EDGAR 10-K Filing

Company CIK: 1844964
Filing Year: 2025
Filename: 1844964_10-K_2025_0000929638-25-001404.json

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ITEM 1. BUSINESS
Item 1. Business.

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors.
Item 1C. Cybersecurity.
Item 2. Properties.
Item 3. Legal Proceedings.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
None.

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ITEM 2. PROPERTIES

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ITEM 3. LEGAL PROCEEDINGS

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
Not applicable.
The following substitute information is provided in accordance with General Instruction J to Form 10-K:
Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets.
No single obligor represents 10% or more of the asset pool owned by Verizon Master Trust (the “Trust”).
Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments.
No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment on the pool assets owned by the Trust or payments on the notes or the certificates issued by the Trust.
Item 1115(b) of Regulation AB. Certain Derivatives Instruments.
Not applicable.
Item 1117 of Regulation AB. Legal Proceedings.
The following six paragraphs are disclosures received from U.S. Bank Trust Company, National Association (“U.S. Bank Trust Co.”), as successor to U.S. Bank National Association, which serves as the master collateral agent under the master collateral agency and intercreditor agreement for Verizon Master Trust and as indenture trustee and note paying agent under the indenture for each of the Verizon Master Trust, Series 2022-4, Verizon Master Trust, Series 2022-6, Verizon Master Trust, Series 2023-1, Verizon Master Trust, Series 2023-2, Verizon Master Trust, Series 2023-4, Verizon Master Trust, Series 2023-5, Verizon Master Trust, Series 2023-7, Verizon Master Trust, Series 2024-1, Verizon Master Trust, Series 2024-3, Verizon Master Trust, Series 2024-4, Verizon Master Trust, Series 2024-6 and Verizon Master Trust, Series 2024-8 transactions.
U.S. Bank National Association (“U.S. Bank N.A.”) has made a strategic decision to reposition its corporate trust business by transferring substantially all of its corporate trust business to its affiliate, U.S. Bank Trust Co., a non-depository trust company (U.S. Bank N.A. and U.S. Bank Trust Co. are collectively referred to as “U.S. Bank”). Upon U.S. Bank Trust Co.’s succession to the business of U.S. Bank N.A., it has become a wholly owned subsidiary of U.S. Bank N.A.
U.S. Bank N.A. and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage-backed securities (“RMBS”) trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank N.A. and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees’ purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.
U.S. Bank N.A. denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs’ claims vigorously. However, U.S. Bank N.A. cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.
On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the “DSTs”) that issued securities backed by student loans (the “Student Loans”) filed a lawsuit in the Delaware Court of Chancery against U.S. Bank N.A. in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective
transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the “NCMSLT Action”). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank N.A. concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.
U.S. Bank N.A. has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.
U.S. Bank N.A. denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs’ claims vigorously.
PART II
The following Items have been omitted in accordance with General Instruction J to Form 10-K:

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

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ITEM 6. SELECTED FINANCIAL DATA

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8.
Financial Statements and Supplementary Data.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A.
Controls and Procedures.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information.
Nothing to report.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services.
The following substitute information is provided in accordance with General Instruction J to Form 10-K:
Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.
Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
Each of Cellco Partnership (“Cellco”) and U.S. Bank Trust Company, National Association (each, a “Servicing Participant”) has been identified by the registrant as a party participating in the servicing function during the year ended December 31, 2024 (the “2024 Reporting Period”) with respect to the pool assets owned by the Trust. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) as of December 31, 2024, and for the 2024 Reporting Period. In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by a registered public accounting firm regarding its Report on Assessment. Each Report on Assessment and Attestation Report is attached as an exhibit to this Form 10-K.
Neither the Report on Assessment nor the Attestation Report for Cellco has identified any material instance of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to Cellco.
Neither the Report on Assessment nor the Attestation Report for U.S. Bank Trust Company, National Association has identified any material instance of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to U.S. Bank Trust Company, National Association.
Item 1123 of Regulation AB. Servicer Compliance Statement.
Cellco has been identified by the registrant as a servicer during the 2024 Reporting Period with respect to the pool assets owned by the Trust. Cellco has provided a statement of compliance for the 2024 Reporting Period, signed by an authorized officer, and such compliance statement is attached as an exhibit to this Form 10-K.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules.
(a)
The following documents are filed as part of this report:
(1)
Not applicable.
(2)
Not applicable.
(3)
See Item 15(b) below.
(b)
Exhibits Required by Item 601 of Regulation S-K.
Exhibit Number
Description
3.1
Certificate of Formation of Verizon ABS II LLC (“ABS II LLC”) (included as Exhibit 3.1 to Registration Statement on Form SF-3 (333-253034 and 333-253034-01), as filed by the registrant with the Commission on February 12, 2021, which is incorporated herein by reference).
3.2
Limited Liability Company Agreement of ABS II LLC (included as Exhibit 3.2 to Registration Statement on Form SF-3 (333-253034 and 333-253034-01), as filed by the registrant with the Commission on February 12, 2021, which is incorporated herein by reference).
4.1.1
Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among the Trust, U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as master collateral agent, Cellco, as servicer, and the creditor representatives from time to time party thereto (included as Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021, which is incorporated herein by reference).
4.1.2
Omnibus Amendment No. 1 to the Master Collateral Agency and Intercreditor Agreement, the Transfer and Servicing Agreement, the Originator Receivables Transfer Agreement and the Additional Transferor Receivables Transfer Agreement, dated as of November 4, 2021, among the Trust, Verizon DPPA Master Trust, Cellco, as servicer, marketing agent, custodian and administrator, ABS II LLC, U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as master collateral agent, and the originators party thereto from time to time (the “Omnibus Amendment No. 1”) (included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on November 4, 2021, which is incorporated herein by reference).
4.1.3
Omnibus Amendment No. 2 to the Master Collateral Agency and Intercreditor Agreement and the Amended and Restated Trust Agreement, dated as of August 11, 2022, among the Trust, U.S. Bank National Association, as master collateral agent, Wilmington Trust, National Association, as owner trustee, Verizon DPPA True-up Trust, ABS II LLC, as depositor and Cellco, as servicer, and acknowledged and agreed to by U.S. Bank Trust Company, National Association (the “Omnibus Amendment No. 2”) (included as Exhibit 99.2 to the Trust’s Form 8-K, as filed with the Commission on August 11, 2022, which is incorporated herein by reference).
4.1.4
Amendment No. 3 to the Master Collateral Agency and Intercreditor Agreement, dated as of August 30, 2024, among the Trust, U.S. Bank Trust Company, National Association, as master collateral agent, and Cellco, as administrator (included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on September 3, 2024, which is incorporated herein by reference).
4.2
Indenture, dated as of May 25, 2022, between the Trust and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as indenture trustee and note paying agent, with respect to Series 2022-4 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2022, which is incorporated herein by reference).
4.3
Indenture, dated as of August 11, 2022, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2022-6 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on August 11, 2022, which is incorporated herein by reference).
4.4
Indenture, dated as of January 26, 2023, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2023-1 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on January 26, 2023, which is incorporated herein by reference).
4.5
Indenture, dated as of April 25, 2023, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2023-2 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on April 25, 2023, which is incorporated herein by reference).
4.6
Indenture, dated as of June 30, 2023, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2023-4 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on June 30, 2023, which is incorporated herein by reference).
4.7
Indenture, dated as of September 20, 2023, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2023-5 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on September 20, 2023, which is
incorporated herein by reference).
4.8
Indenture, dated as of November 20, 2023, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2023-7 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on November 20, 2023, which is incorporated herein by reference).
4.9
Indenture, dated as of January 18, 2024, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2024-1 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on January 18, 2024, which is incorporated herein by reference).
4.10
Indenture, dated as of April 23, 2024, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2024-3 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on April 23, 2024, which is incorporated herein by reference).
4.11
Indenture, dated as of June 28, 2024, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2024-4 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on June 28, 2024, which is incorporated herein by reference).
4.12
Indenture, dated as of September 18, 2024, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2024-6 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on September 18, 2024, which is incorporated herein by reference).
4.13
Indenture, dated as of November 26, 2024, between the Trust and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent, with respect to Series 2024-8 (included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on November 26, 2024, which is incorporated herein by reference).
10.1.1
Amended and Restated Trust Agreement, dated as of May 25, 2021, between ABS II LLC and Wilmington Trust, National Association, as owner trustee (included as Exhibit 10.1 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021, which is incorporated herein by reference).
10.1.2
Omnibus Amendment No. 2 (included as Exhibit 99.2 to the Trust’s Form 8-K, as filed with the Commission on August 11, 2022, which is incorporated herein by reference).
10.2.1
Originator Receivables Transfer Agreement, dated as of May 25, 2021, between the originators party thereto from time to time and ABS II LLC (included as Exhibit 10.2 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021, which is incorporated herein by reference).
10.2.2
Omnibus Amendment No. 1 (included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on November 4, 2021, which is incorporated herein by reference).
10.3.1
Additional Transferor Receivables Transfer Agreement, dated as of May 25, 2021, among Verizon DPPA Master Trust, Cellco, as servicer, and ABS II LLC (included as Exhibit 10.3 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021, which is incorporated herein by reference).
10.3.2
Omnibus Amendment No. 1 (included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on November 4, 2021, which is incorporated herein by reference).
10.3.3
Amendment No. 2 to the Additional Transferor Receivables Transfer Agreement, dated as of December 22, 2023, among Verizon DPPA Master Trust, Cellco, as servicer, and ABS II LLC (included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on December 22, 2023, which is incorporated herein by reference).
10.4.1
Transfer and Servicing Agreement, dated as of May 25, 2021, among the Trust, ABS II LLC and Cellco, as servicer, marketing agent and custodian (included as Exhibit 10.4 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021, which is incorporated herein by reference).
10.4.2
Omnibus Amendment No. 1 (included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on November 4, 2021, which is incorporated herein by reference).
10.5
Administration Agreement, dated as of May 25, 2021, between the Trust and Cellco, as administrator (included as Exhibit 10.5 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021, which is incorporated herein by reference).
10.6
Account Control Agreement, dated as of May 25, 2021, among the Trust, U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.6 to the Trust’s Form 8-K, as filed
with the Commission on May 25, 2021, which is incorporated herein by reference).
10.7.1
Series 2022-4 Account Control Agreement, dated as of May 25, 2022, among the Trust, U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2022, which is incorporated herein by reference).
10.7.2
Series 2022-6 Account Control Agreement, dated as of August 11, 2022, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on August 11, 2022, which is incorporated herein by reference).
10.7.3
Series 2023-1 Account Control Agreement, dated as of January 26, 2023, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on January 26, 2023, which is incorporated herein by reference).
10.7.4
Series 2023-2 Account Control Agreement, dated as of April 25, 2023, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on April 25, 2023, which is incorporated herein by reference).
10.7.5
Series 2023-4 Account Control Agreement, dated as of June 30, 2023, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on June 30, 2023, which is incorporated herein by reference).
10.7.6
Series 2023-5 Account Control Agreement, dated as of September 20, 2023, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on September 20, 2023, which is incorporated herein by reference).
10.7.7
Series 2023-7 Account Control Agreement, dated as of November 20, 2023, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on November 20, 2023, which is incorporated herein by reference).
10.7.8
Series 2024-1 Account Control Agreement, dated as of January 18, 2024, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on January 18, 2024, which is incorporated herein by reference).
10.7.9
Series 2024-3 Account Control Agreement, dated as of April 23, 2024, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on April 23, 2024, which is incorporated herein by reference).
10.7.10
Series 2024-4 Account Control Agreement, dated as of June 28, 2024, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on June 28, 2024, which is incorporated herein by reference).
10.7.11
Series 2024-6 Account Control Agreement, dated as of September 18, 2024, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on September 18, 2024, which is incorporated herein by reference).
10.7.12
Series 2024-8 Account Control Agreement, dated as of November 26, 2024, among the Trust, U.S. Bank Trust Company, National Association, as secured party, and U.S. Bank National Association, as financial institution (included as Exhibit 10.7 to the Trust’s Form 8-K, as filed with the Commission on November 26, 2024, which is incorporated herein by reference).
10.8
Parent Support Agreement, dated as of May 25, 2021, by Verizon Communications Inc. and accepted and acknowledged by the Trust, ABS II LLC and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as master collateral agent (included as Exhibit 10.8 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021, which is incorporated herein by reference).
10.9
Second Amended and Restated Asset Representations Review Agreement, dated as of April 23, 2024,
among the Trust, Cellco, as servicer, and Pentalpha Surveillance LLC, as asset representations reviewer (included as Exhibit 10.9 to the Trust’s Form 8-K, as filed with the Commission on April 23, 2024, which is incorporated herein by reference).
10.10
EU/UK Risk Retention Agreement, dated as of May 25, 2022, among the Trust, the Depositor and the originators then party thereto (included as Exhibit 10.12 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2022, which is incorporated herein by reference).
10.11
EU/UK Risk Retention Agreement, dated as of August 11, 2022, among the Trust, the Depositor and the originators then party thereto (included as Exhibit 10.12 to the Trust’s Form 8-K, as filed with the Commission on August 11, 2022, which is incorporated herein by reference).
31.1*
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated March 31, 2025.
33.1*
Report on Assessment of Compliance with Servicing Criteria for Cellco, dated March 31, 2025.
33.2*
Report on Assessment of Compliance with Servicing Criteria for U.S. Bank Trust Company, National Association, dated February 27, 2025.
34.1*
Report of Independent Registered Public Accounting Firm of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to Cellco Partnership, dated March 31, 2025.
34.2*
Report of Independent Registered Public Accounting Firm of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to U.S. Bank Trust Company, National Association, dated February 27, 2025.
35.1*
Servicer Compliance Statement, dated March 31, 2025, of Cellco.
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* Filed herewith