Exhibit 99.1

 

LOGO   

SEMI-ANNUAL SERVICER’S CERTIFICATE

Series 2023-A Senior Secured Recovery Bond

Dated as of 12/07/2023

   

Pursuant to Section 4.01(c)(ii) of the Recovery Property Servicing Agreement, dated as of April 27, 2023, (the “Servicing Agreement”), between SOUTHERN CALIFORNIA EDISON COMPANY, a California corporation, as Servicer and SCE RECOVERY FUNDING LLC, as Issuer, the Servicer does hereby certify, for the Payment Date 12/15/2023 (the “Current Payment Date”), as follows:

Capitalized terms used herein have their respective meanings as set forth in the Indenture. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

 

Current Payment Date

    12/15/2023   

Settlement Date

    4/27/2023   

Current Collection Period Start Date

    6/1/2023   

Current Collection Period End Date

    11/30/2023   

 

1.  Collections Allocable and Aggregate Amounts Available for the Current Payment Date:

   

Fixed Recovery Charge Remittances

         Month       Year     

a.   Fixed Recovery Charges Remitted for June Collection Period

    

      6       2023      $ 531,513.95  

b.  Fixed Recovery Charges Remitted for July Collection Period

   

      7       2023      $ 4,364,733.33  

c.   Fixed Recovery Charges Remitted for August Collection Period

    

      8       2023      $ 8,818,397.68  

d.  Fixed Recovery Charges Remitted for September Collection Period

   

      9       2023      $ 7,562,818.38  

e.   Fixed Recovery Charges Remitted for October Collection Period

    

      10       2023      $ 9,579,249.63  

f.   Fixed Recovery Charges Remitted for November Collection Period

    

      11       2023      $ 9,422,122.90  
          

 

 

  

i.   Total Fixed Recovery Charge Remittances

    

         $ 40,278,835.87  

ii.  Investment Earnings on General Subaccount

   

         $ 383,843.28  
          

 

 

  

iii.   General Subaccount Balance (sum i through ii above)

    

         $ 40,662,679.15  

iv.   Capital Subaccount Balance as of Prior Payment Date

    

         $ 3,877,096.00  

v.  Investment Earnings on Capital Subaccount

   

         $ —    
          

 

 

  

vi.   Capital Subaccount Balance

    

         $ 3,877,096.00  

vii.  Excess Funds Subaccount Balance as of Prior Payment Date

   

         $ —    

viii.  Investment Earnings on Excess Funds Subaccount

   

        
          

 

 

  

ix.   Excess Funds Subaccount Balance

    

         $ —    

x.  Collection Account Balance (sum iii, vi and ix above)

   

         $ 44,539,775.15  

2.  Outstanding Amounts as of Prior Payment Date:

   

   

i.   Tranche A-1 Outstanding Principal Amount

            $ 425,000,000.00  

ii.  Tranche A-2 Outstanding Principal Amount

            $ 350,419,000.00  
          

 

 

  

iii.   Aggregate Outstanding Principal Amount of All Tranches of Recovery Bonds:

    

      $ 775,419,000.00  

3.  Required Funding/Payments as of Current Payment Date (sum 3.iv, 3.viii, 3.ix, 4.i through 4.v):

   

    $ 39,793,257.74  

Principal Payment by Tranche

              Principal Due  

i.   Tranche A-1

            $ 15,402,325.00  

ii.  Tranche A-2

            $ —    
          

 

 

  

iv.   For All Tranches of Recovery Bonds

            $ 15,402,325.00  

Interest Payment by Tranche

         Interest Rate      
 Days in Interest
Period		  
 		      Interest Due  

v.  Tranche A-1

         4.697 %      228      $ 12,642,758.33  

vi.   Tranche A-2

         5.112 %      228      $ 11,345,165.54  
          

 

 

  

viii.  For All Tranches of Recovery Bonds

            $ 23,987,923.88  
     Required Level                   Funding Required  

ix.   Capital Subaccount

    $ 3,877,095.00      0.50 %       $ —    

4.  Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture

   

   

i.   Indenture Trustee Fees and Expenses; Indemnity Amounts (subject to $200,000 cap per annum)

    

    $ —    

ii.  Servicing Fee

   

    $ 245,549.35  

iii.   Administration Fee and Costs & Expenses from Unaffiliated Parties

    

      $ 31,667.00  

iv.   Other Ongoing Costs

    

      $ 4,000.00  

v.  Return on SCE Capital Contribution

   

      $ 121,792.51  

vi.   Semi-Annual Interest (including any past-due interest from prior periods)

    

      $ 23,987,923.88  

Interest by Tranche4

   Per $1000 of Original Principal Amount      Aggregate  

a.   Tranche A-1 Interest Payment

    $ 29.75      $ 12,642,758.33  

b.  Tranche A-2 Interest Payment

    $ 32.38      $ 11,345,165.54  

4      On 30/360 day basis for initial payment date; otherwise use one-half of annual rate.

 

   

vii.  Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date

    $ 1,000.00      $ 775,419,000.00  

Principal by Tranche

    Per $1000 of Original Principal Amount      Aggregate  

a.   Tranche A-1 Principal Payment

    $ 36.24      $ 15,402,325.00  

b.  Tranche A-2 Principal Payment

    $ —        $ —    
     

 

 

  

viii.  Semi-Annual Principal

       $ 15,402,325.00  

ix.   Deposit to Excess Funds Subaccount (1.x minus [sum (3., 1.vi and 1.ix)])

       $ 869,421.41  

x.  Released to Issuer Upon Retirement of All Notes (sum [1.ix and 4.ix] minus 5.i)

       $ 869,421.41  

xi.   Aggregate Remittances as of Current Payment Date (1.i)

       $ 40,278,835.87  

5.  Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture:

   

i.   Excess Funds Subaccount (If required, 3. minus 1.iii)

       $ —    

ii.  Capital Subaccount (If required, 3. minus [sum (3., 1.iii. and 1.ix)])

       $ —    
     

 

 

  

iii.   Total Withdrawals

    

    $ —    

6.  Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):

   

i.   Tranche A-1

       $ 409,597,675.00  

ii.  Tranche A-2

       $ 350,419,000.00  

iii.   Tranche A-3

      
     

 

 

  

iv.   Aggregate Outstanding Principal Amount of All Tranches of Recovery Bonds:

       $ 760,016,675.00  

v.  Excess Funds Subaccount Balance including Investment Earnings (sum 1.ix and 4.ix minus 5.i)

       $ 869,421.41  

vi.   Capital Subaccount Balance (3.ix minus 5.ii)

       $ 3,877,095.00  
     

 

 

  

vii.  Aggregate Collection Account Balance (sum 6.v and 6.vi)

       $ 4,746,516.41  

7.  Shortfalls in Interest and Principal Payments as of Current Payment Date

   

Interest Payment Shortfalls by Tranche (if any)

 

   

i.   Tranche A-1

    

    $ —    

ii.  Tranche A-2

       $ —    

iii.   Tranche A-3

       $ —    

Principal Payment Shortfalls by Tranche (if any)

      

iv.   Tranche A-1

       $ —    

v.  Tranche A-2

       $ —    

vi.   Tranche A-3

       $ —    

8.  Shortfalls in Required Subaccount Levels as of Current Payment Date

   

   

i.   Capital Subaccount

       $ —    

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate as of the date first above written.

 

SERVICER:
SOUTHERN CALIFORNIA EDISON COMPANY, a California corporation
By:   LOGO
  Name: Natalia Woodward
 

Title: VP and Treasurer