of the TIA, to each Noteholder, notice of the Default, unless the Default has been corrected or waived.  However,
      except for a Default in the payment of principal of or interest on a Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Persons in good faith determines that the withholding of the notice is in the
      interests of the Noteholders.

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

  
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  Section 6.6      Reports by Indenture Trustee.

  (a)      Tax Information.  Starting in the
      year after the Closing Date, the Indenture Trustee will deliver or make available to each Person who at any time during the prior calendar year was a Noteholder of record, a statement containing the information required to be given to a noteholder by
      an issuer of indebtedness, in the form and at the time required under the Code.

  (b)      Monthly Investor Report.  On each
      Payment Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note Register without need for
      confirmation of receipt or by making the report available to the Noteholders through the Indenture Trustee’s website, which initially is located at https://pivot.usbank.com (or
      via such other internet website as may be designated by the Indenture Trustee for such purpose).  Noteholders with questions may direct them to the Indenture Trustee’s bondholder services group at (800) 934-6802.

  (c)      [Reserved]. 

  (d)      Annual Assessment of Compliance. 
      On or before March 1 of each year, beginning in the year after the Closing Date, the Indenture Trustee will:

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

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

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

  (e)      Obligation to Update Disclosure. 
      The Indenture Trustee will notify and provide information, and certify that information in an Officer’s Certificate, to the Issuer, the Administrator and the Depositor on the occurrence of any event or condition relating to the Indenture Trustee or
      actions taken by the Indenture Trustee that (i) may be required to be disclosed by the Issuer under Item 2 (the institution of, material developments in, or termination of legal proceedings against the Indenture Trustee that are material to the
      Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days of a Responsible Person of the Indenture Trustee having actual knowledge of such proceeding, (ii) the Issuer, or the Administrator on behalf of the Issuer, reasonably
      requests of the Indenture Trustee that the Administrator believes is necessary to comply with the Issuer’s reporting obligations under the

  
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  Exchange Act within two (2) Business Days of request, (iii) is required to be disclosed under Item 5 (submission of matters to a vote of
      the Noteholders) of Form 10-D under the Exchange Act (other than with respect to submissions of matter to a vote of the Noteholders pursuant to Section 14.1 of this Indenture) within five (5) Business Days of a Responsible Person of the Indenture
      Trustee having actual knowledge of the submission, or (iv) is required to be disclosed under Item 6.04 (failure to make a distribution when required) of Form 8-K under the Exchange Act within two (2) Business Days of the failure to make a
      distribution when required, as applicable.

  Section 6.7      Compensation and Indemnity.

  (a)      Fees.  The Issuer will pay the
      Indenture Trustee as compensation for performing its obligations under this Indenture the Indenture Trustee Fee.  The Indenture Trustee’s compensation will not be limited by law on compensation of a trustee of an express trust.  The Issuer will
      reimburse the Indenture Trustee for its reasonable expenses in performing its obligations under this Indenture and the other Transaction Documents, including costs of collection and the reasonable compensation and expenses of the Indenture Trustee’s
      agents, counsel, accountants and experts, but excluding expenses resulting from the Indenture Trustee’s willful misconduct, bad faith or negligence.

  (b)      Indemnification.  The Issuer
      agrees to indemnify U.S. Bank National Association in each of its capacities under this Indenture and the Transaction Documents) and its officers, directors, employees and agents (each, an “Indemnified Person”) against any and all loss, liability, claim, suit, action, expense (including reasonable attorney’s fees and expenses), damages, costs and disbursements incurred in connection with, arising out of or
      resulting from the administration of the trusts created hereunder and the performance of its obligations under this Indenture and the other Transaction Documents (including any such amount incurred by the Indemnified Person in connection with (x)
      defending itself against any claim, legal action or proceeding or (y) the enforcement of any indemnification or other obligation of the Issuer, the Servicer or any other transaction party) not resulting from (i) the Indenture Trustee’s own willful
      misconduct, negligence or bad faith or (ii) the Indenture Trustee’s breach of its representations or warranties in this Indenture.

  (c)      Proceedings.  If an Indemnified
      Person receives notice of the start of a Proceeding against it, the Indemnified Person will, if a claim under the Proceeding will be made under this Section 6.7, promptly notify the Issuer 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 Issuer or the Indemnified Person in such Proceeding.  The Issuer may participate in and
      assume the defense and settlement of the Proceeding at its expense.  If the Issuer notifies the Indemnified Person of its intention to assume the defense of the Proceeding, the Issuer will assume such defense with counsel reasonably satisfactory to
      the Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Issuer will not be liable for legal expenses of separate counsel
      to the Indemnified Person unless there is a conflict between the interests of the Issuer and the Indemnified Person.  If there is a conflict or if the parties cannot reasonably agree as to the selection of counsel, the Issuer will pay for the
      separate counsel to the Indemnified Person.  No settlement of the Proceeding in which a claim is brought against the Issuer may be settled in the name of, on

  
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  behalf of or in any manner in which the Issuer is understood to acknowledge the validity of any claim without the approval of the Issuer
      and the Indemnified Person, which approvals will not be unreasonably withheld.

  (d)      Survival of Obligations.  The
      Issuer’s obligations to the Indenture Trustee under this Section 6.7 will survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture.  Expenses incurred by the Indenture Trustee after the occurrence of a Default
      stated in Section 5.1(a)(iv) are intended to be expenses of administration under the Bankruptcy Code or another applicable federal or State bankruptcy, insolvency or similar law.

  (e)      Repayment.  If the Issuer makes a
      payment to an Indemnified Person under Section 6.7(b) and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer.

  (f)      Available Funds.  Payments
      required to be made by the Issuer under this Section 6.7 will be made solely from funds used to make payments under this Indenture.

  Section 6.8      Resignation or Removal of Indenture
          Trustee.

  (a)      Resignation.  The Indenture
      Trustee may resign by notifying the Issuer and the Administrator in writing at least thirty (30) days in advance.

  (b)      Removal by Controlling Class. 
      The Noteholders of a majority of the Note Balance of the Controlling Class may, without cause, remove the Indenture Trustee and terminate its rights and obligations under this Indenture by notifying the Indenture Trustee and the Issuer, in writing,
      at least thirty (30) days prior to such removal.

  (c)      Removal by Issuer.  The Issuer
      must remove the Indenture Trustee and terminate its rights and obligations under this Indenture if:

  (i)      the Indenture Trustee fails to comply with the eligibility requirements in Section 6.11;

  (ii)      the Indenture Trustee becomes legally unable to act or incapable of acting as Indenture
      Trustee; or

  (iii)      an Insolvency Event for the Indenture Trustee occurs.

  (d)      Appointment of Successor.  If the
      Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly.  If a
      successor Indenture Trustee does not take office within sixty (60) days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a
      court of competent jurisdiction (at the expense of the Issuer) to appoint a successor Indenture Trustee.

  (e)      Acceptance of Appointment.  No
      resignation or removal of the Indenture Trustee will become effective until the acceptance of appointment by the successor Indenture Trustee

  
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  under this Section 6.8.  Any successor Indenture Trustee will deliver a written acceptance of its appointment to the outgoing Indenture
      Trustee, the Issuer and the Administrator.  The Issuer will continue to pay amounts owed to the predecessor Indenture Trustee for the period it was Indenture Trustee according to Sections 6.7 and 8.2.  The successor Indenture Trustee will notify the
      Secured Parties of its succession and the Issuer or Administrator will deliver a copy of the notice to the Rating Agencies.

  (f)      Transition of Indenture Trustee Obligations. 

      On the resignation or removal of the Indenture Trustee becoming effective under Section 6.8(e), all rights, powers and obligations of the Indenture Trustee under this Indenture will become the rights, powers and obligations of the successor Indenture
      Trustee.  The predecessor Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.  The Depositor will reimburse the Indenture Trustee and any successor Indenture Trustee for expenses
      related to the replacement of the Indenture Trustee, if those amounts have not been paid under Section 8.2.

  Section 6.9      Merger or Consolidation; Transfer of
          Assets.

  (a)      Merger or Consolidation.  If the
      Indenture Trustee merges or consolidates with, or transfers all or substantially all of its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Indenture Trustee so long as that
      Person is qualified and eligible under Section 6.11.  The Indenture Trustee will promptly notify the Servicer and the Issuer of the succession, and the Issuer will notify the Rating Agencies.

  (b)      Authentication of Notes.  If, at
      the time the successor by merger or consolidation to the Indenture Trustee succeeds to the trusts created by this Indenture, Notes have been authenticated but not delivered, the successor Indenture Trustee may adopt the certificate of authentication
      of a predecessor Indenture Trustee and deliver the Notes so authenticated.  If at that time any Notes have not been authenticated, the successor Indenture Trustee may authenticate the Notes.  In each of those cases, the certificates will have the
      same force and effect given in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

  Section 6.10      Appointment of Separate Trustee or
          Co-Trustee.

  (a)      Appointment.  For the purpose of
      meeting the legal requirement of a jurisdiction in which part of the Collateral may be located or for such other reasons as may be necessary or desirable (including to resolve any conflict of interest issues), after notifying the Issuer and the
      Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or co-trustee or co-trustees, of all or part of the Collateral, and to vest in those Persons, in this capacity and for the benefit of
      the Secured Parties, title to all or part of the Collateral, and, subject to this Section 6.10, rights, powers and obligations the Indenture Trustee may consider necessary or desirable.  No separate trustee or co-trustee will be required to be
      eligible as a successor trustee under Section 6.11 and no notice to the Secured Parties of the appointment of a separate trustee or co-trustee will be required under Section 6.8.

  (b)      Terms of Appointment.  Every
      separate trustee and co-trustee will be appointed and act subject to the following:

  
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  (i)      all rights, powers and obligations of the Indenture Trustee set forth in the instrument of
      appointment will be exercised or performed by the separate trustee or the Indenture Trustee or co-trustee jointly (it being understood that a co-trustee will not be authorized to act separately without the Indenture Trustee joining in the act, except
      if under the law of a jurisdiction in which a particular act or acts are to be performed the Indenture Trustee will be incompetent or unqualified to perform those act or acts, in which event those acts will be exercised and performed singly by the
      co-trustee, but solely at the direction of the requisite Noteholders);

  (ii)      no trustee will be personally liable by reason of an act or omission of another trustee
      under this Indenture; and

  (iii)      the Indenture Trustee may accept the resignation of or remove a separate trustee or
      co-trustee.

  (c)      Notices.  Any notice, request or
      other writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee and co-trustee, as effectively as if given to each of them.

  (d)      Rights of Appointee.  Every
      document appointing a separate trustee or co-trustee will refer to this Indenture and the conditions of this Section 6.10.  Each separate trustee and

      co-trustee, on its acceptance of its appointment will have the rights, powers and obligations stated in its appointment, subject to this Indenture.  The document will be filed with the Indenture Trustee, and the Indenture Trustee will provide
      the Issuer with a copy of each document.

  (e)      Indenture Trustee as Agent.  A
      separate trustee or co-trustee, with the consent of the Indenture Trustee, may appoint the Indenture Trustee as its agent or attorney-in-fact with power and authority, if permitted by law, to do each lawful act under or for this Indenture on its
      behalf and in its name.  If a separate trustee or co-trustee becomes incapable of acting, resigns or is removed, all of its rights, powers and obligations will be exercised by the Indenture Trustee, if permitted by law, without the appointment of a
      new or successor trustee.

  Section 6.11      Eligibility.  The
      Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of the TIA.  The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most
      recent annual published report of condition and must have a long-term debt rating of at least investment grade by each of the Rating Agencies or must be acceptable to each of the Rating Agencies or satisfy the Rating Agency Condition.  Promptly after
      the Indenture Trustee fails to satisfy the requirements in this Section 6.11 or ceases to be a Qualified Institution, the Indenture Trustee will notify the Issuer and the Servicer of the failure.

  Section 6.12      Inspections of Indenture Trustee. 

      The Indenture Trustee agrees that, with reasonable prior notice, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, during the Indenture Trustee’s normal business hours, to have access to and review the
      facilities, processes, books of account, records, reports and other documents and materials of the Indenture Trustee relating to (a) the performance of the Indenture Trustee’s

  
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  obligations under this Indenture, (b) the payments of fees and expenses of the Indenture Trustee for its performance and (c) any claim made
      by the Indenture Trustee under this Indenture.  In addition, the Indenture Trustee will permit those representatives to make copies and extracts of the books and records and to discuss them with the Indenture Trustee’s officers and employees.  Any
      access and review will be subject to the Indenture Trustee’s confidentiality and privacy policies.  The Indenture Trustee will maintain all relevant books, records, reports and other documents and materials for a period of two years after the
      termination of its obligations under this Indenture.

  Section 6.13      Indenture Trustee’s Representations
          and Warranties.  The Indenture Trustee represents and warrants to the Issuer as of the Closing Date:

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

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

  (c)      Enforceability.  This Indenture
      has been duly executed by an authorized officer of the Indenture Trustee and constitutes the legal, valid and binding obligation of the Indenture Trustee enforceable against the Indenture Trustee in accordance with its terms, except as may be limited
      by (i) insolvency, bankruptcy, reorganization, moratorium or other laws now or hereafter in effect relating to the enforcement of creditors’ rights generally, (ii) general equitable principles (regardless of whether such enforceability is considered
      in a proceeding at law or in equity) and (iii) with respect to rights of indemnity hereunder, limitations of public policy under applicable securities laws.

  (d)      No Defaults.  To the best
      knowledge of the Responsible Persons of the Indenture Trustee, the Indenture Trustee is not in breach of or default under any law or regulation of the United States of America, or any department, division, agency or instrumentality thereof having
      jurisdiction over the trust powers of the Indenture Trustee which would materially impair the ability of the Indenture Trustee to perform its obligations under this Indenture.

  (e)      No Consents.  To the best
      knowledge of the Responsible Persons of the Indenture Trustee, no authorization, consent or other order of any federal government authority or agency having jurisdiction over the trust powers of the Indenture Trustee are required to be obtained by
      the Indenture Trustee for the valid authorization, execution and delivery by the Indenture Trustee of the Indenture or the authentication of the Notes.

  (f)      Eligibility.  The Indenture
      Trustee satisfies the requirements of Section 310(a) of the TIA and is a Qualified Institution.  The Indenture Trustee or its parent has a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report of
      condition.

  Section 6.14      Reporting of Receivables Repurchase
          Demands.  The Indenture Trustee will (a) notify the Sponsor, the Administrator, the Depositor and the Servicer, as soon as

  
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  practicable and within five (5) Business Days, of demands or requests actually received by a Responsible Person of the Indenture Trustee
      for the reacquisition or acquisition, as applicable, of any Receivable under Section 3.4 of the Originator Receivables Transfer Agreement, Section 3.4 of the Master Trust Receivables Transfer Agreement or Section 2.5 of the Transfer and Servicing
      Agreement, (b) promptly on request by the Sponsor, the Depositor, the Administrator or the Servicer, provide to them other information reasonably requested and within its possession to facilitate compliance by them with Rule 15Ga-1 under the Exchange
      Act and (c) if requested by the Sponsor, the Depositor, the Administrator or the Servicer, provide a written certification no later than fifteen (15) days following the end of any quarter or year that the Indenture Trustee has not received any
      reacquisition demands or requests for that period, or if reacquisition or acquisition, as applicable, demands or requests have been received during that period, that the Indenture Trustee has provided all the information reasonably requested under
      clause (b) above.  The Indenture Trustee and the Issuer will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act.

  Section 6.15      Preferential Collection of Claims
          Against the Issuer.  The Indenture Trustee will comply with Section 311(a) of the TIA, excluding each creditor relationship listed in Section 311(b) of the TIA.  An Indenture Trustee who has resigned or been removed will be subject to
      Section 311(c) of the TIA.

  ARTICLE VII

      NOTEHOLDER COMMUNICATIONS AND REPORTS

  Section 7.1      Noteholder Communications.

  (a)      Noteholder List.  If the
      Indenture Trustee is not the Note Registrar, the Issuer will furnish a list of the names and addresses of the Noteholders to the Indenture Trustee (a) not more than five (5) days after each Record Date, as of that Record Date and (b) not more than
      thirty (30) days after receipt by the Issuer of a request from the Indenture Trustee, as of a date not more than ten (10) days before the time the list is furnished.  If the Indenture Trustee is the Note Registrar, the Indenture Trustee, on the
      request of the Owner Trustee, will furnish within ten (10) days to the Owner Trustee a list of Noteholders as of the date stated by the Owner Trustee.

  (b)      Noteholder List Retention.  The
      Indenture Trustee will maintain a current list of the names and addresses of the Noteholders based on the most recent list furnished to the Indenture Trustee under Section 7.1(a) and the names and addresses of Noteholders received by the Indenture
      Trustee in its capacity as Note Registrar.

  (c)      Noteholder Communications. 
      Noteholders may communicate with other Noteholders about their rights under this Indenture or under the Notes.  Within ten (10) days following receipt by the Indenture Trustee of a request by three or more Noteholders to receive a copy of the current
      list of Noteholders, the Indenture Trustee will (i) provide a current list of Noteholders to the Noteholders making the request and (ii) notify the Administrator of the request by giving to the Administrator a copy of the request and a copy of the
      list of Noteholders produced in response to the request.

  
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  (d)      Noteholder Communications with Indenture
          Trustee.  A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and
      give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee and providing to the Indenture Trustee a copy of the communication such Noteholder or Note Owner, as applicable, proposes to
      send.  Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer
      verifying ownership or another similar document evidencing ownership of a Note.  The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner (other than (A) requests,
      demands or directions relating to an asset representation review demand as set forth in Article XIV of this Indenture and Section 11.1 of the Transfer and Servicing Agreement, (B) forwarding notices related to dispute resolution procedures as set
      forth in Section 11.2 of the Transfer and Servicing Agreement and (C) facilitating noteholder communications pursuant to Section 7.1(c) of this Indenture), unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably
      satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.

  (e)      Fiscal Year.  The fiscal year of
      the Issuer will be the calendar year.

  (f)      TIA Communication.  Noteholders
      may communicate under Section 312(b) of the TIA with other Noteholders about their rights under this Indenture or under the Notes.  The Issuer, the Indenture Trustee and the Note Registrar will have the protection of Section 312(c) of the TIA.

  Section 7.2      Reports by Issuer.

  (a)      Securities and Exchange Commission Filings. 

      The Issuer will, or will cause the Administrator or the Servicer to: 

  (i)      file with the Commission (A) the annual reports and the information, documents and other
      reports (or copies or parts the Commission may prescribe) that the Issuer is required to file with the Commission under Section 13 or 15(d) of the Exchange Act, including annual reports on Form 10-K and monthly distribution reports on Form 10-D, and
      (B) additional information, documents and reports about compliance by the Issuer with this Indenture required by the Commission;

  (ii)      make available to the Indenture Trustee, within 15 days after the Issuer is required to
      file the same with the Commission, the annual reports and the information, documents or other reports filed with the Commission under Section 7.2(a)(i); and

  (iii)      make available to the Indenture Trustee the information, documents and reports (or
      summaries of such items) required to be filed by the Issuer under Section 7.2(a)(i) and (ii) as may be required by rules and regulations prescribed by the Commission.

  
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  (b)      Documents and Reports to Noteholders. 

      The Indenture Trustee will transmit to all Noteholders, as described in Section 313(c) of the TIA, the information, documents and reports (or summaries of such items) supplied to the Indenture Trustee under Section 7.2(a). 

  Section 7.3      Reports by Indenture Trustee.

  (a)      Annual Report.  Within 90 days
      after each April 15, beginning in the year after the Closing Date, the Indenture Trustee will prepare and transmit to each Noteholder a report dated as of April 15 of the applicable year that complies with Section 313(a) of the TIA, but only if the
      report is required under Section 313(a) of the TIA.  The Indenture Trustee will also prepare and transmit to Noteholders any report required under Section 313(b) of the TIA.  A report transmitted to the Noteholders under this Section 7.3(a) will be
      transmitted in compliance with Section 313(c) of the TIA.

  (b)      Filing.  The Indenture Trustee
      will file with the Commission and any stock exchange on which the Notes are listed a copy of each report delivered under Section 7.3(a) at the time of its mailing to the Noteholders.  The Issuer will notify the Indenture Trustee if and when the Notes
      are listed on a stock exchange.

  ARTICLE VIII

      ACCOUNTS, DISTRIBUTIONS AND RELEASES

  Section 8.1      Collection of Funds. 
      Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Note Paying Agent under this Indenture and the
      Transfer and Servicing Agreement.  The Note Paying Agent will apply the funds and other property received by it, and will make deposits into, and distributions from, the Bank Accounts, under this Indenture and the Transfer and Servicing Agreement. 
      The Issuer, or the Administrator on its behalf, will direct the Cap Counterparty to remit any Cap Payments into the Collection Account on or before the second Business Day preceding each Payment Date.

  Section 8.2      Bank Accounts; Distributions.

  (a)      Establishment.  On and after the
      Closing Date, the Note Paying Agent will maintain the Bank Accounts established by the Servicer under Section 4.1 of the Transfer and Servicing Agreement.

  (b)      Bank Account Withdrawals.  On or
      before each Payment Date, the Note Paying Agent will withdraw the amounts required to be withdrawn from the Reserve Account, the Negative Carry Account and the Acquisition Account and deposit them into the Collection Account or pay them to the
      Depositor, as applicable, according to Section 4.4 of the Transfer and Servicing Agreement.

  (c)      Distributions from Collection Account. 

      Subject to Section 8.2(e), on each Payment Date, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Collection Account and make deposits and payments, to the extent of Available Funds in
      the Collection Account for that Payment Date, in the following

  
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  order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

  (i)      first, to the
      Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, (x) the Indenture Trustee Fee, the Owner Trustee Fee and the Asset Representations Reviewer Fee, respectively, owed to such party under this Indenture, the Trust Agreement
      or the Asset Representations Review Agreement, as applicable and (y) any payment of expenses and indemnities then due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, up to, with respect to clause (y) a maximum of
      $400,000 in the aggregate per calendar year; provided, that $200,000 of such cap will be allocated to reimbursable expenses and indemnities of the Indenture Trustee, $100,000 of such cap will be allocated to reimbursable expenses and indemnities of
      the Owner Trustee and $100,000 of such cap will be allocated to reimbursable expenses and indemnities of the Asset Representations Reviewer (and on the Payment Date occurring in December of each calendar year, each such party will have the right to
      reimbursement from any unused portion of the cap allocated to another party to the extent that the expenses and indemnities reimbursable to such party exceed the related allocated amount at the end of such calendar year); provided, further that after
      the occurrence of any Event of Default, other than an Event of Default set forth in Section 5.1(a)(iii), such cap will not apply;

  (ii)      second, (x)
      to the Servicer, unpaid Servicing Fees and (y) on the first Payment Date following the assumption by a Successor Servicer of its duties as Successor Servicer, to such Successor Servicer, a one-time Successor Servicer engagement fee of $150,000;

  (iii)     third, to the
      Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A-1a Notes and Class A-1b Notes, pro rata, based on the Accrued Note Interest
      due on each such Class of Notes;

  (iv)     fourth, during
      the Amortization Period, for allocation as principal under Section 8.2(d), the First Priority Principal Payment;

  (v)      fifth, to the
      Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

  (vi)     sixth, during
      the Amortization Period, for allocation as principal under Section 8.2(d), the Second Priority Principal Payment;

  (vii)    seventh, to
      the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

  (viii)   eighth, during
      the Amortization Period, for allocation as principal under Section 8.2(d), the Third Priority Principal Payment;

  (ix)     ninth, during
      the Amortization Period, for allocation as principal under Section 8.2(d), the Regular Priority Principal Payment;

   

    

  
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  (x)      tenth, solely
      if an Amortization Event has occurred and is continuing, to the Noteholders, payable sequentially by Class, remaining amounts due on the Notes, payable until the Note Balance of each Class of Notes is reduced to zero;

  (xi)     eleventh, to
      any Successor Servicer, the Additional Successor Servicer Fee, if any;

  (xii)    twelfth, to
      the Reserve Account, the amount required to bring the amount in the Reserve Account up to the Required Reserve Amount;

  (xiii)   thirteenth,
      during the Revolving Period, to the Acquisition Account, the Acquisition Deposit Amount for that Payment Date;

  (xiv)   fourteenth,
      during the Revolving Period, if amounts are in the Acquisition Account, to the Negative Carry Account, the Negative Carry Deposit Amount;

  (xv)    fifteenth, to
      the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class, based on the amount due (with any such Make-Whole Payments applied to the Class A Notes allocated to each class of Class A Notes, pro rata based on the Make-Whole Payment due to each such Class);

  (xvi)    sixteenth, (x)
      to the payment of all amounts due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer to the extent not paid under Section 8.2(c)(i) on that Payment Date and (y) to the extent that the Administrator has paid any fees of
      the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer on the Closing Date pursuant to Section 2.2(e) of the Administration Agreement, to the Administrator for the reimbursement of such amounts;

  (xvii)   seventeenth,
      to the payment of any expenses of the Issuer identified by the Administrator, on behalf of the Issuer; and

  (xviii)  eighteenth, to
      the Certificate Distribution Account for distribution sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

        For the avoidance of doubt, all amounts due to the Owner Trustee, the Indenture Trustee or the Asset Representations Reviewer in
      excess of the amounts paid to such party pursuant to priorities (i) and (xvi) during any calendar year will become due and payable in each succeeding calendar year, subject to the applicable limitations set forth therein, until paid in full.

  (d)      Distributions of Principal.  On
      each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each
      case, applied pro rata according to the Note Balance of the Notes of that Class:

  
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  (i)      first, to the
      Noteholders of Class A-1a Notes and Class A-1b Notes, pro rata based on the Note Balance of each such Class of Notes, in payment of principal until the
      aggregate Note Balance of the Class A Notes has been reduced to zero;

  (ii)     second, to the
      Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero;

  (iii)    third, to the
      Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and

  (iv)    fourth, to the
      Certificate Distribution Account for distribution sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

  (e)      Distributions Following Acceleration. 

      If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Note Paying Agent will (based on the information in the most recent
      Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority
      level based on the amounts due except as stated):

  (i)      first, pro rata, to the payment of all amounts, including the Indenture Trustee Fee, the Owner Trustee Fee and the Asset Representations Reviewer Fee, and expenses and
      indemnities due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer;

  (ii)     second, (x) to
      the Servicer, unpaid Servicing Fees and (y) on the first Payment Date following the assumption by a Successor Servicer of its duties as Successor Servicer, to such Successor Servicer a one-time Successor Servicer engagement fee of $150,000;

  (iii)    third, to the
      Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A-1a Notes and Class A-1b Notes, pro rata, based on the Accrued Note Interest
      due on each such Class of Notes;

  (iv)    fourth, to the
      Noteholders of Class A-1a Notes and Class A-1b Notes, pro rata based on the Note Balance of each such Class of Notes, in payment of principal until the
      aggregate Note Balance of the Class A-1a Notes and Class A-1b Notes has been reduced to zero;

  (v)     fifth, to the
      Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

  (vi)    sixth, to the
      Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero;

  
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  (vii)   seventh, to the
      Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

  (viii)  eighth, to the
      Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero;

  (ix)    ninth, to any
      Successor Servicer, the Additional Successor Servicer Fee, if any;

  (x)     tenth, to the
      Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class, based on the amount due (with any such Make-Whole Payments applied to the Class A Notes allocated to the Class A Notes, pro rata based on the Make-Whole Payment due to each such Class);

  (xi)    eleventh, to
      any parties identified by the Administrator, any remaining expenses of the Issuer; and

  (xii)   twelfth, to the
      Certificate Distribution Account for distribution sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

  (f)      Amounts in Acquisition Account. 
      On each Acquisition Date, the Note Paying Agent (according to the instructions provided in the Transfer Notice) will withdraw funds in the Acquisition Account (after the payments under Section 8.2(c) on that Acquisition Date) and pay the amounts to
      the Depositor for the acquisition of Additional Receivables by the Issuer on that Acquisition Date.

  (g)      Subordination Agreement.  Each of
      (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments to the Noteholders of
      the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.

  Section 8.3      Bank Accounts.

  (a)      Limited Liability for Permitted Investments. 

      Subject to Section 6.1(c), neither the Indenture Trustee nor the Note Paying Agent will be liable for any insufficiency in Bank Accounts resulting from a loss on a Permitted Investment, except for losses attributable to U.S. Bank National
      Association’s failure to make payments on the Permitted Investments issued by U.S. Bank National Association, in its commercial capacity as principal obligor and not as trustee.

  (b)      Notice to Qualified Institution. 
      A Responsible Person of the Indenture Trustee will notify the Qualified Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing.

  
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  Section 8.4      Release of Collateral.

  (a)      Release of Property.  The
      Indenture Trustee may, and when required by this Indenture will, release Collateral from the Lien of this Indenture, in each case, according to this Indenture.  Except under Sections 8.4(b), 8.4(c) and 10.1 and Section 3.4 of the Transfer and
      Servicing Agreement for which the related Collateral will automatically be released, the Indenture Trustee will release Collateral from the Lien of this Indenture only on receipt of an Issuer Request and an Officer’s Certificate and an Opinion of
      Counsel meeting the requirements of Section 11.3 and (if required by the TIA) Independent Certificates according to Sections 314(c) and 314(d)(1) of the TIA.

  (b)      Deemed Release.  The Indenture
      Trustee will be deemed to release, and does release, and each Noteholder or Note Owner by its acceptance of a Note or an interest or participation in a Note acknowledges that the Indenture Trustee will release Liens and other rights and interests it
      possesses, without further action of the parties, in, to and under:

  (i)      each Receivable and all proceeds of the Receivable sold by the Issuer under Section 3.4(c)
      of the Originator Receivables Transfer Agreement, Section 3.4(c) of the Master Trust Receivables Transfer Agreement or Section 2.5 or 3.3(e) of the Transfer and Servicing Agreement, effective when the Receivable is deemed sold and assigned by the
      Issuer under the applicable Section; and

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

  (c)      Release of Funds.  When there are
      no Notes Outstanding and all amounts due from the Issuer to the Indenture Trustee have been paid in full under Section 6.7 or 10.1, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any
      other Person entitled to those funds under this Indenture or the other Transaction Documents, the funds then in the Bank Accounts under this Indenture.  The Indenture Trustee will release Collateral from the Lien of this Indenture under this Section
      8.4(c) only on receipt of an Issuer Request and an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

  (d)      Termination Statements.  On
      receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3, the Indenture Trustee will execute termination statements and other documents to release Collateral as permitted
      by this Section 8.4 and Section 10.1.  No party relying on a document or authorization executed by the Indenture Trustee under this Article VIII is required to determine the Indenture Trustee’s authority, inquire into the satisfaction of conditions
      precedent or require evidence of the application of funds.

  
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  ARTICLE IX

      AMENDMENTS

  Section 9.1      Amendments Without Consent of
          Noteholders or Certificateholders.

  (a)      General Amendments.  Without the
      consent of the Noteholders or the Certificateholders, but after notifying the Rating Agencies, the Issuer and the Indenture Trustee may, and the Indenture Trustee, when directed by Issuer Order will, amend this Indenture:

  (i)      to correct or expand the description of property subject to the Lien of this Indenture, or
      better to assure, convey and confirm to the Indenture Trustee property subject or required to be subjected to the Lien of this Indenture, or to subject additional property to the Lien of this Indenture;

  (ii)     to evidence the succession of any other Person to the Issuer, and the assumption by the
      successor of the obligations of the Issuer in this Indenture and in the Notes;

  (iii)    to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender a
      right or power given to the Issuer in this Indenture;

  (iv)    to transfer, assign, mortgage or pledge property to or with the Indenture Trustee;

  (v)     to clarify an ambiguity, correct an error or correct or supplement any term in this Indenture
      inconsistent with another term in this Indenture or to add provisions which are not inconsistent with the provisions of this Indenture if the action does not have a material adverse effect on the interests of the Noteholders or the
      Certificateholders, as applicable;

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

  (vii)   to correct any manifest error in the terms of this Indenture as compared to the terms
      expressly set forth in the Prospectus; or

  (viii)  to modify, eliminate or add to the terms of this Indenture to effect the qualification of
      this Indenture under the TIA and to add to this Indenture any other terms required by the TIA.

  (b)      Amendments without Material Adverse Effect. 

      Other than as set forth in Section 9.2, without the consent of the Noteholders, the Issuer and the Indenture Trustee may, and the Indenture Trustee when directed by Issuer Order will, amend this Indenture to add terms to, or to change or eliminate
      the terms of, this Indenture or to modify in any manner the rights of the Noteholders under this Indenture, if:

  
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  (i)      the Administrator delivers to the Indenture Trustee an Officer’s Certificate stating that
      the amendment will not have a material adverse effect on the Notes; or

  (ii)      the Rating Agency Condition has been satisfied.

  Section 9.2      Amendments with Consent of
          Controlling Class.

  (a)      Amendments.  With the consent of
      the Noteholders of a majority of the Note Balance of the Controlling Class and after notifying the Rating Agencies, the Issuer and the Indenture Trustee may, and the Indenture Trustee when directed by Issuer Order will, amend this Indenture to add
      any provisions to, or change in any manner or eliminate any of the provision of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture.  However, no amendment, without the consent of each
      Noteholder of each Outstanding Note adversely affected by the amendment, will:

  (A)        change (1) the applicable Final Maturity Date on a Note or (2) the principal amount of
      or interest rate or any Make-Whole Payment on a Note;

  (B)         modify the percentage of the Note Balance of the Notes or the Controlling Class
      required for any action;

  (C)         modify or alter the definition of “Outstanding,” “Controlling Class” or “Amortization
      Events;

  (D)         change the Required Reserve Amount, the Required Acquisition Deposit Amount or the
      Required Negative Carry Amount;

  (E)         permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on
      the Collateral, other than Permitted Liens, or, except as permitted by this Indenture or the other Transaction Documents, release the Lien of this Indenture on the Collateral; or

  (F)         impair the right to institute suit for the enforcement of payment as provided in
      Section 5.8.

  (b)      Noteholder Consent.  For any
      amendment to this Indenture or any other Transaction Document requiring the consent of the Noteholders, the Indenture Trustee will, when directed by Issuer Order, notify the Noteholders to request consent and follow its reasonable procedures to
      obtain consent.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder.

  Section 9.3      Execution of Amendments.

  (a)      Form; Authorization; Reliance. 
      It shall not be necessary for the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  Each amendment will be in

  
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  form reasonably satisfactory to the Indenture Trustee.  The Indenture Trustee is authorized to execute the amendment and any other
      agreements required by the amendment.  For any amendment, the Issuer will deliver to the Indenture Trustee and the Owner Trustee an Opinion of Counsel stating that the amendment is permitted by this Indenture and that all conditions to the amendment
      have been satisfied.

  (b)      Indenture Trustee Not Obligated. 
      Notwithstanding anything to the contrary herein, the Indenture Trustee is not obligated to enter into an amendment that adversely affects the Indenture Trustee’s rights, powers, duties, obligations, liabilities, indemnities or immunities under this
      Indenture.

  Section 9.4      Effect of Amendment.  On
      the execution of an amendment under this Article IX, this Indenture will be amended by the amendment, and the amendment will be part of this Indenture for all purposes.  Every Noteholder of Notes authenticated and delivered before or after the
      amendment will be bound by the amendment.

  Section 9.5      Reference in Notes to Supplemental
          Indentures.  Notes authenticated and delivered after the execution of an amendment under this Article IX may, and if required by the Indenture Trustee will, bear a notation about the amendment.  New Notes modified to conform to an
      amendment may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding Notes.

  Section 9.6      Consent of Cap Counterparty. 

      Notwithstanding anything to the contrary herein, no amendment under Sections 9.1 or 9.2 shall materially adversely affect (i) the Cap Counterparty’s ability to enforce or protect its rights or remedies under the Cap Agreement, (ii) the ability of the
      Issuer to timely and fully perform its obligations under the Cap Agreement or (iii) any of the Issuer’s obligations under the Cap Agreement that relates to the Cap Counterparty unless the Cap Counterparty shall have consented in writing to such
      action.

  Section 9.7      Conformity with TIA. 
      Each amendment of this Indenture executed under this Article IX will conform to the requirements of the TIA as then in effect so long as this Indenture is qualified under the TIA.

  ARTICLE X

      REDEMPTION OF NOTES

  Section 10.1      Redemption.

  (a)      Clean-Up Redemption and Optional Redemption.

        (i)      The Notes may be redeemed, in whole but not in part, as a Clean-Up Redemption at the direction of the
      Issuer on any Payment Date on which the Class A Certificateholder (for as long as the Class A Certificateholder is an Originator or an Affiliate of the Originators) elects to exercise its option to acquire the Trust Property under Section 8.1 of the
      Transfer and Servicing Agreement.  Upon such election, the Class A Certificateholder shall notify the Issuer, the Servicer, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in writing, of the Payment Date on which such Optional
      Acquisition and Clean-Up Redemption shall occur, which notice will be

  
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  provided at least twenty (20) days before the date of the redemption of the Notes (the “Redemption Date”).

        (ii)      The Notes may be redeemed, in whole but not in part, as an Optional Redemption at the direction of the
      Issuer on any Payment Date on which the Class A Certificateholder (for as long as the Class A Certificateholder is an Originator or an Affiliate of the Originators) elects to redeem the Notes and a transferee subsequently acquires the Trust Property
      as set forth under Section 8.2 of the Transfer and Servicing Agreement.  Upon such election, the Class A Certificateholder shall notify the Issuer, the Servicer, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in writing of the
      Payment Date on which such Optional Redemption shall occur, which notice will be provided at least twenty (20) days before the Redemption Date.

        (iii)      After the Indenture Trustee receives the notice set forth in either clause (i) or clause (ii) above,
      the Indenture Trustee will promptly notify the Noteholders (and any related expenses incurred by the Indenture Trustee shall be payable by the Issuer):

  (A)         of the Redemption Date;

  (B)         of the outstanding Note Balance of each Class of the Notes to be redeemed;

  (C)         of the place to surrender the Notes for final payment (which will be the office or
      agency of the Issuer maintained under Section 3.2); and

  (D)         that on the Redemption Date, the outstanding Note Balance of the Notes plus accrued and
      unpaid interest and any unpaid Make-Whole Payments on the Notes will become due and payable in full and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption
      Date.

  Failure to give notice of redemption to a Noteholder, or any defect therein, shall not impair or affect the validity of the redemption of
      any other Note.

  (b)      Deposit of Note Redemption Price. 

      Amounts required to be deposited into the Collection Account to effectuate a redemption of the Notes will be deposited on the Redemption Date into the Collection Account, as required under Section 8.1 of the Transfer and Servicing Agreement or
      Section 8.2 of the Transfer and Servicing Agreement, as applicable, and the Notes will be paid in full on the Redemption Date.

  (c)      Release of Funds.  On the
      Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest and any unpaid Make-Whole Payments on the Notes will become due and payable and interest on the Notes will cease to accrue from and after the Redemption Date,
      unless the Issuer fails to pay the Notes on the Redemption Date.  On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and

  
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  release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

  ARTICLE XI

      OTHER AGREEMENTS

  Section 11.1      No Petition.  The
      Indenture Trustee and each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full
      of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the
      Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law; provided that the foregoing shall not be deemed to prevent the Indenture Trustee from
      filing a proof of claim in any such proceeding.  This Section 11.1 will survive the resignation or removal of the Indenture Trustee under this Indenture and the termination of this Indenture.

  Section 11.2      [Reserved].

  Section 11.3      Issuer Orders; Certificates and
          Opinions.

  (a)      Issuer Order or Issuer Request. 
      For an order or request by the Issuer to the Indenture Trustee to take an action under this Indenture or any other Transaction Document, the Issuer will deliver the following documents to the Indenture Trustee: (i) a written order (an “Issuer Order”) or a written request (an “Issuer Request”), signed in the name of the Issuer by a
      Responsible Person and delivered to the Indenture Trustee, (ii) an Officer’s Certificate of the Issuer stating that all conditions in this Indenture or other Transaction Documents for the proposed action have been satisfied, (iii) an Opinion of
      Counsel stating that such action is authorized or permitted by the Indenture and the other Transaction Documents and all conditions precedent have been satisfied and (iv) if required by the TIA, an Independent Certificate.  However, if this Indenture
      requires the furnishing of specific documents for the action to be taken, no additional certificate or opinion is required to be delivered.

  (b)      Form of Certificates and Opinions.

  (i)      Each certificate or opinion on compliance with a condition or covenant in this Indenture
      will include:

  (A)         a statement that each signatory of the certificate or opinion has read the covenant or
      condition and the definitions in this Indenture or the Transaction Document relating to the covenant or condition;

  (B)         a brief statement about the nature and scope of the examination or investigation on
      which the statements or opinions in the certificate or opinion are based;

  
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  (C)         a statement that, in the opinion of the signatory, the signatory has made an
      examination or investigation if necessary to enable the signatory to express an informed opinion on whether or not the covenant or condition has been complied with; and

  (D)         a statement about whether, in the opinion of the signatory, the condition or covenant
      has been complied with.

  (ii)      Any Officer’s Certificate of a Responsible Person of the Issuer may be based, for legal
      matters, on an opinion of counsel, unless that Responsible Person knows, or in the exercise of reasonable care should know, that the opinion is erroneous.  Any Officer’s Certificate of a Responsible Person of the Issuer or opinion of counsel may be
      based, for factual matters, on an Officer’s Certificate of a Responsible Person of the Servicer, the Depositor or the Issuer (including by the Administrator on behalf of the Issuer), stating that the information about those factual matters is in the
      possession of the Servicer, the Depositor, the Issuer or the Administrator, unless the Responsible Person of the Issuer or counsel knows, or in the exercise of reasonable care should know, that the Officer’s Certificate is erroneous.

  (c)      Ordinary Course of Business.  The
      Issuer may, without furnishing any Officer’s Certificates under this Section 11.3, (i) collect, sell or dispose of Receivables in the ordinary course of its business, so long as Collections and other proceeds of the dispositions are applied according
      to this Indenture and (ii) make cash payments out of the Bank Accounts, in each case, as and if permitted or required by the Transaction Documents.

  (d)      Exemptive Orders.  If the
      Commission issues an exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the Lien of this Indenture only
      according to the Transaction Documents and the conditions and procedures stated in the exemptive order.

  Section 11.4      Acts of Noteholders.

  (a)      Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
      Indenture to be given or taken by the Noteholders or a stated percentage of Noteholders may be embodied in and evidenced by one or more instruments or documents signed by the Noteholders or Note Owners in person or by agents duly appointed in
      writing.  Except as otherwise expressly stated in this Indenture, the action will become effective when the instruments or documents are delivered to the Indenture Trustee and, if required, to the Issuer.  Such instruments or documents (and the
      action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or document.  Proof of execution of such instrument or of a writing appointing any such agent shall be sufficient
      for any purpose of this Indenture and conclusive in favor of the Indenture Trustee if made in the manner provided in this Section 11.4.  Any such acts will bind the Noteholder of every Note issued upon the registration of the Note or in exchange for
      the Note or in place of the Note, for all purposes including in respect of anything done, omitted or suffered to be done by

  
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  the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of the action is made on the Note.

  (b)      The fact and date of the execution by any Person of any such instrument or document may be proved in any manner
      that the Indenture Trustee deems sufficient.

  (c)      The ownership of Notes shall be proved by the Note Register.

  Section 11.5      Issuer Obligation.  No
      recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the Notes, against
      (a) the Indenture Trustee or the Owner Trustee each in its individual capacity, (b) each holder of a beneficial interest in the Issuer, (c) each partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the
      Owner Trustee, each in its individual capacity or (d) each holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.  The Indenture Trustee and the Owner Trustee have none of these obligations in
      their individual capacities.  For all purposes of this Indenture, the Owner Trustee will be subject to, and have the benefits of, Articles V, VI and VII of the Trust Agreement.

  Section 11.6      Conflict with Trust Indenture Act. 

      If any part of this Indenture limits, qualifies or conflicts with any other part of this Indenture that is required or deemed to be included in this Indenture by the TIA, the required or deemed part will control.  Sections 310 through 317 of the TIA
      that impose obligations on a Person (including those automatically deemed included in this Indenture unless expressly excluded by this Indenture) are a part of and govern this Indenture.

  ARTICLE XII

      MISCELLANEOUS

  Section 12.1      Benefits of Indenture; Third-Party
          Beneficiaries.  This Indenture and the Notes are for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Secured Parties, each Person with rights to payments or distributions under this
      Indenture and the Certificateholders will be third-party beneficiaries of this Indenture and may enforce this Indenture according to its terms.  No other Person will have any right or obligation under this Indenture or the Notes.

  Section 12.2      Notices.

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

  (i)      for overnight mail, on delivery or, for registered first class mail, postage prepaid, three
      (3) days after deposit in the mail properly addressed to the recipient;

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

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

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

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

  (c)      Notice to Noteholders.  Notices
      to a Noteholder will be considered received by the Noteholder:

  (i)      for Definitive Notes, for overnight mail, on delivery or, for registered first class mail,
      postage prepaid, three (3) days after deposit in the mail properly addressed to the Noteholder at its address in the Note Register; or

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

  (d)      Notices to Rating Agencies. 
      Where this Indenture requires for notice to the Rating Agencies, failure to give the notice will not affect other rights or obligations under this Indenture, and will not be a Default or Event of Default.

  (e)      Waiver of Notices.  Where this
      Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event and such waiver shall be the equivalent of such notice.  Waivers of notice by the
      Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

  Section 12.3      GOVERNING LAW.  THIS
      INDENTURE, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
      NEW YORK, BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES), AND THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.

  Section 12.4      Submission to Jurisdiction. 

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

  
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  Section 12.5      WAIVER OF JURY TRIAL. 
      TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS INDENTURE ANY MATTER ARISING THEREUNDER WHETHER SOUNDING
      IN CONTRACT, TORT OR OTHERWISE.

  Section 12.6      No Waiver; Remedies.  No
      party’s failure or delay in exercising a power, right or remedy under this Indenture will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the
      exercise of any other power, right or remedy.  The powers, rights and remedies under this Indenture are in addition to any powers, rights and remedies under law.

  Section 12.7      Severability.  If a part
      of this Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Indenture and will not affect the validity, legality or enforceability of the remaining Indenture.

  Section 12.8      Headings.  The headings
      in this Indenture are included for convenience and will not affect the meaning or interpretation of this Indenture.

  Section 12.9      Counterparts.  This
      Indenture may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will together be one document.

  Section 12.10      Customer Identification Program. 

      To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each Person who opens an account.  For a non-individual
      person such as a business entity, charity, a trust or other legal entity, the Indenture Trustee and any Qualified Institution may ask for documentation to verify its formation and existence as a legal entity. They may also ask to see financial
      statements, licenses, identification and authorization from individuals claiming authority to represent the entity or other relevant documentation.

  Section 12.11      Limitation of Rights of the Cap
          Counterparty. All of the rights of the Cap Counterparty in, to and under this Indenture or any other Transaction Document, other than the Cap Agreement (including, but not limited to, the Cap Counterparty’s rights to receive notice of
      any action hereunder or under any other Transaction Document and to give or withhold consent to any action hereunder or under any other Transaction Document), shall terminate upon the termination of the Cap Agreement in accordance with the terms
      thereof.

  Section 12.12      Intent of the Parties;
          Reasonableness.  The Issuer and the Indenture Trustee acknowledge and agree that the purpose of Sections 3.9 and 6.6 of this Indenture is to facilitate compliance by the Issuer and the Depositor with the provisions of Regulation AB and
      related rules and regulations of the Commission.  Neither the Issuer nor the Administrator (acting on behalf of the Issuer) 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 Indenture Trustee acknowledges that interpretations of

  
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  the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff,
      consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the Issuer (or the Administrator, acting on behalf of the Issuer) in good faith for delivery
      of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with this transaction, the Indenture Trustee shall cooperate fully with the Issuer (or the Administrator, acting on behalf of the Issuer)
      to deliver to the Issuer (or the Administrator, acting on behalf of the Issuer), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Issuer (or the Administrator, acting
      on behalf of the Issuer) to permit the Issuer to comply with the provisions of Regulation AB, together with such disclosures relating to the Indenture Trustee reasonably believed by the Issuer (or the Administrator, acting in good faith on behalf of
      the Issuer) to be necessary in order to effect such compliance.  The Issuer (or the Administrator, acting on behalf of the Issuer) shall cooperate with the Indenture Trustee by providing timely notice of requests for information under these
      provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Issuer to comply with Regulation AB.

  ARTICLE XIII

      THE CAP AGREEMENT

  Section 13.1      Duties With Respect to the Cap
          Agreement.  With respect to the Cap Agreement, the Issuer will, or will cause the Administrator to:

        (a)      prepare for execution all documents that are the duty of the Issuer to prepare or deliver pursuant to the Cap Agreement;

        (b)      direct the Cap Counterparty to remit any Cap Payments into the Collection Account no later than the second Business Day
      preceding the related Payment Date;

        (c)      if the Cap Counterparty is required to post collateral under the Cap Agreement, coordinate with the Servicer and the
      Indenture Trustee to establish a Cap Collateral Account (as set forth in the Cap Agreement and in Section 9.10 of the Transfer and Servicing Agreement), and coordinate the holding of securities deposited therein and the investment of any cash
      deposited therein;

        (d)      provide to the Rating Agencies a copy of any proposed amendment or supplement to the Cap Agreement at least five (5) days
      prior to the effective date of such amendment or supplement.  Such proposed amendment or supplement will be effective only after the Rating Agency Condition is satisfied, unless such amendment or supplement solely clarifies any term or provision,
      corrects any inconsistency, cures any ambiguity or corrects any typographical error in the Cap Agreement;

        (e)      obtain from the Cap Counterparty the determination of One-Month LIBOR under the Cap Agreement and the amount of any Cap
      Payments payable on each Payment Date; and

        (f)      use reasonable efforts to enforce the rights of the Issuer under the Cap Agreement.

  Section 13.2      Enforcement of Cap Agreement;
          Replacement Cap Agreement.

  
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        (a)      If at any time the Cap Agreement becomes subject to early termination due to the occurrence of any “Termination Event” or
      “Event of Default” (as each such term is defined in the Cap Agreement), the Administrator or the Issuer shall deliver written notice of the occurrence of such “Termination Event” or “Event of Default” (as each such term is defined in the Cap
      Agreement) to the Owner Trustee and the Indenture Trustee and the Issuer, or the Administrator on behalf of the Issuer, and, if applicable, the Indenture Trustee (at the written direction of the Noteholders of a majority of the Note Balance of the
      Controlling Class) shall use reasonable efforts (following the expiration of any applicable grace period) to enforce the rights of the Issuer thereunder as may be permitted by the terms of the Cap Agreement and consistent with the terms hereof.

        (b)      Promptly following the early termination of the Cap Agreement due to a “Termination Event” or “Event of Default” (as each
      such term is defined in the Cap Agreement) (unless the Indenture Trustee is selling or liquidating the Collateral pursuant to the Indenture), the Issuer shall, or shall cause the Administrator to, use reasonable efforts to enter into a replacement
      interest rate cap agreement on terms similar to those of the Cap Agreement with an Eligible Replacement Cap Counterparty.

  ARTICLE XIV

      ASSET REPRESENTATIONS REVIEW

  Section 14.1      Noteholder and Note Owner Requests
          for Vote on Asset Representations Review.  If the Indenture Trustee receives a notice from the Servicer that the Servicer will be providing notice to the Administrator, the Indenture Trustee and each Noteholder pursuant to Section
      11.1(a) of the Transfer and Servicing Agreement regarding the occurrence of a Delinquency Trigger, then the Indenture Trustee shall promptly inform the Servicer and the Administrator regarding the method by which Noteholders and Note Owners may
      contact the Indenture Trustee in order to request a vote on whether to cause the 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.  The Indenture
      Trustee shall promptly notify the Servicer, the Depositor and the Administrator upon the receipt of any request for a vote.  The Indenture Trustee will set a record date for purposes of determining the identity of Noteholders or Note Owners, as
      applicable, entitled to vote in accordance with TIA Section 316(c) as of the date of filing of the Form 10-D that disclosed that the Delinquency Trigger was met or exceeded.  Noteholders and Note Owners may request a vote not later than ninety (90)
      days after the date on which the Form 10-D describing the occurrence of such Delinquency Trigger shall have been filed by the Administrator, on behalf of the Issuer, pursuant to the terms of Section 2.9(a)(i) of the Administration Agreement; provided
      that, if the requesting party is a Note Owner and not a Noteholder, the Note Owner must include with its request a written certification (in a form reasonably acceptable to the Indenture Trustee) that the requesting party is a Note Owner, together
      with one of the following additional forms of documentation of the requesting party’s status as a Note Owner: (A) a trade confirmation; (B) an account statement; (C) a letter from a broker-dealer that is reasonably acceptable to the Indenture
      Trustee; or (D) any other form of documentation that is reasonably acceptable to the Indenture Trustee (any such Note Owner who provides the required certification and documentation, a “Verified

          Note Owner”).  The Indenture Trustee shall promptly notify the Servicer, the Depositor and the Administrator if Noteholders and Verified Note Owners representing at least 5% of the aggregate Note Balance (such

  
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  requesting Noteholders and Verified Note Owners, collectively, the “Requesting

          Noteholders”) properly and timely request a vote to cause the 60-Day Delinquent Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.  For the avoidance of
      doubt, the Indenture Trustee shall not be required to (i) determine whether, or give notice to Noteholders that, a Delinquency Trigger has occurred or (ii) to provide any instruction regarding any Asset Representations Review (other than to provide a
      Review Notice) or to determine which Receivables are subject to any particular Asset Representations Review.

  Section 14.2      Noteholder and Note Owner Vote on
          Asset Representations Review.  Beginning promptly after receipt from the Administrator of a copy of a notice sent to Noteholders and Note Owners pursuant to Section 2.9(a)(ii) of the Administration Agreement, the Indenture Trustee
      shall cause the initiation of such a review to be submitted to a yes or no vote of the Noteholders (with respect to Book-Entry Notes, as directed by the related Note Owners via the applicable Clearing Agency pursuant to its procedures for such votes)
      of record as of the most recent Record Date.  Any Noteholder vote about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review shall be conducted by the Indenture Trustee in accordance with its standard
      internal vote solicitation process.  The Indenture Trustee may select a vote agent that is experienced in the administration of Noteholder votes and/or consent solicitations to conduct and administer any Noteholder vote about whether to direct the
      Asset Representations Reviewer to conduct an Asset Representations Review and, so long as the Indenture Trustee selects such vote agent with due care, the Indenture Trustee will not be liable for any actions or inactions of such vote agent. If, by no
      earlier than the deadline specified by the Administrator pursuant to Section 2.9(a)(ii) of the Administration Agreement, a majority of the Noteholders casting a vote so direct (provided that such affirmative votes represent votes by Noteholders
      holding at least 5% of the aggregate Note Balance), the Indenture Trustee will promptly notify the Asset Representations Reviewer, the Administrator and the Servicer that the requisite Noteholders have directed the Asset Representations Reviewer to
      perform a review of the 60-Day Delinquent Receivables for the purpose of determining whether such 60-Day Delinquent Receivables were in compliance with the Eligibility Representation made by the applicable Originator pursuant to Section 3.3 of the
      Originator Receivables Transfer Agreement or by the Servicer pursuant to Section 3.3 of the Master Trust Receivables Transfer Agreement.

  Section 14.3      Evaluation of Review Report. 

      If a Noteholder or a Verified Note Owner notifies the Indenture Trustee in writing that it considers any non-compliance of any representation to be a breach of the applicable Receivables Transfer Agreement, or requests in writing that any Receivable
      be reacquired or acquired, as applicable (including, for the avoidance of doubt, as described in Section 11.2 of the Transfer and Servicing Agreement), the Indenture Trustee will forward, as soon as practicable and within five (5) Business Days, that
      written notice to the Administrator and the related Originator or the Servicer (in the case of Receivables transferred by the Master Trust).  In addition, the Indenture Trustee, on behalf of the Requesting Party may, but is not obligated to, request
      the reacquisition or acquisition, as applicable, of a 60-Day Delinquent Receivable on behalf of all Noteholders.  Subject to the provisions for indemnification and certain limitations contained in this Indenture, the Indenture Trustee (acting at the
      direction of Noteholders evidencing at least a majority of the aggregate Note Balance of the Controlling Class of Notes, acting together as a single Class) shall, in the time, method and

  
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  place directed by such Noteholders, exercise any trust or power conferred on the Indenture Trustee, including the ability to assert to the
      Administrator and the related Originator or the Servicer (in the case of Receivables transferred by the Master Trust), on behalf of all Noteholders, whether any such non-compliance may be a breach and to request the reacquisition or acquisition, as
      applicable, of the related 60-Day Delinquent Receivable.  The Indenture Trustee shall have no duty or obligation to determine whether any noncompliance with representations or warranties constitute a breach under the Transaction Documents or to make
      any determination as to the materiality of any breach.

        The related Originator or the Servicer (in the case of Receivables transferred by the Master Trust) will have the sole ability to determine if there
      was non-compliance with the Eligibility Representation made by it that constitutes a breach, and whether to reacquire or acquire, as applicable, the related 60-Day Delinquent Receivable from the Issuer.

  

  

  

  

  [Remainder of Page Left Blank]

   

    

   

    

   

    

   

    

   

    

   

    

  
    58

    
      

  

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

  

  

  

  

  VERIZON OWNER TRUST 2019-B,

      as Issuer

  

  

  
              
                          By: Wilmington Trust, National Association, 

                            not in its individual capacity but solely as Owner 

                            Trustee of Verizon Owner Trust 2019-B

    

  

  

  

  

  

  

  

  By:       
      _____________________________________________________________

    

  Name:

  Title:

  

  

  

  

  

  

  U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Indenture Trustee and as Note Paying Agent

  

  

  

  

  

  

  By:       
      ____________________________________________________________

    

  Name:

  Title:

  

  

  
    
      

  

  
  

  

  Exhibit A

  

  

  Form of Notes

  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN ANOTHER NAME REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND PAYMENT IS MADE TO CEDE & CO. OR TO
      ANOTHER ENTITY REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE & CO., HAS AN INTEREST IN
      THIS NOTE.

  THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR VERIZON ABS LLC, CELLCO
      PARTNERSHIP D/B/A VERIZON WIRELESS, VERIZON COMMUNICATIONS INC., THE ORIGINATORS, THE MASTER TRUST, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM
      PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON DEPOSIT IN THE BANK ACCOUNTS.

  EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE
      CODE (A “SIMILAR LAW”) AND ANY FIDUCIARY ACTING ON BEHALF OF THE HOLDER, BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR
      PARTICIPATION IN THIS NOTE) DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION
      RULES (OR, IF THE HOLDER IS SUBJECT TO ANY SIMILAR LAW, ITS PURCHASE, HOLDING AND DISPOSITION DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF THE SIMILAR LAW).

  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN THIS NOTE.  ACCORDINGLY, THE OUTSTANDING NOTE BALANCE OF THIS NOTE
      MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

  

  

  
    A-1

    
      

  

  

  

  REGISTERED                                                                      $[___________]

   
    	
            No. R-1 CUSIP NO.

          	
              [_______]

          

  

  

  

  VERIZON OWNER TRUST 2019-B

  

  

  CLASS [A-1a][A-1b][B][C] [One-Month LIBOR +] [___]% ASSET BACKED NOTES

  Verizon Owner Trust 2019-B, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), for value received, promises to pay to CEDE & CO., or registered assigns, the principal sum of [____________] DOLLARS payable during the Amortization Period on the
      20th day of each month, or, if that day is not a Business Day, the next succeeding Business Day, starting in August 2019 (each, a “Payment Date”) in an amount equal to the
      aggregate amount payable to Noteholders of Class [A-1a][A-1b][B][C] Notes on that Payment Date from the amounts payable as principal on the Class [A-1a][A-1b][B][C] Notes under Section 3.1 of the Indenture, dated as of June 12, 2019 (the “Indenture”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture
          Trustee”).  However, the entire unpaid Note Balance of this Note will be due and payable on the earlier of (a) the [______] Payment Date (the “Final Maturity Date”),

      or (b) the Redemption Date under Section 10.1 of the Indenture.  The entire unpaid Note Balance of the Notes will be due and payable on the date on which the Notes are declared to be, or have automatically become, immediately due and payable under
      Section 5.2(a) of the Indenture.  Principal payments on the Class [A-1a][A-1b][B][C] Notes will be made pro rata to the Noteholders entitled to those principal payments.  Capitalized terms used but not defined in this Note are defined in Article I of
      the Indenture, which also contains usage rules that apply to this Note.

  The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal
      of this Note is paid or made available for payment, on the Note Balance of this Note outstanding on the Payment Date immediately preceding such Payment Date (in each case, after giving effect to payments of principal made on the Payment Date
      immediately preceding such Payment Date), subject to limitations in Section 3.1 of the Indenture[Class A-1b only:, and provided that, if the sum of One-Month
      LIBOR plus [__]% is less than 0.00% for any Interest Period, then the per annum rate at which interest will accrue on this Class A-1b Note for such Interest Period will be 0.00%].  [Class A-1a, Class B and Class C only:][Interest on this Note will accrue for each Payment Date from and including the 20th day of the calendar month immediately preceding such Payment Date to but excluding the 20th day
      of the calendar month in which such Payment Date occurs (or, for the initial Payment Date, from and including the Closing Date to but excluding August 20, 2019).  Interest will be computed on the basis of a 360-day year of twelve 30 day months.][Class A-1b only:][Interest on this Note will accrue for each Payment Date from and including the Payment Date immediately preceding the current Payment Date to but
      excluding the current Payment Date (or, for the initial Payment Date, from and including the Closing Date to but excluding August 20, 2019).  Interest will be computed on the basis of a 360-day year and the actual number of days elapsed in the
      related Interest Period.]

  The principal of and interest and any Make-Whole Payments on this Note are payable in the coin or currency of the
      United States of America that at the time of payment is legal tender for payment of public and private debts.  Payments made by the Issuer on this Note will be

  
    A-2

    
      

  

  

  

  applied first to interest due and payable on this Note as stated above and then to the unpaid principal of this Note.

  This Note is one of a duly authorized issue of Class [A-1a][A-1b][B][C] [One-Month LIBOR +] [___%] Asset Backed Notes
      (the “Class [A-1a][A-1b][B][C]”) of the Issuer.  Also authorized under the Indenture are the Class [A-1a][A-1b][B][C] Notes.  The Indenture and indentures supplemental to
      the Indenture state the respective rights and obligations of the Issuer, the Indenture Trustee and the Noteholders.  The Notes are subject to the Indenture.

  The Class [A-1a][A-1b][B][C] Notes are and will be equally and ratably secured by the collateral pledged as security
      therefor under the Indenture.  Interest on and principal of the Notes will be payable according to the priority of payments stated in Section 8.2 of the Indenture.  [Class

        B only:][The Class B Notes are subordinated in right of payment to the Class A Notes.] [Class C only:][The Class C Notes are subordinated in right of
      payment to the Class A and Class B Notes.]

  Payments of interest on this Note on each Payment Date, together with each installment of principal if not in full
      payment of this Note, will be made to the Noteholder of this Note either by wire transfer, to the account of the Noteholder at a bank or other entity having proper facilities for the wire transfer, if the Noteholder has given to the Note Registrar
      proper written instructions at least five (5) Business Days before that Payment Date and the Noteholder’s Notes in the aggregate evidence a denomination of not less than $1,000, or, if not, by check mailed first class mail, postage prepaid, to the
      Noteholder’s address as it appears on the Note Register on each Record Date.  However, unless Definitive Notes have been issued to Note Owners, payment will be made by wire transfer to the account designated by Cede & Co., as nominee of the
      Clearing Agency or a successor nominee.  The payments will be made without requiring that this Note be submitted for notation of payment.  Any reduction in the Note Balance of this Note effected by payments made on a Payment Date will bind future
      Noteholders of this Note and of a Note issued on the registration of transfer of this Note or in exchange of this Note or in place of this Note, whether or not noted on this Note.  If money is expected to be available for payment in full of the then
      remaining unpaid Note Balance of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Noteholder of this Note as of the Record Date immediately preceding such Payment Date by notice
      mailed or transmitted by fax before that Payment Date, and the amount then due and payable will be payable only on presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
      agent appointed for those purposes located in The City of New York.

  The Issuer will pay interest on overdue installments of interest at the Class [A-1a][A-1b][B][C] Note Interest Rate
      if lawful.

  The Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture and
      the Transfer and Servicing Agreement.

  The transfer of this Note is subject to the restrictions on transfer stated on the face of this Note and to the other
      limitations in the Indenture.  Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Note Register on surrender of

  
    A-3

    
      

  

  

  

  this Note for registration of transfer at the office or agency designated by the Issuer under the Indenture, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or its attorney-in-fact, with the signature guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Note Registrar, and then one or more new Notes of the same Class in authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged
      for the registration of transfer or exchange of this Note, but the transferor may be required to pay an amount to cover any tax or other governmental charge that may be imposed under any registration of transfer or exchange.

  Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note,
      agrees that no recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or a certificate or other writing delivered for the Notes and the
      Indenture, against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
      Indenture Trustee or the Owner Trustee, each in its individual capacity or (iv) any holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.

  The obligations of the Issuer under the Indenture are solely the obligations of the Issuer and do not represent an
      obligation or interest in any assets of the Depositor other than the Depositor Transferred Property conveyed to the Issuer under the Transfer and Servicing Agreement.  Each Noteholder and Note Owner, by its acceptance of a Note or an interest or
      participation in a Note, acknowledges and agrees that it has no right, title or interest in or to any Other Assets of the Depositor.  If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is
      deemed to have any interest, claim to or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note
      Owner further acknowledges and agrees that any interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents
      relating to the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Assets (whether or not any entitlement or security interest is legally perfected or otherwise
      entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on the other obligations and liabilities. 
      THIS PARAGRAPH IS A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

  Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note,
      agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the
      Notes, it will not start or pursue against (i) the Depositor or (ii) the Issuer, respectively, or join any other Person in starting or pursuing against the Depositor or the Issuer of, any bankruptcy, reorganization,

  
    A-4

    
      

  

  

  

  arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.

  The Issuer has entered into the Indenture, and this Note is issued with the intention that, for purposes of U.S.
      federal, State and local income tax, franchise tax, and any other tax imposed on or measured in whole or in party by income, Notes will qualify as indebtedness of the Issuer secured by the Collateral.  Each Noteholder or Note Owner, by its acceptance
      of a Note or an interest or participation in a Note, will be deemed to agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax and any other tax imposed on or measured in whole or in part by
      income and the Issuer as a mere security device formed to hold the Receivables and issue Notes and Certificates.

  For any date, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
      Person in whose name this Note is registered as of that date as the owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without regard to any notice or other information to
      the contrary.

  The Indenture permits, with some exceptions requiring the consent of all adversely affected Noteholders under the
      Indenture, the amendment of the Indenture and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture by the Issuer with the consent of the Noteholders of Notes evidencing not less than a
      majority of the Note Balance of the Controlling Class.  The Indenture also permits the Indenture Trustee to amend or waive some terms and conditions in the Indenture without the consent of the Noteholders if some conditions are satisfied.  In
      addition, the Indenture contains terms permitting the Noteholders of Notes evidencing stated percentages of the Note Balance of the Notes or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with some terms of
      the Indenture and some defaults under the Indenture and their consequences.  Any consent or waiver by the Noteholder of this Note will be conclusive and bind the Noteholder and all future Noteholders of this Note and of any Note issued on the
      registration of transfer of this Note or in exchange of this Note or in place of this Note whether or not notation of the consent or waiver is made on this Note.

  The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture.

  The Issuer is permitted by the Indenture, under some circumstances, to merge or consolidate, subject to the rights of
      the Indenture Trustee and the Noteholders under the Indenture.

  The Notes are issuable only in registered form in denominations as stated in the Indenture, subject to some
      limitations in the Indenture.

  THIS NOTE AND THE INDENTURE, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND
      CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW

  
    A-5

    
      

  

  

  

  OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

  No reference in this Note to the Indenture, and no terms of this Note or of the Indenture, will alter or impair the
      obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

  Except as permitted under the Transaction Documents, none of U.S. Bank National Association, in its individual
      capacity, Wilmington Trust, National Association, in its individual capacity, any owner of a beneficial interest in the Issuer, or their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be
      personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications in the Indenture.  The
      Noteholder of this Note, by its acceptance of this Note, agrees that, except as permitted in the Transaction Documents, for an Event of Default under the Indenture, the Noteholder has no claim against those Persons for any deficiency, loss or claim
      from this Note.  However, nothing in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Issuer for liabilities, obligations and undertakings in the Indenture or in this Note.

  Unless the certificate of authentication on this Note has been executed by the Indenture Trustee whose name appears
      below by manual signature, this Note will not have the benefit of the Indenture, or be valid or obligatory for any purpose.

  [Remainder of Page Left Blank]

  

  

  
    A-6

    
      

  

  

  

  The Issuer has caused this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date
      below.

  Date: [__________]

   

    

  VERIZON OWNER TRUST 2019-B

  

  

  
    
      BY:   Wilmington Trust, National Association, not in its 

                individual capacity but solely as Owner Trustee of 

                Verizon Owner Trust 2019-B

    

  

  

  

  

  

  

  

  By: 
      ___________________________________________________________________                                                                                                          

    

          Name:

          Title:

  

  

  

  

  CERTIFICATE OF AUTHENTICATION

  This is one of the Class [A-1a][A-1b][B][C] Notes designated above and referred to in the Indenture.

  Date: [__________]

  U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but

      solely as Indenture Trustee

  

  

  

  

  

  

  By:            
      ________________________________________________________

    

  Name:

  Title:

  

  

  

  

  
    A-7

    
      

  

  

  

  ASSIGNMENT

  Social Security or taxpayer I.D. or other identifying number of assignee:

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

  ___________________________________

      (name and address of assignee)

  the within Note and all rights under said Note, and hereby irrevocably constitutes and appoints_________________, attorney, to transfer
      said Note on the books kept for registration of said Note, with full power of substitution in the premises.

  

  

  Dated:                                                                                                                                                                                      ________________________________________*/

                 Signature Guaranteed

    

  

                   */

  

  

  

  

  

  

  
    
      	*/	
              NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
                  alteration, enlargement or any change whatever.  The signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the
                  Securities Transfer Agents Medallion Program or another “signature guarantee program” selected by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all in accordance with the
                  Exchange Act.

            

    

  

  
    A-8

    
      

  

  
  Exhibit B

  

  

  SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

  The assessment of compliance to be delivered by the Indenture Trustee, shall address, at a minimum, the criteria specified below:

  

  

  

  

  	
          Reference

        	
          Criteria

        
	 	
          Cash Collection and Administration

        
	
          1122(d)(2)(ii)

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

        
	
          1122(d)(2)(iv)

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

        
	
          1122(d)(2)(v)

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

        
	 	
          Investor Remittances and Reporting

        
	
          1122(d)(3)(ii)

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

        
	
          1122(d)(3)(iii)

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

        
	
          1122(d)(3)(iv)

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

        

  

  

  

  

  

  

  B-1Exhibit 10.1

    

    
      
        

      

      

    

    FORM OF AMENDED AND RESTATED

      TRUST AGREEMENT

    between

    VERIZON ABS LLC,

        as Depositor

    and

    WILMINGTON TRUST, NATIONAL ASSOCIATION,

        as Owner Trustee

    for

    VERIZON OWNER TRUST 2019-B

    Dated as of June 12, 2019

    
      
        

    

    

    

    
      
        

    

    
    
      

        TABLE OF CONTENTS

        Page

      

    

    

    

    	
            ARTICLE I USAGE AND DEFINITIONS

          	
            1

             

              

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

             

              

          
	
            ARTICLE II ORGANIZATION OF TRUST

          	
            1

             

              

          
	
            Section 2.1

          	
            Name

          	
            1

          
	
            Section 2.2

          	
            Maintenance of Office or Agency

          	
            1

          
	
            Section 2.3

          	
            Purposes and Powers

          	
            1

          
	
            Section 2.4

          	
            Appointment of Owner Trustee

          	
            4

          
	
            Section 2.5

          	
            Contribution and Transfer of Trust Property

          	
            4

          
	
            Section 2.6

          	
            Declaration of Trust

          	
            4

          
	
            Section 2.7

          	
            Limitations on Liability

          	
            4

          
	
            Section 2.8

          	
            Title to Trust Property

          	
            5

          
	
            Section 2.9

          	
            Location of Issuer

          	
            5

          
	
            Section 2.10

          	
            Depositor’s Representations and Warranties

          	
            5

          
	
            Section 2.11

          	
            Tax Matters

          	
            6

             

              

          
	
            ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS

          	
            7

             

              

          
	
            Section 3.1

          	
            The Certificates

          	
            7

          
	
            Section 3.2

          	
            Execution, Authentication and Delivery of Certificates

          	
            8

          
	
            Section 3.3

          	
            Registration of Transfer and Exchange of Certificates

          	
            8

          
	
            Section 3.4

          	
            Mutilated, Destroyed, Lost or Stolen Certificate

          	
            10

          
	
            Section 3.5

          	
            [Reserved]

          	
            10

          
	
            Section 3.6

          	
            Persons Deemed Certificateholders

          	
            10

          
	
            Section 3.7

          	
            Access to List of Certificateholders’ Names and Addresses

          	
            10

          
	
            Section 3.8

          	
            Regarding the Certificate

          	
            10

          
	
            Section 3.9

          	
            Initial Registration of Certificates

          	
            11

          
	
            Section 3.10

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

          	
            11

          
	
            Section 3.11

          	
            Appointment of Certificate Paying Agent

          	
            12

             

              

          
	
            ARTICLE IV APPLICATION OF TRUST PROPERTY

          	
            12

             

              

          
	
            Section 4.1

          	
            Application of Trust Property

          	
            12

          
	
            Section 4.2

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

          	
            14

             

              

          

    

    

    
      i

      
        

    

    
      

        TABLE OF CONTENTS

        (continued)

        Page

      

    

    

    

    	
            ARTICLE V OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

          	
            14

             

              

          
	
            Section 5.1

          	
            General Authority

          	
            14

          
	
            Section 5.2

          	
            General Obligations

          	
            14

          
	
            Section 5.3

          	
            Action Requiring Prior Notice

          	
            15

          
	
            Section 5.4

          	
            Action by the Certificateholders with Respect to Certain Matters

          	
            16

          
	
            Section 5.5

          	
            Action for Bankruptcy

          	
            16

          
	
            Section 5.6

          	
            Action on Administrator’s Instruction

          	
            16

          
	
            Section 5.7

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

          	
            17

          
	
            Section 5.8

          	
            Prohibition on Some Actions

          	
            17

          
	
            Section 5.9

          	
            Action Not Required

          	
            17

          
	
            Section 5.10

          	
            Inspection of Owner Trustee; Access to Records

          	
            18

          
	
            Section 5.11

          	
            Furnishing of Documents

          	
            18

          
	
            Section 5.12

          	
            Reporting of Receivables Reacquisition and Acquisition Demands

          	
            18

          
	
            Section 5.13

          	
            Sarbanes-Oxley Act

          	
            19

             

              

          
	
            ARTICLE VI OWNER TRUSTEE

          	
            19

             

              

          
	
            Section 6.1

          	
            Acceptance of Trusts

          	
            19

          
	
            Section 6.2

          	
            Limitations on Liability

          	
            19

          
	
            Section 6.3

          	
            Reliance; Advice of Counsel; Use of Agents

          	
            21

          
	
            Section 6.4

          	
            Not Acting in Individual Capacity

          	
            21

          
	
            Section 6.5

          	
            Owner Trustee May Own Notes

          	
            21

          
	
            Section 6.6

          	
            Owner Trustee’s Representations and Warranties

          	
            22

          
	
            Section 6.7

          	
            Obligation to Update Disclosure

          	
            23

          
	
            Section 6.8

          	
            Anti-Money Laundering

          	
            23

          
	
            Section 6.9

          	
            Persons Deemed Beneficial Owners and Control Parties

          	
            23

             

              

          
	
            ARTICLE VII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

          	
            24

             

              

          
	
            Section 7.1

          	
            Owner Trustee’s Fees and Expenses

          	
            24

          
	
            Section 7.2

          	
            Indemnification of Owner Trustee

          	
            24

          
	
            Section 7.3

          	
            Organizational Expenses of Issuer

          	
            25

             

              

          
	
            ARTICLE VIII TERMINATION

          	
            25

             

              

          

    

    

    
      ii

      
        

    

    
      

        TABLE OF CONTENTS

        (continued)

        Page

      

    

    

    

    	
            Section 8.1

          	
            Termination of Trust Agreement and Issuer

          	
            25

             

              

          
	
            ARTICLE IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

          	
            26

             

              

          
	
            Section 9.1

          	
            Eligibility Requirements for Owner Trustee

          	
            26

          
	
            Section 9.2

          	
            Resignation or Removal of Owner Trustee

          	
            26

          
	
            Section 9.3

          	
            Successor Owner Trustee

          	
            27

          
	
            Section 9.4

          	
            Merger or Consolidation; Transfer of Assets

          	
            28

          
	
            Section 9.5

          	
            Appointment of Separate Trustee or Co-Trustee

          	
            28

          
	
            Section 9.6

          	
            Compliance with Delaware Statutory Trust Act

          	
            29

             

              

          
	
            ARTICLE X OTHER AGREEMENTS

          	
            29

             

              

          
	
            Section 10.1

          	
            Limitation on Rights of Others

          	
            29

          
	
            Section 10.2

          	
            No Petition

          	
            29

          
	
            Section 10.3

          	
            Restrictions on the Certificateholders’ Power

          	
            30

          
	
            Section 10.4

          	
            Class A Certificateholder Controls

          	
            30

          
	
            Section 10.5

          	
            Optional Acquisition

          	
            30

          
	
            Section 10.6

          	
            Optional Redemption of Notes

          	
            30

          
	
            Section 10.7

          	
            Early Termination Date Under the Cap Agreement

          	
            30

             

              

          
	
            ARTICLE XI MISCELLANEOUS

          	
            30

             

              

          
	
            Section 11.1

          	
            Amendments

          	
            30

          
	
            Section 11.2

          	
            Benefit of Agreement

          	
            32

          
	
            Section 11.3

          	
            Notices

          	
            32

          
	
            Section 11.4

          	
            GOVERNING LAW

          	
            33

          
	
            Section 11.5

          	
            Exclusive Jurisdiction

          	
            33

          
	
            Section 11.6

          	
            WAIVER OF JURY TRIAL

          	
            33

          
	
            Section 11.7

          	
            Severability

          	
            33

          
	
            Section 11.8

          	
            Headings

          	
            33

          
	
            Section 11.9

          	
            Counterparts

          	
            33

          
	
            Section 11.10

          	
            No Recourse

          	
            33

          
	
            Section 11.11

          	
            Intent of the Parties; Reasonableness

          	
            34

          
	 	 	 

    
      iii

      
        

    

    

      TABLE OF CONTENTS

      (continued)

      Page

    

    EXHIBITS

    	
            EXHIBIT A

          	
            Form of Certificate of Trust

          	
            A‐1

          
	
            EXHIBIT B-1

          	
            Form of Class A Certificate

          	
            B‐1-1

          
	
            EXHIBIT B-2

          	
            Form of Class B Certificate

          	
            B‐2-1

          
	
            EXHIBIT C

          	
            Form of Transferee Representation Letter

          	
            C‐1

          
	
            EXHIBIT D

          	
            Form of Transferor Representation Letter

          	
            D‐1

          

    
      iv

      
        

    

    AMENDED AND RESTATED TRUST AGREEMENT, dated as of June 12, 2019 (this “Agreement”), between VERIZON ABS LLC, a Delaware limited liability company, as depositor (the “Depositor”), and WILMINGTON TRUST,
        NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee under this Agreement (the “Owner Trustee”), to establish Verizon
        Owner Trust 2019-B (the “Issuer”).

    BACKGROUND

    The parties created the Issuer under a Trust Agreement, dated as of May 10, 2019, to engage in a securitization
        transaction sponsored by Cellco in which the Issuer will issue Notes secured by a pool of Receivables consisting of device payment plan agreements originated by the Originators.

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

    The parties agree as follows:

    ARTICLE I

        USAGE AND DEFINITIONS

    Section 1.1      Usage and
            Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among Verizon Owner Trust 2019-B, as Issuer, Verizon ABS LLC, as
        Depositor, and Cellco Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”). 
        Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

    ARTICLE II

        ORGANIZATION OF TRUST

    Section 2.1      Name. 
        The trust was created and is known as “Verizon Owner Trust 2019-B”, in which name the Owner Trustee may conduct the activities of the Issuer and make and execute contracts and other documents and sue and be sued on behalf of the Issuer.

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

    Section 2.3      Purposes and Powers.

    
      
        

    

    
    

    

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

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

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

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

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

    (v)     to issue the Certificates under this Agreement;

    (vi)    to administer and manage the Trust Property;

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

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

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

    (c)      Limitations on Issuer’s Activities. 

        The Issuer shall:

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

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

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

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

    
      2

      
        

    

    

    

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

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

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

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

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

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

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

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

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

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

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

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

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

    
      3

      
        

    

    

    

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

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

    (xx)    not have any employees;

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

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

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

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

    Section 2.5      Contribution

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

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

    Section 2.7      Limitations on Liability.

    (a)      Liability of Certificateholders. 

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

    
      4

      
        

    

    

    

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

    Section 2.8      Title to Trust Property.

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

    (b)      No Legal Title In a Certificateholder. 

        No Certificateholder has legal title to any Trust Property.  Each Certificateholder will receive distributions on its Certificate only in accordance with Article IV.

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

    Section 2.10      Depositor’s

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

    (a)      Organization and Good Standing. 

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

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

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

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

    
      5

      
        

    

    

    

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

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

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

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

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

    Section 2.11      Tax Matters.

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

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

    
      6

      
        

    

    

    

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

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

    ARTICLE III

        CERTIFICATES AND TRANSFER OF INTERESTS

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

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

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

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

    
      7

      
        

    

    

    

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

    Section 3.3      Registration

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

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

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

    
      8

      
        

    

    

    

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

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

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

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

    (i)      such transferee is not acquiring and will not hold the Certificate on behalf of any
        beneficial owner (as determined for U.S. tax purposes), including itself, that is a Non-U.S. Person; and

    (ii)      such transferee is not a Benefit Plan;

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

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

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

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

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

    (f)      No transfer of a Certificate or any interest therein shall be made unless (i) the holder of such
        Certificate shall have first surrendered such Certificate to the Trust Registrar for

    
      9

      
        

    

    

    

    registration of transfer, or (ii) in the case of any such Certificate which shall have been mutilated, destroyed, lost or stolen, the
        holder of such Certificate shall have first complied with the applicable provisions of Section 3.4.

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

    Section 3.5      [Reserved].

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

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

    Section 3.8      Regarding
            the Certificate.  Each Certificateholder, by its acceptance of a Certificate issued hereunder, represents that it has, independently and without reliance on the

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

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

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

    
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    Section 3.11      Appointment

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

    ARTICLE IV

        APPLICATION OF TRUST PROPERTY

    Section 4.1      Application of Trust Property.

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

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

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

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

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

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

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

    (e)      Withholding Tax.  If federal
        withholding tax is imposed on the Issuer’s payments (or allocations of income) to the Certificateholders made by the Owner Trustee, that tax will reduce the amount distributable to the holder.  The Owner Trustee is authorized and directed to retain
        from amounts distributable to the Certificateholders a sufficient amount for the payment of the withholding tax that is legally owed by the Issuer.  The Owner Trustee may contest the tax and withholding payment of the tax, if permitted by Law,
        pending the outcome.  The amount of

    
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    withholding tax imposed on the Certificateholders will be treated as cash distributed to the Certificateholders at the time it is
        withheld by the Issuer and paid to the taxing authority.  If any Certificateholder seeks to apply for a refund of the applicable withholding tax, the Owner Trustee will cooperate with the holder in making the claim so long as such Certificateholder
        agrees to reimburse the Owner Trustee for expenses incurred in cooperating.

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

    ARTICLE V

        OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

    Section 5.1      General Authority.

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

    (b)      Actions under Transaction Documents. 

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

    Section 5.2      General Obligations.

    (a)      Obligations Under Transaction Documents. 

        Subject to Section 5.3, the Owner Trustee will perform the obligations of the Owner Trustee under this Agreement and the Transaction Documents to which the Issuer is a party.  The Owner Trustee will administer the Issuer in the interest of the
        Certificateholders, subject to the Lien of the Indenture and according to the Transaction Documents.

    (b)      Discharge of Liens.  The
        Owner Trustee will promptly take, at its own expense, action necessary to discharge a Lien (other than the Lien of the Indenture) on the Trust Property

    
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    resulting from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or
        the administration of the Trust Property.

    (c)      Obligations Performed by Administrator. 

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

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

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

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

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

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

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

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

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

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

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

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

    Section 5.6      Action on
            Administrator’s Instruction.  If (a) the Owner Trustee is unsure of the application of a term of a Transaction Document, (b) a term of a Transaction Document is, or appears to be, in conflict with another term, (c) this Agreement
        permits a determination by the Owner Trustee or is silent or is unclear about the action the Owner Trustee is required to take or (d) the Owner Trustee is unable to decide between alternative actions permitted or required by a Transaction Document,
        the Owner Trustee may, and for clause (d) will, notify the Administrator requesting instruction on the matter.  If the Owner Trustee acts or does not act in good faith according to the instruction received, the Owner Trustee will not be liable for
        the action or inaction.  If the Owner Trustee does not receive instruction before ten (10) days after it has notified the Administrator (or sooner if reasonably requested in the notice or necessary under the circumstances) it may, but is not
        obligated to, take or not take the action that it considers to be in the best interests of the Certificateholders, and will not be liable for the action or inaction.

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

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

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

    (a)      Actions Resulting in Liability. 

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

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

    (c)      Administering or Collecting Receivables. 

        To administer, service or collect the Receivables or to monitor or supervise the administration, servicing or collection of the Receivables.

    (d)      Perfecting Security Interest. 

        To file financing statements or continuation statements or to perfect or maintain the perfection of a security interest or Lien granted to it

    
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    under this Agreement or to prepare or file a Securities and Exchange Commission filing for the Issuer or to record a Transaction
        Document.

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

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

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

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

    (i)      Compliance With U.S. Credit Risk
            Retention Rules.  To monitor or enforce the Sponsor’s compliance with any risk retention requirements under the U.S. Credit Risk Retention Rules.  The Owner Trustee shall not be charged with knowledge of such rules, nor shall it be
        liable to any Certificateholder, Noteholder or other party for violation of such rules now or hereafter in effect, except as otherwise may be explicitly required by law, rule or regulation.

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

    Section 5.11      Furnishing
            of Documents.  The Owner Trustee will provide to the Administrator and, on request from any Certificateholder (if a different Person than the Administrator), to the Certificateholder copies of reports, notices, requests, demands,
        certificates and other documents provided to the Owner Trustee under the Transaction Documents, including any requests received by the Owner Trustee from a Noteholder to communicate with other Noteholders and any Review Reports received from the
        Asset Representations Reviewer.

    Section 5.12      Reporting
            of Receivables Reacquisition and Acquisition Demands.  The Owner Trustee will (a) notify the Sponsor, the Administrator, the Depositor and the Servicer, as

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

    Section 5.13      Sarbanes-Oxley

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

    ARTICLE VI

        OWNER TRUSTEE

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

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

    (i)      the Owner Trustee will not be liable for any action taken or not taken by it (A) according
        to the instructions of the Noteholders of a majority of the Note Balance of the Controlling Class, the Indenture Trustee, the Depositor, the Certificateholders, the Administrator or the Servicer or (B) in good faith which it believes to be
        authorized or within its rights and powers under this Agreement so long as the action taken or not taken does not amount to gross negligence; provided, however, that the foregoing shall not relieve the Owner Trustee of its obligation to perform its
        duties under this Agreement;

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

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

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

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

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

    (vii)      the Owner Trustee shall not be accountable for (A) the use or application by the
        Depositor of the proceeds of the sale of the Notes, (B) the use or application by the Certificateholders of the Certificates or the proceeds of the Certificates, (C) the use or application by the holder of any Notes of any of the Notes or of the
        proceeds of such

    
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    Notes, or (D) the use or application of any funds paid to the Servicer in accordance with the Transfer and Servicing
        Agreement.

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

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

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

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

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

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

    Section 6.4      Not Acting
            in Individual Capacity.  Except as stated in this Article VI, in accepting the trusts created by this Agreement Wilmington Trust, National Association acts solely as Owner Trustee under this Agreement and not in its individual
        capacity.  Any Person with a claim against the Owner Trustee related to a Transaction Document will look only to the Trust Property for payment or satisfaction of that claim.

    Section 6.5      Owner
            Trustee May Own Notes.  Wilmington Trust, National Association, in its individual or another capacity, may become the owner or pledgee of Notes and may deal

    
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    with the Depositor, the Certificateholder, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the
        same rights as it would have if it were not the Owner Trustee.

    Section 6.6      Owner
            Trustee’s Representations and Warranties.  The Owner Trustee represents and warrants to the Depositor and for the benefit of the Certificateholders as of the Closing Date:

    (a)      Organization and Qualification. 

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

    (b)      Power, Authority and Enforceability. 

        The Owner Trustee has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Owner Trustee has authorized the execution, delivery and performance of this Agreement.  This Agreement has been duly executed
        by an authorized officer of the Owner Trustee and is the legal, valid and binding obligation of the Owner Trustee enforceable against the Owner Trustee in accordance with its terms, except as may be limited by insolvency, bankruptcy, reorganization
        or other Laws relating to the enforcement of creditors’ rights or by general equitable principles.

    (c)      No Conflicts and No Violation. 

        The completion of the transactions under this Agreement and the performance by the Owner Trustee of its obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan
        agreement, guarantee or similar document under which the Owner Trustee is a debtor or guarantor, (ii) result in the creation or imposition of any Lien on the Owner Trustee’s properties or assets under the terms of any indenture, mortgage, deed of
        trust, loan agreement, guarantee or similar document, (iii) violate the Owner Trustee’s organizational documents or by-laws, or (iv) violate a Law or, to the Owner Trustee’s knowledge, an order, rule or regulation of a federal or State court,
        regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Owner Trustee or its properties that applies to the Owner Trustee, which, in each case, would reasonably be expected to have a Material
        Adverse Effect.

    (d)      No Proceedings.  To the
        Owner Trustee’s knowledge, there are no proceedings or investigations pending or threatened in writing, before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Owner
        Trustee or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents or (iii) seeking a determination or ruling
        that would reasonably be expected to have a Material Adverse Effect.

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

    
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    (f)      Information Provided by Owner Trustee. 

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

    Section 6.7      Obligation to Update Disclosure. 

        The Owner Trustee will notify and provide information in the Owner Trustee’s possession, and certify the information in an Officer’s Certificate, to the Depositor and the Administrator on the occurrence of any event or condition relating to the
        Owner Trustee or actions taken by the Owner Trustee that (a) may be required to be disclosed by the Depositor under Item 2 (the start of, material developments in, or termination of legal proceedings against the Owner Trustee, in its individual
        capacity, that are material to the Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days of a Responsible Person of the Owner Trustee becoming aware of such proceeding, (b) the Depositor or the Administrator reasonably
        requests of the Owner Trustee that the Depositor or the Administrator, as applicable, in good faith, believes is necessary to comply with the Depositor’s reporting obligations under the Exchange Act within two (2) Business Days of request, or (c)
        may be required to be disclosed under Item 6.02 (resignation, removal, replacement or substitution of the Owner Trustee, in its individual capacity) of Form 8-K under the Exchange Act within two (2) Business Days of the resignation, removal,
        replacement or substitution of the Owner Trustee.

    Section 6.8      Anti-Money Laundering. 

        To help the government fight the funding of terrorism and money laundering activities, the Customer Identification Program (CIP) requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to
        Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network’s (FinCEN) Customer Due
        Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions (“Applicable Anti-Money Laundering
            Law”), requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order to comply with Applicable Anti-Money Laundering Law, the Owner Trustee is
        required to obtain on or before the Closing Date and from time to time thereafter documentation to verify and record information that identifies each person who opens an account.  For a non-individual person such as a business entity, a charity, a
        trust or other legal entity, the Owner Trustee will ask for documentation to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from
        individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities).  The Owner Trustee may, to the fullest extent permitted by applicable law, including Applicable
        Anti-Money Laundering Law, conclusively rely on, and shall be fully protected and indemnified in relying on, any information received, and failure to provide such information may result in an inability of the Owner Trustee to perform its
        obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation of the Owner Trustee, notwithstanding anything to the contrary in this Agreement but subject to Section 9.2(e).

    Section 6.9        Persons Deemed Beneficial
            Owners and Control Parties.  The parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, (a) each

    
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    Certificateholder owning twenty-five percent (25%) or more of the beneficial interest in the Issuer is and shall be deemed to be the
        beneficial owners of the Issuer for purposes of providing the information required under Applicable Anti-Money Laundering Law, and (b) each such Certificateholder and the Administrator is and shall deemed to be the parties with the power and
        authority to control the Issuer.

    ARTICLE VII

        COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

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

    Section 7.2      Indemnification of Owner
            Trustee.

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

    (b)      Proceedings.  If an
        Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 7.2(a), promptly notify the Issuer and the Administrator of the Proceeding.  The Issuer may participate in and assume
        the defense and settlement of a Proceeding at its expense.  If the Issuer notifies, or causes the Administrator to notify, the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the
        Indemnified Person, and so long as the Issuer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer will not be liable for fees and expenses of counsel to the Indemnified Person unless there
        is a conflict between the interests of the Issuer and an Indemnified Person.  If there is a conflict, the Issuer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of a Proceeding may be made
        without the approval of the Issuer and the Indemnified Person, which approval will not be unreasonably withheld.

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

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

    Section 7.3      Organizational

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

    ARTICLE VIII

        TERMINATION

    Section 8.1      Termination of Trust Agreement
            and Issuer.

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

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

    (c)      Failure to Surrender Certificates. 

        In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written
        notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto.  If within one (1) year after the second notice all the Certificates shall not have been
        surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact

    
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    the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and
        other assets that shall remain subject to this Agreement.  Any funds remaining in the Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor (subject to applicable escheatment laws).

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

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

    ARTICLE IX

        SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

    Section 9.1      Eligibility Requirements for
            Owner Trustee.

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

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

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

    Section 9.2      Resignation or Removal of Owner
            Trustee.

    (a)      Resignation.  The Owner
        Trustee may resign as the Owner Trustee by notifying the Depositor and the Administrator at least thirty (30) days in advance.  The Owner Trustee must resign immediately if it no longer meets the eligibility requirements in Section 9.1 or is
        legally unable to act as Owner Trustee.

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

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

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

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

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

    (d)      Notice of Resignation or Removal. 

        The Administrator will notify the Depositor, the Indenture Trustee and the Rating Agencies of any resignation or removal of the Owner Trustee.

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

    Section 9.3      Successor Owner Trustee.

    (a)      Appointment of Successor Owner Trustee. 

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

    (b)      Effectiveness of Resignation or Removal. 

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

    (c)      Transition of Owner Trustee Obligations. 

        On the resignation or removal of the Owner Trustee becoming effective under Section 9.3(b), all rights, powers and obligations of the Owner Trustee under this Agreement will become the rights, powers and obligations of the successor Owner Trustee. 
        The Owner Trustee will deliver to the successor Owner Trustee all documents and amounts held by it under this Agreement, and the Administrator and the Owner Trustee will execute and deliver any documents and do other things reasonably required to
        confirm in the successor Owner Trustee those rights, powers and obligations.  The Issuer will

    
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    reimburse the Owner Trustee and any successor Owner Trustee for expenses related to the replacement of the Owner Trustee.

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

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

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

    Section 9.5      Appointment of Separate Trustee
            or Co-Trustee.

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

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

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

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

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

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

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

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

    ARTICLE X

        OTHER AGREEMENTS

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

    Section 10.2      No
            Petition.  To the fullest extent permitted by Law, each of the parties hereto, by entering into this Agreement hereby covenants and agrees, and the Indenture Trustee and each Certificateholder and Noteholder by accepting a
        Certificate or accepting the benefits of this Agreement, as the case may be, are each deemed to covenant and agree, that it shall not at any time acquiesce, petition or otherwise invoke or cause the Issuer or the Depositor to invoke the process of
        any court or government authority for the purpose of commencing or sustaining a case against the Issuer or the Depositor under any federal or state bankruptcy, insolvency or similar Law, or appointing a receiver, liquidator, assignee, trustee,
        custodian, sequestrator or other similar official of the Issuer or the Depositor, as the case may be, or any substantial part of its property, or, except as expressly set forth herein, ordering the winding up or liquidation of the affairs of the
        Issuer or the Depositor, in connection with any obligations relating to the Notes, the Certificates, this Agreement or any of the Transaction Documents prior to the date that is one (1) year and one day after the payment in full of all securities
        issued by the Depositor or by a trust

    
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    for which the Depositor was a depositor.  This Section 10.2 shall survive the termination of this Agreement.

    Section 10.3      Restrictions

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

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

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

    Section 10.6      Optional
            Redemption of Notes.  On any Payment Date on and after the Payment Date in July 2020, the Class A Certificateholder, with the consent of the Administrator, on behalf of the Issuer, shall have the option to redeem the Notes, in whole
        but not in part, as set forth in Section 8.2 of the Transfer and Servicing Agreement.

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

    ARTICLE XI

        MISCELLANEOUS

    Section 11.1      Amendments.

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

    
      30

      
        

    

    

    

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

    (c)      Amendments Requiring Consent of
            Noteholders and Certificateholders.

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

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

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee
        pursuant to this Section 11.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Noteholder consenting to any
        amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other
        Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

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

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

    
      31

      
        

    

    

    

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

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

    (h)      Opinions of Counsel.

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

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

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

    (j)      Amendments to the Cap Agreement. 

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

    Section 11.2      Benefit of
            Agreement.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  No other Person will have any right or obligation under this Agreement.

    Section 11.3      Notices.

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

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

    
      32

      
        

    

    

    

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

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

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

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

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

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

    Section 11.6    WAIVER OF
            JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER
        ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

    Section 11.7    Severability. 

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

    Section 11.8     Headings. 

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

    Section 11.9    Counterparts. 

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

    Section 11.10 No Recourse. 

        Each Certificateholder by accepting an interest in a Certificate acknowledges that such Certificate represents a beneficial interest in the Issuer only and does not represent an interest in or obligation of the Depositor, Cellco (in any capacity),
        the

    
      33

      
        

    

    

    

    Administrator, the Parent Support Provider, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be
        had against such parties or their assets, except as may be expressly set forth or contemplated in the Certificates or the Transaction Documents

    Section 11.11      Intent of the Parties;
            Reasonableness.  The Depositor and the Owner Trustee acknowledge and agree that the purpose of Section 6.7 of this Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and
        regulations of the Commission.  Neither the Depositor nor the Owner Trustee shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with
        the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Owner Trustee acknowledges that
        interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or
        otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Owner Trustee shall
        cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements, reports, certifications, records, attestations, and any other information in the Owner Trustee’s possession
        necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee or the servicing of the Receivables, reasonably
        believed by the Depositor to be necessary in order to effect such compliance.

    

    

    [Remainder of Page Left Blank]

     

      

     

      

     

      

     

      

    

    

    
      34

      
        

    

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

     
      	
               

            	
              
                 

                VERIZON ABS LLC,

                       as Depositor

                By:                                                                                   
                                             

                    

                       Name:

                       Title:

                WILMINGTON TRUST, NATIONAL  ASSOCIATION,

                        as Owner Trustee

                By:                                                                                        
                                           

                    

                       Name:

                       Title:

              

            

    

    

    
      
        

    

    
    Exhibit A

    Form of Certificate of Trust of

        Verizon Owner Trust 2019-B

    This Certificate of Trust of Verizon Owner Trust 2019-B (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C., § 3801 et seq.) (the “Act”).

    1.            Name.  The name of the statutory trust formed by this Certificate of Trust is “Verizon Owner Trust 2019-B”.

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

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

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

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

    

    

    By:                                                                                    

    Name:

    Title:

    
      A-1

      
        

    

    
    

    

    Exhibit B-1

    FORM OF CLASS A CERTIFICATE

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

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

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

    EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT
        ACQUIRING THE CERTIFICATE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),

        WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN
        ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY
        RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

    
      B-1-1

      
        

    

    NUMBER R‐1

    VERIZON OWNER TRUST 2019-B

    ASSET-BACKED CERTIFICATE

    THIS CERTIFIES THAT VERIZON DPPA TRUE UP TRUST is the registered owner of 100% of the nonassessable, fully-paid,
        fractional undivided beneficial interest in Verizon Owner Trust 2019-B (the “Issuer”) formed by Verizon ABS LLC.

    The Issuer was created pursuant to a Trust Agreement, dated as of May 10, 2019 (as amended and supplemented,
        including the Amended and Restated Trust Agreement dated as of June 12, 2019, the “Trust Agreement”), between Verizon ABS LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as Owner Trustee (the “Owner Trustee”),

        a summary of certain of the pertinent provisions of which is set forth below.  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among Verizon Owner Trust
        2019-B, as Issuer, Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.

    This Certificate is the duly authorized Class A Certificate designated as an “Asset Backed Certificate” (the “Class A Certificate”) issued pursuant to the Trust Agreement.  Certain debt instruments evidencing obligations of the Issuer have been issued under the Indenture, consisting
        of Notes designated as “2.33% Asset Backed Notes, Class A-1a,” “One-Month LIBOR + 0.45% Asset Backed Notes, Class A-1b,” “2.40% Asset Backed Notes, Class B” and “2.60% Asset Backed Notes, Class C” (collectively, the “Notes”).  This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The holder of this Class A Certificate, by virtue of its acceptance
        hereof, assents to and is bound by all of the provisions of the Trust Agreement.

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

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

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

    
      B-1-2

      
        

    

    

    

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

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

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

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

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

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

    
      B-1-3

      
        

    

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

    VERIZON OWNER TRUST 2019-B

    
      
        	

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

              

      

    

     By:                _________________________________

            Authorized Signatory

     

    

    Dated:  June 12, 2019

    
      B-1-4

      
        

    

    OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

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

    By:       _________________________________

    Authorized Signatory

     

    

    
      B-1-5

      
        

    

    (REVERSE OF CERTIFICATE)

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

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

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

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

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

    
      B-1-6

      
        

    

    

    

    The obligations and responsibilities created by the Trust Agreement and the Issuer created thereby shall terminate upon the payment to
        the Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all Trust Property.  The True Up Trust, as Class A Certificateholder, may at its option, and with the consent
        of the Administrator, on behalf of the Issuer, acquire the Receivables at a price specified in the Transfer and Servicing Agreement, and any such acquisition of the Receivables and other property of the Issuer will effect a redemption of the Notes,
        in whole but not in part, and an early retirement of the Class A Certificate; however, such right of acquisition is exercisable only on a Payment Date after the last day of the Collection Period as of which the aggregate Principal Balance of the
        Receivables is less than or equal to 10% of the aggregate Principal Balance as of the Closing Date.  In addition, the True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf of the
        Issuer, redeem the Notes, in whole but not in part, on any Payment Date on or after the Payment Date in July 2020; provided, that the amount remitted to the
        Issuer in connection with such redemption is at least equal to the amount described in the Transfer and Servicing Agreement, and any such redemption of the Notes will effect early retirement of the Class A Certificate.

    
      B-1-7

      
        

    

    ASSIGNMENT

    Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

    FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto:

    ____________________________________________________________________________

                                                        (name and address of assignee)

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

    ______________________, attorney, to transfer said Certificate on the books of the Trust Registrar, 

    with full power of substitution in the premises.

    Dated:                                                      */

    Signature Guaranteed:

        __________________*/

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

    
      B-1-8

      
        

    

    
    Exhibit B-2

    FORM OF CLASS B CERTIFICATE

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

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

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

    EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT
        ACQUIRING THE CERTIFICATE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),

        WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN
        ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY
        RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

    
      B-2-1

      
        

    

    NUMBER R‐1

    Initial Class B Certificate Principal Balance: $0

    

    

    VERIZON OWNER TRUST 2019-B

    VARIABLE FUNDING CERTIFICATE

    THIS CERTIFIES THAT VERIZON ABS LLC is the registered owner of this Class B Certificate, representing a fractional,
        undivided beneficial interest in Verizon Owner Trust 2019-B (the “Issuer”) formed by Verizon ABS LLC.

    The Issuer was created pursuant to a Trust Agreement, dated as of May 10, 2019 (as amended and supplemented,
        including the Amended and Restated Trust Agreement dated as of June 12, 2019, the “Trust Agreement”), between Verizon ABS LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as Owner Trustee (the “Owner Trustee”),

        a summary of certain of the pertinent provisions of which is set forth below.  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among Verizon Owner Trust
        2019-B, as Issuer, Verizon ABS LLC, as Depositor, and Cellco Partnership d/b/a Verizon Wireless, as Servicer, Marketing Agent and Custodian.

    This Certificate is the duly authorized Class B Certificate designated as a “Variable Funding Certificate” (the “Class B Certificate”) issued pursuant to the Trust Agreement.  Certain debt instruments evidencing obligations of the Issuer have been issued under the Indenture, consisting
        of Notes designated as “2.33% Asset Backed Notes, Class A-1a,” “One-Month LIBOR + 0.45% Asset Backed Notes, Class A-1b,” “2.40% Asset Backed Notes, Class B” and “2.60% Asset Backed Notes, Class C” (collectively, the “Notes”).  This Class B Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The holder of this Class B Certificate, by virtue of its acceptance
        hereof, assents to and is bound by all of the provisions of the Trust Agreement. The Class B Certificate Principal Balance may be increased on any Acquisition Date as set forth in Section 3.10 of the Trust Agreement and as recorded on Schedule I
        hereto.  Principal and any other amounts to be paid to the Class B Certificateholder on each Payment Date or each Acquisition Date, as applicable, shall be distributed to the holder hereof in accordance with the terms and provisions of the Trust
        Agreement, the Transfer and Servicing Agreement and the Indenture, as applicable.

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

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

    
      B-2-2

      
        

    

    

    

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

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

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

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

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

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

    
      B-2-3

      
        

    

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

    VERIZON OWNER TRUST 2019-B

    
      
        	

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

              

      

    

    By:            _________________________________

    Authorized Signatory

     

    

    Dated:  June 12, 2019

    
      B-2-4

      
        

    

    OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

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

    By:            _________________________________

    Authorized Signatory

     

    

    
      B-2-5

      
        

    

    (REVERSE OF CERTIFICATE)

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

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

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

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

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

    
      B-2-6

      
        

    

    

    

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

    The obligations and responsibilities created by the Trust Agreement and the Issuer created thereby shall terminate upon the payment to
        the Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all Trust Property.  The True Up Trust, as Class A Certificateholder, may at its option, and with the consent
        of the Administrator, on behalf of the Issuer, acquire the Receivables at a price specified in the Transfer and Servicing Agreement, and any such acquisition of the Receivables and other property of the Issuer will effect a redemption of the Notes,
        in whole but not in part, and an early retirement of the Class B Certificate; however, such right of acquisition is exercisable only on a Payment Date after the last day of the Collection Period as of which the aggregate Principal Balance of the
        Receivables is less than or equal to 10% of the aggregate Principal Balance as of the Closing Date.  In addition, the True Up Trust, as Class A Certificateholder, may at its option, and with the consent of the Administrator, on behalf of the
        Issuer, redeem the Notes, in whole but not in part, on any Payment Date on or after the Payment Date in July 2020; provided, that the amount remitted to the
        Issuer in connection with such redemption is at least equal to the amount described in the Transfer and Servicing Agreement, and any such redemption of the Notes will effect early retirement of the Class B Certificate.

    

    

    
      B-2-7

      
        

    

    ASSIGNMENT

    Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

    FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto:

    ____________________________________________________________________________

                                                                   (name and address of assignee)

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

    ______________________, attorney, to transfer said Certificate on the books of the Trust Registrar, 

    with full power of substitution in the premises.

    Dated:                                                      */

    Signature Guaranteed:

        __________________*/

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

    
      B-2-8

      
        

    

    

    

    Schedule I

    TRANSACTIONS ON CLASS B CERTIFICATE

    

    

    	
            Acquisition Date

          	
            Amount of Class B Certificate Principal Balance Increase

          	
            Amount of Class B Certificate Principal Balance Decrease

          	
            Ending Class B Certificate Principal Balance

          
	 	 	 	 
	 	 	 	 

    
      B-2-9

      
        

    

    
    Exhibit C

    FORM OF TRANSFEREE REPRESENTATION LETTER

    Verizon Owner Trust 2019-B

    c/o Wilmington Trust, National Association,

    not in its individual capacity but solely as Owner Trustee

    Rodney Square North, 1100 North Market Street

    Wilmington, Delaware 19890-1600

     Attn:  Corporate Trust Administration

    

    

    Wilmington Trust, National Association,

    as Trust Registrar

    Rodney Square North, 1100 North Market Street

    Wilmington, Delaware 19890-1600

    Attn:  Corporate Trust Administration

    

    

    Re:  Transfer of Verizon Owner
            Trust 2019-B Class [A][B] Certificate (the “Certificates”)

    Ladies and Gentlemen:

    This letter is delivered pursuant to Section 3.3(d) of the Amended and Restated Trust Agreement, dated as of June
        12, 2019 (the “Trust Agreement”), between Verizon ABS LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee, in connection with the transfer by
        [________________] to the undersigned (the “Purchaser”) of the Certificates, a copy of which are attached hereto. Capitalized terms used but not defined herein are defined
        in the Trust Agreement.

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

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

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

    Signature appears on next page.

     

      

    
      C-1

      
        

    

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

    Very truly yours,

    ______________________________

    The Purchaser

    
      C-2

      
        

    

    
    Exhibit D

    FORM OF TRANSFEROR REPRESENTATION LETTER

    Verizon Owner Trust 2019-B

    c/o Wilmington Trust, National Association,

    not in its individual capacity but solely as Owner Trustee

    Rodney Square North, 1100 North Market Street

    Wilmington, Delaware 19890-1600

     Attn:  Corporate Trust Administration

    

    

    Wilmington Trust, National Association,

    as Trust Registrar

    Rodney Square North, 1100 North Market Street

    Wilmington, Delaware 19890-1600

    Attn:  Corporate Trust Administration

    Re:  Transfer of Verizon Owner
            Trust 2019-B Class [A][B] Certificate (the “Certificates”)

    Ladies and Gentlemen:

    This letter is delivered pursuant to Section 3.3(d) of the Amended and Restated Trust Agreement, dated as of June
        12, 2019 (the “Trust Agreement”), between Verizon ABS LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee, in connection with the transfer by
        [______________________] (the “Transferor”) to [___________] of the Certificates, a copy of which are attached hereto (the “Transferred Certificates”). Capitalized terms used but not defined herein are defined in the Trust Agreement. The Transferor hereby certifies, represents and warrants to you, as Trust Registrar, that:

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

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

    
      D-1

      
        

    

    Very truly yours,

    (Transferor)

    By: __________________________________

      

  

  D-2

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