Verizon ABS II LLC
Depositor
(CIK Number: 0001836995)
|
Cellco Partnership d/b/a
Verizon Wireless
Sponsor and Servicer
(CIK Number: 0001175215)
|
Notes(1)
|
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
|||||
Class A notes
|
$891,010,000
|
4.89%(2)
|
30/360
|
April 21, 2025
|
April 13, 2028
|
|||||
Class B notes
|
$68,120,000
|
5.13%(2)
|
30/360
|
April 21, 2025
|
April 13, 2028
|
|||||
Class C notes
|
$40,870,000
|
5.38%(2)
|
30/360
|
April 21, 2025
|
April 13, 2028
|
|||||
Total
|
$1,000,000,000
|
Initial Public Offering Price
|
Underwriting Discounts and Commissions
|
Net Proceeds(3)
|
||||||
Class A notes
|
$890,996,011.14
|
0.22500%
|
$888,991,238.64
|
|||||
Class B notes
|
$0.00
|
0.00000%
|
$0.00
|
|||||
Class C notes
|
$40,869,803.82
|
0.42500%
|
$40,696,106.32
|
|||||
Total
|
$931,865,814.96
|
$929,687,344.96
|
• |
The issuing entity will pay interest on the notes on the 20th day of each month (or if not a business day, the next business day). The first payment date will be May 22, 2023. It is not
expected that any payments of principal will be made on the notes prior to the payment date in April 2025, unless the amortization period begins or the notes are redeemed prior to such date.
|
• |
The notes may be subject to optional redemption on any date on or after the payment date in May 2024. If the issuing entity effects an optional redemption on any date prior to the payment date
occurring in February 2025, the issuing entity will be required to pay a make-whole payment in connection with such redemption.
|
• |
The notes are expected, but not required, to be redeemed by the issuing entity on or before the payment date in April 2025. If the notes have not been redeemed as of the payment date in April
2025, an amortization event will occur on such payment date and, beginning on such payment date, in addition to interest at the stated interest rate, each class of notes will accrue additional interest at the additional interest rate
applicable to that class of notes, which accrued additional interest amounts will be distributed to noteholders as set forth under “Description of the Notes—Priority of Payments”. See “Description of the Notes—Optional Redemption.”
|
• |
On the closing date, the credit and payment enhancement for the notes will consist of a reserve account, overcollateralization, excess spread and, in the case of the Class A notes, subordination
of the Class B notes and Class C notes, and in the case of the Class B notes, subordination of the Class C notes.
|
RBC Capital Markets
(sole structurer)
|
BofA Securities
|
Citigroup
|
Mizuho
|
Great Pacific Securities
|
Mischler Financial Group
|
Scotiabank
|
Siebert Williams Shank
|
US Bancorp
|
Important Notice About Information in this Prospectus
|
5
|
Reading this Prospectus
|
5
|
Forward-Looking Statements
|
6
|
Copies of the Documents
|
6
|
Note Legend
|
6
|
Notice to Investors: United Kingdom
|
7
|
Notice to Investors: European Economic Area
|
8
|
Trust and Transaction Structure Diagram
|
9
|
Transaction Credit and Payment Enhancement Diagram
|
10
|
Transaction Parties and Documents Diagram
|
11
|
Transaction Payments Diagram
|
12
|
Summary
|
13
|
Glossary
|
36
|
Risk Factors
|
36
|
Summary of Principal Risk Factors
|
36
|
Descriptions of the Transaction Documents
|
67
|
The Trust
|
67
|
Addition of Receivables
|
69
|
Release of Receivables
|
70
|
Issuance of Additional Group 1 Series
|
71
|
Depositor
|
72
|
Owner Trustee
|
72
|
Master Collateral Agent and Indenture Trustee
|
74
|
Master Collateral Agent
|
75
|
Indenture Trustee
|
77
|
Asset Representations Reviewer
|
80
|
Sponsor, Servicer, Custodian, Marketing Agent and Administrator
|
81
|
General
|
81
|
Sponsor
|
82
|
Servicer, Custodian, Marketing Agent and Administrator
|
83
|
Parent Support Provider
|
84
|
The Originators
|
86
|
Additional Transferor
|
86
|
Origination and Description of Device Payment Plan Agreement Receivables
|
87
|
Wireless Equipment and Distribution
|
87
|
Wireless Device Payment Plan Agreements
|
88
|
Insurance on Wireless Devices
|
89
|
Underwriting Criteria
|
89
|
Upgrade Offers
|
91
|
Account Credits
|
92
|
Transfer of Service
|
92
|
Bankruptcy Surrendered Devices
|
93
|
Origination Characteristics
|
93
|
Servicing the Receivables and the Securitization Transaction
|
93
|
General
|
93
|
Servicing Duties
|
94
|
Collections and Other Servicing Procedures
|
94
|
Delinquency and Write-Off Experience
|
97
|
Servicing Fees
|
99
|
Servicer Modifications and Obligation to Acquire Receivables
|
99
|
Bank Accounts
|
100
|
Deposit of Collections
|
100
|
Custodial Obligations of Cellco
|
101
|
Servicing Obligations of Cellco
|
101
|
Limitations on Liability
|
102
|
Amendments to Transfer and Servicing Agreement
|
102
|
Resignation and Termination of Servicer
|
102
|
Notice Obligations of Cellco
|
104
|
Receivables
|
105
|
Receivables, Group 1 Assets and Series 2023-2 Assets
|
105
|
Description of the Receivables
|
106
|
Criteria for Selecting the Receivables
|
106
|
Composition of the Receivables
|
107
|
Additional Receivables
|
112
|
Series 2023-2 Concentration Limits
|
112
|
Representations About the Receivables
|
114
|
Asset Representations Review
|
115
|
Obligation to Acquire or Reacquire Receivables; Obligation to Make Credit Payments and Upgrade Prepayments
|
118
|
Dispute Resolution
|
121
|
Review of Receivables
|
123
|
Static Pool Information
|
124
|
Description of the Notes
|
124
|
Pool Balance and Required Pool Balance
|
125
|
Allocation of Group 1 Available Funds
|
125
|
Series 2023-2 Available Funds
|
125
|
Payments of Interest
|
126
|
Payments of Principal
|
126
|
Revolving Period
|
127
|
Amortization Period
|
127
|
Earliest Redemption Date; Optional Redemption of the Notes
|
128
|
Anticipated Redemption Date
|
129
|
Make-Whole Payments
|
129
|
Priority of Payments
|
130
|
Post-Acceleration Priority of Payments
|
132
|
Controlling Class; Voting Rights
|
133
|
Events of Default
|
133
|
Notes Owned by Transaction Parties
|
137
|
List of Noteholders
|
137
|
Noteholder Communications
|
137
|
Satisfaction and Discharge of Indenture
|
138
|
Amendments to Master Collateral Agreement
|
138
|
Amendments to Indenture
|
139
|
Equity Interest
|
141
|
Book-Entry Registration
|
141
|
Definitive Securities
|
143
|
Computing the Outstanding Note Balance of the Notes
|
143
|
Credit and Payment Enhancement
|
143
|
Reserve Account
|
144
|
Letter of Credit
|
145
|
Subordination
|
145
|
Overcollateralization
|
146
|
Excess Spread
|
146
|
U.S. Credit Risk Retention
|
146
|
EU Securitization Regulation and UK Securitization Regulation
|
152
|
Some Important Legal Considerations
|
154
|
Matters Relating to Bankruptcy
|
154
|
Security Interests in Receivables
|
159
|
Realization on the Receivables
|
159
|
Use of Proceeds
|
161
|
Transaction Fees and Expenses
|
161
|
Fees and Expenses for the Notes
|
161
|
Monthly Investor Reports
|
163
|
Annual Compliance Reports
|
165
|
Certain U.S. Federal Income Tax Consequences
|
166
|
Tax Characterization of the Trust
|
166
|
Tax Consequences to U.S. Owners
|
167
|
Tax Consequences to Foreign Owners of the Notes
|
168
|
Backup Withholding
|
170
|
Possible Alternative Treatments of the Notes
|
170
|
Foreign Account Tax Compliance
|
170
|
Reportable Transactions
|
171
|
Material State Tax Consequences
|
171
|
Certain Considerations for ERISA and Other Benefit Plans
|
171
|
General Investment Considerations for Fiduciaries Investing Plan Assets
|
171
|
Prohibited Transactions
|
172
|
Benefit Plans Not Subject to ERISA or the Code
|
173
|
Additional Considerations
|
173
|
Affiliations and Relationships and Related Transactions
|
174
|
Where You Can Find More Information About Your Notes
|
174
|
The Trust
|
174
|
The Depositor
|
174
|
Static Pool Data
|
175
|
Legal Proceedings
|
175
|
Underwriting
|
175
|
Legal Opinions
|
179
|
Available Information
|
179
|
Schedule I: Glossary of Defined Terms
|
S‑I-1
|
Annex A: Static Pool Data: Vintage Pools
|
A‑1
|
Annex B: Static Pool Data: Receivables
|
B‑1
|
Annex C: Static Pool Data: Prior Securitized Pools
|
C‑1
|
Annex D: Other Group 1 Series of Credit Extensions Outstanding
|
D‑1
|
• |
Trust and Transaction Structure Diagram – illustrates the structure of the trust, this securitization transaction and the credit and payment enhancement
available for the notes,
|
• |
Transaction Credit and Payment Enhancement Diagram – illustrates the credit and payment enhancement available for the notes on the closing date and how
credit and payment enhancement is used to absorb losses on the receivables,
|
• |
Transaction Parties and Documents Diagram – illustrates the role of each transaction party and the obligations that are governed by each transaction
document relating to the notes,
|
• |
Transaction Payments Diagram – illustrates how series 2023-2 available funds will be paid on each payment date,
|
• |
Summary – describes the transaction parties, the main terms of the issuance of and payments on the notes, the
assets of the issuing entity, the cash flows in this securitization transaction and the credit and payment enhancement available for the notes, and
|
• |
Risk Factors – describes the most significant risks of investing in the notes.
|
(1) |
The Certificates are held by the Depositor and Verizon DPPA True-up Trust, as nominee of the Originators and equityholder of the Additional Transferor, which is another Delaware statutory trust
similar to the Trust, which is beneficially owned by the Originators. The Certificates represent the ownership interest in the Trust and are entitled to (i) distributions of the Transferor’s Allocation on each Payment Date, (ii) any
collections on or proceeds of any Trust DPPAs allocated to any other Series not needed to make payments on the related Credit Extensions, or to make any other required payments or deposits according to the priority of payments for such Series
and (iii) investment earnings on amounts held in the Collection Account or any Series Bank Accounts. Series 2023-2 also includes the Class R Interest, which represents an “eligible horizontal residual interest” pursuant to the U.S. Risk
Retention Rules representing the right to any Series 2023-2 Available Funds not needed on any Payment Date to make payments on the Notes, or to make any other required payments or deposits according to the priority of payments described under
“Description of the Notes—Priority of Payments.” For more details about the Class R Interest, see “U.S. Credit Risk Retention.”
|
(2) |
The Trust has issued ten other Series of notes (Series 2021-1, Series 2021-2, Series 2022-1, Series 2022-2, Series 2022-3, Series 2022-4, Series 2022-5, Series 2022-6, Series 2022-7 and Series
2023-1) and has entered into two Series of loans (Loan Series 2021-A and Loan Series 2021-B). The Trust expects to issue another Series of notes (Series 2023-3) on the Closing Date, and expects to issue or enter into in the future other
Series of notes and loans. The notes and loans of any Series are secured by all of the Trust’s assets but are only entitled to the portion of collections on and proceeds of the Trust DPPAs designated to the related Group that are allocated
to it under the transaction documents, except to the extent Trust DPPAs designated to any other Group are sold upon the occurrence of an Event of Default and an acceleration of the Notes in the limited circumstances described under “Description of the Notes—Events of Default—Remedies Following Event of Default.”
|
(3) |
The Depositor or one or more of its affiliates will initially retain the Class B Notes.
|
(4) |
On the Closing Date, the Reserve Account will be fully funded with an amount equal to $10,899,182.56, which is the Required Reserve Amount as of the Closing Date. For more details about the Reserve Account, you should read “Credit and Payment Enhancement—Reserve Account.”
|
(5) |
All Notes other than the Class C Notes benefit from subordination of more junior classes to more senior classes. The order of subordination varies depending on whether interest or principal is
being paid and whether an Event of Default that results in acceleration has occurred. For more details about subordination, you should read “Description of the Notes—Priority of Payments,” “—Post-Acceleration Priority of Payments” and “Credit and Payment
Enhancement—Subordination.”
|
(6) |
Overcollateralization is the amount by which, on any date of determination, (x) the Series 2023-2 Allocated Pool Balance exceeds (y) the aggregate Note Balance of the Notes. The Series 2023-2
Required Overcollateralization Percentage is 8.25% and the Series 2023-2 Required Overcollateralization Amount is initially equal to $89,918,256.13. For more details about overcollateralization, you should
read “Credit and Payment Enhancement—Overcollateralization.”
|
(7) |
Excess spread for Series 2023-2 on any Payment Date will be equal to the excess of (i) the product of (a) the Series 2023-2 Discount Rate and (b) the Series 2023-2 Available Funds for such
Payment Date over (ii) the sum of (a) the aggregate amount of interest payments required to be made on the Notes on such Payment Date and (b) the aggregate amount of senior fees and expenses of the Trust that are allocated to Series 2023-2 on
such Payment Date.
|
(1) |
All Notes other than the Class C Notes benefit from subordination of more junior classes to more senior classes. The order of the subordination varies depending on whether interest or principal
is being paid and whether an Event of Default that results in acceleration has occurred. For more details about subordination, you should read “Description of the Notes—Priority of Payments,” “—Post-Acceleration Priority of Payments” and “Credit and Payment
Enhancement—Subordination.”
|
(2) |
On the Closing Date, the Reserve Account will be fully funded with an amount equal to $10,899,182.56, which is the Required Reserve Amount as of the Closing Date. For more details about the Reserve Account, you should read “Credit and Payment Enhancement—Reserve Account.”
|
(3) |
Overcollateralization is the amount by which, on any date of determination, (x) the Series 2023-2 Allocated Pool Balance exceeds (y) the aggregate Note Balance of the Notes. The Series 2023-2
Required Overcollateralization Percentage is 8.25% and the Series 2023-2 Required Overcollateralization Amount is initially equal to $89,918,256.13. For more details about overcollateralization, you should
read “Credit and Payment Enhancement—Overcollateralization.”
|
(4) |
Excess spread for Series 2023-2 on any Payment Date will be equal to the excess of (i) the product of (a) the Series 2023-2 Discount Rate and (b) the Series 2023-2 Available Funds for such
Payment Date over (ii) the sum of (a) the aggregate amount of interest payments required to be made on the Notes on such Payment Date and (b) the aggregate amount of senior fees and expenses of the Trust that are allocated to Series 2023-2 on
such Payment Date.
|
Initial Note Balance(1)
|
Interest Rate
|
||
Class A Notes
|
$891,010,000
|
4.89%(1)
|
|
Class B Notes
|
$68,120,000
|
5.13%(1)
|
|
Class C Notes
|
$40,870,000
|
5.38%(1)
|
• |
Series 2023-2;
|
• |
other Group 1 Series; and
|
• |
the Certificates.
|
• |
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,
|
• |
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
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 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), and
|
• |
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,
|
• |
the amount by which the aggregate Principal Balance of Business Receivables exceeds 10.00% of the Pool Balance.
|
• |
the Receivables and Collections on the Receivables received after the end of the calendar day on the applicable Cutoff Date (other than net recoveries on Written-Off Receivables, including any
proceeds from the sale of a wireless device securing a Receivable, which will be retained by the Servicer as a supplemental servicing fee),
|
• |
funds in the Collection Account in respect of the Receivables,
|
• |
rights of the Trust under the Transfer and Servicing Agreement, the Receivables Transfer Agreements and the other transaction documents in respect of the Receivables,
|
• |
rights to funds from (i) the reacquisition by Originators or the acquisition by the Servicer (in the case of Receivables transferred by the Additional Transferor or designated to Group 1 on a
Designation Date), as applicable, of Receivables that, as of the applicable Cutoff Date, were not Eligible
|
Receivables, (ii) the acquisition by the Servicer of Receivables that breach certain covenants, (iii) the reacquisition by Originators or the acquisition by the Servicer (in the case of
Receivables transferred by the Additional Transferor), as applicable, of secured Receivables (that are not Written-Off Receivables) if the related Obligor becomes the subject of a bankruptcy proceeding and Verizon Wireless accepts the
surrender of the related wireless device in satisfaction of the Receivable, (iv) the acquisition by the Marketing Agent or the reacquisition by an Originator of Receivables that are subject to certain transfers, (v) Credit Payments and
Upgrade Prepayments made by the Marketing Agent or an Originator in respect of the Receivables, and (vi) any amounts remitted by the Parent Support Provider under the Parent Support Agreement in respect of the Receivables, and
|
• |
all proceeds of the above.
|
• |
funds in the Series Bank Accounts, and
|
• |
if applicable, any amounts drawn under any Letter of Credit.
|
Number of Receivables
|
38,230,435
|
Aggregate Principal Balance
|
$21,549,487,283.25
|
Average Principal Balance
|
$563.67
|
Average monthly payment
|
$24.97
|
Weighted average remaining installments (in months)(1)
|
27
|
Weighted average FICO® Score of Consumer Obligors under Consumer Receivables(1)(2)(3)
|
723
|
Percentage of Consumer Receivables with Consumer Obligors
without a FICO® Score(3)
|
3.50%
|
Geographic concentration (Top 3 States)(4)
|
|
California
|
10.04%
|
Florida
|
6.16%
|
Texas
|
5.96%
|
Weighted average Customer Tenure (in months)(1)(5)
|
114
|
Percentage of Receivables with Obligors with smartphones
|
90.55%
|
Percentage of Receivables with other wireless devices
|
9.45%
|
Percentage of Consumer Receivables
|
90.06%
|
Percentage of Business Receivables
|
9.94%
|
(1) |
Weighted averages are weighted by the aggregate Principal Balance of the applicable Receivables as of the Statistical Calculation Date.
|
(2) |
Excludes Consumer Receivables that have Consumer Obligors who did not have FICO® Scores because they are
individuals with minimal or no recent credit history.
|
(3) |
This FICO® Score reflects the FICO®
Score 8 of the related Consumer Obligor under a Consumer Receivable. The FICO® Score is calculated with respect to each Consumer Obligor on or about the date
on which such Consumer Receivable was originated.
|
(4) |
Based on the billing addresses of the Obligors under the Receivables.
|
(5) |
For a complete description of the calculation of Customer Tenure included in this summary, see “Origination and Description of Device Payment Plan Agreement
Receivables—Origination Characteristics.”
|
• |
on any Payment Date, interest due is not paid on any class of Notes,
|
• |
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,
|
• |
as of the Anticipated Redemption Date, the Trust has not redeemed the Notes,
|
• |
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),
|
• |
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%,
|
• |
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%,
|
• |
with respect to any Payment Date, the Series 2023-2 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,
|
• |
as of any date of determination, the Discounted Series Invested Amount for Series 2023-2 is greater than the excess of (i) the Pool Balance over (ii) the sum of (x) the Ineligible Amount for
Series 2023-2 and (y) the Series 2023-2 Excess Concentration Amount,
|
• |
a Servicer Termination Event has occurred and is continuing, or
|
• |
an Event of Default has occurred and is continuing.
|
• |
failure to pay interest (other than any additional interest amounts, if applicable) due on any Group 1 Credit Extension of the controlling class of any Group 1 Series within thirty-five (35)
days after any Payment Date,
|
• |
failure to pay the Outstanding principal amount or make-whole payments (as applicable) on any Group 1 Credit Extension on the related final maturity date,
|
• |
failure by the Trust to observe or perform any material covenant or agreement in any Primary Series Document, or any representation or warranty of the Trust made in any Primary Series Document
or in any officer’s certificate delivered in connection with any Primary Series Document is incorrect in any material respect when made, and, in either case, (x) has a material adverse effect on the Group 1 Creditors, and (y) is not cured
for a period of ninety (90) days after written notice was given to the Trust by the Master Collateral Agent or to the Trust and the Master Collateral Agent by Creditor Representatives representing Group 1 Series with Credit Extensions
comprising at least 25% of the aggregate Outstanding principal amount of all Group 1 Credit Extensions, or
|
• |
a bankruptcy or dissolution of the Trust.
|
• |
(x) the Servicer fails to deposit, or deliver to the Master Collateral Agent for deposit, any collections or payments in respect of the Trust DPPAs required to be delivered under the Transfer
and Servicing Agreement; (y) so long as Cellco is the Servicer, the Marketing Agent fails to deposit, or to cause the related Originators to deposit, into the Collection Account any prepayments in respect of the Trust DPPAs required by
Upgrade Contracts under an Upgrade Program required to be delivered under the Transfer and Servicing Agreement, or (z) so long as Cellco is the Servicer, the Parent Support Provider fails to make any payments with respect to the items set
forth in clause (x) or clause (y) above, to the extent the Servicer, or the Marketing Agent or any related Originator, respectively, fails to do so, and, in each case, which failure continues for five (5) Business Days after the Servicer,
the Marketing Agent or the Parent Support Provider, as applicable, receives written notice of the failure from the Master Collateral Agent or a responsible person of the Servicer, the Marketing Agent or the Parent Support
|
Provider, as applicable, obtains actual knowledge of the failure; or
|
• |
the Servicer (including in its capacity as Custodian) fails to fulfill its duties under the Transfer and Servicing Agreement (other than pursuant to the immediately preceding bullet point or
the immediately following bullet point), which failure has a material adverse effect on the Creditors and continues for ninety (90) days after the Servicer receives written notice of the failure from the Master Collateral Agent or the
Majority Trust Creditor Representatives, or
|
• |
so long as Cellco is the Servicer, failure by (i) the Marketing Agent to make, or to cause the related Originator to make, any payments required to be paid by the Marketing Agent in respect of
the Trust DPPAs, including without limitation Credit Payments or payments relating to the acquisition by the Marketing Agent or the related Originator of Trust DPPAs that are subject to certain transfers, but not including prepayments
required by Upgrade Contracts under an Upgrade Program, or (ii) the Parent Support Provider to make any payments set forth in clause (i) above, to the extent that the Marketing Agent or the related Originator fails to do so, in either case,
that continues for ten (10) Business Days after the Marketing Agent or Parent Support Provider, as applicable, receives written notice of the failure from the Master Collateral Agent, or a responsible person of the Marketing Agent or the
Parent Support Provider, as applicable, obtains actual knowledge of the failure, or
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• |
certain insolvency events of the Servicer;
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(1) |
Transaction Fees and Expenses — pro rata (A) to the Master Collateral Agent, the Series 2023-2 Group Allocated Percentage of all amounts due, including (x) fees due to the Master Collateral
Agent and (y) expenses and indemnities due to the Master Collateral Agent, up to a maximum aggregate amount, in the case of clause (y), of $200,000 per year for all Group 1 Series in the aggregate; (B) to the Owner Trustee, the Series
2023-2 Group Allocated Percentage of all amounts due, including (x) fees due to the Owner Trustee and (y) expenses and indemnities due to the Owner Trustee, up to a maximum aggregate amount, in the case of clause (y), of $100,000 per year
for all Group 1 Series in the aggregate; (C) to the Asset Representations Reviewer, (i) the Series 2023-2 ARR Series Allocation Percentage of all amounts due, including (x) fees (other than the Supplemental ARR Fee) due to the Asset
Representations Reviewer (including fees due in connection with any Asset Representations Review) and (y) expenses and indemnities due to the Asset Representations Reviewer, up to a maximum aggregate amount, in the case of
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clause (y), of $100,000 per year for all Group 1 Series in the aggregate and (ii) the Series 2023-2 Supplemental ARR Series Allocation Percentage of the Supplemental ARR Fee due to the Asset
Representations Reviewer and (D) to the Indenture Trustee all amounts due, including (x) fees due to the Indenture Trustee and (y) expenses and indemnities due to the Indenture Trustee up to a maximum aggregate amount, in the case of clause
(y), of $200,000 per year; provided¸ that after the occurrence of an Event of Default (other than an Event of Default set forth in clause (iii) of the definition thereof), the caps on expenses and indemnities in this clause (1) will not
apply; provided further that on the Payment Date occurring in December of each calendar year, each such party will have the right to reimbursement from any unused portion of the cap allocated to another party to the extent that the expenses
and indemnities reimbursable to such party exceed the related allocated amount at the end of such calendar year,
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(2) |
Servicing Fee — to the Servicer, the Series 2023-2 Allocation Percentage of the Servicing Fee, and to any successor servicer, the Series 2023-2 Group Allocated Percentage of a one-time
successor servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as successor servicer,
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(3) |
Class A Note Interest — to the Noteholders of the Class A Notes, interest due on the Class A Notes,
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(4) |
First Priority Principal Payment — (a) during the Revolving Period, for deposit to the Principal Funding Account and (b) during the Amortization Period, to the Noteholders, in the order set
forth under “—Payments of Principal” above, in either case, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes as of the immediately preceding Payment Date
(or, for the initial Payment Date, as of the Closing Date) over (y) the Series 2023-2 Allocated Pool Balance, if any,
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(5) |
Class B Note Interest — to the Noteholders of the Class B Notes, interest due on the Class B Notes,
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(6) |
Second Priority Principal Payment — (a) during the Revolving Period, for deposit to the Principal Funding Account and (b) during the Amortization Period, to the Noteholders, in the order set
forth under “—Payments of Principal” above, in either case, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes and Class B Notes as of the immediately
preceding Payment Date (or,
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for the initial Payment Date, as of the Closing Date) over (y) the sum of the Series 2023-2 Allocated Pool Balance and any First Priority Principal Payment, if any,
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(7) |
Class C Note Interest — to the Noteholders of the Class C Notes, interest due on the Class C Notes,
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(8) |
Third Priority Principal Payment — (a) during the Revolving Period, for deposit to the Principal Funding Account and (b) during the Amortization Period, to the Noteholders, in the order set
forth under “—Payments of Principal” above, in either case, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes as of the
immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the sum of the Series 2023-2 Allocated Pool Balance and any First Priority Principal Payment and any Second Priority Principal Payment,
if any,
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(9) |
Reserve Account — (1) first, if applicable, to the Letter of Credit Provider, the amount, if any, necessary to cause the amount available under the Letter of Credit to equal the amount
available under the Letter of Credit on the date of issuance together with interest accrued on the amount drawn on the Letter of Credit and (2) second, to the Reserve Account, the amount, if any, necessary to cause the amount in the Reserve
Account to equal the Required Reserve Amount less the amount available under such Letter of Credit, if any,
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(10) |
Regular Priority Principal Payment — (a) during the Revolving Period, for deposit to the Principal Funding Account, an amount (not less than zero) equal to the excess, if any, of (x) the
product of the Series 2023-2 Allocation Percentage and any Pool Balance Deficit for such Payment Date over (y) the sum of any First Priority Principal Payment, Second Priority Principal Payment and Third Priority Principal Payment for the
current Payment Date and (b) during the Amortization Period, to the Noteholders, in the order set forth under “—Payments of Principal” above, an amount (not less than zero) equal to the excess, if
any, of the aggregate Note Balance of the Class A
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Notes, Class B Notes and Class C Notes as of the immediately preceding Payment Date (or for the initial Payment Date, as of the Closing Date) over the sum of any First Priority Principal
Payment, Second Priority Principal Payment and Third Priority Principal Payment for the current Payment Date, if any,
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(11) |
Supplemental Successor Servicing Fee – to any successor servicer, the product of the Series 2023-2 Group Allocated Percentage and the excess, if any, of $425,000 over the Servicing Fee,
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(12) |
Additional Interest Amounts — to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable in the order set forth under “—Payments
of Interest” above,
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(13) |
Make-Whole — to the Noteholders, any Make-Whole Payments due on the Notes, payable in the order set forth under “—Payments of Principal” above,
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(14) |
Additional Fees and Expenses — pro rata, (A) to the Indenture Trustee, all remaining amounts due but not paid under priority (1) above, (B) to the
Master Collateral Agent and the Owner Trustee, the Series 2023-2 Group Allocated Percentage of all remaining amounts due to the extent not paid under priority (1) above, (C) to the Asset Representations Reviewer, (x) the Series 2023-2 ARR
Series Allocation Percentage of all remaining amounts (other than the Supplemental ARR Fee) due to the extent not paid under priority (1) above and (y) the Series 2023-2 Supplemental ARR Series Allocation Percentage of any remaining
Supplemental ARR Fee due to the extent not paid under priority (1) above and (D) to the Administrator, reimbursement of fees and expenses of the Master Collateral Agent, the Indenture Trustee, the Owner Trustee and the Asset Representations
Reviewer paid by the Administrator on behalf of the Trust pursuant to the Administration Agreement,
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(15) |
Additional Trust Expenses — to any other parties as the Administrator has identified, any remaining expenses of the Trust, up to the Series 2023-2 Group Allocated Percentage of such amounts,
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(16) |
Letter of Credit Provider Fees — if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due
to such Letter of Credit Provider, and
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(17) |
Class R Interest — to the Class R Interest, all remaining Series 2023-2 Available Funds.
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• |
in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2023-2 Allocated Pool Balance exceeds the Adjusted Series
Invested Amount for Series 2023-2, 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 2023-2 Available Funds on such immediately succeeding Payment Date,
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• |
in connection with any Optional Redemption, all amounts on deposit in the Principal Funding Account will be withdrawn and applied to pay any amounts due in connection therewith, or
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• |
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
Noteholders on such Payment Date, in the order set forth under
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• |
a Delinquency Trigger for the Receivables occurs, and
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the requisite amount of Public Group 1 Noteholders vote to direct an Asset Representations Review.
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the Notes held by parties unaffiliated with the Trust will be classified as debt for U.S. federal income tax purposes; and
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the Trust will not be classified as an association (or a publicly traded partnership), in either case, taxable as a corporation for U.S. federal income tax purposes.
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CUSIP
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Class A Notes
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92348K BL6
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Class B Notes
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92348K BM4
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Class C Notes
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92348K BN2
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• |
The Notes may not be redeemed by the Anticipated Redemption Date, which may result in interest rate risk.
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• |
The terms of other Group 1 Series may affect the timing and amounts of the payments on your Notes.
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• |
Payment priorities increase the risk of losses or payment delays for certain classes of Notes, and Class B Notes and Class C Notes are subject to greater risk of loss because of subordination.
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Principal payments on the Notes may occur earlier than expected, which may result in reinvestment risk.
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• |
Principal payments on the Notes may occur later than expected, which may result in interest rate risk.
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• |
Your limited control (including over actions of the Trust and over amendments to the transaction documents), and conflicts between classes of Notes and conflicts between different Group 1 Series,
may result in losses on your Notes.
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• |
Insufficient Collections on the Receivables allocated to Series 2023-2 will result in losses on your Notes.
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• |
Limited recoveries on defaulted Receivables and the unavailability of recoveries on Written-Off Receivables may result in losses on your Notes.
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From time to time, Receivables may be added or removed, which may decrease the credit quality of the assets of the Trust designated to Group 1 and may impact payments on the Notes.
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• |
Performance of the Receivables depends on many factors and may worsen in an economic downturn, which may result in payment delays or losses on your Notes.
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• |
The characteristics of the Receivables as of the Statistical Calculation Date may differ from the characteristics of the Receivables on the Closing Date.
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• |
Geographic concentration of the Receivables may result in payment delays or losses on your Notes.
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• |
Interests of other Persons in the Receivables could reduce funds available to pay your Notes.
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• |
Payments on the Receivables will be subordinated to certain other payments by the Obligors, which may result in payment delays or losses on your Notes.
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• |
Verizon Wireless’ Upgrade Offers may adversely impact Collections on the Receivables and the timing of principal payments, which may result in reinvestment risk, and may present bankruptcy risks,
which may result in losses on your Notes.
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The application of credits to Obligor accounts may reduce payments received on the Receivables, which may result in payment delays or losses on your Notes.
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Increased delinquencies and defaults may result if an Obligor under a Receivable no longer has a functioning wireless device, which may result in losses on your Notes.
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• |
An interruption or degradation of wireless service provided by Verizon Wireless could result in reduced Collections on the Receivables and may result in losses on your Notes.
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A wireless device recall or manufacturing defect may result in delayed payments or losses on your Notes.
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An Originator’s or the Servicer’s failure to reacquire or acquire Receivables that do not comply with consumer protection laws may result in payment delays or losses on your Notes.
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The Servicer’s inability to perform its obligations, or Cellco’s removal or resignation as Servicer, may result in payment delays or losses on your Notes.
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• |
The Servicer’s ability to commingle Collections with its own funds may result in payment delays or losses on your Notes.
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• |
Conflicts of interest among certain transaction parties may result in losses on your Notes.
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• |
The financial condition or bankruptcy of certain transaction parties may affect their ability to perform their obligations, which may result in payment delays or losses on your Notes.
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• |
Federal financial regulatory reform could have an adverse impact on certain transaction parties, which could adversely impact the servicing of the Receivables or the securitization of Device
Payment Plan Agreements.
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• |
The Notes may not be a suitable investment for investors subject to the EU Securitization Regulation or the UK Securitization Regulation.
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• |
A reduction, withdrawal or qualification of the ratings on your Notes, or the issuance of unsolicited ratings on your Notes, could adversely affect the market value of your Notes and/or limit
your ability to resell your Notes.
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• |
The ratings of any Letter of Credit Provider may affect the ratings of the Notes.
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• |
The Notes are not suitable for all investors.
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• |
The potential absence of a secondary market for the Notes, potential financial market disruptions, potential lack of liquidity in the secondary market and the possible retention by the Depositor
of certain of the Notes may affect the market value of your Notes or your ability to resell them.
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• |
The absence of physical Notes may limit your ability to exercise rights directly and there may be delays in receiving payments as the result of the Notes being held in book-entry form.
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Risks Related to the Structure of the Notes and the Trust
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The Notes may not be redeemed by the Anticipated Redemption Date, and Noteholders will bear all interest rate risk resulting from principal payments on
the Notes occurring later than expected
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The Trust is expected, but is not required, to redeem the Notes by the Anticipated Redemption Date. The Trust is a special purpose entity with no material assets other than
the Receivables and other Trust DPPAs. Unlike traditional securitizations, where the source of payments to investors is periodic payments on loans or other receivables, this transaction contemplates that the Trust will make a substantial
balloon payment on or prior to the Anticipated Redemption Date to redeem the Notes. The Trust’s ability to redeem the Notes may depend on its ability to issue another Group 1 Series to refinance the Notes or the Trust’s ability to sell
Receivables at a sufficiently high price, which, in turn, will depend on a number of factors prevailing at the time such refinancing or sale is required, including but not limited to the market for the Receivables, the availability of credit,
prevailing interest rates and general economic conditions. If the Trust is unable to issue another Group 1 Series to refinance the Notes or to sell Receivables at a sufficiently high price, the Trust may not have sufficient cash available to
it (including distributions on the Certificates, proceeds of the issuance of another Series, proceeds of sales of Receivables to another Verizon special purpose entity and/or a third-party purchaser, amounts on deposit in the Principal
Funding Account and the Reserve Account or capital contributions by the Certificateholders) to redeem the Notes. There can be no assurances that the Trust will be able to redeem the Notes by the Anticipated Redemption Date. The failure of
the Trust to redeem the Notes as of the Anticipated Redemption Date will be an Amortization Event, but will not be an Event of Default.
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The terms of other Group 1 Series may affect the timing and amounts of the payments on your Notes
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The Trust may issue or enter into additional Group 1 Series from time to time without your consent. The terms of a new Group 1 Series may be different from Series 2023-2,
which may affect the allocation of Collections on the Receivables to Series 2023-2. For instance, other Group 1 Series may have different discount rates, eligibility criteria, concentration limits, interest rates, required
overcollateralization percentages, revolving periods, amortization events, anticipated redemption dates and/or final maturity dates, which may cause some Group 1 Series to amortize earlier than Series 2023-2.
Other Group 1 Series may have (i) more-stringent concentration limits than the Series 2023-2 Concentration Limits, (ii) more-stringent eligibility criteria than the
eligibility criteria for Series 2023-2 and/or (iii) a higher discount rate than the Series 2023-2 Discount Rate. If a Group 1 Series has more stringent concentration limits than the Series 2023-2
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Concentration Limits, more-stringent eligibility criteria than the eligibility criteria for Series 2023-2 or a higher discount rate than the Series 2023-2 Discount Rate, the
positive difference of the Adjusted Series Invested Amount for such Group 1 Series over the Series Invested Amount for such Group 1 Series may be proportionally larger than the positive difference of the Adjusted Series Invested Amount for
Series 2023-2 over the Series Invested Amount for Series 2023-2. The Adjusted Series Invested Amount for each Group 1 Series is used to determine the Series Allocation Percentage for such Group 1 Series. Consequently, in the event that a
Pool Balance Deficit exists, if any Group 1 Series has more stringent concentration limits than the Series 2023-2 Concentration Limits, more-stringent eligibility criteria than the eligibility criteria for Series 2023-2 and/or a higher
discount rate than the Series 2023-2 Discount Rate, such circumstance may result in reduced Group 1 Available Funds allocated to Series 2023-2 on any Payment Date than would be the case if the concentration limits, eligibility criteria and
discount rate for each Group 1 Series were the same.
Because some actions require the consent of Majority Group 1 Creditor Representatives, additional Group 1 Series may dilute the voting rights of your Notes. In addition, the
Trust may also issue Series related to other Groups of Trust DPPAs. Because certain actions of the Trust will require the consent of Majority Trust Creditor Representatives, the addition of Groups may further dilute the voting rights of your
Notes. The interests of the Creditors of a new Group 1 Series or Group may be different from your interests.
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Payment priorities increase the risk of loss by, or delay in payment to, holders of certain classes of Notes
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Based on the priorities described under “Description of the Notes—Priority of Payments,” during the Amortization Period, classes of
Notes that receive principal payments before other classes will be repaid more rapidly than the other classes. Because principal of the Notes will be paid sequentially during the Amortization Period, if an Optional Redemption has not been
effected by the Trust, classes of Notes lower in payment priority will be Outstanding longer, and therefore, will be exposed to the risk of losses on the Receivables during periods after other classes have received most or all amounts payable
on their Notes, and after which a disproportionate amount of credit and payment enhancement may have been applied and not replenished.
If an Optional Redemption has not been effected by the Trust, because of the priority of payment on the Notes, the yields of the classes of Notes lower in payment priority
will be more sensitive to losses on the Receivables and the timing of these losses than the classes of Notes higher in payment priority. Accordingly, the Class B Notes will be relatively more
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sensitive to losses on the Receivables and the timing of these losses than the Class A Notes; and the Class C Notes will be relatively more sensitive to losses on the
Receivables and the timing of these losses than the Class A Notes and Class B Notes. If the actual rate and amount of losses exceed expectations, and if amounts available under any Letter of Credit and in the Reserve Account are insufficient
to cover the resulting shortfalls on any Payment Date, it may adversely affect the yield on your Notes, and you may incur losses on your Notes.
In addition, the Notes are subject to risk because payments of principal and interest on the Notes on each Payment Date are subordinated to the payment of the Servicing Fee,
certain amounts payable to the Master Collateral Agent, the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer in respect of fees, expenses and indemnification amounts and certain amounts payable to the successor
servicer in respect of a one-time engagement fee. As a result, payments on your Notes may be delayed or you may incur losses on your Notes.
For additional information, you should refer to “—Collections on Receivables allocated to Series 2023-2, and any credit or payment
enhancement, are the only source of payment for your Notes, and if they are not sufficient, you will incur losses on your Notes” below.
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Holders of Class B Notes and Class C Notes will be subject to greater risk of loss because of subordination
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The Class B Notes bear a greater risk of loss than the Class A Notes and the Class C Notes bear a greater risk of loss than the Class A Notes and Class B Notes because of the
subordination features of the transaction. Payment of principal of the Class B Notes is subordinated to payment of interest on and principal of the Class A Notes. Payment of principal of the Class C Notes is subordinated to payment of
interest on and principal of the Class A Notes and Class B Notes.
If a Priority Principal Payment is required on any Payment Date (including for deposit into the Principal Funding Account, as applicable), interest on each class of Notes
will be subordinated to the payment of allocation of any such required Priority Principal Payments ranking higher in payment priority, until such Priority Principal Payments have been paid (or deposited into the Principal Funding Account, as
applicable) in full.
In addition, so long as any Class A Notes are Outstanding, failure to pay interest on the Class B Notes will not be an Event of Default. So long as any Class A Notes or
Class B Notes are Outstanding,
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failure to pay interest on the Class C Notes will not be an Event of Default.
In addition, in the event the Notes are accelerated and declared to be due and payable following the occurrence of an Event of Default, no interest or principal will be paid
to the Class B Notes until the Class A Notes have been paid in full, and no interest or principal will be paid to the Class C Notes until the Class A Notes and Class B Notes have been paid in full. Only the most senior class of Notes
Outstanding, as the Controlling Class, may accelerate the Notes or direct the Indenture Trustee, as Creditor Representative, to vote in respect of Series 2023-2 in the exercise of remedies under the Master Collateral Agreement upon an Event
of Default, including in connection with the sale of the Receivables and other assets of the Trust designated to Group 1 in certain circumstances (and, in the limited circumstances described under “Description
of the Notes—Events of Default—Remedies Following Event of Default,” other Trust DPPAs designated to any other Group). Because of the subordination provisions of the transaction, the Controlling Class may have an incentive to
accelerate the Notes and/or to cause the Indenture Trustee to vote to cause the sale of the Receivables and other assets of the Trust designated to Group 1 (and, in the limited circumstances described under “Description
of the Notes—Events of Default—Remedies Following Event of Default,” other Trust DPPAs designated to any other Group), since the Controlling Class must be paid in full before any of the more junior classes are entitled to any
payments; provided, that the Receivables and other assets of the Trust designated to Group 1 (and, in the limited circumstances described under “Description of the Notes—Events of Default—Remedies Following
Event of Default,” other Trust DPPAs designated to any other Group) will only be sold by the Master Collateral Agent upon the occurrence of an Event of Default and an acceleration of the Notes in the circumstances described under “Description of the Notes—Events of Default—Remedies Following Event of Default”. The Class C Notes, as the most subordinated class of Notes, bear the greatest risk of loss.
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Noteholders will bear all reinvestment risk resulting from principal payments on the Notes occurring earlier than expected
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It is not anticipated that any principal payments will be made on the Notes prior to the Anticipated Redemption Date. However, if an Amortization Event occurs prior to the
Anticipated Redemption Date, the Amortization Period will begin earlier than anticipated and the Trust will pay principal of your Notes earlier than expected. During the Amortization Period, the Notes are required to be paid in full,
sequentially by class. In addition, while the Notes are expected to be redeemed on the Anticipated Redemption Date, an Optional Redemption of the Notes may occur prior to
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the Anticipated Redemption Date on any date on or after the Earliest Redemption Date.
For a full description of the circumstances giving rise to an Amortization Event, see “Description of the Notes—Amortization Period.”
During the Amortization Period, the rate of payment on the Notes will also depend on the rate of payment on the Receivables, including prepayments. Faster than expected
rates of prepayments on the Receivables will cause the Trust to pay principal of your Notes more quickly during the Amortization Period. Prepayments on the Receivables will occur if:
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•
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Obligors prepay all or a portion of their Receivables, including in connection with entering into an Upgrade Contract,
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•
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the Servicer acquires modified or impaired Receivables, including cancelled Receivables,
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•
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an Originator or the Servicer, as applicable reacquires Receivables that were not Eligible Receivables as of the related Acquisition Date or Designation Date, as applicable,
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•
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the Marketing Agent acquires, or causes the related Originator to acquire, a transferred Receivable, or the Marketing Agent makes certain payments, or requires the related
Originator to make certain payments, with respect to credits granted to an Obligor under a Receivable, or
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•
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the Marketing Agent prepays, or causes the related Originator to prepay, a Receivable under the terms of an Upgrade Contract.
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A variety of economic, social and other factors will influence the rate of prepayments on the Receivables, including individual Obligor circumstances, the types of Verizon
Wireless marketing programs and those of its competitors, changes in technology, changes in customer preferences for certain wireless devices, the release of new versions of certain manufacturer’s wireless devices and changes in the demand
for wireless devices in general during celebration seasons that occur during the calendar year, and changes made by the Servicer to the order in which the Servicer applies payments and credits to an Obligor’s account. For a discussion of risks related to certain economic, social and other factors affecting individual Obligors, see “—Performance of the Receivables is uncertain and depends on many factors and may worsen in an
economic downturn, which may increase the likelihood that payments on your Notes will be delayed or that you will incur losses on your Notes” below. Verizon Wireless permits customers to cancel their Device Payment Plan Agreement,
including any Receivable, for thirty
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(30) days after origination. In addition, Verizon Wireless has permitted, and may permit in the future, cancellations of Device Payment Plan Agreements for specified periods
of time during holiday periods. No prediction can be made about the actual prepayment rates that will occur for the Receivables. For a discussion of additional
risks related to Upgrade Offers, see “—Verizon Wireless’ Upgrade Offers may adversely impact Collections on the Receivables and the timing of principal payments, which may result in reinvestment risk” below.
You will bear all reinvestment risk resulting from principal payments on your Notes occurring earlier than expected as a result of the circumstances and factors described
above.
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Noteholders will bear all interest rate risk resulting from principal payments on the Notes occurring later than expected
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Other than in connection with an Optional Redemption on or after the Earliest Redemption Date, no principal will be paid on the Notes until the Amortization Period begins.
It is anticipated that the Trust will redeem the Notes by the Anticipated Redemption Date, but the Trust has no obligation to do so. Whether the Trust effects an Optional Redemption depends on the ability of the Trust to obtain cash
sufficient to pay all principal of and accrued and unpaid interest on the Notes, and any applicable Make-Whole Payments and Additional Interest Amounts due and payable on that date, in full in connection therewith. The Trust may redeem the
Notes with any amounts available to it for such purpose, including distributions on the Certificates, proceeds of the issuance of another Series, proceeds of sales of Receivables to another Verizon special purpose entity and/or a third-party
purchaser, amounts on deposit in the Principal Funding Account and the Reserve Account or capital contributions by the Certificateholders. Whether such amounts are available to the Trust will be dependent on a number of factors prevailing at
the time an Optional Redemption may be exercised, including, among other things, the market for and the value of the Receivables, prevailing interest rates, the availability of credit and general economic conditions. There can be no
assurance that the Trust will have sufficient funds to effect an Optional Redemption or that the Trust will effect an Optional Redemption on any date when it is eligible to do so.
In addition, the Trust does not have an obligation to pay a specified amount of principal of any class of Notes on any date other than the remaining Outstanding amount of
that class of Notes on its Final Maturity Date. Failure to pay principal of any class of Notes on any Payment Date will not be an Event of Default until the Final Maturity Date of that class. If the Notes have not been redeemed as of the
Anticipated Redemption Date, an Amortization Event will occur and the Amortization Period will begin.
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During the Amortization Period, the Notes are required to be paid in full, sequentially by class, and no principal will be paid on any class of Notes until all senior classes
of Notes have been paid in full. If principal of your Notes is paid later than expected, it may adversely affect the yield on your Notes. You will bear all interest rate risk resulting from principal payments on your Notes occurring later
than expected.
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Because you have limited control over actions of the Trust and amendments to the transaction documents, and conflicts between classes of Notes may occur,
your Notes may be adversely affected
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The Trust will pledge the Receivables to the Master Collateral Agent to secure payment of the Group 1 Credit Extensions. In the event that certain votes or directions may
occur or be given under the Master Collateral Agreement by a specified percentage of Group 1 Creditors, the Controlling Class will direct the Indenture Trustee, as Group 1 Creditor Representative for Series 2023-2, as to how it should vote or
direct such matters; provided that if any vote or direction under the Master Collateral Agreement requires the consent or direction of Creditor Representatives representing all Credit Extensions, or Group 1 Creditor Representatives
representing all Group 1 Credit Extensions, the Indenture Trustee, as Creditor Representative for Series 2023-2, will only vote or give such direction in accordance with the direction of 100% of the Noteholders. Any such vote or direction by
the Indenture Trustee, as Creditor Representative for Series 2023-2, at the direction of the Controlling Class, will be made on behalf of all Noteholders, notwithstanding that such action was taken solely at the direction of the Controlling
Class. In particular, the Controlling Class will be entitled to direct the Indenture Trustee to accelerate the Notes after an Event of Default, waive Events of Default (other than failure to pay principal or interest or for a breach of a
covenant or term that can only be waived with the consent of all Noteholders), vote to terminate the Servicer upon a Servicer Termination Event, vote to waive Servicer Termination Events and to direct the Indenture Trustee with respect to
certain other actions or votes in connection with remedies or rights available to Noteholders.
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In addition, as described under “The Trust,” “Servicing the Receivables and the Securitization Transaction—Amendments to Transfer and
Servicing Agreement,” “Description of the Notes—Amendments to Master Collateral Agreement” and “Description of the Notes—Amendments to Indenture,”
upon the satisfaction of certain requirements, certain amendments to the Indenture and other transaction documents can be effected without the consent of any Noteholders, with the consent of only a specified percentage of Noteholders of the
Controlling Class or with the consent of a specified percentage of the Creditor Representatives of all Credit Extensions, including Credit Extensions related to Groups other than Group
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1. The Controlling Class will have the right to direct the Indenture Trustee, as Creditor Representative for Series 2023-2, as to how to vote in connection with any
amendments to the transaction documents that require the consent of Creditor Representatives. There can be no assurance as to whether or not amendments effected without a Noteholder vote will adversely affect the performance of the Notes.
Noteholders that are not part of the Controlling Class will have no right to cause the Indenture Trustee to take any of these actions or vote in favor of any of these
actions. Only the Controlling Class will have these rights. The Controlling Class may have different interests from the Noteholders of other classes and will not be required to consider the effect of its actions on the Noteholders of other
classes, which may adversely affect your rights under your Notes. In addition, Creditors of different Groups may have different interests than the Group 1 Creditors and will not be required to consider the interests of the Group 1 Creditors
(including Noteholders) in connection with the exercise of rights or remedies under the transaction documents that require the consent or direction of Creditor Representatives from all Groups, which may adversely affect the Notes.
Under the Master Collateral Agreement, a percentage of the Group 1 Creditors (through the applicable Creditor Representative, which for Series 2023-2 will be the Indenture
Trustee) may direct the Master Collateral Agent to take actions after an Event of Default, including liquidating the Receivables. These actions may be contrary to the actions that you determine to be in your best interest. The Controlling
Class may, in some circumstances, direct the Indenture Trustee to vote, on behalf of Series 2023-2, to cause the Master Collateral Agent to sell the Receivables and other assets of the Trust designated to Group 1 (and, in the limited
circumstances described under “Description of the Notes—Events of Default—Remedies Following Event of Default,” other Trust DPPAs designated to any other Group) after an Event of Default and an
acceleration of the Notes even if the proceeds would not be sufficient to pay all of the Notes in full. In this event, if your Notes cannot be paid in full with the proceeds of a sale of the Receivables and other assets of the Trust
designated to Group 1 (and, in the limited circumstances described under “Description of the Notes—Events of Default—Remedies Following Event of Default,” other Trust DPPAs designated to any other
Group), you will incur a loss on your Notes.
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For a more detailed description of the actions that the Controlling Class may direct, you should read “Description of the Notes—Events of
Default—Remedies Following Event of Default” and “Servicing
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the Receivables and the Securitization Transaction—Resignation and Termination of Servicer.”
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Risks Related to the Receivables
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Collections on Receivables allocated to Series 2023-2, and any credit or payment enhancement, are the only sources of payment for your Notes, and if they
are not sufficient, you will incur losses on your Notes
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Other than in the case of an Optional Redemption, no assets or sources of funds other than the Collections on the Receivables (but not including recoveries on Written-Off
Receivables) allocated to Series 2023-2, and other credit or payment enhancement expressly set forth in this prospectus, will be available to make payments on the Notes. The Trust may own Device Payment Plan Agreements that are designated to
Groups other than Group 1, but collections on or proceeds of such Device Payment Plan Agreements will not be available to make payments on the Notes. In addition, the credit or payment enhancement for the Notes is limited. The Notes will
not be insured or guaranteed by the Sponsor, the Originators, the Additional Transferor, the Servicer, the Depositor, the Parent Support Provider, the Marketing Agent, any of their respective affiliates or any other Person. Therefore, in the
event that an Optional Redemption has not been effected by the Trust, if Collections on the Receivables allocated to Series 2023-2, together with the credit and payment enhancement for Series 2023-2, are insufficient to pay amounts due on
your Notes on any Payment Date, you will incur losses on your Notes. See also “—Payment priorities increase the risk of loss by, or delay in payment to, holders of certain classes of Notes” above.
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Recoveries on defaulted Receivables may be limited, and recoveries on Written-Off Receivables will be unavailable to make payments on the Notes, and you
may incur losses on your Notes
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If an Obligor defaults on a Receivable, the Servicer may be unable to collect the remaining amount due under that Receivable. In addition, recoveries on Written-Off
Receivables, including any proceeds from the sale of a wireless device securing a Receivable, will be retained by the Servicer as additional servicing compensation. Therefore, Noteholders should not rely on any recoveries on defaulted or
Written-Off Receivables as a source of funds available to make payments on the Notes. Depending on the amount, rate and timing of defaults and write-offs on Receivables, you may incur losses on your Notes.
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The addition or removal of Receivables may decrease the credit quality of the assets of the Trust designated to Group 1 securing the Notes and may result
in accelerated, reduced or delayed payments on the Notes
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The pool of Receivables may change every day depending on the number of Device Payment Plan Agreements transferred to the Trust and designated to Group 1, any sales of
Receivables by the Trust, the amortization of the Receivables and, subject to the conditions set forth under “The Trust—Addition of Receivables,” re-designating Trust DPPAs previously designated to a
Group that does not relate to any Outstanding Credit Extensions to another Group. If the addition or removal of Receivables reduces the credit quality of the pool of Receivables, it may impact the ability of the Trust to effect an Optional
Redemption or increase the likelihood of the
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occurrence of an Amortization Event, and consequently increase the likelihood of accelerated, reduced or delayed payments on your Notes or that you will incur losses on your
Notes. Any Receivables transferred to the Trust and designated to Group 1 after the Closing Date will be originated by the Originators using the origination and underwriting policies and procedures described under “Origination and Description of Device Payment Plan Agreement Receivables—Underwriting Criteria,” as in effect at the time the additional Receivables are originated, which may be updated in the normal course of Verizon
Wireless’ business, as described under “Receivables—Description of the Receivables.” Moreover, the additional Receivables may have different terms than the Receivables existing on the Closing Date,
including, but not limited to, with respect to the charging of interest, the original term, the amount of the monthly payment and/or the Obligor’s ability to prepay the related Device Payment Plan Agreement.
Other Group 1 Series may have different, and less-stringent eligibility criteria than Series 2023-2, and the additional Receivables eligible for such other Group 1 Series may
not be of the same credit quality as the Receivables that meet the eligibility criteria for Series 2023-2. The proportion of Receivables that qualify as Series 2023-2 Eligible Receivables may vary. The eligibility criteria for Series 2023-2
are solely for the purposes of determining the Ineligible Amount for Series 2023-2, which is used to calculate the Series 2023-2 Allocation Percentage. Series 2023-2 will be entitled to Collections, and exposed to delinquencies and defaults,
on Receivables that do not qualify as Series 2023-2 Eligible Receivables. The performance of Receivables that do not qualify as Series 2023-2 Eligibility Receivables may differ significantly from the performance of Series 2023-2 Eligible
Receivables, and defaults and delinquencies on such Receivables may be higher than defaults and delinquencies on Series 2023-2 Eligible Receivables. Investors in the Notes may suffer losses as a result of exposure to delinquencies and
defaults on Receivables that do not qualify as Series 2023-2 Eligible Receivables.
Other Group 1 Series may have different, and less-stringent concentration limits than the Series 2023-2 Concentration Limits, which may cause the portfolio of Receivables in
the aggregate to not be of the same credit quality as the portfolio of Receivables that satisfy the Series 2023-2 Concentration Limits. The concentration limits for any Group 1 Series are solely for the purposes of calculating the Excess
Concentration Amount for such Group 1 Series, which is used to calculate the Series Allocation Percentage for such Group 1 Series. Series 2023-2 will be entitled to Collections, and exposed to
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delinquencies and defaults, on Receivables which, in the aggregate, have Principal Balances that are in excess of the Series 2023-2 Concentration Limits. The performance of
the Receivables in the aggregate may differ significantly from the performance of the portfolio of Receivables that satisfy the Series 2023-2 Concentration Limits, and defaults and delinquencies on the portfolio of Receivables in the
aggregate may be higher than defaults and delinquencies on the Receivables that satisfy the Series 2023-2 Concentration Limits. Investors in the Notes may suffer losses as a result of exposure to delinquencies and defaults on Receivables
which, in the aggregate, have Principal Balances that are in excess of the Series 2023-2 Concentration Limits.
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Performance of the Receivables is uncertain and depends on many factors and may worsen in an economic downturn, which may increase the
likelihood that payments on your Notes will be delayed or that you will incur losses on your Notes
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The performance of the Receivables depends on a number of factors, including general economic conditions, unemployment levels, pandemics and other global health concerns,
such as the COVID-19 Pandemic, the circumstances of individual Obligors, Verizon Wireless’ underwriting standards at origination, including down payment requirements or credit limits, Verizon Wireless’ servicing and collection strategies,
increases in fraud, particularly relating to new wireless devices and increases in the price of such devices, and changes in Verizon Wireless’ marketing strategies, all of which could result in higher delinquencies and losses on the
Receivables. Because many of these factors are outside the control of Cellco, the impact on Verizon’s customers and performance of the Receivables cannot be predicted with accuracy. In addition, the performance of the Receivables may worsen
in an economic downturn, which may increase the likelihood that payments on your Notes will be delayed or that you will incur losses on your Notes.
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For more information about the performance of the Verizon Wireless’ portfolio of Device Payment Plan Agreements and the Receivables, you should read
“Servicing the Receivables and the Securitization Transaction—Delinquency and Write-Off Experience.”
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This prospectus provides information regarding the characteristics of the Receivables as of the Statistical Calculation Date that may differ from the
characteristics of the Receivables on the Closing Date
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This prospectus describes the characteristics of the Receivables solely as of the Statistical Calculation Date. Because the future composition of the Receivables may change
over time, the characteristics of the Receivables presented in this prospectus are not necessarily indicative of the composition of the Receivables at any time subsequent to the Statistical Calculation Date. The pool of Receivables on the
Closing Date may (i) not include certain Receivables designated to Group 1 as of the Statistical Calculation Date as a result of payments in full or delinquencies on certain Device Payment Plan Agreements after the Statistical Calculation
Date and other reasons for which the
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Device Payment Plan Agreements would not constitute Eligible Receivables for Group 1 as of the Cutoff Date related to the Closing Date and (ii) include other Receivables
designated to Group 1 after the Statistical Calculation Date. Therefore, it is possible that the characteristics of the Receivables on the Closing Date will be worse than the characteristics of the Receivables disclosed in this prospectus.
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Geographic concentration of the Receivables may delay payments on, or result in losses on, your Notes
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As of the Statistical Calculation Date, the billing addresses of the Obligors under the Receivables (by aggregate Principal Balance) were concentrated in California
(approximately 10.04%), Florida (approximately 6.16%), Texas (approximately 5.96%) and New York (approximately 5.63%). No other state made up more than 5.00% of the Receivables as of the Statistical Calculation Date. However, the geographic
concentration of the Receivables on the Closing Date may be different than the geographic concentration of the Receivables as of the Statistical Calculation Date.
Economic conditions or other factors affecting states with a high concentration of Receivables, including any interruption of wireless service available on Verizon Wireless’
network with respect to any geographic area, could adversely impact the delinquency or write-off experience of the Trust. In addition, extreme weather conditions (including conditions resulting from climate change), natural disasters, public
health crises (such as the COVID-19 Pandemic) or travel restrictions and other disruptions caused by federal, state and local directives, could cause substantial business disruptions, economic losses, unemployment and an economic downturn.
The ability of Obligors in affected areas to make timely payments could be adversely affected. The Trust’s ability to make payments on the Notes could be adversely affected by any of these factors if the Obligors in impacted locations are
unable to make timely payments with respect to their Receivables. As a result, payments on your Notes may be delayed or you may incur losses on your Notes.
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Interests of other Persons in the Receivables could reduce funds available to pay your Notes, and you may incur losses on your Notes
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If another Person acquires an interest in a Receivable that is superior to the Trust’s interest, the Collections on that Receivable may not be available to make payments on
your Notes, and you may incur losses on your Notes. Another Person could acquire an interest in a Receivable that is superior to the Trust’s interest if:
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•
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the Trust does not have a perfected security interest in the Receivable because the Depositor’s security interest in the Receivable was not properly perfected, or
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•
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the Trust’s security interest in the Receivable is impaired because holders of some types of liens, such as tax liens, may have priority over the Trust’s security interest.
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Payments on the Trust DPPAs will be subordinated to certain other payments by the Obligors, and payments on your Notes may be delayed or you may incur
losses on your Notes
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As described under “Servicing the Receivables and the Securitization Transaction—Collections and Other Servicing Procedures,”
Obligors receive one bill for each Verizon Wireless account, an Obligor may have multiple accounts and an Obligor may have multiple wireless devices under an account and one or more of these wireless devices may be subject to a Device Payment
Plan Agreement which may be included as Receivable. Payments remitted by an Obligor to Verizon Wireless or credits granted by Verizon Wireless on the related account currently are applied to the account based on monthly aging categories, as
described under “Servicing the Receivables and the Securitization Transaction—Collections and Other Servicing Procedures.” Therefore,
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•
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if the most recent Device Payment Plan Agreement originated with respect to an account is included as a Receivable, the Trust’s rights to receive payments from the Obligor
will be subordinated to the payment of late fees, wireless service and other charges, including accessory payments and insurance payments, and any amounts due on any earlier originated Device Payment Plan Agreements; and
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•
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if the earliest Device Payment Plan Agreement originated with respect to an account is included as a Receivable and amounts due on that Device Payment Plan Agreement are paid
in full but amounts remain due on a later originated Device Payment Plan Agreement on the same account, on the next Obligor payment remittance date, past due amounts on that later originated Device Payment Plan Agreement will be paid prior to
current amounts on the Device Payment Plan Agreement that is a Receivable.
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The timing of payments on a Receivable could be adversely affected by the addition of Device Payment Plan Agreements on any single account and the amount of wireless service
and other charges on that account. As a result, payments on your Notes may be delayed or you may incur losses on your Notes.
In addition, the order in which payments remitted by an Obligor to Verizon Wireless and credits granted by Verizon Wireless (other than credits granted in respect of an
upgrade) may be changed at any time, as long as any change applicable to the Receivables (i) is also applicable to all Device Payment Plan Agreements that Cellco services and (ii) so long as Cellco is the Servicer, does not have a material
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adverse effect on the creditors of the Trust. Any modification could negatively impact Collections on the Receivables, and you may incur losses on your Notes.
See “Servicing the Receivables and the Securitization Transaction—Servicing Obligations of Cellco” and “—Collections and Other Servicing Procedures” for
further details on the application of Obligor payments.
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Verizon Wireless’ Upgrade Offers may adversely impact Collections on the Receivables and the timing of principal payments, which may result in
reinvestment risk
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Prepayments on the Receivables could occur if Obligors under the Receivables choose to upgrade wireless devices that are the subject of related Device Payment Plan
Agreements, as described under “Origination and Description of Device Payment Plan Agreement Receivables—Upgrade Offers.” The number of upgrades occurring pursuant to Upgrade Offers will depend on a
variety of economic, social and other factors, including improved technology available in newer wireless devices, customer demand for, and supply of, specific wireless devices (including newly released wireless devices), any other promotional
offers offered by Verizon Wireless, and seasonal changes in the demand for wireless devices. An increase in the number of upgrades accepted under Upgrade Offers would result in a corresponding increase in prepayments to the Trust by the
Marketing Agent or the related Originator, or prepayments by the related Obligors, as applicable. During the Revolving Period, amounts collected by the Trust, including prepayment amounts related to Upgrade Offers, will not be applied as
payments of principal of your Notes. During the Amortization Period, amounts collected by the Trust in respect of the Receivables, including prepayment amounts related to Upgrade Offers, will be part of Series 2023-2 Available Funds that are
used to pay principal of your Notes. Therefore, any prepayments on the Receivables during the Amortization Period may result in your Notes being paid earlier than expected and may adversely affect the yield on your Notes. You will bear all
reinvestment risk resulting from principal payments on your Notes occurring earlier than expected. See also “—Noteholders will bear all reinvestment risk resulting from principal payments on the Notes
occurring earlier than expected” above.
In addition, failure to deposit required prepayment amounts with respect to an upgrade under an Upgrade Offer into the Collection Account when required will result in a
Servicer Termination Event so long as Cellco is the Servicer. As described under “—If Cellco is removed or resigns as Servicer, payments on your Notes may be delayed and you may incur losses on your Notes”
below. See “Servicing the Receivables and the Securitization Transaction—Resignation and Termination of
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Servicer” below, this may lead to severe disruptions in servicing the Receivables and delays
in payment on the Receivables, and you may incur losses on your Notes.
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Upgrade Offers may present bankruptcy risks, which may result in losses on your Notes
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If the Marketing Agent or any Originator files for bankruptcy under Chapter 11 of the Bankruptcy Code, the Marketing Agent or any Originator, as applicable, as debtor in
possession, may continue to offer Upgrade Programs, including the Current Upgrade Program, and may choose either to perform or not to perform its obligations thereunder, as described under “Some Important
Legal Considerations—Matters Relating to Bankruptcy—Bankruptcy Proceedings of Cellco or Other Originators and Impact on Upgrade Offers.”
If the Marketing Agent or any Originator fails to remit required prepayment amounts to the Trust, the Trust may have difficulty collecting against the related Obligor, and
the Obligor may be less likely to pay amounts remaining due under the Obligor’s original Device Payment Plan Agreement. In addition, the Obligor may argue that it has a defense to making payments to the Trust because it fulfilled all of its
obligations as specified in the Upgrade Offer or as a result of statements purportedly made by the Marketing Agent or any Originator. This may result in reduced Collections on the Receivables, and you may incur losses on your Notes.
See “Some Important Legal Considerations—Matters Relating to Bankruptcy—Bankruptcy Proceedings of Cellco or Other Originators and Impact on Upgrade
Offers.”
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The application of credits to Obligor accounts may reduce payments received on the Receivables, which may delay payments on the Notes or result in losses
on the Notes
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As described in “Origination and Description of Device Payment Plan Agreement Receivables—Account Credits” and “Receivables—Obligation to Acquire or Reacquire Receivables; Obligation to Make Credit Payments and Upgrade Prepayments,” from time to time Verizon Wireless may grant credits to an Obligor’s account. Those
credits currently are applied as described under “Servicing the Receivables and the Securitization Transaction—Collections and Other Servicing Procedures.” To the extent any credits are applied
against any payments due under a Receivable, and if the Marketing Agent, the related Originator or the Parent Support Provider, as applicable, does not deposit sufficient amounts into the Collection Account to cover credit amounts, actual
amounts received with respect to that Receivable will be reduced. As a result, payments on your Notes may be delayed or you may incur losses on your Notes.
In addition, because Device Payment Plan Agreements on a single account are paid in the order of their origination (with the oldest Device Payment Plan Agreement being paid
first), if the earliest
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originated Device Payment Plan Agreement on an account is a Receivable, there is a greater risk that credits (other than credits granted in respect of cancellations,
prepayments, invoicing errors or in connection with an upgrade) will be applied on the Receivable than on Device Payment Plan Agreements originated after the Receivable. As a result, payments on your Notes may be delayed or you may incur
losses on your Notes.
Verizon may become subject to investigations or actions from regulators or related oversight agencies as well as private litigation, the results of which may require Verizon
Wireless to apply credits to certain customers’ accounts. Although there are no current investigations, actions or litigation requiring the application of credits to the Receivables, Verizon Wireless could be required to apply credits to
customers’ accounts in settlement of an investigation, action or litigation in the future. There can be no assurance that any future investigations, actions or litigation and any resulting settlements requiring the application of credits will
not have an adverse effect on any Receivables.
In addition, if Cellco is the Servicer, failure to deposit any credit amounts into the Collection Account when required will result in a Servicer Termination Event. As
described under “—If Cellco is removed or resigns as Servicer, payments on your Notes may be delayed and you may incur losses on your Notes” below, this may lead to severe disruptions in servicing
the Receivables and delays in payment on the Receivables, and you may incur losses on your Notes. See “Servicing the Receivables and the Securitization Transaction—Resignation and Termination of Servicer.”
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Increased delinquencies and defaults may result if an Obligor under a Receivable no longer has a functioning wireless device, and you may incur losses on
your Notes
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If an Obligor’s wireless device is lost, stolen, damaged or otherwise unusable, the Obligor remains obligated to make all remaining payments under the related Receivable,
regardless of whether the related wireless device is subject to a manufacturer’s warranty. However, because the Obligor no longer has a working wireless device, he or she may be less willing to make timely payments on the related Receivable,
or may have a defense to the continued payment on the Receivable, particularly if the Obligor does not have insurance on the device and the device is not under a manufacturer’s warranty. See “Some Important
Legal Considerations—Consumer Protection Laws.” If Obligors become unwilling to make timely payments on their Receivables because the Obligors no longer have functioning wireless devices, increased delinquencies and/or defaults on
payments by Obligors may occur, and you may incur losses on your Notes.
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An interruption or degradation of wireless service provided by Verizon Wireless could result in reduced Collections on the Receivables, and you may incur
losses on your Notes
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Each Receivable is part of a customer account that includes wireless service. Although the payment terms of the Receivables are not conditioned on the provision of wireless
service, to the extent that wireless service provided by Verizon Wireless is significantly interrupted or degraded, including as a result of the dissolution of Verizon or the divestiture of Verizon’s wireless business, it may serve as a
disincentive for Obligors to make continued payments under their accounts, and therefore, the related Receivable. In addition, because the Receivables will be subject to all defenses, claims and rights of set-off of the Obligors, any
interruption or degradation of service may also give rise to an affected Obligor’s defense or claim of set-off with respect to payment on the Obligor’s Receivable. From time to time, Verizon Wireless may offer special promotions to customers
who have been affected by a service interruption. You may incur losses on your Notes as a result of any reductions in Collections related to an interruption or degradation of service or a related promotion.
In addition, the bankruptcy of Cellco or certain of its affiliates, including any of the other Originators, may result in an interruption of service. For a more detailed description on the risks to the Notes resulting from a bankruptcy of the Sponsor or an affiliate, you should read “—Bankruptcy of any Originator, the Additional Transferor, the Servicer, the
Marketing Agent or the Parent Support Provider may result in delayed payments on your Notes or you may incur losses on your Notes” below.
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A wireless device recall or manufacturing defect may result in delayed payments or losses on your Notes
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Applicable laws and governmental standards require manufacturers to take actions, from time to time, to remedy defects in wireless devices affecting wireless device safety,
including through mandated recalls. As a result, manufacturers of wireless devices may be obligated to recall certain wireless devices, or may choose to recall certain wireless devices if the related manufacturer determines that those devices
do not comply with relevant safety standards. In addition, individual wireless devices may suffer from manufacturing defects that may lead to customer dissatisfaction and safety issues if any defects lead to product failures or unsafe use.
Obligors affected by a recall or whose wireless device is subject to a manufacturing defect may be more likely to be delinquent in, or default on, payments on their
Receivables. You may incur losses on your Notes as a result of any reductions in Collections related to delinquencies or defaults. See “—Increased delinquencies and defaults may result if an Obligor under a
Receivable no longer has a functioning wireless device, and you may incur losses on your Notes” above. In addition, Obligors affected by a recall in certain circumstances may be
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permitted to cancel their Receivables. In these cases, the Servicer will be required to acquire any cancelled Receivables from the Trust. See “Servicing the Receivables and the Securitization Transaction—Servicer Modifications and Obligation to Acquire Receivables.” From time to time, Verizon Wireless may offer special promotions to customers who have been
affected by a recall.
Moreover, an Obligor affected by a recall or whose wireless device suffers a manufacturing defect, may have a defense against the ongoing payment of its related Receivable,
which may result in delayed payments on your Notes, or you may incur losses on your Notes. See “Some Important Legal Considerations—Consumer Protection Laws.”
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Risks Related to Transaction Parties
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An Originator’s or the Servicer’s failure to reacquire or acquire, as applicable, Receivables that do not comply with consumer protection laws may delay
payments on your Notes or result in losses on your Notes
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Federal and state consumer protection laws regulate the creation, collection and enforcement of consumer contracts, including the Receivables. If any Receivable does not
comply with U.S. federal and state consumer protection laws, the Servicer may be prevented from or delayed in collecting amounts due on the Receivable. Also, some of these laws may provide that the assignee of a consumer contract (such as
the Trust) is liable to the Obligor for any failure of the contract to comply with these laws. The applicable Originator must reacquire any Receivables transferred by it that do not comply in all material respects with applicable laws at the
time the Receivable was transferred to the Depositor. In addition, the Servicer must acquire any Receivables transferred by the Additional Transferor or designated to Group 1 on a Designation Date, as applicable, that do not comply in all
material respects with applicable laws at the time the Receivable was transferred to the Depositor or designated to Group 1, as applicable. If any Originator or the Servicer, as applicable, fails to
reacquire or acquire those Receivables, payments on your Notes may be delayed or you may incur losses on your Notes.
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For a more detailed description of consumer protection laws relating to the Receivables, you should read “Some Important Legal Considerations—Consumer
Protection Laws.”
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If the Servicer is unable to perform its obligations, payments on your Notes may be delayed or you may incur losses on your Notes
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Collections on the Receivables depend significantly on the ability of the Servicer to perform its obligations under the Transfer and Servicing Agreement.
Several events beyond the control of Cellco could delay or prevent its performance of these obligations, including cyber attacks, natural disasters,
extreme weather conditions, terrorist or other hostile acts, and public health crises (such as the COVID-19 Pandemic). Cyber attacks against companies,
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including Verizon, have increased in frequency, scope and potential harm in recent years.
While, to date, Verizon has not been subject to cyber attacks which, individually or in the aggregate, have been material to its operations
or financial condition, the preventive actions Verizon takes to reduce the risks associated with cyber attacks, including protection of its systems and networks, may be insufficient to repel or mitigate the effects of a major cyber attack
in the future.
If the networks or systems of Cellco or those of its suppliers, vendors and other service providers are rendered inoperable by a cyber attack, Cellco’s ability to perform its
obligations under the Transfer and Servicing Agreement could be compromised for a period of time or permanently. In that case, payment on your Notes may be delayed or you may incur losses on your Notes.
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If Cellco is removed or resigns as Servicer, payments on your Notes may be delayed and you may incur losses on your Notes
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Cellco may be removed as Servicer if it defaults on its servicing obligations or becomes subject to bankruptcy proceedings as described in “Servicing
the Receivables and the Securitization Transaction—Resignation and Termination of Servicer.” A resignation, removal, closure or bankruptcy of Cellco may lead to severe disruptions in servicing the Receivables, including billing and
collections. If Cellco resigns or is terminated as Servicer, the processing of payments on the Receivables and information relating to collections may be delayed. Because Obligors on an account make one payment for service, accessories,
insurance, Device Payment Plan Agreements and other amounts due on that account, if Cellco is no longer the Servicer of the Receivables but continues to service the remainder of the Obligors’ accounts, billing with respect to each Receivable
would have to be separated from the billing with respect to the rest of the account. In that case, the related Obligor would receive and be responsible for the payment of at least two separate invoices, potentially causing confusion for the
Obligor and a hesitancy to remit full payment on all invoices. In addition, if Cellco is no longer the Servicer of the Receivables, the successor Servicer may not be able to exercise certain of the remedies available to Verizon Wireless for
an Obligor’s failure to pay its Receivable, such as texting the related device to notify the Obligor of late payments or disconnecting service on an Obligor’s devices for continued failure to pay. This could cause delays in payment on the
Receivables, and you may incur losses on your Notes. See also “—Verizon Wireless’ Upgrade Offers may adversely impact Collections on the Receivables and the timing of principal payments, which may result in
reinvestment risk” and “—The application of credits to Obligor accounts may reduce payments received on the Receivables, which may
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delay payments on the Notes or result in losses on the Notes” above.
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The Servicer’s ability to commingle Collections with its own funds may delay payments on the Notes or result in losses on your Notes
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Until the Monthly Remittance Condition is met, the Servicer is required to deposit Collections on the Receivables into the Collection Account within two (2) Business Days
after identification of receipt of good funds. If the Monthly Remittance Condition is satisfied, the Servicer will be required to deposit Collections on the Receivables into the Collection Account on the second Business Day immediately
preceding the related Payment Date. Prior to remittance into the Collection Account, the Servicer will be permitted to use Collections on the Receivables at its own risk and for its own benefit and may commingle Collections on Receivables
with its own funds.
In addition, if an Obligor under a Receivable pays or deposits any amount in advance of when it is due, including with respect to security deposits collected at origination,
the Servicer will hold those amounts until they become due and payable in accordance with the customer’s bill. Until that time, the Servicer may use these amounts at its own risk and for its own benefit and may commingle those amounts with
its own funds.
In any of these cases, if the Servicer does not deposit these amounts into the Collection Account when they become due (which could occur if the Servicer becomes subject to a
bankruptcy proceeding), payments on your Notes may be delayed or you may incur losses on your Notes.
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Conflicts of interest may exist among the Servicer, the Marketing Agent, the Parent Support Provider and the Trust, which may result
in losses on your Notes
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It is possible that an Obligor with respect to any Receivable may be an Obligor in respect of one or more additional Device Payment Plan Agreements
serviced by Cellco but not included as a Receivable. Because Cellco will be servicing all Device Payment Plan Agreements that are part of the same account, it is possible that this could result in certain conflicts of interest. For example,
if an Obligor is delinquent with respect to one Device Payment Plan Agreement on the related account, but an Obligor has multiple Device Payment Plan Agreements on that account or has multiple accounts with Verizon Wireless, the Servicer may
delay taking collections actions against that Obligor or may not close the delinquent account. Verizon Wireless may also offer Obligors payment extensions, due date changes, the waiver of late fees or other administrative fees, if any, or
other relief programs, over the course of the Receivable or allow an Obligor a longer cure period for delinquencies based on that Obligor’s past payment history, even if those actions can lead to shortfalls in collections on such Receivable.
Moreover, as Servicer of all Device Payment Plan Agreements, regardless of whether they constitute Receivables, the Servicer can modify the way in which payments remitted by Obligors on
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the related accounts are allocated to such Device Payment Plan Agreements, and thereby, the Receivables.
In addition, because the Servicer is permitted to retain any recoveries on Written-Off Receivables (including any proceeds from the sale of a wireless
device securing a Receivable) as additional servicing compensation, the Servicer may have a financial incentive to write-off an account.
As Marketing Agent, Cellco, may (i) grant credits to an Obligor for various reasons, including as an incentive for that Obligor to maintain service with
Verizon Wireless or upgrade that Obligor’s wireless device, even if those credits could lead to shortfalls in payments received by the Trust on any Receivable and (ii) offer upgrades to various Obligors, in either case, even if the Marketing
Agent, the related Originator or the Parent Support Provider, as applicable, fails to remit required amounts in respect of those credits or Upgrade Prepayments when due and even if that failure would constitute an Amortization Event. If
Cellco takes any of the actions set forth in (i) or (ii) above, and fails to remit these amounts when due, there may be a shortfall in available funds and therefore, a shortfall in Series 2023-2 Available Funds.
Any of the actions described above taken by the Servicer or the Marketing Agent may not align with the interests of the Trust, and you may incur losses
on your Notes.
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The financial condition of the Parent Support Provider, the Servicer, the Marketing Agent or the Originators may affect their ability to perform their
obligations, adversely impacting the Trust’s ability to make payments on the Notes, and you may incur losses on your Notes
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A deterioration in the financial condition of the Parent Support Provider, the Servicer, the Marketing Agent or the Originators could adversely affect, among other things,
(a) an Originator’s ability to reacquire a Receivable as required under the Transfer and Servicing Agreement or the Originator Receivables Transfer Agreement, (b) the Servicer’s ability to acquire a Receivable required to be acquired by it
under the Transfer and Servicing Agreement or the Additional Transferor Receivables Transfer Agreement, (c) the Marketing Agent’s ability to acquire a Receivable or make certain payments and prepayments in respect of Receivables as required
under the Transfer and Servicing Agreement, or to cause the related Originator to do so, (d) the Servicer’s ability to effectively service the Receivables pursuant to the terms of the Transfer and Servicing Agreement, or (e) the ability of
the Parent Support Provider to perform its obligations under the Parent Support Agreement.
There are a large number of factors that may affect the financial condition of these parties, including unfavorable economic conditions, the competitiveness of their
businesses, their ability to
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respond to changes or disruptions in technology and consumer demand, their relationships with key suppliers and vendors, the regulatory framework in which they operate
(including laws or regulations enacted to address the potential impacts of climate change), the potential for cyber attacks affecting their operations and business relationships, external events impacting their infrastructure or operations,
such as natural disasters, extreme weather conditions or terrorist or other hostile acts, the availability of financing to fund operations and refinance existing debt, changes in pension and benefit
costs, work stoppages by the unionized portion of their workforces, the adverse outcome of litigation and public health crises (such as the COVID-19 Pandemic).
In the event that the financial condition of the Parent Support Provider, the Servicer, the Marketing Agent or any Originator caused that party to be unable to perform its
obligations under the transaction documents, the ability of the Trust to make payments on the Notes could be significantly adversely affected, and you may incur losses on your Notes.
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Bankruptcy of any Originator, the Additional Transferor, the Servicer, the Marketing Agent or the Parent Support Provider may result in delayed payments
on your Notes or you may incur losses on your Notes
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If any Originator, the Additional Transferor, the Servicer, the Marketing Agent or the Parent Support Provider becomes subject to bankruptcy proceedings, you may experience
delayed payments on your Notes or you may incur losses on your Notes.
The court in a bankruptcy proceeding could conclude that any Originator, the Depositor or the Additional Transferor, as applicable, effectively still owns the Receivables
absolutely assigned by it to the Depositor or to the Trust, as applicable, because the assignment of those Receivables to the Depositor or to the Trust, as applicable, was not a “true sale.” If a court were to reach this conclusion, payments
on your Notes could be reduced or delayed, as described under “Some Important Legal Considerations—Matters Relating to Bankruptcy—Transfer of Receivables by the Originators and the Additional Transferor to
the Depositor.”
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In addition, if a court were to conclude that the Depositor should be consolidated with the Trust in the event of the Depositor’s bankruptcy, the Receivables would be owned
by the Depositor and payments may be delayed or other remedies imposed by the bankruptcy court that could cause you to incur losses on your Notes.
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Any bankruptcy or insolvency proceeding involving Cellco may also adversely affect the rights and remedies of the Trust and payments on your Notes, as described under “Some Important Legal Considerations—Matters Relating to Bankruptcy— Bankruptcy Proceedings of Cellco, the Depositor, the
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Originators or the Servicer.” In addition, a bankruptcy of Cellco would be a Servicer Termination Event, which in turn will be an
Amortization Event.
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Moreover, under the transaction documents, the Parent Support Provider will guarantee the payment obligations of the Originators, the Servicer and the Marketing Agent with
respect to reacquisitions or acquisitions of Receivables, and other payment obligations as set forth under “Parent Support Provider.” To the extent of a bankruptcy of the Parent Support Provider, the
Parent Support Provider may be unable to make a payment when required, and amounts available to pay interest on and, during the Amortization Period, principal of your Notes may be reduced, and you may incur losses on your Notes.
For more information about the effects of a bankruptcy on your Notes, you should read “Some Important Legal Considerations—Matters Relating to
Bankruptcy.”
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Legal and Regulatory Risks
|
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Federal financial regulatory reform could have an adverse impact on Cellco, the Depositor, the Trust or the Additional Transferor, which could adversely
impact the servicing of the Receivables or the securitization of Device Payment Plan Agreements
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The Dodd-Frank Act is extensive legislation that impacts financial institutions and other non-bank companies, including Cellco. The Dodd-Frank Act created the CFPB, an
agency responsible for administering and enforcing the laws and regulations for consumer financial products and services, including against non-bank companies.
The Dodd-Frank Act affects the offering, marketing and regulation of consumer financial products and services offered by or through covered persons, which could include
Cellco, the Depositor, the Trust or the Additional Transferor. Title X of the Dodd-Frank Act gives the CFPB supervision, examination and enforcement authority over the consumer financial products and services offered by certain
non-depository institutions and large insured depository institutions. In particular, three of the primary purposes of the CFPB are to enforce federal consumer financial laws, to ensure that consumers receive clear and accurate disclosures
regarding financial products and to protect consumers from discrimination and unfair, deceptive and abusive acts and practices. The CFPB also has broad rulemaking, examination and enforcement authority over parties offering or providing
consumer financial products and services or otherwise subject to federal consumer financial laws and authority to prevent “unfair, deceptive or abusive” acts and practices. The CFPB has the authority to write regulations under federal
consumer financial laws, and to enforce those laws against and examine a wide variety of large depository institutions and other non-bank providers of consumer financial products and services for compliance. It is also authorized to
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collect fines and seek various forms of consumer redress in the event of alleged violations, engage in consumer financial education, track consumer complaints, request data
and promote the availability of financial services to underserved consumers and communities.
Depending on how the CFPB functions and its areas of focus, it could increase the compliance costs for Cellco, the Depositor, the Trust or the Additional Transferor. The
CFPB is authorized to pursue administrative proceedings or litigation for violations of federal consumer financial laws. In these proceedings, the CFPB can obtain cease and desist orders (which can include orders for restitution or
rescission of contracts, as well as other kinds of affirmative relief) and monetary penalties. Also, where a company has violated Title X of the Dodd-Frank Act or CFPB regulations promulgated under the authority granted to the CFPB by Title
X, the Dodd-Frank Act empowers state attorneys general and state regulators to bring civil actions for the kind of cease and desist orders available to the CFPB.
The CFPB has also successfully asserted the power to investigate and bring enforcement actions directly against securitization vehicles. On December 13, 2021, in an action
brought by the CFPB, the U.S. District Court for the District of Delaware denied a motion to dismiss filed by a securitization trust by holding that the trust is a “covered person” under the Dodd-Frank Act because it engages in the servicing
of loans, even if through servicers and subservicers. CFPB v. Nat’l Collegiate Master Student Loan Trust, No. 1:17-cv-1323-SB (D. Del.). On February 11, 2022, the district court granted the defendant
trusts’ motion to certify that order for immediate appeal and stayed the case pending resolution of any appeal. On April 29, 2022, the U.S. Court of Appeals for the Third Circuit granted the defendant trusts’ petition for permission to
appeal and formally docketed the appeal as No. 22-1864. The parties will now brief the appeal on the merits. There is no timeline for the U.S. Court of Appeals for the Third Circuit to decide the case, and, because the appeal presents two
separate controlling questions of law, no assurance that the U.S. Court of Appeals for the Third Circuit will address the “covered person” issue discussed above in its decision. While the district court did not decide whether the trust could
be held liable for the conduct of the servicer at this stage of the case, the CFPB could make that argument if the case is ultimately allowed to proceed. Depending on the outcome of the appeal, the CFPB may rely on this decision as precedent
in investigating and bringing enforcement actions against other trusts, including the Trust, in the future.
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In addition, there are other provisions of the Dodd-Frank Act which, if and depending on how they are implemented, could have an adverse impact on the securitization of
Device Payment Plan Agreements by limiting certain common practices in securitizations. For example, the so-called “Franken Amendment” would allow the SEC to randomly assign securities to nationally accredited rating agencies, and the
proposed securitization conflicts of interest rule would prohibit securitization participants from entering into transactions that would involve or result in any material conflict of interest with respect to any investor.
Until all rulemaking is complete, it is not clear whether the Dodd-Frank Act ultimately will have an adverse impact on the servicing of the Receivables, on the securitization
of the Device Payment Plan Agreements or on the regulation and supervision of Cellco, the Depositor, the Trust or the Additional Transferor.
For a discussion on the impact of any investigations based on federal financial regulatory laws and related settlements, see “—The application of credits
to Obligor accounts may reduce payments received on the Receivables, which may delay payments on the Notes or result in losses on the Notes” above.
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The Notes may not be a suitable investment for investors subject to the EU Securitization Regulation or the UK Securitization Regulation
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None of Cellco, the Originators, the Additional Transferor, the Depositor, the Trust, the Parent Support Provider, the Owner Trustee, the Master Collateral Agent, the
Indenture Trustee, the underwriters, nor any other party to the transactions described in this prospectus, nor any of their respective affiliates, will undertake, or intends, to retain a material net economic interest in the securitization
constituted by the issuance of the Notes in a manner that would satisfy the requirements of the EU Securitization Regulation or the UK Securitization Regulation.
In addition, no such person will undertake, or intends, to take any other action or refrain from taking any action prescribed or contemplated in the EU Securitization
Regulation or the UK Securitization Regulation, or for purposes of, or in connection with, compliance by any EU Affected Investor with the EU Due Diligence Requirements, by any UK Affected Investor with the UK Due Diligence Requirements or by
any person with the requirements of any other law or regulation now or hereafter in effect in the EU, the EEA or the UK in relation to risk retention, due diligence and monitoring, credit granting standards or any other conditions with
respect to investments in securitization transactions.
The arrangements described in “U.S. Credit Risk Retention” have not been structured with the
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objective of enabling or facilitating compliance with the requirements of the EU Securitization Regulation or the UK Securitization Regulation.
Consequently, the Notes may not be a suitable investment for an EU Affected Investor or a UK Affected Investor. As a result, the price and liquidity of the Notes in the
secondary market may be adversely affected.
Failure by an EU Affected Investor to comply with the EU Due Diligence Requirements or by a UK Affected Investor to comply with the UK Due Diligence Requirements, in each
case with respect to an investment in the Notes, may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions or remedial measures being taken or imposed by such investor’s competent
authority.
Prospective investors are responsible for analyzing their own legal and regulatory position and are encouraged to consult with their own investment and legal advisors
regarding the suitability of the Notes for investment and the scope, applicability and compliance requirements of the EU Securitization Regulation and UK Securitization Regulation.
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Risk Related to Credit Ratings
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A reduction, withdrawal or qualification of the ratings on your Notes, or the issuance of unsolicited ratings on your Notes, could adversely affect the
market value of your Notes and/or limit your ability to resell your Notes
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The ratings on the Notes are not recommendations to purchase, hold or sell the Notes and do not address market value or investor suitability. The ratings reflect each rating
agency’s assessment of the future performance of the Receivables, the credit and payment enhancement on the Notes and the likelihood of repayment of the Notes. The ratings do not address the likelihood of the payment of Make-Whole Payments or
Additional Interest Amounts. There can be no assurance that the Notes will perform as expected or that the ratings will not be reduced, withdrawn or qualified in the future as a result of a change of circumstances, deterioration in the
performance of the Receivables, a multi-notch downgrade in the debt of Verizon Communications below investment grade, errors in analysis or otherwise. None of the Depositor, the Sponsor, the Parent Support Provider or any of their affiliates
will have any obligation to replace or supplement any credit or payment enhancement or to take any other action to maintain any ratings on the Notes. If the ratings on your Notes are reduced, withdrawn or qualified, there could be an adverse
effect on the market value of your Notes and/or on your ability to resell your Notes.
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The Sponsor has hired two (2) rating agencies that are NRSROs and will pay them a fee to assign ratings on the Notes. The Sponsor has not hired any other NRSRO to assign
ratings on the Notes and is not aware that any other NRSRO has assigned
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ratings on the Notes. However, under SEC rules, information provided to a hired rating agency for the purpose of assigning or monitoring the ratings on the Notes is required
to be made available to each NRSRO in order to make it possible for non-hired NRSROs to assign unsolicited ratings on the Notes. It is possible that any non-hired NRSRO could assign an unsolicited rating on the Notes. An unsolicited rating
could be assigned at any time, including prior to the Closing Date, and none of the Sponsor, the Depositor, the underwriters or any of their affiliates will have any obligation to inform you of any unsolicited ratings assigned after the date
of this prospectus. NRSROs, including the hired rating agencies, have different methodologies, criteria, models and requirements. If any non-hired NRSRO assigns an unsolicited rating on the Notes, there can be no assurance that the rating
will not be lower than the ratings provided by the hired rating agencies, which could adversely affect the market value of your Notes and/or limit your ability to resell your Notes. In addition, if the Sponsor fails to make available to the
non-hired NRSROs any information provided to any hired rating agency for the purpose of assigning or monitoring the ratings on the Notes, a hired rating agency could withdraw its ratings on the Notes, which could adversely affect the market
value of your Notes and/or limit your ability to resell your Notes.
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The rating of any Letter of Credit Provider may affect the ratings of the Notes
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Any rating agencies rating the Notes will consider the provisions of any Letter of Credit and any ratings assigned to the related Letter of Credit Provider. A downgrade,
suspension or withdrawal of the rating of the debt of a Letter of Credit Provider by any rating agency may result in the downgrade, suspension or withdrawal of the rating assigned by that rating agency to any class (or all classes) of Notes.
A downgrade, suspension or withdrawal of the rating assigned by any rating agency to a class of Notes would likely have adverse consequences on their liquidity or market value. As of the Closing Date, the transaction will not have a Letter
of Credit Provider.
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General Risk Factors
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The Notes are not suitable for all investors
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The Notes are not suitable investments for all investors. In particular, you should not purchase the Notes unless you understand the structure, including
the priority of payments, and prepayment, credit, liquidity and market risks associated with the Notes. The Notes are complex securities. There can be no assurance regarding the ability of particular investors to purchase the Notes under
current or future applicable legal investment or other restrictions or as to the consequences of an investment in the Notes for these purposes or under current or future restrictions. Certain regulatory or legislative provisions applicable to
certain investors may have the effect of limiting or restricting their ability to hold or acquire the Notes, which in turn may adversely
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affect the ability of investors in the Notes who are not subject to those provisions to resell their Notes in the secondary market and may adversely
affect the price realized for the Notes.
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The absence of a secondary market for your Notes, financial market disruptions and a lack of liquidity in the secondary market could adversely affect the
market value of your Notes and/or limit your ability to resell them
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If a secondary market for your Notes does not develop, it could limit your ability to resell them. This means that if you want to sell any of your Notes before they mature,
you may be unable to find a buyer or, if you find a buyer, the selling price may be less than it would have been if a secondary market existed. The underwriters may assist in the resale of Notes, but will not be required to do so. In
addition, the underwriters expect to make a market in the Notes but will not be obligated to do so and may be unwilling or unable to make a market in the Notes due to regulatory developments or otherwise. Even if a secondary market does
develop, it might not continue, it might be disrupted by events in the global financial markets, or it might not be sufficiently liquid to allow you to resell your Notes.
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Retention of the Class B Notes by the Depositor or an affiliate of the Depositor could adversely affect the market value of your Notes and/or limit your
ability to resell your Notes
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The Class B Notes will initially be held by the Depositor or conveyed to an affiliate of the Depositor. As a result, the market for the Notes may be less liquid than would
otherwise be the case. Moreover, the Class B Notes may be subsequently offered for sale. If the Class B Notes are subsequently sold by the Depositor in the secondary market, it could reduce demand for the Notes already in the market, which
could adversely affect the market value of your Notes and/or limit your ability to resell your Notes.
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Because the Notes are in book-entry form, your rights can only be exercised indirectly
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Because the Notes will be issued in book-entry form, you will be required to hold your interest in the Notes through DTC in the United States, or Clearstream or Euroclear or
their successors or assigns. Transfers of interests in the Notes within these clearing agencies must be made in accordance with the usual rules and operating procedures of those systems. So long as the Notes are in book-entry form, you will
not be entitled to receive a definitive note representing your interest. The Notes will remain in book-entry form except in the limited circumstances described under “Description of the Notes—Book-Entry
Registration.” Unless and until the Notes cease to be held in book-entry form, neither the Master Collateral Agent nor the Indenture Trustee will recognize you as a “Noteholder,” as the term is used in the Master Collateral Agreement
or Indenture, as applicable, except in the limited circumstances relating to the Asset Representations Review, dispute resolution and Noteholder communication procedures described in this prospectus. As a result, you will only be able to
exercise the rights of Noteholders indirectly through your applicable clearing agency and its participating organizations. Holding the Notes in book-entry form could also limit your ability to pledge your Notes to Persons or entities that do
not
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participate in any of these clearing agencies and to take other actions that require a physical certificate representing the Notes.
Interest on and principal of the Notes will be paid by the Trust to DTC as the record holder of the Notes while they are held in book-entry form. DTC will credit payments
received from the Trust to the accounts of its participants which, in turn, will credit those amounts to Noteholders either directly or indirectly through indirect participants. This process may delay your receipt of principal and interest
payments from the Trust.
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• |
from time to time acquire Device Payment Plan Agreements,
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from time to time to issue or enter into Series, including Series 2023-2;
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pledge all of the Trust’s right, title and interest in Trust DPPAs (including the Receivables) to the Master Collateral Agent to secure payments on the related Credit Extensions,
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pledge all of the Trust’s right, title and interest in certain assets to (i) an indenture trustee or (i) to a collateral agent, in each case to secure payments on the related Credit Extensions,
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enter into and perform its obligations under the transaction documents and any other Series Related Documents,
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make payments on the Credit Extensions, and
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engage in other related activities to accomplish these purposes.
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to cure any ambiguity, to correct an error or to correct or supplement any provision of the Trust Agreement that may be defective or inconsistent with the other terms of the Trust Agreement, or
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to evidence the acceptance of the appointment under the Trust Agreement of a successor owner trustee and to add to or change the Trust Agreement as necessary to facilitate the administration of
the trusts under the Trust Agreement by more than one owner trustee.
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• |
distributing amounts allocable to the Certificateholders under the transaction documents, and
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executing documents on behalf of the Trust.
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the last Trust DPPA has been paid in full, settled, sold or written-off and all cash collections and other cash proceeds (whether in the form of cash, wire transfer or check) in respect of the
Trust DPPAs (other than recoveries on written-off Trust DPPAs, including any proceeds from the sale of a wireless device securing a Trust DPPA) have been received by the Servicer during the period and applied, and
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the Trust has paid all Credit Extensions in full, and all other amounts payable by it under the transaction documents.
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holding the security interest in the Trust assets on behalf of the Group 1 Creditors,
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administering the Collection Account and making required remittances of amounts on deposit in the Collection Account to each Group 1 Series, in accordance with the Master Collateral Agreement,
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following an Event of Default and acceleration of any Group 1 Credit Extensions, (i) instituting proceedings for the collection of all amounts then payable on the applicable Group 1 Credit
Extensions, enforcing any judgment obtained and collecting from the Trust any amounts due, (ii) taking any appropriate action to protect and enforce the rights and remedies of the Master Collateral Agent and the Group 1 Creditors and (iii)
causing the Trust to sell the Receivables and other assets of the Trust designated to Group 1 (and, in the limited circumstances described under “Description of the Notes—Events of Default—Remedies Following
Event of Default,” other Trust DPPAs designated to any other Group) in accordance with the Master Collateral Agreement, and
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providing written notice to the Parent Support Provider of the failure of any Originator, the Servicer or the Marketing Agent, as applicable, to make required payments in respect of the
Receivables under the transaction documents.
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holding the security interest in any assets specifically designated to Series 2023-2 on behalf of the Noteholders,
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administering the Series Bank Accounts and, in its capacity as Paying Agent, making payments from the Series Bank Accounts to the Noteholders and others,
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acting as Creditor Representative for Series 2023-2,
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voting or directing the Master Collateral Agent under the Master Collateral Agreement, as Group 1 Creditor Representative for Series 2023-2, as to all matters on which Group 1 Creditor
Representatives may vote or direct the Master Collateral Agent under the Master Collateral Agreement,
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following an Event of Default and acceleration of the Notes, (i) instituting proceedings for the collection of all amounts then payable on the Notes, enforcing any judgment obtained and
collecting from the Trust any amounts due, (ii) taking any appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders and (iii) voting, as the Group 1 Creditor Representative for Series
2023-2, to cause the Master Collateral Agent to direct the Trust to sell the Receivables and other assets of the Trust designated to Group 1 (and, in the limited circumstances described under “Description of
the Notes—Events of Default—Remedies Following Event of Default,” other Trust DPPAs designated to any other Group) in accordance with the Master Collateral Agreement;
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acting as note registrar to maintain a record of the Noteholders and provide for the registration, transfer, exchange and replacement of the Notes, and
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except in limited circumstances, notifying the Noteholders of an Event of Default.
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review all ARR Receivables for compliance with the eligibility representations made with respect to those Receivables following receipt of a review notice from the Master Collateral Agent, and
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provide a report on the results of the review to the Administrator, the Depositor, the Trust, the Servicer and the Master Collateral Agent.
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As of December 31,
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||||||||||
2022
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2021
|
2020
|
2019
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2018
|
||||||
Number of Device Payment Plan Agreements outstanding (in thousands)
|
52,123
|
45,403
|
43,786
|
46,013
|
45,701
|
|||||
Aggregate Principal Balance of Device Payment Plan Agreements outstanding (in millions)
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$26,086.48
|
$21,290.96
|
$17,867.27
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$19,399.03
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$19,201.60
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the customer pays the total retail price of the device, less any applicable down payment, over a 24-month, 30-month or 36-month period;
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0% annual percentage rate;
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the customer must maintain service with Verizon Wireless;
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payments are applied first to service, then to the oldest Device Payment Plan Agreement, then to more recent Device Payment Plan Agreements, in order of origination;
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the customer may prepay in full at any time without penalty;
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for consumer customers, since May 2019, includes the grant of a purchase money security interest in the device;
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risk of loss, theft or damage remains with the customer and insurance is recommended, but not required;
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upon a customer default, to the extent permitted by applicable law, Verizon Wireless has the right to require the customer to pay the entire remaining balance in full; and
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the customer has a thirty (30) day cancellation right.
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Year Ended
December 31,
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||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||
Number of Device Payment Plan Agreements
originated (in thousands)(1) |
29,575(4)
|
27,613(4)
|
23,029(4)
|
26,364
|
26,284
|
|||||
Aggregate principal balance of Device Payment Plan Agreements originated (in millions)(1)
|
$23,348.58(4)
|
$21,137.86(4)
|
$16,310.72(4)
|
$18,736.23
|
$19,132.61
|
|||||
Aggregate principal balance of Device Payment Plan Agreements outstanding (in millions)(2)
|
$26,086.48
|
$21,290.96
|
$17,867.27
|
$19,399.03
|
$19,201.60
|
|||||
Average Customer Tenure
(in months)(2)(3) |
122
|
118
|
115
|
110
|
107
|
(1) |
Net of cancellations.
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(2) |
As of period end.
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(3) |
For a complete description of the calculation of Customer Tenure, see “Schedule I—Glossary of Defined Terms.”
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(4) |
After March 31, 2021, due to changes in origination systems, certain Device Payment Plan Agreements that were not previously classified as Consumer Device Payment Plan Agreements or Business
Device Payment Plan Agreements were reclassified as either Consumer Device Payment Plan Agreements or Business Device Payment Plan Agreements. As a result, such Device Payment Plan Agreements are included in the table above.
|
• |
collecting and applying all payments and credits made on the Receivables,
|
• |
investigating delinquencies,
|
• |
sending invoices and responding to inquiries of Obligors,
|
• |
processing requests for extensions, modifications and adjustments,
|
• |
administering payoffs, defaults, prepayments and delinquencies,
|
• |
maintaining accurate and complete accounts and computer systems for the servicing of the Receivables,
|
• |
preparing and furnishing monthly investor reports, remittance reports and instructions, and
|
• |
providing the Custodian with updated records for the Receivable files.
|
● |
late fees;
|
● |
service and all other charges, including, but not limited to, insurance premium payments and purchases (including accessories) billed to the account, other than amounts due
under any Device Payment Plan Agreement, including any Receivable; and
|
● |
any amounts related to any Device Payment Plan Agreement, including Receivables, which, in the case of multiple Device Payment Plan Agreements related to a single account,
will be applied in the order in which the Device Payment Plan Agreements were originated with the most recent Device Payment Plan Agreement being paid last.
|
As of December 31,
|
||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||
Number of Device Payment Plan Agreements
outstanding (in thousands) |
52,123
|
45,403
|
43,786
|
46,013
|
45,701
|
|||||
Aggregate principal balance of Device Payment Plan Agreements outstanding (in millions)
|
$26,086.48
|
$21,290.96
|
$17,867.27
|
$19,399.03
|
$19,201.60
|
|||||
Average principal balance of Device Payment Plan Agreements outstanding (in millions)
|
$23,342.22
|
$18,792.66
|
$17,435.04
|
$18,492.69
|
$17,708.45
|
As of December 31,
|
||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||
Number of Device Payment Plan Agreement delinquencies (in thousands)(1)(2)
|
||||||||||
31 - 60 days
|
597
|
482
|
671
|
710
|
673
|
|||||
61 - 90 days
|
233
|
192
|
251
|
233
|
201
|
|||||
91 - 120 days
|
116
|
87
|
129
|
104
|
106
|
|||||
Over 120 days
|
63
|
82
|
59
|
46
|
50
|
|||||
Delinquencies >60 days as a percentage of number of Device Payment Plan Agreements outstanding (1)(2)
|
0.79%
|
0.80%
|
1.00%
|
0.83%
|
0.78%
|
Year Ended December 31,
|
||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||
Number of Device Payment Plan Agreement write-offs (in thousands)
|
1,955
|
1,553
|
1,541
|
2,171
|
1,594
|
|||||
Gross write-offs (in millions)(3)
|
$943.22
|
$689.07
|
$665.58
|
$1,052.09
|
$725.00
|
|||||
Write-offs as a percentage of average monthly principal balance of Device Payment Plan Agreements outstanding(3)(4)
|
4.04%
|
3.67%
|
3.82%
|
5.69%
|
4.09%
|
|||||
Average gross loss on Device Payment Plan Agreements written-off(3)
|
$482.40
|
$443.79
|
$432.03
|
$484.71
|
$454.77
|
(1) |
The period of delinquency is the number of days with unpaid due charges on an account excluding accounts that have been written-off. Delinquency as shown above begins thirty (30) days after
billing. As of the most recent bill for the related account at period end.
|
(2) |
A Device Payment Plan Agreement is shown as delinquent if any amount owed under the Obligor account is past due, regardless of whether the amount due on the related Device Payment Plan Agreement
has been paid in full pursuant to the Servicer’s internal payment waterfall.
|
(3) |
Does not give effect to any recoveries.
|
(4) |
Average monthly principal balance of Device Payment Plan Agreements outstanding is calculated using the average of the end of month values of each month during the period.
|
• |
(x) the Servicer fails to deposit, or deliver to the Master Collateral Agent for deposit, any collections or payments in respect of the Trust DPPAs required to be delivered under the Transfer and
Servicing Agreement; (y) so long as Cellco is the Servicer, the Marketing Agent fails to deposit, or to cause the related Originators to deposit, into the Collection Account any prepayments in respect of the Trust DPPAs required by Upgrade
Contracts under an Upgrade Program required to be delivered under the Transfer and Servicing Agreement, or (z) so long as Cellco is the Servicer, the Parent Support Provider fails to make any payments with respect to the items set forth in
clause (x) or clause (y) above, to the extent the Servicer, or the Marketing Agent or any related Originator, respectively, fails to do so, and, in each case, which failure continues for five (5) Business Days after the Servicer, the
Marketing Agent or the Parent Support Provider, as applicable, receives written notice of the failure from the Master Collateral Agent or a responsible person of the Servicer, the Marketing Agent or the Parent Support Provider, as applicable,
obtains actual knowledge of the failure; or
|
• |
the Servicer (including in its capacity as Custodian) fails to fulfill its duties under the Transfer and Servicing Agreement (other than pursuant to the immediately preceding bullet point or the
immediately following bullet point), which failure has a material adverse effect on the Creditors and continues for ninety (90) days after the Servicer receives written notice of the failure from the Master Collateral Agent or the Majority
Trust Creditor Representatives, or
|
• |
so long as Cellco is the Servicer, failure by (i) the Marketing Agent to make, or to cause the related Originator to make, any payments required to be paid by the Marketing Agent in respect of
the Trust DPPAs, including without limitation Credit Payments or payments relating to the acquisition by the Marketing Agent or the related Originator of Trust DPPAs that are subject to certain transfers, but not including prepayments
required by Upgrade Contracts under an Upgrade Program, or (ii) the Parent Support Provider to make any payments set forth in clause (i) above, to the extent that the Marketing Agent or the related Originator fails to do so, in either case,
that continues for ten (10) Business Days after the Marketing Agent or Parent Support Provider, as applicable, receives written notice of the failure from the Master Collateral Agent, or a responsible person of the Marketing Agent or the
Parent Support Provider, as applicable, obtains actual knowledge of the failure, or
|
• |
certain insolvency events of the Servicer;
|
• |
the Receivables and Collections on the Receivables received after the end of the calendar day on the applicable Cutoff Date (other than net recoveries on Written-Off Receivables, including any
proceeds from the sale of a wireless device securing a Receivable, which will be retained by the Servicer as a supplemental servicing fee),
|
• |
funds in the Collection Account in respect of the Receivables,
|
• |
rights of the Trust under the Transfer and Servicing Agreement, the Receivables Transfer Agreements and the other transaction documents in respect of the Receivables,
|
• |
rights to funds from (i) the reacquisition by Originators or the acquisition by the Servicer (in the case of Receivables transferred by the Additional Transferor or designated to Group 1 on a
Designation Date), as applicable, of Receivables that, as of the applicable Cutoff Date, were not Eligible Receivables, (ii) the acquisition by the Servicer of Receivables that breach certain covenants, (iii) the reacquisition by Originators
or the acquisition by the Servicer (in the case of Receivables transferred by the Additional Transferor), as applicable, of secured Receivables (that are not Written-Off Receivables) if the related Obligor becomes the subject of a bankruptcy
proceeding and Verizon Wireless accepts the surrender of the related wireless device in satisfaction of the Receivable, (iv) the acquisition by the Marketing Agent or the reacquisition by an Originator of Receivables that are subject to
certain transfers, (v) Credit Payments and Upgrade Prepayments made by the Marketing Agent or an Originator in respect of the Receivables and (vi) any amounts remitted by the Parent Support Provider under the Parent Support Agreement in
respect of the Receivables, and
|
• |
all proceeds of the above.
|
• |
funds in the Series Bank Accounts, and
|
• |
if applicable, any amounts received under any Letter of Credit.
|
• |
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 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 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 Servicer’s Customary Servicing Practices;
|
• |
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 one (1) payment made by the Obligor under the related Device Payment Plan Agreement has 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.
|
Number of Receivables
|
38,230,435
|
Number of accounts
|
19,043,548
|
Aggregate original Principal Balance
|
$31,203,644,841.25
|
Aggregate Principal Balance
|
$21,549,487,283.25
|
Principal Balance
|
|
Minimum
|
$0.01
|
Maximum
|
$2,410.00
|
Average
|
$563.67
|
Average monthly payment
|
$24.97
|
Weighted average remaining installments (in months)(1)
|
27
|
Weighted average FICO® Score of Consumer Obligors under Consumer Receivables(1)(2)(3)
|
723
|
Percentage of Consumer Receivables with Consumer Obligors without a FICO® Score(3)
|
3.50%
|
Percentage of Receivables with Obligors with smart phones
|
90.55%
|
Percentage of Receivables with Obligors with other wireless devices
|
9.45%
|
Percentage of Receivables with Obligors with upgrade eligibility(4)
|
57.54%
|
Percentage of Receivables with device protection that includes insurance(5)
|
31.32%
|
Percentage of Receivables with account level device protection that includes insurance(5)
|
38.99%
|
Geographic concentration (Top 3 States)(6)
|
|
California
|
10.04%
|
Florida
|
6.16%
|
Texas
|
5.96%
|
Weighted average Customer Tenure (in months)(1)(7)
|
114
|
Percentage of Receivables with monthly payments
|
100.00%
|
Percentage of Receivables with 0.00% APR
|
100.00%
|
Percentage of Receivables with 36 month original term (8)
|
82.34%
|
Percentage of Receivables with 30 month original term(8)
|
12.50%
|
Percentage of Receivables with 24 month original term(8)
|
5.15%
|
Percentage of Receivables with 6 month original term(9)
|
0.00%
|
Financing for wireless devices
|
100.00%
|
Unsecured Receivables
|
9.96%
|
Secured Receivables(10)
|
90.04%
|
Percentage of Receivables that are Consumer Receivables
|
90.06%
|
Percentage of Receivables that are Business Receivables
|
9.94%
|
(1) |
Weighted averages are weighted by the aggregate Principal Balance of the applicable Receivables as of the Statistical Calculation Date.
|
(2) |
Excludes Consumer Receivables that have Consumer Obligors who did not have FICO® Scores because they are
individuals with minimal or no recent credit history.
|
(3) |
This FICO® Score reflects the FICO® Score 8 of the related Consumer Obligor under a Consumer Receivable. The FICO® Score is calculated, with respect to each Consumer Obligor on or about the date
on which the Consumer Receivable was originated.
|
(4) |
Comprised of Obligors whose wireless devices are subject to Verizon Wireless’ Current Upgrade Program.
|
(5) |
See “Origination and Description of Device Payment Plan Agreement Receivables—Insurance on Wireless Devices.” Includes account level device protection
that includes insurance and line level device protection that includes insurance associated with the Receivable’s active line either at the time of origination or added within 30 days of origination, while remaining active as of the date that
is 30 days following origination. “Account level device protection that includes insurance” above excludes Receivables with device protection that includes insurance.
|
(6) |
Based on the billing addresses of the Obligors under the Receivables.
|
(7) |
For a complete description of the calculation of Customer Tenure, see “Schedule I—Glossary of Defined Terms.”
|
(8) |
The sum of Percentage of Receivables with 36 month original term, Percentage of Receivables with 30 month original term and Percentage of Receivables with 24 month original term represents, in
the aggregate, a number greater than 99.99% but less than 100.00%.
|
(9) |
Represents a number greater than 0.00% but less than 0.01%.
|
(10) |
Includes Receivables that are secured by the related wireless device and have a perfected security interest in such wireless device.
|
Geographic Concentration
|
Number of Receivables
|
Aggregate Principal Balance
|
Percentage of Aggregate Principal Balance
|
|||||||||
California
|
3,711,630
|
$
|
2,164,257,160.31
|
10.04
|
%
|
|||||||
Florida
|
2,312,181
|
1,327,814,799.40
|
6.16
|
|||||||||
Texas
|
2,221,394
|
1,284,970,774.03
|
5.96
|
|||||||||
New York
|
2,129,440
|
1,214,088,259.88
|
5.63
|
|||||||||
Ohio
|
1,770,564
|
961,280,958.75
|
4.46
|
|||||||||
North Carolina
|
1,630,161
|
918,144,230.82
|
4.26
|
|||||||||
Pennsylvania
|
1,529,189
|
828,991,731.34
|
3.85
|
|||||||||
Georgia
|
1,379,449
|
791,271,854.08
|
3.67
|
|||||||||
New Jersey
|
1,347,703
|
764,382,844.08
|
3.55
|
|||||||||
Michigan
|
1,365,931
|
753,115,655.95
|
3.49
|
|||||||||
Illinois
|
1,314,655
|
729,680,129.37
|
3.39
|
|||||||||
Virginia
|
1,273,066
|
715,858,758.34
|
3.32
|
|||||||||
Arizona
|
1,120,549
|
650,705,014.00
|
3.02
|
|||||||||
All other
|
15,124,523
|
8,444,925,112.90
|
39.19
|
|||||||||
Total
|
38,230,435
|
$
|
21,549,487,283.25
|
100.00
|
%
|
(1) |
The table shows the states with concentrations greater than 3.00% of the aggregate Principal Balance of the Receivables as of the Statistical Calculation Date based on the billing addresses of
the related Obligors.
|
FICO® Score
|
Number of Receivables
|
Aggregate Principal Balance
|
Percentage of Aggregate Principal Balance
|
Percentage of Overall Device Payment Plan Agreement Portfolio(2)
|
|||||||||||||
No FICO® Score(3)
|
1,235,476
|
$
|
678,663,492.89
|
3.50
|
%
|
4.05
|
%
|
||||||||||
250 – 599
|
3,917,705
|
2,321,109,783.38
|
11.96
|
13.42
|
|||||||||||||
600 – 649
|
3,241,322
|
1,926,912,081.37
|
9.93
|
10.46
|
|||||||||||||
650 – 699
|
4,245,505
|
2,523,538,658.70
|
13.00
|
13.29
|
|||||||||||||
700 – 749
|
5,198,439
|
3,059,783,987.01
|
15.77
|
15.25
|
|||||||||||||
750 or greater
|
15,663,613
|
8,898,204,473.08
|
45.85
|
43.53
|
|||||||||||||
Total
|
33,502,060
|
$
|
19,408,212,476.43
|
100.00
|
%
|
100.00
|
%
|
(1) |
This FICO® Score reflects the FICO®
Score 8 of the related Consumer Obligor. The FICO® Score is calculated with respect to each Consumer Obligor on or about the date on which such Consumer
Receivable was originated.
|
(2) |
Represents the aggregate Principal Balance of Device Payment Plan Agreements in the Device Payment Plan Agreement portfolio in each FICO® Score Range as a percentage of the aggregate Principal Balance of the Device Payment Plan Agreement portfolio as of the Statistical Calculation Date.
|
(3) |
Represents Consumer Receivables that have Consumer Obligors who did not have FICO® Scores because they are
individuals with minimal or no recent credit history.
|
Customer Tenure
|
Number of Receivables
|
Aggregate
Principal Balance
|
Percentage of Aggregate Principal Balance
|
|||||||||
Less than 7 months
|
5,122,947
|
$
|
2,780,140,014.17
|
12.90
|
%
|
|||||||
7 months to less than 12 months
|
549,471
|
283,754,396.96
|
1.32
|
|||||||||
12 months to less than 24 months
|
1,949,132
|
1,114,139,029.23
|
5.17
|
|||||||||
24 months to less than 36 months
|
2,344,310
|
1,357,334,717.27
|
6.30
|
|||||||||
36 months to less than 48 months
|
2,046,093
|
1,211,020,232.73
|
5.62
|
|||||||||
48 months to less than 60 months
|
1,770,905
|
1,039,873,535.77
|
4.83
|
|||||||||
60 months or greater
|
24,447,577
|
13,763,225,357.12
|
63.87
|
|||||||||
Total
|
38,230,435
|
$
|
21,549,487,283.25
|
100.00
|
%
|
(1) |
For a complete description of the calculation of Customer Tenure, see “Schedule I—Glossary of Defined Terms.”
|
Monthly Payment
|
Number of Receivables
|
Aggregate
Principal Balance
|
Percentage of Aggregate Principal Balance
|
||||||||||
$0.01 - $15.00
|
7,175,340
|
$
|
1,831,178,301.09
|
8.50
|
%
|
||||||||
$15.01 - $20.00
|
5,060,257
|
2,381,942,651.51
|
11.05
|
||||||||||
$20.01 - $25.00
|
7,672,803
|
4,722,170,954.42
|
21.91
|
||||||||||
$25.01 - $30.00
|
5,048,952
|
3,361,987,378.35
|
15.60
|
||||||||||
$30.01 - $35.00
|
7,444,522
|
5,794,136,794.50
|
26.89
|
||||||||||
$35.01 - $40.00
|
3,476,831
|
2,151,916,846.75
|
9.99
|
||||||||||
$40.01 - $45.00
|
931,820
|
541,898,802.83
|
2.51
|
||||||||||
Greater than $45.00
|
1,419,910
|
764,255,553.80
|
3.55
|
||||||||||
Total
|
38,230,435
|
$
|
21,549,487,283.25
|
100.00
|
%
|
Remaining Installments
|
Number of Receivables
|
Aggregate
Principal Balance
|
Percentage of Aggregate Principal Balance
|
|||||||||
36 months
|
487,083
|
$
|
414,994,450.52
|
1.93
|
%
|
|||||||
35 months
|
1,442,344
|
1,163,369,826.71
|
5.40
|
|||||||||
34 months
|
2,277,213
|
1,722,359,570.46
|
7.99
|
|||||||||
33 months
|
2,706,840
|
1,928,842,680.69
|
8.95
|
|||||||||
32 months
|
2,117,902
|
1,535,998,273.04
|
7.13
|
|||||||||
31 months
|
2,429,645
|
1,828,315,163.61
|
8.48
|
|||||||||
30 months
|
2,071,697
|
1,450,905,852.13
|
6.73
|
|||||||||
29 months
|
1,863,824
|
1,185,974,572.46
|
5.50
|
|||||||||
28 months
|
2,088,024
|
1,313,619,131.42
|
6.10
|
|||||||||
27 months
|
2,341,025
|
1,469,233,306.41
|
6.82
|
|||||||||
26 months
|
1,944,939
|
1,174,503,299.59
|
5.45
|
|||||||||
25 months
|
1,795,751
|
1,048,191,887.47
|
4.86
|
|||||||||
24 months
|
1,618,897
|
930,244,573.80
|
4.32
|
|||||||||
23 months
|
885,140
|
489,587,710.83
|
2.27
|
|||||||||
22 months
|
24,036
|
12,606,329.64
|
0.06
|
|||||||||
21 months
|
6,555
|
2,962,984.83
|
0.01
|
|||||||||
20 months
|
8,675
|
3,475,594.62
|
0.02
|
|||||||||
19 months
|
16,567
|
6,396,230.22
|
0.03
|
|||||||||
18 months
|
25,837
|
12,206,014.35
|
0.06
|
|||||||||
17 months
|
434,770
|
206,646,851.33
|
0.96
|
|||||||||
16 months
|
1,273,854
|
603,248,672.54
|
2.80
|
|||||||||
15 months
|
1,297,659
|
573,985,949.22
|
2.66
|
|||||||||
14 months
|
914,904
|
374,902,066.67
|
1.74
|
|||||||||
13 months
|
756,713
|
307,671,439.14
|
1.43
|
|||||||||
12 months
|
400,274
|
161,070,809.28
|
0.75
|
|||||||||
11 months
|
422,819
|
162,490,975.71
|
0.75
|
|||||||||
10 months
|
795,241
|
285,367,356.40
|
1.32
|
|||||||||
9 months
|
784,915
|
253,333,824.22
|
1.18
|
|||||||||
8 months
|
591,802
|
170,318,669.86
|
0.79
|
|||||||||
7 months
|
721,586
|
188,979,727.31
|
0.88
|
|||||||||
6 months
|
543,747
|
113,688,160.91
|
0.53
|
|||||||||
5 months
|
513,271
|
88,817,704.39
|
0.41
|
|||||||||
4 months
|
601,243
|
88,053,229.94
|
0.41
|
|||||||||
3 months
|
652,843
|
76,021,250.39
|
0.35
|
|||||||||
2 months
|
459,925
|
38,887,370.72
|
0.18
|
|||||||||
1 months
|
359,155
|
17,401,476.31
|
0.08
|
|||||||||
0 months
|
553,720
|
144,814,296.11
|
0.67
|
|||||||||
Total
|
38,230,435
|
$
|
21,549,487,283.25
|
100.00
|
%
|
Last Payment Type
|
Number of Receivables
|
Aggregate
Principal Balance
|
Percentage of Aggregate Principal Balance
|
|||||||||
Credit or Debit Card
|
18,599,138
|
$
|
10,771,789,727.68
|
49.99
|
%
|
|||||||
Direct Debit
|
12,698,372
|
7,214,757,721.97
|
33.48
|
|||||||||
ACH
|
4,700,837
|
2,553,878,023.53
|
11.85
|
|||||||||
Check
|
1,837,549
|
780,122,523.33
|
3.62
|
|||||||||
Cash or Other(1)
|
394,539
|
228,939,286.74
|
1.06
|
|||||||||
Total
|
38,230,435
|
$
|
21,549,487,283.25
|
100.00
|
%
|
• |
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,
|
• |
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 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 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), and
|
• |
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,
|
• |
the amount by which the aggregate Principal Balance of Business Receivables exceeds 10.00% of the Pool Balance.
|
Actual Concentration Amount
|
Excess Concentration Amount
|
|||
(i) For all Receivables
|
||||
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(1)
|
14.22%
|
$0
|
||
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 Balance(1)
|
36.13%
|
$0
|
||
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%
|
$111,778,523.82
|
||
(ii) For Consumer Receivables only
|
||||
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)(2).
|
723
|
$0
|
Actual Concentration Amount
|
Excess Concentration Amount
|
|||
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
|
3.50%
|
$0
|
||
(iii) For Business Receivables only
|
||||
The amount by which the aggregate Principal Balance of Business Receivables exceeds 10.00% of the Pool Balance
|
9.94%
|
$0
|
(1) |
For a complete description of the calculation of Customer Tenure, see “Schedule I—Glossary of Defined Terms.”
|
(2) |
This FICO® Score reflects the FICO®
Score 8 of the related Consumer Obligor under a Consumer Receivable. The FICO® Score is calculated with respect to each Consumer Obligor on or about the date on
which such Consumer Receivable was originated.
|
• |
immediately before each transfer of the Receivables to the Depositor, the related Originator or the Additional Transferor, as applicable, had good title to each Receivable transferred by it, free
and clear of any liens not permitted by the transaction documents,
|
• |
the Depositor will own the Receivables free and clear of any liens not permitted by the transaction documents and have a perfected security interest in the Receivables following the transfer of
the Receivables by the Originator or the Additional Transferor, as applicable, to the Depositor, and
|
• |
each of the Receivables is either an “account” or “payment intangible,” or, if such Receivable is secured by the related wireless device, “chattel paper,” in each case, within the meaning of the
applicable Uniform Commercial Code.
|
• |
a Delinquency Trigger for the Receivables occurs; and
|
• |
the requisite amount of Public Group 1 Noteholders vote to direct an Asset Representations Review.
|
• |
Series 2023-2;
|
• |
other Group 1 Series; and
|
• |
the Certificates.
|
• |
first, to the Class A Notes until paid in full;
|
• |
second, to the Class B Notes until paid in full; and
|
• |
third, to the Class C Notes until paid in full.
|
• |
on any Payment Date interest due is not paid on any class of Notes,
|
• |
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,
|
• |
as of the Anticipated Redemption Date, the Trust has not redeemed the Notes,
|
• |
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),
|
• |
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%,
|
• |
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%,
|
• |
with respect to any Payment Date, the Series 2023-2 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,
|
• |
as of any date of determination, the Discounted Series Invested Amount for Series 2023-2 is greater than the excess of (i) the Pool Balance over (ii) the sum of (x) the Ineligible Amount for
Series 2023-2 and (y) the Series 2023-2 Excess Concentration Amount,
|
• |
a Servicer Termination Event has occurred and is continuing, or
|
• |
an Event of Default has occurred and is continuing.
|
• |
first, to the Class A Notes until paid in full;
|
• |
second, to the Class B Notes until paid in full; and
|
• |
third, to the Class C Notes until paid in full.
|
(1) |
pro rata (A) to the Master Collateral Agent, the Series 2023-2 Group Allocated Percentage of all amounts due, including (x) fees due to the Master Collateral Agent and (y) expenses and
indemnities due to the Master Collateral Agent, up to a maximum aggregate amount, in the case of clause (y), of $200,000 per year for all Group 1 Series in the aggregate; (B) to the Owner Trustee, the Series 2023-2 Group Allocated Percentage
of all amounts due, including (x) fees due to the Owner Trustee and (y) expenses and indemnities due to the Owner Trustee, up to a maximum aggregate amount, in the case of clause (y), of $100,000 per year for all Group 1 Series in the
aggregate; (C) to the Asset Representations Reviewer, (i) the Series 2023-2 ARR Series Allocation Percentage of all amounts due, including (x) fees (other than the Supplemental ARR Fee) due to the Asset Representations Reviewer (including
fees due in connection with any Asset Representations Review) and (y) expenses and indemnities due to the Asset Representations Reviewer, up to a maximum aggregate amount, in the case of clause (y), of $100,000 per year for all Group 1 Series
in the aggregate and (ii) the Series 2023-2 Supplemental ARR Series Allocation Percentage of the Supplemental ARR Fee due to the Asset Representations Reviewer and (D) to the Indenture Trustee all amounts due, including (x) fees due to the
Indenture Trustee and (y) expenses and indemnities due to the Indenture Trustee up to a maximum aggregate amount, in the case of clause (y), of $200,000 per year; provided¸ that after the occurrence of an Event of Default (other than an Event
of Default set forth in clause (iii) of the definition thereof), the caps on expenses and indemnities in this clause (1) will not apply; provided further that on the Payment Date occurring in December of each calendar year, each such party
will have the right to reimbursement from any unused portion of the cap for all Group 1 Series in the aggregate allocated to another party to the extent that the expenses and indemnities reimbursable to such party for all Group 1 Series in
the aggregate exceed the related allocated amount at the end of such calendar year,
|
(2) |
to the Servicer, the Series 2023-2 Allocation Percentage of the Servicing Fee, and to any successor servicer, the Series 2023-2 Group Allocated Percentage of a one-time successor servicer
engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as successor servicer,
|
(3) |
to the Noteholders of the Class A Notes, interest due on the Class A Notes,
|
(4) |
(a) during the Revolving Period, for deposit to the Principal Funding Account and (b) during the Amortization Period, to the Noteholders, in the order set
forth under “—Payments of Principal” above, in either case, principal in an amount equal to the First Priority Principal
Payment, if any,
|
(5) |
to the Noteholders of the Class B Notes, interest due on the Class B Notes,
|
(6) |
(a) during the Revolving Period, for deposit to the Principal Funding Account and (b) during the Amortization Period, to the Noteholders, in the order set
forth under “—Payments of Principal” above, in either case, principal in an amount equal to the Second Priority Principal
Payment, if any,
|
(7) |
to the Noteholders of the Class C Notes, interest due on the Class C Notes,
|
(8) |
(a) during the Revolving Period, for deposit to the Principal Funding Account and (b) during the Amortization Period, to the Noteholders, in the order set
forth under “—Payments of Principal” above, in either case, principal in an amount equal to the Third Priority Principal
Payment, if any,
|
(9) |
(a) first, if applicable, to the Letter of Credit Provider, the amount, if any, necessary to cause the amount available under the Letter of Credit to equal the amount available under the Letter
of Credit on the date of issuance together with interest accrued on the amount drawn on the Letter of Credit and (b) second, to the Reserve Account, the amount, if any, necessary to cause the amount in the Reserve Account to equal the
Required Reserve Amount less the amount available under such Letter of Credit, if any,
|
(10) |
(a) during the Revolving Period, for deposit to the Principal Funding Account and (b) during the Amortization Period, to the Noteholders, in the order set
forth under “—Payments of Principal” above, in either case, principal in an amount equal to the Regular Priority Principal
Payment, if any,
|
(11) |
to any successor servicer, the product of the Series 2023-2 Group Allocated Percentage and the excess, if any, of $425,000 over the Servicing Fee,
|
(12) |
to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable in the order set forth under “—Payments of Interest”
above,
|
(13) |
to the Noteholders, any Make-Whole Payments due on the Notes, payable in the order set forth under “—Make-Whole Payments” above,
|
(14) |
pro rata, (A) to the Indenture Trustee, all remaining amounts due but not paid under priority (1) above, (B) to the Master Collateral Agent and the Owner
Trustee, the Series 2023-2 Group Allocated Percentage of all remaining amounts due to the extent not paid under priority (1) above, (C) to the Asset Representations Reviewer, (x) the Series 2023-2 ARR Series Allocation Percentage of all
remaining amounts (other than the Supplemental ARR Fee) due to the extent not paid under priority (1) above and (y) the Series 2023-2 Supplemental ARR Series Allocation Percentage of any remaining Supplemental ARR Fee due to the extent not
paid under priority (1) above and (D) to the Administrator, reimbursement of fees and expenses of the Master Collateral Agent, the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer paid by the Administrator on behalf
of the Trust pursuant to the Administration Agreement,
|
(15) |
to any other parties as the Administrator has identified, any remaining expenses of the Trust, up to the Series 2023-2 Group Allocated Percentage of such amounts,
|
(16) |
if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider,
and
|
(17) |
to the Class R Interest, all remaining Series 2023-2 Available Funds.
|
• |
in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2023-2 Allocated Pool Balance exceeds the Adjusted Series
Invested Amount for Series 2023-2, 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 2023-2 Available Funds on such immediately succeeding Payment Date,
|
• |
in connection with any Optional Redemption, all amounts on deposit in the Principal Funding Account will be withdrawn and applied to pay any amounts due in connection therewith, or
|
• |
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
Noteholders on such Payment Date, in the order set forth under “—Payments of Principal” above, until the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes is reduced to
zero.
|
(1) |
pro rata (A) to the Indenture Trustee, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee, the Series
2023-2 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer, (x) the Series 2023-2 ARR Series Allocation Percentage of all amounts due to the
Asset Representations Reviewer, including fees (excluding the Supplemental ARR Fee and including fees due in connection with any Asset Representations Review), expenses and indemnities and (y) the Series 2023-2 Supplemental ARR Series
Allocation Percentage of the Supplemental ARR Fee due to the Asset Representations Reviewer,
|
(2) |
to the Servicer, the Series 2023-2 Allocation Percentage of all unpaid Servicing Fees, and to any successor servicer, the Series 2023-2 Group Allocated Percentage of a one-time successor servicer
engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as successor servicer,
|
(3) |
to the Noteholders of the Class A Notes, interest due on the Class A Notes,
|
(4) |
to the Noteholders of the Class A Notes, principal of the Class A Notes until paid in full,
|
(5) |
to the Noteholders of the Class B Notes, interest due on the Class B Notes,
|
(6) |
to the Noteholders of the Class B Notes, principal of the Class B Notes until paid in full,
|
(7) |
to the Noteholders of the Class C Notes, interest due on the Class C Notes,
|
(8) |
to the Noteholders of the Class C Notes, principal of the Class C Notes until paid in full,
|
(9) |
to any successor servicer, the Series 2023-2 Group Allocated Percentage of the excess, if any, of $425,000 over the Servicing Fee,
|
(10) |
to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable in the order set forth under “—Payments of Interest”
above,
|
(11) |
to the Noteholders, any Make-Whole Payments due on the Notes, payable in the order set forth under “—Make-Whole Payments” above,
|
(12) |
to any other parties as the Administrator has identified, any remaining expenses of the Trust, up to the Series 2023-2 Group Allocated Percentage of such amounts,
|
(13) |
if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider,
and
|
(14) |
to the Class R Interest, all remaining Series 2023-2 Available Funds.
|
• |
notice of the rescission is given before a judgment for payment of the amount due is obtained by the Indenture Trustee or the Master Collateral Agent,
|
• |
the Trust has deposited with the Indenture Trustee an amount sufficient to make all payments of interest, principal and any other amounts due on the Notes (other than amounts due only because of
the acceleration of the Notes) and all other outstanding fees and expenses of the Trust in respect of Series 2023-2, and
|
• |
all Events of Default (other than the nonpayment of amounts due only because of the acceleration of the Notes) are cured or waived by the holders of a majority of the Note Balance of the
Controlling Class.
|
• |
file a lawsuit for the collection of the Notes and enforce any judgment obtained,
|
• |
take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders, or
|
• |
vote as a Group 1 Creditor Representative to cause the Trust to sell the Receivables and other assets of the Trust designated to Group 1 (and, in the limited circumstances described below, other
Trust DPPAs designated to any other Group).
|
• |
the Noteholder has given notice to the Indenture Trustee of a continuing Event of Default,
|
• |
the holders of at least 25% of the Note Balance of the Controlling Class have requested the Indenture Trustee to begin the legal proceeding,
|
• |
the requesting Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee against any liabilities that the Indenture Trustee may incur in complying with the request,
|
• |
the Indenture Trustee has failed to begin the legal proceeding within sixty (60) days after its receipt of the foregoing notice, request and offer of indemnity, and
|
• |
the holders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee any inconsistent direction during the 60-day period.
|
• |
a statement that the Trust received a communication request,
|
• |
the name of the requesting Noteholder or Verified Note Owner,
|
• |
the date the request was received,
|
• |
a statement that the Administrator has received the request from that Noteholder or Verified Note Owner that it is interested in communicating with noteholders and note owners of other Publicly
Registered Credit Extensions about the possible exercise of rights under the transaction documents, and
|
• |
a description of the method by which noteholders and note owners of other Publicly Registered Credit Extensions may contact the requesting Noteholder or Verified Note Owner.
|
• |
the Indenture Trustee has received all Notes for cancellation or, with some limitations, funds sufficient to pay all Notes in full,
|
• |
the Trust has paid all other amounts payable by it in respect of Series 2023-2 under the transaction documents, and
|
• |
the Trust has delivered an officer’s certificate and a legal opinion to the Indenture Trustee each stating that all conditions to the satisfaction and discharge of the Indenture have been
satisfied.
|
• |
to correct or expand the description of any property at any time subject to the lien of the Master Collateral Agreement, or better to assure, convey and confirm to the Master Collateral Agent a
lien on any property subject or required to be subjected to the lien of the Master Collateral Agreement, or to subject additional property to the lien of the Master Collateral Agreement;
|
• |
to evidence the succession of any other Person to the Trust, and the assumption by the successor of the obligations of the Trust in the Master Collateral Agreement and in the Credit Extensions;
|
• |
to add to the covenants of the Trust, for the benefit of the Creditors, or to surrender any right or power given to the Trust under the Master Collateral Agreement;
|
• |
to convey, transfer, assign, mortgage or pledge any property to or with the Master Collateral Agent for the benefit of the Creditors;
|
• |
to cure any ambiguity, to correct an error or to correct or supplement any provision of the Master Collateral Agreement that may be defective or inconsistent with the other terms of the Master
Collateral Agreement;
|
• |
to evidence the acceptance of the appointment under the Master Collateral Agreement of a successor master collateral agent and to add to or change the Master Collateral Agreement as necessary to
facilitate the administration of the trusts under the Master Collateral Agreement by more than one master collateral agent;
|
• |
to provide for the designation under the Master Collateral Agreement of one or more Groups; or
|
• |
to provide for the designation under the Master Collateral Agreement of Series related to the Trust DPPAs designated to one or more Groups.
|
• |
modify the percentage of the amount of “Credit Exposure” required for any action;
|
• |
modify or alter the definition in the Master Collateral Agreement of “Outstanding” or “Credit Exposure;”
|
• |
permit the creation of any lien ranking prior or equal to the lien of the Master Collateral Agreement on the Trust assets, other than permitted liens, or, except as permitted by the Master
Collateral Agreement, the other transaction documents and each other Series Related Document, release the lien of the Master Collateral Agreement on the Trust assets;
|
• |
impair the right to institute suit for the enforcement of payment as provided by the Master Collateral Agreement;
|
• |
modify (i) the definition of “Event of Default” or “Eligible Receivable” or (ii) any other definition in the Master Collateral Agreement that is defined by reference the applicable Series; or
|
• |
result (solely by virtue of such amendment) in a reduction of the Series Allocation Percentage for any Series.
|
• |
to correct or expand the description of any property at any time subject to the lien of the Indenture, or better to assure, convey and confirm to the Indenture Trustee a lien on any
|
property subject or required to be subjected to the lien of the Indenture, or to subject additional property to the lien of the Indenture;
|
• |
to evidence the succession of any other Person to the Trust, and the assumption by the successor of the obligations of the Trust in the Indenture and in the Notes;
|
• |
to add to the covenants of the Trust, for the benefit of the Noteholders, or to surrender a right or power given to the Trust in the Indenture;
|
• |
to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee for the benefit of the Noteholders;
|
• |
to cure any ambiguity, to correct an error or to correct or supplement any provision of the Indenture that may be defective or inconsistent with the other terms of the Indenture;
|
• |
to evidence the acceptance of the appointment under the Indenture of a successor trustee and to add to or change the Indenture as necessary to facilitate the administration of the trusts under
the Indenture by more than one trustee;
|
• |
to correct any manifest error in the terms of the Indenture as compared to the terms expressly set forth in this prospectus; or
|
• |
to modify, eliminate or add to the terms of the Indenture to effect the qualification of the Indenture under the Trust Indenture Act and to add to the Indenture any other terms required by the
Trust Indenture Act.
|
• |
change (i) the Final Maturity Date on any Notes, (ii) the principal amount of or interest rate or Make-Whole Payments or Additional Interest Amounts on any Note or (iii) the Required Reserve
Amount;
|
• |
modify the percentage of Note Balance of the Notes or the Controlling Class that are required for any action;
|
• |
modify or alter the definition of “Controlling Class;”
|
• |
permit the creation of any lien ranking prior or equal to the lien of the Indenture on the assets specifically designated for Series 2023-2, other than permitted liens, or, except as permitted by
the Indenture, the other transaction documents and each other Series Related Document, release the lien of the Indenture on such assets; or
|
• |
impair the right of the Noteholders to begin suits to enforce the Indenture.
|
• |
the Administrator determines that DTC is no longer willing or able to discharge properly its responsibilities as depository for the Notes and the Administrator cannot appoint a qualified
successor,
|
• |
the Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through DTC, or
|
• |
after the occurrence of an Event of Default or a Servicer Termination Event, the holders of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and DTC to
terminate the book-entry system through DTC (or a successor to DTC).
|
|
Fair Value
|
Fair Value
(as a percentage)
|
|||
Notes
|
|
$999,985,815
|
80.01%
|
||
Class R Interest
|
|
$249,908,952
|
19.99%
|
||
Total
|
|
$1,249,894,767
|
100.00%
|
• |
all monthly payments are timely received starting from April 2023 and no Receivable is ever delinquent;
|
• |
payments on the Notes are made on the 20th day of each month, whether or not that day is a Business Day, beginning in May 2023;
|
• |
the Servicing Fee rate is 0.75% per annum;
|
• |
no one-time successor servicer engagement fee is paid and there are no other fees or expenses paid by the Trust, other than (x) the Servicing Fee and (y) Master Collateral Agent fees and
expenses, Indenture Trustee (and with respect to any loan series, paying agent) fees and expenses, Owner Trustee fees and expenses, Letter of Credit Provider fees and expenses (if any) and Asset Representations Reviewer fees and expenses,
which, in the aggregate under this clause (y) equal the amounts set forth in the following table:
|
Payment Date
|
Total Monthly Fees
|
January
|
$21,250.00
|
February
|
$96,250.00
|
March
|
$21,250.00
|
April
|
$21,250.00
|
May
|
$51,250.00
|
June
|
$51,250.00
|
July
|
$41,250.00
|
August
|
$21,250.00
|
September
|
$51,250.00
|
October
|
$21,250.00
|
November
|
$21,250.00
|
December
|
$51,250.00
|
• |
the Reserve Account is initially funded with an amount equal to $10,899,182.56;
|
• |
as of the Closing Date, the amount on deposit in the Principal Funding Account is zero;
|
• |
the initial Note Balance of the Class A Notes, the Class B Notes and the Class C Notes is equal to the initial Note Balance for that class of Notes set forth on the cover of this prospectus;
|
• |
interest accrues on the Class A Notes at 4.89% per annum, the Class B Notes at 5.13% per annum and the Class C Notes at 5.38% per annum;
|
• |
the Series 2023-2 Discount Rate is 10.68%;
|
• |
the Closing Date is April 25, 2023;
|
• |
the Trust issues another Group 1 Series of notes on the Closing Date with the terms described on Annex D;
|
• |
no Make-Whole Payments are paid on the Notes;
|
• |
no Additional Interest Amounts are paid on the Notes; and
|
• |
neither an Amortization Event nor an Event of Default occurs.
|
• |
in months 1-6 of the device payment plan agreement, prepayments will occur at a 4.00% constant prepayment rate (“CPR”) of the then outstanding principal
balance of the Receivables,
|
• |
in months 7-9 of the device payment plan agreement, prepayments will occur at a 5.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 10-12 of the device payment plan agreement, prepayments will occur at a 7.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 13-15 of the device payment plan agreement, prepayments will occur at a 12.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 16-18 of the device payment plan agreement, prepayments will occur at a 18.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 19-21 of the device payment plan agreement, prepayments will occur at a 26.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 22-24 of the device payment plan agreement, prepayments will occur at a 38.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 25-27 of the device payment plan agreement, prepayments will occur at a 30.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 28-30 of the device payment plan agreement, prepayments will occur at a 48.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 31-33 of the device payment plan agreement, prepayments will occur at a 37.00% CPR of the then outstanding principal balance of the Receivables,
|
• |
in months 34-36 of the device payment plan agreement, prepayments will occur at a 68.00% CPR of the then outstanding principal balance of the Receivables, and
|
• |
in and after month 37 of the device payment plan agreement, prepayments will occur at a 0.00% CPR of the then outstanding principal balance of the Receivables;
|
• |
in months 1-3 of the Device Payment Plan Agreement, 0.00% of defaults occur in each month,
|
• |
in months 4-6 of the Device Payment Plan Agreement, approximately 1.50% of defaults occur in each month,
|
• |
in month 7 of the Device Payment Plan Agreement, approximately 3.30% of defaults occur,
|
• |
in month 8 of the Device Payment Plan Agreement, approximately 4.60% of defaults occur,
|
• |
in month 9 of the Device Payment Plan Agreement, approximately 6.10% of defaults occur,
|
• |
in months 10-11 of the Device Payment Plan Agreement, approximately 6.00% of defaults occur in each month,
|
• |
in month 12 of the Device Payment Plan Agreement, approximately 5.90% of defaults occur,
|
• |
in month 13 of the Device Payment Plan Agreement, approximately 5.50% of defaults occur,
|
• |
in months 14-15 of the Device Payment Plan Agreement, approximately 5.60% of defaults occur in each month,
|
• |
in months 16-18 of the Device Payment Plan Agreement, approximately 4.80% of defaults occur in each month,
|
• |
in month 19 of the Device Payment Plan Agreement, approximately 4.00% of defaults occur,
|
• |
in months 20-21 of the Device Payment Plan Agreement, approximately 3.60% of defaults occur in each month,
|
• |
in months 22-23 of the Device Payment Plan Agreement, approximately 3.00% of defaults occur in each month,
|
• |
in month 24 of the Device Payment Plan Agreement, approximately 2.70% of defaults occur,
|
• |
in months 25-26 of the Device Payment Plan Agreement, approximately 2.10% of defaults occur in each month,
|
• |
in month 27 of the Device Payment Plan Agreement, approximately 1.90% of defaults occur,
|
• |
in month 28 of the Device Payment Plan Agreement, approximately 1.60% of defaults occur,
|
• |
in months 29-30 of the Device Payment Plan Agreement, approximately 1.00% of defaults occur in each month,
|
• |
in months 31-33 of the Device Payment Plan Agreement, approximately 0.70% of defaults occur in each month,
|
• |
in month 34 of the Device Payment Plan Agreement, approximately 0.40% of defaults occur,
|
• |
in months 35-36 of the Device Payment Plan Agreement, approximately 0.20% of defaults occur in each month, and
|
• |
in and after month 37 of the Device Payment Plan Agreement, 0.00% of defaults occur in each month;
|
• |
the Receivables transferred by that Originator or the Additional Transferor and the Collections on the Receivables would not be property of that Originator’s or the Additional Transferor’s
bankruptcy estate under U.S. federal bankruptcy laws, and
|
• |
the automatic stay under U.S. federal bankruptcy laws would not apply to prevent payment of the Collections on the Receivables to the Depositor or the Trust.
|
• |
the Receivables transferred by the Depositor and the Collections on the Receivables would not be property of the Depositor’s bankruptcy estate under U.S. federal bankruptcy laws, and
|
• |
the automatic stay under U.S. federal bankruptcy laws would not apply to prevent payment of the Collections on the Receivables to the Trust.
|
• |
the Marketing Agent was insolvent or rendered insolvent by reason of making the Upgrade Prepayment or incurring the Upgrade Prepayment obligation;
|
• |
the Upgrade Prepayment or the Upgrade Prepayment obligation left the Marketing Agent with an unreasonably small amount of capital to carry on the business; or
|
• |
the Marketing Agent intended to, or believed that the Marketing Agent would, incur debts beyond its ability to pay as they mature.
|
Fee
|
Amount
|
|
Master Collateral Agent fee
|
$1,666.67 to be paid monthly, allocated to Series 2023-2 based on the Series 2023-2 Group Allocated Percentage
|
|
Indenture Trustee fee
|
$1,250 to be paid monthly
|
|
Owner Trustee fee
|
an annual fee equal to $5,000, payable on the Payment Date occurring in July of each calendar year, which began in July 2021, plus an additional annual fee of $15,000 per
Series, payable on the first Payment Date for each such Series and then each calendar year thereafter, allocated to Series 2023-2 based on the Series 2023-2 Group Allocated Percentage
|
|
Asset Representations Reviewer fee
|
(i) $416.67 to be paid monthly, allocated to Series 2023-2 based on the Series 2023-2 ARR Series Allocation Percentage and (ii) $1,666.67 to be paid monthly, based on the
Series 2023-2 Supplemental ARR Series Allocation Percentage
|
|
Asset Representations Reviewer review fee
|
$50,000, to be paid in connection with an Asset Representations Review, allocated to Series 2023-2 based on the Series 2023-2 ARR Series Allocation Percentage
|
|
Servicing Fee
|
1/12 of 0.75% of the Pool Balance, to be paid monthly, allocated to Series 2023-2 based on the Series 2023-2 Allocation Percentage
|
|
Successor servicing fee
|
(i) one-time successor servicer engagement fee of $150,000, payable on the first Payment Date following the successor servicer’s assumption of its duties as successor servicer and (ii) a fee
equal to the product of the Series 2023-2 Group Allocated Percentage and the excess, if any, of $425,000 over the Servicing Fee, to be paid monthly, in each case, allocated to Series 2023-2 based on the Series 2023-2 Group Allocated
Percentage
|
• |
Group 1 Available Funds for the related Collection Period,
|
• |
Series 2023-2 Available Funds for the related Collection Period,
|
• |
fees and expenses payable to the Master Collateral Agent, the Indenture Trustee, the Owner Trustee, a Letter of Credit Provider, if any, and the Asset Representations Reviewer,
|
• |
fees and expenses payable to the Master Collateral Agent, the Owner Trustee and the Asset Representations Reviewer allocated to Series 2023-2,
|
• |
Servicing Fee and, if applicable, any supplemental successor servicing fee, payable to the Servicer or any successor servicer,
|
• |
Servicing Fee and, if applicable, any supplemental successor servicing fee, payable to the Servicer or any successor servicer allocated to Series 2023-2,
|
• |
the Pool Balance, the Series Invested Amount for Series 2023-2, the Adjusted Series Invested Amount for Series 2023-2 and the Series 2023-2 Allocation Percentage,
|
• |
the Transferor’s Percentage and the Transferor’s Allocation for such Payment Date,
|
• |
the amount of interest, principal, Additional Interest Amounts and Make-Whole Payments payable and paid on each class of Notes, in each case, expressed as an aggregate amount and per $1,000 of
the Note Balance,
|
• |
the Priority Principal Payments, if any, including deposits into the Principal Funding Account,
|
• |
the Note Balance of each class of Notes at the beginning of the period and the end of the period and the note factors needed to compute the Note Balance of each class of Notes, in each case
giving effect to all payments to be made on the Payment Date,
|
• |
the beginning and ending balance of the Reserve Account and the amount of any withdrawals from or deposits therefrom to be made on the Payment Date,
|
• |
the beginning and ending balance of the Principal Funding Account and the amount of any withdrawals from or deposits therefrom to be made on the Payment Date,
|
• |
if applicable, the amount, if any, drawn on any Letter of Credit and the amount, if any, payable to the Letter of Credit Provider including any interest accrued on the drawn amount;
|
• |
information on the pool composition and the performance of the Receivables for the calendar month immediately preceding the Payment Date, including the Pool Balance and the number of Receivables
in the pool at the beginning and end of the Payment Date, and the aggregate amount paid by an Originator, the Marketing Agent, the Servicer or the Parent Support Provider, as applicable, to reacquire or acquire certain Receivables,
|
• |
delinquency and write-off information on the Receivables for the calendar month immediately preceding the Payment Date,
|
• |
the amount of Series 2023-2 Available Funds released to the holder of the Class R Interest, and
|
• |
information on tests used to determine whether an Amortization Event has occurred.
|
• |
any material change in practices with respect to write-offs and collection and management of delinquent Receivables or any other servicing practices,
|
• |
any material modifications, extensions or waivers to Receivables terms, fees, penalties or payments during the related Collection Period,
|
• |
any material breaches of representations, warranties or covenants contained in the Receivables Transfer Agreements or the Transfer and Servicing Agreement,
|
• |
any material change in the underwriting, origination or acquisition of Receivables
|
• |
a description of any events that triggered a review of the ARR Receivables by the Asset Representations Reviewer during the prior calendar month,
|
• |
if the Asset Representations Reviewer delivered a review report during the prior month, a summary of the report,
|
• |
if the Asset Representations Reviewer resigned or was removed, replaced or substituted, or if a new asset representations reviewer was appointed during the prior calendar month, the identity and
experience of the new asset representations reviewer, the date and the circumstances surrounding the change, and
|
• |
information required with respect to any request from a Public Group 1 Noteholder or a Verified Note Owner during the prior calendar month to communicate with other Creditors, as described under
“Description of the Notes—Noteholder Communications.”
|
• |
whether the investment is permitted under the Plan’s governing documents,
|
• |
whether the fiduciary has the authority to make the investment,
|
• |
whether the investment is consistent with the Plan’s funding objectives,
|
• |
the tax effects of the investment,
|
• |
whether under the general fiduciary standards of investment prudence and diversification an investment in any Notes is appropriate for the Plan, taking into account the overall investment policy
of the Plan and the composition of the Plan’s investment portfolio, and
|
• |
whether the investment is prudent considering the factors discussed in this prospectus.
|
• |
PTCE 84-14, regarding transactions effected by qualified professional asset managers,
|
• |
PTCE 90-1, regarding transactions entered into by insurance company pooled separate accounts,
|
• |
PTCE 91-38, regarding transactions entered into by bank collective investment funds,
|
• |
PTCE 95-60, regarding transactions entered into by insurance company general accounts, and
|
• |
PTCE 96-23, regarding transactions effected by in-house asset managers.
|
• |
Reports on Form 8-K (Current Report) including as exhibits to the Form 8-K, the transaction documents and any other Series Related Documents;
|
• |
Reports on Form 8-K (Current Report) following the occurrence of events specified in Form 8-K requiring disclosure, which are required to be filed within the time-frame specified in Form 8-K
related to the type of event;
|
• |
Reports on Form 10-D (Asset-Backed Issuer Distribution Report) containing the distribution and pool performance information required on Form 10-D, which are required to be filed fifteen (15) days
following each Payment Date; and
|
• |
Report on Form 10-K (Annual Report) containing the items specified in Form 10-K with respect to a fiscal year, and the items required pursuant to Items 1122 and 1123 of Regulation AB of the
Exchange Act.
|
Underwriters
|
Class A Notes
|
Class C Notes
|
||
RBC Capital Markets, LLC
|
$222,754,000
|
$11,443,000
|
||
BofA Securities, Inc.
|
$178,202,000
|
$9,809,000
|
||
Citigroup Global Markets Inc.
|
$178,202,000
|
$9,809,000
|
||
Mizuho Securities USA LLC
|
$178,202,000
|
$9,809,000
|
||
Great Pacific Securities
|
$26,730,000
|
$0
|
||
Mischler Financial Group, Inc.
|
$26,730,000
|
$0
|
||
Scotia Capital (USA) Inc.
|
$26,730,000
|
$0
|
||
Siebert Williams Shank & Co., LLC
|
$26,730,000
|
$0
|
||
U.S. Bancorp Investments, Inc.
|
$26,730,000
|
$0
|
||
Total
|
$891,010,000
|
$40,870,000
|
Underwriting
Discount and Commissions |
Net Proceeds(1)
|
Selling
Concessions Not to Exceed(2) |
Reallowance
Not to Exceed |
||||
Class A Notes
|
0.22500%
|
99.77343%
|
0.13500%
|
0.06750%
|
|||
Class C Notes
|
0.42500%
|
99.57452%
|
0.25500%
|
0.12750%
|
(1) |
Before deducting expenses, estimated to be $1,009,023.
|
(2) |
In the event of possible sales to affiliates, one or more of the underwriters may be required to forego a de minimis portion of the selling concession they would otherwise be entitled to receive.
|
• |
it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Trust or the Depositor; and
|
• |
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the UK.
|
(a) |
the expression “UK retail investor” means a person who is one (or more) of the following: (A) a retail client, as defined in point (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of
the domestic law of the UK by virtue of the EUWA; or (B) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would
not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of the domestic law of the UK by virtue of the EUWA; or (C) not a qualified investor as defined in Article 2 of the
UK Prospectus Regulation; and
|
(b) |
the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to
decide to purchase or subscribe for the Notes.
|
(a) |
the expression “EU retail investor” means a person who is one (or more) of the following: (A) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (B) a customer within the
meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (C) not a qualified investor as defined in Article 2 of the Prospectus
Regulation; and
|
(b) |
the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to
decide to purchase or subscribe for the Notes.
|
(i) |
failure to pay interest (other than any additional interest amounts, if applicable) due on any Group 1 Credit Extension of the controlling class of any Group 1 Series within thirty-five (35) days
after any Payment Date,
|
(ii) |
failure to pay the Outstanding principal amount or make-whole payments (as applicable) on any Group 1 Credit Extension on the related final maturity date,
|
(iii) |
failure by the Trust to observe or perform any material covenant or agreement in any Primary Series Document, or any representation or warranty of the Trust made in any Primary Series Document or
in any officer’s certificate delivered in connection with any Primary Series Document is incorrect in any material respect when made, and, in either case, (x) has a material adverse effect on the Group 1 Creditors, and (y) is not cured for a
period of ninety (90) days after written notice was given to the Trust by the Master Collateral Agent or to the Trust and the Master Collateral Agent by Creditor Representatives representing Group 1 Series with Credit Extensions comprising at
least 25% of the aggregate Outstanding principal amount of all Group 1 Credit Extensions, or
|
(iv) |
a bankruptcy or dissolution of the Trust.
|
(i) |
Verizon Communications’ long-term unsecured debt is rated equal to or higher than “A” by S&P, “A” by Fitch and “Baa2” by Moody’s,
|
(ii) |
Verizon Communications guarantees certain payment obligations of Cellco, as Servicer, as provided in the Parent Support Agreement, and
|
(iii) |
no Servicer Termination Event has occurred.
|
1. |
a citizen or resident of the United States;
|
2. |
an entity treated as a corporation for U.S. federal income tax purposes created or organized under the laws of the United States, any state thereof, or the District of Columbia;
|
3. |
an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
|
4. |
a trust if (a) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons within the meaning of Section
7701(a)(30) of the Code have authority to control all substantial decisions of the trust or (b) the trust was in existence on August 20, 1996 and is eligible to elect, and has made a valid election, to be treated as a U.S. Person despite not
meeting the requirements of clause (a).
|
• |
a trade confirmation,
|
• |
an account statement,
|
• |
a letter from a broker dealer that is reasonably acceptable to the Master Collateral Agent, or
|
• |
any other form of documentation that is reasonably acceptable to the Master Collateral Agent.
|
(1) |
Device Payment Plan Agreements reflect their initial Principal Balance. Excludes cancelled Device Payment Plan Agreements. Excludes Device Payment Plan Agreements with balances less than $50.
|
(2) |
Period from January 1, 2023 through February 28, 2023. There is no data presented for vintage year 2023 for Device Payment Plan Agreement static pool cumulative loss history after application of
first payment filter by percentage of dollar amount, Device Payment Plan Agreement static pool cumulative prepayment history by percentage of dollar amount and Device Payment Plan Agreement static pool cumulative upgrade prepayment history by
percentage of dollar amount because Device Payment Plan Agreements originated in vintage year 2023 do not have at least twelve (12) months of performance history. See footnotes (11), (14) and (15).
|
(3) |
Weighted averages are weighted by the aggregate Principal Balance of the related Device Payment Plan Agreements in the origination year as of the origination date.
|
(4) |
Excludes Consumer Device Payment Plan Agreements that have Consumer Obligors who did not have FICO® Scores because
they are individuals with minimal or no recent credit history.
|
(5) |
This FICO® Score reflects the FICO®
Score 8 of the related Consumer Obligor. The FICO® Score is calculated, with respect to each Consumer Device Payment Plan Agreement for which the Consumer Obligor
(i) had an account with Verizon Wireless on or prior to March 30, 2016, and with respect to Consumer Device Payment Plan Agreements originated prior to June 1, 2016, as of April 3, 2016; (ii) had an account with Verizon Wireless on or prior to
March 30, 2016, and with respect to Consumer Device Payment Plan Agreements originated on or after June 1, 2016, on or about the date on which such Consumer Device Payment Plan Agreement was originated; and (iii) first obtained an account with
Verizon Wireless after March 30, 2016, on or about the date on which such Consumer Device Payment Plan Agreement was originated.
|
(6) |
Comprised of Obligors whose wireless devices were subject to an upgrade as of the applicable date.
|
(7) |
Includes account level device protection that includes insurance and line level device protection that includes insurance associated with the Device Payment Plan Agreement’s active line either at
the time of origination or added within 30 days of origination, while remaining active as of the date that is 30 days following origination.
|
(8) |
Based on the billing addresses of the Obligors.
|
(9) |
Customer Tenure reflects the number of months the Obligor has had a Verizon Wireless account based on the oldest active account establishment date for such
Obligor, which may include periods of up to fifty (50) days of disconnected service, up to ninety (90) days of suspended service or longer service suspensions in connection with the Servicemembers Civil Relief Act.
|
(10) |
Includes Device Payment Plan Agreements that are secured by the related wireless device and have a perfected security interest in such wireless device.
|
(11) |
Device Payment Plan Agreement static pool cumulative loss history by percentage of dollar amount equals the aggregate Principal Balance of Device Payment Plan Agreements that have been written-off
as a percentage of the aggregate Principal Balance of Device Payment Plan Agreements originated in the vintage with at least twelve (12) months of performance history.
|
(12) |
Includes only Device Payment Plan Agreements where either (i) at least one payment by the Obligor under the related Device Payment Plan Agreement has been received with respect to such Device
Payment Plan Agreement, or (ii) the related Obligor has at least one (1) year of Customer Tenure with Verizon Wireless. See footnote (9) for a description of Customer Tenure.
|
(13) |
Excludes cancelled Device Payment Plan Agreements.
|
(14) |
Device Payment Plan Agreement static pool cumulative prepayment history by percentage of dollar amount equals the aggregate Principal Balance of Device Payment Plan Agreements that were prepaid by
the Obligor or that had an Upgrade Offer exercised as a percentage of the aggregate Principal Balance of Device Payment Plan Agreements originated in the vintage with at least twelve (12) months of performance history.
|
(15) |
Device Payment Plan Agreement static pool cumulative upgrade prepayment history by percentage of dollar amount equals the aggregate Principal Balance of Device Payment Plan Agreements that had an
Upgrade Offer exercised as a percentage of the aggregate Principal Balance of Device Payment Plan Agreements originated in the vintage with at least twelve (12) months of performance history.
|
(16) |
Pool balances for each month of origination in the yearly origination pools are aggregated. Months since origination is a relative time period from each month’s originations.
|
(17) |
A Device Payment Plan Agreement is shown as delinquent if any amount owed under the Obligor account is past due, regardless of whether the amount due on the Device Payment Plan Agreement has been
paid in full pursuant to the Servicer’s internal payment waterfall.
|
(18) |
Aggregate Principal Balance shown is the outstanding balance of Device Payment Plan Agreements at the end of each relative period, excluding Device Payment Plan Agreements written-off during the
period.
|
(19) |
The period of delinquency is the number of days with unpaid due charges on an account excluding accounts that have been written-off. Delinquency as shown in the table begins thirty (30) days after
billing. As of the most recent bill for the related account at period end.
|
(20) |
The percentage of >60 day delinquent Device Payment Plan Agreements is calculated as the dollar amount of Device Payment Plan Agreements greater than sixty (60) days delinquent as a percentage
of the aggregate Principal Balance.
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023(2)
|
|||||||||||||||||||
Number of Device Payment Plan Agreements
|
25,948,350
|
25,999,560
|
22,502,591
|
27,148,525
|
29,225,287
|
4,019,008
|
||||||||||||||||||
Number of accounts
|
15,901,944
|
15,546,431
|
13,764,235
|
15,460,297
|
16,075,119
|
2,765,468
|
||||||||||||||||||
Aggregate original Principal Balance
|
$
|
19,128,433,181
|
$
|
18,732,114,232
|
$
|
16,305,881,591
|
$
|
21,134,750,074
|
$
|
23,315,863,899
|
$
|
3,216,037,460
|
||||||||||||
Minimum
|
$
|
50.00
|
$
|
50.00
|
$
|
50.00
|
$
|
50.00
|
$
|
50.00
|
$
|
50.00
|
||||||||||||
Maximum
|
$
|
1,910.00
|
$
|
1,910.00
|
$
|
2,000.00
|
$
|
2,410.00
|
$
|
2,410.00
|
$
|
2,410.00
|
||||||||||||
Average
|
$
|
737.17
|
$
|
720.48
|
$
|
724.62
|
$
|
778.49
|
$
|
797.80
|
$
|
800.21
|
||||||||||||
Average monthly payment
|
$
|
31.70
|
$
|
29.94
|
$
|
29.76
|
$
|
29.90
|
$
|
22.81
|
$
|
22.23
|
||||||||||||
Weighted average remaining installments (in months)(3)
|
24
|
24
|
24
|
26
|
35
|
36
|
||||||||||||||||||
Weighted average FICO® Score of Consumer Obligors under Consumer Device Payment Plan Agreements(3)(4)(5)
|
703
|
702
|
702
|
714
|
718
|
709
|
||||||||||||||||||
Percentage of Consumer Device Payment Plan Agreements with Consumer Obligors without a FICO® Score(5)
|
5.38
|
%
|
5.33
|
%
|
4.59
|
%
|
4.36
|
%
|
4.23
|
%
|
4.86
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with customers with smart phones
|
95.59
|
%
|
93.33
|
%
|
91.89
|
%
|
91.97
|
%
|
90.39
|
%
|
88.06
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with customers with other wireless devices
|
4.41
|
%
|
6.67
|
%
|
8.11
|
%
|
8.03
|
%
|
9.61
|
%
|
11.94
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with customers with upgrade eligibility(6)
|
52.46
|
%
|
51.17
|
%
|
53.88
|
%
|
59.11
|
%
|
56.95
|
%
|
54.78
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with device protection that includes insurance(7)
|
68.97
|
%
|
68.69
|
%
|
63.95
|
%
|
62.70
|
%
|
62.29
|
%
|
61.73
|
%
|
||||||||||||
Geographic concentration
|
||||||||||||||||||||||||
First highest geographic concentration (state and %)(8)
|
CA 10.68%
|
CA 10.51%
|
CA 10.11%
|
CA 10.22%
|
CA 9.84%
|
CA 10.19%
|
||||||||||||||||||
Second highest geographic concentration (state and %)(8)
|
NY 6.17%
|
TX 6.02%
|
TX 6.13%
|
TX 6.3%
|
FL 6.19%
|
FL 6.46%
|
||||||||||||||||||
Third highest geographic concentration (state and %)(8)
|
TX 5.70%
|
NY 5.94%
|
FL 5.95%
|
FL 6.17%
|
TX 6.06%
|
TX 6.30%
|
||||||||||||||||||
Weighted average Customer Tenure (in months)(3)(9)
|
92
|
94
|
98
|
102
|
109
|
104
|
||||||||||||||||||
Percentage of Device Payment Plan Agreements with monthly payments
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with 0.00% APR
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with 36 month original term
|
0.00
|
%
|
0.77
|
%
|
0.04
|
%
|
0.00
|
%
|
90.58
|
%
|
99.85
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with 30 month original term
|
0.00
|
%
|
0.00
|
%
|
6.95
|
%
|
39.06
|
%
|
5.92
|
%
|
0.08
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with 24 month original term
|
98.92
|
%
|
99.23
|
%
|
93.00
|
%
|
60.94
|
%
|
3.51
|
%
|
0.07
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements with 6 month original term
|
1.08
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||
Financing for wireless devices
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||||||
Unsecured Device Payment Plan Agreements
|
100.00
|
%
|
39.79
|
%
|
9.18
|
%
|
9.08
|
%
|
10.16
|
%
|
10.78
|
%
|
||||||||||||
Secured Device Payment Plan Agreements(10)
|
0.00
|
%
|
60.21
|
%
|
90.82
|
%
|
90.92
|
%
|
89.84
|
%
|
89.22
|
%
|
||||||||||||
Percentage of Device Payment Plan Agreements that are Business Device Payment Plan Agreements
|
6.38
|
%
|
7.45
|
%
|
7.83
|
%
|
8.57
|
%
|
10.12
|
%
|
10.77
|
%
|
Device Payment Plan Agreement Static Pool Cumulative Loss History After Application of First Payment Filter By Percentage of Dollar
Amount(11)(12)
|
Origination Vintage
|
||||||||||||||||||||||||||||||||
2018
|
2019
|
2020
|
2021
|
2022
|
2023(2)
|
Portfolio Average Without First Payment Filter
|
||||||||||||||||||||||||||
Months Since Origination
|
Aggregate Principal Balance of Device Payment Plan Agreements originated ($)(13)
|
18,780,062,688
|
18,383,420,397
|
16,127,873,330
|
20,913,981,199
|
22,800,980,965
|
2,784,161,486
|
|||||||||||||||||||||||||
%
|
%
|
%
|
%
|
%
|
%
|
%
|
||||||||||||||||||||||||||
0
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||||
1
|
0.00
|
%
|
0.01
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.14
|
%
|
||||||||||||||||||||
2
|
0.00
|
%
|
0.03
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.27
|
%
|
||||||||||||||||||||
3
|
0.01
|
%
|
0.05
|
%
|
0.01
|
%
|
0.01
|
%
|
0.30
|
%
|
||||||||||||||||||||||
4
|
0.05
|
%
|
0.10
|
%
|
0.03
|
%
|
0.03
|
%
|
0.64
|
%
|
||||||||||||||||||||||
5
|
0.19
|
%
|
0.25
|
%
|
0.12
|
%
|
0.13
|
%
|
1.20
|
%
|
||||||||||||||||||||||
6
|
0.46
|
%
|
0.54
|
%
|
0.30
|
%
|
0.32
|
%
|
1.62
|
%
|
||||||||||||||||||||||
7
|
0.75
|
%
|
0.84
|
%
|
0.49
|
%
|
0.54
|
%
|
1.94
|
%
|
||||||||||||||||||||||
8
|
1.06
|
%
|
1.12
|
%
|
0.69
|
%
|
0.77
|
%
|
2.22
|
%
|
||||||||||||||||||||||
9
|
1.34
|
%
|
1.36
|
%
|
0.89
|
%
|
1.00
|
%
|
2.47
|
%
|
||||||||||||||||||||||
10
|
1.60
|
%
|
1.56
|
%
|
1.09
|
%
|
1.22
|
%
|
2.70
|
%
|
||||||||||||||||||||||
11
|
1.84
|
%
|
1.73
|
%
|
1.29
|
%
|
1.43
|
%
|
2.90
|
%
|
||||||||||||||||||||||
12
|
2.06
|
%
|
1.89
|
%
|
1.48
|
%
|
1.63
|
%
|
3.07
|
%
|
||||||||||||||||||||||
13
|
2.25
|
%
|
2.04
|
%
|
1.65
|
%
|
1.81
|
%
|
3.23
|
%
|
||||||||||||||||||||||
14
|
2.43
|
%
|
2.18
|
%
|
1.79
|
%
|
1.98
|
%
|
3.39
|
%
|
||||||||||||||||||||||
15
|
2.59
|
%
|
2.31
|
%
|
1.92
|
%
|
3.54
|
%
|
||||||||||||||||||||||||
16
|
2.73
|
%
|
2.42
|
%
|
2.04
|
%
|
3.68
|
%
|
||||||||||||||||||||||||
17
|
2.85
|
%
|
2.52
|
%
|
2.14
|
%
|
3.81
|
%
|
||||||||||||||||||||||||
18
|
2.95
|
%
|
2.61
|
%
|
2.23
|
%
|
3.92
|
%
|
||||||||||||||||||||||||
19
|
3.03
|
%
|
2.69
|
%
|
2.31
|
%
|
4.00
|
%
|
||||||||||||||||||||||||
20
|
3.09
|
%
|
2.76
|
%
|
2.39
|
%
|
4.08
|
%
|
||||||||||||||||||||||||
21
|
3.15
|
%
|
2.82
|
%
|
2.46
|
%
|
4.16
|
%
|
||||||||||||||||||||||||
22
|
3.19
|
%
|
2.87
|
%
|
2.52
|
%
|
4.22
|
%
|
||||||||||||||||||||||||
23
|
3.22
|
%
|
2.92
|
%
|
2.58
|
%
|
4.26
|
%
|
||||||||||||||||||||||||
24
|
3.24
|
%
|
2.96
|
%
|
2.62
|
%
|
4.29
|
%
|
Device Payment Plan Agreement Static Pool Cumulative Prepayment History By Percentage of Dollar Amount(14)
|
Origination Vintage
|
||||||||||||||||||||||||||||
2018
|
2019
|
2020
|
2021
|
2022
|
2023(2)
|
|||||||||||||||||||||||
Months Since Origination
|
Aggregate Principal Balance of Device Payment Plan Agreements originated ($)(13)
|
19,132,613,076
|
18,736,225,627
|
16,310,622,292
|
21,138,785,391
|
23,318,286,321
|
3,216,304,433
|
|||||||||||||||||||||
%
|
%
|
%
|
%
|
%
|
%
|
|||||||||||||||||||||||
0
|
0.03
|
%
|
0.02
|
%
|
0.03
|
%
|
0.01
|
%
|
0.01
|
%
|
||||||||||||||||||
1
|
0.33
|
%
|
0.33
|
%
|
0.43
|
%
|
0.25
|
%
|
0.16
|
%
|
||||||||||||||||||
2
|
0.73
|
%
|
0.74
|
%
|
0.98
|
%
|
0.63
|
%
|
0.42
|
%
|
||||||||||||||||||
3
|
1.03
|
%
|
1.07
|
%
|
1.41
|
%
|
0.95
|
%
|
||||||||||||||||||||
4
|
1.32
|
%
|
1.37
|
%
|
1.79
|
%
|
1.23
|
%
|
||||||||||||||||||||
5
|
1.61
|
%
|
1.67
|
%
|
2.17
|
%
|
1.51
|
%
|
||||||||||||||||||||
6
|
1.91
|
%
|
1.98
|
%
|
2.54
|
%
|
1.79
|
%
|
||||||||||||||||||||
7
|
2.22
|
%
|
2.32
|
%
|
2.92
|
%
|
2.08
|
%
|
||||||||||||||||||||
8
|
2.54
|
%
|
2.68
|
%
|
3.31
|
%
|
2.38
|
%
|
||||||||||||||||||||
9
|
2.90
|
%
|
3.05
|
%
|
3.72
|
%
|
2.70
|
%
|
||||||||||||||||||||
10
|
3.28
|
%
|
3.44
|
%
|
4.18
|
%
|
3.04
|
%
|
||||||||||||||||||||
11
|
3.72
|
%
|
3.85
|
%
|
4.74
|
%
|
3.41
|
%
|
||||||||||||||||||||
12
|
4.28
|
%
|
4.34
|
%
|
5.33
|
%
|
3.84
|
%
|
||||||||||||||||||||
13
|
4.99
|
%
|
4.91
|
%
|
5.95
|
%
|
4.32
|
%
|
||||||||||||||||||||
14
|
5.61
|
%
|
5.54
|
%
|
6.54
|
%
|
4.77
|
%
|
||||||||||||||||||||
15
|
6.15
|
%
|
6.16
|
%
|
7.10
|
%
|
||||||||||||||||||||||
16
|
6.64
|
%
|
6.72
|
%
|
7.63
|
%
|
||||||||||||||||||||||
17
|
7.11
|
%
|
7.24
|
%
|
8.12
|
%
|
||||||||||||||||||||||
18
|
7.56
|
%
|
7.72
|
%
|
8.59
|
%
|
||||||||||||||||||||||
19
|
7.99
|
%
|
8.16
|
%
|
9.03
|
%
|
||||||||||||||||||||||
20
|
8.38
|
%
|
8.55
|
%
|
9.42
|
%
|
||||||||||||||||||||||
21
|
8.72
|
%
|
8.89
|
%
|
9.77
|
%
|
||||||||||||||||||||||
22
|
8.98
|
%
|
9.18
|
%
|
10.10
|
%
|
||||||||||||||||||||||
23
|
9.15
|
%
|
9.39
|
%
|
10.35
|
%
|
||||||||||||||||||||||
24
|
9.23
|
%
|
9.49
|
%
|
10.48
|
%
|
Device Payment Plan Agreement Static Pool Cumulative Upgrade Prepayment History By Percentage of Dollar Amount(15)
|
Origination Vintage
|
||||||||||||||||||||||||||||
2018
|
2019
|
2020
|
2021
|
2022
|
2023(2)
|
|||||||||||||||||||||||
Months Since Origination
|
Aggregate Principal Balance of Device Payment Plan Agreements originated ($)(13)
|
19,132,613,076
|
18,736,225,627
|
16,310,622,292
|
21,138,785,391
|
23,318,286,321
|
3,216,304,433
|
|||||||||||||||||||||
%
|
%
|
%
|
%
|
%
|
||||||||||||||||||||||||
0
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||
1
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||
2
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||
3
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
||||||||||||||||||||
4
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.01
|
%
|
||||||||||||||||||||
5
|
0.03
|
%
|
0.03
|
%
|
0.03
|
%
|
0.02
|
%
|
||||||||||||||||||||
6
|
0.05
|
%
|
0.04
|
%
|
0.04
|
%
|
0.02
|
%
|
||||||||||||||||||||
7
|
0.08
|
%
|
0.07
|
%
|
0.06
|
%
|
0.03
|
%
|
||||||||||||||||||||
8
|
0.12
|
%
|
0.10
|
%
|
0.09
|
%
|
0.05
|
%
|
||||||||||||||||||||
9
|
0.17
|
%
|
0.14
|
%
|
0.12
|
%
|
0.07
|
%
|
||||||||||||||||||||
10
|
0.25
|
%
|
0.19
|
%
|
0.18
|
%
|
0.10
|
%
|
||||||||||||||||||||
11
|
0.36
|
%
|
0.25
|
%
|
0.29
|
%
|
0.14
|
%
|
||||||||||||||||||||
12
|
0.54
|
%
|
0.35
|
%
|
0.44
|
%
|
0.20
|
%
|
||||||||||||||||||||
13
|
0.87
|
%
|
0.51
|
%
|
0.61
|
%
|
0.32
|
%
|
||||||||||||||||||||
14
|
1.12
|
%
|
0.72
|
%
|
0.76
|
%
|
0.41
|
%
|
||||||||||||||||||||
15
|
1.29
|
%
|
0.92
|
%
|
0.90
|
%
|
||||||||||||||||||||||
16
|
1.42
|
%
|
1.04
|
%
|
1.00
|
%
|
||||||||||||||||||||||
17
|
1.52
|
%
|
1.14
|
%
|
1.08
|
%
|
||||||||||||||||||||||
18
|
1.60
|
%
|
1.20
|
%
|
1.14
|
%
|
||||||||||||||||||||||
19
|
1.66
|
%
|
1.25
|
%
|
1.19
|
%
|
||||||||||||||||||||||
20
|
1.70
|
%
|
1.28
|
%
|
1.21
|
%
|
||||||||||||||||||||||
21
|
1.73
|
%
|
1.31
|
%
|
1.23
|
%
|
||||||||||||||||||||||
22
|
1.75
|
%
|
1.32
|
%
|
1.25
|
%
|
||||||||||||||||||||||
23
|
1.76
|
%
|
1.33
|
%
|
1.27
|
%
|
||||||||||||||||||||||
24
|
1.76
|
%
|
1.33
|
%
|
1.28
|
%
|
Device Payment Plan Agreement Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(16)(17)
2018
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(19)
|
61-90 days(19)
|
91-120 days(19)
|
121+ days(19)
|
>60 days Delinquent %(20)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(18)
|
|||||||||||||||||||||||||||
0
|
$
|
19,065,593,406
|
$
|
72,827,771
|
$
|
5,286,329
|
$
|
634,759
|
$
|
420,965
|
0.03
|
%
|
||||||||||||||||
1
|
18,464,966,150
|
93,027,501
|
5,013,642
|
1,168,169
|
490,816
|
0.04
|
%
|
|||||||||||||||||||||
2
|
17,575,500,729
|
431,340,656
|
21,973,078
|
3,179,191
|
1,369,399
|
0.15
|
%
|
|||||||||||||||||||||
3
|
16,716,186,192
|
420,747,823
|
168,114,803
|
13,454,287
|
3,240,457
|
1.11
|
%
|
|||||||||||||||||||||
4
|
15,777,822,359
|
273,033,253
|
184,335,851
|
80,730,033
|
7,762,763
|
1.73
|
%
|
|||||||||||||||||||||
5
|
14,797,551,056
|
250,806,164
|
93,974,213
|
73,872,489
|
32,216,263
|
1.35
|
%
|
|||||||||||||||||||||
6
|
13,871,902,235
|
231,985,758
|
83,734,136
|
46,178,156
|
33,256,539
|
1.18
|
%
|
|||||||||||||||||||||
7
|
12,988,558,455
|
214,893,275
|
76,404,096
|
43,624,806
|
24,105,422
|
1.11
|
%
|
|||||||||||||||||||||
8
|
12,128,921,152
|
199,650,283
|
68,798,729
|
40,306,637
|
20,874,603
|
1.07
|
%
|
|||||||||||||||||||||
9
|
11,277,558,279
|
182,706,842
|
62,861,755
|
35,676,519
|
18,875,760
|
1.04
|
%
|
|||||||||||||||||||||
10
|
10,431,185,614
|
168,120,926
|
56,977,103
|
32,697,400
|
16,509,060
|
1.02
|
%
|
|||||||||||||||||||||
11
|
9,587,472,559
|
151,172,035
|
52,105,168
|
28,699,227
|
15,176,186
|
1.00
|
%
|
|||||||||||||||||||||
12
|
8,731,566,296
|
134,504,333
|
46,463,145
|
25,539,654
|
13,131,283
|
0.98
|
%
|
|||||||||||||||||||||
13
|
7,867,086,507
|
119,376,509
|
41,634,882
|
22,291,732
|
11,230,261
|
0.96
|
%
|
|||||||||||||||||||||
14
|
7,035,438,971
|
108,573,635
|
37,180,711
|
19,441,287
|
9,889,412
|
0.95
|
%
|
|||||||||||||||||||||
15
|
6,238,302,460
|
99,916,733
|
33,260,603
|
16,943,570
|
8,529,546
|
0.94
|
%
|
|||||||||||||||||||||
16
|
5,461,043,418
|
97,200,479
|
30,737,585
|
14,929,609
|
7,160,126
|
0.97
|
%
|
|||||||||||||||||||||
17
|
4,704,810,447
|
86,276,668
|
30,660,872
|
14,565,967
|
6,850,242
|
1.11
|
%
|
|||||||||||||||||||||
18
|
3,969,017,638
|
74,402,997
|
29,413,412
|
15,835,857
|
7,942,217
|
1.34
|
%
|
|||||||||||||||||||||
19
|
3,257,397,376
|
59,273,158
|
24,171,431
|
13,622,137
|
8,214,679
|
1.41
|
%
|
|||||||||||||||||||||
20
|
2,574,489,845
|
43,518,201
|
18,487,814
|
10,216,092
|
6,627,290
|
1.37
|
%
|
|||||||||||||||||||||
21
|
1,923,589,813
|
35,938,879
|
13,629,253
|
7,873,731
|
5,325,256
|
1.39
|
%
|
|||||||||||||||||||||
22
|
1,305,687,263
|
29,578,374
|
11,218,823
|
5,661,985
|
4,371,969
|
1.63
|
%
|
|||||||||||||||||||||
23
|
724,372,052
|
22,678,206
|
9,377,173
|
4,809,751
|
3,465,039
|
2.44
|
%
|
|||||||||||||||||||||
24
|
229,264,580
|
16,273,409
|
7,676,089
|
4,018,437
|
3,120,235
|
6.46
|
%
|
Device Payment Plan Agreement Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(16)(17)
2019
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(19)
|
61-90 days(19)
|
91-120 days(19)
|
121+ days(19)
|
>60 days Delinquent %(20)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(18)
|
|||||||||||||||||||||||||||
0
|
$
|
18,740,035,990
|
$
|
71,490,800
|
$
|
5,237,791
|
$
|
689,750
|
$
|
348,422
|
0.03
|
%
|
||||||||||||||||
1
|
18,075,592,045
|
93,684,178
|
5,111,191
|
1,126,259
|
442,145
|
0.04
|
%
|
|||||||||||||||||||||
2
|
17,198,515,920
|
413,971,828
|
21,867,304
|
2,906,609
|
1,355,148
|
0.15
|
%
|
|||||||||||||||||||||
3
|
16,373,193,974
|
410,535,541
|
153,344,647
|
13,134,128
|
3,159,036
|
1.04
|
%
|
|||||||||||||||||||||
4
|
15,488,535,999
|
304,648,151
|
179,622,028
|
79,683,265
|
7,948,922
|
1.73
|
%
|
|||||||||||||||||||||
5
|
14,555,530,605
|
285,801,450
|
113,803,342
|
73,200,055
|
32,854,732
|
1.51
|
%
|
|||||||||||||||||||||
6
|
13,666,029,649
|
263,779,845
|
110,598,981
|
58,429,305
|
36,508,896
|
1.50
|
%
|
|||||||||||||||||||||
7
|
12,806,407,223
|
234,549,517
|
97,018,561
|
53,981,087
|
31,064,314
|
1.42
|
%
|
|||||||||||||||||||||
8
|
11,966,675,105
|
200,287,452
|
81,978,896
|
45,285,363
|
24,376,892
|
1.27
|
%
|
|||||||||||||||||||||
9
|
11,140,406,382
|
186,786,620
|
69,115,249
|
37,688,381
|
20,610,801
|
1.14
|
%
|
|||||||||||||||||||||
10
|
10,321,793,093
|
174,544,400
|
64,597,180
|
30,891,553
|
16,833,945
|
1.09
|
%
|
|||||||||||||||||||||
11
|
9,512,881,270
|
161,505,047
|
60,413,742
|
30,048,697
|
14,168,195
|
1.10
|
%
|
|||||||||||||||||||||
12
|
8,697,753,607
|
148,365,235
|
56,434,647
|
28,351,616
|
13,818,958
|
1.13
|
%
|
|||||||||||||||||||||
13
|
7,877,590,213
|
135,056,924
|
52,001,243
|
26,061,956
|
13,357,588
|
1.16
|
%
|
|||||||||||||||||||||
14
|
7,066,443,428
|
121,136,472
|
47,897,790
|
24,034,305
|
13,008,532
|
1.20
|
%
|
|||||||||||||||||||||
15
|
6,262,448,728
|
104,273,943
|
44,177,289
|
21,968,270
|
12,702,091
|
1.26
|
%
|
|||||||||||||||||||||
16
|
5,486,993,436
|
82,168,347
|
36,694,423
|
19,248,582
|
11,681,419
|
1.23
|
%
|
|||||||||||||||||||||
17
|
4,737,524,166
|
66,413,502
|
28,512,673
|
15,054,120
|
9,922,378
|
1.13
|
%
|
|||||||||||||||||||||
18
|
4,009,508,462
|
56,562,938
|
22,350,582
|
10,490,780
|
7,773,696
|
1.01
|
%
|
|||||||||||||||||||||
19
|
3,302,769,837
|
50,051,222
|
20,212,261
|
8,513,015
|
6,157,743
|
1.06
|
%
|
|||||||||||||||||||||
20
|
2,622,242,985
|
44,463,195
|
18,359,014
|
7,973,724
|
5,882,579
|
1.23
|
%
|
|||||||||||||||||||||
21
|
1,968,288,665
|
35,968,511
|
16,275,866
|
7,010,486
|
5,900,579
|
1.48
|
%
|
|||||||||||||||||||||
22
|
1,342,695,471
|
27,733,931
|
13,066,476
|
6,075,928
|
5,969,903
|
1.87
|
%
|
|||||||||||||||||||||
23
|
757,122,498
|
19,897,502
|
10,214,682
|
4,634,274
|
6,020,364
|
2.76
|
%
|
|||||||||||||||||||||
24
|
264,492,428
|
13,347,335
|
7,383,404
|
3,456,575
|
5,754,958
|
6.27
|
%
|
Device Payment Plan Agreement Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(16)(17)
2020
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(19)
|
61-90 days(19)
|
91-120 days(19)
|
121+ days(19)
|
>60 days Delinquent %(20)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(18)
|
|||||||||||||||||||||||||||
0
|
$
|
16,260,753,990
|
$
|
57,760,289
|
$
|
8,357,637
|
$
|
2,634,499
|
$
|
1,270,188
|
0.08
|
%
|
||||||||||||||||
1
|
15,720,214,025
|
77,439,871
|
4,339,103
|
979,332
|
497,831
|
0.04
|
%
|
|||||||||||||||||||||
2
|
14,970,489,927
|
284,493,350
|
21,640,789
|
2,409,788
|
969,478
|
0.17
|
%
|
|||||||||||||||||||||
3
|
14,244,606,280
|
289,324,488
|
113,004,160
|
12,161,210
|
2,378,294
|
0.90
|
%
|
|||||||||||||||||||||
4
|
13,497,878,527
|
196,511,103
|
124,101,883
|
59,990,883
|
6,797,205
|
1.41
|
%
|
|||||||||||||||||||||
5
|
12,730,342,588
|
165,170,843
|
72,898,457
|
51,725,055
|
23,132,208
|
1.16
|
%
|
|||||||||||||||||||||
6
|
11,987,728,418
|
149,287,235
|
58,991,542
|
29,624,823
|
23,056,174
|
0.93
|
%
|
|||||||||||||||||||||
7
|
11,253,308,067
|
144,711,332
|
57,796,073
|
26,218,519
|
15,653,445
|
0.89
|
%
|
|||||||||||||||||||||
8
|
10,525,403,232
|
140,202,992
|
58,023,994
|
28,817,854
|
14,672,848
|
0.96
|
%
|
|||||||||||||||||||||
9
|
9,799,689,156
|
125,396,437
|
56,026,120
|
28,597,652
|
15,360,294
|
1.02
|
%
|
|||||||||||||||||||||
10
|
9,073,589,767
|
112,142,150
|
48,272,853
|
27,698,742
|
16,622,362
|
1.02
|
%
|
|||||||||||||||||||||
11
|
8,340,984,075
|
98,807,032
|
42,885,712
|
23,120,421
|
17,700,522
|
1.00
|
%
|
|||||||||||||||||||||
12
|
7,612,938,105
|
87,047,878
|
37,514,869
|
19,821,767
|
16,956,893
|
0.98
|
%
|
|||||||||||||||||||||
13
|
6,895,902,483
|
76,747,105
|
33,344,299
|
17,123,755
|
15,716,266
|
0.96
|
%
|
|||||||||||||||||||||
14
|
6,198,190,580
|
68,019,710
|
29,442,042
|
15,209,394
|
14,910,067
|
0.96
|
%
|
|||||||||||||||||||||
15
|
5,517,580,369
|
61,300,185
|
25,646,047
|
13,788,011
|
14,326,023
|
0.97
|
%
|
|||||||||||||||||||||
16
|
4,854,875,913
|
54,807,414
|
22,755,993
|
12,492,309
|
14,026,927
|
1.01
|
%
|
|||||||||||||||||||||
17
|
4,207,925,397
|
49,354,015
|
20,194,082
|
11,092,043
|
13,629,331
|
1.07
|
%
|
|||||||||||||||||||||
18
|
3,579,246,219
|
43,849,858
|
17,943,132
|
10,013,699
|
13,197,497
|
1.15
|
%
|
|||||||||||||||||||||
19
|
2,970,101,512
|
37,879,212
|
15,616,357
|
9,046,491
|
12,697,826
|
1.26
|
%
|
|||||||||||||||||||||
20
|
2,381,703,426
|
32,026,806
|
13,393,747
|
8,059,769
|
11,647,064
|
1.39
|
%
|
|||||||||||||||||||||
21
|
1,814,884,657
|
26,149,970
|
11,186,666
|
7,143,244
|
10,409,977
|
1.58
|
%
|
|||||||||||||||||||||
22
|
1,270,705,790
|
20,584,805
|
9,123,546
|
5,977,016
|
9,310,591
|
1.92
|
%
|
|||||||||||||||||||||
23
|
761,161,002
|
15,382,391
|
7,079,649
|
4,855,494
|
7,830,859
|
2.60
|
%
|
|||||||||||||||||||||
24
|
334,131,431
|
10,519,455
|
5,322,359
|
3,853,388
|
6,534,192
|
4.70
|
%
|
Device Payment Plan Agreement Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(16)(17)
2021
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(19)
|
61-90 days(19)
|
91-120 days(19)
|
121+ days(19)
|
>60 days Delinquent %(20)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(18)
|
|||||||||||||||||||||||||||
0
|
$
|
21,053,226,013
|
$
|
42,052,090
|
$
|
5,324,742
|
$
|
831,664
|
$
|
468,241
|
0.03
|
%
|
||||||||||||||||
1
|
20,439,121,977
|
62,223,190
|
4,534,580
|
1,209,147
|
438,755
|
0.03
|
%
|
|||||||||||||||||||||
2
|
19,544,326,967
|
269,916,389
|
17,109,444
|
2,675,615
|
1,203,162
|
0.11
|
%
|
|||||||||||||||||||||
3
|
18,678,628,738
|
295,664,720
|
102,700,674
|
10,711,977
|
3,082,778
|
0.62
|
%
|
|||||||||||||||||||||
4
|
17,786,317,481
|
205,478,612
|
140,734,747
|
56,891,060
|
7,807,976
|
1.16
|
%
|
|||||||||||||||||||||
5
|
16,853,066,220
|
190,000,917
|
83,809,875
|
63,505,332
|
28,327,803
|
1.04
|
%
|
|||||||||||||||||||||
6
|
15,944,149,685
|
175,016,584
|
77,386,352
|
42,467,665
|
38,289,723
|
0.99
|
%
|
|||||||||||||||||||||
7
|
15,047,842,122
|
165,164,131
|
70,067,895
|
40,758,735
|
31,859,542
|
0.95
|
%
|
|||||||||||||||||||||
8
|
14,164,870,805
|
156,266,474
|
65,407,706
|
37,935,743
|
30,326,985
|
0.94
|
%
|
|||||||||||||||||||||
9
|
13,284,420,270
|
149,033,317
|
60,371,445
|
35,461,114
|
27,984,187
|
0.93
|
%
|
|||||||||||||||||||||
10
|
12,410,222,055
|
140,836,579
|
57,519,503
|
33,415,186
|
26,202,982
|
0.94
|
%
|
|||||||||||||||||||||
11
|
11,540,036,925
|
131,368,606
|
54,146,121
|
31,007,062
|
24,148,099
|
0.95
|
%
|
|||||||||||||||||||||
12
|
10,665,790,343
|
121,376,428
|
48,602,188
|
28,613,822
|
22,325,593
|
0.93
|
%
|
|||||||||||||||||||||
13
|
9,797,003,386
|
113,932,007
|
43,456,131
|
26,435,885
|
20,633,864
|
0.92
|
%
|
|||||||||||||||||||||
14
|
8,944,781,491
|
104,445,448
|
40,306,026
|
24,022,578
|
18,562,000
|
0.93
|
%
|
|||||||||||||||||||||
15
|
7,030,885,370
|
83,264,450
|
32,802,367
|
19,685,813
|
14,956,555
|
0.96
|
%
|
|||||||||||||||||||||
16
|
5,525,358,239
|
68,844,730
|
27,240,083
|
16,337,940
|
12,432,725
|
1.01
|
%
|
|||||||||||||||||||||
17
|
4,161,285,057
|
55,198,620
|
22,119,183
|
13,378,023
|
10,038,410
|
1.09
|
%
|
|||||||||||||||||||||
18
|
3,136,458,446
|
43,480,459
|
17,612,989
|
10,999,366
|
7,962,566
|
1.17
|
%
|
|||||||||||||||||||||
19
|
2,368,999,075
|
34,427,476
|
13,911,229
|
8,875,846
|
5,984,350
|
1.21
|
%
|
|||||||||||||||||||||
20
|
1,675,741,913
|
25,786,141
|
10,575,725
|
6,823,395
|
4,465,378
|
1.30
|
%
|
|||||||||||||||||||||
21
|
1,085,344,063
|
18,515,473
|
7,514,683
|
5,057,443
|
3,293,075
|
1.46
|
%
|
|||||||||||||||||||||
22
|
660,320,727
|
12,340,436
|
5,143,234
|
3,390,570
|
2,260,546
|
1.63
|
%
|
|||||||||||||||||||||
23
|
359,077,449
|
7,216,034
|
3,182,582
|
2,174,778
|
1,448,866
|
1.90
|
%
|
|||||||||||||||||||||
24
|
145,858,162
|
3,056,047
|
1,442,425
|
1,031,137
|
676,971
|
2.16
|
%
|
Device Payment Plan Agreement Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(16)(17)
2022
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(19)
|
61-90 days(19)
|
91-120 days(19)
|
121+ days(19)
|
>60 days Delinquent %(20)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(18)
|
|||||||||||||||||||||||||||
0
|
$
|
23,311,518,686
|
$
|
49,242,502
|
$
|
5,542,058
|
$
|
1,192,285
|
$
|
549,487
|
0.03
|
%
|
||||||||||||||||
1
|
22,734,387,230
|
84,016,503
|
7,173,224
|
1,767,529
|
736,233
|
0.04
|
%
|
|||||||||||||||||||||
2
|
21,989,377,780
|
380,399,188
|
24,861,743
|
4,485,031
|
2,188,741
|
0.14
|
%
|
|||||||||||||||||||||
3
|
18,855,238,890
|
354,434,776
|
139,830,639
|
15,002,563
|
4,802,125
|
0.85
|
%
|
|||||||||||||||||||||
4
|
16,481,107,294
|
200,449,736
|
162,432,422
|
76,926,474
|
10,847,673
|
1.52
|
%
|
|||||||||||||||||||||
5
|
13,976,399,859
|
161,167,249
|
79,162,271
|
73,023,852
|
36,935,885
|
1.35
|
%
|
|||||||||||||||||||||
6
|
11,588,000,654
|
132,721,385
|
58,554,165
|
38,001,496
|
40,276,053
|
1.18
|
%
|
|||||||||||||||||||||
7
|
9,904,778,134
|
109,557,105
|
46,869,294
|
29,090,818
|
23,854,339
|
1.01
|
%
|
|||||||||||||||||||||
8
|
8,110,269,607
|
90,726,623
|
35,871,849
|
22,656,936
|
16,142,394
|
0.92
|
%
|
|||||||||||||||||||||
9
|
6,179,520,739
|
71,533,142
|
28,454,238
|
16,914,391
|
11,795,736
|
0.93
|
%
|
|||||||||||||||||||||
10
|
4,531,376,463
|
54,452,079
|
21,202,038
|
12,778,251
|
8,072,213
|
0.93
|
%
|
|||||||||||||||||||||
11
|
3,206,073,811
|
37,636,706
|
14,807,686
|
9,301,685
|
5,869,158
|
0.94
|
%
|
|||||||||||||||||||||
12
|
1,939,707,456
|
20,193,900
|
8,154,084
|
5,152,001
|
3,466,877
|
0.86
|
%
|
|||||||||||||||||||||
13
|
935,232,665
|
9,646,794
|
3,533,726
|
2,276,382
|
1,512,047
|
0.78
|
%
|
|||||||||||||||||||||
14
|
||||||||||||||||||||||||||||
15
|
||||||||||||||||||||||||||||
16
|
||||||||||||||||||||||||||||
17
|
||||||||||||||||||||||||||||
18
|
||||||||||||||||||||||||||||
19
|
||||||||||||||||||||||||||||
20
|
||||||||||||||||||||||||||||
21
|
||||||||||||||||||||||||||||
22
|
||||||||||||||||||||||||||||
23
|
||||||||||||||||||||||||||||
24
|
Device Payment Plan Agreement Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(16)(17)
2023
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(19)
|
61-90 days(19)
|
91-120 days(19)
|
121+ days(19)
|
>60 days Delinquent %(20)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(18)
|
|||||||||||||||||||||||||||
0
|
$
|
3,208,494,343
|
$
|
6,354,111
|
$
|
913,963
|
$
|
144,782
|
$
|
55,900
|
0.03
|
%
|
||||||||||||||||
1
|
1,534,132,710
|
5,438,448
|
794,333
|
181,981
|
41,273
|
0.07
|
%
|
|||||||||||||||||||||
2
|
||||||||||||||||||||||||||||
3
|
||||||||||||||||||||||||||||
4
|
||||||||||||||||||||||||||||
5
|
||||||||||||||||||||||||||||
6
|
||||||||||||||||||||||||||||
7
|
||||||||||||||||||||||||||||
8
|
||||||||||||||||||||||||||||
9
|
||||||||||||||||||||||||||||
10
|
||||||||||||||||||||||||||||
11
|
||||||||||||||||||||||||||||
12
|
||||||||||||||||||||||||||||
13
|
||||||||||||||||||||||||||||
14
|
||||||||||||||||||||||||||||
15
|
||||||||||||||||||||||||||||
16
|
||||||||||||||||||||||||||||
17
|
||||||||||||||||||||||||||||
18
|
||||||||||||||||||||||||||||
19
|
||||||||||||||||||||||||||||
20
|
||||||||||||||||||||||||||||
21
|
||||||||||||||||||||||||||||
22
|
||||||||||||||||||||||||||||
23
|
||||||||||||||||||||||||||||
24
|
(1) |
Receivables reflect their initial Principal Balance. Excludes cancelled Receivables. Excludes Receivables with balances less than $50.
|
(2) |
Period from January 1, 2023 through February 28, 2023.
|
(3) |
Weighted averages are weighted by the aggregate Principal Balance of the related Receivables in the origination year as of the origination date.
|
(4) |
Excludes Receivables that have Consumer Obligors who did not have FICO® Scores because they are individuals with
minimal or no recent credit history.
|
(5) |
This FICO® Score reflects the FICO®
Score 8 of the related Consumer Obligor. The FICO® Score is calculated, with respect to each Consumer Receivable on or about the date on which such Receivable was
originated.
|
(6) |
Comprised of Obligors whose wireless devices were subject to an upgrade as of the applicable date.
|
(7) |
Includes account level device protection that includes insurance and line level device protection that includes insurance associated with the Receivable’s active line either at the time of
origination or added within 30 days of origination, while remaining active as of the date that is 30 days following origination.
|
(8) |
Based on the billing addresses of the Obligors.
|
(9) |
Customer Tenure reflects the number of months the Obligor has had a Verizon Wireless account based on the oldest active account establishment date for such
Obligor, which may include periods of up to fifty (50) days of disconnected service, up to ninety (90) days of suspended service or longer service suspensions in connection with the Servicemembers Civil Relief Act.
|
(10) |
Represents a number greater than 0.00% but less than 0.01%.
|
(11) |
Includes Receivables that are secured by the related wireless device and have a perfected security interest in such wireless device.
|
(12) |
Receivable cumulative loss history by percentage of dollar amount equals the aggregate Principal Balance of Receivables that have been written-off as a percentage of the aggregate Principal Balance
of Receivables originated in the vintage with at least twelve (12) months of performance history. For values denoted with an asterisk, Receivable cumulative loss history by percentage of dollar amount equals the aggregate Principal Balance of
Receivables that have been written-off as a percentage of the aggregate Principal Balance of Receivables originated in the vintage with less than twelve (12) months of performance history.
|
(13) |
Includes only Receivables where either (i) at least one payment by the Obligor under the related Receivable has been received with respect to such Receivable, or (ii) the related Obligor has at
least one (1) year of Customer Tenure with Verizon Wireless. See footnote (9) for a description of Customer Tenure.
|
(14) |
Excludes cancelled Receivables.
|
(15) |
Receivable cumulative prepayment history by percentage of dollar amount equals the aggregate Principal Balance of Receivables that were prepaid by the Obligor or that had an Upgrade Offer exercised
as a percentage of the aggregate Principal Balance of Receivables originated in the vintage with at least twelve (12) months of performance history. For values denoted with an asterisk, Receivable cumulative prepayment history by percentage of
dollar amount equals the aggregate Principal Balance of Receivables that were prepaid by the Obligor or that had an Upgrade Offer exercised as a percentage of the aggregate Principal Balance of Receivables originated in the vintage with less
than twelve (12) months of performance history.
|
(16) |
Receivable cumulative Upgrade Prepayment history by percentage of dollar amount equals the aggregate Principal Balance of Receivables that had an Upgrade Offer exercised as a percentage of the
aggregate Principal Balance of Receivables originated in the vintage with at least twelve (12) months of performance history. For values denoted with an asterisk, Receivable cumulative Upgrade Prepayment history by percentage of dollar amount
equals the aggregate Principal Balance of Receivables that had an Upgrade Offer exercised as a percentage of the aggregate Principal Balance of Receivables originated in the vintage with less than twelve (12) months of performance history.
|
(17) |
Pool balances for each month of origination in the yearly origination pools are aggregated. Months since origination is a relative time period from each month’s originations.
|
(18) |
A Receivable is shown as delinquent if any amount owed under the Obligor account is past due, regardless of whether the amount due on the Receivable has been paid in full pursuant to the Servicer’s
internal payment waterfall.
|
(19) |
Aggregate Principal Balance shown is the outstanding balance of Receivables at the end of each relative period, excluding Receivables written-off during the period.
|
(20) |
The period of delinquency is the number of days with unpaid due charges on an account excluding accounts that have been written-off. Delinquency as shown in the table begins thirty (30) days after
billing. As of the most recent bill for the related account at period end.
|
(21) |
The percentage of >60 day delinquent Receivables is calculated as the dollar amount of Receivables greater than sixty (60) days delinquent as a percentage of the aggregate Principal Balance.
|
2019
|
2020
|
2021
|
2022
|
2023(2)
|
||||||||||||||||
Number of Receivables
|
576,807
|
4,226,229
|
17,021,527
|
26,446,206
|
3,128,365
|
|||||||||||||||
Number of accounts
|
461,492
|
3,000,363
|
10,685,349
|
14,700,037
|
2,252,723
|
|||||||||||||||
Aggregate original Principal Balance
|
$
|
474,267,732
|
$
|
3,452,517,405
|
$
|
13,982,007,825
|
$
|
21,219,123,135
|
$
|
2,539,269,499
|
||||||||||
Minimum
|
$
|
99.99
|
$
|
58.49
|
$
|
50.01
|
$
|
50.01
|
$
|
50.01
|
||||||||||
Maximum
|
$
|
1,910.00
|
$
|
2,000.00
|
$
|
2,410.00
|
$
|
2,410.00
|
$
|
2,410.00
|
||||||||||
Average
|
$
|
822.23
|
$
|
816.93
|
$
|
821.43
|
$
|
802.35
|
$
|
811.69
|
||||||||||
Average monthly payment
|
$
|
33.65
|
$
|
32.16
|
$
|
30.63
|
$
|
22.95
|
$
|
22.55
|
||||||||||
Weighted average remaining installments (in months)(3)
|
25
|
26
|
27
|
35
|
36
|
|||||||||||||||
Weighted average FICO® Score of Consumer Obligors under Consumer Receivables (3)(4)(5)
|
711
|
713
|
717
|
724
|
722
|
|||||||||||||||
Percentage of Consumer Receivables with Consumer Obligors without a FICO® Score(5)
|
4.04
|
%
|
3.25
|
%
|
3.58
|
%
|
3.61
|
%
|
3.58
|
%
|
||||||||||
Percentage of Receivables with customers with smart phones
|
95.17
|
%
|
93.34
|
%
|
92.66
|
%
|
90.62
|
%
|
88.62
|
%
|
||||||||||
Percentage of Receivables with customers with other wireless devices
|
4.83
|
%
|
6.66
|
%
|
7.34
|
%
|
9.38
|
%
|
11.38
|
%
|
||||||||||
Percentage of Receivables with customers with upgrade eligibility(6)
|
57.59
|
%
|
61.23
|
%
|
61.52
|
%
|
57.25
|
%
|
55.14
|
%
|
||||||||||
Percentage of Receivables with device protection that includes insurance(7)
|
68.09
|
%
|
62.36
|
%
|
62.46
|
%
|
62.44
|
%
|
62.59
|
%
|
||||||||||
Geographic concentration
|
||||||||||||||||||||
First highest geographic concentration (state and %)(8)
|
CA 11.07%
|
CA 10.96%
|
CA 10.5%
|
CA 9.89%
|
CA 10.25%
|
|||||||||||||||
Second highest geographic concentration (state and %)(8)
|
FL 6.16%
|
FL 6.18%
|
TX 6.35%
|
FL 6.23%
|
FL 6.34%
|
|||||||||||||||
Third highest geographic concentration (state and %)(8)
|
NY 5.88%
|
TX 5.79%
|
FL 6.25%
|
TX 5.94%
|
TX 5.94%
|
|||||||||||||||
Weighted average Customer Tenure (in months)(3)(9)
|
94
|
100
|
103
|
112
|
121
|
|||||||||||||||
Percentage of Receivables with monthly payments
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||||
Percentage of Receivables with 0.00% APR
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||||
Percentage of Receivables with 36 month original term
|
5.28
|
%
|
0.06
|
%
|
0.00
|
%
|
90.45
|
%
|
99.87
|
%
|
||||||||||
Percentage of Receivables with 30 month original term
|
0.00
|
%
|
27.40
|
%
|
52.48
|
%
|
5.95
|
%
|
0.07
|
%
|
||||||||||
Percentage of Receivables with 24 month original term
|
94.72
|
%
|
72.55
|
%
|
47.52
|
%
|
3.59
|
%
|
0.06
|
%
|
||||||||||
Percentage of Receivables with 6 month original term(10)
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||
Financing for wireless devices
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||||
Unsecured Receivables
|
57.54
|
%
|
29.42
|
%
|
11.85
|
%
|
9.69
|
%
|
7.80
|
%
|
||||||||||
Secured Receivables(11)
|
42.46
|
%
|
70.58
|
%
|
88.15
|
%
|
90.31
|
%
|
92.20
|
%
|
||||||||||
Percentage of Receivables that are Business Receivables
|
56.53
|
%
|
28.44
|
%
|
11.54
|
%
|
9.66
|
%
|
7.80
|
%
|
Receivable Static Pool Cumulative Loss History After Application of First Payment Filter By Percentage of Dollar Amount(12)(13)
|
Origination Vintage
|
||||||||||||||||||||||||
2019
|
2020
|
2021
|
2022
|
2023(2)
|
||||||||||||||||||||
Months Since Origination
|
Aggregate Principal Balance of Receivables originated ($)(14)
|
474,267,732
|
3,452,517,405
|
13,982,007,825
|
21,219,123,135
|
2,539,269,499
|
||||||||||||||||||
%
|
%
|
%
|
%
|
%
|
||||||||||||||||||||
0
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%*
|
||||||||||||||
1
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%*
|
||||||||||||||
2
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||
3
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%*
|
||||||||||||||||
4
|
0.00
|
%
|
0.00
|
%
|
0.01
|
%
|
0.02
|
%*
|
||||||||||||||||
5
|
0.00
|
%
|
0.00
|
%
|
0.04
|
%
|
0.10
|
%*
|
||||||||||||||||
6
|
0.00
|
%
|
0.00
|
%
|
0.13
|
%
|
0.28
|
%*
|
||||||||||||||||
7
|
0.00
|
%
|
0.00
|
%
|
0.25
|
%
|
0.48
|
%*
|
||||||||||||||||
8
|
0.00
|
%
|
0.01
|
%
|
0.39
|
%
|
0.70
|
%*
|
||||||||||||||||
9
|
0.00
|
%
|
0.02
|
%
|
0.54
|
%
|
0.96
|
%*
|
||||||||||||||||
10
|
0.00
|
%
|
0.06
|
%
|
0.70
|
%
|
1.22
|
%*
|
||||||||||||||||
11
|
0.00
|
%
|
0.09
|
%
|
0.87
|
%
|
1.45
|
%*
|
||||||||||||||||
12
|
0.00
|
%
|
0.14
|
%
|
1.03
|
%
|
1.50
|
%*
|
||||||||||||||||
13
|
0.00
|
%
|
0.19
|
%
|
1.18
|
%
|
1.44
|
%*
|
||||||||||||||||
14
|
0.00
|
%
|
0.24
|
%
|
1.33
|
%
|
||||||||||||||||||
15
|
0.00
|
%
|
0.30
|
%
|
1.43
|
%*
|
||||||||||||||||||
16
|
0.00
|
%
|
0.35
|
%
|
1.54
|
%*
|
||||||||||||||||||
17
|
0.00
|
%
|
0.40
|
%
|
1.67
|
%*
|
||||||||||||||||||
18
|
0.00
|
%
|
0.45
|
%
|
1.74
|
%*
|
||||||||||||||||||
19
|
0.00
|
%
|
0.50
|
%
|
1.80
|
%*
|
||||||||||||||||||
20
|
0.00
|
%
|
0.54
|
%
|
1.90
|
%*
|
||||||||||||||||||
21
|
0.00
|
%
|
0.58
|
%
|
2.03
|
%*
|
||||||||||||||||||
22
|
0.01
|
%
|
0.62
|
%
|
2.10
|
%*
|
||||||||||||||||||
23
|
0.01
|
%
|
0.67
|
%
|
2.14
|
%*
|
||||||||||||||||||
24
|
0.01
|
%
|
0.70
|
%
|
2.00
|
%*
|
Receivable Static Pool Cumulative Prepayment History By Percentage of Dollar Amount(15)
|
Origination Vintage
|
||||||||||||||||||||||||
2019
|
2020
|
2021
|
2022
|
2023(2)
|
||||||||||||||||||||
Months Since Origination
|
Aggregate Principal Balance of Receivables originated ($)(14)
|
474,267,732
|
3,452,517,405
|
13,982,007,825
|
21,219,123,135
|
2,539,269,499
|
||||||||||||||||||
%
|
%
|
%
|
%
|
%
|
||||||||||||||||||||
0
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%*
|
||||||||||||||
1
|
0.00
|
%
|
0.00
|
%
|
0.04
|
%
|
0.10
|
%
|
0.11
|
%*
|
||||||||||||||
2
|
0.00
|
%
|
0.00
|
%
|
0.15
|
%
|
0.29
|
%
|
||||||||||||||||
3
|
0.00
|
%
|
0.00
|
%
|
0.30
|
%
|
0.49
|
%*
|
||||||||||||||||
4
|
0.00
|
%
|
0.00
|
%
|
0.47
|
%
|
0.71
|
%*
|
||||||||||||||||
5
|
0.00
|
%
|
0.02
|
%
|
0.67
|
%
|
0.95
|
%*
|
||||||||||||||||
6
|
0.00
|
%
|
0.07
|
%
|
0.89
|
%
|
1.21
|
%*
|
||||||||||||||||
7
|
0.00
|
%
|
0.14
|
%
|
1.13
|
%
|
1.47
|
%*
|
||||||||||||||||
8
|
0.00
|
%
|
0.24
|
%
|
1.39
|
%
|
1.75
|
%*
|
||||||||||||||||
9
|
0.00
|
%
|
0.35
|
%
|
1.68
|
%
|
2.10
|
%*
|
||||||||||||||||
10
|
0.00
|
%
|
0.51
|
%
|
2.00
|
%
|
2.46
|
%*
|
||||||||||||||||
11
|
0.00
|
%
|
0.77
|
%
|
2.34
|
%
|
2.80
|
%*
|
||||||||||||||||
12
|
0.00
|
%
|
1.02
|
%
|
2.75
|
%
|
3.13
|
%*
|
||||||||||||||||
13
|
0.00
|
%
|
1.29
|
%
|
3.22
|
%
|
3.34
|
%*
|
||||||||||||||||
14
|
0.00
|
%
|
1.55
|
%
|
3.65
|
%
|
||||||||||||||||||
15
|
0.00
|
%
|
1.84
|
%
|
4.12
|
%*
|
||||||||||||||||||
16
|
0.00
|
%
|
2.15
|
%
|
4.52
|
%*
|
||||||||||||||||||
17
|
0.01
|
%
|
2.44
|
%
|
4.88
|
%*
|
||||||||||||||||||
18
|
0.03
|
%
|
2.72
|
%
|
5.11
|
%*
|
||||||||||||||||||
19
|
0.08
|
%
|
3.00
|
%
|
5.44
|
%*
|
||||||||||||||||||
20
|
0.15
|
%
|
3.28
|
%
|
5.83
|
%*
|
||||||||||||||||||
21
|
0.26
|
%
|
3.57
|
%
|
6.21
|
%*
|
||||||||||||||||||
22
|
0.42
|
%
|
3.94
|
%
|
6.52
|
%*
|
||||||||||||||||||
23
|
0.58
|
%
|
4.32
|
%
|
6.83
|
%*
|
||||||||||||||||||
24
|
0.68
|
%
|
4.57
|
%
|
6.98
|
%*
|
Receivable Static Pool Cumulative Upgrade Prepayment History By Percentage of Dollar Amount(16)
|
Origination Vintage
|
||||||||||||||||||||||||
2019
|
2020
|
2021
|
2022
|
2023(2)
|
||||||||||||||||||||
Months Since Origination
|
Aggregate Principal Balance of Receivables originated ($)(14)
|
474,267,732
|
3,452,517,405
|
13,982,007,825
|
21,219,123,135
|
2,539,269,499
|
||||||||||||||||||
%
|
%
|
%
|
%
|
%
|
||||||||||||||||||||
0
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%*
|
||||||||||||||
1
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%*
|
||||||||||||||
2
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||
3
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%*
|
||||||||||||||||
4
|
0.00
|
%
|
0.00
|
%
|
0.01
|
%
|
0.01
|
%*
|
||||||||||||||||
5
|
0.00
|
%
|
0.00
|
%
|
0.01
|
%
|
0.01
|
%*
|
||||||||||||||||
6
|
0.00
|
%
|
0.00
|
%
|
0.02
|
%
|
0.02
|
%*
|
||||||||||||||||
7
|
0.00
|
%
|
0.00
|
%
|
0.03
|
%
|
0.03
|
%*
|
||||||||||||||||
8
|
0.00
|
%
|
0.01
|
%
|
0.04
|
%
|
0.04
|
%*
|
||||||||||||||||
9
|
0.00
|
%
|
0.01
|
%
|
0.05
|
%
|
0.06
|
%*
|
||||||||||||||||
10
|
0.00
|
%
|
0.03
|
%
|
0.08
|
%
|
0.09
|
%*
|
||||||||||||||||
11
|
0.00
|
%
|
0.10
|
%
|
0.12
|
%
|
0.12
|
%*
|
||||||||||||||||
12
|
0.00
|
%
|
0.19
|
%
|
0.19
|
%
|
0.16
|
%*
|
||||||||||||||||
13
|
0.00
|
%
|
0.27
|
%
|
0.30
|
%
|
0.24
|
%*
|
||||||||||||||||
14
|
0.00
|
%
|
0.36
|
%
|
0.40
|
%
|
||||||||||||||||||
15
|
0.00
|
%
|
0.44
|
%
|
0.50
|
%*
|
||||||||||||||||||
16
|
0.00
|
%
|
0.53
|
%
|
0.62
|
%*
|
||||||||||||||||||
17
|
0.00
|
%
|
0.60
|
%
|
0.71
|
%*
|
||||||||||||||||||
18
|
0.00
|
%
|
0.64
|
%
|
0.70
|
%*
|
||||||||||||||||||
19
|
0.01
|
%
|
0.68
|
%
|
0.78
|
%*
|
||||||||||||||||||
20
|
0.01
|
%
|
0.70
|
%
|
0.87
|
%*
|
||||||||||||||||||
21
|
0.02
|
%
|
0.72
|
%
|
0.96
|
%*
|
||||||||||||||||||
22
|
0.02
|
%
|
0.75
|
%
|
1.02
|
%*
|
||||||||||||||||||
23
|
0.02
|
%
|
0.80
|
%
|
1.04
|
%*
|
||||||||||||||||||
24
|
0.03
|
%
|
0.84
|
%
|
1.08
|
%*
|
Receivable Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(17)(18)
2019
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(20)
|
61-90 days(20)
|
91-120 days(20)
|
121+ days(20)
|
>60 days Delinquent %(21)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(19)
|
|||||||||||||||||||||||||||
0
|
$
|
471,122,537
|
$
|
2,781,544
|
$
|
81,047
|
$
|
6,155
|
$
|
3,050
|
0.02
|
%
|
||||||||||||||||
1
|
461,329,754
|
3,035,377
|
68,790
|
3,146
|
1,294
|
0.02
|
%
|
|||||||||||||||||||||
2
|
442,187,993
|
6,548,229
|
68,552
|
1,750
|
2,683
|
0.02
|
%
|
|||||||||||||||||||||
3
|
422,830,532
|
7,044,176
|
242,938
|
3,588
|
2,666
|
0.06
|
%
|
|||||||||||||||||||||
4
|
403,632,727
|
8,522,729
|
864,220
|
58,622
|
3,162
|
0.23
|
%
|
|||||||||||||||||||||
5
|
384,447,373
|
8,801,497
|
1,879,925
|
345,621
|
37,331
|
0.59
|
%
|
|||||||||||||||||||||
6
|
365,227,448
|
8,340,140
|
2,751,210
|
1,109,336
|
273,518
|
1.13
|
%
|
|||||||||||||||||||||
7
|
346,111,207
|
6,566,041
|
2,337,355
|
1,106,909
|
469,381
|
1.13
|
%
|
|||||||||||||||||||||
8
|
327,034,662
|
5,113,562
|
1,448,320
|
799,824
|
334,154
|
0.79
|
%
|
|||||||||||||||||||||
9
|
307,934,955
|
4,524,846
|
928,663
|
558,261
|
297,214
|
0.58
|
%
|
|||||||||||||||||||||
10
|
288,711,485
|
4,174,959
|
685,400
|
270,964
|
168,172
|
0.39
|
%
|
|||||||||||||||||||||
11
|
269,707,489
|
3,904,316
|
585,596
|
216,355
|
75,775
|
0.33
|
%
|
|||||||||||||||||||||
12
|
250,504,558
|
4,010,358
|
598,384
|
181,417
|
88,546
|
0.35
|
%
|
|||||||||||||||||||||
13
|
231,214,701
|
3,632,348
|
553,623
|
174,138
|
83,531
|
0.35
|
%
|
|||||||||||||||||||||
14
|
212,339,224
|
3,327,641
|
517,287
|
132,303
|
85,887
|
0.35
|
%
|
|||||||||||||||||||||
15
|
192,599,029
|
2,803,396
|
403,834
|
114,192
|
62,654
|
0.30
|
%
|
|||||||||||||||||||||
16
|
173,102,326
|
2,155,795
|
312,798
|
81,231
|
50,798
|
0.26
|
%
|
|||||||||||||||||||||
17
|
153,684,832
|
1,740,936
|
215,680
|
45,142
|
37,169
|
0.19
|
%
|
|||||||||||||||||||||
18
|
134,075,663
|
1,478,236
|
161,007
|
15,009
|
22,668
|
0.15
|
%
|
|||||||||||||||||||||
19
|
114,358,927
|
1,311,575
|
180,985
|
6,340
|
13,561
|
0.18
|
%
|
|||||||||||||||||||||
20
|
94,614,479
|
1,077,638
|
165,365
|
24,915
|
13,398
|
0.22
|
%
|
|||||||||||||||||||||
21
|
74,830,536
|
918,218
|
136,385
|
24,257
|
16,941
|
0.24
|
%
|
|||||||||||||||||||||
22
|
55,059,282
|
762,406
|
125,211
|
26,304
|
23,624
|
0.32
|
%
|
|||||||||||||||||||||
23
|
35,707,242
|
597,456
|
114,544
|
29,967
|
27,754
|
0.48
|
%
|
|||||||||||||||||||||
24
|
18,050,793
|
487,644
|
93,455
|
29,325
|
34,698
|
0.87
|
%
|
Receivable Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(17)(18)
2020
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(20)
|
61-90 days(20)
|
91-120 days(20)
|
121+ days(20)
|
>60 days Delinquent %(21)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(19)
|
|||||||||||||||||||||||||||
0
|
$
|
3,417,614,858
|
$
|
12,211,693
|
$
|
1,082,565
|
$
|
270,301
|
$
|
83,321
|
0.04
|
%
|
||||||||||||||||
1
|
3,351,659,816
|
13,149,970
|
586,737
|
89,758
|
31,193
|
0.02
|
%
|
|||||||||||||||||||||
2
|
3,220,931,906
|
28,236,589
|
1,092,587
|
93,073
|
19,261
|
0.04
|
%
|
|||||||||||||||||||||
3
|
3,083,061,478
|
30,110,802
|
2,937,684
|
321,052
|
31,512
|
0.11
|
%
|
|||||||||||||||||||||
4
|
2,945,754,223
|
22,671,249
|
3,359,947
|
845,543
|
94,241
|
0.15
|
%
|
|||||||||||||||||||||
5
|
2,810,585,728
|
18,601,288
|
2,320,022
|
814,039
|
262,578
|
0.12
|
%
|
|||||||||||||||||||||
6
|
2,673,889,311
|
17,568,806
|
1,737,875
|
321,740
|
225,704
|
0.09
|
%
|
|||||||||||||||||||||
7
|
2,535,435,260
|
17,862,329
|
2,325,621
|
353,258
|
91,704
|
0.11
|
%
|
|||||||||||||||||||||
8
|
2,396,346,134
|
17,752,136
|
3,074,531
|
842,538
|
242,842
|
0.17
|
%
|
|||||||||||||||||||||
9
|
2,256,816,214
|
16,866,651
|
3,189,098
|
1,164,361
|
472,853
|
0.21
|
%
|
|||||||||||||||||||||
10
|
2,115,438,952
|
15,355,270
|
3,386,805
|
1,288,441
|
688,496
|
0.25
|
%
|
|||||||||||||||||||||
11
|
1,971,375,465
|
14,474,663
|
3,370,104
|
1,497,077
|
927,609
|
0.29
|
%
|
|||||||||||||||||||||
12
|
1,826,817,155
|
13,621,556
|
3,242,387
|
1,458,804
|
1,113,627
|
0.32
|
%
|
|||||||||||||||||||||
13
|
1,682,899,488
|
12,648,058
|
3,358,739
|
1,522,857
|
1,099,576
|
0.36
|
%
|
|||||||||||||||||||||
14
|
1,542,220,558
|
11,524,537
|
3,142,959
|
1,616,912
|
1,223,122
|
0.39
|
%
|
|||||||||||||||||||||
15
|
1,398,541,466
|
10,780,021
|
2,897,426
|
1,575,162
|
1,186,067
|
0.40
|
%
|
|||||||||||||||||||||
16
|
1,255,488,277
|
9,481,075
|
2,662,334
|
1,486,129
|
1,144,838
|
0.42
|
%
|
|||||||||||||||||||||
17
|
1,114,616,320
|
8,830,905
|
2,331,365
|
1,388,748
|
1,081,304
|
0.43
|
%
|
|||||||||||||||||||||
18
|
975,383,520
|
8,553,490
|
2,165,288
|
1,207,492
|
997,820
|
0.45
|
%
|
|||||||||||||||||||||
19
|
838,090,679
|
7,934,346
|
2,116,856
|
1,174,151
|
989,560
|
0.51
|
%
|
|||||||||||||||||||||
20
|
701,868,161
|
7,051,841
|
2,032,641
|
1,190,933
|
941,841
|
0.59
|
%
|
|||||||||||||||||||||
21
|
567,040,826
|
6,167,347
|
1,775,238
|
1,198,304
|
877,996
|
0.68
|
%
|
|||||||||||||||||||||
22
|
432,124,191
|
5,059,250
|
1,704,096
|
1,014,721
|
859,783
|
0.83
|
%
|
|||||||||||||||||||||
23
|
301,733,863
|
4,273,229
|
1,430,913
|
933,743
|
679,967
|
1.01
|
%
|
|||||||||||||||||||||
24
|
186,168,049
|
3,293,783
|
1,251,675
|
827,169
|
580,342
|
1.43
|
%
|
Receivable Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(17)(18)
2021
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(20)
|
61-90 days(20)
|
91-120 days(20)
|
121+ days(20)
|
>60 days Delinquent %(21)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(19)
|
|||||||||||||||||||||||||||
0
|
$
|
13,856,328,430
|
$
|
22,256,065
|
$
|
1,813,465
|
$
|
223,170
|
$
|
199,717
|
0.02
|
%
|
||||||||||||||||
1
|
13,577,388,204
|
25,819,417
|
864,655
|
290,339
|
33,874
|
0.01
|
%
|
|||||||||||||||||||||
2
|
13,039,457,127
|
73,853,588
|
3,159,453
|
340,237
|
71,777
|
0.03
|
%
|
|||||||||||||||||||||
3
|
12,498,506,754
|
100,146,359
|
12,911,291
|
1,456,861
|
154,469
|
0.12
|
%
|
|||||||||||||||||||||
4
|
11,958,540,935
|
94,319,765
|
24,606,701
|
6,570,637
|
693,019
|
0.27
|
%
|
|||||||||||||||||||||
5
|
11,408,780,208
|
95,874,146
|
27,463,359
|
13,154,869
|
2,695,634
|
0.38
|
%
|
|||||||||||||||||||||
6
|
10,853,299,896
|
95,030,643
|
31,200,631
|
13,839,390
|
5,964,767
|
0.47
|
%
|
|||||||||||||||||||||
7
|
10,294,202,303
|
93,675,963
|
32,255,143
|
16,485,136
|
7,502,222
|
0.55
|
%
|
|||||||||||||||||||||
8
|
9,732,571,439
|
92,502,813
|
32,758,218
|
17,653,649
|
9,318,823
|
0.61
|
%
|
|||||||||||||||||||||
9
|
9,166,506,201
|
90,698,025
|
32,165,366
|
17,924,655
|
9,973,177
|
0.66
|
%
|
|||||||||||||||||||||
10
|
8,599,129,320
|
87,323,456
|
32,642,369
|
17,944,676
|
10,371,171
|
0.71
|
%
|
|||||||||||||||||||||
11
|
8,032,339,393
|
82,749,721
|
32,063,062
|
17,508,399
|
10,186,373
|
0.74
|
%
|
|||||||||||||||||||||
12
|
7,458,734,304
|
77,870,095
|
29,125,397
|
16,694,403
|
9,882,878
|
0.75
|
%
|
|||||||||||||||||||||
13
|
6,886,317,735
|
73,634,987
|
26,312,521
|
15,866,444
|
9,470,853
|
0.75
|
%
|
|||||||||||||||||||||
14
|
6,326,889,312
|
68,087,487
|
24,646,513
|
14,800,020
|
8,937,224
|
0.76
|
%
|
|||||||||||||||||||||
15
|
4,761,180,700
|
51,665,369
|
19,372,078
|
11,582,493
|
6,995,458
|
0.80
|
%
|
|||||||||||||||||||||
16
|
3,614,213,528
|
41,478,313
|
15,619,700
|
9,273,513
|
5,832,304
|
0.85
|
%
|
|||||||||||||||||||||
17
|
2,612,948,125
|
32,300,508
|
12,189,337
|
7,411,649
|
4,685,978
|
0.93
|
%
|
|||||||||||||||||||||
18
|
1,914,639,183
|
24,879,806
|
9,455,380
|
5,841,748
|
3,633,196
|
0.99
|
%
|
|||||||||||||||||||||
19
|
1,467,741,919
|
19,791,958
|
7,495,718
|
4,805,545
|
2,862,895
|
1.03
|
%
|
|||||||||||||||||||||
20
|
1,068,483,928
|
15,097,174
|
5,701,899
|
3,718,831
|
2,259,705
|
1.09
|
%
|
|||||||||||||||||||||
21
|
707,870,779
|
10,962,223
|
4,167,188
|
2,659,803
|
1,691,655
|
1.20
|
%
|
|||||||||||||||||||||
22
|
448,768,782
|
7,442,271
|
2,906,646
|
1,846,762
|
1,173,127
|
1.32
|
%
|
|||||||||||||||||||||
23
|
266,307,785
|
4,602,418
|
1,919,938
|
1,277,542
|
767,173
|
1.49
|
%
|
|||||||||||||||||||||
24
|
120,595,836
|
2,066,263
|
900,870
|
628,909
|
366,167
|
1.57
|
%
|
Receivable Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(17)(18)
2022
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(20)
|
61-90 days(20)
|
91-120 days(20)
|
121+ days(20)
|
>60 days Delinquent %(21)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(19)
|
|||||||||||||||||||||||||||
0
|
$
|
21,159,106,671
|
$
|
31,323,097
|
$
|
1,938,856
|
$
|
512,941
|
$
|
233,537
|
0.01
|
%
|
||||||||||||||||
1
|
20,718,394,303
|
42,083,739
|
1,440,414
|
177,466
|
140,135
|
0.01
|
%
|
|||||||||||||||||||||
2
|
20,069,603,629
|
119,336,561
|
6,231,502
|
454,074
|
309,037
|
0.03
|
%
|
|||||||||||||||||||||
3
|
17,280,810,463
|
156,320,212
|
25,882,229
|
2,702,792
|
615,910
|
0.17
|
%
|
|||||||||||||||||||||
4
|
15,183,708,178
|
136,546,818
|
46,738,464
|
13,577,029
|
1,777,044
|
0.41
|
%
|
|||||||||||||||||||||
5
|
12,949,654,215
|
121,430,383
|
45,441,743
|
24,800,810
|
6,426,100
|
0.59
|
%
|
|||||||||||||||||||||
6
|
10,775,909,827
|
104,356,307
|
40,714,665
|
22,636,966
|
11,571,431
|
0.70
|
%
|
|||||||||||||||||||||
7
|
9,237,095,248
|
88,295,127
|
34,895,907
|
20,235,006
|
11,235,180
|
0.72
|
%
|
|||||||||||||||||||||
8
|
7,598,221,615
|
74,599,035
|
28,191,515
|
17,090,018
|
9,602,326
|
0.72
|
%
|
|||||||||||||||||||||
9
|
5,789,813,653
|
59,447,772
|
22,832,154
|
13,363,916
|
7,690,695
|
0.76
|
%
|
|||||||||||||||||||||
10
|
4,245,847,234
|
45,608,142
|
17,379,617
|
10,387,048
|
5,754,745
|
0.79
|
%
|
|||||||||||||||||||||
11
|
3,005,897,327
|
31,719,313
|
12,187,639
|
7,615,781
|
4,392,986
|
0.80
|
%
|
|||||||||||||||||||||
12
|
1,821,986,140
|
17,043,963
|
6,795,512
|
4,258,192
|
2,607,865
|
0.75
|
%
|
|||||||||||||||||||||
13
|
881,523,747
|
8,410,230
|
2,997,515
|
1,898,461
|
1,148,487
|
0.69
|
%
|
|||||||||||||||||||||
14
|
||||||||||||||||||||||||||||
15
|
||||||||||||||||||||||||||||
16
|
||||||||||||||||||||||||||||
17
|
||||||||||||||||||||||||||||
18
|
||||||||||||||||||||||||||||
19
|
||||||||||||||||||||||||||||
20
|
||||||||||||||||||||||||||||
21
|
||||||||||||||||||||||||||||
22
|
||||||||||||||||||||||||||||
23
|
||||||||||||||||||||||||||||
24
|
Receivable Static Pool Delinquency Categorization By Dollar Amount for Yearly Origination Pools(17)(18)
2023
|
Delinquencies
|
||||||||||||||||||||||||||||
31-60 days(20)
|
61-90 days(20)
|
91-120 days(20)
|
121+ days(20)
|
>60 days Delinquent %(21)
|
||||||||||||||||||||||||
Months Since Origination
|
End of Month Aggregate Principal Balance(19)
|
|||||||||||||||||||||||||||
0
|
$
|
2,532,887,166
|
$
|
2,964,041
|
$
|
250,337
|
$
|
20,754
|
$
|
16,290
|
0.01
|
%
|
||||||||||||||||
1
|
1,276,550,998
|
2,109,735
|
64,814
|
5,286
|
2,897
|
0.01
|
%
|
|||||||||||||||||||||
2
|
||||||||||||||||||||||||||||
3
|
||||||||||||||||||||||||||||
4
|
||||||||||||||||||||||||||||
5
|
||||||||||||||||||||||||||||
6
|
||||||||||||||||||||||||||||
7
|
||||||||||||||||||||||||||||
8
|
||||||||||||||||||||||||||||
9
|
||||||||||||||||||||||||||||
10
|
||||||||||||||||||||||||||||
11
|
||||||||||||||||||||||||||||
12
|
||||||||||||||||||||||||||||
13
|
||||||||||||||||||||||||||||
14
|
||||||||||||||||||||||||||||
15
|
||||||||||||||||||||||||||||
16
|
||||||||||||||||||||||||||||
17
|
||||||||||||||||||||||||||||
18
|
||||||||||||||||||||||||||||
19
|
||||||||||||||||||||||||||||
20
|
||||||||||||||||||||||||||||
21
|
||||||||||||||||||||||||||||
22
|
||||||||||||||||||||||||||||
23
|
||||||||||||||||||||||||||||
24
|
(1) |
“Cumulative Losses” equals the aggregate Principal Balance of Receivables that have been written-off through the applicable period as a percentage of the sum of the original aggregate Principal
Balance of the Receivables as of the closing date for the related securitized pool, and the sum of all additional Receivables sold into the trust for the related securitized pool through the applicable period.
|
(2) |
“Prepayments” equals the aggregate Principal Balance of Receivables that were prepaid by the Obligor or that had an Upgrade Offer exercised through the applicable period as a percentage of the sum
of the original aggregate Principal Balance of the Receivables as of the closing date for the related securitized pool, and the sum of all additional Receivables sold into the trust for the related securitized pool through the applicable
period.
|
(3) |
“Upgrade Prepayments” equals the aggregate Principal Balance of Receivables that had an Upgrade Offer exercised through the applicable period as a percentage of the sum of the original aggregate
Principal Balance of the Receivables as of the closing date for the related securitized pool, and the sum of all additional Receivables sold into the trust for the related securitized pool through the applicable period.
|
(4) |
As of the end of each month, the period of delinquency is calculated as the number of days after a bill’s due date with unpaid due charges on an account, excluding accounts that have been
written-off. Prior to August 2017, the due date associated with a bill was considered to be twenty-five (25) days after the date of the bill, and would mark the point at which delinquency begins. Starting in August 2017, the due date
associated with a bill was considered to be twenty-two (22) days after the date of the bill.
|
(5) |
The percentage of >60 day delinquent Receivables is calculated as the dollar amount of Receivables greater than sixty (60) days delinquent as a percentage of the aggregate Principal Balance as
of the end of the applicable month.
|
Period
|
VZOT 2016-1
|
VZOT 2016-2
|
VZOT 2017-1
|
VZOT 2017-2
|
VZOT 2017-3
|
VZOT 2018-1
|
VZOT 2018-A
|
VZOT 2019-A
|
VZOT 2019-B
|
VZOT 2019-C
|
VZOT 2020-A
|
VZOT 2020-B
|
VZOT 2020-C
|
|||||||||||||||||||||||||||||||||||||||
0
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.04
|
%
|
0.05
|
%
|
0.01
|
%
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||||||||||||||||||
1
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.00
|
%
|
0.08
|
%
|
0.09
|
%
|
0.02
|
%
|
0.01
|
%
|
0.00
|
%
|
0.01
|
%
|
||||||||||||||||||||||||||
2
|
0.13
|
%
|
0.07
|
%
|
0.09
|
%
|
0.10
|
%
|
0.11
|
%
|
0.10
|
%
|
0.11
|
%
|
0.19
|
%
|
0.22
|
%
|
0.04
|
%
|
0.17
|
%
|
0.00
|
%
|
0.12
|
%
|
||||||||||||||||||||||||||
3
|
0.30
|
%
|
0.21
|
%
|
0.20
|
%
|
0.23
|
%
|
0.23
|
%
|
0.25
|
%
|
0.26
|
%
|
0.39
|
%
|
0.45
|
%
|
0.16
|
%
|
0.27
|
%
|
0.08
|
%
|
0.36
|
%
|
||||||||||||||||||||||||||
4
|
0.49
|
%
|
0.35
|
%
|
0.33
|
%
|
0.36
|
%
|
0.37
|
%
|
0.41
|
%
|
0.43
|
%
|
0.61
|
%
|
0.66
|
%
|
0.34
|
%
|
0.37
|
%
|
0.22
|
%
|
0.61
|
%
|
||||||||||||||||||||||||||
5
|
0.69
|
%
|
0.48
|
%
|
0.45
|
%
|
0.50
|
%
|
0.48
|
%
|
0.56
|
%
|
0.59
|
%
|
0.82
|
%
|
0.86
|
%
|
0.53
|
%
|
0.43
|
%
|
0.36
|
%
|
0.81
|
%
|
||||||||||||||||||||||||||
6
|
0.84
|
%
|
0.57
|
%
|
0.57
|
%
|
0.63
|
%
|
0.60
|
%
|
0.71
|
%
|
0.75
|
%
|
1.02
|
%
|
1.04
|
%
|
0.76
|
%
|
0.48
|
%
|
0.49
|
%
|
0.94
|
%
|
||||||||||||||||||||||||||
7
|
1.02
|
%
|
0.66
|
%
|
0.69
|
%
|
0.71
|
%
|
0.67
|
%
|
0.81
|
%
|
0.86
|
%
|
1.18
|
%
|
1.18
|
%
|
0.81
|
%
|
0.51
|
%
|
0.64
|
%
|
1.02
|
%
|
||||||||||||||||||||||||||
8
|
1.14
|
%
|
0.75
|
%
|
0.79
|
%
|
0.80
|
%
|
0.76
|
%
|
0.89
|
%
|
0.96
|
%
|
1.32
|
%
|
1.31
|
%
|
0.88
|
%
|
0.54
|
%
|
0.75
|
%
|
1.05
|
%
|
||||||||||||||||||||||||||
9
|
1.23
|
%
|
0.82
|
%
|
0.89
|
%
|
0.87
|
%
|
0.84
|
%
|
1.01
|
%
|
1.07
|
%
|
1.45
|
%
|
1.47
|
%
|
0.91
|
%
|
0.57
|
%
|
0.82
|
%
|
1.11
|
%
|
||||||||||||||||||||||||||
10
|
1.28
|
%
|
0.89
|
%
|
0.95
|
%
|
0.93
|
%
|
0.91
|
%
|
1.09
|
%
|
1.17
|
%
|
1.55
|
%
|
1.48
|
%
|
0.92
|
%
|
0.70
|
%
|
0.86
|
%
|
1.16
|
%
|
||||||||||||||||||||||||||
11
|
1.32
|
%
|
0.96
|
%
|
1.02
|
%
|
0.97
|
%
|
0.99
|
%
|
1.16
|
%
|
1.27
|
%
|
1.64
|
%
|
1.50
|
%
|
0.92
|
%
|
0.84
|
%
|
0.88
|
%
|
1.22
|
%
|
||||||||||||||||||||||||||
12
|
1.36
|
%
|
1.02
|
%
|
1.06
|
%
|
1.02
|
%
|
1.04
|
%
|
1.23
|
%
|
1.35
|
%
|
1.75
|
%
|
1.49
|
%
|
0.93
|
%
|
0.95
|
%
|
0.92
|
%
|
1.28
|
%
|
||||||||||||||||||||||||||
13
|
1.39
|
%
|
1.07
|
%
|
1.11
|
%
|
1.06
|
%
|
1.08
|
%
|
1.30
|
%
|
1.43
|
%
|
1.74
|
%
|
1.47
|
%
|
0.93
|
%
|
1.06
|
%
|
0.96
|
%
|
1.35
|
%
|
||||||||||||||||||||||||||
14
|
1.43
|
%
|
1.11
|
%
|
1.13
|
%
|
1.11
|
%
|
1.15
|
%
|
1.34
|
%
|
1.50
|
%
|
1.74
|
%
|
1.44
|
%
|
1.02
|
%
|
1.14
|
%
|
1.01
|
%
|
1.40
|
%
|
||||||||||||||||||||||||||
15
|
1.46
|
%
|
1.15
|
%
|
1.17
|
%
|
1.16
|
%
|
1.20
|
%
|
1.39
|
%
|
1.55
|
%
|
1.72
|
%
|
1.42
|
%
|
1.12
|
%
|
1.19
|
%
|
1.06
|
%
|
1.44
|
%
|
||||||||||||||||||||||||||
16
|
1.50
|
%
|
1.17
|
%
|
1.20
|
%
|
1.19
|
%
|
1.24
|
%
|
1.44
|
%
|
1.61
|
%
|
1.68
|
%
|
1.40
|
%
|
1.20
|
%
|
1.21
|
%
|
1.12
|
%
|
1.51
|
%
|
||||||||||||||||||||||||||
17
|
1.53
|
%
|
1.21
|
%
|
1.24
|
%
|
1.22
|
%
|
1.29
|
%
|
1.50
|
%
|
1.68
|
%
|
1.65
|
%
|
1.46
|
%
|
1.28
|
%
|
1.20
|
%
|
1.17
|
%
|
1.54
|
%
|
||||||||||||||||||||||||||
18
|
1.53
|
%
|
1.22
|
%
|
1.27
|
%
|
1.27
|
%
|
1.34
|
%
|
1.55
|
%
|
1.67
|
%
|
1.62
|
%
|
1.53
|
%
|
1.34
|
%
|
1.21
|
%
|
1.21
|
%
|
1.58
|
%
|
||||||||||||||||||||||||||
19
|
1.55
|
%
|
1.24
|
%
|
1.29
|
%
|
1.31
|
%
|
1.38
|
%
|
1.60
|
%
|
1.67
|
%
|
1.59
|
%
|
1.58
|
%
|
1.37
|
%
|
1.23
|
%
|
1.27
|
%
|
1.60
|
%
|
||||||||||||||||||||||||||
20
|
1.55
|
%
|
1.26
|
%
|
1.31
|
%
|
1.34
|
%
|
1.41
|
%
|
1.65
|
%
|
1.65
|
%
|
1.64
|
%
|
1.65
|
%
|
1.38
|
%
|
1.25
|
%
|
1.32
|
%
|
1.62
|
%
|
||||||||||||||||||||||||||
21
|
1.57
|
%
|
1.29
|
%
|
1.35
|
%
|
1.38
|
%
|
1.46
|
%
|
1.70
|
%
|
1.63
|
%
|
1.70
|
%
|
1.69
|
%
|
1.38
|
%
|
1.28
|
%
|
1.36
|
%
|
1.64
|
%
|
||||||||||||||||||||||||||
22
|
1.57
|
%
|
1.32
|
%
|
1.38
|
%
|
1.43
|
%
|
1.51
|
%
|
1.74
|
%
|
1.61
|
%
|
1.75
|
%
|
1.72
|
%
|
1.38
|
%
|
1.32
|
%
|
1.39
|
%
|
1.66
|
%
|
||||||||||||||||||||||||||
23
|
1.59
|
%
|
1.33
|
%
|
1.42
|
%
|
1.46
|
%
|
1.56
|
%
|
1.79
|
%
|
1.60
|
%
|
1.82
|
%
|
1.73
|
%
|
1.40
|
%
|
1.37
|
%
|
1.42
|
%
|
1.68
|
%
|
||||||||||||||||||||||||||
24
|
1.66
|
%
|
1.40
|
%
|
1.50
|
%
|
1.54
|
%
|
1.66
|
%
|
1.91
|
%
|
1.63
|
%
|
1.92
|
%
|
1.77
|
%
|
1.43
|
%
|
1.44
|
%
|
1.45
|
%
|
1.77
|
%
|
||||||||||||||||||||||||||
25
|
1.73
|
%
|
1.49
|
%
|
1.59
|
%
|
1.62
|
%
|
1.76
|
%
|
1.95
|
%
|
1.72
|
%
|
2.00
|
%
|
1.82
|
%
|
1.50
|
%
|
1.53
|
%
|
1.53
|
%
|
1.85
|
%
|
||||||||||||||||||||||||||
26
|
1.81
|
%
|
1.56
|
%
|
1.66
|
%
|
1.71
|
%
|
1.86
|
%
|
2.01
|
%
|
1.84
|
%
|
2.05
|
%
|
1.88
|
%
|
1.58
|
%
|
1.61
|
%
|
1.60
|
%
|
1.92
|
%
|
||||||||||||||||||||||||||
27
|
1.88
|
%
|
1.63
|
%
|
1.73
|
%
|
1.80
|
%
|
1.95
|
%
|
2.04
|
%
|
1.93
|
%
|
2.09
|
%
|
1.94
|
%
|
1.66
|
%
|
1.68
|
%
|
1.68
|
%
|
1.98
|
%
|
||||||||||||||||||||||||||
28
|
1.94
|
%
|
1.70
|
%
|
1.81
|
%
|
1.88
|
%
|
2.03
|
%
|
2.07
|
%
|
2.03
|
%
|
2.13
|
%
|
2.00
|
%
|
1.73
|
%
|
1.75
|
%
|
1.76
|
%
|
||||||||||||||||||||||||||||
29
|
2.01
|
%
|
1.77
|
%
|
1.87
|
%
|
1.96
|
%
|
2.12
|
%
|
2.09
|
%
|
2.11
|
%
|
2.17
|
%
|
2.06
|
%
|
1.81
|
%
|
1.81
|
%
|
1.82
|
%
|
||||||||||||||||||||||||||||
30
|
2.06
|
%
|
1.82
|
%
|
1.93
|
%
|
2.02
|
%
|
2.15
|
%
|
2.11
|
%
|
2.16
|
%
|
2.22
|
%
|
2.12
|
%
|
1.87
|
%
|
1.87
|
%
|
1.88
|
%
|
||||||||||||||||||||||||||||
31
|
2.11
|
%
|
1.86
|
%
|
1.99
|
%
|
2.08
|
%
|
2.18
|
%
|
2.13
|
%
|
2.19
|
%
|
2.26
|
%
|
2.16
|
%
|
1.93
|
%
|
1.92
|
%
|
||||||||||||||||||||||||||||||
32
|
2.15
|
%
|
1.90
|
%
|
2.04
|
%
|
2.12
|
%
|
2.21
|
%
|
2.18
|
%
|
2.22
|
%
|
2.30
|
%
|
2.21
|
%
|
1.98
|
%
|
1.97
|
%
|
||||||||||||||||||||||||||||||
33
|
2.19
|
%
|
1.93
|
%
|
2.08
|
%
|
2.17
|
%
|
2.22
|
%
|
2.24
|
%
|
2.24
|
%
|
2.34
|
%
|
2.25
|
%
|
2.02
|
%
|
2.02
|
%
|
||||||||||||||||||||||||||||||
34
|
2.21
|
%
|
1.97
|
%
|
2.11
|
%
|
2.19
|
%
|
2.23
|
%
|
2.27
|
%
|
2.26
|
%
|
2.36
|
%
|
2.29
|
%
|
2.06
|
%
|
2.06
|
%
|
||||||||||||||||||||||||||||||
35
|
2.23
|
%
|
1.99
|
%
|
2.14
|
%
|
2.21
|
%
|
2.24
|
%
|
2.31
|
%
|
2.28
|
%
|
2.39
|
%
|
2.32
|
%
|
2.10
|
%
|
2.09
|
%
|
||||||||||||||||||||||||||||||
36
|
2.25
|
%
|
2.02
|
%
|
2.17
|
%
|
2.22
|
%
|
2.25
|
%
|
2.34
|
%
|
2.30
|
%
|
2.42
|
%
|
2.34
|
%
|
2.13
|
%
|
2.12
|
%
|
||||||||||||||||||||||||||||||
37
|
2.27
|
%
|
2.04
|
%
|
2.18
|
%
|
2.23
|
%
|
2.27
|
%
|
2.36
|
%
|
2.32
|
%
|
2.44
|
%
|
2.37
|
%
|
2.17
|
%
|
||||||||||||||||||||||||||||||||
38
|
2.19
|
%
|
2.37
|
%
|
2.46
|
%
|
2.39
|
%
|
2.19
|
%
|
||||||||||||||||||||||||||||||||||||||||||
39
|
2.21
|
%
|
||||||||||||||||||||||||||||||||||||||||||||||||||
40
|
2.23
|
%
|
Period
|
VZOT 2016-1
|
VZOT 2016-2
|
VZOT 2017-1
|
VZOT 2017-2
|
VZOT 2017-3
|
VZOT 2018-1
|
VZOT 2018-A
|
VZOT 2019-A
|
VZOT 2019-B
|
VZOT 2019-C
|
VZOT 2020-A
|
VZOT 2020-B
|
VZOT 2020-C
|
|||||||||||||||||||||||||||||||||||||||
0
|
1.06
|
%
|
0.33
|
%
|
0.29
|
%
|
0.50
|
%
|
0.81
|
%
|
0.77
|
%
|
0.73
|
%
|
0.55
|
%
|
0.43
|
%
|
0.26
|
%
|
0.51
|
%
|
0.21
|
%
|
0.92
|
%
|
||||||||||||||||||||||||||
1
|
1.45
|
%
|
0.49
|
%
|
0.47
|
%
|
0.83
|
%
|
1.46
|
%
|
1.14
|
%
|
1.14
|
%
|
0.82
|
%
|
0.73
|
%
|
0.69
|
%
|
0.86
|
%
|
0.61
|
%
|
1.30
|
%
|
||||||||||||||||||||||||||
2
|
1.86
|
%
|
0.72
|
%
|
0.66
|
%
|
1.25
|
%
|
2.04
|
%
|
1.54
|
%
|
1.58
|
%
|
1.09
|
%
|
1.14
|
%
|
1.14
|
%
|
1.13
|
%
|
1.00
|
%
|
1.72
|
%
|
||||||||||||||||||||||||||
3
|
2.17
|
%
|
1.04
|
%
|
0.88
|
%
|
1.77
|
%
|
2.53
|
%
|
1.92
|
%
|
1.96
|
%
|
1.37
|
%
|
1.73
|
%
|
1.55
|
%
|
1.49
|
%
|
1.50
|
%
|
2.05
|
%
|
||||||||||||||||||||||||||
4
|
2.57
|
%
|
1.31
|
%
|
1.11
|
%
|
2.40
|
%
|
3.17
|
%
|
2.27
|
%
|
2.50
|
%
|
1.67
|
%
|
2.17
|
%
|
1.92
|
%
|
1.80
|
%
|
2.06
|
%
|
2.57
|
%
|
||||||||||||||||||||||||||
5
|
2.93
|
%
|
1.59
|
%
|
1.40
|
%
|
3.22
|
%
|
3.68
|
%
|
2.75
|
%
|
2.88
|
%
|
2.06
|
%
|
2.63
|
%
|
2.37
|
%
|
2.15
|
%
|
2.57
|
%
|
3.04
|
%
|
||||||||||||||||||||||||||
6
|
3.26
|
%
|
1.83
|
%
|
1.79
|
%
|
3.83
|
%
|
4.12
|
%
|
3.50
|
%
|
3.21
|
%
|
2.76
|
%
|
3.03
|
%
|
2.66
|
%
|
2.48
|
%
|
2.97
|
%
|
3.38
|
%
|
||||||||||||||||||||||||||
7
|
3.74
|
%
|
2.13
|
%
|
2.33
|
%
|
4.28
|
%
|
4.53
|
%
|
3.96
|
%
|
3.51
|
%
|
3.21
|
%
|
3.35
|
%
|
3.07
|
%
|
2.77
|
%
|
3.61
|
%
|
3.67
|
%
|
||||||||||||||||||||||||||
8
|
4.24
|
%
|
2.42
|
%
|
3.12
|
%
|
4.89
|
%
|
4.88
|
%
|
4.44
|
%
|
3.80
|
%
|
3.68
|
%
|
3.76
|
%
|
3.42
|
%
|
3.07
|
%
|
4.13
|
%
|
3.95
|
%
|
||||||||||||||||||||||||||
9
|
4.84
|
%
|
2.83
|
%
|
3.74
|
%
|
5.34
|
%
|
5.18
|
%
|
4.84
|
%
|
4.07
|
%
|
4.07
|
%
|
3.99
|
%
|
3.79
|
%
|
3.62
|
%
|
4.50
|
%
|
4.21
|
%
|
||||||||||||||||||||||||||
10
|
5.20
|
%
|
3.39
|
%
|
4.20
|
%
|
5.70
|
%
|
5.53
|
%
|
5.08
|
%
|
4.36
|
%
|
4.33
|
%
|
4.33
|
%
|
4.12
|
%
|
4.22
|
%
|
4.79
|
%
|
4.45
|
%
|
||||||||||||||||||||||||||
11
|
5.55
|
%
|
4.12
|
%
|
4.73
|
%
|
6.00
|
%
|
6.00
|
%
|
5.44
|
%
|
4.86
|
%
|
4.63
|
%
|
4.59
|
%
|
4.37
|
%
|
4.63
|
%
|
5.05
|
%
|
4.89
|
%
|
||||||||||||||||||||||||||
12
|
5.83
|
%
|
4.94
|
%
|
5.09
|
%
|
6.21
|
%
|
6.27
|
%
|
5.63
|
%
|
5.14
|
%
|
4.78
|
%
|
4.85
|
%
|
4.60
|
%
|
4.89
|
%
|
5.24
|
%
|
5.13
|
%
|
||||||||||||||||||||||||||
13
|
6.10
|
%
|
5.47
|
%
|
5.40
|
%
|
6.38
|
%
|
6.54
|
%
|
5.78
|
%
|
5.43
|
%
|
5.03
|
%
|
5.08
|
%
|
4.91
|
%
|
5.31
|
%
|
5.40
|
%
|
5.38
|
%
|
||||||||||||||||||||||||||
14
|
6.44
|
%
|
5.81
|
%
|
5.67
|
%
|
6.58
|
%
|
6.74
|
%
|
5.89
|
%
|
5.63
|
%
|
5.21
|
%
|
5.24
|
%
|
5.27
|
%
|
5.61
|
%
|
5.73
|
%
|
5.58
|
%
|
||||||||||||||||||||||||||
15
|
6.79
|
%
|
6.23
|
%
|
5.88
|
%
|
6.89
|
%
|
6.84
|
%
|
5.98
|
%
|
5.74
|
%
|
5.40
|
%
|
5.37
|
%
|
5.54
|
%
|
5.80
|
%
|
5.87
|
%
|
5.73
|
%
|
||||||||||||||||||||||||||
16
|
7.23
|
%
|
6.50
|
%
|
6.04
|
%
|
7.04
|
%
|
7.04
|
%
|
6.06
|
%
|
5.90
|
%
|
5.55
|
%
|
5.58
|
%
|
5.70
|
%
|
5.93
|
%
|
6.02
|
%
|
5.97
|
%
|
||||||||||||||||||||||||||
17
|
7.49
|
%
|
6.71
|
%
|
6.22
|
%
|
7.19
|
%
|
7.10
|
%
|
6.17
|
%
|
5.93
|
%
|
5.64
|
%
|
5.82
|
%
|
5.98
|
%
|
6.04
|
%
|
6.12
|
%
|
6.08
|
%
|
||||||||||||||||||||||||||
18
|
7.61
|
%
|
6.88
|
%
|
6.51
|
%
|
7.29
|
%
|
7.14
|
%
|
6.42
|
%
|
6.04
|
%
|
5.71
|
%
|
5.98
|
%
|
6.17
|
%
|
6.10
|
%
|
6.18
|
%
|
6.20
|
%
|
||||||||||||||||||||||||||
19
|
7.82
|
%
|
6.98
|
%
|
6.63
|
%
|
7.33
|
%
|
7.14
|
%
|
6.51
|
%
|
6.10
|
%
|
5.84
|
%
|
6.06
|
%
|
6.26
|
%
|
6.14
|
%
|
6.34
|
%
|
6.28
|
%
|
||||||||||||||||||||||||||
20
|
7.89
|
%
|
7.04
|
%
|
6.75
|
%
|
7.45
|
%
|
7.15
|
%
|
6.62
|
%
|
6.17
|
%
|
6.01
|
%
|
6.26
|
%
|
6.32
|
%
|
6.30
|
%
|
6.39
|
%
|
6.34
|
%
|
||||||||||||||||||||||||||
21
|
7.95
|
%
|
7.12
|
%
|
6.81
|
%
|
7.47
|
%
|
7.15
|
%
|
6.68
|
%
|
6.25
|
%
|
6.13
|
%
|
6.38
|
%
|
6.36
|
%
|
6.33
|
%
|
6.45
|
%
|
6.36
|
%
|
||||||||||||||||||||||||||
22
|
8.02
|
%
|
7.29
|
%
|
6.83
|
%
|
7.48
|
%
|
7.21
|
%
|
6.72
|
%
|
6.31
|
%
|
6.21
|
%
|
6.47
|
%
|
6.39
|
%
|
6.39
|
%
|
6.50
|
%
|
6.45
|
%
|
||||||||||||||||||||||||||
23
|
8.08
|
%
|
7.35
|
%
|
6.96
|
%
|
7.49
|
%
|
7.40
|
%
|
6.81
|
%
|
6.37
|
%
|
6.41
|
%
|
6.53
|
%
|
6.44
|
%
|
6.45
|
%
|
6.56
|
%
|
6.69
|
%
|
||||||||||||||||||||||||||
24
|
8.38
|
%
|
7.67
|
%
|
7.22
|
%
|
7.71
|
%
|
7.70
|
%
|
7.02
|
%
|
6.69
|
%
|
6.76
|
%
|
6.78
|
%
|
6.60
|
%
|
6.68
|
%
|
6.60
|
%
|
7.00
|
%
|
||||||||||||||||||||||||||
25
|
8.72
|
%
|
7.96
|
%
|
7.44
|
%
|
7.92
|
%
|
8.00
|
%
|
7.29
|
%
|
7.03
|
%
|
7.03
|
%
|
7.00
|
%
|
6.85
|
%
|
6.96
|
%
|
6.91
|
%
|
7.30
|
%
|
||||||||||||||||||||||||||
26
|
9.16
|
%
|
8.20
|
%
|
7.66
|
%
|
8.18
|
%
|
8.27
|
%
|
7.52
|
%
|
7.33
|
%
|
7.25
|
%
|
7.20
|
%
|
7.10
|
%
|
7.19
|
%
|
7.32
|
%
|
7.58
|
%
|
||||||||||||||||||||||||||
27
|
9.48
|
%
|
8.49
|
%
|
7.86
|
%
|
8.54
|
%
|
8.49
|
%
|
7.76
|
%
|
7.57
|
%
|
7.48
|
%
|
7.52
|
%
|
7.33
|
%
|
7.42
|
%
|
7.59
|
%
|
7.80
|
%
|
||||||||||||||||||||||||||
28
|
9.80
|
%
|
8.72
|
%
|
8.05
|
%
|
8.80
|
%
|
8.72
|
%
|
7.97
|
%
|
7.88
|
%
|
7.68
|
%
|
7.74
|
%
|
7.53
|
%
|
7.62
|
%
|
7.85
|
%
|
||||||||||||||||||||||||||||
29
|
10.08
|
%
|
8.91
|
%
|
8.28
|
%
|
9.06
|
%
|
8.89
|
%
|
8.15
|
%
|
8.16
|
%
|
7.86
|
%
|
7.97
|
%
|
7.78
|
%
|
7.82
|
%
|
8.09
|
%
|
||||||||||||||||||||||||||||
30
|
10.29
|
%
|
9.09
|
%
|
8.60
|
%
|
9.28
|
%
|
9.09
|
%
|
8.32
|
%
|
8.36
|
%
|
8.14
|
%
|
8.16
|
%
|
7.97
|
%
|
8.00
|
%
|
8.27
|
%
|
||||||||||||||||||||||||||||
31
|
10.53
|
%
|
9.25
|
%
|
8.82
|
%
|
9.44
|
%
|
9.27
|
%
|
8.54
|
%
|
8.54
|
%
|
8.33
|
%
|
8.33
|
%
|
8.16
|
%
|
8.19
|
%
|
||||||||||||||||||||||||||||||
32
|
10.70
|
%
|
9.40
|
%
|
9.04
|
%
|
9.61
|
%
|
9.43
|
%
|
8.78
|
%
|
8.70
|
%
|
8.51
|
%
|
8.52
|
%
|
8.32
|
%
|
8.44
|
%
|
||||||||||||||||||||||||||||||
33
|
10.84
|
%
|
9.56
|
%
|
9.21
|
%
|
9.72
|
%
|
9.58
|
%
|
8.96
|
%
|
8.83
|
%
|
8.66
|
%
|
8.67
|
%
|
8.48
|
%
|
8.60
|
%
|
||||||||||||||||||||||||||||||
34
|
10.96
|
%
|
9.76
|
%
|
9.34
|
%
|
9.86
|
%
|
9.69
|
%
|
9.09
|
%
|
8.94
|
%
|
8.79
|
%
|
8.81
|
%
|
8.61
|
%
|
8.74
|
%
|
||||||||||||||||||||||||||||||
35
|
11.05
|
%
|
9.89
|
%
|
9.46
|
%
|
9.97
|
%
|
9.78
|
%
|
9.24
|
%
|
9.09
|
%
|
8.93
|
%
|
8.94
|
%
|
8.75
|
%
|
8.87
|
%
|
||||||||||||||||||||||||||||||
36
|
11.13
|
%
|
10.02
|
%
|
9.54
|
%
|
10.06
|
%
|
9.88
|
%
|
9.36
|
%
|
9.19
|
%
|
9.04
|
%
|
9.04
|
%
|
8.90
|
%
|
8.95
|
%
|
||||||||||||||||||||||||||||||
37
|
11.21
|
%
|
10.11
|
%
|
9.62
|
%
|
10.14
|
%
|
9.97
|
%
|
9.44
|
%
|
9.27
|
%
|
9.13
|
%
|
9.12
|
%
|
9.00
|
%
|
||||||||||||||||||||||||||||||||
38
|
9.69
|
%
|
9.51
|
%
|
9.20
|
%
|
9.20
|
%
|
9.09
|
%
|
||||||||||||||||||||||||||||||||||||||||||
39
|
9.16
|
%
|
||||||||||||||||||||||||||||||||||||||||||||||||||
40
|
9.21
|
%
|
Period
|
VZOT 2016-1
|
VZOT 2016-2
|
VZOT 2017-1
|
VZOT 2017-2
|
VZOT 2017-3
|
VZOT 2018-1
|
VZOT 2018-A
|
VZOT 2019-A
|
VZOT 2019-B
|
VZOT 2019-C
|
VZOT 2020-A
|
VZOT 2020-B
|
VZOT 2020-C
|
|||||||||||||||||||||||||||||||||||||||
0
|
0.03
|
%
|
0.03
|
%
|
0.01
|
%
|
0.08
|
%
|
0.27
|
%
|
0.16
|
%
|
0.22
|
%
|
0.05
|
%
|
0.02
|
%
|
0.07
|
%
|
0.02
|
%
|
0.01
|
%
|
0.05
|
%
|
||||||||||||||||||||||||||
1
|
0.08
|
%
|
0.04
|
%
|
0.02
|
%
|
0.14
|
%
|
0.57
|
%
|
0.22
|
%
|
0.33
|
%
|
0.07
|
%
|
0.04
|
%
|
0.15
|
%
|
0.04
|
%
|
0.02
|
%
|
0.10
|
%
|
||||||||||||||||||||||||||
2
|
0.14
|
%
|
0.06
|
%
|
0.03
|
%
|
0.23
|
%
|
0.76
|
%
|
0.29
|
%
|
0.43
|
%
|
0.09
|
%
|
0.11
|
%
|
0.23
|
%
|
0.05
|
%
|
0.04
|
%
|
0.14
|
%
|
||||||||||||||||||||||||||
3
|
0.21
|
%
|
0.08
|
%
|
0.05
|
%
|
0.39
|
%
|
0.88
|
%
|
0.35
|
%
|
0.51
|
%
|
0.11
|
%
|
0.34
|
%
|
0.30
|
%
|
0.07
|
%
|
0.16
|
%
|
0.17
|
%
|
||||||||||||||||||||||||||
4
|
0.32
|
%
|
0.12
|
%
|
0.07
|
%
|
0.66
|
%
|
1.06
|
%
|
0.41
|
%
|
0.61
|
%
|
0.13
|
%
|
0.47
|
%
|
0.35
|
%
|
0.09
|
%
|
0.32
|
%
|
0.22
|
%
|
||||||||||||||||||||||||||
5
|
0.41
|
%
|
0.17
|
%
|
0.11
|
%
|
1.11
|
%
|
1.20
|
%
|
0.57
|
%
|
0.67
|
%
|
0.24
|
%
|
0.60
|
%
|
0.40
|
%
|
0.12
|
%
|
0.42
|
%
|
0.27
|
%
|
||||||||||||||||||||||||||
6
|
0.49
|
%
|
0.21
|
%
|
0.24
|
%
|
1.35
|
%
|
1.31
|
%
|
0.97
|
%
|
0.74
|
%
|
0.59
|
%
|
0.71
|
%
|
0.43
|
%
|
0.14
|
%
|
0.48
|
%
|
0.31
|
%
|
||||||||||||||||||||||||||
7
|
0.62
|
%
|
0.27
|
%
|
0.49
|
%
|
1.49
|
%
|
1.43
|
%
|
1.17
|
%
|
0.80
|
%
|
0.77
|
%
|
0.78
|
%
|
0.48
|
%
|
0.16
|
%
|
0.58
|
%
|
0.35
|
%
|
||||||||||||||||||||||||||
8
|
0.88
|
%
|
0.34
|
%
|
0.97
|
%
|
1.68
|
%
|
1.52
|
%
|
1.36
|
%
|
0.85
|
%
|
0.94
|
%
|
0.83
|
%
|
0.53
|
%
|
0.19
|
%
|
0.65
|
%
|
0.39
|
%
|
||||||||||||||||||||||||||
9
|
1.25
|
%
|
0.44
|
%
|
1.30
|
%
|
1.81
|
%
|
1.58
|
%
|
1.50
|
%
|
0.87
|
%
|
1.06
|
%
|
0.85
|
%
|
0.58
|
%
|
0.45
|
%
|
0.69
|
%
|
0.42
|
%
|
||||||||||||||||||||||||||
10
|
1.41
|
%
|
0.70
|
%
|
1.48
|
%
|
1.90
|
%
|
1.68
|
%
|
1.53
|
%
|
0.92
|
%
|
1.09
|
%
|
0.88
|
%
|
0.60
|
%
|
0.73
|
%
|
0.74
|
%
|
0.44
|
%
|
||||||||||||||||||||||||||
11
|
1.52
|
%
|
1.10
|
%
|
1.65
|
%
|
1.96
|
%
|
1.90
|
%
|
1.57
|
%
|
1.13
|
%
|
1.10
|
%
|
0.89
|
%
|
0.62
|
%
|
0.83
|
%
|
0.75
|
%
|
0.56
|
%
|
||||||||||||||||||||||||||
12
|
1.59
|
%
|
1.59
|
%
|
1.74
|
%
|
1.97
|
%
|
1.98
|
%
|
1.56
|
%
|
1.20
|
%
|
1.09
|
%
|
0.89
|
%
|
0.62
|
%
|
0.86
|
%
|
0.75
|
%
|
0.61
|
%
|
||||||||||||||||||||||||||
13
|
1.63
|
%
|
1.79
|
%
|
1.80
|
%
|
1.96
|
%
|
2.05
|
%
|
1.54
|
%
|
1.26
|
%
|
1.08
|
%
|
0.88
|
%
|
0.71
|
%
|
0.90
|
%
|
0.74
|
%
|
0.65
|
%
|
||||||||||||||||||||||||||
14
|
1.73
|
%
|
1.87
|
%
|
1.84
|
%
|
2.00
|
%
|
2.08
|
%
|
1.52
|
%
|
1.28
|
%
|
1.07
|
%
|
0.86
|
%
|
0.82
|
%
|
0.91
|
%
|
0.79
|
%
|
0.67
|
%
|
||||||||||||||||||||||||||
15
|
1.85
|
%
|
1.95
|
%
|
1.84
|
%
|
2.12
|
%
|
2.06
|
%
|
1.49
|
%
|
1.28
|
%
|
1.05
|
%
|
0.85
|
%
|
0.86
|
%
|
0.90
|
%
|
0.79
|
%
|
0.69
|
%
|
||||||||||||||||||||||||||
16
|
2.05
|
%
|
1.97
|
%
|
1.83
|
%
|
2.15
|
%
|
2.05
|
%
|
1.46
|
%
|
1.26
|
%
|
1.03
|
%
|
0.91
|
%
|
0.86
|
%
|
0.90
|
%
|
0.80
|
%
|
0.70
|
%
|
||||||||||||||||||||||||||
17
|
2.12
|
%
|
1.98
|
%
|
1.84
|
%
|
2.18
|
%
|
2.01
|
%
|
1.45
|
%
|
1.24
|
%
|
1.00
|
%
|
0.98
|
%
|
0.88
|
%
|
0.88
|
%
|
0.80
|
%
|
0.71
|
%
|
||||||||||||||||||||||||||
18
|
2.13
|
%
|
1.98
|
%
|
1.94
|
%
|
2.18
|
%
|
1.98
|
%
|
1.56
|
%
|
1.22
|
%
|
0.98
|
%
|
1.00
|
%
|
0.88
|
%
|
0.86
|
%
|
0.81
|
%
|
0.70
|
%
|
||||||||||||||||||||||||||
19
|
2.16
|
%
|
1.96
|
%
|
1.96
|
%
|
2.16
|
%
|
1.94
|
%
|
1.59
|
%
|
1.20
|
%
|
1.03
|
%
|
0.99
|
%
|
0.87
|
%
|
0.84
|
%
|
0.81
|
%
|
0.70
|
%
|
||||||||||||||||||||||||||
20
|
2.17
|
%
|
1.93
|
%
|
1.98
|
%
|
2.15
|
%
|
1.90
|
%
|
1.61
|
%
|
1.19
|
%
|
1.09
|
%
|
1.01
|
%
|
0.86
|
%
|
0.87
|
%
|
0.81
|
%
|
0.69
|
%
|
||||||||||||||||||||||||||
21
|
2.18
|
%
|
1.94
|
%
|
1.98
|
%
|
2.11
|
%
|
1.86
|
%
|
1.62
|
%
|
1.17
|
%
|
1.11
|
%
|
1.00
|
%
|
0.85
|
%
|
0.87
|
%
|
0.81
|
%
|
0.68
|
%
|
||||||||||||||||||||||||||
22
|
2.20
|
%
|
2.03
|
%
|
1.96
|
%
|
2.08
|
%
|
1.86
|
%
|
1.60
|
%
|
1.15
|
%
|
1.11
|
%
|
1.00
|
%
|
0.84
|
%
|
0.88
|
%
|
0.80
|
%
|
0.70
|
%
|
||||||||||||||||||||||||||
23
|
2.20
|
%
|
2.06
|
%
|
1.97
|
%
|
2.05
|
%
|
1.96
|
%
|
1.59
|
%
|
1.13
|
%
|
1.13
|
%
|
0.99
|
%
|
0.83
|
%
|
0.88
|
%
|
0.80
|
%
|
0.78
|
%
|
||||||||||||||||||||||||||
24
|
2.26
|
%
|
2.15
|
%
|
2.00
|
%
|
2.08
|
%
|
2.04
|
%
|
1.62
|
%
|
1.22
|
%
|
1.16
|
%
|
1.01
|
%
|
0.87
|
%
|
0.92
|
%
|
0.79
|
%
|
0.83
|
%
|
||||||||||||||||||||||||||
25
|
2.35
|
%
|
2.23
|
%
|
2.04
|
%
|
2.10
|
%
|
2.12
|
%
|
1.64
|
%
|
1.32
|
%
|
1.19
|
%
|
1.03
|
%
|
0.90
|
%
|
0.95
|
%
|
0.83
|
%
|
0.86
|
%
|
||||||||||||||||||||||||||
26
|
2.53
|
%
|
2.28
|
%
|
2.07
|
%
|
2.15
|
%
|
2.18
|
%
|
1.67
|
%
|
1.38
|
%
|
1.21
|
%
|
1.04
|
%
|
0.94
|
%
|
0.97
|
%
|
0.92
|
%
|
0.90
|
%
|
||||||||||||||||||||||||||
27
|
2.63
|
%
|
2.33
|
%
|
2.10
|
%
|
2.30
|
%
|
2.22
|
%
|
1.69
|
%
|
1.41
|
%
|
1.23
|
%
|
1.11
|
%
|
0.97
|
%
|
0.99
|
%
|
0.96
|
%
|
0.92
|
%
|
||||||||||||||||||||||||||
28
|
2.73
|
%
|
2.37
|
%
|
2.12
|
%
|
2.38
|
%
|
2.25
|
%
|
1.71
|
%
|
1.46
|
%
|
1.25
|
%
|
1.14
|
%
|
1.00
|
%
|
1.01
|
%
|
0.99
|
%
|
||||||||||||||||||||||||||||
29
|
2.80
|
%
|
2.40
|
%
|
2.17
|
%
|
2.44
|
%
|
2.27
|
%
|
1.73
|
%
|
1.49
|
%
|
1.26
|
%
|
1.18
|
%
|
1.02
|
%
|
1.02
|
%
|
1.02
|
%
|
||||||||||||||||||||||||||||
30
|
2.84
|
%
|
2.43
|
%
|
2.30
|
%
|
2.49
|
%
|
2.30
|
%
|
1.74
|
%
|
1.51
|
%
|
1.32
|
%
|
1.20
|
%
|
1.04
|
%
|
1.03
|
%
|
1.03
|
%
|
||||||||||||||||||||||||||||
31
|
2.89
|
%
|
2.46
|
%
|
2.37
|
%
|
2.52
|
%
|
2.32
|
%
|
1.81
|
%
|
1.53
|
%
|
1.35
|
%
|
1.23
|
%
|
1.06
|
%
|
1.05
|
%
|
||||||||||||||||||||||||||||||
32
|
2.91
|
%
|
2.47
|
%
|
2.42
|
%
|
2.54
|
%
|
2.33
|
%
|
1.88
|
%
|
1.55
|
%
|
1.38
|
%
|
1.25
|
%
|
1.07
|
%
|
1.09
|
%
|
||||||||||||||||||||||||||||||
33
|
2.93
|
%
|
2.50
|
%
|
2.46
|
%
|
2.56
|
%
|
2.35
|
%
|
1.91
|
%
|
1.56
|
%
|
1.40
|
%
|
1.26
|
%
|
1.08
|
%
|
1.11
|
%
|
||||||||||||||||||||||||||||||
34
|
2.94
|
%
|
2.56
|
%
|
2.47
|
%
|
2.57
|
%
|
2.35
|
%
|
1.93
|
%
|
1.57
|
%
|
1.42
|
%
|
1.27
|
%
|
1.08
|
%
|
1.12
|
%
|
||||||||||||||||||||||||||||||
35
|
2.95
|
%
|
2.59
|
%
|
2.49
|
%
|
2.58
|
%
|
2.36
|
%
|
1.94
|
%
|
1.58
|
%
|
1.43
|
%
|
1.28
|
%
|
1.09
|
%
|
1.13
|
%
|
||||||||||||||||||||||||||||||
36
|
2.96
|
%
|
2.61
|
%
|
2.49
|
%
|
2.58
|
%
|
2.37
|
%
|
1.95
|
%
|
1.59
|
%
|
1.44
|
%
|
1.28
|
%
|
1.11
|
%
|
1.14
|
%
|
||||||||||||||||||||||||||||||
37
|
2.96
|
%
|
2.62
|
%
|
2.50
|
%
|
2.59
|
%
|
2.38
|
%
|
1.95
|
%
|
1.60
|
%
|
1.44
|
%
|
1.28
|
%
|
1.12
|
%
|
||||||||||||||||||||||||||||||||
38
|
2.50
|
%
|
1.96
|
%
|
1.44
|
%
|
1.29
|
%
|
1.12
|
%
|
||||||||||||||||||||||||||||||||||||||||||
39
|
1.12
|
%
|
||||||||||||||||||||||||||||||||||||||||||||||||||
40
|
1.12
|
%
|
Period
|
VZOT 2016-1
|
VZOT 2016-2
|
VZOT 2017-1
|
VZOT 2017-2
|
VZOT 2017-3
|
VZOT 2018-1
|
VZOT 2018-A
|
VZOT 2019-A
|
VZOT 2019-B
|
VZOT 2019-C
|
VZOT 2020-A
|
VZOT 2020-B
|
VZOT 2020-C
|
|||||||||||||||||||||||||||||||||||||||
0
|
0.25
|
%
|
0.19
|
%
|
0.18
|
%
|
0.20
|
%
|
0.25
|
%
|
0.22
|
%
|
0.32
|
%
|
0.25
|
%
|
0.36
|
%
|
0.04
|
%
|
0.28
|
%
|
0.01
|
%
|
0.48
|
%
|
||||||||||||||||||||||||||
1
|
0.53
|
%
|
0.41
|
%
|
0.38
|
%
|
0.45
|
%
|
0.47
|
%
|
0.49
|
%
|
0.60
|
%
|
0.57
|
%
|
0.63
|
%
|
0.28
|
%
|
0.53
|
%
|
0.18
|
%
|
0.94
|
%
|
||||||||||||||||||||||||||
2
|
0.70
|
%
|
0.54
|
%
|
0.44
|
%
|
0.57
|
%
|
0.60
|
%
|
0.62
|
%
|
0.77
|
%
|
0.77
|
%
|
0.83
|
%
|
0.60
|
%
|
0.78
|
%
|
0.43
|
%
|
1.13
|
%
|
||||||||||||||||||||||||||
3
|
0.78
|
%
|
0.54
|
%
|
0.52
|
%
|
0.65
|
%
|
0.62
|
%
|
0.72
|
%
|
0.76
|
%
|
0.91
|
%
|
0.89
|
%
|
0.76
|
%
|
1.42
|
%
|
0.60
|
%
|
1.08
|
%
|
||||||||||||||||||||||||||
4
|
0.84
|
%
|
0.51
|
%
|
0.63
|
%
|
0.66
|
%
|
0.58
|
%
|
0.77
|
%
|
0.69
|
%
|
0.93
|
%
|
0.89
|
%
|
0.76
|
%
|
1.70
|
%
|
0.71
|
%
|
0.87
|
%
|
||||||||||||||||||||||||||
5
|
0.84
|
%
|
0.50
|
%
|
0.67
|
%
|
0.68
|
%
|
0.54
|
%
|
0.81
|
%
|
0.63
|
%
|
0.96
|
%
|
0.92
|
%
|
0.75
|
%
|
0.33
|
%
|
0.73
|
%
|
0.63
|
%
|
||||||||||||||||||||||||||
6
|
0.83
|
%
|
0.48
|
%
|
0.70
|
%
|
0.68
|
%
|
0.58
|
%
|
0.80
|
%
|
0.65
|
%
|
0.96
|
%
|
0.91
|
%
|
0.83
|
%
|
0.23
|
%
|
0.70
|
%
|
0.55
|
%
|
||||||||||||||||||||||||||
7
|
0.71
|
%
|
0.50
|
%
|
0.67
|
%
|
0.65
|
%
|
0.61
|
%
|
0.81
|
%
|
0.70
|
%
|
0.92
|
%
|
0.85
|
%
|
1.44
|
%
|
0.40
|
%
|
0.57
|
%
|
0.57
|
%
|
||||||||||||||||||||||||||
8
|
0.59
|
%
|
0.58
|
%
|
0.69
|
%
|
0.59
|
%
|
0.67
|
%
|
0.86
|
%
|
0.79
|
%
|
0.94
|
%
|
0.81
|
%
|
1.71
|
%
|
0.81
|
%
|
0.44
|
%
|
0.75
|
%
|
||||||||||||||||||||||||||
9
|
0.53
|
%
|
0.62
|
%
|
0.68
|
%
|
0.53
|
%
|
0.71
|
%
|
0.83
|
%
|
0.82
|
%
|
0.91
|
%
|
0.89
|
%
|
0.34
|
%
|
1.06
|
%
|
0.42
|
%
|
0.82
|
%
|
||||||||||||||||||||||||||
10
|
0.50
|
%
|
0.65
|
%
|
0.65
|
%
|
0.57
|
%
|
0.76
|
%
|
0.76
|
%
|
0.86
|
%
|
0.85
|
%
|
1.54
|
%
|
0.25
|
%
|
1.16
|
%
|
0.48
|
%
|
0.83
|
%
|
||||||||||||||||||||||||||
11
|
0.52
|
%
|
0.63
|
%
|
0.59
|
%
|
0.61
|
%
|
0.77
|
%
|
0.68
|
%
|
0.88
|
%
|
0.82
|
%
|
1.81
|
%
|
0.43
|
%
|
1.08
|
%
|
0.64
|
%
|
0.86
|
%
|
||||||||||||||||||||||||||
12
|
0.61
|
%
|
0.65
|
%
|
0.54
|
%
|
0.67
|
%
|
0.78
|
%
|
0.62
|
%
|
0.87
|
%
|
0.92
|
%
|
0.34
|
%
|
0.84
|
%
|
0.99
|
%
|
0.71
|
%
|
0.90
|
%
|
||||||||||||||||||||||||||
13
|
0.67
|
%
|
0.66
|
%
|
0.57
|
%
|
0.71
|
%
|
0.85
|
%
|
0.67
|
%
|
0.90
|
%
|
1.58
|
%
|
0.26
|
%
|
1.11
|
%
|
0.79
|
%
|
0.73
|
%
|
0.93
|
%
|
||||||||||||||||||||||||||
14
|
0.72
|
%
|
0.64
|
%
|
0.61
|
%
|
0.77
|
%
|
0.82
|
%
|
0.71
|
%
|
0.89
|
%
|
1.84
|
%
|
0.45
|
%
|
1.23
|
%
|
0.56
|
%
|
0.77
|
%
|
0.97
|
%
|
||||||||||||||||||||||||||
15
|
0.70
|
%
|
0.59
|
%
|
0.66
|
%
|
0.78
|
%
|
0.77
|
%
|
0.82
|
%
|
0.83
|
%
|
0.35
|
%
|
0.89
|
%
|
1.13
|
%
|
0.49
|
%
|
0.81
|
%
|
0.97
|
%
|
||||||||||||||||||||||||||
16
|
0.70
|
%
|
0.54
|
%
|
0.71
|
%
|
0.79
|
%
|
0.69
|
%
|
0.84
|
%
|
0.80
|
%
|
0.26
|
%
|
1.17
|
%
|
1.05
|
%
|
0.53
|
%
|
0.85
|
%
|
0.86
|
%
|
||||||||||||||||||||||||||
17
|
0.69
|
%
|
0.58
|
%
|
0.76
|
%
|
0.86
|
%
|
0.64
|
%
|
0.90
|
%
|
0.90
|
%
|
0.46
|
%
|
1.31
|
%
|
0.83
|
%
|
0.70
|
%
|
0.90
|
%
|
0.77
|
%
|
||||||||||||||||||||||||||
18
|
0.67
|
%
|
0.60
|
%
|
0.77
|
%
|
0.83
|
%
|
0.68
|
%
|
0.92
|
%
|
1.55
|
%
|
0.91
|
%
|
1.21
|
%
|
0.58
|
%
|
0.78
|
%
|
0.91
|
%
|
0.77
|
%
|
||||||||||||||||||||||||||
19
|
0.61
|
%
|
0.67
|
%
|
0.80
|
%
|
0.77
|
%
|
0.72
|
%
|
0.90
|
%
|
1.83
|
%
|
1.21
|
%
|
1.11
|
%
|
0.50
|
%
|
0.79
|
%
|
0.81
|
%
|
0.75
|
%
|
||||||||||||||||||||||||||
20
|
0.56
|
%
|
0.71
|
%
|
0.87
|
%
|
0.70
|
%
|
0.84
|
%
|
0.93
|
%
|
0.35
|
%
|
1.33
|
%
|
0.87
|
%
|
0.53
|
%
|
0.83
|
%
|
0.72
|
%
|
0.79
|
%
|
||||||||||||||||||||||||||
21
|
0.59
|
%
|
0.76
|
%
|
0.84
|
%
|
0.64
|
%
|
0.86
|
%
|
0.91
|
%
|
0.27
|
%
|
1.22
|
%
|
0.61
|
%
|
0.72
|
%
|
0.87
|
%
|
0.73
|
%
|
0.78
|
%
|
||||||||||||||||||||||||||
22
|
0.63
|
%
|
0.77
|
%
|
0.78
|
%
|
0.69
|
%
|
0.90
|
%
|
0.85
|
%
|
0.46
|
%
|
1.11
|
%
|
0.52
|
%
|
0.80
|
%
|
0.91
|
%
|
0.72
|
%
|
0.77
|
%
|
||||||||||||||||||||||||||
23
|
0.69
|
%
|
0.79
|
%
|
0.69
|
%
|
0.73
|
%
|
0.92
|
%
|
0.82
|
%
|
0.89
|
%
|
0.87
|
%
|
0.56
|
%
|
0.81
|
%
|
0.93
|
%
|
0.75
|
%
|
0.75
|
%
|
||||||||||||||||||||||||||
24
|
0.81
|
%
|
0.95
|
%
|
0.70
|
%
|
0.90
|
%
|
1.00
|
%
|
1.01
|
%
|
1.29
|
%
|
0.67
|
%
|
0.80
|
%
|
0.84
|
%
|
0.99
|
%
|
0.77
|
%
|
0.78
|
%
|
||||||||||||||||||||||||||
25
|
0.93
|
%
|
0.99
|
%
|
0.78
|
%
|
0.99
|
%
|
1.12
|
%
|
1.82
|
%
|
1.54
|
%
|
0.62
|
%
|
0.95
|
%
|
0.98
|
%
|
0.94
|
%
|
0.84
|
%
|
0.86
|
%
|
||||||||||||||||||||||||||
26
|
0.98
|
%
|
0.96
|
%
|
0.85
|
%
|
1.08
|
%
|
1.13
|
%
|
2.24
|
%
|
1.51
|
%
|
0.67
|
%
|
1.01
|
%
|
1.08
|
%
|
0.89
|
%
|
0.91
|
%
|
0.91
|
%
|
||||||||||||||||||||||||||
27
|
1.05
|
%
|
0.88
|
%
|
0.95
|
%
|
1.10
|
%
|
1.08
|
%
|
0.45
|
%
|
1.45
|
%
|
0.89
|
%
|
1.08
|
%
|
1.14
|
%
|
0.93
|
%
|
0.91
|
%
|
0.86
|
%
|
||||||||||||||||||||||||||
28
|
1.16
|
%
|
0.81
|
%
|
0.96
|
%
|
1.10
|
%
|
1.06
|
%
|
0.32
|
%
|
1.20
|
%
|
1.00
|
%
|
1.16
|
%
|
1.16
|
%
|
0.96
|
%
|
0.96
|
%
|
||||||||||||||||||||||||||||
29
|
1.13
|
%
|
0.80
|
%
|
1.01
|
%
|
1.15
|
%
|
1.16
|
%
|
0.53
|
%
|
0.88
|
%
|
1.05
|
%
|
1.24
|
%
|
1.08
|
%
|
1.05
|
%
|
0.97
|
%
|
||||||||||||||||||||||||||||
30
|
1.08
|
%
|
0.82
|
%
|
1.04
|
%
|
1.16
|
%
|
2.01
|
%
|
1.08
|
%
|
0.77
|
%
|
1.15
|
%
|
1.30
|
%
|
1.04
|
%
|
1.08
|
%
|
0.92
|
%
|
||||||||||||||||||||||||||||
31
|
0.99
|
%
|
0.92
|
%
|
1.06
|
%
|
1.11
|
%
|
2.49
|
%
|
1.52
|
%
|
0.82
|
%
|
1.26
|
%
|
1.34
|
%
|
1.07
|
%
|
1.11
|
%
|
||||||||||||||||||||||||||||||
32
|
0.94
|
%
|
0.95
|
%
|
1.13
|
%
|
1.11
|
%
|
0.49
|
%
|
1.72
|
%
|
1.09
|
%
|
1.35
|
%
|
1.27
|
%
|
1.10
|
%
|
1.16
|
%
|
||||||||||||||||||||||||||||||
33
|
0.95
|
%
|
1.02
|
%
|
1.14
|
%
|
1.25
|
%
|
0.38
|
%
|
1.68
|
%
|
1.28
|
%
|
1.44
|
%
|
1.24
|
%
|
1.21
|
%
|
1.11
|
%
|
||||||||||||||||||||||||||||||
34
|
1.00
|
%
|
1.10
|
%
|
1.13
|
%
|
2.20
|
%
|
0.65
|
%
|
1.70
|
%
|
1.38
|
%
|
1.52
|
%
|
1.29
|
%
|
1.21
|
%
|
1.18
|
%
|
||||||||||||||||||||||||||||||
35
|
1.14
|
%
|
1.14
|
%
|
1.16
|
%
|
2.81
|
%
|
1.38
|
%
|
1.50
|
%
|
1.60
|
%
|
1.48
|
%
|
1.37
|
%
|
1.26
|
%
|
1.22
|
%
|
||||||||||||||||||||||||||||||
36
|
1.23
|
%
|
1.26
|
%
|
1.33
|
%
|
0.59
|
%
|
2.09
|
%
|
1.13
|
%
|
1.89
|
%
|
1.52
|
%
|
1.53
|
%
|
1.33
|
%
|
1.19
|
%
|
||||||||||||||||||||||||||||||
37
|
1.43
|
%
|
1.31
|
%
|
2.37
|
%
|
0.50
|
%
|
2.53
|
%
|
1.02
|
%
|
2.26
|
%
|
1.61
|
%
|
1.51
|
%
|
1.31
|
%
|
||||||||||||||||||||||||||||||||
38
|
3.09
|
%
|
1.11
|
%
|
1.74
|
%
|
1.64
|
%
|
1.41
|
%
|
||||||||||||||||||||||||||||||||||||||||||
39
|
1.48
|
%
|
||||||||||||||||||||||||||||||||||||||||||||||||||
40
|
1.46
|
%
|
Notes |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
1,500,500,000
|
0.50
|
%
|
30/360
|
May 20, 2024
|
May 20, 2027
|
||||||||
Class B notes
|
$
|
118,700,000
|
0.69
|
%
|
30/360
|
May 20, 2024
|
May 20, 2027
|
||||||||
Class C notes
|
$
|
80,800,000
|
0.89
|
%
|
30/360
|
May 20, 2024
|
May 20, 2027
|
||||||||
Total
|
$
|
1,700,000,000
|
Notes |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
1,246,700,000
|
0.99
|
%
|
30/360
|
October 21, 2024
|
April 20, 2028
|
||||||||
Class B notes
|
$
|
76,300,000
|
1.28
|
%
|
30/360
|
October 21, 2024
|
April 20, 2028
|
||||||||
Class C notes
|
$
|
77,000,000
|
1.38
|
%
|
30/360
|
October 21, 2024
|
April 20, 2028
|
||||||||
Total
|
$
|
1,400,000,000
|
Notes |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
798,900,000
|
1.04
|
%
|
30/360
|
July 20, 2023
|
January 20, 2027
|
||||||||
Class B notes
|
$
|
64,100,000
|
1.27
|
%
|
30/360
|
July 20, 2023
|
January 20, 2027
|
||||||||
Class C notes
|
$
|
37,000,000
|
1.39
|
%
|
30/360
|
July 20, 2023
|
January 20, 2027
|
||||||||
Total
|
$
|
900,000,000
|
Notes |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
710,100,000
|
1.53
|
%
|
30/360
|
January 21, 2025
|
July 20, 2028
|
||||||||
Class B notes
|
$
|
57,000,000
|
1.83
|
%
|
30/360
|
January 21, 2025
|
July 20, 2028
|
||||||||
Class C notes
|
$
|
32,900,000
|
2.01
|
%
|
30/360
|
January 21, 2025
|
July 20, 2028
|
||||||||
Total
|
$
|
800,000,000
|
Notes(1) |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
399,400,000
|
3.01
|
%
|
30/360
|
November 20, 2023
|
May 20, 2027
|
||||||||
Class B notes
|
$
|
34,400,000
|
3.25
|
%
|
30/360
|
November 20, 2023
|
May 20, 2027
|
||||||||
Class C notes
|
$
|
16,200,000
|
3.50
|
%
|
30/360
|
November 20, 2023
|
May 20, 2027
|
||||||||
Total
|
$
|
450,000,000
|
Notes |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
488,200,000
|
3.40
|
%
|
30/360
|
May 20, 2025
|
November 20, 2028
|
||||||||
Class B notes
|
$
|
42,100,000
|
3.64
|
%
|
30/360
|
May 20, 2025
|
November 20, 2028
|
||||||||
Class C notes
|
$
|
19,700,000
|
3.89
|
%
|
30/360
|
May 20, 2025
|
November 20, 2028
|
||||||||
Total
|
$
|
550,000,000
|
Notes(1) |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A-1a notes
|
$
|
351,005,000
|
3.72
|
%
|
30/360
|
January 22, 2024
|
July 20, 2027
|
||||||||
Class A-1b notes
|
$
|
57,355,000
|
Compounded SOFR + 0.62%(2)
|
Actual/360
|
January 22, 2024
|
July 20, 2027
|
|||||||||
Class B notes
|
$
|
35,310,000
|
3.96
|
%
|
30/360
|
January 22, 2024
|
July 20, 2027
|
||||||||
Class C notes
|
$
|
16,410,000
|
4.21
|
%
|
30/360
|
January 22, 2024
|
July 20, 2027
|
||||||||
Total
|
$
|
460,080,000
|
Notes(1) |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
479,240,000
|
3.67
|
%
|
30/360
|
July 21, 2025
|
January 22, 2029
|
||||||||
Class B notes
|
$
|
41,430,000
|
3.91
|
%
|
30/360
|
July 21, 2025
|
January 22, 2029
|
||||||||
Class C notes
|
$
|
19,250,000
|
4.16
|
%
|
30/360
|
July 21, 2025
|
January 22, 2029
|
||||||||
Total
|
$
|
539,920,000
|
Notes(1) |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A-1a notes
|
$
|
623,707,000
|
5.23
|
%
|
30/360
|
November 20, 2024
|
November 22, 2027
|
||||||||
Class A-1b notes
|
$
|
267,303,000
|
Compounded SOFR + 0.85%(2)
|
Actual/360
|
November 20, 2024
|
November 22, 2027
|
|||||||||
Class B notes
|
$
|
68,120,000
|
5.48
|
%
|
30/360
|
November 20, 2024
|
November 22, 2027
|
||||||||
Class C notes
|
$
|
40,870,000
|
5.72
|
%
|
30/360
|
November 20, 2024
|
November 22, 2027
|
||||||||
Total
|
$
|
1,000,000,000
|
Notes(1) |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
891,010,000
|
4.49
|
%
|
30/360
|
January 20, 2026
|
January 22, 2029
|
||||||||
Class B notes
|
$
|
68,120,000
|
4.74
|
%
|
30/360
|
January 20, 2026
|
January 22, 2029
|
||||||||
Class C notes
|
$
|
40,870,000
|
4.98
|
%
|
30/360
|
January 20, 2026
|
January 22, 2029
|
||||||||
Total
|
$
|
1,000,000,000
|
Notes(1) |
Initial Note Balance
|
Interest Rate
|
Accrual Method
|
Anticipated Redemption Date
|
Final
Maturity Date |
||||||||||
Class A notes
|
$
|
267,300,000
|
4.73
|
%
|
30/360
|
April 20, 2028
|
April 21, 2031
|
||||||||
Class B notes
|
$
|
20,440,000
|
4.97
|
%
|
30/360
|
April 20, 2028
|
April 21, 2031
|
||||||||
Class C notes
|
$
|
12,260,000
|
5.22
|
%
|
30/360
|
April 20, 2028
|
April 21, 2031
|
||||||||
Total
|
$
|
300,000,000
|