Exhibit 99.6

Verizon Master Trust - VZMT 2022-3

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

Series Name

   2022-3    

Collection Period

   October 2022    

Payment Date

   11/21/2022    

Transaction Month

   6    

Anticipated Redemption Date

   11/20/2023    

Series Status at End of Prior Payment Date

   Revolving    

 

Offered Notes

   Issuance Note      Note Interest Rate     Final Maturity Date  

Class A

   $ 399,400,000.00        3.01     05/20/2027  

Class B

   $ 34,400,000.00        3.25     05/20/2027  

Class C

   $ 16,200,000.00        3.50     05/20/2027  
  

 

 

      

Total

   $ 450,000,000.00       
  

 

 

      

 

 

 

Series 2022-3 Available Funds and other sources of funds   

Series 2022-3 Allocation Percentage x Group One Available Funds

   $ 28,118,456.09  

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

   $ 28,118,456.09  

Reserve Account Calculation

  

Beginning of Period Reserve Account Balance

   $ 4,931,506.85  

Required Reserve Amount

   $ 4,931,506.85  

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

   $ 4,931,506.85  

 

Page 1 of 6


Verizon Master Trust - VZMT 2022-3

Monthly Investor Report

 

 

Group Name                                                     

  

 

One      

 

 

Distribution

   Amount Due      Amount Paid      Shortfall      Carryover
Shortfall
     Remaining
Available Funds
 

Master Collateral Agent Fee

   $ 52.82      $ 52.82      $ 0.00      $ 0.00      $ 28,118,403.27  

Indenture Trustee Fee

   $ 1,250.00      $ 1,250.00      $ 0.00      $ 0.00      $ 28,117,153.27  

Owner Trustee Fee

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 28,117,153.27  

Asset Representations Reviewer Fee

   $ 27.77      $ 27.77      $ 0.00      $ 0.00      $ 28,117,125.50  

Servicing Fee

   $ 342,162.45      $ 342,162.45      $ 0.00      $ 0.00      $ 27,774,963.05  

Class A Note Interest

   $ 1,001,828.33      $ 1,001,828.33      $ 0.00      $ 0.00      $ 26,773,134.72  

First Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,773,134.72  

Class B Note Interest

   $ 93,166.67      $ 93,166.67      $ 0.00      $ 0.00      $ 26,679,968.05  

Second Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,679,968.05  

Class C Note Interest

   $ 47,250.00      $ 47,250.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Third Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Reserve Account up to Required Reserve Amount

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Regular Priority Principal Payment

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Supplemental Successor Servicer Fee

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Additional Interest Amounts

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Make-Whole Payments

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Additional Fees and Expenses

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Additional Trust Expenses

   $ 0.00      $ 0.00      $ 0.00      $ 0.00      $ 26,632,718.05  

Class R Interest

   $ 26,632,718.05      $ 26,632,718.05      $ 0.00      $ 0.00      $ 0.00  
  

 

 

    

 

 

    

 

 

       

Total

   $ 28,118,456.09      $ 28,118,456.09      $ 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 2022-3

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      $ 1,001,828.33      $ 0.00      $ 0.00      $ 1,001,828.33  

Class B

   $ 0.00      $ 0.00      $ 93,166.67      $ 0.00      $ 0.00      $ 93,166.67  

Class C

   $ 0.00      $ 0.00      $ 47,250.00      $ 0.00      $ 0.00      $ 47,250.00  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 0.00      $ 0.00      $ 1,142,245.00      $ 0.00      $ 0.00      $ 1,142,245.00  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

 

     Note Balance per
$1,000 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      $ 2.51      $ 0.00      $ 2.51  

Class B

   $ 1,000.00      $ 2.71      $ 0.00      $ 2.71  

Class C

   $ 1,000.00      $ 2.92      $ 0.00      $ 2.92  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,000.00      $ 2.54      $ 0.00      $ 2.54  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

 

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

Class A

   $ 399,400,000.00        1.00      $ 399,400,000.00        1.00  

Class B

   $ 34,400,000.00        1.00      $ 34,400,000.00        1.00  

Class C

   $ 16,200,000.00        1.00      $ 16,200,000.00        1.00  
  

 

 

       

 

 

    

Total

   $ 450,000,000.00        1.00      $ 450,000,000.00        1.00  
  

 

 

       

 

 

    

 

 

 

Principal Funding Account

  

Beginning Principal Funding Account Limit

   $ 225,000,000.00  

Ending Principal Funding Account Limit

   $ 225,000,000.00  

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 2022-3

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 2022-3 is greater than the excess of (i) the Pool Balance over (ii) the sum of (x) the Ineligible Amount for Series 2022-3 and (y) the Series 2022-3 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 2022-3 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 2022-3

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

     36.13   $ 6,662,129,068.44      $ 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

     13.55   $ 2,498,067,008.15      $ 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   $ 1,400,620,411.56      $ 140,062,041.16  

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)

     723       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

     3.52   $ 585,634,822.66      $ 0.00  
Business Only, Without duplication        

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

     9.89   $ 1,823,768,637.67      $ 0.00  
       

 

 

 

Total Loan Series 2022-3 Excess Concentration Amount

        $ 140,062,041.16  
       

 

 

 

 

 

 

Page 5 of 6


Verizon Master Trust - VZMT 2022-3

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.

EU/UK Risk Retention Disclosure

The Servicer is authorized by the Originators to confirm and hereby confirms that the Originators continue to hold the EU/UK Retained Interest in accordance with the terms of the EU/UK Risk Retention Agreement dated May 25, 2022 and executed in connection with Series 2022-3 Capitalized terms used herein have the meaning given to them in the EU/UK Risk Retention Agreement.

 

Page 6 of 6