AMENDMENT NO. 2,

Exhibit 99.5

Execution Version

VERIZON MASTER TRUST

AMENDMENT NO. 2,

dated as of June 20, 2025,

AMENDED AND RESTATED TRUST AGREEMENT

dated as of May 25, 2021, as amended,

between

VERIZON ABS II LLC,

as Depositor

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee

This AMENDMENT NO. 2, dated as of June 20, 2025 (this “Amendment”), is to the AMENDED AND RESTATED TRUST AGREEMENT, originally dated as of May 25, 2021, as amended (the “Trust Agreement”), by and between VERIZON ABS II LLC, as depositor (the “Depositor”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as owner trustee (the “Owner Trustee”).

W I T N E S S E T H

WHEREAS, the parties to this Amendment desire to amend the Trust Agreement as set forth on Exhibit A hereto;

WHEREAS, Section 11.1(b) of the Trust Agreement permits amendments to the Trust Agreement, other than as set forth in Section 11.1(c) of the Trust Agreement, by the Depositor and the Owner Trustee, with the consent of the Certificateholders but without the consent of any Creditor Representatives or Creditors, for the purpose of adding any provisions to, or changing in any manner or eliminating any provisions of, the Trust Agreement or modifying in any manner the rights of the Creditors under the Trust Agreement if (x) the Trust or the Administrator delivers an Officer’s Certificate to the Master Collateral Agent and the Owner Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that such amendment will not have a material adverse effect on the interest of any Creditor or (y) the Rating Agency Condition has been satisfied for all Credit Extensions then rated by a Rating Agency with respect to such amendment;

WHEREAS, Section 11.1(c) of the Trust Agreement does not apply to this Amendment; and

WHEREAS, (a) the Officer’s Certificate referred to in Section 11.1(b) of the Trust Agreement and (b) the Opinion of Counsel referred to in Section 11.1(h)(i) and Section 11.1(h)(ii) of the Trust Agreement are being delivered simultaneously herewith.

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1. Defined Terms. Capitalized terms used in this Amendment and not otherwise defined herein are defined in Appendix A to the Master Collateral Agency and Intercreditor Agreement, originally dated as of May 25, 2021, as amended (the “Master Collateral Agreement”), by and among Verizon Master Trust, as trust (the “Trust”), U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as master collateral agent (the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as servicer, and each Creditor Representative from time to time party thereto (collectively, the “Creditor Representatives”).

SECTION 2. Amendments and Modifications to the Trust Agreement. As of the Effective Date (as defined below), and subject to the satisfaction of the conditions precedent set forth in Section 4 below, the Trust Agreement is hereby amended as set forth in Exhibit A to this Amendment, with text marked in underline indicating additions to the Trust Agreement and with text marked in ~~strikethrough~~ indicating deletions to the Trust Agreement.

SECTION 3. Reference to and Effect on the Trust Agreement.

(a) Beginning on June 20, 2025 (the “Effective Date”) (i) the Trust Agreement shall be and be deemed to be, modified and amended in accordance herewith and this Amendment shall form a part of the respective terms and conditions of the Trust Agreement for any and all purposes and every Creditor, heretofore or hereafter authenticated and delivered under the Master Collateral Agreement and the applicable Trust Financing Agreement shall be bound hereby and thereby, (ii) each reference in the Trust

Agreement to “this Agreement”, “hereof”, “hereunder” or words of like import referring to the Trust Agreement shall mean and be a reference to the Trust Agreement, as amended by this Amendment and (iii) each reference to the Trust Agreement contained in any other Transaction Document, Series Related Document or Trust Financing Agreement and any financing statement filed in connection therewith shall mean and be a reference to the Trust Agreement, as amended by this Amendment.

(b) The Trust Agreement (except as specifically amended herein) shall remain in full force and effect and the Trust Agreement is hereby ratified and confirmed in all respects by each of the parties hereto.

SECTION 4. Conditions Precedent. This Amendment shall become effective as of the Effective Date upon receipt by the parties hereto of this Amendment duly executed by the parties hereto.

SECTION 5. Certain Representations and Warranties.

(a) The Depositor hereby represents and warrants to the other parties hereto as of the date hereof that, solely with respect to itself:

(i)

the representations and warranties made by it in the Trust Agreement are true and correct in all material respects both on and as of the date hereof and immediately after giving effect to this Amendment and the transactions contemplated hereby (except to the extent such representations and warranties relate solely to an earlier date and then are true and correct as of such earlier date);

(ii)

the execution, delivery and performance by it of this Amendment are within its organizational powers, have been duly authorized by all necessary action, and do not contravene (1) its organizational documents, (2) any Law applicable to it, (3) any contractual restriction binding on or affecting it or its property or (4) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property; and

(iii)

this Amendment, assuming this Amendment has been duly executed by each other party hereto, constitutes the 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 and, if applicable, the rights of creditors from time to time in effect or by general principles of equity.

(b) The Trust hereby represents and warrants to the other parties hereto as of the date hereof that no Potential Default, Event of Default, Potential Amortization Event, Amortization Event, Potential Servicer Termination Event or Servicer Termination Event exists or shall occur as a result of this Amendment or the transactions contemplated hereby.

SECTION 6. Governing Law. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

SECTION 7. 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 Amendment. Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

SECTION 8. 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 AMENDMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

SECTION 9. Severability. If a part of this Amendment is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Amendment and will not affect the validity, legality or enforceability of the remaining Amendment.

SECTION 10. Headings. The headings in this Amendment are included for convenience and will not affect the meaning or interpretation of this Amendment.

SECTION 11. Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Executed counterparts may be delivered electronically.

SECTION 12. Direction to Wilmington Trust, National Association. Pursuant to and in accordance with Section 5.6 of the Trust Agreement, Cellco, in its capacity as Administrator, hereby authorizes and directs the Owner Trustee to execute and deliver this Amendment as Owner Trustee. The Administrator hereby certifies and confirms that (a) it has reviewed and approved of this Amendment and the amendments to the Trust Agreement; (b) this direction and such action by the Owner Trustee pursuant to this direction are not contrary to any obligation of the Trust or the Owner Trustee under, and are consistent with, permitted by and in compliance with the Trust Agreement, and all of the other relevant documents contemplated by the Trust Agreement; (c) the Owner Trustee shall not be liable for the action taken by it in accordance with this Amendment; (d) all conditions precedent necessary for the effectiveness of this Amendment contained in the Trust Agreement have been duly satisfied or waived; and (e) the Owner Trustee’s actions in accordance with this Amendment are covered by Section 7.2(a) of the Trust Agreement. Pursuant to Section 6.6 of the Fifth Amended and Restated Trust Agreement, dated as of May 25, 2021 (the “True-up Trust Agreement”), among Wilmington Trust, National Association, a national banking association, as owner trustee (the “True-up Trust Owner Trustee”), the Depositor, and Cellco, as custodian (the “Custodian”), and various originators from time to time party thereto, as originators and beneficiaries, Cellco, in its capacity as Custodian, hereby authorizes and directs the True-up Trust Owner Trustee to execute and deliver this Amendment as True-up Trust Owner Trustee, on behalf of Verizon DPPA True-up Trust. The Custodian hereby certifies and confirms that (a) it has reviewed and approved of this Amendment and the amendments to the Trust Agreement; (b) that this direction and the action to be taken by the True-up Trust Owner Trustee pursuant to this direction are not contrary to any obligation of the True-up Trust Owner Trustee under, and are consistent with, permitted by and in compliance with the True-up Trust Agreement, and all of the other relevant documents referenced in the True-up Trust Agreement; and (c) the True-up Trust Owner Trustee’s actions in accordance with this Amendment are covered by Section 8.2(a) of the True-up Trust Agreement.

SECTION 13. Electronic Signatures. Each party agrees that this Amendment and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Amendment or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

[Remainder of Page Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of the day and year first written above.

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


	By:	/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
		Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
		Title: Vice President


	VERIZON DPPA TRUE-UP TRUST,
	as Class A Certificateholder


	By: WILMINGTON TRUST, NATIONAL
	ASSOCIATION, not in its individual capacity, but
	solely as True-up Trust Owner Trustee on behalf of
	Verizon DPPA True-up Trust


	By:	/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
		Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
		Title: Vice President

	VERIZON ABS II LLC,
	as Depositor and as Class B Certificateholder


	By:	/s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇
		Name: ▇▇▇ ▇▇▇▇▇▇▇▇▇▇
		Title: Assistant Treasurer





	Solely with respect to Section 12:

	CELLCO PARTNERSHIP d/b/a VERIZON
	WIRELESS,
	as Administrator of Verizon Master Trust and as
	Custodian of Verizon DPPA True-up Trust


	By:	/s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇
		Name: ▇▇▇ ▇▇▇▇▇▇▇▇▇▇
		Title: Assistant Treasurer

	Consented to by:

	ROYAL BANK OF CANADA,
	as Administrative Agent for Loan Series 2021-A and
	Loan Series 2021-B


	By:	/s/ ▇▇▇▇ ▇▇▇▇▇▇▇
		Name: ▇▇▇▇ ▇▇▇▇▇▇▇
		Title: Authorized Signatory

EXHIBIT A

(See attached)

EXECUTION

AMENDED AND RESTATED
TRUST AGREEMENT

between

VERIZON ABS II LLC,
as Depositor

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Owner Trustee

for

VERIZON MASTER TRUST

Dated as of May 25, 2021

(as amended)

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.	2
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.	45
Section 2.8	Title to Trust Property.	5
Section 2.9	Location of Trust	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 and Class R Interests	8
Section 3.4	Mutilated, Destroyed, Lost or Stolen Certificate	1012
Section 3.5	[Reserved].	1013
Section 3.6	Persons Deemed Certificateholders	1013
Section 3.7	Access to List of Certificateholders’ Names and Addresses	1013
Section 3.8	Regarding the Certificate	1113
Section 3.9	Initial Registration of Certificates	1113
Section 3.10	Increases and Decreases in the Class B Certificate Principal Balance and the Beneficial Interest of the Class A Certificate	1114
Section 3.11	Appointment of Certificate Paying Agent	1214
ARTICLE IV APPLICATION OF TRUST PROPERTY		1215
Section 4.1	Application of Trust Property.	1215

-i-

TABLE OF CONTENTS

(continued)

Page

Section 4.2	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	1417
ARTICLE V OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS		1418
Section 5.1	General Authority.	1418
Section 5.2	General Obligations.	1418
Section 5.3	Action Requiring Prior Notice	1519
Section 5.4	Action by the Certificateholders with Respect to Certain Matters	1619
Section 5.5	Action for Bankruptcy	1620
Section 5.6	Action on Administrator’s Instruction	1720
Section 5.7	No Obligations or Actions Except as Stated in Transaction Documents and Other Series Related Documents or Instructions	1721
Section 5.8	Prohibition on Some Actions	1721
Section 5.9	Action Not Required	1721
Section 5.10	Inspection of Owner Trustee; Access to Records	1822
Section 5.11	Furnishing of Documents	1922
Section 5.12	Reporting of Receivables; Reacquisition or Acquisition Demands	1923
Section 5.13	▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act	23
ARTICLE VI OWNER TRUSTEE		1923
Section 6.1	Acceptance of Trusts	1923
Section 6.2	Limitations on Liability	1923
Section 6.3	Reliance; Advice of Counsel; Use of Agents.	2125
Section 6.4	Not Acting in Individual Capacity	2226
Section 6.5	Owner Trustee May Own Credit Extensions	2226
Section 6.6	Owner Trustee’s Representations and Warranties	2226
Section 6.7	Obligation to Update Disclosure	2327
Section 6.8	Anti-Money Laundering	2327
Section 6.9	Persons Deemed Beneficial Owners and Control Parties	2428
ARTICLE VII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE		2428
Section 7.1	Owner Trustee’s Fees and Expenses	2428
Section 7.2	Indemnification of Owner Trustee.	2428

-ii-

TABLE OF CONTENTS

(continued)

Page

Section 7.3	Organizational Expenses of Trust	2529
ARTICLE VIII TERMINATION		2529
Section 8.1	Termination of Trust Agreement and Trust.	2529
ARTICLE IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES		2630
Section 9.1	Eligibility Requirements for Owner Trustee.	2630
Section 9.2	Resignation or Removal of Owner Trustee.	2731
Section 9.3	Successor Owner Trustee.	2731
Section 9.4	Merger or Consolidation; Transfer of Assets	2832
Section 9.5	Appointment of Separate Trustee or Co-Trustee.	2832
Section 9.6	Compliance with Delaware Statutory Trust Act	2933
ARTICLE X OTHER AGREEMENTS		3033
Section 10.1	Limitation on Rights of Others	3033
Section 10.2	No Petition	3034
Section 10.3	Restrictions on the Certificateholders’ Power	3034
Section 10.4	Class A Certificateholder Controls	3034
Section 10.5	Optional Redemption of Notes	3034
ARTICLE XI MISCELLANEOUS		3134
Section 11.1	Amendments.	3134
Section 11.2	Benefit of Agreement	3336
Section 11.3	Notices.	3337
Section 11.4	GOVERNING LAW	3337
Section 11.5	Exclusive Jurisdiction	3337
Section 11.6	WAIVER OF JURY TRIAL	3437
Section 11.7	Severability	3437
Section 11.8	Headings	3438
Section 11.9	Counterparts	3438
Section 11.10	No Recourse	3438
Section 11.11	Intent of the Parties; Reasonableness	3438
Section 11.12	Electronic Signatures	3538

-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-

THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of May 25, 2021, as amended (this “Agreement”), is between VERIZON ABS II 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 Master Trust (the “Trust”).

BACKGROUND

The parties created the Trust under a Trust Agreement, dated as of February 3, 2021, to engage in financing transactions in which the Trust will make borrowings under Loans or 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 Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, as amended, among Verizon Master Trust, as Trust, Cellco Partnership d/b/a Verizon Wireless, as servicer (in such capacity, the “Servicer”), U.S. Bank National Association, as Master Collateral Agent, and the Creditor Representatives from time to time party thereto (the “Master Collateral Agreement”). Appendix A also contains usage rules that apply to this Agreement. Appendix A is incorporated by reference into this Agreement.

ARTICLE II
ORGANIZATION OF TRUST

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

Section 2.2 Maintenance of Office or Agency. The office of the Trust 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 the other Series Related 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 Master Collateral Agent 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 Trust is, and the Trust will have the power and authority, and is authorized, to engage in the following activities (the “Permitted Activities”):

(i) to acquire Receivables and other Trust Property from time to time under the Transfer and Servicing Agreement from the Depositor and designate such Receivables to Groups;

(ii) to Grant the Collateral to the Master Collateral Agent under the Master Collateral Agreement and, if applicable, to Grant any Group Collateral that relates solely to an Indenture Series to the Indenture Trustee for such Series;

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

(iv) to engage in Trust Financings and incur indebtedness pursuant to, and in accordance with, the Transaction Documents and the other Series Related Documents from time to time, including to issue Notes under the Indenture for any Indenture Series;

(v) to facilitate the sale of Notes;

(vi) to issue the Certificates under this Agreement;

(vii) to administer and manage the Trust Property, including selling Receivables as permitted by the Transaction Documents;

(viii) to make payments to the Creditors and distributions to the Certificateholders and the holder of any Class R Interest of a Series, if applicable; and

(ix) 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 Trust will not engage in any activity other than as required or authorized by this Agreement, the other Transaction Documents or the other Series Related Documents.

(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 or the other Series Related 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);

(v) 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, file or cause to be filed its own tax returns, if any, as may be required under applicable Law, 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 Trust indicate that the assets of the Trust 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 Trust 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;

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

(xix) not purchase any asset (or make any investment, by share purchase, loan or otherwise) except as permitted by the Transaction Documents or the other Series Related 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 5.5(d) of the Master Collateral Agreement; 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 Trust to have all the rights, powers and obligations in this Agreement.

Section 2.5 Contribution and Transfer of Trust Property. As of the date of the formation of the Trust, the Depositor contributed to the Owner Trustee, and the Owner Trustee acknowledged receipt of, the amount of $1, which was the initial Trust Property. Upon the formation of the Trust by the contribution by the Depositor pursuant to this Section 2.5 and until the issuance of the Certificates, the Depositor was the sole beneficiary of the Trust. On the date of this Agreement, the Depositor transferred to the Trust the Initial Trust Property in exchange for the Receivables Cash Transfer Amount and the 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 Trust and deposit amounts into the Collection 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 Trust under the Transaction Documents and the other Series Related Documents. The parties intend that the Trust 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 Trust and engaging in Permitted Activities. The parties intend that the activities of the Trust 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 Trust, solely by reason of it being a Certificateholder.

(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 Trust’s debts, obligations or liabilities.

Section 2.8 Title to Trust Property.

(a) Title Vested in Trust. Legal title to the Trust Property will be vested in the Trust 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 Trust, 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 Trust. The Trust will be administered in the State of Delaware. Bank accounts maintained by the Owner Trustee on behalf of the Trust will be located in the State of Delaware. The Trust 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 Trust will only receive payments in or make payments from the State of Delaware or the State in which the Master Collateral Agent is located. The Trust’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 date of this Agreement:

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

(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 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 for purposes of any tax measured in whole or in part by reference to income): (1) the Trust is to be characterized as a mere security device formed to hold the Receivables and issue Notes and Certificates and to make borrowings under Loans, (2) the Loans and each Class of Notes, other than Notes held beneficially by the Certificateholders or their Affiliates, are intended to be treated as indebtedness, and (3) Notes held beneficially by the Certificateholders or their Affiliates shall be treated as not outstanding. The Depositor, Cellco and the Certificateholders agree, and the Creditors by acceptance of their Credit Extensions will agree in the related Trust Financing Agreement, 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 Trust, 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 Trust, as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation Section 1.6049-7), including by 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 Trust to elect, and no Certificateholder will elect or permit an election to be made, to treat the Trust as an association taxable as a corporation for U.S. federal income tax purposes under Treasury Regulation §301.7701-3. If the Trust 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 Trust, 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 Trust’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 Trust, shall be executed on behalf of the Trust 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 Trust, shall be valid and binding obligations of the Trust, 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 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) equal to the Transferor’s Allocation on any Payment Date, (ii) not needed on a Payment Date, or any other date specified in the related Series Related Documents, to pay the Credit Extensions and the Trust’s other obligations under the Transaction Documents and any other Series Related Documents to the extent specified in the related Trust Financing Agreement for a Series, (iii) received in respect of investment earnings on amounts held in the Collection Account or any Series Accounts and (iv) owing or to be distributed under the Transaction Documents and the other Series Related Documents to the Certificateholders on the termination of the Trust.

Section 3.2 Execution, Authentication and Delivery of Certificates. On the date of this Agreement, the Owner Trustee caused to be executed, authenticated and delivered, on behalf of the Trust 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 Trust hereunder.

Section 3.3 Registration of Transfer and Exchange of Certificates and Class R Interests. In the event that all Series are in an Amortization Period, any Certificateholder will be permitted to sell, transfer, assign or convey its Certificate if the following conditions are satisfied:

(a) The Trust 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, and, if issued by a Series, of the holder of the Class R Interest and transfers of any such Class R Interest. For any Series, the related Trust Financing Agreement will name the initial holder of the related Class R Interest. If the Trust Registrar resigns, the Administrator, on behalf of the Trust, 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 2.2, 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 any Class R Interest and of transfers and exchanges of Certificates as herein

provided and of any Class R Interest as provided in the Trust Financing Agreement for the related Series.

(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 2.2, 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 2.2. 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 (as defined below), 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 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 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 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.

(g) Transfers of Class R Interests.

(1) For all taxable periods in which a Class R Interest is beneficially owned (as determined for U.S. federal income tax purposes) by the True-Up Trust, the Depositor, or any Affiliate thereof, beneficial ownership of such Class R Interest may be transferred (as determined for U.S. federal income tax purposes) only upon foreclosure of, or otherwise to satisfy any obligations under, any financing, repurchase, or other lending transaction in respect of such Class R Interest to the lender, counterparty or other financing provider thereof, which lender, counterparty or other financing provider, and which transfer, must satisfy the requirements of this subparagraph (g)(2) – (7).

(2) Any holder of a Class R Interest (as determined for U.S. federal income tax purposes) other than the True Up Trust, the Depositor, or any Affiliate thereof, will be permitted to sell, transfer, assign or convey its Class R Interest (for U.S. federal income tax purposes) only if the following conditions are satisfied:

(i) the transferee of such Class R Interest shall have delivered a representation letter substantially in the form of Exhibit C (mutatis mutandis) to the effect that:

such transferee is not acquiring and will not hold the Class R Interests 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;

(ii) the transferee of such Class R Interest shall have delivered a representation letter to the effect that it is (i) an “accredited investor” (within the meaning of Rule 501(a)(1) of Regulation D under the Securities Act), (ii) it understands and agrees that the Class R Interest has not been and will not be registered or qualified under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and the sale of the Class R Interest (or any interest therein) to the transferee is being made in reliance on an exemption from registration under the Securities Act, and may be reoffered, resold or pledged or otherwise transferred only to (A) a Person whom the transferee reasonably believes is an “accredited investor” (within the meaning of Rule 501(a)(1) of Regulation D under the Securities Act) purchasing for its own account or for the account of another such accredited investor as to which the transferee exercises sole investment discretion in a transaction meeting the requirements of Rule 144A under the Securities Act, and (B) in accordance with all applicable securities laws of the states of the United States, (iii) it is not purchasing the Class R Interest with a view to offer, transfer, assign, participate, pledge or otherwise dispose of the Class R Interest in connection with any distribution of the Class R Interest that would violate the Securities Act and (iv) the transferee understands and agrees that any purported transfer of the Class R Interest (or any interest therein) to a Person that does not comply with the requirements of this section shall be null and void ab initio; and

(iii) the transferor of such Class R Interest shall have delivered a representation letter from the transferor of such Class R Interest (mutatis mutandis) substantially in the form of Exhibit D.

(3) Notwithstanding anything else to the contrary herein, any purported transfer of a Class R Interest 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.

(4) 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 Class R Interest that is in fact not permitted by this Section 3.3(g) or for making any payments due on such Class R Interest to the holder thereof or taking any other action with respect to such Class R Interest

under the provisions of this Agreement or any Trust Financing Agreement so long as the transfer was registered by the Trust Registrar or the Owner Trustee in accordance with the foregoing requirements.

(5) The provisions of Section 3.3(c) and Section 3.3(e) shall apply to transfers of Class R Interests mutatis mutandis.

(6) If at any time the Trust is (or, by reason of any transfer of a Class R Interest, would be) treated as a partnership for U.S. federal income tax purposes, there may only be ninety-five (95) holders of the Class R Interest (as determined for U.S. federal income tax purposes within the meaning of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations). Any transfer of a Class R Interest at a time when the Trust is (or by reason of such transfer, would be) treated as a partnership for U.S. federal income tax purposes, that would cause the number of Class R Interest Holders (as defined in the related Trust Financing Agreement) (as determined for U.S. federal income tax purposes within the meaning of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations) to exceed ninety-five (95) shall be null and void ab initio.

(7) If at any time the Trust is (or, by reason of a transfer of a Class R Interest, would be) treated as a partnership for U.S. federal income tax purposes, each holder of a Class R Interest represents, acknowledges and agrees that (A) either (I) it is not and will not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing) (each such entity a “Flow-Through Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever will have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Class R Interest, other equity interest (direct or indirect) in the Trust, or any equity interest created under the related Trust Financing Agreement and (y) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Class R Interest to permit the Trust, if treated as a partnership, to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary not to be classified as a publicly traded partnership under the Code, (B) it will not sell, assign, transfer, pledge or otherwise convey any participating interest in any Class R Interest or any financial instrument or contract the value of which is determined by reference in whole or in part to any Class R Interest, and (C) it is not acquiring and will not sell, transfer, assign, participate, pledge or otherwise dispose of any Class R Interest(s) (or interest therein) or cause any Class R Interest(s) (or interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b) of the Code, including, without limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations.

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 Trust 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 Trust, 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 three or more Certificateholders or 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 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 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 Trust, 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, was issued in the form of a typewritten Certificate representing a fully registered, definitive trust certificate and was registered in the name of “Verizon DPPA True-up Trust,” (the “True-up Trust”) as the initial registered owner thereof. The Class B Certificate, upon original issuance, was issued in the form of a typewritten Certificate representing a fully registered, definitive trust certificate and was registered in the name of “Verizon ABS II LLC,” as the initial registered owner thereof.

Section 3.10 Increases and Decreases in the Class B Certificate Principal Balance and the Beneficial Interest of the Class A Certificate. Subject to the terms and conditions of this Agreement, the Transfer and Servicing Agreement, the Originator Receivables Transfer Agreement and any Additional Transferor Receivables Transfer Agreement, on any Acquisition Date on which (i) the Depositor acquires Receivables from any Originators or any Additional Transferor and the Trust subsequently acquires such Receivables from the Depositor, and (ii) the Receivables Cash Transfer Amount for such Acquisition Date is less than the Receivables Transfer Amount set forth in the Acquisition Notice delivered for such Acquisition Date, the Administrator, on behalf of the Trust, will increase the Class B Certificate Principal Balance on such Acquisition Date in an amount equal to the excess of the Receivables Transfer Amount over the Receivables Cash Transfer Amount, as set forth in Section 2.1(a) of the Transfer and Servicing Agreement, as partial consideration for the transfer and assignment by the Depositor to the Trust of the Receivables 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 and/or the related Additional Transferor, as applicable, to the Depositor of the Receivables for such Acquisition Date, as set forth in Section 2.2 of the Originator Receivables Transfer Agreement and Section 2.2 of each Additional Transferor Receivables Transfer Agreement, which will result in an increase in the value of the beneficial interest in the Trust 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 Acquisition Notice attached as Exhibit A to the Originator Receivables Transfer Agreement or any Additional Transferor Receivables Transfer Agreement.

Section 3.11 Appointment of Certificate Paying Agent. The Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account and each Series 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 and each Series 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 Trust, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Administrator, on behalf of the Trust, 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 Accounts. 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 Trust 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. With respect to each Series, the Owner Trustee, for the benefit of the Certificateholders, shall also establish and maintain (or shall cause to be established and maintained) in the name of the Trust a non-interest bearing trust account (each, a “Series Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders solely with respect to the related Series. The Trust shall possess all right, title and interest in funds on deposit from time to time in the Certificate Distribution Account and each Series Certificate Distribution Account and in the proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account and each Series 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 and each Series Certificate Distribution Account are not then held by the Owner Trustee or an Affiliate thereof)

shall cause the Certificate Distribution Account and each Series Certificate Distribution Account to be moved to a Qualified Institution and shall transfer any cash to such new Certificate Distribution Account or Series Certificate Distribution Account(s), as applicable. All amounts held in the Certificate Distribution Account or in any Series Certificate Distribution Account will not be invested.

(b) Distributions Under Trust Financing Agreements; Method of Payment. Before the satisfaction and discharge of the Master Collateral Agreement, all distributions of Trust Property will be allocated in accordance with Section 9.4 of the Master Collateral Agreement and will be distributed on each Payment Date to the Certificateholders pursuant to the priorities listed below. In addition, on each Payment Date, (i) amounts equal to the Transferor’s Allocation on any Payment Date, (ii) investment earnings on amounts held in the Collection Account and (iii) amounts owed or to be distributed under the Transaction Documents and the other Series Related Documents to the Certificateholders on the termination of the Trust 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.

The Owner Trustee shall distribute from the Certificate Distribution Account in the priorities set forth above amounts equal to the Transferor’s Allocation on any Payment Date in accordance with instructions provided by the Servicer to the Owner Trustee (which may be based on the information included in the most recent Monthly Investor Report) at least two (2) Business Days before the related Payment Date.

In addition, on or prior to one (1) Business Day following each Payment Date, with respect to any Series, investment earnings on amounts held in any Series Accounts that have been deposited into the Certificate Distribution Account shall be transferred to the Series Certificate Distribution Account related to the Series to which such Series Accounts relate in accordance with instructions provided by the Servicer to the Owner Trustee (which may be based on the information included in the most recent Monthly Investor Report) (the “Transferred Earnings”) at least two (2) Business Days before the related Payment Date. The Owner Trustee shall be entitled to conclusively and exclusively rely upon such instructions without further inquiry when dealing with the Transferred Earnings. With respect to any Series, (x) amounts, if any, distributed to the Equityholder or in respect of the Certificates or any Class R Interest for such Series on any Payment Date and (y) amounts not needed on a Payment Date, or any other date specified in the related Series Related Documents, to pay the Credit Extensions and the Trust’s other obligations under the Transaction Documents and any other Series Related Documents, in each case, to the extent specified in the related Trust Financing Agreement for a Series, will be deposited into the applicable Series Certificate Distribution Account by the applicable Paying Agent. On (i) each Payment Date, with respect to any Series, amounts, if any, deposited into the applicable Series Certificate Distribution Account pursuant to the immediately preceding sentence with respect to such Payment Date and (ii) or prior to one (1) Business Day following each Payment Date all investment earnings on amounts held in any Series Accounts, including

all Transferred Earnings held in the related Series Certificate Distribution Account, 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, upon request and within a reasonable time after such request is made, 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 Owner Trustee may satisfy this requirement by posting the Monthly Investor Report to the Owner Trustee website at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. 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 the Master Collateral Agreement. Following the satisfaction and discharge of the Master Collateral Agreement and after all amounts due and payable to the Owner Trustee pursuant to Sections 7.1 and 7.2 hereof and not previously paid 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 Trust’s payments (or allocations of income) to the Certificateholders made by the Owner Trustee, that tax will reduce the amount distributable to the Certificateholders. 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 Trust. The Owner Trustee may contest the tax and withholding payment of the tax, if permitted by Law, pending the outcome of such contest. The amount of withholding tax imposed on the Certificateholders will be treated as cash distributed to the Certificateholders at the time it is withheld by the Trust and paid to the applicable 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 so cooperating.

Section 4.2 Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator will (a) maintain (or cause to be maintained) the books of the Trust 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 Schedules K-1, K-2 or K-3, as applicable, to an IRS Tax Form 1065, if the Trust 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 Trust treated as a corporation for federal, state or local income, franchise or other tax purposes (including any tax measured in whole or in part by reference to income).

ARTICLE V
OWNER TRUSTEE’S AUTHORITY AND OBLIGATIONS

Section 5.1 General Authority.

(a) Execution of Transaction Documents and Other Series Related Documents; Direction to Master Collateral Agent. The Owner Trustee is authorized and directed, on behalf of the Trust, to execute and deliver the Transaction Documents and the other Series Related Documents to which the Trust is a party and the other documents required to be delivered on any Closing Date by the Trust under the Transaction Documents and the other Series Related Documents.

(b) Actions under Transaction Documents and Other Series Related Documents. The Owner Trustee is authorized, but not obligated, to take all actions required of the Trust under the Transaction Documents and the other Series Related Documents and is authorized to take actions on behalf of the Trust, if permitted by the Transaction Documents or the other Series Related Documents, that the Servicer or the Administrator directs, except if this Agreement requires the consent of Creditors or the Certificateholders for the action. In addition, the Administrator is authorized to take actions on behalf of the Trust, if permitted by the Transaction Documents and the other Series Related Documents, according to this Agreement and the Administration Agreement.

Section 5.2 General Obligations.

(a) Obligations Under Transaction Documents and Other Series Related Documents. Subject to Section 5.3, the Owner Trustee will perform the obligations of the Owner Trustee under this Agreement, the Transaction Documents and the other Series Related Documents to which the Trust is a party. The Owner Trustee will administer the Trust in the interest of the Certificateholders, subject to the Lien of the Master Collateral Agent and the Lien of any Indenture Trustee and according to the Transaction Documents and the other Series Related 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 Master Collateral Agent, the Lien of any Indenture Trustee or pursuant to any Series Related Documents) on the Trust Property

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 and the other Series Related Documents if the Administrator is required in the Administration Agreement to perform the obligations of the Owner Trustee or the Trust. 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, at least thirty (30) days before taking any such action, shall notify the Certificateholders and the Administrator (who will notify the Rating Agencies, if any, and the Creditor Representatives (who will notify the Creditors)) of the proposed action. The Owner Trustee shall not take such action if either (a) the Majority Creditor Representatives or their representative (or, with respect to clause (iv) below, the Creditor Representative for the Creditors required to consent) or (b) the Class A Certificateholder has notified the Owner Trustee before the thirtieth (30th) day after receiving notice pursuant to this Section 5.3 that the Majority Creditor Representatives (or, with respect to clause (iv) below, the Creditor Representative on behalf of the requisite percentage of Creditors required to consent) or the Class A Certificateholder, as applicable, have withheld consent or given alternative direction:

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

(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 Creditors or the Equity Interest;

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

(iv) the amendment of any Trust Financing Agreement in circumstances where the consent of any related Creditors is required pursuant to the express terms thereof;

(v) the amendment of any Trust Financing Agreement in circumstances where the consent of any related Creditor is not required pursuant to the express terms thereof;

(vi) (i) the appointment pursuant to this Agreement of a successor Trust Registrar or (ii) any consent by the Master Collateral Agent, Trust Registrar or any Note or similar registrar under a Trust Financing Agreement, to the assignment of its respective obligations under the Master Collateral Agreement, this Agreement or the related Trust Financing Agreement, as applicable;

(vii) the amendment of the Transfer and Servicing Agreement in circumstances where the consent of Majority Creditor Representatives of each Group adversely affected thereby is required pursuant to the express terms thereof; or

(viii) directing the Administrator to take any of the actions described in this Section 5.3 above.

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 and the other Series Related Documents, transfer any Receivables, including after the termination of all Outstanding Credit Extensions. 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 and the other Series Related Documents, that the Class A Certificateholder directs, subject to the consent of the Creditors, if such consent is required pursuant to the express terms of the Transaction Documents or the other Series Related Documents.

Section 5.5 Action for Bankruptcy. The Trust 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 Trust as bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (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 Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property, (v) make any assignment for the benefit of the Trust’s creditors, (vi) cause the Trust 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 Trust, the Owner Trustee and the Certificateholders shall consider the interests of the Creditors in addition to the interests of the Trust and whether the Trust is insolvent. The Owner Trustee shall have no duty to give such written consent to the Bankruptcy Action by the Trust 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 Trust is then insolvent. The Owner Trustee shall not be personally liable to any Creditor or Certificateholder on account of the Owner Trustee’s good faith reliance on the provisions of this Section 5.5 and no Creditor 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 or other Series Related Document, (b) a term of a Transaction Document or other Series Related 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 or other Series Related 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.

Section 5.7 No Obligations or Actions Except as Stated in Transaction Documents and Other Series Related 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 Trust and the Owner Trustee under this Agreement, the other Transaction Documents and the other Series Related 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 or other Series Related Document will not be interpreted as an obligation. There are no implied obligations of the Owner Trustee under the Transaction Documents or the other Series Related 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 Trust 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 any Credit Extensions not to be treated as indebtedness for U.S. federal or Applicable Tax State income, franchise and other tax purposes (including for purposes of any tax measured in whole or in part by reference to income), (ii) be deemed to cause a sale or exchange of Credit Extensions 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 Trust or any part of the Trust to be treated as an association (or publicly traded partnership) in either case taxable as a corporation for U.S. federal income tax or for state and local income, franchise and other tax purposes (including for purposes of any tax measured in whole or in part by reference to income), 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 Trust to be an association (or publicly traded partnership) in either case taxable as a corporation for U.S. federal income tax or for state and local income, franchise and other tax purposes (including for purposes of any tax measured in whole or in part by reference to income).

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 or other Series Related 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 other Series Related 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 or other Series Related 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 ▇▇▇▇ granted to it under this Agreement or to prepare or file a Commission filing for the Trust or to record a Transaction Document or other Series Related Documents.

(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 Trust, 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 Trust under the Transaction Documents and the other Series Related 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 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 and the other Series Related 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, Creditor 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 and the other Series Related Documents, including any requests received by the Owner Trustee from a Public Noteholder to communicate with other Creditors and any Review Reports received from the Asset Representations Reviewer.

Section 5.12 Reporting of Receivables; Reacquisition or Acquisition Demands. The Owner Trustee will (a) notify the Sponsor, the Administrator, the Depositor and the Servicer, as 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 Trust) for the reacquisition or acquisition, as applicable, of any Receivable under Section 3.4 or 4.6 of the Originator Receivables Transfer Agreement, Section 2.5 or 2.7 of the Transfer and Servicing Agreement or Section 3.4 or 4.7 of any Additional Transferor Receivables Transfer 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 Trust will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act.

Section 5.13 ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act. The Owner Trustee will not be required to execute, deliver or certify on behalf of the Trust, the Servicer, the Depositor or the Sponsor any filings, certificates or other documents required by the Commission or required under the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002 in connection with the Transaction Documents or any other Series Related 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 Trust.

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 or the other Series Related 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 date of this Agreement:

(i) the Owner Trustee will not be liable for any action taken or not taken by it (A) according to the instructions of the Majority Creditor Representatives, any Indenture Trustee, the Master Collateral Agent, 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;

(ii) the Owner Trustee will not be liable for indebtedness evidenced by or created under the Transaction Documents or the other Series Related Documents, including the principal of or interest on the Credit Extensions 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 the other Series Related Documents or any related documents, (E) the legality, validity and enforceability of the Certificates or any Credit Extensions, (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 Creditors under the Trust Financing Agreements or distributions to the Certificateholders under this Agreement or (H) the accuracy of a representation or warranty made under a Transaction Document or other Series Related Documents (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 Trust with any covenant or the breach by the Trust 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 Asset Representations Reviewer or the Master Collateral Agent under the Transaction Documents or the other Series Related Documents or for any action taken by the Master Collateral Agent, 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 Trust, the Servicer, the Master Collateral Agent, 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 any Notes or the borrowings under any Loans, (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 Credit Extensions of any of the Credit Extensions or of the proceeds of such Credit Extensions, 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 and the other Series Related 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 or the other Series Related 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 and the other Series Related 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 or other Series Related Document will look only to the Trust Property for payment or satisfaction of that claim.

Section 6.5 Owner Trustee May Own Credit Extensions. Wilmington Trust, National Association, in its individual or another capacity, may become the owner or pledgee of Credit Extensions and may deal with the Depositor, the Certificateholder, the Servicer, the Administrator and the Master Collateral Agent 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 represented and warranted to the Depositor and for the benefit of the Certificateholders as of the date of this Agreement:

(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 any Credit Extensions or the completion of the transactions contemplated by the Transaction Documents and any other Series Related 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).

(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 Public 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, the “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 was required to obtain on or before the Closing Date and is required to obtain 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 Certificateholder owning twenty-five percent (25%) or more of the beneficial interest in the Trust is and shall be deemed to be the beneficial owners of the Trust 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 Trust.

ARTICLE VII
COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

Section 7.1 Owner Trustee’s Fees and Expenses. The Trust will pay the Owner Trustee as compensation for performing its obligations under this Agreement the Owner Trustee Fee. The Trust will reimburse the Owner Trustee for its reasonable expenses in performing its obligations under this Agreement, the other Transaction Documents and the other Series Related 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). All such amounts will be paid to the Owner Trustee as set forth in the Transaction Documents and other Series Related Documents.

Section 7.2 Indemnification of Owner Trustee.

(a) Indemnification. The Trust 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, the other Transaction Documents and the other Series Related 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 Trust), 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. All such amounts will be paid to the Owner Trustee as set forth in the Transaction Documents and other Series Related Documents.

(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 Trust and the Administrator of the Proceeding. The Trust may participate in and assume the defense and settlement of a Proceeding at its expense. If the Trust 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 Trust assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Trust will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Trust and an Indemnified Person. If there is a conflict, the Trust 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 Trust and the Indemnified Person, which approval will not be unreasonably withheld.

(c) Survival of Obligations. The obligations of the Trust 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 Trust 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 Trust.

Section 7.3 Organizational Expenses of Trust. The Depositor will, or will cause the Administrator to, pay the organizational fees and expenses of the Trust.

ARTICLE VIII
TERMINATION

Section 8.1 Termination of Trust Agreement and Trust.

(a) Termination of Trust Agreement and Trust. The Trust will dissolve, on the later to occur of (i) the final distribution by the Owner Trustee of all Trust Property according to the Master Collateral Agreement, the Transfer and Servicing Agreement and Article IV of this Agreement, and (ii) the satisfaction and discharge of each Trust Financing Agreement in

accordance with its terms. An Insolvency Event, liquidation or dissolution of any Certificateholder will not (A) operate to terminate this Agreement or the Trust, (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 Trust or the Trust Property or (C) affect the rights, powers, obligations and liabilities of the parties to this Agreement. On dissolution of the Trust, the Administrator will wind up the activities and affairs of the Trust as required by Section 3808 of the Delaware Statutory Trust Act.

(b) Notice of Dissolution. Notice of any dissolution of the Trust, 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 after 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 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 Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor (subject to applicable escheatment laws).

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

(e) Trust Property; Certificate of Cancellation. On dissolution of the Trust, 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 Fitch, ▇▇▇▇▇’▇ and S&P. 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.

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.

(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 Master Collateral Agent and the Rating Agencies, if any, 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 Trust will 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 Master Collateral Agent, the Creditors, the Certificateholders and the Rating Agencies, if any, 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 Trust

and the Administrator (who will notify the Rating Agencies, if any) 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 Trust, 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;

(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

▇▇▇▇▇▇ will be vested in and may be exercised by the Owner Trustee, if permitted by ▇▇▇, without the appointment of a new or successor trustee.

Section 9.6 Compliance with Delaware Statutory Trust Act. The Trust 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 Master Collateral Agent and each Certificateholder and Creditor 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 Trust or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust 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 Trust 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 Trust or the Depositor, in connection with any obligations relating to the Credit Extensions, the Certificates, this Agreement or any of the Transaction Documents or other Series Related 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 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 Trust or of the Owner Trustee under any of the Transaction Documents or other Series Related 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 Redemption of Notes. If permitted under the terms of the Indenture for any Indenture Series, on and after the date set forth in such Indenture for the related Indenture Series, the Class A Certificateholder, with the consent of the Administrator, on behalf

of the Trust, shall have the option to redeem the Notes of such Indenture Series, in whole but not in part, pursuant to and in accordance with the terms set forth in the applicable Indenture.

ARTICLE XI
MISCELLANEOUS

Section 11.1 Amendments.

(a) Amendments to Clarify and Correct Errors and Defects. The parties may amend this Agreement, without the consent of any Creditor Representatives, Creditors or Certificateholders, for the purposes of (i) curing any ambiguity, correcting an error or correcting or supplementing any provision of this Agreement that may be defective or inconsistent with the other terms of this Agreement or (ii) evidencing the acceptance of the appointment under this Agreement by a successor owner trustee, and to add to or change this Agreement as necessary to facilitate the administration of the trusts under this Agreement by more than one owner trustee.

(b) Other Amendments. Other than as set forth in Section 11.1(c), the parties may also amend this Agreement, with the consent of the Certificateholders but without the consent of any Creditor Representatives or Creditors, for the purpose of adding any provisions to, or changing in any manner or eliminating any provisions of, this Agreement or modifying in any manner the rights of the Creditors under this Agreement if (x) the Trust or the Administrator delivers an Officer’s Certificate to the Master Collateral Agent and the Owner Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that such amendment will not have a material adverse effect on the interest of any Creditor or (y) the Rating Agency Condition has been satisfied for all Credit Extensions then rated by a Rating Agency with respect to such amendment.

(c) Amendments Requiring Consent of Creditors and Certificateholders. This Agreement may also be amended from time to time by the parties hereto, with the consent of the Certificateholders and the Majority Creditor Representatives of each Group adversely affected thereby, with prior written notice to the applicable Rating Agencies (if any Credit Extensions of an affected Group are then rated by such Rating Agency), 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 Certificateholders or Creditors under this Agreement. No amendment to this Agreement, without the consent of the Certificateholders and each Creditor Representative representing each Series in each Group adversely affected by the amendment, will modify the percentage of Creditor Representatives or Creditors, or the percentage interest of Certificates, required to consent to any action.

It shall not be necessary for the consent of the Certificateholders, the Creditors, any Creditor Representatives or the Master Collateral Agent 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 Creditor (acting through its Creditor Representative) consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor and any Creditor

Representative consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor Representative or its Creditors.

(d) Master Collateral Agent Consent. The consent of the Master Collateral Agent will be required for any amendment under Sections 11.1(b) or (c) that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of the Master Collateral Agent.

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

(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 or other Series Related Document to which the Trust 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 the other applicable Series Related Documents and that all conditions precedent to the execution and delivery of the amendment by the Trust or the Owner Trustee have been satisfied.

(i) Creditor Consent. For any amendment to this Agreement or any other Transaction Document or other Series Related Document requiring the consent of the Creditors or the Majority Creditor Representatives, the Owner Trustee will notify the Creditor Representatives to obtain the consent of the Creditors and follow its reasonable procedures to obtain consent. The manner of obtaining any consents of Certificateholders provided for in this Agreement or in any other Transaction Document or other Series Related 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.

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

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

Section 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 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;

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

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

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

Section 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 Trust, 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 Trust 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 Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, Cellco (in any capacity), the Class A Certificateholder, the Administrator, the Parent Support Provider, the Owner Trustee, the Master Collateral Agent 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, the Transaction Documents or the other Series Related 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.

Section 11.12 Electronic Signatures. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

[Remainder of Page Left Blank]

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

	VERIZON ABS II LLC,
	as Depositor

	By:
	Name:
	Title:





	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Owner Trustee

	By:
	Name:
	Title:

Exhibit A

Form of Certificate of Trust of
Verizon Master Trust

This Certificate of Trust of Verizon Master Trust (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 Master Trust.

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, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attn: Corporate Trust Administration.

3. Effective Date. This Certificate of Trust will be effective upon 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), THE TRUE-UP TRUST 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. TAX PERSON AS DEFINED IN THE TRUST AGREEMENT OR (ii) WHO HOLDS ON BEHALF OF ONE OR MORE BENEFICIAL OWNERS (AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES) NONE OF WHOM IS A NON-U.S. TAX PERSON AS DEFINED IN THE TRUST AGREEMENT. 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. TAX PERSON AS DEFINED IN THE TRUST AGREEMENT. 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 TRUST, 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

B-1-1

SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

NUMBER R‑1

VERIZON MASTER TRUST

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 Master Trust (the “Trust”) formed by Verizon ABS II LLC.

The Trust was created pursuant to a Trust Agreement, dated as of February 3, 2021 (as amended and supplemented, including the Amended and Restated Trust Agreement dated as of May 25, 2021, the “Trust Agreement”), between Verizon ABS II LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attn: Corporate Trust Administration, 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 herein and not otherwise defined have the meanings ascribed thereto in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among Verizon Master Trust, as Trust, Cellco Partnership d/b/a Verizon Wireless, as Servicer, U.S. Bank National Association, as Master Collateral Agent, and the Creditor Representatives from time to time party thereto.

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 Trust may be entered into from time to time. 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 Trust includes a revolving pool of device payment plan agreements (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 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 Trust is to be characterized as a mere security device formed to hold the Trust Property, issue Notes and make borrowings under Loans. 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 Trust as a mere security device formed to hold the Trust Property securing the Credit Extensions for such tax purposes.

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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 Trust Financing Agreements and the Trust Agreement.

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 Creditors, as and to the extent described in the Transfer and Servicing Agreement and the Master Collateral Agreement.

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 Trust, or join in any institution against the Depositor or the Trust 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 Credit Extensions, 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 or facsimile signature, this Class A Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement, the Trust Financing Agreements 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.

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

	VERIZON MASTER TRUST


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


	By:	_________________________________

	Authorized Signatory

Dated: May 25, 2021

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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

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(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 Trust 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 Master Collateral Agent 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 and the other Series Related 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 and other Series Related Documents. A copy of each of the Transaction Documents and the other Series Related 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 Trust 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, (x) without the consent of any Creditor Representatives, Creditors or Certificateholders, for the purposes of (i) curing any ambiguity, correcting an error or correcting or supplementing any provision of the Trust Agreement or (ii) evidencing the acceptance of the appointment under the Trust Agreement by a successor owner trustee, and to add to or change the Trust Agreement as necessary to facilitate the administration of the trusts under the Trust Agreement by more than one owner trustee or, (y) with the consent of the Certificateholders, but without the consent of any Creditor Representatives or Creditors, for the purpose of adding any provisions to, or changing in any manner or eliminating any provisions of, the Trust Agreement or of modifying in any manner the rights of the Creditors under the Trust Agreement; provided, that either (i) an Officer’s Certificate has been delivered to the Owner Trustee and the Indenture Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that such the amendment will not have a material adverse effect on the interest of any Creditor or (ii) the Rating Agency Condition has been satisfied for all Credit Extensions then rated by a Rating Agency with respect to such amendment.

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No amendment under Section 11.1 of the Trust Agreement, without the consent of the Certificateholders and each Creditor Representative representing each Series in each Group adversely affected by the amendment, will modify the percentage of Creditor Representatives or Creditors, or the percentage interest of Certificates, required to consent to any action.

The obligations and responsibilities created by the Trust Agreement and the Trust 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 each Trust Financing Agreement and the disposition of all Trust Property.

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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.

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Exhibit B-2

FORM OF CLASS B CERTIFICATE

B-2-1

NUMBER R‑1

Initial Class B Certificate Principal Balance: $0

VERIZON MASTER TRUST

VARIABLE FUNDING CERTIFICATE

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

The Trust was created pursuant to a Trust Agreement, dated as of February 3, 2021 (as amended and supplemented, including the Amended and Restated Trust Agreement dated as of May 25, 2021, the “Trust Agreement”), between Verizon ABS II 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 herein and not otherwise defined have the meanings ascribed thereto in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among Verizon Master Trust, as Trust, Cellco Partnership d/b/a Verizon Wireless, as Servicer, U.S. Bank National Association, as Master Collateral Agent, and the Creditor Representatives from time to time party thereto.

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 Trust may be entered into from time to time. 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 Master Collateral Agreement, as applicable.

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 Trust is to be characterized as a mere security device formed to hold the Trust Property and issue Notes and make borrowings under Loans. Each Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate, agrees to

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treat, and to take no action inconsistent with the treatment of, the Trust as a mere security device formed to hold the Trust Property securing the Credit Extensions for such tax purposes.

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 Creditors, as and to the extent described in the Transfer and Servicing Agreement and the Master Collateral Agreement.

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 Trust, or join in any institution against the Depositor or the Trust 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 Credit Extensions, 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 or facsimile signature, this Class B Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement, the Trust Financing Agreements 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.

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

	VERIZON MASTER TRUST


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

	By:	_________________________________

	Authorized Signatory

Dated: May 25, 2021

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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

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(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 Trust 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 Master Collateral Agent 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 and the other Series Related 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 Trust 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.

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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:
__________________*/

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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

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Exhibit C

FORM OF TRANSFEREE REPRESENTATION LETTER

Verizon Master Trust

c/o Wilmington Trust, National Association,

not in its individual capacity but solely as Owner Trustee

▇▇▇▇▇▇ Square North, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇

Wilmington, Delaware 19890-1600

Attn: Corporate Trust Administration

Wilmington Trust, National Association,

as Trust Registrar

▇▇▇▇▇▇ Square North, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇

Wilmington, Delaware 19890-1600

Attn: Corporate Trust Administration

Re: Transfer of Verizon Master Trust Class [A][B] Certificates (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 May 25, 2021, as amended (the “Trust Agreement”), between Verizon ABS II LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by [________________] (the “Seller”) to the undersigned (the “Purchaser”) of the Certificates, a copy of which are attached hereto. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms 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 determined 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” determined 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,

(Transferee)

By:   _________________________________
        Name:
        Title:

C-2

Exhibit D

FORM OF TRANSFEROR REPRESENTATION LETTER

Verizon Master Trust

c/o Wilmington Trust, National Association,

not in its individual capacity but solely as Owner Trustee

▇▇▇▇▇▇ Square North, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇

Wilmington, Delaware 19890-1600

Attn: Corporate Trust Administration

Wilmington Trust, National Association,

as Trust Registrar

▇▇▇▇▇▇ Square North, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇

Wilmington, Delaware 19890-1600

Attn: Corporate Trust Administration

Re: Transfer of Verizon Master Trust Class [A][B] Certificates (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 May 25, 2021, as amended (the “Trust Agreement”), between Verizon ABS II LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by [______________________] (the “Transferor”) to [___________] (the “Purchaser”) of the Certificates, a copy of which are attached hereto (the “Transferred Certificates”). Capitalized terms used and not otherwise defined herein have the meanings ascribed thereto 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,

D-1

or would require registration or qualification of any Transferred Certificate pursuant to the Securities Act or any state securities laws.

Very truly yours,

(Transferor)

By:_________________________________
Name:
Title:

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AMENDMENT NO. 2,

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