SEMI-ANNUAL SERVICER’S CERTIFICATE
| Exhibit 99.1 |
SEMI-ANNUAL SERVICER’S CERTIFICATE
Dated as of 11/08/2021
Pursuant to Section 4.01(c)(ii) of the Recovery Property Servicing Agreement, dated as of February 24, 2021, (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 11/15/2021 (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.
Collection Period: 02/24/2021 to 10/31/2021 Payment Date: 11/15/2021
1. Collections Allocable and Aggregate Amounts Available for the Current Payment Date: | | | |
Fixed Recovery Charge Remittances |
|
| |
a. Estimated Fixed Recovery Charges Remitted for February Collection Period | | $ | — |
b. Estimated Fixed Recovery Charges Remitted for March Collection Period | | $ | — |
c. Estimated Fixed Recovery Charges Remitted for April Collection Period | | $ | — |
d. Estimated Fixed Recovery Charges Remitted for May Collection Period | | $ | — |
e. Estimated Fixed Recovery Charges Remitted for June Collection Period | | $ | 10,761.94 |
f. Estimated Fixed Recovery Charges Remitted for July Collection Period | | $ | 1,147,807.02 |
g. Estimated Fixed Recovery Charges Remitted for August Collection Period | | $ | 2,744,354.78 |
h. Estimated Fixed Recovery Charges Remitted for September Collection Period | | $ | 2,093,011.18 |
i. Estimated Fixed Recovery Charges Remitted for October Collection Period | | $ | 6,825,276.54 |
i. Total Estimated Fixed Recovery Charge Remittances1,2 | | $ | 12,821,211.46 |
ii. Investment Earnings on Collection Account | | | |
iii. Investment Earnings on Capital Subaccount | | $ | — |
iv. Investment Earnings on Excess Funds Subaccount | | $ | — |
v. Investment Earnings on General Subaccount | | $ | — |
vi. General Subaccount Balance (sum of i through v above) | | $ | 12,821,211.46 |
vii. Excess Funds Subaccount Balance as of Prior Payment Date | | $ | — |
viii. Capital Subaccount Balance as of Prior Payment Date | | $ | 1,688,915.00 |
ix. Collection Account Balance (sum of vi through viii above) | | $ | 14,510,126.46 |
| | | |
2. Outstanding Amounts of as of Prior Payment Date: | | | |
i. Tranche A-1 Outstanding Amount | | $ | 137,783,000.00 |
ii. Tranche A-2 Outstanding Amount | | $ | 100,000,000.00 |
iii. Tranche A-3 Outstanding Amount | | $ | 100,000,000.00 |
iv. Aggregate Outstanding Amount of all Tranches of Recovery Bonds: | | $ | 337,783,000.00 |
| | | |
3 .Required Funding/Payments as of Current Payment Date: | | $ | 9,509,831.77 |
Principal | | | Principal Due |
i. Tranche A-1 | | $ | 5,209,292.00 |
ii. Tranche A-2 | | $ | — |
iii. Tranche A-3 | | $ | — |
iv. For all Tranches of Recovery Bonds: | | $ | 5,209,292.00 |
Interest Tranche |
| Interest Rate |
| Days in Interest Period |
| Interest Due | ||
v. Tranche A-1 | | | 0.861 | % | 261 | | $ | 860,075.93 |
vi. Tranche A-2 | | | 1.942 | % | 261 | | $ | 1,407,950.00 |
vii. Tranche A-3 | | | 2.510 | % | 261 | | $ | 1,819,750.00 |
viii. For all Tranches of Recovery Bonds: | | | | | $ | 4,087,775.93 | ||
|
| Required Level |
| Funding Required | ||
ix. Capital Subaccount | | $ | 1,688,915.00 | | $ | — |
4. Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture |
|
| |
i. Indenture Trustee Fees and Expenses; Indemnity Amounts3 | | $ | — |
ii. Servicing Fee | | $ | 115,878.33 |
iii. Administration Fee & Costs and Expenses from unaffliated parties | | $ | 54,166.66 |
iv. Other Ongoing Financing Costs | | $ | 19,389.80 |
v. Semi-Annual Interest (including any past-due for prior periods) | | $ | 4,087,775.93 |
vi. Return on SCE Capital Contribution | | $ | 23,329.04 |
1 Based upon Estimated Fixed Recovery Charges remitted during Collection Period (i.e., Estimated Fixed Recovery Charges remitted within two Servicer Business Days of deemed collection date). If Deemed Receipt Date is a non-business day, then it is considered received on
the next business day.
2 Does not include reconciliation amounts calculated for the Reconciliation Period for such Collection Period, which will be settled in the month following such Collection Period
3 Subject to $200,000 cap per annum
Page 1
| |
Tranche4 |
| Aggregate |
| Per $1000 of Original | ||
1. Tranche A-1 Interest Payment | | $ | 860,075.93 | | $ | 860.08 |
2. Tranche A-2 Interest Payment | | $ | 1,407,950.00 | | $ | 1,407.95 |
3. Tranche A-3 Interest Payment | | $ | 1,819,750.00 | | $ | 1,819.75 |
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 | | $ | 337,783,000.00 | | $ | 337,783.00 |
| | | | | | |
Tranche | | | Aggregate | | | Per $1000 of Original |
1. Tranche A-1 Principal Payment | | $ | 5,209,292.00 | | $ | 5,209.29 |
2. Tranche A-2 Principal Payment | | $ | — | | $ | — |
3. Tranche A-3 Principal Payment | | $ | — | | $ | — |
| | | | | | |
viii.Semi-Annual Principal | | | | | $ | 5,209,292.00 |
ix.Deposit to Excess Funds Subaccount | | | | | $ | 3,311,379.69 |
x.Released to Issuer upon Retirement of all Notes | | | | | $ | 3,311,379.69 |
xi.Aggregate Remittances as of Current Payment Date | | | | | $ | 12,821,211.46 |
5. | Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture: |
i.Excess Funds Subaccount | $- |
xx.Xxxxxxx Subaccount | $- |
xxx.Xxxxx 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 |
ii. | Tranche A-2 |
iii. | Tranche A-3 |
iv. | Aggregate Outstanding Amount of all Tranches of Recovery Bonds: |
$132,573,708.00
$100,000,000.00
$100,000,000.00
$332,573,708.00
v. | Excess Funds Subaccount Balance |
vi. | Capital Subaccount Balance |
vii. | Aggregate Collection Account Balance |
$3,311,379.69
$1,688,915.00
$5,000,294.69
7. | Shortfalls in Interest and Principal Payments as of Current Payment Date |
i. | Semi-annual Interest |
ii. | Semi-annual Principal |
Tranche A-1 Interest Payment$-
Tranche A-2 Interest Payment$-
Tranche A-3 Interest Payment$-
Tranche A-1 Principal Payment$-
Tranche A-2 Principal Payment$-
Tranche A-3 Principal Payment$-
8. | Shortfalls in Required Subaccount Levels as of Current Payment Date |
xxx.Xxxxxxx 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: /s/ Xxxxxxx Xxxxxxxx | |
Name: Xxxxxxx Xxxxxxxx | |
Title: Vice President and Treasurer | |
Page 2
