Exhibit 99.1
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
Collection Period Beginning |
10/01/2022 | |
Collection Period End |
10/31/2022 | |
Previous Payment Date |
10/20/2022 | |
Payment Date |
11/21/2022 | |
Days in Collection Period |
31 | |
Days in Interest Period |
32 | |
Group Status at End of Previous Payment Date |
Revolving |
I. Reconciliation of Pool Balance and Pool Information |
||||
Beginning of Collection Period Pool Balance |
$ | 17,274,061,253.33 | ||
LESS: Collections (including prepayments, credit and upgrade payments) |
$ | 858,894,227.44 | ||
LESS: Reconveyance Amount |
$ | 31,733,532.67 | ||
LESS: Written-Off Receivables |
$ | 35,405,561.41 | ||
ADD: addition of Receivables |
$ | 2,090,658,508.66 | ||
LESS: Redesignated Receivables (Outgoing) / transferred out |
$ | 0.00 | ||
ADD: Redesignated Receivables (Incoming) |
$ | 0.00 | ||
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|
|||
End of Collection Period Pool Balance |
$ | 18,438,686,440.47 | ||
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Consumer Pool Balance |
$ | 16,614,917,802.80 | ||
Business Pool Balance |
$ | 1,823,768,637.67 | ||
II. Group One Available Funds |
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Available Funds - Sources |
||||
+ Collections |
$ | 747,392,331.32 | ||
+ Prepayments |
$ | 80,890,425.21 | ||
+ Reconveyance Amounts |
$ | 28,330,427.26 | ||
+ Credit Payments |
$ | 14,858,588.21 | ||
+ Upgrade Prepayments |
$ | 15,752,882.70 | ||
+ 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 |
$ | 887,224,654.70 | ||
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Page 1 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
III. Note Balances and Required Overcollateralization |
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Initial Note Balance |
Beginning Note Balance |
Ending Note Balance |
Target OC | Series Invested Amount |
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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 | |||||||||||||||||||
2021-2 |
10.00 | FALSE | N/A | $ | 1,400,000,000.00 | $ | 1,400,000,000.00 | $ | 1,400,000,000.00 | $ | 155,555,555.56 | $ | 1,555,555,555.56 | |||||||||||||||||||
2022-1 |
8.75 | FALSE | N/A | $ | 900,000,000.00 | $ | 900,000,000.00 | $ | 900,000,000.00 | $ | 86,301,369.86 | $ | 986,301,369.86 | |||||||||||||||||||
2022-2 |
8.75 | FALSE | N/A | $ | 800,000,000.00 | $ | 800,000,000.00 | $ | 800,000,000.00 | $ | 76,712,328.77 | $ | 876,712,328.77 | |||||||||||||||||||
2022-3 |
8.75 | FALSE | N/A | $ | 450,000,000.00 | $ | 450,000,000.00 | $ | 450,000,000.00 | $ | 43,150,684.93 | $ | 493,150,684.93 | |||||||||||||||||||
2022-4 |
8.75 | FALSE | N/A | $ | 550,000,000.00 | $ | 550,000,000.00 | $ | 550,000,000.00 | $ | 52,739,726.03 | $ | 602,739,726.03 | |||||||||||||||||||
2022-5 |
8.75 | FALSE | N/A | $ | 460,080,000.00 | $ | 460,080,000.00 | $ | 460,080,000.00 | $ | 44,117,260.27 | $ | 504,197,260.27 | |||||||||||||||||||
2022-6 |
8.75 | FALSE | N/A | $ | 539,920,000.00 | $ | 539,920,000.00 | $ | 539,920,000.00 | $ | 51,773,150.68 | $ | 591,693,150.68 | |||||||||||||||||||
2021-A |
11.00 | FALSE | N/A | $ | 2,866,666,666.65 | $ | 4,033,333,333.30 | $ | 4,033,333,333.30 | $ | 498,501,872.66 | $ | 4,531,835,205.96 | |||||||||||||||||||
2021-B |
11.00 | FALSE | N/A | $ | 1,433,333,333.35 | $ | 2,016,666,666.70 | $ | 2,016,666,666.70 | $ | 249,250,936.33 | $ | 2,265,917,603.03 | |||||||||||||||||||
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Total |
$ | 11,100,000,000.00 | $ | 12,850,000,000.00 | $ | 12,850,000,000.00 | $ | 1,457,544,225.87 | $ | 14,307,544,225.87 | ||||||||||||||||||||||
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IV. Financing Adjustment Dates and Series Invested Amounts (C)
Financing Adjustment Dates |
||||||||
10/1/2022 | 10/31/2022 | |||||||
Time weight (days in Collection Period) |
30.00 | 1.00 | ||||||
2021-1 |
$ | 1,899,441,340.78 | $ | 1,899,441,340.78 | ||||
2021-2 |
$ | 1,555,555,555.56 | $ | 1,555,555,555.56 | ||||
2022-1 |
$ | 986,301,369.86 | $ | 986,301,369.86 | ||||
2022-2 |
$ | 876,712,328.77 | $ | 876,712,328.77 | ||||
2022-3 |
$ | 493,150,684.93 | $ | 493,150,684.93 | ||||
2022-4 |
$ | 602,739,726.03 | $ | 602,739,726.03 | ||||
2022-5 |
$ | 504,197,260.27 | $ | 504,197,260.27 | ||||
2022-6 |
$ | 591,693,150.68 | $ | 591,693,150.68 | ||||
2021-A |
$ | 4,531,835,205.96 | $ | 4,531,835,205.96 | ||||
2021-B |
$ | 2,265,917,603.03 | $ | 2,265,917,603.03 | ||||
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Total |
$ | 14,307,544,225.87 | $ | 14,307,544,225.87 | ||||
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Page 2 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
V. Discounted Series Invested Amounts
Pool Balances on Financing Adjustment Dates (D)
10/1/2022 | 10/31/2022 | Time Wgt Avg | ||||||||||||||
VZMT Group One |
17,274,061,253.33 | 18,438,686,440.47 | 17,311,629,807.75 |
Present values of remaining unpaid payments (E) |
|
|||||||||||
Discount Rate |
10/1/2022 | 10/31/2022 | ||||||||||
2021-1 |
6.30 | % | $ | 16,085,746,432.42 | $ | 17,160,630,605.97 | ||||||
2021-2 |
6.80 | % | $ | 15,996,839,276.54 | $ | 17,065,045,803.09 | ||||||
2022-1 |
6.82 | % | $ | 15,993,298,744.44 | $ | 17,061,239,457.51 | ||||||
2022-2 |
7.32 | % | $ | 15,905,176,512.94 | $ | 16,966,503,960.61 | ||||||
2022-3 |
8.80 | % | $ | 15,648,681,778.86 | $ | 16,690,790,239.08 | ||||||
2022-4 |
9.19 | % | $ | 15,582,156,200.55 | $ | 16,619,287,356.41 | ||||||
2022-5 |
9.51 | % | $ | 15,527,897,664.95 | $ | 16,560,971,603.74 | ||||||
2022-6 |
9.46 | % | $ | 15,536,356,245.90 | $ | 16,570,062,544.45 | ||||||
2021-A |
9.97 | % | $ | 15,450,244,783.08 | $ | 16,477,515,787.52 | ||||||
2021-B |
9.51 | % | $ | 15,528,404,978.51 | $ | 16,561,516,842.42 |
Page 3 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
Discounted Series Invested Amounts (F = C * (D/E))
|
|
|||||||
10/1/2022 | 10/31/2022 | |||||||
2021-1 |
$ | 2,039,753,072.62 | $ | 2,040,911,731.84 | ||||
2021-2 |
$ | 1,679,751,111.12 | $ | 1,680,762,222.23 | ||||
2022-1 |
$ | 1,065,284,383.56 | $ | 1,065,935,342.46 | ||||
2022-2 |
$ | 952,170,958.91 | $ | 952,784,657.54 | ||||
2022-3 |
$ | 544,374,246.57 | $ | 544,793,424.66 | ||||
2022-4 |
$ | 668,185,205.48 | $ | 668,727,671.24 | ||||
2022-5 |
$ | 560,894,242.19 | $ | 561,363,145.64 | ||||
2022-6 |
$ | 657,874,029.58 | $ | 658,418,387.28 | ||||
2021-A |
$ | 5,066,773,033.67 | $ | 5,071,214,232.17 | ||||
2021-B |
$ | 2,520,652,059.96 | $ | 2,522,759,363.33 | ||||
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|
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Total |
$ | 15,755,712,343.66 | $ | 15,767,670,178.39 | ||||
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VI. Series Incremental Required Invested Amount Series Share (G) |
| |||||||
10/1/2022 | 10/31/2022 | |||||||
2021-1 |
11.81 | % | 11.07 | % | ||||
2021-2 |
9.72 | % | 9.12 | % | ||||
2022-1 |
6.17 | % | 5.78 | % | ||||
2022-2 |
5.51 | % | 5.17 | % | ||||
2022-3 |
3.15 | % | 2.95 | % | ||||
2022-4 |
3.87 | % | 3.63 | % | ||||
2022-5 |
3.25 | % | 3.04 | % | ||||
2022-6 |
3.81 | % | 3.57 | % | ||||
2021-A |
29.33 | % | 27.50 | % | ||||
2021-B |
14.59 | % | 13.68 | % |
Page 4 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
Ineligible Amounts (H) | ||||||||
10/1/2022 | 10/31/2022 | |||||||
2021-1 |
$ | 0.00 | $ | 0.00 | ||||
2021-2 |
$ | 0.00 | $ | 0.00 | ||||
2022-1 |
$ | 0.00 | $ | 0.00 | ||||
2022-2 |
$ | 0.00 | $ | 0.00 | ||||
2022-3 |
$ | 0.00 | $ | 0.00 | ||||
2022-4 |
$ | 0.00 | $ | 0.00 | ||||
2022-5 |
$ | 0.00 | $ | 0.00 | ||||
2022-6 |
$ | 0.00 | $ | 0.00 | ||||
2021-A |
$ | 0.00 | $ | 0.00 | ||||
2021-B |
$ | 0.00 | $ | 0.00 | ||||
Excess Concentration Amounts (I) |
|
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10/1/2022 | 10/31/2022 | |||||||
2021-1 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2021-2 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2022-1 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2022-2 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2022-3 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2022-4 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2022-5 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2022-6 |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2021-A |
$ | 135,474,496.69 | $ | 140,062,041.16 | ||||
2021-B |
$ | 135,474,496.69 | $ | 140,062,041.16 |
Page 5 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
Series Incremental Required Invested Amount (J = G * (H + I)) |
| |||||||
10/1/2022 | 10/31/2022 | |||||||
2021-1 |
$ | 15,999,538.06 | $ | 15,504,867.96 | ||||
2021-2 |
$ | 13,168,121.08 | $ | 12,773,658.15 | ||||
2022-1 |
$ | 8,358,776.45 | $ | 8,095,585.98 | ||||
2022-2 |
$ | 7,464,644.77 | $ | 7,241,207.53 | ||||
2022-3 |
$ | 4,267,446.65 | $ | 4,131,830.21 | ||||
2022-4 |
$ | 5,242,863.02 | $ | 5,084,252.09 | ||||
2022-5 |
$ | 4,402,921.14 | $ | 4,257,886.05 | ||||
2022-6 |
$ | 5,161,578.32 | $ | 5,000,214.87 | ||||
2021-A |
$ | 39,734,669.88 | $ | 38,517,061.32 | ||||
2021-B |
$ | 19,765,729.07 | $ | 19,160,487.23 |
VII. Adjusted Series Invested Amounts & Allocation (K = F + J)
10/1/2022 | 10/31/2022 | Time Wgt Avg | ||||||||||
2021-1 |
$ | 2,055,752,610.68 | $ | 2,056,416,599.80 | $ | 2,055,774,029.68 | ||||||
2021-2 |
$ | 1,692,919,232.20 | $ | 1,693,535,880.38 | $ | 1,692,939,124.08 | ||||||
2022-1 |
$ | 1,073,643,160.01 | $ | 1,074,030,928.44 | $ | 1,073,655,668.67 | ||||||
2022-2 |
$ | 959,635,603.68 | $ | 960,025,865.07 | $ | 959,648,192.76 | ||||||
2022-3 |
$ | 548,641,693.22 | $ | 548,925,254.87 | $ | 548,650,840.37 | ||||||
2022-4 |
$ | 673,428,068.50 | $ | 673,811,923.33 | $ | 673,440,450.91 | ||||||
2022-5 |
$ | 565,297,163.33 | $ | 565,621,031.69 | $ | 565,307,610.70 | ||||||
2022-6 |
$ | 663,035,607.90 | $ | 663,418,602.15 | $ | 663,047,962.55 |
Page 6 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
10/1/2022 | 10/31/2022 | Time Wgt Avg | ||||||||||
2021-A |
$ | 5,106,507,703.55 | $ | 5,109,731,293.49 | $ | 5,106,611,690.32 | ||||||
2021-B |
$ | 2,540,417,789.03 | $ | 2,541,919,850.56 | $ | 2,540,466,242.63 |
Series Allocation % (L = K / (Greater of (i) D OR (ii) Sum of K)) | ||||
2021-1 |
11.88 | % | ||
2021-2 |
9.78 | % | ||
2022-1 |
6.20 | % | ||
2022-2 |
5.54 | % | ||
2022-3 |
3.17 | % | ||
2022-4 |
3.89 | % | ||
2022-5 |
3.27 | % | ||
2022-6 |
3.83 | % | ||
2021-A |
29.50 | % | ||
2021-B |
14.67 | % | ||
Transferors Percentage |
8.27 | % | ||
Series Allocated Pool Balance (M = L * E) | ||||
2021-1 |
$ | 2,037,842,045.09 | ||
2021-2 |
$ | 1,668,824,959.18 | ||
2022-1 |
$ | 1,058,126,128.29 | ||
2022-2 |
$ | 940,516,090.60 | ||
2022-3 |
$ | 528,974,538.73 | ||
2022-4 |
$ | 646,506,897.45 | ||
2022-5 |
$ | 540,795,215.53 | ||
2022-6 |
$ | 634,644,994.50 | ||
2021-A |
$ | 4,860,563,971.03 | ||
2021-B |
$ | 2,430,387,691.26 | ||
Transferors Interest |
$ | 1,525,325,584.84 |
Page 7 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
VIII. Principal Funding Account(s)
Aggregate beginning Principal Funding Account Limit |
$ | 3,400,000,000.00 | ||
Aggregate ending Principal Funding Account Limit |
$ | 3,400,000,000.00 | ||
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) |
$ | 15,887,437,229.78 | ||
Pool Balance Deficit (Max(0, Required Pool Balance - Pool Balance)) |
$ | 0.00 |
IX. Group One Available Funds allocation to Series
Allocation | ||||
2021-1 |
$ | 105,358,814.97 | ||
2021-2 |
$ | 86,763,473.43 | ||
2022-1 |
$ | 55,025,052.03 | ||
2022-2 |
$ | 49,182,145.34 | ||
2022-3 |
$ | 28,118,456.09 | ||
2022-4 |
$ | 34,513,926.29 | ||
2022-5 |
$ | 28,972,143.65 | ||
2022-6 |
$ | 33,981,325.33 | ||
2021-A |
$ | 261,714,948.20 | ||
2021-B |
$ | 130,199,419.58 | ||
Transferors Allocation |
$ | 73,394,949.78 | ||
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Total |
$ | 887,224,654.70 | ||
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Transferors Allocation (before fees) |
$ | 73,394,949.78 | ||
- Transferors Allocation portion of Master Collateral Agent Fee |
$ | 137.87 | ||
- Transferors Allocation portion of Owner Trustee Fee |
$ | 0.00 | ||
- Transferors Allocation portion of Asset Representations Reviewer Fee |
$ | 0.00 | ||
Transferors Allocation (after fees) |
$ | 73,394,811.91 |
Page 8 of 11
Verizon Master Trust - VZMT
Monthly Investor Report
Group Name |
One
|
X. Write Offs and Delinquent Receivables
Number of Receivables |
Principal Balance Written Off |
% of Beginning of | ||||||||
Receivables Written Off in Current Collection Period |
62,497 | $ | 35,405,561.41 | 0.20% | ||||||
Number of Receivables |
Delinquent Principal Balances |
% of End of Period Pool Balance | ||||||||
Delinquent Receivables: |
||||||||||
1 - 30 Days Delinquent |
2,778,749 | $ | 1,665,589,305.48 | 9.03% | ||||||
31 - 60 Days Delinquent |
225,506 | $ | 128,754,938.43 | 0.70% | ||||||
61 - 90 Days Delinquent |
84,282 | $ | 46,797,954.58 | 0.25% | ||||||
91 - 120 Days Delinquent |
66,329 | $ | 37,441,967.86 | 0.20% | ||||||
Over 120 Days Delinquent |
51,569 | $ | 29,842,471.36 | 0.16% | ||||||
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| ||||||
Total Delinquent Receivables at the End of Period |
3,206,435 | $ | 1,908,426,637.71 | 10.35% | ||||||
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Ratio of aggregate Principal Balance of Written-Off Receivables to the beginning of Collection Period Pool Balance | ||||||||||
Second Preceding Collection Period |
0.15% | |||||||||
Proceeding Collection Period |
0.19% | |||||||||
Current Collection Period |
0.20% | |||||||||
Sum of the three above multiplied by four |
2.19% | |||||||||
Ratio of aggregate Principal Balance of Receivables 91+ days delinquent to the end of Collection Period Pool Balance | ||||||||||
Second Preceding Collection Period |
0.36% | |||||||||
Proceeding Collection Period |
0.37% | |||||||||
Current Collection Period |
0.36% | |||||||||
Three Month Average |
0.36% | |||||||||
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 |
|
0.63% | ||||||||
Delinquency Trigger |
5.00% |
Page 9 of 11
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 |
28,959,820 | 31,888,271 | ||||||||
Pool Balance |
$ | 16,348,027,931.81 | $ | 18,438,686,440.47 | ||||||
Average Monthly Payment |
$ | 26.34 | $ | 26.23 | ||||||
Average Principal Balance |
$ | 564.51 | $ | 578.23 | ||||||
Weighted Average Remaining Term (in months) |
25.4 | 26.4 | ||||||||
Customer Tenure |
||||||||||
0-12 Months | 13.55% | |||||||||
13.58% | ||||||||||
7-24 Months | 6.72% | 6.78% | ||||||||
60+ Months | 63.92% | 63.87% | ||||||||
Geographic Concentration |
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Largest state | CA / 9.98% | CA / 10.08% | ||||||||
2nd Largest State | FL / 6.08% | FL / 6.07% | ||||||||
3rd Largest State | TX / 5.98% | TX / 5.97% | ||||||||
Weighted Average FICO |
723 | 723 |
XII. Upgrades
Current Period |
To Date | |||||||
Number of Receivables Upgraded |
32,699 | 126,350 | ||||||
Principal Balance of Receivables Upgraded |
$ | 15,752,882.70 | $ | 63,758,654.94 | ||||
Upgrade payments |
$ | 1,637,427.04 | $ | 13,092,404.00 | ||||
Failure by Marketing Agent to Make Upgrade Payments |
No | No |
Page 10 of 11
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 16, 2022 | ||
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 bills 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 11 of 11