10-D 1 d299079d10d.htm 10-D 10-D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

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

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

Central Index Key Number of issuing entity: 0001844964

VERIZON MASTER TRUST

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

Commission File Number of depositor: 333-253034

Central Index Key Number of depositor: 0001836995

VERIZON ABS II LLC

(Exact name of depositor as specified in its charter)

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

CELLCO PARTNERSHIP

(Exact name of sponsor as specified in its charter)

Karrie E. Schweikert

908-559-5672

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

Delaware

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

23-2259884

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

 

One Verizon Way

Basking Ridge, New Jersey

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

212-395-1000

(Telephone number including area code)

Not Applicable

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

Registered/reporting pursuant to (check one)

 

                    Name of
exchange

Title of class

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

(If Section 12(b))

Series 2021-1, Fixed Rate Class A Notes    ☐    ☐    ☒                        
Series 2021-1, Fixed Rate Class B Notes    ☐    ☐    ☒                        

Series 2021-1, Fixed Rate Class C Notes

    ☐    ☐    ☒                        
Series 2021-2, Fixed Rate Class A Notes    ☐    ☐    ☒                        
Series 2021-2, Fixed Rate Class B Notes    ☐    ☐    ☒                        
Series 2021-2, Fixed Rate Class C Notes    ☐    ☐    ☒                        

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

PART I — DISTRIBUTION INFORMATION

 

Item 1.

Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the assets of Verizon Master Trust for the distribution period commencing on December 1, 2021 and ending on December 31, 2021 is set forth in the monthly investor reports relating to the January 20, 2022 distribution, which are attached to this Form 10-D as the Exhibits listed under Item 10 below.

There is no activity to report under Rule 15Ga-1(a) under the Securities Exchange Act of 1934 with respect to Verizon Master Trust for the distribution period commencing on December 1, 2021 and ending on December 31, 2021. Cellco Partnership (Central Index Key Number: 0001175215), as securitizer, most recently filed a Form ABS-15G on February 4, 2022 with respect to all asset-backed securities sponsored by it, including those securities issued by Verizon Master Trust.

Pursuant to the requirements of Item 1121(b) of Regulation AB, (i) there are no material changes to the information provided in the prospectus dated May 25, 2021 or in the prospectus dated November 1, 2021 (each, a “Prospectus”) pursuant to Items 1110 and 1112 of Regulation AB and (ii) certain changes to the information provided in each Prospectus or otherwise previously disclosed in one or more reports filed under the Securities Exchange Act of 1934, as amended, pursuant to Item 1111 of Regulation AB are provided in Section XI of the monthly investor report relating to the January 20, 2022 distribution, attached as Exhibit 99.1 to this Form 10-D, and in the tables set forth below.

 

2

The following tables show the characteristics or distributions of some characteristics of the pool of receivables (including all of the receivables acquired by Verizon Master Trust after May 25, 2021 and on or before December 31, 2021) (which are collectively referred to as the “Receivables”) as of December 31, 2021. The values and percentages in the following tables may not sum to total due to rounding. All percentages and averages are based on the aggregate principal balance of the Receivables as of December 31, 2021 unless otherwise stated.

 

Number of Receivables

      15,521,764  

Number of accounts

      9,918,261  

Aggregate original Principal Balance

    $ 12,867,126,184.45  

Aggregate Principal Balance

    $ 9,998,674,720.72  

Principal Balance

   

Minimum

    $ 0.02  

Maximum

    $ 2,426.32  

Average

    $ 644.17  

Average monthly payment

    $ 30.90  

Weighted average remaining installments (in months)(1)

      22  

Weighted average FICO® Score of Consumer Obligors under Consumer Receivables(1)(2)(3)

      718  

Percentage of Consumer Receivables with Consumer Obligors without a FICO® Score(3)

      3.45 % 

Percentage of Receivables with Obligors with smart phones

      93.02 % 

Percentage of Receivables with Obligors with other wireless devices

      6.98 % 

Percentage of Receivables with Obligors with upgrade eligibility(4)

      61.92 % 

Percentage of Receivables with device insurance

      33.70 % 

Percentage of Receivables with account level device insurance(5)

      28.39 % 

Geographic concentration (Top 3 States)(6)

   

California

      10.60 % 

Texas

      6.27 % 

Florida

      6.07 % 

Weighted average Customer Tenure (in months)(1)(7)

      108  

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)

      0.07 % 

Percentage of Receivables with 30 month original term(8)

      56.73 % 

Percentage of Receivables with 24 month original term(8)

      43.20 % 

Percentage of Receivables with 6 month original term(9)

      0.00 % 

Financing for wireless devices

      100.00 % 

Unsecured Receivables

      9.63 % 

Secured Receivables(10)

      90.37 % 

Percentage of Receivables that are Consumer Receivables

      90.37 % 

Percentage of Receivables that are Business Receivables

      9.63 % 

 

(1)

Weighted averages are weighted by the aggregate principal balance of the applicable Receivables as of December 31, 2021.

(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” in each Prospectus. Excludes Receivables with device 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” in each Prospectus.

(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.

 

3

Geographic Concentration of the Receivables(1)

 

Geographic Concentration

    Number of
Receivables		      Aggregate Principal
Balance		      Percentage of
Aggregate
Principal Balance		  

California

      1,584,107      $ 1,059,913,719.81        10.60 % 

Texas

      928,374        627,407,026.52        6.27  

Florida

      931,482        606,693,939.08        6.07  

New York

      857,833        556,061,690.54        5.56  

Ohio

      718,790        444,763,763.70        4.45  

North Carolina

      677,944        436,212,181.05        4.36  

Georgia

      577,554        382,673,939.83        3.83  

Pennsylvania

      613,902        376,195,216.87        3.76  

New Jersey

      545,986        355,051,261.58        3.55  

Michigan

      554,705        350,565,171.96        3.51  

Illinois

      533,513        336,522,668.26        3.37  

Virginia

      503,123        327,575,279.47        3.28  

All other

      6,494,451        4,139,038,862.05        41.40  
  

 

 

     

 

 

     

 

 

  

Total

      15,521,764      $ 9,998,674,720.72        100.00 % 
  

 

 

     

 

 

     

 

 

  

 

(1)

The table shows the states with concentrations greater than 3.00% of the aggregate principal balance of the Receivables as of December 31, 2021 based on the billing addresses of the related obligors.

Distribution of the FICO® Score of the Consumer Receivables(1)

 

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)

      479,150      $ 312,145,475.34        3.45 %      4.28 % 

250 – 599

      1,644,498        1,157,529,271.80        12.81       14.35  

600 – 649

      1,376,763        985,461,950.79        10.91       11.22  

650 – 699

      1,763,689        1,260,271,402.73        13.95       13.79  

700 – 749

      2,064,830        1,453,991,327.19        16.09       15.33  

750 or greater

      5,750,440        3,866,380,927.32        42.79       41.03  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

      13,079,370      $ 9,035,780,355.17        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 December 31, 2021.

(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.

 

4

Distribution of the Customer Tenure of the Receivables(1)

 

Customer Tenure

    Number of
Receivables		      Aggregate
Principal Balance		      Percentage of
Aggregate
Principal
Balance		  

Less than 7 months

      2,065,870      $ 1,252,517,550.80        12.53 % 

7 months to less than 12 months

      251,624        142,033,672.51        1.42  

12 months to less than 24 months

      951,679        623,214,917.93        6.23  

24 months to less than 36 months

      1,052,525        714,429,399.98        7.15  

36 months to less than 48 months

      842,146        563,530,516.12        5.64  

48 months to less than 60 months

      734,644        500,764,137.96        5.01  

60 months or greater

      9,623,276        6,202,184,525.42        62.03  
  

 

 

     

 

 

     

 

 

  

Total

      15,521,764      $ 9,998,674,720.72        100.00 % 
  

 

 

     

 

 

     

 

 

  

 

(1)

For a complete description of the calculation of customer tenure, see “Schedule I—Glossary of Defined Terms” in each Prospectus.

Distribution of the Monthly Payment on the Receivables

 

Monthly Payment

    Number of
Receivables		      Aggregate
Principal Balance		      Percentage of
Aggregate
Principal
Balance		  

$0.01 - $15.00

      1,765,405      $ 356,050,545.86        3.56 % 

$15.01 - $20.00

      1,560,794        518,878,135.97        5.19  

$20.01 - $25.00

      1,454,786        703,217,863.50        7.03  

$25.01 - $30.00

      1,830,318        1,147,417,484.38        11.48  

$30.01 - $35.00

      2,675,269        1,864,260,469.52        18.65  

$35.01 - $40.00

      3,320,532        2,834,775,740.87        28.35  

$40.01 - $45.00

      1,046,139        854,329,154.70        8.54  

Greater than $45.00

      1,868,521        1,719,745,325.92        17.20  
  

 

 

     

 

 

     

 

 

  

Total

      15,521,764      $ 9,998,674,720.72        100.00 % 
  

 

 

     

 

 

     

 

 

  

 

5

Distribution of the Remaining Installments on the Receivables

 

Remaining Installments

    Number of
Receivables		      Aggregate
Principal Balance		      Percentage of
Aggregate
Principal
Balance		  

30 months

      361,584      $ 293,567,506.75        2.94 % 

29 months

      1,298,520        1,065,112,687.95        10.65  

28 months

      1,128,747        897,452,235.97        8.98  

27 months

      994,111        825,012,461.72        8.25  

26 months

      421,482        374,814,390.20        3.75  

25 months

      298,725        278,365,840.43        2.78  

24 months

      481,369        406,215,133.34        4.06  

23 months

      938,406        742,064,772.46        7.42  

22 months

      843,476        644,509,271.87        6.45  

21 months

      1,086,080        804,775,770.88        8.05  

20 months

      828,193        529,328,970.48        5.29  

19 months

      811,377        496,994,401.99        4.97  

18 months

      1,002,343        596,601,732.28        5.97  

17 months

      1,047,204        589,897,722.24        5.90  

16 months

      568,159        295,822,678.40        2.96  

15 months

      447,339        201,324,442.09        2.01  

14 months

      537,565        231,009,287.29        2.31  

13 months

      422,501        170,987,232.78        1.71  

12 months

      428,932        163,875,450.53        1.64  

11 months

      373,243        130,824,258.31        1.31  

10 months

      219,974        71,788,315.57        0.72  

9 months

      120,413        32,340,705.67        0.32  

8 months

      105,666        25,570,757.15        0.26  

7 months

      113,569        25,034,235.88        0.25  

6 months

      112,446        22,093,175.98        0.22  

5 months

      93,092        15,888,128.86        0.16  

4 months

      65,284        9,237,522.98        0.09  

3 months

      58,151        6,699,725.69        0.07  

2 months

      84,102        7,408,918.15        0.07  

1 months

      91,805        5,217,327.23        0.05  

0 months

      137,906        38,839,659.60        0.39  
  

 

 

     

 

 

     

 

 

  

Total

      15,521,764      $ 9,998,674,720.72        100.00 % 
  

 

 

     

 

 

     

 

 

  

 

6

Distribution of the Last Payment Type on the Receivables

 

Last Payment Type

    Number of
Receivables		      Aggregate
Principal Balance		      Percentage of
Aggregate
Principal
Balance		  

Credit or Debit Card

      7,642,292      $ 5,121,090,849.93        51.22 % 

ACH

      2,352,306        1,456,066,483.29        14.56  

Direct Debit

      4,381,844        2,904,896,338.50        29.05  

Check

      994,281        420,228,897.86        4.20  

Cash or Other(1)

      151,041        96,392,151.14        0.96  
  

 

 

     

 

 

     

 

 

  

Total

      15,521,764      $ 9,998,674,720.72        100.00 % 
  

 

 

     

 

 

     

 

 

  

 

(1)

Includes payments received in the form of cash, credits and Verizon-specific gift cards or through an indirect agent.

 

7

SIGNATURES

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

Dated: February 4, 2022

 

VERIZON MASTER TRUST
    (Issuing Entity)
By:   Cellco Partnership,
  solely as servicer
By:  

/s/ Kee Chan Sin

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