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  
  

 

 

 

End of Collection Period Pool Balance

   $ 18,438,686,440.47  
  

 

 

 

Consumer Pool Balance

   $ 16,614,917,802.80  

Business Pool Balance

   $ 1,823,768,637.67  

II. Group One Available Funds

  

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  
  

 

 

 

 

Page 1 of 11


Verizon Master Trust - VZMT

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

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  

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  
           

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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  
           

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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  
  

 

 

    

 

 

 

Total

   $ 14,307,544,225.87      $ 14,307,544,225.87  
  

 

 

    

 

 

 

 

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  
  

 

 

   

 

 

 

Total

   $ 15,755,712,343.66     $ 15,767,670,178.39  
  

 

 

   

 

 

 

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)

 

  
     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

Transferor’s 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  

Transferor’s 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  

Transferor’s Allocation

   $ 73,394,949.78  
  

 

 

 

Total

   $ 887,224,654.70  
  

 

 

 

Transferor’s Allocation (before fees)

   $ 73,394,949.78  

- Transferor’s Allocation portion of Master Collateral Agent Fee

   $ 137.87  

- Transferor’s Allocation portion of Owner Trustee Fee

   $ 0.00  

- Transferor’s Allocation portion of Asset Representations Reviewer Fee

   $ 0.00  

Transferor’s 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
Period Pool Balance

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%
  

 

 

    

 

 

    

 

Total Delinquent Receivables at the End of Period

     3,206,435      $ 1,908,426,637.71      10.35%
  

 

 

    

 

 

    

 

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

        
   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 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 11 of 11