Verizon Owner Trust 2020 C

03/31/2023 | Press release | Distributed by Public on 03/31/2023 04:21

Asset-Backed Issuer Distribution Report - Form 10-D

Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

I. Original Deal Parameters

Initial Pool Balance Initial Adjusted Pool
Balance
Initial
Number of
Receivables
Weighted Average
Remaining
Installments at Initial
Cutoff Date
(in months)

Receivables

$ 1,416,970,674.43 $ 1,340,782,534.42 2,379,775 20.0

Offered Notes

Issuance Note Balance Note Interest Rate Final
Maturity Date

Class A Note

$ 1,069,300,000.00 0.41 % 04/21/2025

Class B Note

$ 73,700,000.00 0.67 % 04/21/2025

Class C Note

$ 57,000,000.00 0.77 % 04/21/2025

Total

$ 1,200,000,000.00

II. Available Funds

Collections (Excluding Temporarily Excluded Receivables)

Payments (scheduled and delinquent)

$ 90,797,102.19

Prepayments in Full

$ 7,932,625.24

Less: Supplemental Servicing Fee, Collections on Acquired Receivables, and Collections on Written Off Receivables

$ 0.00

Sub-total

$ 98,729,727.43

Other

Acquisition Amounts (repurchases)

$ 599,353.59

Credit Payments

$ 927,761.50

Upgrade Payments

$ 811,414.59

Any amounts deposited by the Class A Certificateholder to acquire the Receivables*

$ 0.00

Negative Carry Account Draw Amount, and related amounts**

$ 0.00

Reserve Account Draw Amount, and related amounts***

$ 0.00

Cap Payment

$ 0.00

Sub-total

$ 2,338,529.68

Available Funds

$ 101,068,257.11
*

Includes Optional Acquisition, Clean-up Redemption, and Optional Redemption.

**

Deposits into the Collection Account from the Negative Carry Account and, on the first Payment Date during the Amortization Period, the entire amount on deposit in the Negative Carry Account and the Acquisition Account.

***

Any amount in excess of the Required Reserve Amount remaining on deposit in the Reserve Account after withdrawing the Reserve Account Draw Amount from the Reserve Account.

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Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

III. Distribution

Amount Due Amount Paid Shortfall Carryover
Shortfall
Remaining
Available Funds

Indenture Trustee Fee

$ 1,000.00 $ 1,000.00 $ 0.00 $ 0.00 $ 101,067,257.11

Owner Trustee Fee

$ 1,250.00 $ 1,250.00 $ 0.00 $ 0.00 $ 101,066,007.11

Asset Representations Reviewer Fee

$ 416.67 $ 416.67 $ 0.00 $ 0.00 $ 101,065,590.44

Expenses of the Trustees and Asset Representations

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 101,065,590.44

Reviewer

Servicing Fee

$ 524,678.45 $ 524,678.45 $ 0.00 $ 0.00 $ 100,540,911.99

Class A Note Accrued Note Interest

$ 200,578.87 $ 200,578.87 $ 0.00 $ 0.00 $ 100,340,333.12

First Priority Principal Payment

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 100,340,333.12

Class B Note Interest

$ 41,149.17 $ 41,149.17 $ 0.00 $ 0.00 $ 100,299,183.95

Second Priority Principal Payment

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 100,299,183.95

Class C Note Interest

$ 36,575.00 $ 36,575.00 $ 0.00 $ 0.00 $ 100,262,608.95

Third Priority Principal Payment

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 100,262,608.95

Regular Priority Principal Payment

$ 85,286,202.42 $ 85,286,202.42 $ 0.00 $ 0.00 $ 14,976,406.53

Accelerated Note Balances

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Additional Successor Servicer Fee

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Reserve Account up to Required Reserve Amount

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Acquisition Deposit Amount

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Negative Carry Deposit Amount

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Make-Whole Payments

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Additional Fees and Expenses of the Trustees and Asset

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Representations Reviewer

Additional Issuer Expenses

$ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 14,976,406.53

Equity Interest to the Certificateholders

$ 14,976,406.53 $ 14,976,406.53 $ 0.00 $ 0.00 $ 0.00

Total

$ 101,068,257.11 $ 101,068,257.11 $ 0.00

Principal Payment:

First Priority Principal Payment

$ 0.00

Second Priority Principal Payment

$ 0.00

Third Priority Principal Payment

$ 0.00

Regular Principal Payment

$ 85,286,202.42

Accelerated Note Balances

$ 0.00

Total

$ 85,286,202.42

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Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

IV. Noteholder Payments

Note Balance
Payment
Interest Payment Make Whole
Payment
Total Payment

Class A Note

$ 85,286,202.42 $ 200,578.87 $ 0.00 $ 85,486,781.29

Class B Note

$ 0.00 $ 41,149.17 $ 0.00 $ 41,149.17

Class C Note

$ 0.00 $ 36,575.00 $ 0.00 $ 36,575.00

Total

$ 85,286,202.42 $ 278,303.04 $ 0.00 $ 85,564,505.46
Note Balance per
$1,000 of Notes
Interest Payment
per $1,000 of Notes
Make Whole
Payment per $1,000
of Notes
Total Payment per
$1,000 of Notes

Class A Note

$ 469.25 0.40 $ 0.00 170.37

Class B Note

$ 1,000.00 0.56 $ 0.00 0.56

Class C Note

$ 1,000.00 0.64 $ 0.00 0.64

Total

$ 527.06 0.44 $ 0.00 135.29
As of Prior Payment Date As of Current Payment Date
Balance Note Pool Factor Balance Note Pool Factor

Class A Note

$ 587,060,116.83 0.55 $ 501,773,914.41 0.47

Class B Note

$ 73,700,000.00 1.00 $ 73,700,000.00 1.00

Class C Note

$ 57,000,000.00 1.00 $ 57,000,000.00 1.00

Total

$ 717,760,116.83 0.60 $ 632,473,914.41 0.53

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Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

V. Reconciliation of Pool Balance and Pool Information

Beginning of Period Pool Balance

$ 865,518,406.25

Less: Collections, Prepayments in Full, Credit Payments, and Upgrade Payments

$ 100,468,903.52

Less: Acquired Receivables

$ 619,649.22

Less: Write Offs

$ 2,921,414.11

Plus: Principal Balance of Additional Receivables at Cutoff Date

$ 0.00

Ending of Period Pool Balance

$ 761,508,439.40
End of Prior Period End of Period

Pool Balance

$ 865,518,406.25 $ 761,508,439.40

Less: Principal Balance Temporarily Excluded Receivables

$ 0.00 $ 0.00

Less: YSOC Amount

$ 26,032,889.49 $ 21,772,866.99

Adjusted Pool Balance

$ 839,485,516.76 $ 739,735,572.41

Weighted Average Remaining Term (Months)

10.4 9.8

Number of Receivables Outstanding

3,123,837 2,960,839

VI. Overcollateralization Information

End of Prior Period End of Period

Adjusted Pool Balance

$ 839,485,516.76 $ 739,735,572.41

Greater of (i) and either (ii) or (iii)

(i) 1.00% of the Adjusted Pool Balance as of the Closing Date

1.00 % $ 13,407,825.34 1.00 % $ 13,407,825.34

(ii) 14.50% of the Adjusted Pool Balance (Passing Floor Credit Enhancement Composition Tests)

14.50 % $ 121,725,399.93 14.50 % $ 107,261,658.00

(iii) 17.50% of the Adjusted Pool Balance (Failing Floor Credit Enhancement Composition Tests)

17.50 % $ 146,909,965.43 17.50 % $ 129,453,725.17

Overcollateralization Target Amount

14.50 % $ 121,725,399.93 14.50 % $ 107,261,658.00

Excess Receivables (Adjusted Pool Balance - Note Balance - Overcollateralization Target Amount)

$ 0.00 $ 0.00

VII. Reconciliation of Reserve Account

Beginning of Period Reserve Account Balance

$ 13,407,825.34

Add: Reserve Deposit Amount

$ 0.00

Less: Reserve Account Draw Amount

$ 0.00

End of Period Reserve Account Balance

$ 13,407,825.34

Required Reserve Amount

$ 13,407,825.34

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Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

VIII. Reconciliation of Acquisition Account

Beginning of Period Acquisition Account Balance

$ 0.00

Add: Acquisition Deposit Amount

$ 0.00

Less: Aggregate Additional Receivables Cash Transfer Amount

$ 0.00

Less: Amounts Deposited into Certificate Distribution Account

$ 0.00

End of Period Acquisition Account Balance

$ 0.00

IX. Reconciliation of Negative Carry Account

Beginning of Period Negative Carry Account Balance

$ 0.00

Add: Negative Carry Deposit Amount

$ 0.00

Less: Negative Carry Account Draw Amount

$ 0.00

End of Period Negative Carry Account Balance

$ 0.00

Required Negative Carry Amount

$ 0.00

X. Write Offs and Delinquent Receivables

Number of Receivables Amount % of End of Period
Pool Balance

Written Off Receivables in Current Collection Period

9,074 $ 2,921,414.11 0.38 %

Cumulative Gross Written Off Receivables through Preceding Collection Period

204,122 $ 80,913,152.03

Cumulative Gross Written Off Receivables for all Collection Periods

213,196 $ 83,834,566.14

Delinquent Receivables:

1 - 30 Days Delinquent

221,664 $ 61,623,020.57 8.09 %

31 - 60 Days Delinquent

18,993 $ 5,386,719.40 0.71 %

61 - 90 Days Delinquent

8,464 $ 2,484,758.94 0.33 %

91 - 120 Days Delinquent

7,317 $ 2,270,514.24 0.30 %

Over 120 Days Delinquent

5,230 $ 1,756,717.53 0.23 %

Total Delinquent Receivables at the End of Collection Period

261,668 $ 73,521,730.68 9.65 %

Ratio of Aggregate Principal Balance of Written Off Receivables to the Beginning of Collection Period Pool Balance:

Second Preceding Collection Period

0.29 %

Proceeding Collection Period

0.30 %

Current Collection Period

0.34 %

Sum of the three above multiplied by four

3.70 %

Ratio of Aggregate Principal Balance of Receivables 91+ Days Delinquent to the End of Collection Period Pool Balance:

Second Preceding Collection Period

0.48 %

Proceeding Collection Period

0.56 %

Current Collection Period

0.53 %

Three Month Average

0.52 %

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Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

XI. Monthly Amortization Event Tests

Ratio In Compliance?

1)  Failure in paying Accrued Note Interest on any Payment Date

N/A Yes

2)  Failure in depositing Required Reserve Amount and Required Negative Carry Amount

N/A Yes

3)  For any Payment Date, the sum of the percentages for each of the prior three Collection Periods calculated as the aggregate Principal Balance of Written Off Receivables during each such Period divided by the aggregate Pool Balance as of the first day of each such Period, multiplied by four, exceeds 10%

3.70 % Yes

4)  For any Payment Date, the sum of the percentages for each of the prior three Collection Periods calculated as the aggregate Principal Balance of all Receivables that are 91 days or more Delinquent at the end of each such Period divided by the aggregate Pool Balance as of the last day of each such Period, divided by three, exceeds 2.00%

0.52 % Yes

5)  The Adjusted Pool Balance is less than 50% of the aggregate Note Balance of the Notes

117 % Yes

6)  On any Payment Date, the amount of Overcollateralization for the Notes does not equal the Overcollateralization Target Amount; provided, that if the Overcollateralization Target Amount is not reached on any Payment Date solely due to a change in the Overcollateralization Target Amount percentage, such an event will not constitute an "Amortization Event" unless the Overcollateralization Target Amount is not reached by the third month after the related Payment Date

N/A Yes

7)  Occurrence of a Servicer Termination Event

N/A Yes

8)  Occurrence of an Event of Default

N/A Yes

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Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

Supplemental Report Regarding Additional Receivable Acquired by the Issuer

XII. Additional Receivables Acquired by the Issuer

Acquisition Date Number of
Receivables
Aggregate Principal
Balance

First Additional Receivables acquired in the Collection Period

0 $ 0.00

Second Additional Receivables acquired in the Collection Period

Acquisition Tests In Compliance

Compliance with the Pool Composition Tests (excluding Temporarily Excluded Receivables) upon Acquisition

Yes

Compliance with the Credit Enhancement Tests upon Acquisition

Yes

XIII. Pool Composition Tests

In Compliance
Prior to Purchase With Purchase In Compliance

1)  The weighted average FICO® Score of the Obligors with respect to the Receivables (excluding Obligors for which FICO® Scores are not available) was at least 685

724 724 Yes

2)  Receivables with Obligors for which FICO® Scores are unavailable represent no more than 5.00% of the pool balance

3.20 % 3.20 % Yes

3)  Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless represent no more than 28.00% of the pool balance

15.32 % 15.32 % Yes

4)  Receivables with Obligors that have 7 months or more, but less than 24 months of Customer Tenure with Verizon Wireless represent no more than 15.00% of the pool balance

6.52 % 6.52 % Yes

5)  Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless represent at least 50.00% of the pool balance

63.17 % 63.17 % Yes

6)  Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless and (i) for which FICO® Scores are not available or (ii) that have FICO® Scores below 650 represent no more than 10.00% of the Pool Balance

5.64 % 5.64 % Yes

7)  Receivables with Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless and (i) for which FICO® Scores are not available or (ii) that have FICO® Scores below 650 represent no more than 55.00% of the aggregate principal balance of all Receivables with Obligors that 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless

36.19 % 36.19 % Yes

8)  Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless and (i) for which FICO® Scores are not available or (ii) that have FICO® Scores below 650 represent no more than 30.00% of the aggregate principal balance of all Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless

17.61 % 17.61 % Yes

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Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

XIV. Floor Credit Enhancement Composition Tests

In Compliance
Prior to Purchase With Purchase In Compliance

1)  The weighted average FICO® Score of the Obligors with respect to the Receivables (excluding Obligors for which FICO® Scores are not available) was at least 700

724 724 Yes

2)  Receivables with Obligors for which FICO® Scores are unavailable represent no more than 4.50% of the pool balance

3.20 % 3.20 % Yes

3)  Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless represent no more than 22.00% of the pool balance

15.32 % 15.32 % Yes

4)  Receivables with Obligors that have 7 months or more, but less than 24 months of Customer Tenure with Verizon Wireless represent no more than 12.00% of the pool balance

6.52 % 6.52 % Yes

5)  Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless represent at least 55.00% of the pool balance

63.17 % 63.17 % Yes

6)  Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless and (i) for which FICO® Scores are not available or (ii) that have FICO® Scores below 650 represent no more than 10.00% of the Pool Balance

5.64 % 5.64 % Yes

7)  Receivables with Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless and (i) for which FICO® Scores are not available or (ii) that have FICO® Scores below 650 represent no more than 50.00% of the aggregate principal balance of all Receivables with Obligors that 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless

36.19 % 36.19 % Yes

8)  Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless and (i) for which FICO® Scores are not available or (ii) that have FICO® Scores below 650 represent no more than 27.50% of the aggregate principal balance of all Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless

17.61 % 17.61 % Yes

8

Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

XV. Pool Characteristics as of Most Recent Cutoff Date

Prior to Purchase With Purchase

Cutoff Date

31-Jan-2023 28-Feb-2023

Number of Receivables

2,960,839 2,960,839

Pool Balance

$ 761,508,439.40 $ 761,508,439.40

Average Monthly Payment

$ 31.51 $ 31.51

Average Principal Balance

$ 257.19 $ 257.19

Weighted Average Remaining Number of Payments

9.8 9.8

Customer Tenure

0-12 Months 15.32 % 15.32 %
7-24 Months 6.52 % 6.52 %
60+ Months 63.17 % 63.17 %

Geographic Concentration

Largest state CA / 10.42 % CA / 10.42 %
2nd Largest State TX / 6.21 % TX / 6.21 %
3rd Largest State FL / 6.10 % FL / 6.10 %

Weighted Average non zero FICO® Scores

724 724

Receivables with Obligors with less than 12 months of Customer Tenure with Verizon Wireless and a FICO® Score below 650 (inclusive of Obligors without a FICO® Score)

5.64 % 5.64 %

Receivables with Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless, and FICO® Scores below 650 (inclusive of Obligors without a FICO® Score) as a percentage of Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless

36.19 % 36.19 %

Receivables with Obligors with 60 months or more of Customer Tenure with Verizon Wireless and FICO® Scores below 650 (inclusive of Obligors without a FICO® Score) as a percentage of Obligors with 60 months or more of Customer Tenure with Verizon Wireless

17.61 % 17.61 %

Obligor without a FICO® score

3.20 % 3.20 %

XVI. Upgrades

Current Period To Date

Number of Receivables Upgraded

2,104 91,303

Principal Balance of Receivables Upgraded

$ 811,414.59 $ 38,786,930.14

Upgrade Payments

$ 324,338.75 $ 7,214,134.86

Failure by Marketing Agent to Make Upgrade Payment

No No

XVII. Asset Representation Review

Aggregate Principal Balance of 60-Day Delinquent Receivables as a Percentage of the Aggregate Balance of Receivables as of the end of the Collection Period

0.87 %

Delinquency Trigger

5.50 %

9

Verizon 2020-C

Monthly Investor Report

Collection Period

Payment Date

Report Month

February 2023

03/20/2023

28

On and as of the Payment Date to which this Monthly Investor Report related, the Servicer hereby certifies that the information in the Monthly Investor Report is accurate in all material respects.

Cellco Partnership, as Servicer

Dated: March 15, 2023

By: /s/ Kee Chan Sin
Name: Kee Chan Sin
Title: Vice President and Assistant Treasurer

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