UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from October 1, 2021 to October 31, 2021

Commission File Number of issuing entity: 333-253034-01

Central Index Key Number of issuing entity: 0001844964

VERIZON MASTER TRUST

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-253034

Central Index Key Number of depositor: 0001836995

VERIZON ABS II LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001175215

CELLCO PARTNERSHIP

(Exact name of sponsor as specified in its charter)

Karrie E. Schweikert

908-559-5672

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

23-2259884

(I.R.S. Employer Identification No.)

 

One Verizon Way

Basking Ridge, New Jersey

   07920
(Address of principal executive offices of the issuing entity)    (Zip Code)

212-395-1000

(Telephone number including area code)

Not Applicable

(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)

 

                    Name of
exchange

Title of class

   Section 12 (b)    Section 12 (g)    Section 15 (d)    (If Section 12 (b))

Fixed Rate Class A Notes

                                

Fixed Rate Class B Notes

                                

Fixed Rate Class C Notes

                                

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐


PART I — DISTRIBUTION INFORMATION

 

Item 1.

Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the assets of Verizon Master Trust for the distribution period commencing on October 1, 2021 and ending on October 31, 2021 is set forth in the monthly investor reports relating to the November 22, 2021 distribution, which are attached to this Form 10-D as the Exhibits listed under Item 10 below.

There is no activity to report under Rule 15Ga-1(a) under the Securities Exchange Act of 1934 with respect to Verizon Master Trust for the distribution period commencing on October 1, 2021 and ending on October 31, 2021. Cellco Partnership (Central Index Key Number: 0001175215), as securitizer, most recently filed a Form ABS-15G on February 2, 2021 with respect to all asset-backed securities sponsored by it.

PART II — OTHER INFORMATION

 

Item 10.

Exhibits.

 

Exhibit 99.1    Monthly investor report relating to the November 22, 2021 distribution (Verizon Master Trust).
Exhibit 99.2    Monthly investor report relating to the November 22, 2021 distribution (Verizon Master Trust Series 2021-1).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: December 3, 2021

 

VERIZON MASTER TRUST

    (Issuing Entity)

By:   Cellco Partnership,
  solely as servicer
By:  

/s/ Kee Chan Sin

  Name: Kee Chan Sin
  Title:   Vice President and Assistant Treasurer

EX-99.1

Exhibit 99.1

Verizon Master Trust - VZMT

Monthly Investor Report

 

 

Group Name                                             

  

 

One      

 

 

 

Collection Period Beginning

   10/01/2021    

Collection Period End

   10/31/2021    

Previous Payment Date

   10/20/2021    

Payment Date

   11/22/2021    

Days in Collection Period

   31    

Days in Interest Period

   33    

Group Status at End of Previous Payment Date

 

  

Revolving    

 

 

I. Reconciliation of Pool Balance and Pool Information    

  

Beginning of Collection Period Pool Balance

   $ 4,379,849,542.00  

LESS: Collections (including prepayments, credit and upgrade payments)

   $ 248,078,847.48  

LESS: Reconveyance Amount

   $ 6,291,767.79  

LESS: Written-Off Receivables

   $ 4,445,731.12  

ADD: addition of Receivables

   $ 2,830,619,324.27  

LESS: Redesignated Receivables (Outgoing)

   $ 0.00  

ADD: Redesignated Receivables (Incoming)

   $ 0.00  

End of Collection Period Pool Balance

   $ 6,951,652,519.88  

Consumer Pool Balance

   $ 6,271,872,760.26  

Business Pool Balance

   $ 679,779,759.62  

 

II. Group One Available Funds

  

Available Funds - Sources

  

  +   Collections

   $ 221,209,422.93  

  +   Prepayments

   $ 18,902,792.41  

  +   Reconveyance Amounts

   $ 5,905,533.17  

  +   Credit Payments

   $ 3,637,003.88  

  +   Upgrade Prepayments

   $ 4,329,628.26  

  +   Parent Support Provider Payments

   $ 0.00  

  +   Excess sale proceeds

   $ 0.00  

  -    Receivables purchased from Depositor

   $ 0.00  

  +   Available Subordinated Amounts

   $ 0.00  
  

 

 

 

Total Group Sources of Funds

   $ 253,984,380.65  
  

 

 

 

 

III. Note Balances and Required Overcollateralization

 

                          Initial Note
Balance
     Beginning Note
Balance
     Ending Note
Balance
     Target OC      Series Invested
Amount
 
     Overcollateralization
Percentage
     Revolving
Period
Ended?
     Note Bal at
End of
Revolv Per
     A1      A2      A      B      =A+B  

2021-1

     10.50        FALSE        N/A      $ 1,700,000,000.00      $ 1,700,000,000.00      $ 1,700,000,000.00      $ 199,441,340.78      $ 1,899,441,340.78  
           

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

            $ 1,700,000,000.00      $ 1,700,000,000.00      $ 1,700,000,000.00      $ 199,441,340.78      $ 1,899,441,340.78  
           

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Page 1 of 6


Verizon Master Trust - VZMT

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

IV. Financing Adjustment Dates and Series Invested Amounts (C)

 

Financing Adjustment Dates

     
     10/1/2021      10/31/2021  

Time weight (days in Collection Period)

     31        0  

2021-1

   $ 1,899,441,340.78      $ 1,899,441,340.78  
  

 

 

    

 

 

 

Total

   $ 1,899,441,340.78      $ 1,899,441,340.78  
  

 

 

    

 

 

 

V. Discounted Series Invested Amounts

Pool Balances on Financing Adjustment Dates (D)

 

            10/1/2021      10/31/2021      Time Wgt Average  

2021-1

      $ 4,379,849,542.00      $ 6,951,652,519.88      $ 4,379,849,542.00  

Present values of remaining unpaid payments (E)

 

     Discount Rate     10/1/2021      10/31/2021  

2021-1

     6.30   $ 4,136,813,890.26      $ 6,545,214,277.39  

Discounted Series Invested Amounts (F = C * (D/E))

 

           10/1/2021      10/31/2021  

2021-1

     $ 2,011,033,519.55      $ 2,017,396,648.04  
    

 

 

    

 

 

 

Total

     $ 2,011,033,519.55      $ 2,017,396,648.04  
    

 

 

    

 

 

 

 

VI. Series Incremental Required Invested Amount Series Share (G)

 

          10/1/2021     10/31/2021  

2021-1

        45.92     29.02

Ineligible Amounts (H)

       
          10/1/2021     10/31/2021  

2021-1

      $ 0.00     $ 0.00  

 

Page 2 of 6


Verizon Master Trust - VZMT

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

Excess Concentration Amounts (I)

 

  
     10/1/2021      10/31/2021  

2021-1

   $ 8,487,131.32      $ 111,816,969.59  

Series Incremental Required Invested Amount (J = G * (H + I))

 

     10/1/2021      10/31/2021  

2021-1

   $ 3,897,290.70      $ 32,449,284.58  

VII. Adjusted Series Invested Amounts & Allocation (K = F + J)

 

     10/1/2021      10/31/2021      Time Wgt Avg  

2021-1

   $ 2,014,930,810.25      $ 2,049,845,932.62        2,014,930,810.25  

Series Allocation % (L = K / (Greater of (i) D OR (ii) Sum of K))

        

2021-1

           46.00

Transferor’s Percentage

           54.00

Series Allocated Pool Balance (M = L * E)

        

2021-1

         $ 3,011,097,683.89  

Transferor’s Interest

         $ 3,534,116,593.50  

VIII. Principal Funding Account (s)

 

Aggregate beginning Principal Funding Account Limit

   $ 850,000,000.00  

Aggregate ending Principal Funding Account Limit

   $ 850,000,000.00  

Aggregate beginning of period Principal Funding Account Balance

   $ 0.00  

Add: Aggregate deposit(s) to Principal Funding Account(s)

   $ 0.00  

Aggregate end of period Principal Funding Account

   $ 0.00  

Group One Required Pool Balance (Sum of all Adjusted Series Invested Amounts less Min of (i) Sum of Series PFA Accounts or (ii) Sum of Series PFA Limits)

   $ 2,049,845,932.62  

Pool Balance Deficit (Max(0, Required Pool Balance - Pool Balance))

   $ 0.00  

 

Page 3 of 6


Verizon Master Trust - VZMT

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

IX. Group One Available Funds allocation to Series

 

     Allocation  

2021-1

   $ 116,844,422.19  

Transferor’s Allocation

   $ 137,139,958.46  
  

 

 

 

Total

   $ 253,984,380.65  
  

 

 

 

X. Write Offs and delinquent Receivables

 

     Number of
Receivables
     Principal Balance
Written Off
     % of Beginning of Period
Pool Balance
 

Receivables Written Off in Current Collection Period

     6,797        $4,445,731.12        0.10%  
     Number of
Receivables
     Delinquent Principal
Balances
     % of End of Period
Pool Balance
 

Delinquent Receivables:

        

1 - 30 days delinquent

     986,228        $706,222,592.33        10.16%  

31 - 60 days delinquent

     50,090        $34,154,722.68        0.49%  

61- 90 days delinquent

     17,128        $11,423,615.58        0.16%  

91 - 120 days delinquent

     12,359        $8,441,746.55        0.12%  

Over 120 days delinquent

     6,670        $4,713,313.31        0.07%  
  

 

 

    

 

 

    

 

 

 

Total delinquent Receivables at the End of Period

     1,072,475        $764,955,990.45        11.00%  
  

 

 

    

 

 

    

 

 

 

Ratio of aggregate Principal Balance of Written-Off Receivables to the beginning of Collection Period Pool Balance

 

Second Preceding Collection Period

           0.03%  

Proceeding Collection Period

           0.07%  

Current Collection Period

           0.10%  

Sum of the three above multiplied by four

           0.78%  

Ratio of aggregate Principal Balance of Receivables 91+ days delinquent to the end of Collection Period Pool Balance

 

Second Preceding Collection Period

           0.15%  

Proceeding Collection Period

           0.20%  

Current Collection Period

           0.19%  

Three Month Average

           0.18%  

Assets Representation Review

        

Aggregate Principal Balance of 60-Day Delinquent Receivables as a Percentage of the Aggregate Balance of Receivables as of the end of the Collection Period

 

        0.36%  

Delinquency Trigger

           5.00%  

 

Page 4 of 6


Verizon Master Trust - VZMT

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

XI. Pool characteristics as of end of Collection Period

 

            Prior to Purchase     With Purchase  

Number of Receivables

        6,831,438       10,563,519  

Pool Balance

      $ 4,121,033,195.61     $ 6,951,652,519.88  

Average Monthly Payment

      $ 32.28     $ 31.91  

Average Principal Balance

      $ 603.25     $ 658.08  

Weighted Average Remaining Term (in months)

        19.7       21.8  

Customer Tenure

       
     0-12 Months        16.68     14.73
     7-24 Months        8.42     8.20
     60+ Months        58.88     60.50

Geographic Concentration

       
     Largest state        CA / 10.79     CA / 10.76
     2nd Largest State        TX / 6.47     TX / 6.19
     3rd Largest State        FL / 6.25     FL / 6.12

Weighted Average FICO

        705       712  

XII. Upgrades

 

     Current
Period
     To Date  

Number of Receivables Upgraded

     7,227        9,784  

Principal Balance of Receivables Upgraded

   $ 4,329,628.26      $ 5,624,754.79  

Upgrade payments

   $ 1,016,455.36      $ 1,338,625.24  

Failure by Marketing Agent to Make Upgrade Payments

     No        No  

 

 

 

Page 5 of 6


Verizon Master Trust - VZMT

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

On and as of the Payment Date to which this Monthly Investor Report related, the Servicer hereby certifies that the information in the Monthly Investor Report is accurate in all material respects.

 

Cellco Partnership, as Servicer
Dated: November 17, 2021
By:  

/s/ Kee Chan Sin

  Name: Kee Chan Sin
  Title:   Vice President and Assistant Treasurer

 

1

As of the date of this Monthly Investor Report for purposes of any references to the term “delinquent” contained herein, the Servicer considers an account to be delinquent if there are unpaid charges remaining on the account on the day after the bill’s due date and calculates delinquency assuming a due date is 22 or 30 days after the end of the monthly bill cycle for consumer customers and business customers, respectively.

 

Page 6 of 6


EX-99.2

Exhibit 99.2

Verizon Master Trust - VZMT 2021-1

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

 

Series Name

   2021-1    

Collection Period

   October 2021    

Payment Date

   11/22/2021    

Transaction Month

   5    

Anticipated Redemption Date

   05/20/2024    

Series Status at End of Prior Payment Date

 

  

Revolving    

 

 

Offered Notes

   Issuance Note Balance      Note Interest Rate     Final Maturity Date  

Class A

   $ 1,500,500,000.00        0.50     05/20/2027  

Class B

   $ 118,700,000.00        0.69     05/20/2027  

Class C

   $ 80,800,000.00        0.89     05/20/2027  
  

 

 

      

Total

   $ 1,700,000,000.00       
  

 

 

      

 

 

 

Series 2021-1 Available Funds and other sources of funds

  

Series 2021-1 Allocation Percentage x Group One Available Funds

   $ 116,844,422.19  

Amounts paid by the Cap Counterparty

     N/A  

Available Subordinated Amounts

   $ 0.00  

Amounts drawn on the Reserve Account

   $ 0.00  

Amounts released from Principal Funding Account

   $ 0.00  

Total Available Funds

   $ 116,844,422.19  

Reserve Account Calculation

  

Beginning of Period Reserve Account Balance

   $ 18,994,413.41  

Required Reserve Amount

   $ 18,994,413.41  

Shortfall in Required Reserve Amount

   $ 0.00  

Reserve Account funds needed this period (True/False)

     FALSE  

Reserve Account draw amount required

   $ 0.00  

Reserve Account Deposit Amount

   $ 0.00  

End of Period Reserve Account Balance

   $ 18,994,413.41  

 

Page 1 of 6


Verizon Master Trust - VZMT 2021-1

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

Distribution

   Amount Due      Amount Paid      Shortfall      Carryover
Shortfall
     Remaining
Available Funds
 

Master Collateral Agent Fee

   $ 1,666.67      $ 1,666.67      $ 0.00      $ 0.00      $ 116,842,755.52  

Indenture Trustee Fee

   $ 1,250.00      $ 1,250.00      $ 0.00      $ 0.00      $ 116,841,505.52  

Owner Trustee Fee

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 116,841,505.52  

Asset Representations Reviewer Fee

   $ 416.67      $ 416.67      $ 0.00      $ 0.00      $ 116,841,088.85  

Servicing Fee

   $ 2,737,405.96      $ 2,737,405.96      $ 0.00      $ 0.00      $ 114,103,682.89  

Class A Note Interest

   $ 625,208.33      $ 625,208.33      $ 0.00      $ 0.00      $ 113,478,474.56  

First Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,478,474.56  

Class B Note Interest

   $ 68,252.50      $ 68,252.50      $ 0.00      $ 0.00      $ 113,410,222.06  

Second Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,410,222.06  

Class C Note Interest

   $ 59,926.67      $ 59,926.67      $ 0.00      $ 0.00      $ 113,350,295.39  

Third Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Reserve Account up to Required Reserve Amount

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Regular Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Supplemental Successor Servicer Fee

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Additional Interest Amounts

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Make-Whole Payments

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Additional Fees and Expenses

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Additional Trust Expenses

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 113,350,295.39  

Class R Interest

   $ 113,350,295.39      $ 113,350,295.39      $ 0.00      $ 0.00      $ 0.00  
  

 

 

    

 

 

    

 

 

       

Total

   $ 116,844,422.19      $ 116,844,422.19      $ 0.00        
  

 

 

    

 

 

    

 

 

       

 

Principal Payment:   

First Priority Principal Payment

   $ 0.00  

Second Priority Principal Payment

   $ 0.00  

Third Priority Principal Payment

   $ 0.00  

Regular Principal Payment

   $ 0.00  

Accelerated Note Balances

   $ 0.00  
  

 

 

 
Total    $ 0.00  
  

 

 

 

 

 

 

Page 2 of 6


Verizon Master Trust - VZMT 2021-1

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

Noteholder Payments

   Note Balance      PFA Account      Interest
Payment
     Add’l Interest      Make-Whole      Total Payment  

Class A

   $ 0.00      $ 0.00      $ 625,208.33      $ 0.00      $ 0.00      $ 625,208.33  

Class B

   $ 0.00      $ 0.00      $ 68,252.50      $ 0.00      $ 0.00      $ 68,252.50  

Class C

   $ 0.00      $ 0.00      $ 59,926.67      $ 0.00      $ 0.00      $ 59,926.67  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 0.00      $ 0.00      $ 753,387.50      $ 0.00      $ 0.00      $ 753,387.50  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

 

     Note Balance per
$1000 of Notes
     Interest Payment
per $1,000 of Notes
     Make-Whole Payment
per $1,000 of Notes
     Total Payment per
$1,000 of Notes
 

Class A

   $ 1,000.00      $ 0.42      $ 0.00      $ 0.42  

Class B

   $ 1,000.00      $ 0.58      $ 0.00      $ 0.58  

Class C

   $ 1,000.00      $ 0.74      $ 0.00      $ 0.74  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,000.00      $ 0.44      $ 0.00      $ 0.44  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

 

     As of prior Payment Date      As of current Payment Date  
     Balance      Note Pool Factor      Balance      Note Pool Factor  

Class A

   $ 1,500,500,000.00        1.00      $ 1,500,500,000.00        1.00  

Class B

   $ 118,700,000.00        1.00      $ 118,700,000.00        1.00  

Class C

   $ 80,800,000.00        1.00      $ 80,800,000.00        1.00  
  

 

 

       

 

 

    

Total

   $ 1,700,000,000.00        1.00      $ 1,700,000,000.00        1.00  
  

 

 

       

 

 

    

 

 

 

Principal Funding Account

  

Beginning Principal Funding Account Limit

   $ 850,000,000.00  

Ending Principal Funding Account Limit

   $ 850,000,000.00  

Beginning of period Principal Funding Account balance

   $ 0.00  

Add: Deposit to Principal Funding Account

   $ 0.00  

End of period Principal Funding Account Balance

   $ 0.00  

 

 

 

Page 3 of 6


Verizon Master Trust - VZMT 2021-1

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

Amortization Event Tests

 

     End of Prior
Period
   End of Current
Period
   In Compliance?
Delinquency and Write-Offs         

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 Receivables that are ninety-one (91) days or more delinquent at the end of each of the three (3) prior Collection Periods by the Pool Balance as of the last day of each of those Collection Periods, divided by three (3), exceeds 2.00%

   FALSE    FALSE    TRUE

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 Receivables which became Written-Off Receivables during each of the three (3) prior Collection Periods by the Pool Balance as of the first day of each of those Collection Periods, multiplied by four (4), exceeds 10.00%

   FALSE    FALSE    TRUE

As of any date of determination, the Discounted Series Invested Amount for Series 2021-1 is greater than the excess of (i) the Pool Balance over (ii) the sum of (x) the Ineligible Amount for Series 2021-1 and (y) the Series 2021-1 Excess Concentration Amount

   FALSE    FALSE    TRUE

Payments

        

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

   FALSE    FALSE    TRUE

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

   FALSE    FALSE    TRUE

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

   FALSE    FALSE    TRUE

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

   FALSE    FALSE    TRUE

With respect to any Payment Date, the Series 2021-1 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

   FALSE    FALSE    TRUE

Servicing and Event of Default

        

A Servicer Termination Event has occurred and is continuing

   FALSE    FALSE    TRUE

An Event of Default has occurred and is continuing

   FALSE    FALSE    TRUE

 

Page 4 of 6


Verizon Master Trust - VZMT 2021-1

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

Excess Concentration Amount

 

     Actual %
or Amt
    Actual $      Excess $  
Consumer & Business, Without duplication        

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

     39.50   $ 2,746,086,142.01      $ 0.00  

The amount by which the aggregate Principal Balance of Receivables with Obligors that have less than twelve (12) months of Customer Tenure with Verizon Wireless exceeds 22.00% of the Pool Balance

     14.73   $ 1,024,180,913.28      $ 0.00  

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%

     10.00   $ 1,118,169,695.88      $ 111,816,969.59  

Consumer Only, Without duplication (If Consumer Receivable Condition is satisfied)

       

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

     712       N/A      $ 0.00  

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

     3.57   $ 223,849,814.78      $ 0.00  
Business Only, Without duplication        

The amount by which the aggregate Principal Balance of Business Receivables exceeds 10.00% of the Pool Balance

     9.78   $ 679,779,759.62      $ 0.00  
       

 

 

 

Total Loan Series 2021-1 Excess Concentration Amount

        $ 111,816,969.59  
       

 

 

 

 

 

 

Page 5 of 6


Verizon Master Trust - VZMT 2021-1

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

On and as of the Payment Date to which this Monthly Investor Report related, the Servicer hereby certifies that the information in the Monthly Investor Report is accurate in all material respects.

 

Cellco Partnership, as Servicer
Dated: November 17, 2021
By:  

/s/ Kee Chan Sin

  Name: Kee Chan Sin
  Title:   Vice President and Assistant Treasurer

 

1

As of the date of this Monthly Investor Report for purposes of any references to the term “delinquent” contained herein, the Servicer considers an account to be delinquent if there are unpaid charges remaining on the account on the day after the bill’s due date and calculates delinquency assuming a due date is 22 or 30 days after the end of the monthly bill cycle for consumer customers and business customers, respectively.

 

Page 6 of 6