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Presale: Verizon Owner Trust 2020-C

The preliminary ratings assigned to Verizon Owner Trust 2020-C's (VZOT 2020-C's or the trust's) wireless device payment plan agreement (DPPA)-backed notes series 2020-C reflect: The transaction's initial revolving phase (up to two years), during which loan collections may be used to purchase additional receivables. The transaction structure includes credit enhancement tests, pool composition tests, and amortization triggers intended to limit deterioration in pool quality and credit enhancement during this period.