FORM OF INDENTURE between VERIZON MASTER TRUST, as Trust and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Indenture Trustee and Note Paying Agent Dated as of September 16, 2025 SERIES 2025-7

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1	Usage and Definitions	1
Section 1.2	Incorporation by Reference of Trust Indenture Act	16
ARTICLE II THE NOTES		16
Section 2.1	Form of Notes.	16
Section 2.2	Execution, Authentication and Delivery.	17
Section 2.3	Tax Treatment	17
Section 2.4	Note Register	18
Section 2.5	Registration of Transfer and Exchange.	18
Section 2.6	[Reserved].	19
Section 2.7	Mutilated, Destroyed, Lost or Stolen Notes.	19
Section 2.8	Persons Deemed Owners	20
Section 2.9	Payments on Notes.	20
Section 2.10	Cancellation of Notes	22
Section 2.11	Release of Series 2025-7 Collateral	22
Section 2.12	Book-Entry Notes.	22
Section 2.13	Definitive Notes	23
Section 2.14	Authenticating Agents.	23
Section 2.15	Note Paying Agents.	24
Section 2.16	Determination of Compounded SOFR: Effect of Benchmark Transition Event.	24
ARTICLE III COVENANTS, REPRESENTATIONS AND WARRANTIES		26
Section 3.1	Payment of Principal, Interest and Other Amounts	26
Section 3.2	Maintenance of Office or Agency	27
Section 3.3	Money for Payments To Be Held in Trust.	27
Section 3.4	Existence	28
Section 3.5	Protection of Collateral.	28
Section 3.6	Performance of Obligations.	29
Section 3.7	Negative Covenants	30
Section 3.8	Opinions on Collateral.	30
Section 3.9	Annual Certificate of Compliance	31
Section 3.10	Successor or Transferee	31
Section 3.11	Further Acts and Documents	31

Section 3.12	Review of Trust’s Records	31
Section 3.13	Trust’s Representations and Warranties	32
Section 3.14	Trust’s Representations and Warranties About Security Interest	33
ARTICLE IV SATISFACTION AND DISCHARGE		34
Section 4.1	Satisfaction and Discharge of Indenture.	34
ARTICLE V EVENTS OF DEFAULT; REMEDIES		35
Section 5.1	Events of Default.	35
Section 5.2	Acceleration of Maturity; Rescission.	35
Section 5.3	Collection of Indebtedness by Indenture Trustee.	36
Section 5.4	Trustee May File Proofs of Claim.	36
Section 5.5	Enforcement of Claims Without Possession of Notes.	37
Section 5.6	Remedies; Priorities.	37
Section 5.7	[Reserved].	38
Section 5.8	Limitation on Suits.	38
Section 5.9	Unconditional Rights to Receive Principal and Interest	39
Section 5.10	Restoration of Rights and Remedies	39
Section 5.11	Rights and Remedies Cumulative	39
Section 5.12	Delay or Omission Not a Waiver	39
Section 5.13	Control by Noteholders	39
Section 5.14	Waiver of Potential Defaults and Events of Default.	40
Section 5.15	Agreement to Pay Costs	40
Section 5.16	Waiver of Stay or Extension Laws	41
Section 5.17	Performance and Enforcement of Obligations.	41
ARTICLE VI INDENTURE TRUSTEE		41
Section 6.1	Indenture Trustee’s Obligations.	41
Section 6.2	Indenture Trustee’s Rights.	45
Section 6.3	Indenture Trustee’s Individual Rights	46
Section 6.4	Indenture Trustee’s Disclaimer	46
Section 6.5	Notice of Potential Defaults and Notice of Payment Defaults	46
Section 6.6	Reports by Indenture Trustee.	46
Section 6.7	Compensation and Indemnity.	47
Section 6.8	Resignation or Removal of Indenture Trustee.	48
Section 6.9	Merger or Consolidation; Transfer of Assets.	49

Section 6.10	Appointment of Separate Trustee or Co-Trustee.	50
Section 6.11	Eligibility	51
Section 6.12	Inspections of Indenture Trustee	51
Section 6.13	Indenture Trustee’s Representations and Warranties	51
Section 6.14	Reporting of Receivables Reacquisition and Acquisition Demands	52
Section 6.15	Preferential Collection of Claims Against the Trust	52
ARTICLE VII NOTEHOLDER COMMUNICATIONS AND REPORTS		53
Section 7.1	Noteholder Communications.	53
Section 7.2	Reports by Trust.	54
Section 7.3	Reports by Indenture Trustee.	54
ARTICLE VIII ACCOUNTS, DISTRIBUTIONS AND RELEASES		54
Section 8.1	Collection of Funds	54
Section 8.2	Series 2025-7 Accounts; Distributions.	55
Section 8.3	Series 2025-7 Accounts.	61
Section 8.4	Release of Series 2025-7 Collateral.	62
ARTICLE IX AMENDMENTS		63
Section 9.1	Amendments Without Consent of Noteholders.	63
Section 9.2	Amendments with Consent of Controlling Class.	65
Section 9.3	Execution of Amendments.	66
Section 9.4	Effect of Amendment	66
Section 9.5	Reference in Notes to Supplemental Indentures	66
Section 9.6	[Reserved].	66
Section 9.7	Conformity with TIA	66
ARTICLE X REDEMPTION OF NOTES		66
Section 10.1	Redemption.	66
ARTICLE XI OTHER AGREEMENTS		68
Section 11.1	No Petition	68
Section 11.2	[Reserved].	68
Section 11.3	Trust Orders; Certificates and Opinions.	68
Section 11.4	Acts of Noteholders	69
Section 11.5	Trust Obligation	70
Section 11.6	Conflict with Trust Indenture Act	70
Section 11.7	Regulation RR Risk Retention	70

ARTICLE XII MISCELLANEOUS		71
Section 12.1	Benefits of Indenture; Third-Party Beneficiaries	71
Section 12.2	Notices.	71
Section 12.3	Governing Law	72
Section 12.4	Submission to Jurisdiction	72
Section 12.5	Waiver of Jury Trial	72
Section 12.6	No Waiver; Remedies	72
Section 12.7	Severability	72
Section 12.8	Headings	72
Section 12.9	Counterparts	72
Section 12.10	Customer Identification Program	72
Section 12.11	[Reserved].	73
Section 12.12	Intent of the Parties; Reasonableness	73
Section 12.13	Electronic Signatures	73
Section 12.14	Class R Interest	74
Section 12.15	No Set-off	74
Exhibit A	Form of Notes	A-1
Exhibit B	Servicing Criteria to be Addressed in Assessment of Compliance	B-1

(1)

the applicable compounded average of SOFR for a tenor of 30 days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

(2)

if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for a tenor of 30 days as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY’s Website.

(i)

for each Class of Notes other than the Class A-1b Notes, the excess of (a) the sum of the present value of (x) the amount of all future interest payments that would otherwise accrue on the Note Balance of such Class of Notes from the Redemption Date until the First Par Redemption Date and (y) the principal payment, with each payment under this clause (a) discounted from the First Par Redemption Date to the Redemption Date, monthly on a 30/360 day basis at the Make-Whole Discount Rate over (b) the principal payment; and

(ii)

for the Class A-1b Notes, the excess of (a) the sum of the present value of (x) the amount of all future interest payments that would otherwise accrue on the Note Balance of the Class A-1b Notes at an interest rate of Compounded SOFR applicable to that Payment Date plus the spread applicable to the Class A-1b Notes from the Redemption Date until the First Par Redemption Date and (y) the principal payment, with each payment under this clause (a) discounted from the First Par Redemption Date to the Redemption Date, monthly on an actual/360 day basis at Compounded SOFR applicable to that Payment Date over (b) the principal payment;

(a)

on any Payment Date interest due is not paid on any class of Notes,

(b)

on the fifth Business Day after any Payment Date during the Revolving Period, after giving effect to distributions on such Payment Date, the sum of the amount on deposit in the Reserve Account plus, if a Letter of Credit has been issued for the benefit of the Notes, the amount available under the Letter of Credit, is less than the Required Reserve Amount,

(c)

as of the Anticipated Redemption Date, the Trust has not redeemed the Notes,

(d)

as of any Payment Date, a Pool Balance Deficit exists with respect to Group 1 after giving effect to distributions on such Payment Date (including deposits to the Principal Funding Account on such Payment Date),

(e)

for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate Principal Balance of all Group 1 Receivables which became Written-Off Receivables during each of the three (3) prior Collection Periods by the Group 1 Pool Balance as of the first day of each of those Collection Periods, multiplied by four (4), exceeds 10.00%,

(f)

for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate Principal Balance of all Group 1 Receivables that are ninety-one (91) days or more delinquent at the end of each of the three (3) prior Collection Periods by the Group 1 Pool Balance as of the last day of each of those Collection Periods, divided by three (3), exceeds 2.00%,

(g)

with respect to any Payment Date, the Series 2025-7 Allocated Pool Balance is less than 50.00% of (x) the aggregate Note Balance minus (y) the amount on deposit in the Principal Funding Account, in each case as of such Payment Date,

(h)

as of any date of determination, the Discounted Series Invested Amount for Series 2025-7 is greater than the excess of (i) the Group 1 Pool Balance over (ii) the sum of (x) the Ineligible Amount for Series 2025-7 and (y) the Series 2025-7 Excess Concentration Amount,

(i)

a Servicer Termination Event has occurred and is continuing, or

(j)

an Event of Default for Group 1 has occurred and is continuing.

•

as of any date of determination, the remaining term of the Receivable was less than or equal to 36 months;

•

the Receivable did not contain a contractual right to an upgrade of the Device related to the device payment plan agreement at the time the Receivable was originated;

•

as of the related Cutoff Date, as indicated on the records of the related Originator, one of its affiliates or the Servicer, the Obligor on the account for the Receivable maintains service with Verizon Wireless;

•

as of the related Cutoff Date, the Receivable is not associated with the account of a government customer;

•

as of the related Cutoff Date, the Obligor on the account for the Receivable is not indicated to be subject to a current bankruptcy proceeding on the records of the related Originator (or, with respect to Receivables transferred from the Additional Transferor or designated to Group 1 on a Re-Designation Date, the Servicer) or one of its affiliates, acting as its agent;

•

as of the related Cutoff Date, it is not a Receivable that is part of an account (i) on which any amount is thirty-one (31) days or more delinquent by the Obligor, or (ii) that is in “suspend” or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act) in accordance with the Servicing Procedures;

•

the Receivable is denominated and payable only in U.S. dollars;

•

the Receivable is a legal and binding obligation of the related Obligor enforceable against the Obligor in accordance with its terms;

•

as of the related Cutoff Date, the Obligor on the account for the Receivable had a billing address in the United States or in a territory of the United States;

•

installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement;

•

as of the related Cutoff Date, the outstanding Principal Balance of the Receivable does not exceed $3,000; and

•

as of the related Cutoff Date, either (i) at least two (2) payments made by the Obligor under the related device payment plan agreement have been received with respect to the related Receivable, or (ii) the related Obligor has at least one (1) year of Customer Tenure with Verizon Wireless;

•

for any Business Receivable for which the related Obligor is a Business Obligor:

•

the Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer; and

•

the Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the True-Up Trust or an affiliate thereof.

•

the amount by which the aggregate Principal Balance of Group 1 Receivables with Obligors that have less than twelve (12) months of Customer Tenure with Verizon Wireless exceeds 20.00% of the Group Pool Balance,

•

the amount by which the aggregate Principal Balance of Group 1 Receivables with Obligors that have less than sixty (60) months of Customer Tenure with Verizon Wireless exceeds 45.00% of the Group Pool Balance, and

•

with respect to all Receivables for which the origination date was less than thirty-one (31) days prior to the related Cutoff Date, or in the case of any determination made on a Payment Date, the last day of the related Collection Period, the product of (i) the aggregate Principal Balance of all such Receivables and (ii) 10.00%,

•

the aggregate Principal Balance of all Group 1 Receivables that are Consumer Receivables with the lowest FICO® Scores that would need to be excluded from the calculation of the Pool Balance of all Group 1 Receivables that are Consumer Receivables in order to cause the weighted average FICO® Score of the Consumer Obligors with respect to all Group 1 Receivables that are Consumer Receivables (weighted based on Principal Balances) included in such calculation of the Pool Balance of all Group 1 Receivables that are Consumer Receivables to be at least 700 (excluding any Group 1 Receivables that are Consumer Receivables with Consumer Obligors for whom FICO® Scores are not available), and

•

the amount by which the aggregate Principal Balance of Group 1 Receivables that are Consumer Receivables with Consumer Obligors for whom FICO® Scores are not available exceeds 4.50% of the Pool Balance of all Group 1 Receivables that are Consumer Receivables,

•

the amount by which the aggregate Principal Balance of Group 1 Receivables that are Business Receivables exceeds 10.00% of the Group Pool Balance.

Class	Note Interest Rate	Initial Note Balance
Class A-1a Notes	3.96%	$601,430,000
Class A-1b Notes	Compounded SOFR* + 0.52%	$200,470,000
Class B Notes	4.21%	$61,310,000
Class C Notes	4.40%	$36,790,000

(A)

in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2025-7 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 2025-7, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the Distribution Account on the immediately succeeding Payment Date to be included as Series 2025-7 Available Funds on such immediately succeeding Payment Date;

(B)

in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or

(C)

in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid to the

(A)

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

(B)

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

(C)

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

(D)

fourth, to the Series 2025-7 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

(A)

change (1) the applicable Final Maturity Date on a Note, (2) the principal amount of or interest rate, Additional Interest Amount or Make-Whole Payment on a Note or (3) the Required Reserve Amount;

(B)

modify the percentage of the Note Balance of the Notes or the Controlling Class that is required for any action;

(C)

modify or alter the definition of “Controlling Class;”

(D)

permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on the Series 2025-7 Collateral, other than Permitted Liens, or, except as permitted by this Indenture, the other Series 2025-7 Series Related Documents or the Transaction Documents, release the Lien of this Indenture on the Series 2025-7 Collateral; or

(E)

impair the right to institute suit for the enforcement of this Indenture, as provided in Section 5.8.

(A)

of the Redemption Date;

(B)

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

(C)

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

(D)

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

(A)

a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture, any other Series 2025-7 Series Related Document or any Transaction Document relating to the covenant or condition;

(B)

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

(C)

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

(D)

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

---

By:

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

*/

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

Reference	Criteria
	Cash Collection and Administration
1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.
1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of § 240.13k-1(b)(1) of the Securities Exchange Act of 1934, as amended.
	Investor Remittances and Reporting
1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.
1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.