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OFFON

VERIZON COMMUNICATIONS

(VZ)
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Verizon Communications : Prospectus

06/03/2021 EDT

Prospectus

$1,700,000,000

Series 2021-1 Asset Backed Notes

Verizon Master Trust

Issuing Entity or Trust

(CIK Number: 0001844964)

Verizon ABS II LLC

Cellco Partnership d/b/a

Verizon Wireless

Depositor

Sponsor and Servicer

(CIK Number: 0001836995)

(CIK Number: 0001175215)

Before you purchase any notes, be sure you understand the structure and the risks. You should review carefully the risk factors beginning on page 35 of this prospectus.

The issuing entity's assets will consist primarily of an interest in a revolving pool of device payment plan agreements originated by Cellco Partnership d/b/a Verizon Wireless and certain other affiliates of Verizon Communications Inc. The notes are secured by all of the issuing entity's assets and will be paid from collections on and proceeds of the issuing entity's device payment plan agreements designated to "group 1" that are allocated to the notes under the transaction documents. The issuing entity expects to issue or enter into in the future other series of notes and loans. The notes and loans of any series are only entitled to the portion of collections on and proceeds of the device payment plan agreements designated to the related group that are allocated to it under the transaction documents. The assets of the issuing entity may also include device payment plan agreements that are designated to groups other than group 1, but collections on or proceeds of any device payment plan agreements designated to a group other than group 1 will not be available to the notes except in the limited circumstances described under "Description of the Notes-Eventsof Default-RemediesFollowing Event of Default." The notes will be obligations of the issuing entity only and will not be obligations of or interests in the sponsor, the originators, the additional transferor, the servicer, the depositor, the parent support provider, the marketing agent or any of their respective affiliates. The issuing entity has also issued certificates representing the equity interest in the issuing entity. The certificates will be retained by the depositor and by Verizon DPPA True-up Trust. The issuing entity will issue the notes in the table below as part of Series 2021-1 and only these notes are offered by this prospectus.

Notes(1)

Anticipated

Final

Initial Note Balance

Interest Rate

Accrual Method

Redemption Date

Maturity Date

Class A notes ...............

$1,500,500,000

0.50%(2)

30/360

May 20, 2024

May 20, 2027

Class B notes ...............

$

118,700,000

0.69%(2)

30/360

May 20, 2024

May 20, 2027

Class C notes ...............

$

80,800,000

0.89%(2)

30/360

May 20, 2024

May 20, 2027

Total .............................

$1,700,000,000

Initial Public

Offering Price

Underwriting Discounts and Commissions

Net Proceeds(3)

Class A notes ...............

$1,500,389,863.30

0.250%

$

1,496,638,613.30

Class B notes ...............

$ 118,692,949.22

0.350%

$

118,277,499.22

Class C notes ...............

$

80,796,768.00

0.450%

$

80,433,168.00

Total .............................

$1,699,879,580.52

$

1,695,349,280.52

__________________

  1. In addition to the notes described above, Series 2021-1 will also include the Class R interests, which will not have a principal balance, will not accrue interest and will only be entitled to certain excess cash flow.
  2. If the notes have not been redeemed as of the payment date in May 2024, 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 additional interest amounts will be distributed to noteholders as set forth under "Description of the Notes-Priorityof Payments."
  3. Before deducting expenses estimated to be $2,500,000.
  • 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 July 20, 2021. It is not expected that any payments of principal will be made on the notes prior to the payment date in May 2024, 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 June 2022. If the issuing entity effects an optional redemption on any date prior to the payment date occurring in February 2024, 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 May 2024. If the notes have not been redeemed as of the payment date in May 2024, 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.

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

The issuing entity is not registered or required to be registered as an "investment company" under the Investment Company Act of 1940, as amended, and in making this determination, the issuing entity will be relying on the exemption from the definition of "investment company" set forth in Section 3(c)(5) of the Investment Company Act of 1940, as amended, although there may be additional exemptions or exclusions available to the issuing entity. The issuing entity is being structured so as not to constitute a "covered fund" for purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The notes will be delivered in book-entry form through the facilities of The Depository Trust Company to purchasers on or about May 25, 2021, which is the "closing date."

JOINT BOOKRUNNERS

RBC Capital Markets

Barclays

Citigroup

(sole structurer)

CO-MANAGERS

Cabrera Capital

Loop Capital Markets

Scotiabank

SOCIETE GENERALE

Siebert Williams

Markets LLC

Shank

________________

The date of this prospectus is May 18, 2021

TABLE OF CONTENTS

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 Residents of the United

Kingdom ................................................

7

Notice to Residents of the

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 .................................................

35

Risk Factors ...........................................

35

Descriptions of the Transaction

Documents ..........................................

69

The Trust.................................................

69

Addition of Receivables......................

71

Release of Receivables......................

72

Issuance of Additional Group 1

Series..............................................

73

Depositor ................................................

74

Owner Trustee ........................................

74

Master Collateral Agent and

Indenture Trustee................................

76

Master Collateral Agent......................

77

Indenture Trustee...............................

79

Asset Representations Reviewer..........

81

Sponsor, Servicer, Custodian,

Marketing Agent and

Administrator ......................................

83

General ..............................................

83

Sponsor..............................................

83

Servicer, Custodian, Marketing

Agent and Administrator ..................

84

Parent Support Provider........................

86

The Originators ......................................

87

Additional Transferor .............................

88

Origination and Description of

Device Payment Plan

Agreement Receivables ......................

89

Wireless Equipment and

Distribution ......................................

89

Wireless Device Payment Plan

Agreements .....................................

89

Insurance on Wireless Devices ..........

90

Underwriting Criteria...........................

91

Upgrade Offers...................................

93

Account Credits ..................................

93

Transfer of Service .............................

94

Bankruptcy Surrendered Devices .......

94

Origination Characteristics..................

94

Servicing the Receivables and the

Securitization Transaction..................

95

General ..............................................

95

Servicing Duties .................................

95

Collections and Other Servicing

Procedures......................................

96

Delinquency and Write-Off

Experience ......................................

98

Servicing Fees..................................

100

Servicer Modifications and

Obligation to Acquire

Receivables...................................

100

Bank Accounts .................................

101

Deposit of Collections.......................

101

Custodial Obligations of Cellco .........

102

Servicing Obligations of Cellco .........

102

Limitations on Liability ......................

103

Amendments to Transfer and

Servicing Agreement .....................

103

Resignation and Termination of

Servicer .........................................

103

Notice Obligations of Cellco..............

105

Receivables ..........................................

106

Receivables, Group 1 Assets

and Series 2021-1 Assets..............

106

Description of the Receivables .........

107

2

Criteria for Selecting the

Receivables ..................................

107

Composition of the Receivables .......

108

Additional Receivables .....................

113

Series 2021-1 Concentration

Limits ............................................

113

Representations About the

Receivables ..................................

115

Asset Representations Review.........

116

Obligation to Acquire or

Reacquire Receivables;

Obligation to Make Credit

Payments and Upgrade

Prepayments .................................

120

Dispute Resolution ...........................

122

Review of Receivables.........................

124

Static Pool Information........................

125

Description of the Notes......................

126

Pool Balance and Required Pool

Balance .........................................

126

Allocation of Group 1 Available

Funds ............................................

126

Series 2021-1 Available Funds.........

127

Payments of Interest ........................

127

Payments of Principal.......................

128

Revolving Period ..............................

128

Amortization Period ..........................

128

Earliest Redemption Date;

Optional Redemption of the

Notes ............................................

129

Anticipated Redemption Date...........

130

Make-Whole Payments ....................

130

Priority of Payments .........................

131

Post-Acceleration Priority of

Payments ......................................

133

Controlling Class; Voting Rights .......

134

Events of Default..............................

134

Notes Owned by Transaction

Parties...........................................

138

List of Noteholders ...........................

138

Noteholder Communications ............

138

Satisfaction and Discharge of

Indenture.......................................

138

Amendments to Master

Collateral Agreement.....................

139

Amendments to Indenture ................

140

Equity Interest ..................................

142

Book-Entry Registration....................

142

Definitive Securities ..........................

144

Computing the Outstanding Note

Balance of the Notes .....................

144

Credit and Payment Enhancement .....

144

Reserve Account ..............................

145

Letter of Credit..................................

146

Subordination ...................................

146

Overcollateralization .........................

147

Excess Spread .................................

147

Credit Risk Retention...........................

147

EU Securitization Regulation and

the UK Securitization Regulation .....

152

Some Important Legal

Considerations ..................................

153

Matters Relating to Bankruptcy.........

153

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 ...............

164

U.S. Federal Income Tax

Consequences...................................

165

Tax Characterization of the Trust......

166

Tax Consequences to Owners of

the Notes.......................................

166

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

3

Affiliations and Relationships and

Underwriting .........................................

175

Related Transactions ........................

173

Legal Opinions .....................................

178

Where You Can Find More

174

Available Information ...........................

178

Information About Your Notes..........

Schedule I: Glossary of Defined

The Trust..........................................

174

Terms ...............................................

S-I-1

The Depositor...................................

174

Annex A: Static Pool Data:

Static Pool Data ...............................

175

Vintage Pools ....................................

A-1

Legal Proceedings ...............................

175

Annex B: Static Pool Data: Prior

Securitized Pools……………………...B-1

4

Disclaimer

Verizon Communications Inc. published this content on 03 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2021 12:14:02 UTC.


© Publicnow 2021
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