Exhibit 99.1

 

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SEMI-ANNUAL SERVICER’S CERTIFICATE

Series 2023-A Senior Secured Recovery Bond

Dated as of 06/04/2026

  

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 June 15, 2026 (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

   6/15/2026   

Prior Payment Date

   12/15/2025   

Current Collection Period Start Date

   12/1/2025   

Current Collection Period End Date

   5/31/2026   

 

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

   

Fixed Recovery Charge Remittances

       Month       Year     

a.   Fixed Recovery Charges Remitted for December Collection Period

    

     12       2025      $ 3,840,324.70  

b.  Fixed Recovery Charges Remitted for January Collection Period

   

     1       2026      $ 4,690,001.33  

c.   Fixed Recovery Charges Remitted for February Collection Period

    

     2       2026      $ 4,195,729.84  

d.  Fixed Recovery Charges Remitted for March Collection Period

   

     3       2026      $ 2,573,838.23  

e.   Fixed Recovery Charges Remitted for April Collection Period

    

     4       2026      $ 6,247,749.28  

f.   Fixed Recovery Charges Remitted for May Collection Period

    

     5       2026      $ 4,241,877.75  
         

 

 

 

i.   Total Fixed Recovery Charge Remittances

    

        $ 25,789,521.13  

ii.  Investment Earnings on General Subaccount

   

        $ 270,501.76  
         

 

 

 

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

    

        $ 26,060,022.89  

iv.   Capital Subaccount Balance as of Prior Payment Date

    

        $ 3,877,095.00  

v.  Investment Earnings on Capital Subaccount

   

        $ —   
         

 

 

 

vi.   Capital Subaccount Balance

    

        $ 3,877,095.00  

vii.  Excess Funds Subaccount Balance as of Prior Payment Date

   

        $ 3,816,488.06  

viii.  Investment Earnings on Excess Funds Subaccount

   

        $ 64,869.77  
         

 

 

 

ix.   Excess Funds Subaccount Balance

    

        $ 3,881,357.83  

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

   

   $ 33,818,475.72  

2.  Outstanding Amounts as of Prior Payment Date:

   

  

i.   Tranche A-1 Outstanding Principal Amount

          $ 373,732,773.00  

ii.  Tranche A-2 Outstanding Principal Amount

          $ 350,419,000.00  
         

 

 

 

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

    

   $ 724,151,773.00  

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

   

   $ 27,681,105.24  

Principal Payment by Tranche

            Principal Due  

i.   Tranche A-1

          $ 9,498,764.00  

ii.  Tranche A-2

          $ —   
         

 

 

 

iv.   For All Tranches of Recovery Bonds

          $ 9,498,764.00  

Interest Payment by Tranche

       Interest Rate      
Days in Interest
Period
 
 
     Interest Due  

v.  Tranche A-1

       4.697     180      $ 8,777,114.17  

vi.   Tranche A-2

       5.112     180      $ 8,956,709.64  
         

 

 

 

viii.  For All Tranches of Recovery Bonds

          $ 17,733,823.81  
    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)

    

   $ 4,100.00  

ii.  Servicing Fee

   

   $ 193,854.75  

iii.   Administration Fee and Costs & Expenses from Unaffiliated Parties

          $ 25,000.00  

iv.   Other Ongoing Costs

    

   $ 129,313.80  

v.  Return on SCE Capital Contribution

          $ 96,248.88  

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

    

   $ 17,733,823.81  


Interest by Tranche1

   Per $1000 of Original Principal Amount      Aggregate  

a.   Tranche A-1 Interest Payment

   $ 20.65      $ 8,777,114.17  

b.  Tranche A-2 Interest Payment

   $ 25.56      $ 8,956,709.64  

1On 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

   $ 933.88      $ 724,151,773.00  

Principal by Tranche

   Per $1000 of Original Principal Amount      Aggregate  

a.   Tranche A-1 Principal Payment

   $ 22.35      $ 9,498,764.00  

b.  Tranche A-2 Principal Payment

   $ —       $ —   
     

 

 

 

viii.  Semi-Annual Principal

   

   $ 9,498,764.00  

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

      $ —   

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

   

   $ 2,260,275.48  

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

      $ 25,789,521.13  

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)

      $ 1,621,082.35  

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

   

   $ —   
     

 

 

 

iii.   Total Withdrawals

      $ 1,621,082.35  

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

      $ 364,234,009.00  

ii.  Tranche A-2

      $ 350,419,000.00  
     

 

 

 

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

    

   $ 714,653,009.00  

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

   

   $ 2,260,275.48  

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

      $ 3,877,095.00  
     

 

 

 

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

      $ 6,137,370.48  

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

   

   $ —   
      $ —   

Principal Payment Shortfalls by Tranche (if any)

     

iv.   Tranche A-1

      $ —   

v.  Tranche A-2

      $ —   
      $ —   

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:  

/s/ Sergio Deana

  Name:   Sergio Deana
  Title:   Treasury Director