SEC Contract Filing

Filing Date: 2019-06-06

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>10
<FILENAME>exhibit10-7.htm
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 <div style="text-align: right; margin-bottom: 12pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;"><font style="font-weight: normal;"> Exhibit 10.7</font><br>
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 <div style="text-align: center; margin-bottom: 12pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;">FORM OF PARENT SUPPORT AGREEMENT</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-weight:
 normal;">This </font>PARENT SUPPORT AGREEMENT</font> (this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;) is executed as of June 12, 2019, by VERIZON COMMUNICATIONS INC., a Delaware corporation (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Parent Support Provider</u></font>&#8221;) in favor of Verizon ABS LLC, a Delaware limited liability company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Depositor</u></font>&#8221;),
 Verizon Owner Trust 2019-B, a Delaware statutory trust (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Issuer</u></font>&#8221;) and U.S. Bank National Association, as Indenture Trustee under the Indenture (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Indenture Trustee</u></font>&#8221;) for the benefit of the Noteholders.&#160; The Depositor, the Issuer and the Indenture Trustee are collectively referred to as the &#8220;<font style="font-size: 10pt;
 font-family: 'Times New Roman';"><u>Beneficiaries</u></font>,&#8221; and each individually a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Beneficiary</u></font>.&#8221;&#160; Capitalized terms used but not defined in this Agreement are
 defined in Appendix A to the Transfer and Servicing Agreement, dated as of June 12, 2019, among the Issuer, the Depositor, and Cellco Partnership d/b/a Verizon Wireless (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Cellco</u></font>&#8221;),
 as servicer (in such capacity, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Servicer</u></font>&#8221;), as marketing agent (in such capacity, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Marketing
 Agent</u></font>&#8221;) and as custodian (in such capacity, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Custodian</u></font>&#8221;).&#160; Appendix A also contains usage rules that apply to this Agreement.&#160; Appendix A is
 incorporated by reference into this Agreement.</font></div>
 <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>PRELIMINARY STATEMENTS</u></font></font></div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">A.&#160; &#160; &#160; The various Originators party to the Originator Receivables Transfer Agreement from time to time (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Originators</u></font>&#8221;) and the Depositor are parties to that certain Originator Receivables Transfer Agreement, dated as of June 12, 2019 (as amended, restated, supplemented or
 otherwise modified from time to time, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Originator Receivables Transfer Agreement</u></font>&#8221;), pursuant to which the Originators will transfer and absolutely assign to the
 Depositor a revolving pool of Receivables and related assets from time to time.</font></div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">B.&#160; &#160; &#160; Verizon DPPA Master Trust (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Master
 Trust</u></font>&#8221;), the Servicer, and the Depositor are parties to that certain Master Trust Receivables Transfer Agreement, dated as of June 12, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Master Trust Receivables Transfer Agreement</u></font>&#8221;), pursuant to which the Master Trust will transfer and absolutely assign to the Depositor a revolving pool of Receivables and
 related assets from time to time.</font></div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">C.&#160; &#160; &#160; The Issuer, the Depositor, the Servicer, the Marketing Agent and the Custodian are parties to that certain
 Transfer and Servicing Agreement, dated as of June 12, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="font-size: 10pt; font-fa