SEC Contract Filing

Filing Date: 2019-10-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>9
<FILENAME>exhibit10-7.htm
<DESCRIPTION>PARENT SUPPORT AGREEMENT
<TEXT>
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 <div style="text-align: right;"><font style="font-weight: normal;">Exhibit 10.7</font><br>
 <font style="font-weight: bold; font-style: italic;">Execution Version</font><br>
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 <div style="text-align: center; font-weight: bold;">PARENT SUPPORT AGREEMENT</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">This PARENT SUPPORT AGREEMENT</font> (this &#8220;<u>Agreement</u>&#8221;) is executed as of October 8, 2019, by VERIZON COMMUNICATIONS INC., a Delaware corporation (the &#8220;<u>Parent
 Support Provider</u>&#8221;) in favor of Verizon ABS LLC, a Delaware limited liability company (the &#8220;<u>Depositor</u>&#8221;), Verizon Owner Trust 2019-C, a Delaware statutory trust (the &#8220;<u>Issuer</u>&#8221;) and U.S. Bank National Association, as Indenture Trustee
 under the Indenture (the &#8220;<u>Indenture Trustee</u>&#8221;) for the benefit of the Noteholders.&#160; The Depositor, the Issuer and the Indenture Trustee are collectively referred to as the &#8220;<u>Beneficiaries</u>,&#8221; and each individually a &#8220;<u>Beneficiary</u>.&#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 October 8, 2019, among the Issuer, the Depositor, and Cellco Partnership d/b/a Verizon Wireless (&#8220;<u>Cellco</u>&#8221;),
 as servicer (in such capacity, the &#8220;<u>Servicer</u>&#8221;), as marketing agent (in such capacity, the &#8220;<u>Marketing Agent</u>&#8221;) and as custodian (in such capacity, the &#8220;<u>Custodian</u>&#8221;).&#160; Appendix A also contains usage rules that apply to this
 Agreement.&#160; Appendix A is incorporated by reference into this Agreement.</div>
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 <div style="text-align: center;"><u>PRELIMINARY STATEMENTS</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">A.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The various Originators party to the Originator Receivables Transfer Agreement from
 time to time (the &#8220;<u>Originators</u>&#8221;) and the Depositor are parties to that certain Originator Receivables Transfer Agreement, dated as of October 8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Originator
 Receivables Transfer Agreement</u>&#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.</div>
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 <div style="text-align: justify; text-indent: 36pt;">B.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Verizon DPPA Master Trust (the &#8220;<u>Master Trust</u>&#8221;), the Servicer, and the
 Depositor are parties to that certain Master Trust Receivables Transfer Agreement, dated as of October 8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Master Trust Receivables Transfer Agreement</u>&#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.</div>
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 <div style="text-align: justify; text-indent: 36pt;">C.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Issuer, the Depositor, the Servicer, the Marketing Agent and the Custodian are
 parties to that certain Transfer and Servicing Agreement, dated as of October 8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Transfer and Servicing Agreement</u>&#8221;), pursuant to which the Depositor will
 transfer and absolutely assign to the Issuer a revolving pool of Receivables and related assets from time to time and under which each of the Servicer and the Marketing Agent will have certain obligations to the Issuer.</div>
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 <div style="text-align: justify; text-indent: 36pt;">D.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Under the Originator Receivables Transfer Agreement, to the extent (i) an Originator
 breaches the Eligibility Representation with respect to one or more Receivables (it being understood and agreed that any inaccuracy in the Eligibility Representation will be deemed not to constitute a breach of the Eligibility Representation if such
 inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan agreement), (ii) such breach has a
 material adverse effect on the Issuer and (iii) such breach is not cured by the end of the applicable grace period set forth in Section 3.4(b) of the Originator Receivables</div>
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 <div style="text-align: justify;">Transfer Agreement, such Originator that has breached the Eligibility Representation is required to reacquire all affected Receivables by remitti